2012 was the most profitable year ever for Magna Bank since its founding in 1999, the bank announced today.
Magna recorded a profit of $3.1 million in 2012, a 24 percent improvement over 2011. The bank’s assets were up 12.1 percent, loans were up 10.8 percent and deposits were up almost 10 percent.
The bank originated $22.4 million in new SBA loans. It originated $353 million in residential first mortgage loans, a 36 percent jump from 2011, and the bank originated $189 million in new commercial real estate loans in 2012.
During the fourth quarter, Magna investors got a special dividend payout of 27 cents a share.