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Paragon Announces Highest Quarterly, Annual Revenue in Record-Breaking 2015

02-19-16

Paragon Bank today reported record breaking revenue numbers for both the final quarter of the year and overall annual revenue for 2015. These numbers were met with a 14.2 percent increase in gross loans, a 111.7 percent increase in noninterest income and a 55 percent decrease in nonperforming assets. Additionally, the Small Business Capital Group, based in Atlanta, closed $40.5 million in loans during its first full year in operation.

The largest increase in noninterest income was from the Small Business Capital Group, whose income increased from $38,000 in 2014 to $1.1 million in 2015. Several categories of noninterest income increased throughout the year, including service charges, mortgage banking and the Paragon Solutions line of services income.

“We could not be more pleased by our continued progress, made possible by a growing, dedicated team of professionals,” said Robert Shaw, Chief Executive Officer at Paragon Bank. “While furthering investments in our customers and the community, Paragon was able to record its highest revenue, loan volume and net interest margin in the bank’s 11-year history.”

Further highlights from the fourth quarter and 2015 overall include:

·       Total revenue for the fourth quarter was a record $2.99 million, an increase of 15 percent over the fourth quarter of 2014.

·       Noninterest income increased from $1.4 million in 2014 to $2.9 million, or 111.7 percent, during 2015. A significant portion came from mortgage banking income, which increased 38.8 percent to $699,000 for 2015, as well as $1.3 million in gains from the sale of guaranteed SBA loans.

·       Net interest margin for 2015 was 3.9 percent, compared to 3.62 percent during 2014.

·       Gross loans increased $30.5 million, or 14.2 percent, to $242.7 million.

·       Total deposits increased $27.9 million, or 12.5 percent, while core deposits increased $11.9 million, or 5.5 percent.

·       During 2015, nonperforming assets decreased 55 percent, from $4.7 million to $2.1 million. The ratio of nonperforming assets to total assets decreased from 1.73 percent to .69 percent in 2015, the lowest level for the bank since the second quarter of 2007.

·       Noninterest expense increased $1.9 million, or 18.2 percent. The majority of this increase was a result of the addition of Small Business Capital Group operational expenses for the full calendar year. Noninterest expense for Memphis operations increased 3.04 percent over 2014.

As part of its mission to continue serving the Greater Memphis community, Paragon recently announced that its employees volunteered more than 1,480 hours through its Assisting the Community Through Service (ACTS) program in 2015. This was a 147 percent increase from 2014. Paragon was also named the Charlie McCraw Large Business of the Year for 2015 by the Germantown Chamber of Commerce. 

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