Welcome to our dedicated page for Parke Bancorp news (Ticker: PKBK), a resource for investors and traders seeking the latest updates and insights on Parke Bancorp stock.
Parke Bancorp, Inc. (NASDAQ: PKBK), the bank holding company for Parke Bank, regularly issues news updates covering its community banking operations, financial performance and capital actions. As a full service commercial bank with a focus on individuals and small-sized businesses in parts of New Jersey and Pennsylvania, its news flow is closely tied to lending activity, deposit trends and regional economic conditions.
Investors and observers following PKBK news will see recurring earnings releases for quarterly and annual periods. These announcements detail net income available to common shareholders, net interest income, non-interest income, non-interest expense, provisions for credit losses, and key balance sheet items such as total assets, loans, deposits, borrowings and equity. The releases also discuss changes in loan portfolio segments, including construction, commercial non-owner occupied, commercial owner occupied, multi-family and residential 1 to 4 family investment loans, as well as asset quality metrics like nonperforming loans, other real estate owned (OREO) and allowance for credit losses.
Parke Bancorp’s news also includes Board decisions on cash dividends, with multiple press releases announcing $0.18 per share dividends and noting the Board’s anticipation of quarterly dividend payments subject to financial condition and regulatory considerations. In addition, the company has announced a stock repurchase program for up to 5% of its outstanding common stock and later an extension of that program, which are reported through press releases and related Form 8-K filings.
Management commentary in these news items often addresses the interest rate environment, market volatility, loan demand and regulatory developments affecting community banks. Readers who want a detailed view of PKBK’s ongoing performance, capital management and risk profile can use this news page to review the company’s official announcements and earnings discussions over time.
Parke Bancorp, Inc. (NASDAQ: PKBK) has declared a $0.16 per share cash dividend, payable on May 18, 2021, to stockholders of record by May 4, 2021. The Board anticipates quarterly dividends, contingent on the company’s financial health and regulatory restrictions. Parke Bancorp, incorporated in January 2005, operates Parke Bank, which has multiple branches in New Jersey and Philadelphia. Deposits are FDIC insured. The company emphasizes providing financial services to small businesses and individuals in its operating regions.
Parke Bancorp (NASDAQ: PKBK) reported a strong Q1 2021 with a net income of $9.4 million, reflecting a 30.8% increase from Q1 2020. Revenue reached $22.8 million. Total assets grew 1.2% to $2.10 billion, while total deposits increased 8.7% to $1.73 billion. However, total loans decreased 1.1% to $1.55 billion. The lower provision for loan losses at $500,000 was noted, and nonperforming loans fell to 0.46% of total loans. The company anticipates challenges in loan growth amid ongoing economic uncertainty.
Parke Bancorp reported Q4 2020 net income of $8.1 million, or $0.69 per share, a 7.8% increase from Q4 2019. Revenue for the quarter stood at $23.2 million, with total assets rising 23.5% to $2.08 billion year-over-year. Loans reached $1.57 billion, marking a 10.2% increase, while deposits grew 18.9% to $1.59 billion. Despite challenges from COVID-19, the bank maintained a robust capital position and anticipates slow loan growth ahead.
Parke Bancorp, Inc. (NASDAQ: PKBK) announced a cash dividend of $0.16 per share, payable on February 16, 2021, to stockholders of record by the close of business on February 1, 2021. The company aims to maintain quarterly dividends, contingent on its financial health and regulatory constraints. Founded in 2005, Parke Bancorp operates Parke Bank, primarily serving New Jersey and Philadelphia. The Board emphasized that future dividends could be reduced or eliminated based on various economic factors.
Parke Bancorp (NASDAQ: PKBK) reported Q3 2020 net income of $6.5 million, or $0.55 per share, down 15.7% from Q3 2019. Revenue for the quarter stood at $21.6 million, with net interest income increasing 6.5% to $15.4 million. Total assets rose 23.5% year-to-date to $2.08 billion, while total loans grew by 10.8% to $1.57 billion. The provision for loan losses increased to $2.4 million amid economic uncertainty related to COVID-19. Deposits increased 19.2% to $1.60 billion, reflecting strong demand despite the ongoing pandemic challenges.
Parke Bancorp, Inc. (NASDAQ: PKBK) declared a cash dividend of $0.16 per share, payable on October 23, 2020. Stockholders of record as of October 9, 2020, will receive this dividend. The Board plans to continue quarterly dividends, subject to financial conditions and regulatory considerations. However, future dividends may be reduced or eliminated. The company operates Parke Bank, providing financial services primarily in New Jersey and parts of Pennsylvania. The FDIC insures Parke Bank's deposits.
Parke Bancorp (NASDAQ: PKBK) reported Q2 2020 net income of $6.5 million, down 12.4% from Q2 2019 due to a $2 million loan loss provision amid COVID-19 uncertainty. Revenue rose 3.8% to $21.4 million, while total assets increased 15.2% to $1.94 billion. Total loans reached $1.54 billion, reflecting an 8.7% growth, with total deposits up 12.6% to $1.51 billion. The company successfully issued $30 million in subordinated notes to bolster its financial strength without diluting shareholder equity.
Parke Bancorp, Inc. (NASDAQ: PKBK) announced the completion of a $30 million private placement of subordinated notes due 2030. The notes will initially have a fixed interest rate of 6.50% for the first five years, transitioning to a floating rate. The proceeds will be utilized for general corporate purposes and will bolster the company's Tier 2 capital. CEO Vito S. Pantilione emphasized the benefits of this capital raise for both customers and shareholders, highlighting that it avoids shareholder dilution.