Welcome to our dedicated page for Parke Bancorp news (Ticker: PKBK), a resource for investors and traders seeking the latest updates and insights on Parke Bancorp stock.
Parke Bancorp, Inc. reports recurring developments as the bank holding company for Parke Bank, a full-service commercial bank serving individuals and small businesses primarily in southern New Jersey and the Philadelphia area. Company news centers on quarterly earnings, loan and deposit trends, net interest income and margin, interest expense, provision for credit losses, and the mix of deposits and borrowings.
Updates also cover cash dividend declarations and changes to the dividend rate, with Board determinations tied to the financial condition of the company and the bank and applicable banking restrictions. Parke Bank operates through branches in New Jersey and Philadelphia, and its deposits are insured by the FDIC up to legal limits.
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Parke Bancorp, Inc. (PKBK) reported its Q1 2023 financial results with net income of $11.1 million, up $1 million or 10.3% from Q1 2022. Revenue for the quarter was $27.8 million, driven mainly by an increase in interest income, which rose by $6.4 million to $26 million, primarily due to a 27.8% rise in interest and fees on loans.
However, total assets decreased by 1% to $1.96 billion, and total deposits fell 7.1% to $1.46 billion. The company reported an increase in non-interest expense of 19.1% to $6.8 million, while non-interest income decreased 14.1% to $1.8 million.