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Overview of Parke Bancorp Inc
Parke Bancorp Inc operates as the bank holding company for Parke Bank, a community-centric financial institution offering a comprehensive range of personal and business banking services. Recognized within the community banking and commercial lending sectors, the company provides tailored financial solutions to individuals and small to mid-sized businesses. The bank specializes in deposit services and lending products, making it a significant participant in retail and commercial banking markets.
Core Banking Services
Parke Bancorp Inc, through its subsidiary Parke Bank, offers an array of deposit products designed to meet diverse financial needs. Customers have access to traditional checking and savings accounts, as well as money market accounts, individual retirement accounts (IRAs), and certificates of deposit. These products are crafted to provide liquidity, growth, and long‐term savings opportunities, ensuring that personal and business customers can securely manage their funds.
Lending and Credit Solutions
The company maintains a robust loan portfolio that includes various credit products such as commercial and industrial loans, construction financing, commercial and residential real estate mortgages, and consumer loans. This suite of lending services positions Parke Bancorp as a key facilitator of local economic development, supporting both the expansion of small businesses and the realization of individual property investments. Emphasizing prudent credit underwriting, the bank employs strong risk management procedures and a well-maintained allowance for credit losses.
Digital and Branch Banking Capabilities
To complement its traditional in-person services, Parke Bancorp offers advanced digital banking channels including internet banking, online bill payment services, and debit card facilities. This integration of technology with personal service enables the bank to maintain a competitive edge, providing secure and convenient banking solutions for clients on the go. The digital platform is designed to seamlessly support traditional branch operations, ensuring that customer interactions remain efficient and accessible.
Branch Network and Geographic Footprint
Parke Bank's branch network enhances its community banking identity and local market penetration. The bank operates multiple branch offices in New Jersey, including strategic locations in Washington Township, Northfield, Galloway Township, and Collingswood, as well as a presence in Philadelphia with branches in Center City and Chinatown. This network is specifically positioned to serve the financial needs of communities in Gloucester, Atlantic, and Cape May counties in New Jersey and extends services to surrounding regions in Pennsylvania.
Market Position and Operational Strategy
As a commercial bank focused on community banking, Parke Bancorp Inc emphasizes personalized service, risk mitigations, and operational efficiency. The bank’s business model is centered on sound banking practices, with a concentrated focus on deposit generation and diversified loan offerings that solidify its position within local markets. The operational strategy hinges on maintaining strong capital reserves, managing the cost of funds, and controlling non-interest expenses to support a sustainable business model.
Risk Management and Financial Discipline
Operating in a competitive banking environment, Parke Bancorp Inc demonstrates a disciplined approach to risk management. Through rigorous loan underwriting procedures and a dedicated focus on maintaining an appropriate allowance for credit losses, the bank mitigates risks associated with market volatility and credit defaults. Moreover, the institution consistently monitors the evolving interest rate landscape to balance interest income against interest expense, a critical factor in ensuring a stable net interest margin.
Competitive Landscape and Value Proposition
Within a dynamic economic setting, Parke Bancorp differentiates itself by emphasizing local market knowledge, personalized customer service, and a commitment to community engagement. Unlike larger national banks, it leverages its intimate understanding of local economic conditions to deliver customized financial solutions. This localized focus is central to its value proposition, enabling it to build lasting relationships and provide essential support to small businesses and individual clients in its service area.
Commitment to Customer Service and Community Engagement
The bank’s ethos is grounded in a commitment to excellent customer service and community engagement. By offering a range of products from routine deposit accounts to specialized loan services, Parke Bancorp fosters long-term relationships with its clients. The bank's ability to blend traditional banking with innovative digital solutions reinforces its reputation as a trusted partner in the community, dedicated to supporting economic growth and stability in the regions it serves.
Conclusion
In summary, Parke Bancorp Inc stands as a solid example of a community banking institution, with a business model that balances traditional personal banking and commercial lending. Its diversified product offerings, strategic branch locations, and commitment to disciplined risk management collectively contribute to its enduring role in the local financial landscape. Whether through its comprehensive deposit products, varied lending solutions, or efficient digital services, the company continues to serve as a reliable financial partner for its diverse customer base.
Parke Bancorp, Inc. (NASDAQ: PKBK) has announced a cash dividend of $0.16 per share, payable on October 20, 2021. This dividend will be distributed to stockholders recorded by October 6, 2021. The Board plans to pay quarterly dividends, subject to financial conditions and regulatory restrictions. Although dividends are anticipated, there is a possibility they may be reduced or eliminated in future periods. Parke Bancorp operates multiple banking branches in New Jersey and Philadelphia, with insured deposits by the FDIC.
Parke Bancorp, Inc. (PKBK) reported a net income of $10.8 million for Q2 2021, a 64.5% increase from Q2 2020. Revenue reached $23.5 million, driven by a 21.4% rise in net interest income to $18.1 million. Total assets increased 1.1% to $2.10 billion, while deposits grew 8.3% to $1.72 billion. However, loans declined 3.0% to $1.52 billion. The company highlighted increasing costs associated with BSA compliance amidst ongoing economic uncertainty.
Parke Bancorp, Inc. (NASDAQ: PKBK) announced a cash dividend of $0.16 per share, scheduled for payment on July 20, 2021, to stockholders of record by July 6, 2021. The Board intends to issue dividends quarterly, contingent on financial conditions and regulatory compliance. This release highlights the stability of the bank, with deposits insured by the FDIC, and notes the importance of maintaining capital to ensure future dividend payments. Investors should consider potential risks regarding the sustainability of these dividends.
Parke Bancorp, Inc. (NASDAQ: PKBK) has declared a $0.16 per share cash dividend, payable on May 18, 2021, to stockholders of record by May 4, 2021. The Board anticipates quarterly dividends, contingent on the company’s financial health and regulatory restrictions. Parke Bancorp, incorporated in January 2005, operates Parke Bank, which has multiple branches in New Jersey and Philadelphia. Deposits are FDIC insured. The company emphasizes providing financial services to small businesses and individuals in its operating regions.
Parke Bancorp (NASDAQ: PKBK) reported a strong Q1 2021 with a net income of $9.4 million, reflecting a 30.8% increase from Q1 2020. Revenue reached $22.8 million. Total assets grew 1.2% to $2.10 billion, while total deposits increased 8.7% to $1.73 billion. However, total loans decreased 1.1% to $1.55 billion. The lower provision for loan losses at $500,000 was noted, and nonperforming loans fell to 0.46% of total loans. The company anticipates challenges in loan growth amid ongoing economic uncertainty.
Parke Bancorp reported Q4 2020 net income of $8.1 million, or $0.69 per share, a 7.8% increase from Q4 2019. Revenue for the quarter stood at $23.2 million, with total assets rising 23.5% to $2.08 billion year-over-year. Loans reached $1.57 billion, marking a 10.2% increase, while deposits grew 18.9% to $1.59 billion. Despite challenges from COVID-19, the bank maintained a robust capital position and anticipates slow loan growth ahead.
Parke Bancorp, Inc. (NASDAQ: PKBK) announced a cash dividend of $0.16 per share, payable on February 16, 2021, to stockholders of record by the close of business on February 1, 2021. The company aims to maintain quarterly dividends, contingent on its financial health and regulatory constraints. Founded in 2005, Parke Bancorp operates Parke Bank, primarily serving New Jersey and Philadelphia. The Board emphasized that future dividends could be reduced or eliminated based on various economic factors.
Parke Bancorp (NASDAQ: PKBK) reported Q3 2020 net income of $6.5 million, or $0.55 per share, down 15.7% from Q3 2019. Revenue for the quarter stood at $21.6 million, with net interest income increasing 6.5% to $15.4 million. Total assets rose 23.5% year-to-date to $2.08 billion, while total loans grew by 10.8% to $1.57 billion. The provision for loan losses increased to $2.4 million amid economic uncertainty related to COVID-19. Deposits increased 19.2% to $1.60 billion, reflecting strong demand despite the ongoing pandemic challenges.
Parke Bancorp, Inc. (NASDAQ: PKBK) declared a cash dividend of $0.16 per share, payable on October 23, 2020. Stockholders of record as of October 9, 2020, will receive this dividend. The Board plans to continue quarterly dividends, subject to financial conditions and regulatory considerations. However, future dividends may be reduced or eliminated. The company operates Parke Bank, providing financial services primarily in New Jersey and parts of Pennsylvania. The FDIC insures Parke Bank's deposits.
Parke Bancorp (NASDAQ: PKBK) reported Q2 2020 net income of $6.5 million, down 12.4% from Q2 2019 due to a $2 million loan loss provision amid COVID-19 uncertainty. Revenue rose 3.8% to $21.4 million, while total assets increased 15.2% to $1.94 billion. Total loans reached $1.54 billion, reflecting an 8.7% growth, with total deposits up 12.6% to $1.51 billion. The company successfully issued $30 million in subordinated notes to bolster its financial strength without diluting shareholder equity.
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