Business
Parke Bancorp, Inc. Announces Fourth Quarter Earnings And Record Yearly Earnings
WASHINGTON TOWNSHIP, N.J., Jan. 22, 2020 /PRNewswire/ -- Highlights: Net Income for the year: $29.8 million, increased 22.3% over 2018 Total Assets: $1.68
About this update from Parke Bancorp, Inc.
[{"type":"text","content":"WASHINGTON TOWNSHIP, N.J., Jan. 22, 2020 /PRNewswire/ --\nHighlights:\nNet Income for the year:\n$29.8 million, increased 22.3% over 2018\nTotal Assets:\n$1.68 billion, increased 14.6% over 2018\nTotal Loans:\n$1.42 billion, increased 14.4% over 2018\nTotal Deposits:\n$1.34 billion, increased 13.1% over 2018\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, 2019.\nHighlights for the fourth quarter and year ended December 31, 2019:\nNet income available to common shareholders increased $0.7 million, or 10.7%, to $7.5 million, or $0.70 per basic common share and $0.69 per diluted common share for the fourth quarter of 2019, compared to net income available to common shareholders of $6.8 million, or $0.65 per basic common share and $0.63 per diluted common share for the same quarter in 2018. Net interest income increased 11.1% to $14.7 million for the fourth quarter of 2019, compared to $13.2 million for the same quarter of 2018. Net income available to common shareholders increased $5.4 million or 22.3%, to $29.8 million or $2.77 per basic common share and $2.73 per diluted common share for the year ended December 31, 2019, compared to net income available to common shareholders of $24.4 million, or $2.53 per basic common share and $2.28 per diluted common share for the year ended December 31, 2018. Net interest income increased 18.3% to $56.9 million for the year ended December 31, 2019, compared to $48.1 million for the same period in 2018.The following is a recap of the significant items that impacted the fourth quarter and the year ended December 31, 2019 period:\nInterest income increased $3.5 million and $17.7 million for the fourth quarter and year ended December 31, 2019 periods, respectively, compared to the same periods in 2018 primarily due to higher loan volumes and higher yields on loans. In addition, a $1.8 million increase in interest income from federal funds sold and deposits with banks also contributed to the increase in interest income for 2019. Interest expense increased $2.0 million and $8.9 million for the fourth quarter of 2019 and the year ended December 31, 2019, respectively, compared to the same periods in 2018, primarily due to higher deposit volumes and interest rates.\nThe provision...