Exhibit 99

 

LOGO

Parke Bancorp, Inc.

601 Delsea Drive,

Washington Township, NJ 08080

Contact:

Vito S. Pantilione, President and CEO

John F. Hawkins, Senior Vice President and CFO

(856) 256-2500

 

 

 

PARKE BANCORP, INC. ANNOUNCES THIRD QUARTER 2019 EARNINGS

WASHINGTON TOWNSHIP, NJ, October 23, 2019—Parke Bancorp, Inc. (“Parke Bancorp”) (NASDAQ: “PKBK”), the parent company of Parke Bank, announced its operating results for the quarter and year to date periods ended September 30, 2019.

Highlights for the third quarter and year to date September 30, 2019:

 

   

Net income available to common shareholders increased $1.7 million, or 27.1%, to $7.8 million, or $0.72 per basic common share and $0.71 per diluted common share for the third quarter of 2019, compared to net income available to common shareholders of $6.1 million, or $0.60 per basic common share and $0.56 per diluted common share for the same quarter in 2018.

 

   

Net interest income increased 18.0% to $14.5 million for the third quarter of 2019, compared to $12.3 million for the same quarter of 2018.

 

   

Net income available to common shareholders increased $4.7 million or 26.8%, to $22.3 million or $2.07 per basic common share and $2.04 per diluted common share for the year to date September 30, 2019, compared to net income available to common shareholders of $17.6 million, or $1.88 per basic common share and $1.65 per diluted common share for the year to date September 30, 2018.

 

   

Net interest income increased 21.0% to $42.2 million for the year to date September 30, 2019, compared to $34.9 million for the same period in 2018.

The following is a recap of the significant items that impacted the third quarter and the year to date September 30, 2019 period:

Interest income increased $4.4 million and $14.2 million for the third quarter and year to date September 30, 2019 periods, respectively, compared to the same periods in 2018 primarily due to higher loan volumes and higher yields on loans. Also contributing were $676,000 and $1.8 million increases in interest income for the third quarter and the year to date September 30, 2019, respectively, from federal funds sold and deposits with banks. Interest expense increased $2.2 million and $6.9 million for the third quarter of 2019 and the year to date September 30, 2019, respectively, compared to the same periods in 2018, primarily due to higher deposit volumes and interest rates.

The provision for loan and lease losses increased $300,000 for the third quarter of 2019 and increased $850,000 for the year to date September 30, 2019 compared to the same periods in 2018. The increase in the provision was primarily due to increased loan volumes.


The following information was filed by Parke Bancorp, Inc. (PKBK) on Wednesday, October 23, 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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