Parke Bancorp Q1 net income falls 44.8% to $6.1M on lower NII and credit provision

PARKE BANCORP, INC.

2024-Q1 EPS reported $0.51

Net income $6.1M ($0.51 diluted) vs $11.1M ($0.92) in Q1 2023, a 44.8% decline.
Net interest income fell 18% to $14.1M; provision for credit losses was $0.2M vs a $2.4M recovery last year.
Total deposits up 0.7% to $1.56B; total assets down 0.7% to $2.01B; nonperforming loans at 0.39% of loans.
Non-interest income down 40.4% to $1.1M; non-interest expense down 3.3% to $6.5M.
Tangible book value per share $24.08 vs $23.75; CEO cites higher funding costs and slow loan 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 1.0

PARKE BANCORP, INC. reported the three months ended March 31, 2024 results: revenue $30.5 million, net income $6.1 million, EPS $0.51 per diluted common share.

Period: the three months ended March 31, 2024
Revenue: $30.5 million
Net income: $6.1 million
EPS: $0.51 per diluted common share
Result: reported results

Exact text from the filing

Highlights: Net Income: $6.1 million for Q1 2024 Revenue: $30.5 million for Q1 2024 Total Assets: $2.01 billion, decreased 0.7% from December 31, 2023 Total Loans: $1.79 billion, decreased 0.1% over December 31, 2023 Total Deposits: $1.56 billion, increased 0.7% from December 31, 2023 WASHINGTON TOWNSHIP, NJ, April 19, 2024 - Parke Bancorp, Inc. (“Parke Bancorp” or the "Company") (NASDAQ: “PKBK”), the parent company of Parke Bank, announced its operating results for the quarter ended March 31, 2024. Highlights for the three months ended March 31, 2024: • Net income available to common shareholders was $6.1 million, or $0.51 per basic common share and $0.51 per diluted common share, for the three months ended March 31, 2024, a decrease of $5.0 million, or 44.8%, compared to net income available to common shareholders of $11.1 million, or $0.93 per basic common share and $0.92 per diluted common share, for the three months ended March 31, 2023.

View on SEC.gov

1349 earnings releases filed in the last 30 days. Browse all earnings releases →

PARKE BANCORP, INC. filing history →

Source: SEC EDGAR

accession 0001315399-24-000031

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.