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 FOURTH QUARTER EARNINGS AND RECORD 2019 YEARLY EARNINGS

Highlights:

Net Income for the year: $29.8 million, increased 22.3% over 2018

Total Assets:                                    $1.68 billion, increased 14.6% over 2018

Total Loans:                                    $1.42 billion, increased 14.4% over 2018

Total Deposits:                                $1.34 billion, increased 13.1% over 2018

 

 

 

WASHINGTON TOWNSHIP, NJ, January 22, 2020 - 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, 2019.

Highlights for the fourth quarter and year ended December 31, 2019:

 

   

Net income available to common shareholders increased $0.7 million, or 10.7%, to $7.5 million, or $0.70 per basic common share and $0.69 per diluted common share for the fourth quarter of 2019, compared to net income available to common shareholders of $6.8 million, or $0.65 per basic common share and $0.63 per diluted common share for the same quarter in 2018.

 

   

Net interest income increased 11.1% to $14.7 million for the fourth quarter of 2019, compared to $13.2 million for the same quarter of 2018.

 

   

Net income available to common shareholders increased $5.4 million or 22.3%, to $29.8 million or $2.77 per basic common share and $2.73 per diluted common share for the year ended December 31, 2019, compared to net income available to common shareholders of $24.4 million, or $2.53 per basic common share and $2.28 per diluted common share for the year ended December 31, 2018.

 

   

Net interest income increased 18.3% to $56.9 million for the year ended December 31, 2019, compared to $48.1 million for the same period in 2018.

The following is a recap of the significant items that impacted the fourth quarter and the year ended December 31, 2019 period:

Interest income increased $3.5 million and $17.7 million for the fourth quarter and year ended December 31, 2019 periods, respectively, compared to the same periods in 2018 primarily due to higher loan volumes and higher yields on loans. In addition, a $1.8 million increase in interest income from federal funds sold and deposits with banks also contributed to the increase in interest income for 2019. Interest expense increased $2.0 million and $8.9 million for the fourth quarter of 2019 and the year ended December 31, 2019, respectively, compared to the same periods in 2018, primarily due to higher deposit volumes and interest rates.


The following information was filed by Parke Bancorp, Inc. (PKBK) on Wednesday, January 22, 2020 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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