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2024-07-20 23:15:00 +0300

PARKE BANCORP, INC. ANNOUNCES SECOND QUARTER 2022 EARNINGS

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Benzinga
By Pr Newswire

Highlights:

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Net Income: $10.7 million

Revenue: $23.0 million for Q2 2022

Total Assets: $1.99 billion, decreased 6.8% over December 31, 2023

Total Loans: $1.55 billion, increased 4.3% over December 31, 2023

Total Deposits: $1.61 billion, decreased 9.2% over December 31, 2023

WASHINGTON TOWNSHIP, N.J., July 20, 2024 /PRNewswire/ -- Parke Bancorp, Inc. (Parke Bancorp or the Company) (NASDAQ: PKBK), the parent company of Parke Bank, announced its operating results for the quarter ended June 30, 2022.

Highlights for the three and six months ended June 30, 2022:

  • Net income available to common shareholders was $10.7 million, or $0.90 per basic common share and $0.88 per diluted common share, for the three months ended June 30, 2022, a decrease of $19.0 thousand, or 0.2%, compared to net income available to common shareholders of $10.8 million, or $0.90 per basic common share and $0.89 per diluted common share, for the same quarter in 2021. The decrease is primarily driven by lower net interest income and increased loan loss provision, partially offset by higher non-interest income.
  • Net interest income decreased 0.6% to $18.0 million for the three months ended June 30, 2022, compared to $18.1 million for the same period in 2021.
  • Provision for loan losses increased $350.0 thousand for the three months ended June 30, 2022. There was no provision for loan losses recorded for the same period in 2021.
  • Non-interest income increased $420.0 thousand, or 20.1%, to $2.5 million for the three months ended June 30, 2022, compared to $2.1 million for the same period in 2021.
  • Net income available to common shareholders was $20.8 million, or $1.75 per basic common share and $1.71 per diluted common share, for the six months ended June 30, 2022, an increase of $643.0 thousand, or 3.2%, compared to net income available to common shareholders of $20.2 million, or $1.70 per basic common share and $1.67 per diluted common share, for the same period in 2021. The increase is primarily driven by higher non-interest income, an increase in net interest income, and reduced loan loss provision.
  • Net interest income increased 0.5% to $35.1 million for the six months ended June 30, 2022, compared to $34.9 million for the same period in 2021.
  • Non-interest income increased $261.0 thousand, or 6.0%, to $4.6 million for the six months ended June 30, 2022, compared to $4.3 million for the same period in 2021.
  • Provision for loan losses decreased $150.0 thousand to $350.0 thousand for the six months ended June 30, 2022, compared to $500.0 thousand for the same period in 2021.
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The following is a recap of the significant items that impacted the three and six months ended June30, 2022:

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