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Paragon Bank Reports Strong First Quarter Earnings

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June 07, 2019
MEMPHIS, Tenn., June 7, 2019 – Paragon Bank (OTCBB: PGNN.OB) today announced its 2019 first quarter financial earnings, reporting a net income of approximately $627,000, an increase of $140,500 or 29%, over the first quarter of 2018. 

"We are proud to share another solid financial report for the first quarter of the year," said Robert Shaw, Chief Executive Officer at Paragon Bank. "Our growing team of dedicated employees remains focused on the customer experience, and we look forward to sustained progress and we wrap up the second quarter of 2019."

Additional highlights from the first quarter of 2019 include:
  • Loans in the core bank increased $12 million, or almost 19%, on an annualized basis. 
  • Core deposits increased $4.1 million during the first quarter of 2019. During the last 12 months, core deposits have increased $29.6 million, or 11.9%. 
  • During the first quarter, net interest income decreased approximately $35,000 as a result of a drop in net interest margin. Net interest margin dropped from 4.05% in the fourth quarter of 2018 to 3.64% in the first quarter of 2019. This reduction was caused by nonrecurring adjustments to interest income (including a tax credit recorded during the fourth quarter), a reduction in loan fees in the Specialty Lending Division due to the government shutdown in December and January, and increase funding costs. 
  • Noninterest income increased $50,000 over the first quarter of 2018. This increase was fueled by a $30,000 increase in mortgage banking income and a $73,000 increase in income from Paragon's Small Business Capital Group. 
  • Noninterest expense was $146,000, or 4% lower than the first quarter of 2018. 
  • During the first quarter, nonperforming assets decreased from approximately $1.4 million to $1.3 million. The ratio of nonperforming assets to total assets decreased from .36% to .32%, which is below the healthy benchmark of 1%. 

Paragon held its annual shareholders meeting on May 28, at which it announced plans for continued strategic growth in terms of expanding its staff and service offerings. The bank will also be announcing plans for its second annual Outlook Economic Summit later this summer. 


About Paragon Bank
Since its founding in 2005, Paragon Bank has maintained a solid focus on the community and customer service. For nearly 15 years, Paragon has delivered innovative products and financial expertise, convenience, and a deep understanding of what both businesses and individuals need from a bank, in order to provide solutions that make a difference. In the areas of business or personal banking, lending options or wealth management, Paragon delivers cutting edge technology, an experienced team and the most service-oriented staff of any community bank.
 
For more information about Paragon Bank, please call (901) 273-2900 or visit us online at www.bankparagon.com.
 
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Contact:
Beth Wilson, inferno
(901) 278-3773

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