Parke Bancorp Q3 net income $10.5M ($0.88/share), flat YoY; NPLs spike to $16.9M from $4.3M

PARKE BANCORP, INC.

2022-Q3 EPS reported $2.58

Net income $10.53M, $0.88 per basic share; revenue $24.4M, both essentially flat YoY.
Loans grew 13.1% to $1.68B; deposits fell 13.2% to $1.54B vs Dec 2021.
Nonperforming loans surged to $16.9M (1.01% of loans) from $4.3M, driven by two CRE loans.
Provision for loan losses $600K vs $0 in Q3 2021; non-interest expense up 15.9% to $6.3M.
Total assets down 10% to $1.92B; equity up 10.7% to $257.3M on retained earnings.

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