Paragon Bank today announced its 2017 second quarter financial earnings, reporting a net income increase of 15 percent over the second quarter of 2016. During the first six months of 2017, net income increased 33 percent compared to the first six months of 2016. Net interest income for the second quarter of 2017 was a record $3.5 million, which was a 16 percent increase over the second quarter of 2016.
“We are proud to report a solid first half of 2017 and owe the bank’s continued success to our hard-working team,” said Robert Shaw, Chief Executive Officer at Paragon Bank. “As we are settling in to the third quarter, we anticipate sustained improvements, while providing the highest level of service to our customers and remaining dedicated to our efforts to help small businesses grow and succeed.”
Additional highlights from the second quarter include:
- Gross loans grew at an annualized rate by $9.3 million, or 13 percent, to $297 million during the second quarter of 2017.
- Total deposits increased $9.1 million, or 6.5 percent, since December 31, 2016.
- Net interest margin remained strong for the second quarter of 2017 at 4.2 percent, compared to 4.13 percent for the first quarter of 2017 and 4.17 percent for the second quarter of 2016.
- The ratio of nonperforming assets to total assets decreased from .44 percent at March 31, 2017, to .39 percent at June 30, 2017.
- Tangible book value per share increased $0.44 per share during the second quarter of 2017 to $8.75.