Meadows Bank releases second quarter earnings report
Las Vegas, NV, August 9, 2017 – Meadows Bank, headquartered in Las Vegas with a branch in Reno, posted Net Income After Tax of $5,625,000 in the first half of 2017 which was 41% higher than the $4,003,000 it earned during the same period in 2016. “The increase in our bottom line was due to Net interest income in the first half of 2017 growing by 15% or $2,200,000 over the same period the prior year”, said Arvind Menon, President & CEO of the bank.
At June 30, the bank had Total Loans of $610.2 million which represented a 14% growth or $76.2 million over loans outstanding at June 30, 2016. Meanwhile, Total Deposits grew by $84 million from 6/30/16 to $613.1 million at June 30, 2017. Also, as of June 30, 2017, Total Assets grew to $727.4 million while Total Equity Capital grew to $76.2 million.
Separately, Meadows Bank announced that in the second quarter it opened a new SBA Loan Production Office in Vancouver, Washington. “The Pacific Northwest has a vibrant economy and we hope to participate in this dynamic market by providing SBA 7(a) and 504 loans to the many businesses in the area” said Menon.
The commission, which advises the governor and Nevada Legislature in areas such as career advancement, pay equality and gender discrimination, could fall victim to looming budget cuts.