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Paragon Reports Record-Breaking Quarter

08-15-16

Paragon Bank today announced that it followed the most profitable quarter in the bank’s more than 10-year history with another record-breaking three-month period. Net income increased more than 29 percent over the first quarter of this year to $541,942. Additionally, revenue has increased 42 percent through the first six months of 2016, compared to the first six months of 2015, while expenses have increased less than 3 percent. The Small Business Capital Group continues to pay substantial returns for Paragon, with revenue from the group increasing $1.4 million, or 281%, over the first six months of 2015.

“We are encouraged by the sustained progress made this year,” said Robert Shaw, Chief Executive Officer at Paragon Bank. “These results reflect the efforts of the entire team, as we work to increase income, improve asset quality and continue expense control. We’re excited to move forward and finish the year even stronger than we started.”

Year-to-date, through the first six months of 2016, net income was $960,778, compared to a loss of $241,306 during the first six months of 2015. The loss during 2015 was related to starting up the Small Business Capital Group.

Other highlights from the second quarter include:

  • Gross loans increased $10.1 million during the second quarter of 2016 and have increased $25.6 million through the first six months of 2016. Year-to-date, loans have increased 10.4 percent, or 21 percent on an annualized basis.
  • Revenue for the second quarter of 2016 was a record $4.6 million, compared to $4.2 million during the first quarter of this year and $3.2 million during the second quarter of 2015.
  • Noninterest income was approximately 29 percent higher during the second quarter than during the first quarter of 2016. Furthermore, noninterest income was more than 106 percent higher in the second quarter of 2016 than during the second quarter of 2015, and nearly 100 percent higher during the first six months of 2016, compared to the first six months of 2015.
  • Net interest margin for the second quarter of 2016 was 4.06 percent, compared to 3.91 percent during the first quarter of 2016, excluding a larger interest recovery that was recognized.
  • The efficiency ratio improved to 75.59 percent during the second quarter of 2016, compared to 77.29 percent during the first quarter of 2016 and 103.70 percent during the second quarter of 2015.

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