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Parke Bancorp(PKBK) - 2024 Q2 - Quarterly Results
PKBKParke Bancorp(PKBK)2024-07-19 12:32

Net Income and Profitability - Net income available to common shareholders decreased by 20.6% to 6.5millionforQ22024comparedto6.5 million for Q2 2024 compared to 8.1 million in Q2 2023[2] - Net income attributable to the company decreased to 6.455millionforthethreemonthsendedJune30,2024,from6.455 million for the three months ended June 30, 2024, from 8.130 million in the same period in 2023[34] - Return on average assets declined to 1.34% for the three months ended June 30, 2024, from 1.67% in the same period in 2023[35] Interest Income and Expense - Interest income increased by 11.5% to 28.7millionforQ22024comparedtothesameperiodin2023[18]−Interestexpenseincreasedby39.328.7 million for Q2 2024 compared to the same period in 2023[18] - Interest expense increased by 39.3% to 15.9 million for Q2 2024 compared to the same period in 2023[6] - Net interest income decreased by 4.6million(14.14.6 million (14.1%) to 28.4 million for the six months ended June 30, 2024, compared to 33.0millionforthesameperiodin2023[38]−Netinterestmargindecreasedto3.0333.0 million for the same period in 2023[38] - Net interest margin decreased to 3.03% for the three months ended June 30, 2024, from 3.34% in the same period in 2023[35] Non-Interest Income - Non-interest income decreased by 24.7% to 1.2 million for Q2 2024 compared to 1.6millioninQ22023[3]−Non−interestincomedecreasedby1.6 million in Q2 2023[3] - Non-interest income decreased by 0.4 million (24.7%) for the three months ended June 30, 2024, primarily due to a 0.6milliondecreaseinservicefeesondepositaccounts[42]LoansandCreditQuality−Grossloansincreasedby1.00.6 million decrease in service fees on deposit accounts[42] Loans and Credit Quality - Gross loans increased by 1.0% to 1.8 billion at June 30, 2024[22] - Nonperforming loans decreased by 3.8% to 7.0millionatJune30,2024,representing0.397.0 million at June 30, 2024, representing 0.39% of total loans[10] - Non-accrual loans decreased to 6.983 million at June 30, 2024, from 7.261millionatDecember31,2023[44]−Theprovisionforcreditlossesincreasedby136.27.261 million at December 31, 2023[44] - The provision for credit losses increased by 136.2% to 0.7 million for the six months ended June 30, 2024[5] - Provision for credit losses remained flat at 0.5millionforthethreemonthsendedJune30,2024,comparedtothesameperiodin2023[41]−Theallowanceforcreditlossestonon−performingloansratioincreasedto464.30.5 million for the three months ended June 30, 2024, compared to the same period in 2023[41] - The allowance for credit losses to non-performing loans ratio increased to 464.3% at June 30, 2024, from 442.5% at December 31, 2023[30] - Allowance for credit losses to total loans remained stable at 1.80% at June 30, 2024, compared to December 31, 2023[44] Deposits and Assets - Total deposits decreased by 3.6% to 1.50 billion at June 30, 2024, from 1.55billionatDecember31,2023[23]−Totalassetsincreasedby1.55 billion at December 31, 2023[23] - Total assets increased by 3.6 million (0.18%) to 2.03billionatJune30,2024,from2.03 billion at June 30, 2024, from 2.02 billion at December 31, 2023, driven by an increase in net loans[39] Equity and Efficiency - Total equity increased by 3.0% to 292.8millionatJune30,2024,from292.8 million at June 30, 2024, from 284.3 million at December 31, 2023[11] - Efficiency ratio increased to 40.19% for the three months ended June 30, 2024, from 36.49% in the same period in 2023[35]