The corporate parent of Paragon Bank, which last month successfully completed a $28.7 million initial public offering, posted a 31 percent jump in net income in the second quarter.
Raleigh-based Paragon Commercial Corp.’s net income for the second quarter totaled $3.5 million, up from $2.7 million a year ago. Net income per share totaled 75 cents, up 27 percent.
Loans outstanding rose by $60.4 million since the end of the first quarter, boosting its total loan portfolio to $1.11 billion. Deposits rose by $53.1 million since the end of the first quarter to $1.1 billion.
Net interest income rose $1.1 million from a year ago to $11.3 million. Non-interest income totaled $381,000, versus $324,000 a year ago.
Paragon has branches in Raleigh, Cary and Charlotte. Its shares previously were traded over the counter but began trading on the Nasdaq stock exchange following last month’s IPO. Its stock offering was considered an IPO because the bank was initially funded by private investors and it didn’t issue any new stock when its shares began trading over the counter.
“The IPO provided growth capital, brought new institutional ownership to the company and provided additional liquidity to our shareholders,” CEO Bob Hatley said in a prepared statement.
Paragon priced its IPO shares at $34. On Monday its shares closed at $36.50, unchanged from Friday’s close.