Business
Parke Bancorp, Inc. Announces Fourth Quarter 2020 Earnings
WASHINGTON TOWNSHIP, N.J., Jan. 21, 2021 /PRNewswire/ -- Highlights: Net Income: $8.1 million, Q4 results also reflected a $1.9 million loan loss provision
About this update from Parke Bancorp, Inc.
[{"type":"text","content":"WASHINGTON TOWNSHIP, N.J., Jan. 21, 2021 /PRNewswire/ -- \nHighlights:\nNet Income:\n$8.1 million, Q4 results also reflected a $1.9 million loan loss provision\nRevenue:\n$23.2 million for Q4 2020\nTotal Assets: \n$2.08 billion, increased 23.5% over December 31, 2019\nTotal Loans: \n$1.57 billion, increased 10.2% over December 31, 2019\nTotal Deposits: \n$1.59 billion, increased 18.9% over December 31, 2019\nParke Bancorp, Inc. (\"Parke Bancorp\") (NASDAQ: \"PKBK\"), the parent company of Parke Bank, announced its operating results for the quarter and year ended December 31, 2020.\nHighlights for fourth quarter and year ended December 31, 2020:\nNet income available to common shareholders was $8.1 million, or $0.69 per basic common share and $0.68 per diluted common share for the fourth quarter of 2020, an increase of $585,000, or 7.8%, compared to net income available to common shareholders of $7.5 million, or $0.64 per basic common share and $0.63 per diluted common share for the same quarter in 2019. The increase is primarily driven by an increase in net interest income and higher non-interest income partially offset by a higher loan losses provision and non-interest expense. Net interest income increased 16.7% to $17.1 million for the fourth quarter of 2020, compared to $14.7 million for the same quarter of 2019. Net income available to common shareholders decreased $1.4 million or 4.8%, to $28.4 million or $2.40 per basic common share and $2.37 per diluted common share for the year to date period ended December 31, 2020, compared to net income available to common shareholders of $29.8 million, or $2.52 per basic common share and $2.48 per diluted common share for the year to date period ended December 31, 2019. Net interest income increased 10.1% to $62.6 million for the year to date period ended December 31, 2020, compared to $56.9 million for the same period in 2019.The following is a recap of the significant items that impacted the fourth quarter and the year ended December 31, 2020 period:\nInterest income increased $724,000 and $5.0 million for the fourth quarter of 2020 and year to date December 31, 2020 periods, respectively, compared to the same periods in 2019, primarily due to higher average loan volume, partially offset by the impact of lower interest rates on average loans and on average deposits held in the Fed...