Parke Bancorp Q4 net income $7.4M ($0.62/share), down 9.5% YoY; FY net income $27.5M down 3.3%

PARKE BANCORP, INC.

2024-FY EPS reported $2.27

Q4 net income $7.4M ($0.62 basic EPS), down 9.5% from Q4 2023; FY net income $27.5M ($2.30 basic EPS), down 3.3% from FY 2023.
Net interest income FY 2024 $58.7M, down 8.6% YoY; non-interest income down 35.7% to $4.3M, partly due to lower cannabis-related deposit fees.
Nonperforming loans rose to $11.8M (0.63% of loans) at Dec 31, 2024 from $7.3M a year earlier; ACL ratio to NPLs fell to 276.5% from 442.5%.
Total assets $2.14B (+5.9% YoY); deposits $1.63B (+5.0%); cannabis-related deposits nearly doubled to $151.9M.
CEO cites higher interest expense from delayed rate cuts; tight cost control with efficiency ratio near 41%.

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