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Parke Bancorp, Inc Announces Second Quarter Earnings
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PARKE BANCORP : ANNOUNCES SECOND QUARTER EARNINGS (Form 8-K)
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Parke Bancorp: Q2 Earnings Snapshot
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Two South Jersey bank firms have reported sharply higher earnings as executives expressed optimism for the year ahead.
Cherry Hill-based 1st Colonial Bancorp Inc. on Monday posted net income of $1.7 million for the first quarter ended March 31, up from $5,000, or zero cents per share, a year earlier.
That came after Parke Bancorp Inc. of Washington Township announced record first-quarter earnings of $9.4 million, or 79 cents per share. That compared to $7.2 million, or 61 cents per share, a year earlier.
Both companies cited gains in non-interest income and lower provisions for loan losses, among other factors.
1st Colonial s improvement also reflected management changes and the addition of revenue-producing teams, said Robert White, who arrived in February 2020 as president and CEO. The firm operates 1st Colonial Community Bank.
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$1.73 billion, increased 8.7% over December 31, 2020
Parke Bancorp, Inc. ( Parke Bancorp or the Company ) (NASDAQ: PKBK ), the parent company of Parke Bank, announced its operating results for the quarter ended March 31, 2021.
Highlights for the three months ended March 31, 2021:
Net income available to common shareholders was $9.4 million, or $0.79 per basic common share and $0.78 per diluted common share for the three months ended March 31, 2021, an increase of $2.2 million, or 30.8%, compared to net income available to common shareholders of $7.2 million, or $0.61 per basic common share and $0.60 per diluted common share for the same quarter in 2020. The increase is primarily driven by an increase in net interest income, reduced loan loss provision, and higher non-interest income, partially offset by higher non-interest expense.