Business
Parke Bancorp, Inc. Announces Third Quarter Earnings
WASHINGTON TOWNSHIP, N.J., Oct. 20, 2021 /PRNewswire/ -- Highlights: Net Income: $10.5 million Revenue: $22.8 million for Q3 2021 Total Assets: $2.16 billion,
About this update from Parke Bancorp, Inc.
[{"type":"text","content":"WASHINGTON TOWNSHIP, N.J., Oct. 20, 2021 /PRNewswire/ --\nHighlights:\nNet Income:\n$10.5 million\nRevenue:\n$22.8 million for Q3 2021\nTotal Assets: \n$2.16 billion, increased 3.7% over December 31, 2020\nTotal Loans: \n$1.47 billion, decreased 5.9% over December 31, 2020\nTotal Deposits: \n$1.78 billion, increased 11.9% over December 31, 2020\nParke Bancorp, Inc. (\"Parke Bancorp\" or the \"Company\") (NASDAQ: \"PKBK\"), the parent company of Parke Bank, announced its operating results for the quarter ended September 30, 2021.\nHighlights for the three and nine months ended September 30, 2021:\nNet income available to common shareholders was $10.5 million, or $0.88 per basic common share and $0.87 per diluted common share, for the three months ended September 30, 2021, an increase of $4.0 million, or 60.6%, compared to net income available to common shareholders of $6.5 million, or $0.55 per basic common share and $0.55 per diluted common share, for the same quarter in 2020. The increase is primarily driven by an increase in net interest income, reduced loan loss provision, and higher non-interest income, partially offset by higher non-interest expense.Net interest income increased 13.2% to $17.5 million for the three months ended September 30, 2021, compared to $15.4 million for the same period in 2020.Net income available to common shareholders was $30.7 million, or $2.58 per basic common share and $2.53 per diluted common share, for the nine months ended September 30, 2021, an increase of $10.4 million, or 51.3%, compared to net income available to common shareholders of $20.3 million, or $1.71 per basic common share and $1.69 per diluted common share, for the same period in 2020. The increase is primarily driven by an increase in net interest income, reduced loan loss provision, and higher non-interest income, partially offset by higher non-interest expense.Net interest income increased 15.0% to $52.4 million for the nine months ended September 30, 2021, compared to $45.5 million for the same period in 2020.The following is a recap of the significant items that impacted the three and nine months ended September 30, 2021 period:\nInterest income decreased $0.3 million for the third quarter of 2021 compared to the same period in 2020, primarily due to a decrease in interest and fees on loans attributed to lower loan portfoli...