Business
PARKE BANCORP, INC. ANNOUNCES FIRST QUARTER 2023 EARNINGS
Highlights: Net Income: $11.1 million Revenue: $27.8 million for Q1 2023 Total Assets: $1.96 billion, decreased 1.0% over December 31, 2022 Total Loans:
About this update from Parke Bancorp, Inc.
[{"type":"text","content":" \nHighlights:\nNet Income:\n$11.1 million\nRevenue:\n$27.8 million for Q1 2023\nTotal Assets: \n$1.96 billion, decreased 1.0% over December 31, 2022\nTotal Loans: \n$1.76 billion, increased 0.6% over December 31, 2022\nTotal Deposits: \n$1.46 billion, decreased 7.1% over December 31, 2022\n \nWASHINGTON TOWNSHIP, N.J., April 24, 2023 /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, 2023.\nHighlights for the three months ended March 31, 2023:\nNet income available to common shareholders was $11.1 million, or $0.93 per basic common share and $0.92 per diluted common share, for the three months ended March 31, 2023, an increase of $1.0 million, or 10.3%, compared to net income available to common shareholders of $10.1 million, or $0.85 per basic common share and $0.83 per diluted common share, for the same quarter in 2022. The increase was primarily driven by an allowance for credit loss reduction, partially offset by higher non-interest expense.Net interest income was flat at $17.1 million for the three months ended March 31, 2023, compared to $17.1 million for the same period in 2022.The Company recorded a credit to provision of $2.4 million for the three months ended March 31, 2023. There was no provision for credit losses recorded for the same period in 2022.Non-interest income decreased $293.0 thousand, or 14.1%, to $1.8 million for the three months ended March 31, 2023, compared to $2.1 million for the same period in 2022.Non-interest expense increased $1.1 million, or 19.1%, to $6.8 million for the three months ended March 31, 2023, compared to $5.7 million for the same period in 2022.The following is a recap of the significant items that impacted the three months ended March 31, 2023:\nInterest income increased $6.4 million for the first quarter of 2023 compared to the same period in 2022, primarily due to an increase in interest and fees on loans of $5.3 million to $24.5 million, a 27.8% increase, driven by an increase in average outstanding loan balances and higher interest rates. Additionally, interest earned on average deposits held at the Federal Reserve Bank (\"FRB\") increased by $1.0 million to $1.3 million during the three months ended March 31, 2023, due to higher interes...