Parke Bancorp Q3 net income $7.5M, up 16% QoQ; NPLs rise to $12.2M

PARKE BANCORP, INC.

2024-Q3 EPS reported $1.66

Net income $7.5M ($0.63 EPS) in Q3 2024, up 16% QoQ; YoY comp inflated by $9.5M 2023 loss contingency.
Net interest income fell 6.1% YoY to $14.7M on higher deposit/borrowing costs; total revenue $33.0M, up 5.2% QoQ.
Nonperforming loans increased 68% from Dec 2023 to $12.2M (0.66% of loans); ACL at $32.3M (265% of NPLs).
Total assets $2.07B (+2.1% YTD); loans $1.84B (+2.9% YTD); deposits $1.56B (+0.4% YTD); book value $24.92.
CEO noted Fed rate cut but warned of geopolitical risks; sees stable residential construction activity.

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