The corporate parent of Durham-based Square 1 Bank reported record net income of $8.8 million in the third quarter, up 27 percent from a year ago.
Net income totaled 29 cents per share, exceeding analysts’ estimates by six cents per share, according to investment website Seeking Alpha.
“Solid growth in loans, deposits and favorable credit cost were the key ingredients,” CEO Douglas Bowers said on a conference call with analysts last week when the results were announced.
Average loans balances rose 30 percent to $1.2 billion.
Square 1 has about a dozen offices nationwide that provide banking services to venture capital and private equity firms and the businesses they invest in.
Shares of Square 1 Financial closed Monday at $19.10, up 13 cents. Square 1 went public at $18 a share in March.