Business
Parke Bancorp, Inc. Announces Second Quarter 2020 Earnings
WASHINGTON TOWNSHIP, N.J., July 27, 2020 /PRNewswire/ -- Highlights: Net Income: $6.5 million, Q2 2020 result also reflected a $2.0 million loan loss
About this update from Parke Bancorp, Inc.
[{"type":"text","content":"WASHINGTON TOWNSHIP, N.J., July 27, 2020 /PRNewswire/ --\nHighlights:\nNet Income:\n$6.5 million, Q2 2020 result also reflected a $2.0 million loan loss \nprovision \nRevenue:\n$21.4 million, increased 3.8% Q2 2020 over Q2 2019 \nTotal Assets: \n$1.94 billion, increased 15.2% over December 31, 2019\nTotal Loans: \n$1.54 billion, increased 8.7% over December 31, 2019\nTotal Deposits: \n$1.51 billion, increased 12.6% over December 31, 2019\nParke Bancorp, Inc. (\"Parke Bancorp\") (NASDAQ: \"PKBK\"), the parent company of Parke Bank, announced its operating results for three and six months ended June 30, 2020.\nHighlights for three and six months ended June 30, 2020:\nNet income available to common shareholders was $6.5 million, or $0.55 per basic common share and $0.55 per diluted common share for the second quarter of 2020, decreased $926,000, or 12.4%, compared to net income available to common shareholders of $7.5 million, or $0.63 per basic common share and $0.62 per diluted common share for the same quarter in 2019. The decrease is primarily driven by a higher provision for loan loss as economic uncertainty continues. Net interest income increased 4.2% to $14.9 million for the second quarter of 2020, compared to $14.3 million for the same quarter of 2019. Net income available to common shareholders decreased $782,000 or 5.4%, to $13.7 million or $1.16 per basic common share and $1.15 per diluted common share for the year to date period ended June 30, 2020, compared to net income available to common shareholders of $14.5 million, or $1.23 per basic common share and $1.21 per diluted common share for the year to date period ended June 30, 2019. Net interest income increased 8.5% to $30.1 million for the year to date period ended June 30, 2020, compared to $27.7 million for the same period in 2019.The following is a recap of the significant items that impacted the three and six months ended June 30, 2020 period:\nInterest income increased $619,000 and $3.8 million for the second quarter of 2020 and year to date June 30, 2020 periods, respectively, compared to the same periods in 2019, primarily due to higher interest income generated from higher average loan volumes and partially offset by the income impact of lower interest rates on average loans and a decrease in interest income from deposits in Federal Reserve Bank. The Feder...