Triangle Bancorp, Raleigh, N.C., said it nearly doubled its earnings, loans, and assets in the quarter ended Sept. 30, compared with the corresponding period last year.
Triangle, the holding company for Triangle East Bank with 13 branches in central and eastern North Carolina, earned $870,500 for the quarter, a jump of 84% from this period last year.
The record increases for the company resulted primarily from the acquisition of two area banks, which were folded into Triangle East Bank nine months ago.
The holding company also reported its loans had increased by 98% from the preceding year, growing to $221 million. Its deposits jumped by 99%, to $273 million, the company said.
"This success brings us to a point where we can move forward with our strategic plan," Michael Patterson, the bank's president and chief executive, said.
Earnings per share in the third quarter were 21 cents, a 17% increase from the corresponding quarter last year.
Nonperforming loans for the quarter were $1.8 million, comprising 0.82% of the banks total loan portfolio.
This was down from 1.4% last year at this time.
-- Christopher Rhoads
