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Parke Bancorp, Inc.
601 Delsea Drive,
Washington Township, NJ 08080
Vito S. Pantilione, President and CEO
John F. Hawkins, Senior Vice President and CFO
PARKE BANCORP, INC. ANNOUNCES FIRST QUARTER 2019 EARNINGS
WASHINGTON TOWNSHIP, NJ, April 16, 2019 - Parke Bancorp, Inc. (Parke Bancorp) (NASDAQ: PKBK), the parent company of Parke Bank, announced its operating results for the quarter ended March 31, 2019.
Highlights for the first quarter March 31, 2019:
Net income available to common shareholders increased $1.5 million, or 27.9%, to $7.1 million, or $0.66 per basic common share and $0.65 per diluted common share for the first quarter of 2019, compared to net income available to common shareholders of $5.5 million, or $0.63 per basic common share and $0.53 per diluted common share, for the same period in 2018.
Net interest income increased 21.8% to $13.4 million for the first quarter of 2019, compared to $11.0 million for the same quarter of 2018.
The following is a recap of the significant items that impacted the first quarter March 31, 2019 period:
Interest income increased $4.8 million for the first quarter of 2019, compared to the same period in 2018 primarily due to higher loan volumes and a higher yield on loans. Interest expense increased $2.4 million for the first quarter of 2019, compared to the same period in 2018, primarily due to higher deposit volumes and rates.
The provision for loan losses increased $300,000 for the first quarter of 2019 period compared to the same periods of 2018. The increase in 2019 in the provision is primarily due to loan growth.
For the first quarter of 2019, non-interest income increased $53,000, with the increase primarily attributable to the increased fee income from loan and deposit accounts, partially offset by a decrease in gains on the sale of SBA loans.
Non-interest expense increased $265,000 for the first quarter of 2019 period compared to the same periods of 2018, primarily due to increases in compensation and occupancy costs reflecting the growth of the business.
Income tax expense increased $481,000 for the first quarter of 2019 compared to the same periods of last year. The increase in income tax expense primarily reflected increased pre-tax income in the quarter. The effective tax rate for the quarter was 24.4% compared to 24.2% for the same period in 2018.
March 31, 2019 discussion of financial condition
Total assets increased to $1.56 billion at March 31, 2019, from $1.47 billion at December 31, 2018, an increase of $90.8 million or 6.2%.
Cash and cash equivalents totaled $188.5 million at March 31, 2019 as compared to $154.5 million at December 31, 2018. The $34.0 million increase was primarily due to the increase in deposits.
The following information was filed by Parke Bancorp, Inc. (PKBK) on Tuesday, April 16, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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