Parke Bancorp Q3 net income sinks 90% to $1.0M on $9.5M armored car theft loss

PARKE BANCORP, INC.

2023-Q3 EPS reported $1.67

Net income available to common shareholders fell 90.3% to $1.0M ($0.08 diluted EPS) vs $10.5M ($0.87) a year ago.
Q3 revenue was $30.9M, up 6.92% from Q2 2023; total assets $1.98B, loans $1.80B (+2.8% YTD), deposits $1.53B (-2.7% YTD).
Earnings hit by $9.5M contingent loss recognition from cash stolen at a third-party armored car carrier facility.
Adjusted for the theft loss (tax-effected $7.3M), adjusted net income would have been $8.3M, or $0.68 diluted EPS.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PARKE BANCORP, INC. reported financial results for three and nine months ended September 30, 2023.

Period: three and nine months ended September 30, 2023
Result: reported results

Exact text from the filing

On October 25, 2023, Parke Bancorp, Inc. issued a press release to report earnings for the three and nine months ended September 30, 2023.

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PARKE BANCORP, INC. filing history →

Source: SEC EDGAR

accession 0001315399-23-000069

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