Parke Bancorp Inc. (PKBK, Financial) filed Quarterly Report for the period ended 2010-03-31.
Parke Bancorp Inc. has a market cap of $51.3 million; its shares were traded at around $11.58 with a P/E ratio of 9.6 and P/S ratio of 1.3. Parke Bancorp Inc. had an annual average earning growth of 14% over the past 5 years.
Delinquent loans decreased $2.0 million to $30.8 million or 5.02% of total loans at March 31, 2010 from $32.8 million or 5.4% of total loans at December 30, 2009. Delinquent loan balances by number of days delinquent were: 31 to 59 days --- $5.6 million; 60 to 89 days --- $2.5 million; and 90 days and greater --- $22.7 million. Loans 90 days and more past due are no longer accruing interest.
At March 31, 2010, the Company had $22.7 million in non-performing loans or 3.7% of total loans, a decrease from $25.5 million or 4.2% of total loans at December 31, 2009. The decrease is attributable to the Company receiving deeds in settlement of six loan balances. The three largest relationships in non-performing loans are $5.5 million (residential construction), $4.5 million (residential construction), and $2.0 million (commercial real estate). Specific allowances for loan losses have been established in the amount of $2.9 million on impaired loans totaling $18.6 million. The Company had no troubled debt restructurings (TDRs) as of March 31, 2010 or December 31, 2009.
At March 31, 2010, the Bank s total deposits increased to $537.9 million from $520.3 million at December 31, 2009, an increase of $17.6 million or 3.4%, largely due to an increase in the levels of retail certificates of deposit, offset by some declines in other types of deposits. Retail certificate of deposits increased $16.3 million, or 9.8%, to $182.1 million at March 31, 2010 from $165.8 million at December 31, 2009. This growth was generated through a successful marketing campaign, while brokered deposits decreased $525,000, or 0.5%, to $95.6 million at March 31, 2010 from $96.1 million at December 31, 2009.
Interest Income: Interest income increased $304,000, or 3.1%, to $10.1 million for the three months ended March 31, 2010, from $9.8 million for the three months March 31, 2009. The increase is attributable to higher loan volumes, offset by a lower yield on loans. Average loans for the three month period ended March 31, 2010 were $610.7 million compared to $560.8 million for the same period last year. The average yield on loans was 6.41% for the three months ended March 31, 2010 compared to 6.69% for the same period in 2009.
Non-interest Expense: Non-interest expense increased $250,000 to $2.3 million for the three months ended March 31, 2010, from $2.0 million for the three months ended March 31, 2009. Compensation and benefits expenses increased $183,000 due to increased staffing related to the SBA subsidiary, annual merit raises and higher fringe benefit costs. FDIC insurance premiums have increased by $154,000 compared with the first quarter in 2009.
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Parke Bancorp Inc. has a market cap of $51.3 million; its shares were traded at around $11.58 with a P/E ratio of 9.6 and P/S ratio of 1.3. Parke Bancorp Inc. had an annual average earning growth of 14% over the past 5 years.
Highlight of Business Operations:
Total investment securities increased to $33.8 million at March 31, 2010 ($31.3 million classified as available-for-sale or 92.6%) from $31.9 million at December 31, 2009, an increase of $1.9 million or 6.0%. The Company received $1.9 million in cash flow from principal payments, offset by purchases of $796,000. In addition, the fair value of the available-for sale portfolio increased by $3.0 million, primarily related to the CDO portfolio, which reflected lower levels of unrealized losses.Delinquent loans decreased $2.0 million to $30.8 million or 5.02% of total loans at March 31, 2010 from $32.8 million or 5.4% of total loans at December 30, 2009. Delinquent loan balances by number of days delinquent were: 31 to 59 days --- $5.6 million; 60 to 89 days --- $2.5 million; and 90 days and greater --- $22.7 million. Loans 90 days and more past due are no longer accruing interest.
At March 31, 2010, the Company had $22.7 million in non-performing loans or 3.7% of total loans, a decrease from $25.5 million or 4.2% of total loans at December 31, 2009. The decrease is attributable to the Company receiving deeds in settlement of six loan balances. The three largest relationships in non-performing loans are $5.5 million (residential construction), $4.5 million (residential construction), and $2.0 million (commercial real estate). Specific allowances for loan losses have been established in the amount of $2.9 million on impaired loans totaling $18.6 million. The Company had no troubled debt restructurings (TDRs) as of March 31, 2010 or December 31, 2009.
At March 31, 2010, the Bank s total deposits increased to $537.9 million from $520.3 million at December 31, 2009, an increase of $17.6 million or 3.4%, largely due to an increase in the levels of retail certificates of deposit, offset by some declines in other types of deposits. Retail certificate of deposits increased $16.3 million, or 9.8%, to $182.1 million at March 31, 2010 from $165.8 million at December 31, 2009. This growth was generated through a successful marketing campaign, while brokered deposits decreased $525,000, or 0.5%, to $95.6 million at March 31, 2010 from $96.1 million at December 31, 2009.
Interest Income: Interest income increased $304,000, or 3.1%, to $10.1 million for the three months ended March 31, 2010, from $9.8 million for the three months March 31, 2009. The increase is attributable to higher loan volumes, offset by a lower yield on loans. Average loans for the three month period ended March 31, 2010 were $610.7 million compared to $560.8 million for the same period last year. The average yield on loans was 6.41% for the three months ended March 31, 2010 compared to 6.69% for the same period in 2009.
Non-interest Expense: Non-interest expense increased $250,000 to $2.3 million for the three months ended March 31, 2010, from $2.0 million for the three months ended March 31, 2009. Compensation and benefits expenses increased $183,000 due to increased staffing related to the SBA subsidiary, annual merit raises and higher fringe benefit costs. FDIC insurance premiums have increased by $154,000 compared with the first quarter in 2009.
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