Interest margin did hold up. That's not so bad considering national average showed downward pressure.
The saving grace is the gradually improvement on troubled asset.
Since the allowance for losses is so huge, at $19+ million, any slight change in the resolution of problem loans will have a huge impact on reported earnings.
Worth noting is that credit is improving, albeit slowly.
Pretax, pre-provision operating income was $5.1 million in 4Q12, it shrunk further to $4.6 million.
This was largely a much reduced non-interest income. We won't know the cause until 10-Q is out. Do note that 4Q12 numbers was unusually large.
Even $4.6 million represents an annualized 2.4% on average asset, still an outstanding number.
Yes, bad quarter. No worries. Parke Bank cannot do much about the lousy job the federal govt. is doing getting aid to the state. It cannot do much about a bust in the tourist biz, as NJ is going to Del for shore R&R I see a buying opportunity shaping up as interest rates continue to rise to #$%$ the bubble. See you again below 6.