As we approach the end of the year and look forward to the holidays, we find ourselves reflecting with gratitude. Gratitude for the incredible team of colleagues and friends we work with; for the diverse clientele we get to serve each day; for the support of our shareholders and partners; and for the sound foundation Parkside has built over the past 12 years.
Parkside entered the COVID-19 pandemic with momentum and a strong balance sheet. We are proud to have provided our clients with consistent, safe and uninterrupted access to banking services and personalized financial advice. Though the pandemic continues to have a disruptive impact on individuals and businesses, including Parkside, we are committed to standing by our clients and employees as we look ahead to 2021.
Linked below are our year-to-date financial results.
Total assets remain inflated, ending September at $664 million, an increase of $138 million from a year ago. With so much liquidity in the financial system, deposit growth continues, with total deposits of $469 million at month end September, a $139 million increase, or 42%, from a year ago. We estimate approximately $75 million of the deposit increase is temporary, due to the stimulus related excess liquidity. Commercial loan growth continues to be slow due to client access to PPP funds and generally conservative corporate spending. While we anticipate increased loan growth in the fourth quarter, year-over-year loan growth will be relatively mild when compared to 2019.
Trust and Family Office YTD revenue of $5.5 million was $286 thousand, or 6%, ahead of September 2019. Increasing trustee revenue from our rapidly growing trust services will continue to positively impact recurring revenue.
In our Second Quarter Shareholder Newsletter, we discussed the lack of clarity in our financial outlook due to the unknowns created by the pandemic and it's subsequent impact on business. With only two months left in the year, 2020 is coming into focus. We are happy to report we expect to earn slightly under $6 million in 2020, near the upper-end of the range reported in the last newsletter. We will have accomplished this while aggressively investing in additional personnel and strategically building our loan loss reserve to a record $9.8 million, or 2.5% of non-PPP loans.
As for 2021 and beyond, we continue to expect significant headwinds including interest rates of 0%, slow commercial loan growth, an ongoing pandemic and the possibility of a severe economic downturn. While no one can predict the future, we can prepare for it. Our robust reserves, strong balance sheet and increased staffing ensures Parkside is well-positioned to withstand challenges
and capitalize on opportunities.
Investing in Our Team
Staffing changes in our Trust & Family Office division offered the opportunity for us to re-evaluate how we support our 401(k) plan clients, spurring our decision to hire David Schmid, an experienced and dedicated 401(k) plan advisor. With David's support and expertise, we look forward to growing this service with renewed energy.
Our commitment to serving current clients well and continuing to grow our business extends well-beyond our 401(k) plan services. As shared in a recent article published by the St. Louis Business Journal, Parkside is proud to have welcomed nine talented team members since the beginning of the pandemic. Click below to learn more about their experience and how they will help
support our clients with their financial needs.
Our search for great talent continues! Parkside is actively looking for Trust & Family Office Advisors, a Loan Coordinator and a Senior Loan Documentation Specialist to join our growing team.
Click below to learn more about these positions and Parkside's robust employment benefits. We encourage you to share these career opportunities with your contacts. Should you have any questions, please contact Meredith Osborn, Director of Human Resources, at email@example.com.
An unprecedented year has forced us all to take a deeper look at our priorities, our goals, and our relationships. As we approach what will be a unique holiday season, we want to take the opportunity to sincerely THANK YOU for your continued support and partnership. Our team looks forward to working with you in 2021 and beyond. With discipline and a strong focus on our strategic goals, we are committed to providing unwavering support to our clients while delivering increased shareholder value.
Learn to be thankful for what you already have, while you pursue all that you want.
From our family to yours – we wish you a safe and happy holiday season.
James C. Wagner - CEO
Andrew S. Hereford - President, Bank
Matthew A. Wagner - President, TFO