Paragon National Bank announced earnings for the second quarter of 2007. Net income for the quarter was $12,104 compared with a loss of ($372,195) for the same period in the prior year.
"We are proud to announce we have reached profitability," said Robert Shaw, Paragon President and Chief Executive Officer. "We had planned to be profitable during the second quarter of this year and we are pleased to have met our projections. We knew when we founded Paragon that we could have reached profitability sooner; our Board of Directors wisely chose to build a bigger base from which we can serve the Memphis community. With the record amount of capital we raised, the team we have assembled, and the technology we purchased, we have established a bank that provides the products and expertise of larger banks with outstanding, personal customer service."
At June 30, 2007, Paragon’s assets totaled $267.1 million, an increase of 32.2% or $65.0 million for one year earlier and $33.3 million since year-end. Deposits have increased $45.8 million since year-end and totaled $222.2 million at June 30, 2007. Loan demand remained steady during the second quarter as loans totaled $191.6 million at June 30, 2007, an increase of $23.3 million since December 31, 2006, and $57.5 million from one year earlier.
Paragon National Bank is one of the Memphis region’s newest full-service banks. Paragon provides small and mid-sized businesses, their owners and executives with a complete package of business banking solutions delivered online and in person. Organizing at a time when large and distant banks have taken over familiar Memphis institutions, Paragon enjoys the distinction of local ownership, authentic community engagement, and a rapidly expanding staff of experienced banking professionals.