Parkside Experiences Record Year-Over-Year Growth
Parkside experienced strong, quality growth throughout the past four quarters. This growth led to positive returns in each of our service lines. We look forward to carrying this momentum into 2022 and beyond.
Throughout 2021, Parkside enjoyed strong, quality growth. Total assets of $791 million is a new all-time high, driven by record client deposits of $615 million. There continues to be significant deposit inflation at Parkside and in the entire banking system due to the extra liquidity the Fed is currently pumping into the system.
Commercial loans outstanding, net of PPP loans, grew $84 million to $471 million, up 22% from September 2020. During the first three quarters of 2021, loans grew $50 million, a significant increase when compared to historical average annual loan growth of $35 million. We anticipate some volatility in loan balances over the next several months as commercial loan volume increases and PPP borrowings are forgiven.
Market growth, trustee estate fees, quality client additions and minimal client departures continue to drive Trust & Family Office ("TFO") division revenue growth. Our reoccurring revenue run rate in TFO is now in excess of $7.6 million, a new all-time high, and an increase from $6.5 million in September 2020. Total wealth management assets reached $1.7 billion, an increase of $304 million, or 22%, from September 2020.
This exceptional growth throughout the organization inevitably strained our system. As we look to build new relationships, we are committed to expanding our team of lenders and advisors, and continue to back-fill our critical support teams in 2021 and well into 2022.
Planning for Parkside's Future
Both the Board of Directors and Parkside's leadership team are engaging in long-term strategic planning meetings throughout the fourth quarter. During these discussions, we will focus on adding top-tier talent, developing our existing team, attracting quality clients, adopting new technology, and further enhancing our service. This includes a material expansion in the Denver market. In November, our Denver team will move into their new office located at 210 University Avenue in downtown Cherry Creek. In addition, we are significantly expanding our support teams in anticipation of our growth in the years ahead.
We have a strong commitment to invest in our future, and believe there is an opportunity to capitalize on market share and client growth well into 2030. Over the next year, we will share additional details regarding the outcome of these strategic meetings.
Our Growing Team
We continue to invest in growing our team. Parkside most recently welcomed these exceptional team members.
Alexander Hager, CFP® - Trust & Family Office Analyst
Alex is a 2015 graduate of the University of Missouri-Columbia with a Bachelor of Science in Business Administration - Finance & Banking. He most recently worked as a Fixed Income Operations and Risk Analyst.
Lucas Maxwell, CFP® - Senior Vice President, Trust & Family Office Advisor
A trusted partner and advocate, Lucas offers nearly 15 years of experience serving high-net-worth clients, institutions and endowments. He most recently served as a Senior Portfolio Manager for a Fortune 100 company, where he ranked as a top performer.
Megan Meyers - Loan Coordinator
Megan joined our team in September. She developed a strong banking background, most recently serving as a Commercial Loan Coordinator for a local bank.
Christine Miller - Trust & Family Office Analyst
Christine is a 2021 graduate of the University of Kansas, where she earned a Bachelor of Science in Finance. She is excited to begin her career at Parkside.
Laurel offers 12 years of diverse financial services experience, most recently assisting internal partners in both the Trust and Wealth Management divisions of a local financial firm. She will serve as a liaison between administration and operations to help us better serve our trustee clients.
The approaching holiday season provides the opportunity to reflect and be thankful for those who have supported Parkside in achieving our goals. We value our partnership with you, thank you for your support and look forward to working with you in 2022 and beyond.
From our family to yours – we wish you a safe and happy holiday season. As always, should you have any questions or comments, please feel free to contact us.
James C. Wagner - Chief Executive Officer
Parkside Financial Bank & Trust