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%.Performance Highlights
- 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.