Parke Bancorp, Inc. Announces 2015 First Quarter Earnings
The following is a recap of significant items that impacted the first quarter of 2015 compared to the same quarter last year: a
At
At
At
At
Total shareholders' equity increased to
"I am pleased to announce another strong quarter in terms of earnings and the continued success in reducing our nonperforming assets. During the quarter, nonaccrual loans were reduced by nearly
This release may contain forward-looking statements. Such forward-looking statements are subject to risks and uncertainties which may cause actual results to differ materially from those currently anticipated due to a number of factors including but not limited to: our ability to continue to generate strong net earnings; our ability to continue to reduce our nonperforming loans and delinquencies and the expenses associated with them; our ability to realize a high recovery rate on disposition of troubled assets; our ability to take advantage of opportunities in the improving economy and banking environment; our ability to continue to pay a dividend in the future; our ability to enhance shareholder value in the future and our ability to continue to grow our loan portfolio, therefore, readers should not place undue reliance on any forward-looking statements.
Statements of Condition Data |
|||||
2015 |
|
% Change |
|||
(in thousands) |
|||||
Total Assets |
$ |
853,630 |
$ |
821,706 |
3.9% |
Cash and cash equivalents |
39,783 |
36,238 |
9.8% |
||
Investment securities |
49,987 |
30,349 |
64.7% |
||
Loans, net of unearned income |
717,960 |
713,061 |
0.7% |
||
Deposits |
658,804 |
647,933 |
1.7% |
||
Borrowings |
83,210 |
62,755 |
32.6% |
||
Total shareholders' equity |
104,199 |
102,905 |
1.3% |
Operating Ratios |
||
Three Months Ended |
||
2015 |
2014 |
|
Return on average assets |
1.23% |
1.19% |
Return on average common equity |
10.57% |
11.08% |
Interest rate spread |
4.08% |
4.34% |
Net interest margin |
4.19% |
4.53% |
Efficiency ratio |
46.69% |
49.55% |
Asset Quality Data |
||||
2015 |
|
|||
(in thousands) |
||||
Allowance for loan losses |
$ |
16,183 |
$ |
18,043 |
Allowance for loan losses to total |
2.25% |
2.53% |
||
Non-accrual loans |
$ |
21,934 |
$ |
26,892 |
OREO |
$ |
22,516 |
$ |
20,931 |
Statements of Income Data |
|||||
Three Months Ended |
|||||
2015 |
2014 |
||||
(in thousands) |
|||||
Interest and dividend income |
$ |
9,400 |
$ |
9,606 |
|
Interest expense |
1,344 |
1,398 |
|||
Net interest income |
8,056 |
8,208 |
|||
Provision for loan losses |
840 |
1,000 |
|||
Net interest income after provision for |
7,216 |
7,208 |
|||
Non-interest income |
1,261 |
960 |
|||
Non-interest expense |
4,350 |
4,543 |
|||
Income before income taxes |
4,127 |
3,625 |
|||
Provision for income taxes |
1,521 |
1,162 |
|||
Net income attributable to Company |
2,606 |
2,463 |
|||
Net income attributable to |
(106) |
(137) |
|||
Net income attributable to Company |
2,500 |
2,326 |
|||
Preferred stock dividend and discount |
(300) |
(300) |
|||
Net income available to common |
2,200 |
2,026 |
|||
Basic income per common share |
0.37 |
0.34 |
|||
Diluted income per common share |
0.31 |
0.29 |
|||
Weighted shares - basic |
6,010,792 |
5,988,742 |
|||
Weighted shares - diluted |
7,939,684 |
7,912,972 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/parke-bancorp-inc-announces-2015-first-quarter-earnings-300068765.html
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