Paragon Reports Near-Record Revenue for Third Quarter, Top SBA Spot in Memphis MSA

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November 17, 2017
MEMPHIS, Tenn., November 17, 2017 – Paragon Bank (OTCBB: PGNN.OB) 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.  

About Paragon Bank
Since its founding in 2005, Paragon Bank has maintained a solid focus on the community and customer service. For more than 10 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
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Beth Wilson, inferno, (901) 278-3773