Business
PARKE BANCORP, INC. ANNOUNCES FIRST QUARTER 2022 EARNINGS
Highlights: Net Income: $10.1 million Revenue: $21.7 million for Q1 2022 Total Assets: $2.05 billion, decreased 3.9% over December 31, 2021 Total Loans: $1.50
About this update from Parke Bancorp, Inc.
[{"type":"text","content":"Highlights:\nNet Income: $10.1 million\nRevenue: $21.7 million for Q1 2022\nTotal Assets: $2.05 billion, decreased 3.9% over December 31, 2021\nTotal Loans: $1.50 billion, increased 0.7% over December 31, 2021\nTotal Deposits: $1.68 billion, decreased 5.2% over December 31, 2021\n WASHINGTON TOWNSHIP, N.J., April 19, 2022 /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 March 31, 2022.\nHighlights for the three months ended March 31, 2022:\nNet income available to common shareholders was $10.1 million, or $0.85 per basic common share and $0.83 per diluted common share, for the three months ended March 31, 2022, an increase of $0.7 million, or 7.0%, compared to net income available to common shareholders of $9.4 million, or $0.79 per basic common share and $0.78 per diluted common share, for the same quarter in 2021. The increase is primarily driven by reduced loan loss provision and lower interest expense, partially offset by lower non-interest income. Net interest income increased 1.7% to $17.1 million for the three months ended March 31, 2022, compared to $16.8 million for the same period in 2021. Non-interest income decreased $162,000, or 7.2%, to $2.1 million for the three months ended March 31, 2022, compared to $2.2 million for the same period in 2021. Non-interest expense decreased 1.6% to $5.7 million for the three months ended March 31, 2022, compared to $5.8 million for the same period in 2021.The following is a recap of the significant items that impacted the first quarter of 2022:\nInterest income decreased $925,000 for the first quarter of 2022 compared to the same period in 2021, primarily due to a decrease in interest and fees on loans attributed to lower loan portfolio balances. \nInterest expense decreased $1.2 million for the first quarter of 2022 compared to the same period in 2021, primarily due to lower interest rates on deposits as well as lower outstanding borrowing balances. \nThe provision for loan losses decreased $500,000 for the first quarter of 2022, compared to the same period in 2021, as a result of a decrease in loan portfolio balances.\nFor the first quarter of 2022, non-interest income decreased $162,000, compared to the same period in 2021. The decrease was pri...