Banking industry

Parke Bancorp Reports Financial Results for Q2 2024

Strategic Insights

Jul 21, 2024 — 1 min read

Parke Bancorp, the parent company of Parke Bank, has announced its operating results for the three and six months ended June 30, 2024. Despite a decrease in net income available to common shareholders compared to the same period in 2023, the company's total assets reached a new high of $2.03 billion, driven by an increase in net loans. Total deposits, however, saw a decline of 3.60% compared to the previous quarter, while total borrowings increased by $50.1 million.

Key Takeaways:

Net income available to common shareholders decreased by 20.60% to $6.5 million in Q2 2024, primarily due to higher interest expense and lower non-interest income.
Total assets increased to $2.03 billion at June 30, 2024, from $2.02 billion at December 31, 2023, driven by an increase in net loans of $3.6 million.
Total deposits decreased to $1.50 billion at June 30, 2024, from $1.55 billion at December 31, 2023, a decline of 3.60 percent.
Total borrowings increased by $50.1 million to $218.2 million at June 30, 2024, primarily due to $50.0 million of FHLBNY term borrowings.
Parke Bancorp reported a basic common share price of $0.54 per share and a diluted common share price of $0.53 per share for the three months ended June 30, 2024.
The company operates from its corporate headquarters in Washington Township, New Jersey, and seven branch offices in various locations.

Statistics:

Net income available to common shareholders: $6.5 million (Q2 2024), $8.1 million (Q2 2023)
Basic common share price: $0.54 (Q2 2024), $0.68 (Q2 2023)
Diluted common share price: $0.53 (Q2 2024), $0.67 (Q2 2023)
Total assets: $2.03 billion (June 30, 2024), $2.02 billion (December 31, 2023)
Total deposits: $1.50 billion (June 30, 2024), $1.55 billion (December 31, 2023)
Total borrowings: $218.2 million (June 30, 2024), $168.1 million (December 31, 2023)

Sources:

M2 EQUITYBITES-July 22, 2024--Parke Bancorp announces financial results (C)2024 M2 COMMUNICATIONS http://www.m2.co.uk
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