The Company continued its historically strong growth with assets at June 30, 2013 of $3.0 billion, compared to $2.4 billion as of June 30, 2012 an increase of $598 million, or 25%. The Company's loans increased to $2.1 billion as of June 30, 2013 as compared to $1.7 billion as of June 30, 2012, an increase of $358 million, or 21%. With the proceeds from the initial public offering, shareholders' equity at June 30, 2013 reached $363 million as compared to the prior year June 30, 2012 of $236 million, an increase of 54%. The Company's book value for common share was $17.58 at June 30, 2013, compared to $14.31 in the prior year, an increase of $3.27, or 23%.
- The Company reached the $3 billion asset plateau with growth in total assets of $598 million, or 25%, over June 30, 2012.
- The Company completed an initial public offering of 4,791,667 shares of its common stock during the quarter ended June 30, 2013, generating gross proceeds of $115.0 million to support future growth.
- The Company's Community Development Enterprise received a $50 million allocation of New Market Tax Credits to invest in new economic development projects in the New Orleans area. The allocation represented a 25% increase over the prior year allocation and increased total allocations under the program to $118 million.
- The Company has achieved deposit growth of $242 million, or 70.3%, from the branches acquired from Central Progressive Bank since the acquisition in November 2011.
- The Company's historically strong asset quality improved in the second quarter of 2013 with nonperforming assets at 0.78% of total assets as compared to 1.20% at December 31, 2012.
The Company's net loans totaled $2.1 billion at June 30, 2013, an increase of $104 million, or 5.3%, from March 31, 2013, and an increase of $171 million, or 9.0% from December 31, 2012. Second quarter 2013 loan growth was due primarily to increases in commercial real estate and commercial loans driven by the strong economic market conditions in the New Orleans trade area.