Parke Bancorp reports record 2022 earnings; $9.5M stolen cash under investigation

PARKE BANCORP, INC.

2022-FY EPS reported $3.44

Q4 2022 net income $10.4M ($0.86 diluted EPS), up 3.8% YoY; full-year net income $41.8M ($3.44 diluted EPS).
Net interest income up 13% to $18.9M in Q4; provision for loan losses increased $850K vs $0 in prior Q4.
Nonperforming loans jumped to $16.3M (0.93% of loans) from $4.3M, driven by two CRE loans.
Total assets down 7.1% to $1.98B; deposits decreased 10.9% to $1.58B.
Armored car theft: ~$9.5M cash missing from third-party vault; probable loss, investigation ongoing.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PARKE BANCORP, INC. reported the quarter ended December 31, 2022 results: revenue $26.8 million, net income $10.4 million, EPS $0.88 per basic common share and $0.86 per diluted common share.

Period: the quarter ended December 31, 2022
Revenue: $26.8 million
Net income: $10.4 million
EPS: $0.88 per basic common share and $0.86 per diluted common share
Result: reported results

Exact text from the filing

S. Kaufman, Senior Vice President and CFO (856) 256-2500 PARKE BANCORP, INC. ANNOUNCES FOURTH QUARTER 2022 EARNINGS Highlights: Net Income: $10.4 million for Q4 2022 Revenue: $26.8 million for Q4 2022 Total Assets: $1.98 billion, decreased 7.1% over December 31, 2021 Total Loans: $1.75 billion, increased 18.0% over December 31, 2021 Total Deposits: $1.58 billion,

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PARKE BANCORP, INC. reported the fiscal year ended December 31, 2022 results: net income $41.8 million, EPS $3.51 per basic common share and $3.44 per diluted common share.

Period: the fiscal year ended December 31, 2022
Net income: $41.8 million
EPS: $3.51 per basic common share and $3.44 per diluted common share
Result: reported results

Exact text from the filing

Net income available to common shareholders was $41.8 million, or $3.51 per basic common share and $3.44 per diluted common share, for the fiscal year ended December 31, 2022, an increase of $1.1 million, or 2.6%, compared to net income available to common shareholders of $40.7 million, or $3.43 per basic common share and $3.36 per diluted common share, for the fiscal year ended December 31, 2021.

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Source: SEC EDGAR

accession 0001315399-23-000003

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