Parke Bancorp Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 25, 2016 at 04:10 pm EST
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Parke Bancorp Inc. reported earnings results for the fourth quarter and full year ended December 31, 2015. For the full year, the company reported net income available to common shareholders of $9.5 million, or $1.56 per common share and $1.34 per diluted common share, for the year ended December 31, 2015. This compares to $9.3 million, or $1.55 per common and $1.32 per diluted share, for the year ended December 31, 2014, an increase in net income of 2.4%. Return on average assets was 1.48% compared to 1.08% a year ago. Return on average assets was 1.25% compared to 1.30% a year ago. Return on average common equity was 10.82% compared to 11.74% a year ago. Net interest income was $33,598,000 compared to $32,553,000 a year ago. Net interest income after provision for loan losses was $30,558,000 compared to $29,303,000 a year ago. Income before income taxes was $18,786,000 compared to $18,023,000 a year ago.
For the quarter ended December 31, 2015, net income available to common shareholders was $2.9 million, or $0.48 per common share and $0.40 per diluted common share, compared to net income of $1.9 million, or $0.32 per common and $0.28 per diluted common share for the quarter ended December 31, 2014, an increase in quarterly net income of 54.6%. Return on average assets was 1.48% compared to 1.08% a year ago. Return on average common equity was 12.80% compared to 9.16% a year ago. Net interest income was $8,666,000 compared to $8,001,000 a year ago. Net interest income after provision for loan losses was $8,666,000 compared to $7,001,000 a year ago. Income before income taxes was $5,697,000 compared to $3,462,000 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.