Income has more than tripled year on year

PHILADELPHIA, Oct. 27, 2021 / PRNewswire / – In its report to shareholders for the third quarter of 2021, Hyperion Bancshares, Inc., the holding company of Hyperion Bank, reported continued significant growth for the 15-year community bank which serves both the and Atlanta markets.

“It took our company 12 years to reach $ 100 million in assets; 15 months later, we have increased our assets to $ 200 million, and with the end of this quarter, we now have almost $ 300 million in assets, ”said CEO and chairman of the bank, Charlie Crawford . “Over the past year, our loans have grown 13%, deposits have grown 28%, and total assets are 23% higher.

The bank was recently recognized in the Philadelphia Business Journal‘s “Soaring 76” as the 19th fastest growing company in the Philadelphia area. Crawford notes that last year Hyperion was No. 34 on the list, “which means we were Pennsylvania’s fastest growing bank in 2020”.

To help fund future growth, the third quarter report says the company received additional subordinated debt proceeds of $ 5 million this quarter. The company’s profits more than tripled, from $ 513,205 for the first nine months of 2020 to $ 1,577,505 for the first nine months of 2021.

“Our credit quality has improved and has enabled us to reduce our contributions to our loan loss reserve compared to the same period a year ago,” said Crawford, also noting the growth in staff in Philadelphia and in Atlanta, with the relocation of the Atlanta banking office. in a larger, more user-friendly space in Q4 – still in the Piedmont Center development in the Buckhead neighborhood. Hyperion expanded to the Atlanta market in the fall of 2019.

Also in the third quarter, the US Small Business Administration renewed Hyperion Bank’s delegated authority status for the SBA 7 (a) express loan program. This special status allows Hyperion to streamline the process of approving and closing loans up to $ 350,000 for small businesses.

“This gives our team another valuable tool to meet new clients and assist existing clients as part of our continued commitment to serving small businesses in our community,” said our President and COO, Lou DeCesare. . The guidelines of the program allow eligible small businesses to obtain term loans for important needs such as purchases of real estate and equipment or for the improvement of their facilities, where the loan can provide a source of funds. working capital through a revolving line of credit.

The bank offers a full line of SBA and non-SBA loan products and is one of the few banks in the region to provide homeowner home construction loans. Hyperion Bank, founded in 2006, is a full-service community bank that connects with customers through technology and highly accessible, experienced and enthusiastic bankers who have local decision-making power. FDIC member. Equal housing lender. Credit offer is subject to approval. #comunitybank #communitybanking #communitybanker #HyperionBank #HyperionMortgage #HyperionBancshares

Media inquiries:B. Andrew (Drew) [email protected]

View original content to download multimedia: https://www.prnewswire.com/news-releases/hyperion-bank-q3-report-earnings-more-than-tripled-year-over-year-301409312.html

SOURCE Hyperion Bank


Source link

Comments are closed.