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Parke Bancorp, Inc. Announces Second Quarter 2020 Earnings


News provided by

Parke Bancorp, Inc.

Jul 27, 2020, 16:10 ET

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WASHINGTON TOWNSHIP, N.J., July 27, 2020 /PRNewswire/ --

Highlights:








Net Income:


$6.5 million,  Q2 2020 result also reflected a $2.0 million loan loss

provision

Revenue:


$21.4 million, increased 3.8% Q2 2020 over Q2 2019

Total Assets: 


$1.94 billion,  increased 15.2% over December 31, 2019

Total Loans: 


$1.54 billion,  increased 8.7%  over December 31, 2019

Total Deposits:


$1.51 billion,  increased 12.6% over December 31, 2019




Parke Bancorp, Inc. ("Parke Bancorp") (NASDAQ: "PKBK"), the parent company of Parke Bank, announced its operating results for three and six months ended June 30, 2020.

Highlights for three and six months ended June 30, 2020:

  • Net income available to common shareholders was $6.5 million, or $0.55 per basic common share and $0.55 per diluted common share for the second quarter of 2020, decreased $926,000, or 12.4%, compared to net income available to common shareholders of $7.5 million, or $0.63 per basic common share and $0.62 per diluted common share for the same quarter in 2019. The decrease is primarily driven by a higher provision for loan loss as economic uncertainty continues.
  • Net interest income increased 4.2% to $14.9 million for the second quarter of 2020, compared to $14.3 million for the same quarter of 2019.
  • Net income available to common shareholders decreased $782,000 or 5.4%, to $13.7 million or $1.16 per basic common share and $1.15 per diluted common share for the year to date period ended June 30, 2020, compared to net income available to common shareholders of $14.5 million, or $1.23 per basic common share and $1.21 per diluted common share for the year to date period ended June 30, 2019.
  • Net interest income increased 8.5% to $30.1 million for the year to date period ended June 30, 2020, compared to $27.7 million for the same period in 2019.

The following is a recap of the significant items that impacted the three and six months ended June 30, 2020 period:

Interest income increased $619,000 and $3.8 million for the second quarter of 2020 and year to date June 30, 2020 periods, respectively, compared to the same periods in 2019, primarily due to higher interest income generated from higher average loan volumes and partially offset by the income impact of lower interest rates on average loans and a decrease in interest income from deposits in Federal Reserve Bank. The Federal Reserve Board has reduced rates in response to the COVID-19 pandemic. Also contributing to the increase in interest income for the second quarter was a $251,000 increase in interest and fees on loans from the SBA Paycheck Protection Program loans ("SBA PPP Loans"). 

Interest expense increased $19,000, almost unchanged for the second quarter of 2020, compared to the same period in 2019, primarily reflecting the cost offset on changes in interest expense due from increased average volumes and decreased interest rates on deposits and other borrowings. For the year to date period ended June 30, 2020, interest expense increased $1.5 million, compared to the same period in 2019, primarily due to higher volumes of deposits and other borrowings, partially offset by decreases in interest expense due to reductions in market interest rates.

The provision for loan losses increased $1.6 million to $2.0 million for the second quarter of 2020, compared to the same period in 2019. For year to date period ended June 30, 2020, the provision for loan losses increased $2.2 million to $3.4 million, compared to year to date period ended June 30, 2019. The increase in the provision was primarily due to an increase in qualitative factors as economic uncertainty continues as a result of COVID-19 on our borrowers as of June 30, 2020.

For the second quarter of 2020, non-interest income increased $160,000, compared to the same period of 2019, with the increase primarily attributable to a decrease in net loss on sale of OREO, partially offset by decrease in other loan fees. For the year to date June 30, 2020 period, non-interest income increased $229,000, primarily due to increased fee income from deposit accounts and a decreased net loss on sale of OREO, partially offset by a decrease in other loan fees and a decrease in the gain on sale of SBA loans.

Non-interest expense increased $345,000 and $1.1 million for the second quarter 2020 and the year to date period ended June 30, 2020, compared to the same periods of 2019, primarily due to an increase in compensation, data processing cost, and FDIC insurance assessment. The increases in non-interest expenses mainly reflect the growth of the business.

Income tax expense decreased $170,000 for the second quarter of 2020, and increased $68,000 for the year to date periods ended June 30, 2020, compared to the same periods in 2019. The effective tax rates for second quarter of 2020 and for the year to date June 30, 2020 were 25.8% and 24.6%, compared to 25.8% and 24.5% for the same periods in 2019.

June 30, 2020 discussion of financial condition

  • Total assets increased to $1.94 billion at June 30, 2020, from $1.68 billion at December 31, 2019, an increase of $254.7 million or 15.2% primarily due to an increase in loans, particularly $78.0 million  increase in SBA PPP loans,  and an increase in cash deposits with the Federal Reserve Bank.
  • Cash and cash equivalents totaled $320.9 million at June 30, 2020, as compared to $191.6 million at December 31, 2019.
  • The investment securities portfolio decreased to $25.6 million at June 30, 2020, from $27.8 million at December 31, 2019, a decrease of $2.2 million, or 7.9%, primarily due to pay downs of securities.
  • Gross loans increased to $1.54 billion at June 30, 2020, from $1.42 billion at December 31, 2019, an increase of $123.5 million or 8.7%. Gross loans included SBA PPP loans and loans from our deferment and relief programs, which are intended to provide an appropriate level of financial relief for the individuals and businesses experiencing hardship as a result of the COVID-19 pandemic.
  • Nonperforming loans at June 30, 2020 increased to $10.0 million, representing 0.65% of total loans, an increase of $4.7 million, or 87.2%, from $5.3 million of nonperforming loans at December 31, 2019. OREO at June 30, 2020 was $3.8 million, a decrease of $955,000 compared to $4.7 million at December 31, 2019, primarily due to sale of OREO assets. Nonperforming assets (consisting of nonperforming loans and OREO) represented 0.71% and 0.60% of total assets at June 30, 2020 and December 31, 2019, respectively. Loans past due 30 to 89 days were $804,000 at June 30, 2020, a decrease of $1.2 million from December 31, 2019.
  • The allowance for loan losses was $25.2 million at June 30, 2020, as compared to $21.8 million at December 31, 2019. The ratio of the allowance for loan losses to total loans was 1.63% and 1.54% at June 30, 2020 and at December 31, 2019, respectively. The ratio of allowance for loan losses to non-performing loans was 252.0% at June 30, 2020, compared to 407.8%, at December 31, 2019.
  • Total deposits were $1.51 billion at June 30, 2020, up from $1.34 billion at December 31, 2019, an increase of $169.3 million or 12.6% compared to December 31, 2019. Deposit growth was primarily due to an increase in non-interest bearing demand deposits and increase in other non-time deposits.
  • Total borrowings were $220.9 million at June 30, 2020, an increased $72.9 million, compared to December 31, 2019, primarily due to increase in advances from the Federal Reserve Bank for the SBA PPP loans.
  • Total equity increased to $189.7 million at June 30, 2020, up from $179.4 million at December 31, 2019, an increase of $10.3 million, or 5.8%, primarily due to the retention of earnings.

CEO outlook and commentary

Vito S. Pantilione, President and Chief Executive Officer of Parke Bancorp, Inc. and Parke Bank, provided the following statement:

"The country and the world continue to face unprecedented uncertainty and economic decline due to the COVID-19 pandemic. Many hoped that we would see an improvement in the COVID-19 cases being reported but so far that hasn't happened. The business community, especially restaurants, hotels and retail centers have been hardest hit by the pandemic with the many restrictions placed on those industries. We remain focused on supporting our employees, customers and communities during these difficult times.

Our company continues to generate strong revenues with increased interest income and net interest income. Parke Bancorp's net income decreased due to an increase in our loan loss provision, which was done to ensure we are well positioned as the COVID-19 pandemic continues and we may face challenging conditions in our loan portfolio.

Although not reflected in our June 30th numbers, on July 15, 2020, we successfully issued and sold $30 million of Subordinated Notes, further supporting the financial strength of our Company while not diluting our shareholders. Parke Bank has always exceeded the regulatory guidelines for a well-capitalized bank and the additional capital further strengthens our equity position."

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; 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 continue to pay a dividend in the future; our ability to enhance shareholder value in the future; our ability to continue growing our Company, our earnings and shareholders' equity; and our ability to continue to grow our loan portfolio, therefore, readers should not place undue reliance on any forward-looking statements. Parke Bancorp, Inc. does not undertake, and specifically disclaims, any obligations to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such circumstance.

In addition, the COVID-19 pandemic is having an adverse impact on the Company, its customers and the communities it serves. Given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the economy may be reopened. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: the demand for our products and services may decline, making it difficult to grow assets and income; if the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; our allowance for loan losses may increase if borrowers experience financial difficulties, which will adversely affect our net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; as the result of the decline in the Federal Reserve Board's target federal funds rate to near 0%, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income; due to a decline in our stock price or other factors, goodwill may become impaired and be required to be written down; and our cyber security risks are increased as the result of an increase in the number of employees working remotely.

Financial Supplement:


Table 1: Condensed Consolidated Balance Sheets (Unaudited)


Parke Bancorp, Inc. and Subsidiaries

Consolidated Balance Sheets



June 30,


December 31,


2020


2019


 (Amounts in thousands, except share data)

Assets




Cash and cash equivalents

$

320,923



$

191,607


Investment securities

25,587



27,780


Loans held for sale

193



190


Loans, net of unearned income

1,544,233



1,420,749


Less: Allowance for loan losses

(25,228)



(21,811)


Net loans

1,519,005



1,398,938


Premises and equipment, net

6,908



6,946


Bank owned life insurance (BOLI)

26,703



26,410


Other assets

36,565



29,289


Total assets

$

1,935,884



$

1,681,160






Liabilities








Noninterest-bearing deposits

$

356,350



$

259,269


Interest-bearing deposits

1,152,211



1,079,950


FHLBNY borrowings

134,650



134,650


Other borrowings

72,896



—


Subordinated debentures

13,403



13,403


Other liabilities

16,633



14,464


Total liabilities

$

1,746,143



$

1,501,736






Total shareholders' equity

$

188,257



$

177,605


Noncontrolling interest in consolidated subsidiaries

1,484



1,819


Total equity

$

189,741



$

179,424






Total liabilities and equity

$

1,935,884



$

1,681,160


Table 2: Consolidated Income Statements (Unaudited)



For three months ended June 30,


For six months ended June 30,


2020


2019


2020


2019


(Amounts in thousands except share data)

Interest income:








Interest and fees on loans

$

20,139



$

18,523



$

40,467



$

35,964


Interest and dividends on investments

259



290



537



605


Interest on federal funds sold and deposits with banks

45



1,011



996



1,612


Total interest income

20,443



19,824



42,000



38,181


Interest expense:








Interest on deposits

4,759



4,520



10,210



8,483


Interest on borrowings

793



1,013



1,700



1,975


Total interest expense

5,552



5,533



11,910



10,458


Net interest income

14,891



14,291



30,090



27,723


Provision for loan credit losses

2,000



450



3,396



1,150


Net interest income after provision for loan losses

12,891



13,841



26,694



26,573


Non-interest income








Gain on sale of SBA loans

—



—



—



40


Other loan fees

165



285



406



476


Bank owned life insurance income

147



150



293



297


Service fees on deposit accounts

514



487



1,082



868


Net loss on sale of OREO

(21)



(343)



(153)



(343)


Other

121



187



286



347


Total non-interest income

926



766



1,914



1,685


Non-interest expense








Compensation and benefits

2,689



2,319



5,234



4,460


Professional services

396



521



751



912


Occupancy and equipment

518



473



998



944


Data processing

308



250



625



468


FDIC insurance and other assessments

153



34



294



61


OREO expense

67



117



178



192


Other operating expense

731



803



1,651



1,640


Total non-interest expense

4,862



4,517



9,731



8,677


Income before income tax expense

8,955



10,090



18,877



19,581


Income tax expense

2,311



2,481



4,865



4,797


Net income attributable to Company and noncontrolling
interest

6,644



7,609



14,012



14,784


Less: Net income attributable to noncontrolling interest

(103)



(141)



(259)



(255)


Net income attributable to Company

6,541



7,468



13,753



14,529


Less: Preferred stock dividend

(7)



(8)



(15)



(9)


Net income available to common shareholders

$

6,534



$

7,460



$

13,738



$

14,520


Earnings per common share








Basic

$

0.55



$

0.63



$

1.16



$

1.23


Diluted

$

0.55



$

0.62



$

1.15



$

1.21


Weighted average common shares outstanding








Basic

11,849,118



11,837,378



11,849,041



11,828,432


Diluted

11,977,597



12,010,759



11,992,899



12,007,086


Table 3: Operating Ratios



Three months ended


Six months ended


June 30,


June 30,


2020


2019


2020


2019

Return on average assets

1.45

%


1.99

%


1.54

%


1.99

%

Return on average common equity

14.04

%


18.32

%


14.97

%


18.29

%

Interest rate spread

2.88

%


3.09

%


2.93

%


3.16

%

Net interest margin

3.32

%


3.80

%


3.38

%


3.83

%

Efficiency ratio

30.74

%


30.00

%


30.41

%


29.51

%


* Return on the average assets is calculated using net income attributable to Company and noncontrolling interest dividing average assets

Table 4: Asset Quality Data


June 30,


December 31,


2020


2019


(Amounts in thousands except ratio data)

Allowance for loan losses

$

25,228



$

21,811


Allowance for loan losses to total loans

1.63

%


1.54

%

Allowance for loan losses to non-accrual loans

251.98

%


407.83

%

Non-accrual loans

$

10,012



$

5,348


OREO

$

3,772



$

4,727


SOURCE Parke Bancorp, Inc.

Related Links

http://www.parkebank.com

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