Parke Bancorp Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 23, 2017 at 09:10 pm
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Parke Bancorp Inc. reported earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income was $9,255,000 compared with $8,666,000 a year ago. Net interest income after provision for loan losses was $8,555,000 compared with $8,666,000 a year ago. Income before income taxes was $5,302,000 compared with $5,697,000 a year ago. Net income attributable to Company was $3,377,000 compared with $3,246,000 a year ago. Net income available to common shareholders was $3,077,000 compared with $2,946,000 a year ago. Diluted earnings per share were $0.38 compared with $0.37 a year ago. Return on average assets was 1.36% compared with 1.48% a year ago. Return on average common equity was 11.41% compared with 12.80% a year ago.
For the full year ended December 31, 2016, the company reported net interest income was $35,438,000 compared with $33,598,000 a year ago. Net interest income after provision for loan losses was $33,976,000 compared with $30,558,000 a year ago. Income before income taxes was $27,638,000 compared with $18,786,000 a year ago. Net income attributable to Company was $18,510,000 compared with $10,697,000 a year ago. Net income available to common shareholders was $17,310,000 compared with $9,497,000 a year ago. Diluted earnings per share were $2.06 compared with $1.22 a year ago. Return on average assets was 1.97% compared with 1.25% a year ago. Return on average common equity was 17.04% compared with 10.82% a year ago.
Parke Bancorp, Inc. is a bank holding company for Parke Bank (the Bank). The Company, through its wholly owned subsidiary, provides personal and business financial services to individuals and small to mid-sized businesses. It offers a range of loan products, deposits services and other financial products through its retail branches and other channels to its customers. Its lending businesses consist of commercial real estate lending, residential real estate lending and construction lending. It also offers a range of commercial and industry loan, and consumer loan products to its customers. It funds its lending business primarily with deposits generated through retail deposits and commercial relationships. Its deposit products include checking, savings, money market deposits, time deposits and other traditional deposit services. In addition to traditional products and services, it offers contemporary products and services, such as debit cards, Internet banking, and online bill payment.