Raleigh-based Paragon Bank reported after the markets closed Monday that its net income rose 22 percent in the second quarter.
CEO Bob Hatley, in a prepared statement, attributed the better results to “greatly improved credit quality, consistent and healthy loan growth and diligent overhead control.”
Net income totaled $2.7 million, or 59 cents per share, up from $2.2 million a year ago.
Net interest income rose $2 million to $10.2 million from a year ago. Non-interest income totaled $324,000, up from $240,000.
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Loans rose by $47.5 million, or five percent, compared to the first quarter. Deposits rose $77 million to $1 billion.
Shares of Paragon Commercial, the corporate parent of Paragon Bank, began trading over-the-counter at $16 in February. On Monday its shares closed at $22.95, up 55 cents.