Parke Bancorp Q2 2024 net income $6.5M, down 20.6% YoY; EPS $0.54 vs $0.68

PARKE BANCORP, INC.

2024-Q2 EPS reported $1.04

Net income available to common shareholders $6.5M ($0.54 basic EPS), down $1.7M or 20.6% from Q2 2023.
Net interest income fell 9.8% to $14.3M on higher funding costs; total revenue $31.4M up 8.8% QoQ.
Total deposits decreased 3.6% to $1.50B from Dec 2023; borrowings increased $50.1M to $218.2M.
Provision for credit losses $0.5M, unchanged YoY; ACL-to-loans ratio steady at 1.80%.
Tangible book value per share rose to $24.46 from $23.75 at Dec 2023.

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