Business
PARKE BANCORP, INC. ANNOUNCES SECOND QUARTER 2023 EARNINGS
Highlights: Net Income: $8.1 million Revenue: $28.9 million for Q2 2023 Total Assets: $1.98 billion, decreased 0.1% over December 31, 2022 Total Loans: $1.79
About this update from Parke Bancorp, Inc.
[{"type":"text","content":" \nHighlights:\nNet Income:\n$8.1 million\nRevenue:\n$28.9 million for Q2 2023\nTotal Assets: \n$1.98 billion, decreased 0.1% over December 31, 2022\nTotal Loans: \n$1.79 billion, increased 2.0% over December 31, 2022\nTotal Deposits: \n$1.45 billion, decreased 8.2% over December 31, 2022\n \nWASHINGTON TOWNSHIP, N.J., July 26, 2023 /PRNewswire/ -- Parke Bancorp, Inc. (\"Parke Bancorp\" or the \"Company\") (NASDAQ: \"PKBK\"), the parent company of Parke Bank, announced its operating results for the three and six months ended June 30, 2023.\nHighlights for the three and six months ended June 30, 2023:\nNet income available to common shareholders was $8.1 million, or $0.68 per basic common share and $0.67 per diluted common share, for the three months ended June 30, 2023, a decrease of $2.6 million, or 24.3%, compared to net income available to common shareholders of $10.7 million, or $0.90 per basic common share and $0.88 per diluted common share, for the same quarter in 2022. The decrease was primarily driven by lower net interest income, lower non-interest income, and higher non-interest expense.Net interest income decreased 11.7% to $15.9 million for the three months ended June 30, 2023, compared to $18.0 million for the same period in 2022.Provision for credit losses was $500.0 thousand for the three months ended June 30, 2023, compared to a provision for credit losses of $350.0 thousand for the same period in 2022.Non-interest income decreased $918.0 thousand, or 36.5%, to $1.6 million for the three months ended June 30, 2023, compared to $2.5 million for the same period in 2022.Non-interest expense increased $661.0 thousand, or 11.6%, to $6.4 million for the three months ended June 30, 2023, compared to $5.7 million for the same period in 2022.Net income available to common shareholders was $19.2 million, or $1.61 per basic common share and $1.59 per diluted common share, for the six months ended June 30, 2023, a decrease of $1.6 million, or 7.5%, compared to net income available to common shareholders of $20.8 million, or $1.75 per basic common share and $1.71 per diluted common share, for the same period in 2022. The decrease is primarily driven by lower net interest income, lower non-interest income, and higher non-interest expense, partially offset by lower provision for credit losses.Net interest income decreased 5.9% ...