Paragon Bank today announced another strong quarter with near-record revenue, increasing $128,000 over the second quarter of 2017 to $4.7 million. For the Small Business Administration’s fiscal year ending September 30, 2017, Paragon was the largest SBA lender headquartered in the Memphis Metropolitan Statistical Area.
“We are proud of the continued progress made this year, especially in this last quarter,” said Robert Shaw, Chief Executive Officer at Paragon Bank. “The bank’s success is a direct result of our growing team’s efforts across a wide range of service offerings. We look forward to finishing the year strong in the fourth quarter.”
Other highlights from the third quarter include:
- Gross loans increased $8.5 million, or 11.5 percent, on an annualized basis, to $305.8 million, the highest level in Paragon’s history.
- Net income for the quarter was approximately $550,000. Net income through September 30, 2017, was more than 17 percent higher than at September 30, 2016.
- Total deposits have increased approximately $9 million through the first three quarters of 2017.
- Total revenue increased $128,000, or 3 percent, over the second quarter.
- Noninterest income increased approximately 16 percent during the third quarter compared to the second quarter. Income from Paragon’s Small Business Capital Group increased by approximately $367,000.
- Core income for the third quarter of 2017 increased approximately 27 percent over core income for the second quarter of 2017.
- Nonperforming assets dropped below $1 million and were .23 percent of total assets at September 30, 2017. Nonperforming assets are at their lowest level in more than 10 years.
Paragon will also be launching its new website later this year. The redesigned site will have a modern design, improved navigation and new search functionality, including a robust newsroom with the latest Paragon news and practical financial information and resources.
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