FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION CONTACT:
January 25, 2013
Vito S. Pantilione, President and CEO
 
John F. Hawkins, Senior Vice President and CFO
 
(856) 256-2500


PARKE BANCORP, INC. ANNOUNCES A 67.6% INCREASE IN QUARTERLY EARNINGS

WASHINGTON TOWNSHIP, NJ, January 25, 2013 - Parke Bancorp, Inc. (“Parke Bancorp”) (NASDAQ: “PKBK”), the parent company of Parke Bank, announced its operating results for the quarter and year ended December 31, 2012.
 
Parke Bancorp reported net income available to common shareholders of $1.70 million, or $0.29 per diluted common share, for the December 31, 2012 quarter, compared to net income of $1.01 million, or $0.17 per diluted common share, reported for the quarter ended December 31, 2011, an increase of 67.6%. The following is a recap of significant items that impacted the fourth quarter of 2012 compared to the same quarter last year:  a $773,000 decrease in net interest income primarily attributable to lower loan volumes and rates offset by a lower cost of deposits; a $2.10 million decrease in the provision for loan losses; a $987,000 increase in gain on sale of SBA loans; a $412,000 increase in professional fees primarily related to the workout of troubled loans; a $243,000 loss on other real estate owned (“OREO”) compared to a $31,000 loss last year; increased OREO expense of $294,000 resulting from a greater number of properties owned as a result of  foreclosure or deed in lieu of foreclosure. Net income available to common shareholders for the year ended December 31, 2012 was $6.30 million or $1.17 per diluted common share, compared to $6.27 million, or $1.15 per diluted common share, reported for the year ended December 31, 2011, an increase of 0.5%.
 
At December 31, 2012, Parke Bancorp's total assets had decreased to $770.48 million from $790.74 million at December 31, 2011, a decrease of $20.26 million or 2.6%, primarily due to a decline in cash and cash equivalents and investment securities.
 
Parke Bancorp's total loans increased to $629.71 million at December 31, 2012 from $625.12 million at December 31, 2011, an increase of $4.59 million or 0.7%.
 
At December 31, 2012, Parke Bancorp had $47.55 million in nonperforming loans representing 6.2% of total assets, an increase from $44.6 million at December 31, 2011. OREO at December 31, 2012 was $26.06 million, compared to $19.41 million at
 
 
 

The following information was filed by Parke Bancorp, Inc. (PKBK) on Friday, January 25, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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