Parke Bancorp Inc Stock Price, News & Analysis

Parke Bancorp (PKBK) reported Q4 2022 net income of $10.4 million, or $0.88 per basic share, reflecting a 3.8% year-over-year increase. Q4 revenue reached $26.8 million, driven by a 13.0% rise in net interest income to $18.9 million. Despite this, total assets decreased by 7.1% year-over-year to $1.98 billion, with total loans increasing 18.0% to $1.75 billion. Total deposits fell 10.9% to $1.58 billion. A notable concern includes the possible theft of $9.5 million in cash related to cannabis customers, currently under investigation. The outlook remains cautious due to inflation and rising interest rates.

Parke Bancorp, Inc. (NASDAQ: PKBK) announced a cash dividend of $0.18 per share, payable on January 18, 2023, to shareholders on record as of January 4, 2023. The Board plans to consider quarterly dividend payments based on the company’s financial condition and regulatory factors, suggesting potential volatility in future dividends. Established in 2005, Parke Bancorp operates primarily in New Jersey and Pennsylvania, offering financial services through several branches. The company’s deposits are insured by the FDIC.

Parke Bancorp, Inc. (PKBK) reported Q3 2022 net income of $10.5 million or $0.88 per share, a slight increase of 0.4% year-over-year. Revenue reached $24.4 million, driven by a 10.4% rise in net interest income to $19.3 million. Total loans rose 13.1% to $1.68 billion, while total assets fell 10.0% to $1.92 billion. A provision for loan losses of $600,000 was recorded, and non-interest income decreased 7.6% to $2 million. CEO Vito S. Pantilione highlighted the impact of rising interest rates and potential recession risks.

Parke Bancorp, Inc. (NASDAQ: PKBK) declared a $0.18 per share cash dividend, reflecting a $0.02 increase from the prior dividend. This dividend is payable on September 23, 2022, to stockholders of record by the close of business on September 9, 2022. The Board intends to continue paying cash dividends quarterly, contingent on various factors, including the company's financial condition and regulatory constraints. There is a possibility that dividends may be reduced or eliminated in future periods.

Parke Bancorp (PKBK) reported Q2 2022 net income of $10.7 million, a slight decrease from $10.8 million in Q2 2021. The revenue for the quarter was $23.0 million. Total assets fell by 6.8% to $1.99 billion, driven by a 9.2% drop in total deposits to $1.61 billion. Total loans increased by 4.3% to $1.55 billion. Despite lower net interest income, non-interest income rose by 20.1%. The CEO noted economic challenges ahead, including inflation and potential recession, but expressed confidence in the bank's financial position to navigate these difficulties.

Parke Bancorp, Inc. (NASDAQ: PKBK) has declared a cash dividend of $0.16 per share, payable on July 19, 2022. Stockholders of record as of July 5, 2022, will receive the dividend. The Board plans to pay dividends quarterly, contingent on financial conditions and regulatory restrictions. Future dividends may be adjusted or suspended. Parke Bancorp emphasizes strong capital maintenance and shareholder value enhancement as they navigate potential regulatory challenges.

Parke Bancorp (NASDAQ: PKBK) reported a net income of $10.1 million for Q1 2022, up 7.0% from $9.4 million in Q1 2021. Revenue reached $21.7 million, with net interest income rising 1.7% to $17.1 million. Total assets decreased by 3.9% to $2.05 billion, while total loans increased 0.7% to $1.50 billion. Total deposits fell by 5.2% to $1.68 billion. The CEO highlighted challenges from expected interest rate hikes and lingering COVID-19 impacts, but expressed confidence in the company's position.

Parke Bancorp, Inc. (NASDAQ: PKBK) announced a cash dividend of $0.16 per share, payable on April 20, 2022, to stockholders of record by April 6, 2022. The Board intends to pay dividends quarterly, depending on the Company's financial condition and regulatory restrictions, with the possibility of future reductions or eliminations. Founded in 2005, Parke Bancorp operates through multiple branches in New Jersey and Pennsylvania, emphasizing personal and business financial services, backed by FDIC insurance.

Parke Bancorp, Inc. (PKBK) reported a net income of $10.1 million for Q4 2021, reflecting a 23.9% increase year-over-year. Total revenue reached $21.8 million, with a notable rise in total deposits to $1.77 billion, up 11.1% from 2020. However, total loans decreased 5.2% to $1.48 billion. For the year, net income rose 43.4% to $40.7 million, driven by improved net interest income and reduced loan loss provisions. Despite challenges like inflation and labor shortages, the company expressed optimism about lending opportunities in 2022.