![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Paragon Commercial Corp. (delisted) | NASDAQ:PBNC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 53.83 | 53.85 | 60.39 | 0 | 01:00:00 |
☑ |
Quarterly
Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
|
☐ |
Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
|
North
Carolina
|
56-2278662
|
(State or other
jurisdiction of incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
3535
Glenwood Avenue
Raleigh,
North Carolina
|
27612
|
(Address of
principal executive offices)
|
(Zip
Code)
|
Large Accelerated
Filer
|
☐
|
Accelerated
Filer
|
☐ | |||||
Non-accelerated
Filer
|
☑
|
Smaller Reporting
Company
|
☐ | |||||
(Do
not check if smaller reporting company)
|
Emerging Growth
Company
|
☑
|
Part
I.
|
FINANCIAL
INFORMATION
|
|
|
|
|
|
|
Item
1.
|
Financial
Statements
|
|
|
|
|
|
|
|
Consolidated
Balance Sheets (Unaudited) as of March 31, 2017 and December 31,
2016
|
|
1
|
|
|
|
|
|
Consolidated
Statements of Income (Unaudited) for the Three Months Ended March
31, 2017 and 2016
|
|
2
|
|
|
|
|
|
Consolidated
Statements of Comprehensive Income (Unaudited) for the Three Months
Ended March 31, 2017 and 2016
|
|
3
|
|
|
|
|
|
Consolidated
Statement of Changes in Stockholders' Equity (Unaudited) for the
Three Months Ended March 31, 2017 and 2016
|
|
4
|
|
|
|
|
|
Consolidated
Statements of Cash Flows (Unaudited) for the Three Months Ended
March 31, 2017 and 2016
|
|
5
|
|
|
|
|
|
Notes to
Consolidated Financial Statements (Unaudited)
|
|
6
|
|
|
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
|
30
|
|
|
|
|
Item
3.
|
Quantitative and
Qualitative Disclosures About Market Risk
|
|
52
|
|
|
|
|
Item
4.
|
Controls and
Procedures
|
|
53
|
|
|
|
|
PART
2.
|
OTHER
INFORMATION
|
|
|
|
|
|
|
Item
1.
|
Legal
Proceedings
|
|
54
|
|
|
|
|
Item
1A.
|
Risk
Factors
|
|
54
|
|
|
|
|
Item
2.
|
Unregistered Sales
of Equity Securities and Use of Proceeds
|
|
56
|
|
|
|
|
Item
3.
|
Defaults Upon
Senior Securities
|
|
56
|
|
|
|
|
Item
4.
|
Mine Safety
Disclosures
|
|
56
|
|
|
|
|
Item
5.
|
Other
Information
|
|
56
|
|
|
|
|
Item
6.
|
Exhibits
|
|
56
|
|
|
|
|
|
SIGNATURES
|
|
57
|
(in thousands, except share data)
|
2017
|
2016
|
Assets
|
|
|
Cash
and due from banks:
|
|
|
Interest-earning
|
$
52,006
|
$
38,384
|
Noninterest-earning
|
4,472
|
4,621
|
Investment
securities - available-for-sale, at fair value
|
194,008
|
197,441
|
Federal
Home Loan Bank stock, at cost
|
5,603
|
8,400
|
Loans
- net of unearned income and deferred fees
|
1,230,953
|
1,191,280
|
Allowance
for loan losses
|
(8,125
)
|
(7,909
)
|
Net
loans
|
1,222,828
|
1,183,371
|
Accrued
interest receivable
|
4,403
|
4,368
|
Bank
premises and equipment, net
|
15,420
|
15,642
|
Bank
owned life insurance
|
34,448
|
34,190
|
Other
real estate owned
|
4,740
|
4,740
|
Deferred
tax assets
|
4,734
|
4,841
|
Other
assets
|
7,365
|
7,769
|
Total
assets
|
$
1,550,027
|
$
1,503,767
|
|
|
|
Liabilities and stockholders' equity
|
|
|
Deposits:
|
|
|
Noninterest-bearing
demand
|
$
222,904
|
$
211,202
|
Interest-bearing
checking and money market
|
848,705
|
742,046
|
Time
deposits
|
193,249
|
219,007
|
Total
deposits
|
1,264,858
|
1,172,255
|
Repurchase
agreements and federal funds purchased
|
19,529
|
20,174
|
Borrowings
|
100,000
|
150,000
|
Subordinated
debentures
|
18,558
|
18,558
|
Other
liabilities
|
6,937
|
6,679
|
Total
liabilities
|
1,409,882
|
1,367,666
|
Stockholders'
equity:
|
|
|
Common
stock, $0.008 par value; 20,000,000 shares
|
|
|
authorized;
5,452,088 and 5,450,713 issued and outstanding
|
|
|
as
of March 31, 2017 and December 31, 2016, respectively
|
44
|
44
|
Additional
paid-in-capital
|
80,323
|
80,147
|
Accumulated
other comprehensive loss
|
(2,326
)
|
(2,840
)
|
Retained
earnings
|
62,104
|
58,750
|
Total
stockholders' equity
|
140,145
|
136,101
|
Total
liabilities and stockholders' equity
|
$
1,550,027
|
$
1,503,767
|
(in thousands, except per share data)
|
2017
|
2016
|
Interest income
|
|
|
Loans
and fees on loans
|
$
13,070
|
$
11,190
|
Investment
securities and FHLB stock
|
1,403
|
1,219
|
Federal
funds and other
|
159
|
58
|
Total
interest income
|
14,632
|
12,467
|
Interest expense
|
|
|
Interest-bearing
checking and money market
|
1,074
|
857
|
Time
deposits
|
511
|
567
|
Borrowings
and repurchase agreements
|
728
|
492
|
Total
interest expense
|
2,313
|
1,916
|
Net
interest income
|
12,319
|
10,551
|
Provision for loan losses
|
159
|
-
|
Net
interest income after provision for loan losses
|
12,160
|
10,551
|
Non-interest income
|
|
|
Increase
in cash surrender value of bank owned life insurance
|
258
|
223
|
Service
charges and fees
|
62
|
58
|
Mortgage
origination fees and gains on sale of loans
|
51
|
32
|
Net
gain on sale of securities
|
-
|
85
|
Net
loss on sale or impairment of foreclosed assets
|
-
|
(212
)
|
Other
fees and income
|
132
|
80
|
Total
non-interest income
|
503
|
266
|
Non-interest expense
|
|
|
Salaries
and employee benefits
|
4,462
|
3,867
|
Data
processing
|
530
|
384
|
Furniture,
equipment and software costs
|
502
|
458
|
Occupancy
|
359
|
344
|
Director
related fees and expenses
|
224
|
252
|
Advertising
and public relations
|
221
|
188
|
Professional
fees
|
203
|
237
|
Unreimbursed
loan costs and foreclosure related expenses
|
174
|
69
|
FDIC
and other supervisory assessments
|
166
|
195
|
Other
|
771
|
606
|
Total
non-interest expense
|
7,612
|
6,600
|
Income
before income taxes
|
5,051
|
4,217
|
Income tax expense
|
1,697
|
1,379
|
Net
income
|
$
3,354
|
$
2,838
|
|
|
|
Net income per common share
|
|
|
Basic
|
$
0.62
|
$
0.62
|
|
|
|
Diluted
|
$
0.62
|
$
0.62
|
(in thousands)
|
2017
|
2016
|
|
|
|
Net
income
|
$
3,354
|
$
2,838
|
|
|
|
Other
comprehensive income (loss) items:
|
|
|
Securities
available for sale:
|
|
|
Unrealized
gains
|
453
|
995
|
Reclassification
of gains recognized in net income
|
-
|
(85
)
|
Other
comprehensive income
|
453
|
910
|
Deferred
tax expense
|
172
|
347
|
Other
comprehensive income, net of tax
|
281
|
563
|
|
|
|
Cash
flow hedges:
|
|
|
Unrealized
gains (losses)
|
372
|
(1,561
)
|
Other
comprehensive income (loss)
|
372
|
(1,561
)
|
Deferred
tax expense (benefit)
|
139
|
(586
)
|
Other
comprehensive income (loss), net of tax
|
233
|
(975
)
|
|
|
|
Total
other comprehensive income (loss), net of tax
|
514
|
(412
)
|
|
|
|
Comprehensive
income
|
$
3,868
|
$
2,426
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
Other
|
|
|
|
|
Additional
|
Comprehensive
|
|
Total
|
|
|
Common Stock
|
Paid-in
|
Income
|
Retained
|
Stockholders'
|
|
(In thousands, except share data)
|
Shares
|
Amount
|
Capital
|
(Loss)
|
Earnings
|
Equity
|
Balance at December 31, 2016
|
5,450,713
|
$
44
|
$
80,147
|
$
(2,840
)
|
$
58,750
|
$
136,101
|
|
|
|
|
|
|
|
Net
income
|
-
|
-
|
-
|
-
|
3,354
|
3,354
|
|
|
|
|
|
|
|
Unrealized gain on securities, net of
|
|
|
|
|
|
|
tax
expense of $172
|
-
|
-
|
-
|
281
|
-
|
281
|
|
|
|
|
|
|
|
Unrealized gain on cash flow hedges,
|
|
|
|
|
|
|
net
of tax expense of $139
|
-
|
-
|
-
|
233
|
-
|
233
|
|
|
|
|
|
|
|
Exercise
of stock options
|
1,375
|
-
|
64
|
-
|
-
|
64
|
|
|
|
|
|
|
|
Restricted
stock expense recognized
|
-
|
-
|
112
|
-
|
-
|
112
|
|
|
|
|
|
|
|
Balance at March 31, 2017
|
5,452,088
|
$
44
|
$
80,323
|
$
(2,326
)
|
$
62,104
|
$
140,145
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
Other
|
|
|
|
Common Stock
|
Additional
|
Comprehensive
|
|
Total
|
|
|
Common Stock
|
Paid-in
|
Income
|
Retained
|
Stockholders'
|
|
(In thousands, except share data)
|
Shares
|
Amount
|
Capital
|
(Loss)
|
Earnings
|
Equity
|
Balance at December 31, 2015
|
4,581,334
|
$
37
|
$
53,147
|
$
(886
)
|
$
45,360
|
$
97,658
|
|
|
|
|
|
|
|
Net
income
|
-
|
-
|
-
|
-
|
2,838
|
2,838
|
|
|
|
|
|
|
|
Unrealized
gain on securities, net of
|
|
|
|
|
|
|
tax
expense of $347
|
-
|
-
|
-
|
563
|
-
|
563
|
|
|
|
|
|
|
|
Unrealized
loss on cash flow hedges,
|
|
|
|
|
|
|
net
of tax benefit of $586
|
-
|
-
|
-
|
(975
)
|
-
|
(975
)
|
|
|
|
|
|
|
|
Restricted
stock expense recognized
|
-
|
-
|
88
|
-
|
-
|
88
|
|
|
|
|
|
|
|
Balance at March 31, 2016
|
4,581,334
|
$
37
|
$
53,235
|
$
(1,298
)
|
$
48,198
|
$
100,172
|
(in thousands)
|
2017
|
2016
|
Cash
flows from operating activities:
|
|
|
Net
income
|
$
3,354
|
$
2,838
|
Adjustments
to reconcile net income to net cash provided by
|
|
|
operating
activities:
|
|
|
Depreciation
and amortization
|
359
|
352
|
Provision
for loan losses
|
159
|
-
|
Net
loss on sale or impairment of foreclosed assets
|
-
|
212
|
Increase
in cash surrender value of life insurance
|
(258
)
|
(223
)
|
Accretion
of premiums/discounts on securities, net
|
(281
)
|
271
|
Net
gain on sale of securities
|
-
|
(85
)
|
Deferred
tax expense
|
(204
)
|
53
|
Restricted
stock expense
|
112
|
88
|
Changes
in assets and liabilities:
|
|
|
Accrued
interest receivable and other assets
|
741
|
201
|
Accrued
interest payable and other liabilities
|
258
|
(2,321
)
|
Net
cash provided by operating activities
|
4,240
|
1,386
|
Cash
flows from investing activities:
|
|
|
Net
decrease in Federal Home Loan Bank stock
|
2,797
|
829
|
Purchase
of securities available for sale
|
(1,276
)
|
(33,085
)
|
Proceeds
from maturities and paydowns of securities available for
sale
|
5,443
|
4,834
|
Proceeds
from sales of securities available for sale
|
-
|
15,714
|
Net
increase in loans
|
(39,616
)
|
(28,535
)
|
Proceeds
from sale of foreclosed real estate
|
-
|
13
|
Additions
to bank premises and equipment
|
(137
)
|
(200
)
|
Net
cash used in investing activities
|
(32,789
)
|
(40,430
)
|
Cash
flows from financing activities:
|
|
|
Net
increase in demand and money market deposit accounts
|
118,361
|
127,689
|
Net
decrease in time deposits
|
(25,758
)
|
(63,403
)
|
Net
decrease in repurchase agreements
|
(645
)
|
(6,086
)
|
Net
decrease in FHLB and other borrowings
|
(50,000
)
|
(23,127
)
|
Exercise
of stock options
|
64
|
-
|
Net
cash provided by financing activities
|
42,022
|
35,073
|
Net
change in cash and cash equivalents
|
13,473
|
(3,971
)
|
Cash
and cash equivalents at beginning of year
|
43,005
|
55,530
|
|
|
|
Cash
and cash equivalents at end of year
|
$
56,478
|
$
51,559
|
|
Three months
|
|
|
ended March 31,
|
|
|
2017
|
2016
|
Anti-dilutive
stock options
|
-
|
81,500
|
Unvested
restricted shares
|
58,949
|
32,006
|
|
March 31,
|
December 31,
|
(in thousands)
|
2017
|
2016
|
Unrealized
gains on securities available-for-sale
|
$
(1,322
)
|
$
(1,775
)
|
Deferred
tax expense
|
506
|
678
|
Other
comprehensive income, net of tax
|
(816
)
|
(1,097
)
|
Unrealized
losses on cash flow hedges
|
(2,420
)
|
(2,792
)
|
Deferred
tax benefit
|
910
|
1,049
|
Other
comprehensive loss, net of tax
|
(1,510
)
|
(1,743
)
|
Total
other accumulated comprehensive income (loss)
|
$
(2,326
)
|
$
(2,840
)
|
|
|
Unpaid
|
|
|
Unrealized
|
Unrealized
|
|
|
Gains and
|
Gains and
|
|
|
Losses on
|
Losses on
|
|
|
Available-for
|
Cash Flow
|
|
|
Sale Securities
|
Hedges
|
Total
|
Balance
as of December 31, 2016
|
$
(1,097
)
|
$
(1,743
)
|
$
(2,840
)
|
Other
comprehensive income (loss) before reclassification
|
281
|
233
|
514
|
Amounts
reclassified from accumulated other
|
|
|
|
comprehensive
income
|
-
|
-
|
-
|
Net
current-period other comprehensive income (loss)
|
281
|
233
|
514
|
Balance
as of March 31, 2017
|
$
(816
)
|
$
(1,510
)
|
$
(2,326
)
|
|
|
|
|
Balance
as of December 31, 2015
|
$
848
|
$
(1,734
)
|
$
(886
)
|
Other
comprehensive loss before reclassification
|
(1,839
)
|
(9
)
|
(1,848
)
|
Amounts
reclassified from accumulated other
|
|
|
|
comprehensive
income
|
(106
)
|
-
|
(106
)
|
Net
current-period other comprehensive loss
|
(1,945
)
|
(9
)
|
(1,954
)
|
Balance
as of December 31, 2016
|
$
(1,097
)
|
$
(1,743
)
|
$
(2,840
)
|
|
|
Gross
|
Gross
|
|
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
(in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
March 31, 2017
|
|
|
|
|
Available-for-sale:
|
|
|
|
|
U.S.
Agency obligations
|
$
16,451
|
$
69
|
$
101
|
$
16,419
|
Collateralized
mortgage obligations
|
40,230
|
283
|
245
|
40,268
|
Mortgage-backed
securities
|
74,170
|
254
|
1,496
|
72,928
|
Municipal
bonds
|
60,803
|
566
|
632
|
60,737
|
Other
|
3,676
|
24
|
44
|
3,656
|
|
$
195,330
|
$
1,196
|
$
2,518
|
$
194,008
|
|
|
Gross
|
Gross
|
|
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
(in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
December 31, 2016
|
|
|
|
|
Available-for-sale:
|
|
|
|
|
U.S.
Agency obligations
|
$
17,062
|
$
44
|
$
163
|
$
16,943
|
Collateralized
mortgage obligations
|
42,439
|
300
|
242
|
42,497
|
Mortgage-backed
securities
|
75,138
|
213
|
1,478
|
73,873
|
Municipal
bonds
|
60,901
|
474
|
698
|
60,677
|
Other
|
3,676
|
29
|
254
|
3,451
|
|
$
199,216
|
$
1,060
|
$
2,835
|
$
197,441
|
|
|
After One
|
After Five
|
|
No Stated
|
|
|
Within
|
Within
|
Within
|
After
|
Maturity
|
|
(in thousands)
|
1 Year
|
Five Years
|
Ten Years
|
Ten Years
|
Date
|
Total
|
U.S.
Agency obligations
|
$
-
|
$
-
|
$
-
|
$
16,419
|
$
-
|
$
16,419
|
Collateralized
mortgage obligations
|
-
|
-
|
-
|
40,268
|
-
|
40,268
|
Mortgage-backed
securities
|
-
|
7,528
|
8,031
|
57,369
|
-
|
72,928
|
Municipal
bonds
|
-
|
2,239
|
6,191
|
52,307
|
-
|
60,737
|
Other
|
-
|
-
|
1,500
|
-
|
2,156
|
3,656
|
|
$
-
|
$
9,767
|
$
15,722
|
$
166,363
|
$
2,156
|
$
194,008
|
|
March 31,
|
December 31,
|
Available-for-sale:
|
2017
|
2016
|
U.S.
Agency obligations
|
5
|
5
|
Collateralized
mortgage obligations
|
6
|
6
|
Mortgage-backed
securities
|
13
|
13
|
Municipal
bonds
|
49
|
53
|
Other
|
1
|
1
|
|
74
|
78
|
|
Three months
|
|
|
ended March 31,
|
|
(in thousands)
|
2017
|
2016
|
Gross
gains on sales of securities available for sale
|
$
-
|
$
136
|
Gross
losses on sales of securities available for sale
|
-
|
(51
)
|
|
March 31,
|
December 31,
|
(in thousands)
|
2017
|
2016
|
Construction
and land development
|
$
78,552
|
$
79,738
|
Commercial
real estate:
|
|
|
Non-farm,
non-residential
|
391,795
|
365,569
|
Owner
occupied
|
193,291
|
186,892
|
Multifamily,
nonresidential and junior liens
|
91,368
|
89,191
|
Total
commercial real estate
|
676,454
|
641,652
|
Consumer
real estate:
|
|
|
Home
equity lines
|
86,550
|
87,489
|
Secured
by 1-4 family residential, secured by first deeds of
trust
|
208,504
|
195,343
|
Secured
by 1-4 family residential, secured by second deeds of
trust
|
4,247
|
4,289
|
Total
consumer real estate
|
299,301
|
287,121
|
Commercial
and industrial loans (except those secured by real
estate)
|
162,580
|
170,709
|
Consumer
and other
|
13,580
|
11,542
|
Total
loans
|
1,230,467
|
1,190,762
|
Deferred
loan (fees) costs
|
486
|
518
|
Allowance
for loan losses
|
(8,125
)
|
(7,909
)
|
Net
loans
|
$
1,222,828
|
$
1,183,371
|
|
March 31,
|
December 31,
|
(in thousands)
|
2017
|
2016
|
Construction
and land development:
|
|
|
Land
|
$
12,604
|
$
12,595
|
Residential
|
34,144
|
36,253
|
Commercial
|
31,804
|
30,890
|
Total
construction and land development
|
$
78,552
|
$
79,738
|
|
|
|
Commercial
real estate:
|
|
|
Non-farm,
non-residential:
|
|
|
Office
|
$
121,702
|
$
108,228
|
Industrial
|
36,963
|
36,264
|
Hotel/motel
|
28,166
|
28,453
|
Retail
|
177,198
|
165,434
|
Special
purpose/Other
|
27,766
|
27,190
|
Total
commercial real estate
|
391,795
|
365,569
|
Owner
occupied :
|
|
|
Office
|
62,607
|
60,500
|
Industrial
|
49,478
|
46,876
|
Retail
|
31,491
|
31,085
|
Special
purpose/Other
|
49,715
|
48,431
|
Total
owner occupied
|
193,291
|
186,892
|
|
|
|
Multifamily,
nonresidential and junior liens
|
91,368
|
89,191
|
Total
commercial real estate
|
$
676,454
|
$
641,652
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
& Industrial
|
|
|
|
Construction
|
|
Consumer
|
Loans Not
|
|
|
|
and Land
|
Commercial
|
Real
|
Secured By
|
Consumer
|
Total
|
(in thousands)
|
Development
|
Real Estate
|
Estate
|
Real Estate
|
& Other
|
Loans
|
Three months ended March 31, 2017
|
|
|
|
|
|
|
Beginning
balance
|
$
486
|
$
3,719
|
$
1,901
|
$
1,727
|
$
76
|
$
7,909
|
Provision
for loan losses
|
(5
)
|
221
|
38
|
(114
)
|
19
|
159
|
Loans
charged off
|
-
|
-
|
-
|
(10
)
|
(13
)
|
(23
)
|
Recoveries
|
9
|
28
|
-
|
43
|
-
|
80
|
Net
(chargeoffs) recoveries
|
9
|
28
|
-
|
33
|
(13
)
|
57
|
Ending
balance
|
$
490
|
$
3,968
|
$
1,939
|
$
1,646
|
$
82
|
$
8,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2016
|
|
|
|
|
|
|
Beginning
balance
|
$
509
|
$
3,156
|
$
2,046
|
$
1,786
|
$
144
|
$
7,641
|
Provision
for loan losses
|
(215
)
|
(121
)
|
(77
)
|
(7
)
|
420
|
-
|
Loans
charged off
|
-
|
-
|
-
|
-
|
-
|
-
|
Recoveries
|
229
|
37
|
3
|
11
|
10
|
290
|
Net
(chargeoffs) recoveries
|
229
|
37
|
3
|
11
|
10
|
290
|
Ending
balance
|
$
523
|
$
3,072
|
$
1,972
|
$
1,790
|
$
574
|
$
7,931
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
& Industrial
|
|
|
|
Construction
|
|
Consumer
|
Loans Not
|
|
|
|
and Land
|
Commercial
|
Real
|
Secured By
|
Consumer
|
Total
|
(in thousands)
|
Development
|
Real Estate
|
Estate
|
Real Estate
|
& Other
|
Loans
|
March 31, 2017
|
|
|
|
|
|
|
Allowance for Loan Losses:
|
|
|
|
|
|
|
Individually
evaluated for impairment
|
$
-
|
$
-
|
$
112
|
$
287
|
$
-
|
$
399
|
Collectively
evaluated for impairment
|
490
|
3,968
|
1,827
|
1,359
|
82
|
7,726
|
Total
ending allowance
|
$
490
|
$
3,968
|
$
1,939
|
$
1,646
|
$
82
|
$
8,125
|
|
|
|
|
|
|
|
Loans:
|
|
|
|
|
|
|
Individually
evaluated for impairment
|
$
121
|
$
829
|
$
714
|
$
1,053
|
$
-
|
$
2,717
|
Collectively
evaluated for impairment
|
78,431
|
675,625
|
298,587
|
161,527
|
13,580
|
1,227,750
|
Total
ending loans
|
$
78,552
|
$
676,454
|
$
299,301
|
$
162,580
|
$
13,580
|
$
1,230,467
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
December 31, 2016
|
|
|
|
|
|
|
Allowance for Loan Losses:
|
|
|
|
|
|
|
Individually
evaluated for impairment
|
$
-
|
$
-
|
$
223
|
$
286
|
$
-
|
$
509
|
Collectively
evaluated for impairment
|
486
|
3,719
|
1,678
|
1,441
|
76
|
7,400
|
Total
ending allowance
|
$
486
|
$
3,719
|
$
1,901
|
$
1,727
|
$
76
|
$
7,909
|
|
|
|
|
|
|
|
Loans:
|
|
|
|
|
|
|
Individually
evaluated for impairment
|
$
125
|
$
836
|
$
1,121
|
$
1,139
|
$
-
|
$
3,221
|
Collectively
evaluated for impairment
|
79,613
|
640,816
|
286,000
|
169,570
|
11,542
|
1,187,541
|
Total
ending loans
|
$
79,738
|
$
641,652
|
$
287,121
|
$
170,709
|
$
11,542
|
$
1,190,762
|
|
March 31,
|
December 31,
|
(in thousands)
|
2017
|
2016
|
Performing
TDRs:
|
|
|
Commercial
real estate
|
$
519
|
$
520
|
Consumer
real estate
|
335
|
338
|
Commercial
and industrial loans
|
297
|
297
|
Total
performing TDRs
|
1,151
|
1,155
|
|
|
|
Nonperforming
TDRs:
|
|
|
Construction
and land development
|
121
|
125
|
Consumer
real estate
|
191
|
58
|
Total
nonperformingTDRs
|
312
|
183
|
Total
TDRs
|
$
1,463
|
$
1,338
|
|
|
Unpaid
|
|
|
|
Contractual
|
|
|
Recorded
|
Principal
|
Allocated
|
March 31, 2017
|
Investment
|
Balance
|
Allowance
|
Loans
without a specific valuation allowance:
|
|
|
|
Construction
and land development
|
$
121
|
$
195
|
$
-
|
Commercial
real estate
|
829
|
830
|
-
|
Loans
with a specific valuation allowance:
|
|
|
|
Consumer
real estate
|
714
|
769
|
112
|
Commercial
and industrial loans (except
|
|
|
|
those
secured by real estate)
|
1,053
|
1,084
|
287
|
Total
|
$
2,717
|
$
2,878
|
$
399
|
|
|
Unpaid
|
|
|
|
Contractual
|
|
|
Recorded
|
Principal
|
Allocated
|
December 31, 2016
|
Investment
|
Balance
|
Allowance
|
Loans
without a specific valuation allowance:
|
|
|
|
Construction
and land development
|
$
125
|
$
195
|
$
-
|
Commercial
real estate
|
836
|
836
|
-
|
Loans
with a specific valuation allowance:
|
|
|
|
Consumer
real estate
|
1,121
|
1,152
|
223
|
Commercial
and industrial loans (except
|
|
|
|
those
secured by real estate)
|
1,139
|
1,382
|
286
|
Total
|
$
3,221
|
$
3,565
|
$
509
|
(in
thousands)
March 31, 2017
|
30-59 Days Past Due
|
60-89 Days Past Due
|
Greater than 90 Days Past
Due
|
Non-Accrual
|
Total Past Due
|
Current
|
Total Loans
|
Construction
and land development
|
$
-
|
$
-
|
$
-
|
$
121
|
$
121
|
$
78,431
|
$
78,552
|
Commercial
real estate
|
-
|
-
|
-
|
-
|
-
|
676,454
|
676,454
|
Consumer
real estate
|
693
|
-
|
-
|
379
|
1,072
|
298,229
|
299,301
|
Commercial
and industrial loans
|
-
|
59
|
-
|
-
|
59
|
162,521
|
162,580
|
Consumer
and other
|
-
|
-
|
-
|
-
|
-
|
13,580
|
13,580
|
Total
|
$
693
|
$
59
|
$
-
|
$
500
|
$
1,252
|
$
1,229,215
|
$
1,230,467
|
(in
thousands)
December 31, 2016
|
30-59
Days Past Due
|
60-89
Days Past Due
|
Greater
than 90 Days Past Due
|
Non-Accrual
|
Total
Past Due
|
Current
|
Total
Loans
|
Construction
and land development
|
$
-
|
$
-
|
$
-
|
$
125
|
$
125
|
$
79,613
|
$
79,738
|
Commercial
real estate
|
-
|
-
|
-
|
-
|
-
|
641,652
|
641,652
|
Consumer
real estate
|
-
|
-
|
-
|
783
|
783
|
286,338
|
287,121
|
Commercial
and industrial loans
|
-
|
-
|
-
|
60
|
60
|
170,649
|
170,709
|
Consumer
and other
|
-
|
-
|
-
|
-
|
-
|
11,542
|
11,542
|
Total
|
$
-
|
$
-
|
$
-
|
$
968
|
$
968
|
$
1,189,794
|
$
1,190,762
|
|
March 31,
|
December 31,
|
(in thousands)
|
2017
|
2016
|
Financial
instruments whose contract amounts
|
|
|
represent
credit risk:
|
|
|
Undisbursed
lines of credit
|
$
241,791
|
$
216,769
|
Standby
letters of credit
|
4,902
|
3,904
|
Total
|
$
246,693
|
$
220,673
|
|
March 31, 2017
|
December 31, 2016
|
||
|
Notational
|
Fair
|
Notational
|
Fair
|
(in thousands)
|
Amount
|
Value
|
Amount
|
Value
|
Included
in other assets:
|
|
|
|
|
Cap
1 - maturing August 2019
|
$
35,000
|
$
1,007
|
$
35,000
|
$
1,011
|
Cap
2 - maturing September 2019
|
35,000
|
1,035
|
35,000
|
1,045
|
Cap
3 - maturing October 2019
|
30,000
|
944
|
30,000
|
929
|
|
$
100,000
|
$
2,986
|
$
100,000
|
$
2,985
|
(in thousands)
|
|
2017
|
1,407
|
2018
|
2,247
|
2019
|
1,752
|
|
$
5,406
|
(in thousands)
|
|
2017
|
55
|
2018
|
74
|
Thereafter
|
148
|
|
$
277
|
|
Level 3
|
|
Investment
|
(in thousands)
|
Securities
|
Balance
at December 31, 2016
|
$
1,500
|
Purchases
|
-
|
Balance
at March 31, 2017
|
$
1,500
|
|
|
Fair Value Measurements Using
|
||
|
|
Quoted Prices
|
Significant
|
|
|
|
in Active
|
Other
|
Significant
|
|
|
Markets for
|
Observable
|
Unobservable
|
(in thousands)
|
Total
|
Identical Assets
|
Inputs
|
Inputs
|
March 31, 2017
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Impaired
loans
|
$
2,318
|
$
-
|
$
-
|
$
2,318
|
Other
real estate owned
|
4,740
|
-
|
-
|
4,740
|
Total
|
$
7,058
|
$
-
|
$
-
|
$
7,058
|
|
|
|
|
|
December 31, 2016
|
|
|
|
|
Impaired
loans
|
$
2,712
|
$
-
|
$
-
|
$
2,712
|
Other
real estate owned
|
4,740
|
-
|
-
|
4,740
|
Total
|
$
7,452
|
$
-
|
$
-
|
$
7,452
|
|
|
March 31, 2017 and December 31, 2016
|
||||
|
|
Valuation
|
|
Significant
|
|
Significant
|
|
|
Technique
|
|
Observable Inputs
|
|
unobservable Inputs
|
Impaired loans
|
|
Appraisal value
|
|
Appraisals and/or sales of
|
|
Appraisals discounted 5% to 10% for
|
|
|
|
|
comparable properties
|
|
sales commissions and other holding costs
|
|
|
|
|
|
|
|
Other real estate owned
|
Appraisal value/
|
|
Appraisals and/or sales of
|
|
Appraisals discounted 5% to 10% for
|
|
|
|
Comparison sale/
|
|
comparable properties
|
|
sales commissions and other holding costs
|
|
March 31, 2017
|
||||
|
Carrying
|
Fair Value
|
|||
(in thousands)
|
Amount
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Financial assets:
|
|
|
|
|
|
Cash and due from banks
|
$
56,478
|
$
56,478
|
$
56,478
|
$
-
|
$
-
|
Investment securities available-for-
|
|
|
|
|
|
sale
|
194,008
|
194,008
|
2,156
|
190,352
|
1,500
|
Loans, net
|
1,222,828
|
1,224,002
|
-
|
1,221,684
|
2,318
|
Accrued interest receivable
|
4,403
|
4,403
|
4,403
|
-
|
-
|
Federal Home Loan Bank stock
|
5,603
|
5,603
|
-
|
-
|
5,603
|
Bank-owned life insurance
|
34,448
|
34,448
|
-
|
34,448
|
-
|
Interest rate caps
|
2,986
|
2,986
|
-
|
2,986
|
-
|
Financial liabilities:
|
|
|
|
|
|
Non-maturing deposits
|
1,071,609
|
1,071,609
|
-
|
1,071,609
|
-
|
Time deposits
|
193,249
|
193,425
|
-
|
193,425
|
-
|
Accrued interest payable
|
256
|
256
|
256
|
-
|
-
|
Repurchase agreements and
|
|
|
|
|
|
federal funds purchased
|
19,529
|
19,529
|
-
|
19,529
|
-
|
FHLB Advances and other borrowings
|
100,000
|
100,012
|
-
|
100,012
|
-
|
Subordinated debt
|
18,558
|
14,197
|
-
|
14,197
|
-
|
|
Three-Month Periods
|
|
|
Ended March 31,
|
|
(Dollars
in thousands)
|
2017
|
2016
|
Efficiency Ratio
|
|
|
Non-interest
expense
|
$
7,612
|
$
6,600
|
|
|
|
Net
interest taxable equivalent income
|
$
12,649
|
$
10,853
|
Non-interest
income
|
503
|
266
|
Less:
gain on investment securities
|
-
|
(85
)
|
Plus:
loss on sale or writedown of foreclosed real estate
|
-
|
212
|
Adjusted
operating revenue
|
$
13,152
|
$
11,246
|
|
|
|
Efficiency
ratio
|
57.88
%
|
58.69
%
|
|
For the Three Months Ended March 31,
|
|||||
|
2017
|
2016
|
||||
|
Average
|
|
Average
|
Average
|
|
Average
|
(Dollars in thousands)
|
Amount
|
Interest
|
Rate
|
Amount
|
Interest
|
Rate
|
Loans,
net of allowance (1)
|
$
1,209,314
|
$
13,070
|
4.38
%
|
$
1,019,396
|
$
11,190
|
4.41
%
|
Investment
securities (2)
|
207,155
|
1,733
|
3.39
%
|
177,846
|
1,521
|
3.44
%
|
Other
interest-earning assets
|
75,712
|
159
|
0.85
%
|
35,477
|
58
|
0.66
%
|
Total interest-earning assets
|
1,492,181
|
14,962
|
4.07
%
|
1,232,719
|
12,769
|
4.17
%
|
Other
assets
|
65,649
|
|
|
90,715
|
|
|
Total assets
|
$
1,557,830
|
|
|
$
1,323,434
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Interest-bearing
checking accounts
|
$
204,486
|
195
|
0.39
%
|
$
140,388
|
140
|
0.40
%
|
Money
markets
|
529,718
|
879
|
0.67
%
|
402,430
|
717
|
0.72
%
|
Time
deposits less than $100,000
|
11,445
|
30
|
1.06
%
|
223,622
|
376
|
0.68
%
|
Time
deposits greater than or
|
|
|
|
|
|
|
equal
to $100,000
|
200,119
|
481
|
0.97
%
|
68,650
|
191
|
1.12
%
|
Borrowings
|
250,301
|
728
|
1.18
%
|
218,739
|
492
|
0.90
%
|
Total interest-bearing liabilities
|
1,196,069
|
2,313
|
0.78
%
|
1,053,829
|
1,916
|
0.73
%
|
Noninterest-bearing
deposits
|
219,242
|
|
|
159,129
|
|
|
Other
liabilities
|
4,514
|
|
|
11,430
|
|
|
Stockholders
equity
|
138,005
|
|
|
99,046
|
|
|
Total liabilities and stockholders
|
|
|
|
|
|
|
equity
|
$
1,557,830
|
|
|
$
1,323,434
|
|
|
|
|
|
|
|
|
|
Net interest income/interest rate
|
|
|
|
|
|
|
spread (taxable-equivalent basis) (3)
|
|
$
12,649
|
3.29
%
|
|
$
10,853
|
3.43
%
|
|
|
|
|
|
|
|
Net interest margin (taxable-
|
|
|
|
|
|
|
equivalent basis) (4)
|
|
|
3.44
%
|
|
|
3.54
%
|
|
|
|
|
|
|
|
Ratio of interest-bearing assets to
|
|
|
|
|
|
|
interest-bearing liabilities
|
124.76
%
|
|
|
116.98
%
|
|
|
|
|
|
|
|
|
|
Reported net interest income
|
|
|
|
|
|
|
Net
interest income (taxable-equivalent
|
|
|
|
|
|
|
basis)
|
|
$
12,649
|
|
|
$
10,853
|
|
Less:
|
|
|
|
|
|
|
Taxable-equivalent
adjustment
|
|
330
|
|
|
302
|
|
Net
interest income
|
|
12,319
|
|
|
10,551
|
|
|
March 31, 2017
|
December 31, 2016
|
||
|
Amortized
|
Fair
|
Amortized
|
Fair
|
(in thousands)
|
Cost
|
Value
|
Cost
|
Value
|
Available-for-sale:
|
|
|
|
|
U.S.
Agency obligations
|
$
16,451
|
$
16,419
|
$
17,062
|
$
16,943
|
Collateralized
mortgage obligations
|
40,230
|
40,268
|
42,439
|
42,497
|
Mortgage-backed
securities
|
74,170
|
72,928
|
75,138
|
73,873
|
Municipal
bonds
|
60,803
|
60,737
|
60,901
|
60,677
|
Other
|
3,676
|
3,656
|
3,676
|
3,451
|
|
$
195,330
|
$
194,008
|
$
199,216
|
$
197,441
|
|
At March 31,
|
At December 31,
|
||
|
2017
|
2016
|
||
|
|
% of
|
|
% of
|
|
|
Total
|
|
Total
|
(Dollars in thousands)
|
Amount
|
Loans
|
Amount
|
Loans
|
Construction and land development
|
$
78,552
|
6.4
%
|
$
79,738
|
6.7
%
|
Commercial real estate:
|
|
|
|
|
Non-farm, non-residential
|
391,795
|
31.8
%
|
365,569
|
30.7
%
|
Owner occupied
|
193,291
|
15.7
%
|
186,892
|
15.7
%
|
Multifamily, nonresidential and junior liens
|
91,368
|
7.4
%
|
89,191
|
7.5
%
|
Total commercial real estate
|
676,454
|
55.0
%
|
641,652
|
53.9
%
|
Consumer real estate:
|
|
|
|
|
Home equity lines
|
86,550
|
7.0
%
|
87,489
|
7.3
%
|
Secured by 1-4 family residential, secured by
|
|
|
|
|
first deeds of trust
|
208,504
|
16.9
%
|
195,343
|
16.4
%
|
Secured by 1-4 family residential, secured by
|
|
|
|
|
second deeds of trust
|
4,247
|
0.3
%
|
4,289
|
0.4
%
|
Total consumer real estate
|
299,301
|
24.3
%
|
287,121
|
24.1
%
|
Commercial and industrial loans (except those
|
|
|
|
|
secured by real estate)
|
162,580
|
13.2
%
|
170,709
|
14.3
%
|
Consumer and other
|
13,580
|
1.1
%
|
11,542
|
1.0
%
|
Less:
|
|
|
|
|
Deferred loan origination (fees) costs
|
486
|
0.0
%
|
518
|
0.0
%
|
Total loans
|
1,230,953
|
100
%
|
1,191,280
|
100
%
|
Allowance for loan losses
|
(8,125
)
|
|
(7,909
)
|
|
Total net loans
|
$
1,222,828
|
|
$
1,183,371
|
|
|
|
|
|
|
|
30+ Days Past Due
|
Non-Accrual Loans
|
Total Past Due
|
Current
|
Total Loans
|
At March 31, 2017
|
|
|
|
|
|
Construction
and land development
|
$
-
|
$
121
|
$
121
|
$
78,431
|
$
78,552
|
Non-farm,
non-residential
|
-
|
-
|
-
|
391,795
|
391,795
|
Owner
occupied
|
-
|
-
|
-
|
193,291
|
193,291
|
Multifamily,
nonresidential and junior liens
|
-
|
-
|
-
|
91,368
|
91,368
|
Home
equity lines
|
50
|
188
|
238
|
86,312
|
86,550
|
Secured
by 1-4 family residential, secured
|
|
|
|
|
|
by
first deeds of trust
|
643
|
134
|
777
|
207,727
|
208,504
|
Secured
by 1-4 family residential,
|
|
|
|
|
|
secured
by second deeds of trust
|
-
|
57
|
57
|
4,190
|
4,247
|
Commercial
and industrial loans (except
|
|
|
|
|
|
those
secured by real estate)
|
59
|
-
|
59
|
162,521
|
162,580
|
Consumer
and other
|
-
|
-
|
-
|
13,580
|
13,580
|
|
$
752
|
$
500
|
$
1,252
|
$
1,229,215
|
$
1,230,467
|
|
|
|
|
|
|
At December 31, 2016
|
|
|
|
|
|
Construction
and land development
|
$
-
|
$
125
|
$
125
|
$
79,613
|
$
79,738
|
Non-farm,
non-residential
|
-
|
-
|
-
|
365,569
|
365,569
|
Owner
occupied
|
-
|
-
|
-
|
186,892
|
186,892
|
Multifamily,
nonresidential and junior liens
|
-
|
-
|
-
|
89,191
|
89,191
|
Home
equity lines
|
-
|
194
|
194
|
87,295
|
87,489
|
Secured
by 1-4 family residential, secured
|
|
|
|
|
|
by
first deeds of trust
|
-
|
531
|
531
|
194,812
|
195,343
|
Secured
by 1-4 family residential,
|
|
|
|
|
|
secured
by second deeds of trust
|
-
|
58
|
58
|
4,231
|
4,289
|
Commercial
and industrial loans (except
|
|
|
|
|
|
those
secured by real estate)
|
-
|
60
|
60
|
170,649
|
170,709
|
Consumer
and other
|
-
|
-
|
-
|
11,542
|
11,542
|
|
$
-
|
$
968
|
$
968
|
$
1,189,794
|
$
1,190,762
|
|
At March 31,
|
At December 31,
|
(Dollars in thousands)
|
2017
|
2016
|
Non-accrual
loans
|
$
189
|
$
785
|
Restructured
loans (1)
|
311
|
183
|
Total
nonperforming loans
|
500
|
968
|
Foreclosed
real estate
|
4,740
|
4,740
|
Total
nonperforming assets
|
$
5,240
|
$
5,708
|
|
|
|
Accruing
loans past due 90 days or more
|
$
-
|
$
-
|
Allowance
for loan losses
|
8,125
|
7,909
|
|
|
|
Nonperforming
loans to period end loans
|
0.04
%
|
0.08
%
|
Allowance
for loan losses to period end
|
|
|
loans
|
0.66
%
|
0.66
%
|
Allowance
for loan losses to
|
|
|
nonperforming
loans
|
1625.00
%
|
817.05
%
|
Allowance
for loan losses to
|
|
|
nonperforming
assets
|
155.06
%
|
138.56
%
|
Nonperforming
assets to total assets
|
0.34
%
|
0.38
%
|
|
At March 31,
|
At December 31,
|
||
|
2017
|
2016
|
||
|
|
% of
|
|
% of
|
|
|
Total
|
|
Total
|
(Dollars in thousands)
|
Amount
|
Loans
|
Amount
|
Loans
|
Construction and land development
|
$
490
|
6.4
%
|
$
486
|
6.7
%
|
Commercial real estate
|
3,968
|
55.0
%
|
3,719
|
53.9
%
|
Consumer real estate
|
1,939
|
24.3
%
|
1,900
|
24.1
%
|
Commercial and industrial loans (except those
|
|
|
|
|
secured by real estate)
|
1,646
|
13.2
%
|
1,728
|
14.3
%
|
Consumer and other
|
82
|
1.1
%
|
76
|
1.0
%
|
Total
|
$
8,125
|
100.0
%
|
$
7,909
|
100.0
%
|
|
Three months ended
|
|
|
March 31,
|
|
(in thousands)
|
2017
|
2016
|
Allowance
for loan losses at beginning of the period
|
$
7,909
|
$
7,641
|
Provision
for loan losses
|
159
|
-
|
Loans
charged off:
|
|
|
Commercial
and industrial loans (except those
|
|
|
secured
by real estate)
|
(10
)
|
-
|
Consumer
and other
|
(13
)
|
-
|
Total
charge-offs
|
(23
)
|
-
|
Recoveries
of loans previously charged off:
|
|
|
Construction
and land development
|
9
|
229
|
Commercial
real estate
|
28
|
37
|
Consumer
real estate
|
-
|
3
|
Commercial
and industrial loans (except those
|
|
|
secured
by real estate)
|
43
|
11
|
Consumer
and other
|
-
|
10
|
Total
recoveries
|
80
|
290
|
Net
recoveries (charge-offs)
|
57
|
290
|
Allowance
for loan losses at end of the period
|
$
8,125
|
$
7,931
|
|
|
|
Ratio
of net charge-offs during the period
|
|
|
to
average loans outstanding during
|
|
|
the
period
|
0.00
%
|
0.03
%
|
Hypothetical
|
Estimated Resulting Theoretical Net Interest
Income
|
|||||
shift in interest
|
February 28, 2017
|
November 30, 2016
|
August 31,2016
|
|||
rates (in bps)
|
Amount
|
% Change
|
Amount
|
% Change
|
Amount
|
% Change
|
(dollars in thousands)
|
|
|
|
|
|
|
200
|
$
48,570
|
-3.31
%
|
$
46,525
|
-4.26
%
|
$
44,744
|
-3.72
%
|
0
|
50,231
|
0.00
%
|
48,597
|
0.00
%
|
46,473
|
0.00
%
|
(100
)
|
49,881
|
-0.70
%
|
48,693
|
0.20
%
|
46,487
|
0.03
%
|
Exhibit
No.
|
|
Description
|
|
|
|
2.1
|
|
Agreement and Plan
of Reorganization, dated April 26, 2017, by and among TowneBank, TB
Acquisition, LLC, Paragon Commercial Corporation and Paragon
Commercial Bank (incorporated by reference to Exhibit 2.1 to
Paragon Commercial Corporation’s Current Report on Form 8-K
filed on May 1, 2017)
|
|
|
|
|
Amendment to
Paragon Commercial Bank Salary Continuation Agreement for Matthew
C. Davis, dated as of April 26, 2017 (amending the Paragon
Commercial Bank Amended and Restated Salary Continuation Agreement
dated December 29, 2016 and the Paragon Commercial Salary
Continuation Agreement dated December 29, 2016)
|
|
|
|
|
|
Certification of
Principal Executive Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
Certification of
Principal Financial Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
Certification of
Principal Executive Officer Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
Certification of
Principal Financial Officer Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|
|
|
|
|
101
|
|
Interactive data
files pursuant to Rule 405 of Regulation S-T: (i) Consolidated
Balance Sheets (Unaudited) as of March 31, 2017 and December 31,
2016; (ii) Consolidated Statements of Income (Unaudited) for the
Three Months Ended March 31, 2017 and 2016; (iii) Consolidated
Statements of Comprehensive Income (Unaudited) for the Three Months
Ended March 31, 2017 and 2016; (iv) Consolidated Statements of
Stockholders’ Equity (Unaudited) for the Three Months Ended
March 31, 2017 and 2016; (v) Consolidated Statements of Cash Flows
(Unaudited) for the Three Months Ended March 31, 2017 and 2016; and
(vi) Notes to Consolidated Financial Statements
(Unaudited)
|
|
PARAGON
COMMERCIAL CORPORATION
|
|
|
|
|
|
|
Date: May
9, 2017
|
By:
|
/s/
Steven
E. Crouse
|
|
|
|
Steven E. Crouse |
|
|
|
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
|
Exhibit
No.
|
|
Description
|
|
|
|
2.1
|
|
Agreement and Plan
of Reorganization, dated April 26, 2017, by and among TowneBank, TB
Acquisition, LLC, Paragon Commercial Corporation and Paragon
Commercial Bank (incorporated by reference to Exhibit 2.1 to
Paragon Commercial Corporation’s Current Report on Form 8-K
filed on May 1, 2017)
|
|
|
|
|
Amendment to
Paragon Commercial Bank Salary Continuation Agreement for Matthew
C. Davis, dated as of April 26, 2017 (amending the Paragon
Commercial Bank Amended and Restated Salary Continuation Agreement
dated December 29, 2016 and the Paragon Commercial Salary
Continuation Agreement dated December 29, 2016)
|
|
|
|
|
|
Certification of
Principal Executive Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
Certification of
Principal Financial Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
Certification of
Principal Executive Officer Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
Certification of
Principal Financial Officer Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|
|
|
|
|
101
|
|
Interactive data
files pursuant to Rule 405 of Regulation S-T: (i) Consolidated
Balance Sheets (Unaudited) as of March 31, 2017 and December 31,
2016; (ii) Consolidated Statements of Income (Unaudited) for the
Three Months Ended March 31, 2017 and 2016; (iii) Consolidated
Statements of Comprehensive Income (Unaudited) for the Three Months
Ended March 31, 2017 and 2016; (iv) Consolidated Statements of
Stockholders’ Equity (Unaudited) for the Three Months Ended
March 31, 2017 and 2016; (v) Consolidated Statements of Cash Flows
(Unaudited) for the Three Months Ended March 31, 2017 and 2016; and
(vi) Notes to Consolidated Financial Statements
(Unaudited)
|
1 Year Paragon Commercial Corp. Chart |
1 Month Paragon Commercial Corp. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions