Business
PARKE BANCORP, INC. ANNOUNCES SECOND QUARTER 2022 EARNINGS
Highlights: Net Income: $10.7 million Revenue: $23.0 million for Q2 2022 Total Assets: $1.99 billion, decreased 6.8% over December 31, 2021 Total Loans: $1.55
About this update from Parke Bancorp, Inc.
[{"type":"text","content":"Highlights:\nNet Income: $10.7 million\nRevenue: $23.0 million for Q2 2022\nTotal Assets: $1.99 billion, decreased 6.8% over December 31, 2021\nTotal Loans: $1.55 billion, increased 4.3% over December 31, 2021\nTotal Deposits: $1.61 billion, decreased 9.2% over December 31, 2021\nWASHINGTON TOWNSHIP, N.J., July 20, 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 June 30, 2022.\nHighlights for the three and six months ended June 30, 2022:\nNet 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, ...