FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION CONTACT:
January 24, 2014
Vito S. Pantilione, President and CEO
 
John F. Hawkins, Senior Vice President and CFO
 
(856) 256-2500


PARKE BANCORP, INC. ANNOUNCES RECORD EARNINGS FOR 2013

WASHINGTON TOWNSHIP, NJ, January 24, 2014 - 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, 2013.
 
Parke Bancorp reported net income available to common shareholders of $8.46 million or $1.42 per diluted common share for the year ended December 31, 2013, compared to $6.30 million, or $1.06 per diluted common share, for the year ended December 31, 2012, an increase of 34.3%.
 
For the quarter ended December 31, 2013 net income available to common shareholders was $3.08 million, or $0.51 per diluted common share, compared to net income of $1.70 million, or $0.29 per diluted common share for the quarter ended December 31, 2012, an increase of 81.0%.
 
During the quarter ended December 31, 2013, Parke Bancorp completed a private placement of newly designated 6.00% Non-Cumulative Perpetual Convertible Preferred Stock, Series B, with a liquidation preference of $1,000 per share.  The Company sold 20,000 shares in the placement for gross proceeds of $20.0 million. Proceeds after expenses were $18.54 million. Parke Bancorp utilized a portion of the proceeds to repurchase and retire 16,288 shares of outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock” that was originally issued to the U.S. Treasury under TARP and was subsequently sold by the U.S. Treasury to private investors. The Company was able to repurchase these shares for an aggregate price of $14.34 million, a substantial discount of $1.95 million and also avoided the January 2014 dividend reset to 9%.
 
Also during the current quarter Parke Bancorp was required to write-off $1.0 million related to three TruPS collateralized debt investment securities, due to the recently enacted Volcker Rule. Financial institutions are no longer permitted to hold these securities in portfolio and Parke Bancorp must dispose of them by July 2015. The three securities, which are comprised of insurance company-issued equities, were written down to fair value at December 31, 2013.
 
The following is a recap of other significant items that impacted the fourth quarter of 2013 compared to the same quarter last year: a $718,000 increase in net interest income primarily attributable to higher loan volumes and lower deposit volumes; a $1.53
 
 
 

The following information was filed by Parke Bancorp, Inc. (PKBK) on Friday, January 24, 2014 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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