Parke Bancorp Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 25, 2013 at 04:10 pm EST
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Parke Bancorp Inc. announced earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported interest and dividend income was $9,130,000 compared to $10,399,000 for the same period a year ago. Net interest income was $7,426,000 compared to $8,199,000 for the same period a year ago. Net interest income after provision for loan losses was $5,926,000 compared to $4,599,000 for the same period a year ago. Income before income taxes was $3,618,000 compared to $2,268,000 for the same period a year ago. Net income attributable to company was $1,955,000 compared to $1,266,000 for the same period a year ago. Net income available to common shareholders was $1,701,000 or $0.29 per basic and diluted share compared to $1,015,000 or $0.17 per basic and diluted share for the same period a year ago. Return on average assets was 1.01% compared to 0.65% for the same period a year ago. Return on average common equity was 10.11% compared to 6.53% for the same period a year ago.
For the full year, the company reported interest and dividend income was $37,746,000 compared to $41,309,000 for the same period a year ago. Net interest income was $30,322,000 compared to $32,078,000 for the same period a year ago. Net interest income after provision for loan losses was $23,022,000 compared to $21,628,000 for the same period a year ago. Income before income taxes was $12,311,000 compared to $13,728,000 for the same period a year ago. Net income attributable to company was $7,313,000 compared to $7,272,000 for the same period a year ago. Net income available to common shareholders was $6,301,000 or $1.17 per basic and diluted share compared to $6,272,000 or $1.15 per diluted share for the same period a year ago. Return on average assets was 0.94% compared to 0.97% for the same period a year ago. Return on average common equity was 9.70% compared to 10.51% for the same period 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.