Las Vegas, NV, May 22, 2018 --(PR.com
)-- Meadows Bank announced that it posted a Net Income after Tax of $3,737,000 in the first quarter of 2018 which is $1,124,000 or 43% higher than its earnings during the first quarter of 2017. While the reduction in the corporate tax rate had a positive impact on the bottom line in 2018, the increase was largely due to an 18% increase in the Bank’s Net Interest Income. At March 31, 2018, the bank’s loan portfolio of $698.4 million was up 16% or $98.3 million from March 31, 2017 while total deposits grew by $85.6 million from 3/31/17 and stood at $670.3 million. Also at March 31, 2018, Total Assets stood at $795.2 million and the Bank had Total Equity of $86.3 million.
“We continue to benefit from the strong national and local economies where we operate, especially the southwest that is leading the nation in both economic growth and job growth, which has driven loan demand in all sectors of the economy,” said Arvind Menon, president and chief executive officer of Meadows Bank.
About Meadows Bank: Meadows Bank is a full service community bank committed to valued partnerships with our clients. Our relationship-based approach to banking focuses on making decisions locally, close to our clients. The bank offers a full suite of lending and deposit products and services. Meadows Bank was founded in 2008 in Las Vegas, Nevada and currently has branches in Las Vegas, NV; Henderson, NV; Reno, NV; Pahrump, NV and Phoenix, AZ. Loan production offices are located in Salt Lake City, UT; Phoenix, AZ; Denver, CO; Sacramento, CA; Dallas, TX; Ridgefield, WA and Portland, OR. For more information on the bank and its products and services please visit our website at www.meadowsbank.bank.