Paragon Bank today announced its 2016 financial results, reporting record-breaking numbers in the fourth quarter of 2016, as well as overall for 2016. Net income increased to $2,135,372 in 2016, compared to $91,023 in 2015. Additionally, the bank celebrated 90 percent employee participation in its Assisting the Community Through Service (ACTS) program.
“These record increases are a significant step toward our goal of achieving sustained above-peer profitability,” said Robert Shaw, Chief Executive Officer at Paragon Bank. “The bank’s progress is due in large part to our dedicated team, and we look forward to continued success in 2017.”
- Further highlights from the fourth quarter and 2016 include:
- Gross loans increased 17.6 percent during 2016, from $245 million to a record $289 million at December 31, 2016.
- Demand deposits increased 14.9 percent, from $62.5 million to $71.8 million at the end of 2016.
- 2016 revenue, $18.1 million, was a record for Paragon and increased 40 percent over 2015.
- Core income for 2016 was $4.6 million, increasing 581.2 percent, or $3.9 million, over 2015.
- Net interest income increased $2.6 million, to $12.7 million, in 2016.
- Net interest margin increased from 3.69 percent in 2015 to 4.18 percent in 2016, the highest in Paragon history.
- During 2016, core noninterest income increased $2.6 million, or 86.7 percent. Income from the Small Business Capital Group increased 218.5 percent, while mortgage banking income increased 34.3 percent.
- Total assets at December 31, 2016, were $352 million, compared to $304 million at December 31, 2015, a 15.7 percent increase.
In addition to the exemplary financial results, Paragon continued its mission of giving back to the Memphis community through its ACTS program. In 2016, Paragon employees volunteered more than 1,270 hours, impacting 45 different organizations throughout the city. During the third quarter, Paragon was named a finalist in the Memphis Business Journal’s “Best Places to Work” competition and was named one of the “Top Places to Work in Memphis” by The Commercial Appeal.
Paragon has a wide range of mobile and online services that allow customers to bank when and where they choose, saving time and providing added security measures. Services include mobile deposit via the Paragon app and Guardian Text Alerts.