Hyperion Bank Q3 Report: Earnings More than Tripled Year Over Year
Hyperion Bancshares quarterly report reflects growth, recognition, continued SBA lending strength and new, larger quarters for Atlanta location
PHILADELPHIA, Oct. 27, 2021 /PRNewswire/ -- In its Third Quarter 2021 Report to Shareholders, Hyperion Bancshares, Inc., Hyperion Bank's holding company, reported significant continued growth for the 15-year-old community bank that serves both the Philadelphia and Atlanta markets.
"It took our company 12 years to reach $100 million in assets; 15 months later we grew assets to $200 million, and with this quarter end, we are now almost $300 million in assets," says the bank's CEO and Chairman Charlie Crawford. "Over the last year, our loans are up 13%, deposits have increased by 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 region. Crawford notes that last year Hyperion was No. 34 on the list, "meaning we were the fastest growing bank in Pennsylvania in 2020."
To help fund future growth, the Third Quarter Report shares that the company received an additional $5 million in subordinated debt proceeds this quarter. Earnings of the company have 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 allowed us to reduce our contributions to our loan loss reserve compared to the same period a year ago," Crawford says, also noting growth in headcount in both Philadelphia and Atlanta, with the Atlanta banking office set to move into a larger, more customer-friendly space during the 4th quarter – still within the Piedmont Center development in the Buckhead neighborhood. Hyperion expanded to the Atlanta market in Fall 2019.
Also in the Third Quarter, the U.S. Small Business Administration renewed Hyperion Bank's Delegated Authority status for the SBA 7(a) Express Loan Program. That special status enables Hyperion to streamline the approval and closing process on loans up to $350,000 for small business customers.
"It gives our team another valuable tool to meet new customers and aid existing customers as part of our continuing commitment to serve small businesses in our community," says our President & COO, Lou DeCesare. The program guidelines let eligible small businesses get term loans for important needs like real estate and equipment purchases or for improvements to their facilities, or the loan can provide a source of working capital via a revolving line of credit.
The bank offers a full range of SBA and non-SBA lending products and is one of few area banks doing residential construction lending to homeowners. Hyperion Bank, founded in 2006, is a full-service community bank that connects with customers via technology and highly accessible, experienced, enthusiastic bankers who have local decision-making authority. Member FDIC. Equal Housing Lender. Offer of credit is subject to approval. #comunitybank #communitybanking #communitybanker #HyperionBank #HyperionMortgage #HyperionBancshares
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B. Andrew (Drew) Plant
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SOURCE Hyperion Bank
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