Parke Bancorp Q1 net income up 10% to $11.1M; deposits down 7%, borrowings up 65%

PARKE BANCORP, INC.

2023-Q1 EPS reported $0.92

Net income available to common shareholders $11.1M ($0.93 basic EPS) vs $10.1M in Q1 2022, up 10.3%.
Deposits fell 7.1% to $1.46B; borrowings increased $82M to $208.1M to fund loans.
Net interest income flat at $17.1M; recorded $2.4M credit provision vs no provision in prior year.
Non-interest expense rose 19.1% to $6.8M, driven by compensation and benefits.
CEO cites deposit challenges, higher rates, uncertain economy; maintains strong loan pipeline.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PARKE BANCORP, INC. reported the quarter ended March 31, 2023 results: revenue $27.8 million, net income $11.1 million, EPS $0.92 per diluted common share.

Period: the quarter ended March 31, 2023
Revenue: $27.8 million
Net income: $11.1 million
EPS: $0.92 per diluted common share
Result: reported results

Exact text from the filing

Highlights: Net Income: $11.1 million Revenue: $27.8 million for Q1 2023

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Source: SEC EDGAR

accession 0001315399-23-000033

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