Las Vegas, NV, November 08, 2018 --(PR.com
)-- Meadows Bank, headquartered in Las Vegas, NV, announced today that it posted After Tax Net Income of $11,368,000 in the first nine months of 2018 which was 30% higher than the $8,721,000 it earned during the same period in 2017.
“The Bank’s net interest income through September 30, 2018 was $3.5 million higher than the same period in 2017 driven by the growth in our loan portfolio partly offset by an increase in our interest expense on deposits due to the cumulative effect of higher market interest rates,” said Arvind Menon, President & CEO.
At September 30, 2018 the bank had Total Loans of $732.7 million which represented a 12.5% growth on the $651.3 million Total Loans outstanding on September 30, 2017 and Total Deposits grew by $94.8 million from September 30, 2017 to $760.5 million at September 30, 2018. In addition, as of September 30, 2018, Total Assets grew to $857.8 million and Total Equity Capital grew to $93.9 million.
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 Las Vegas, NV; Salt Lake City, UT; Phoenix, AZ; Los Angeles, CA; Sacramento, CA; Dallas, TX and Portland, OR. For more information on the bank and its products and services please visit our website at www.meadowsbank.bank.
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