Parke Bancorp, Inc. (PKBK) has reported a 4.04 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $3.38 million, or $0.38 a share in the quarter, compared with $3.25 million, or $0.37 a share for the same period last year.
Revenue during the quarter dropped 5.38 percent to $9.07 million from $9.59 million in the previous year period. Net interest income for the quarter rose 6.80 percent over the prior year period to $9.26 million. Non-interest income for the quarter fell 44.02 percent over the last year period to $0.52 million.
Parke Bancorp has made provision of $0.70 million for loan losses during the quarter.
Net interest margin contracted 25 basis points to 3.91 percent in the quarter from 4.16 percent in the last year period. Efficiency ratio for the quarter improved to 38.57 percent from 40.56 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Vito S. Pantilione, president and chief executive officer of Parke Bancorp and Parke Bank, provided the following statement "We are very proud that 2016 was the fourth consecutive year of record earnings for our Company and that we reached the milestone of $1 Billion in assets. There were many key ingredients to the success we enjoyed. We made a substantial profit on the sale of our SBA subsidiary, while obtaining the necessary approvals to continue providing SBA loans through the Bank, which is critical in supporting our small business community. It is also important to note that even without the sale of our SBA subsidiary, our Bank would have achieved record earnings for the fourth straight year. We continued to focus on strong operating income by generating quality loans, maintaining tight controls on our expenses and the further reduction of our non-performing assets. We also expanded our footprint in 2016, opening a new state of the art branch in Collingswood, NJ and in December we opened a new branch in the heart of Chinatown, PA."
Assets outpace liabilities growth
Total assets stood at $1,016.18 million as on Dec. 31, 2016, up 14.81 percent compared with $885.12 million on Dec. 31, 2015.
Deposits stood at $788.69 million as on Dec. 31, 2016, up 18.56 percent compared with $665.21 million on Dec. 31, 2015.
Investments stood at $47.08 million as on Dec. 31, 2016, up 5.21 percent or $2.33 million from year-ago.
Return on average assets moved down 12 basis points to 1.36 percent in the quarter from 1.48 percent in the last year period. At the same time, return on average equity decreased 139 basis points to 11.41 percent in the quarter from 12.80 percent in the last year period.
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