Las Vegas, NV, November 07, 2017 –(PR.com)– Meadows Bank Net Income Up 34%
Meadows Bank, headquartered in Las Vegas, Nevada, released its operating results through the third quarter of 2017 including the following highlights:
• Net Income of $3,096,000 in 3Q2017 versus $2,487,000 in 3Q2016
• Year-to-date Net Income of $8,721,000 in first nine months of 2017; up 34% compared to the same period in 2016
• Total Loans up by $41.0 million in the third quarter of 2017 reaching $651.3 million at September 30, 2017
• Total Deposits of $665.7 million at 9/30/17; a growth of $52.6 million in 3Q2017
• Total Assets of $773.4 million at September 30, 2017
“Compared to the same period last year, the growth in our current year-to-date net income was driven by a 20% growth in net interest income in 2017,” said Arvind Menon, President & CEO. “While the rise in market interest rates has increased the cost of our deposits in 2017, discipline in asset pricing has allowed us to maintain our net interest margin,” added Menon.
About Meadows Bank: Meadows Bank is a full service community bank headquartered in Las Vegas, NV. It has branches in Pahrump, Henderson and Reno, Nevada and Phoenix, AZ. It also has loan production offices in Salt Lake City, UT; Phoenix, AZ; Denver, CO, Sacramento, CA, Dallas, TX and Vancouver, WA. For more information on the bank and its products and services please visit our website at www.meadowsbank.bank.
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