Parke Bancorp Q4 net income down 22%; full-year earnings hit by $9.5M contingent loss

PARKE BANCORP, INC.

2023-FY EPS reported $2.35

Q4 net income $8.2M ($0.68 basic EPS) vs $10.4M ($0.88) in Q4 2022; net interest income fell 18% to $15.5M.
Full-year net income $28.4M ($2.38 basic) vs $41.8M ($3.51); non-interest expense up 48% due to $9.5M armored car theft loss.
Total deposits fell 1.5% to $1.55B; cannabis-related deposits dropped $80.7M to $96.7M; brokered deposits rose to $223.4M.
Nonperforming loans decreased to $7.3M (0.41% of loans) from $16.3M; allowance coverage ratio improved to 442.5%.
CEO cites challenging year but notes ROAA of 1.45% and ROAE over 10%; expects potential rate cuts in 2024 to aid growth.

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 year ended December 31, 2023 results: revenue 64.2 million, net income 28.4 million, EPS 2.38.

Period: year ended December 31, 2023
Revenue: 64.2 million
Net income: 28.4 million
EPS: 2.38
Result: reported results

Exact text from the filing

and benefits expense, lower net interest income, and lower non-interest income, partially offset by lower provision for credit losses. • Net interest income decreased 12.4% to $64.2 million for the fiscal year ended December 31, 2023, compared to $73.3 million for the same period in 2022. • Provision for credit losses decreased $3.9 million to a recovery of $2.1

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PARKE BANCORP, INC. reported quarter ended December 31, 2023 results: revenue 15.5 million, net income 8.2 million, EPS 0.68.

Period: quarter ended December 31, 2023
Revenue: 15.5 million
Net income: 8.2 million
EPS: 0.68
Result: reported results

Exact text from the filing

2022. The decrease is primarily driven by lower net interest income, partially offset by a decrease in the provision for credit losses. • Net interest income decreased 18.0% to $15.5 million for the three months ended December 31, 2023, compared to $18.9 million for the same period in 2022. • Provision for credit losses was a recovery of $0.5 million for the three

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Source: SEC EDGAR

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