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MenuParagon Reports Near-Record Results in Second Quarter of 2018
08-21-18
Paragon Bank today announced its 2018 second quarter financial earnings, reporting a net income of $778,695, an increase of 60 percent over the first quarter of 2018 and a 25 percent increase over the second quarter of 2017. The only quarter with a higher net income was the fourth quarter of 2013, when the deferred tax asset was recognized.
“We are thrilled by last quarter’s performance, which shows our team’s immense dedication to both Paragon and our growing customer base,” said Robert Shaw, Chief Executive Officer at Paragon Bank. “As we move further into the second half of the year, we anticipate sustained progress.”
Additional highlights from the second quarter of 2018 include:
- Total deposits remained steady in the second quarter at a 1.4 percent increase on an annualized basis. Paragon expects healthy deposit growth during the remainder of 2018.
- Revenue totaled $4.9 million for the second quarter of 2018, which was a new record high for Paragon. Total revenue increased 13 percent over the first quarter of 2018, and 8 percent over the second quarter of 2017.
- Core income increased 65 percent over the first quarter of 2018, and 33 percent over the second quarter of 2017.
- Noninterest income increased 47 percent over the first quarter of 2018, and 20 percent over the second quarter of 2017. The increase was primarily due to results driven by the Small Business Capital Group (SBCG) and mortgage lending. Income from the SBCG increased approximately 113 percent, while mortgage banking income increased approximately 74 percent.
- Nonperforming assets decreased to approximately $1.7 million, or 25.81 percent, bringing the ratio of nonperforming assets down to .44 percent.
- For the second quarter, return on equity was 8.11 percent, compared to 5.16 percent for the second quarter of 2018 and 6.78 percent for the second quarter of 2017.
- Net interest margin of 3.96 percent was an increase over the first quarter 2018 margin of 3.85% and is well above Paragon’s peer group net interest margin.
Paragon has also worked with the Sparks Bureau of Business and Economic Research at the University of Memphis to conduct a consumer confidence survey of more than 1,000 Memphis residents. Small business owners who are looking for a snapshot of what consumers think about their finances now and in the future are encouraged to attend the OUTLOOK 2018 Paragon Economic Summit at 4:00 p.m. September 18, 2018, at Memphis Botanic Garden. RSVP at bankparagon.com/results-event.
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