Meadows Bank reports 16% rise in net income in 2019
RENO, Nev. — Meadows Bank announced Feb. 4 that in calendar year 2019, the bank’s after-tax net income grew 16% to $18.4 million, up from $15.8 million in calendar year 2018.
The bank’s loan portfolio grew by 7%, or $52.3 million, from $752.9 million to $805.2 million. In addition, total deposits grew from $745.8 million at year end 2018 to $838.2 million at year end 2019.
As of Dec. 31, 2019, total assets of Meadows Bank grew by 12% from the prior year end to $961.2 million from $858.7 million; total equity capital grew to $118.0 million, up 19% from the previous year.
Meadows Bank was founded in 2008 in Las Vegas and has Nevada branches in Las Vegas, Henderson, Pahrump and Reno, as well as one in Phoenix.
The news comes on the heels of a luxury home report from Nevada State Bank that showed in 2019, Northern Nevada’s high-value real estate market accounted for 418 home sales in 2019, an increase of 4.8 percent over 2018. The average luxury home price was over $1.8 million in 2019.