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Parke Bancorp Inc., symbol PKBK, serves as the bank holding company for Parke Bank, which provides a range of personal and business financial services tailored to individuals and small to mid-sized businesses. The company offers a variety of deposit accounts, including checking, savings, money market, and individual retirement accounts, alongside certificates of deposit. Parke Bancorp’s loan portfolio encompasses commercial and industrial loans, construction loans, commercial and residential real estate mortgages, and consumer loans. Additionally, the company facilitates debit card services, internet banking, and online bill payment.
Founded in 1999 and headquartered in Washington Township, New Jersey, Parke Bancorp operates a network of branch offices strategically located in Northfield, Galloway Township, Collingswood, and Washington Township in New Jersey, as well as in Center City Philadelphia and Chinatown in Philadelphia. This extensive branch presence ensures the company serves its diverse customer base effectively.
Recently, Parke Bancorp has reported significant financial milestones, including a notable increase in interest income driven primarily by higher market interest rates and increased outstanding loan balances. For the three months ending September 30, 2023, interest income surged by $6.8 million compared to the same period in 2022. However, this positive development was accompanied by a substantial rise in interest expenses, attributed to elevated market interest rates and changes in the deposit mix.
The company's non-interest income has experienced a decline, primarily due to reduced service fees and a decrease in gain on sales of OREO (Other Real Estate Owned). Despite this, Parke Bancorp continues to fortify its financial standing with robust non-interest expense management and strategic cost controls.
Parke Bancorp remains committed to maintaining strong asset quality and liquidity, with a solid credit loan reserve foundation through the newly implemented CECL (Current Expected Credit Losses) methodology. The company’s leadership, under the guidance of President and CEO Vito S. Pantilione, emphasizes caution amidst economic uncertainties while seeking to capitalize on market opportunities. The CEO’s recent outlook highlights the challenges posed by inflation and the competitive banking landscape, while also underscoring the company's preparedness to navigate these hurdles with substantial on and off-balance sheet liquidity.
As the company progresses, it continues to focus on enhancing shareholder value by maintaining strong returns on average assets and equity, despite the economic and industry headwinds. Parke Bancorp’s strategic direction involves controlling expenses, identifying market opportunities, and ensuring continued financial robustness, thereby delivering sustainable growth and profitability.
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.
Parke Bancorp, Inc. (NASDAQ: PKBK) announced the completion of a $30 million private placement of subordinated notes due 2030. The notes will initially have a fixed interest rate of 6.50% for the first five years, transitioning to a floating rate. The proceeds will be utilized for general corporate purposes and will bolster the company's Tier 2 capital. CEO Vito S. Pantilione emphasized the benefits of this capital raise for both customers and shareholders, highlighting that it avoids shareholder dilution.
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