Business
Parke Bancorp, Inc. Announces First Quarter 2019 Earnings
WASHINGTON TOWNSHIP, N.J., April 16, 2019 /PRNewswire/ -- Parke Bancorp, Inc. ("Parke Bancorp") (NASDAQ: "PKBK"), the parent company of Parke Bank, announced
About this update from Parke Bancorp, Inc.
[{"type":"text","content":"WASHINGTON TOWNSHIP, N.J., April 16, 2019 /PRNewswire/ -- Parke Bancorp, Inc. (\"Parke Bancorp\") (NASDAQ: \"PKBK\"), the parent company of Parke Bank, announced its operating results for the quarter ended March 31, 2019.\nHighlights for the first quarter March 31, 2019:\nNet income available to common shareholders increased $1.5 million, or 27.9%, to $7.1 million, or $0.66 per basic common share and $0.65 per diluted common share for the first quarter of 2019, compared to net income available to common shareholders of $5.5 million, or $0.63 per basic common share and $0.53 per diluted common share, for the same period in 2018. Net interest income increased 21.8% to $13.4 million for the first quarter of 2019, compared to $11.0 million for the same quarter of 2018.The following is a recap of the significant items that impacted the first quarter March 31, 2019 period:\nInterest income increased $4.8 million for the first quarter of 2019, compared to the same period in 2018 primarily due to higher loan volumes and a higher yield on loans. Interest expense increased $2.4 million for the first quarter of 2019, compared to the same period in 2018, primarily due to higher deposit volumes and rates.\nThe provision for loan losses increased $300,000 for the first quarter of 2019 period compared to the same periods of 2018. The increase in 2019 in the provision is primarily due to loan growth.\nFor the first quarter of 2019, non-interest income increased $53,000, with the increase primarily attributable to the increased fee income from loan and deposit accounts, partially offset by a decrease in gains on the sale of SBA loans.\nNon-interest expense increased $265,000 for the first quarter of 2019 period compared to the same periods of 2018, primarily due to increases in compensation and occupancy costs reflecting the growth of the business.\nIncome tax expense increased $481,000 for the first quarter of 2019 compared to the same periods of last year. The increase in income tax expense primarily reflected increased pre-tax income in the quarter. The effective tax rate for the quarter was 24.4% compared to 24.2% for the same period in 2018.\nMarch 31, 2019 discussion of financial condition\nTotal assets increased to $1.56 billion at March 31, 2019, from $1.47 billion at December 31, 2018, an increase of $90.8 million or 6.2%. Cash and cash...