FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION CONTACT:
January 23, 2017
Vito S. Pantilione, President and CEO
 
John F. Hawkins, Senior Vice President and CFO
 
(856) 256-2500


PARKE BANCORP, INC. ANNOUNCES 2016 EARNINGS, REACHES $1 BILLION IN ASSETS

WASHINGTON TOWNSHIP, NJ, JANUARY 23, 2017 - 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, 2016.
Parke Bancorp reported net income available to common shareholders of $17.3 million, or $2.53 per common share and $2.06 per diluted common share, for the year ended December 31, 2016. This compares to $9.5 million, or $1.42 per common and $1.22 per diluted share, for the year ended December 31, 2015, an increase in net income of 82.3%.
For the quarter ended December 31, 2016, net income available to common shareholders was $3.1 million, or $0.45 per common share and $0.38 per diluted common share, compared to net income of $2.9 million, or $0.43 per common and $0.37 per diluted common share for the quarter ended December 31, 2015, an increase in quarterly net income of 4.4%.
The following is a recap of significant items that impacted the fourth quarter of 2016 compared to the same quarter last year:  an increase of $858,000 in interest income, primarily attributable to higher loan volumes, partially offset by an increase of $269,000 in interest expense due to higher deposit volumes, a $700,000 increase in the provision for loan losses primarily due to an increase in outstanding loans, a $405,000 million decrease in noninterest income and a $121,000 decrease in noninterest expense, both primarily attributable to the sale of the Company's SBA business in the second quarter of 2016.
At December 31, 2016, Parke Bancorp's total assets increased to $1.0 billion from $885.1 million at December 31, 2015, an increase of $131.1 million, or 14.8%, primarily due to an increase in loans.
Parke Bancorp's total investment securities portfolio increased to $47.0 million at December 31, 2016 from $44.7 million at December 31, 2015, an increase of $2.3 million or 5.2%.

The following information was filed by Parke Bancorp, Inc. (PKBK) on Monday, January 23, 2017 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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