For the quarter ended
The following is a recap of significant items that impacted the first quarter of 2017 compared to the same quarter last year: an increase of
At
At
At
At
Total shareholders’ equity increased to
“Our continued strong loan growth contributed to the strength of our earnings in the 1st quarter, with our loan portfolio growing 3.9% from yearend 2016. Our earnings, quarter over quarter, increased 37%. We are pleased with the growth of our loans and deposits being supported by our two new full service branch offices located in
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; our ability to prudently expand our operations in our market and in new markets; 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 |
|||||
|
|
% Change |
|||
(in thousands) |
|||||
Total Assets |
$ |
1,016,388 |
$ |
1,016,185 |
0.0% |
Cash and cash equivalents |
39,730 |
70,720 |
-43.8% |
||
Investment securities |
45,541 |
47,078 |
-3.3% |
||
Loans, net of unearned income |
885,089 |
851,953 |
3.9% |
||
Deposits |
787,046 |
788,694 |
-0.2% |
||
Borrowings |
93,053 |
93,053 |
0.0% |
||
Total shareholders’ equity |
129,744 |
127,134 |
2.1% |
||
Operating Ratios |
||||
Three Months Ended |
||||
2017 |
2016 |
|||
Return on average assets |
1.41% |
1.16% |
||
Return on average common equity |
11.73% |
9.85% |
||
Interest rate spread |
3.80% |
4.03% |
||
Net interest margin |
3.94% |
4.15% |
||
Efficiency ratio |
38.22% |
47.01% |
||
Asset Quality Data |
||||
2017 |
|
|||
(in thousands) |
||||
Allowance for loan losses |
$ |
15,475 |
$ |
15,580 |
Allowance for loan losses to total loans |
1.75% |
1.83% |
||
Non-accrual loans |
$ |
10,409 |
$ |
11,298 |
OREO |
$ |
9,829 |
$ |
10,528 |
Statements of Income Data |
|||||
Three Months Ended |
|||||
2017 |
2016 |
||||
(in thousands) |
|||||
Interest and dividend income |
$ |
11,097 |
$ |
10,342 |
|
Interest expense |
1,841 |
1,589 |
|||
Net interest income |
9,256 |
8,753 |
|||
Provision for loan losses |
500 |
700 |
|||
Net interest income after provision for loan losses |
8,756 |
8,053 |
|||
Non-interest income |
395 |
1,175 |
|||
Non-interest expense |
3,689 |
4,694 |
|||
Income before income taxes |
5,462 |
4,534 |
|||
Provision for income taxes |
2,004 |
1,546 |
|||
Net income attributable to Company and noncontrolling interests |
3,458 |
2,988 |
|||
Net income attributable to noncontrolling interests |
1 |
(380) |
|||
Net income attributable to Company |
3,459 |
2,608 |
|||
Preferred stock dividend and discount |
(299) |
(300) |
|||
Net income available to common shareholders |
3,160 |
2,308 |
|||
Basic income per common share |
0.46 |
0.34 |
|||
Diluted income per common share |
0.38 |
0.29 |
|||
Weighted shares – basic |
6,876,915 |
6,843,076 |
|||
Weighted shares – diluted |
9,003,557 |
8,938,253 |
|||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/parke-bancorp-inc-announces-2017-first-quarter-earnings-and-declares-a-10-stock-dividend-300440920.html
SOURCE
Senate wants to use a raffle to help pay for education
Canadian Crude Supply Growth Highlights Need for New Pipeline Capacity, IHS Markit Report Says
More Articles