Paragon Bank’s net income rose 10 percent in the fourth quarter.
The bank’s Raleigh-based corporate parent reported Thursday that net income in the fourth quarter totaled $3 million, or 65 cents per share, up from $2.7 million a year ago. The bank said that the primary driver for the improved performance was an increase in net interest income stemming from loan growth.
Loans, which stood at $1.02 billion as of Dec. 31, were up 17 percent from a year ago.
“Since emerging from the recession, Paragon’s financial performance has continued to improve each year,” CEO Robert Hatley said in a prepared statement.
Shares of Paragon, which opened its doors in 1999, began trading over-the-counter last year.
Paragon shares were trading at $26.75, up 1 cent, Thursday afternoon. Shares have risen 67 percent since the stock made its over-the-counter debut.
The bank has three branches – in Raleigh, Cary and Charlotte.
For all of 2015, Paragon posted net income of $11.2 million, or $2.49 per share, up from $8 million a year ago.