Financial Performance - Net income for Q3 2024 was 7.5million,a16.333.0 million, a 5.2% increase over Q2 2024[2] - Net income available to common shareholders for the nine months ended September 2024 was 20,098thousand,slightlydownfrom20,269 thousand in 2023[17] - Return on average assets for the nine months ended September 2024 was 1.37%, compared to 1.38% in 2023[18] Asset and Loan Growth - Total assets increased to 2.07billion,up2.11.84 billion, up 2.9% from December 31, 2023[2] - Gross loans increased by 52.6million,or2.91.84 billion at September 30, 2024[10] - Total assets increased to 2,065,409thousandin2024from2,023,500 thousand in 2023, reflecting growth in net loans and other assets[16] - Net loans grew to 1,807,611thousandin2024from1,755,210 thousand in 2023, with loans net of unearned income reaching 1,839,929thousand[16]Non−InterestIncomeandExpense−Non−interestincomedecreasedby0.9 million, or 50.9%, to 0.9millionforQ32024[3]−Non−interestexpensedecreasedby9.5 million, or 59.8%, to 6.4millionforQ32024[4]−Non−interestincomefortheninemonthsendedSeptember2024decreasedto3,163 thousand from 5,213thousandin2023,primarilyduetolowerservicefeesondepositaccounts[17]CreditQualityandAllowances−Nonperformingloansincreasedto12.2 million, representing 0.66% of total loans at September 30, 2024[11] - Allowance for credit losses on loans increased to 32,318thousandinSeptember2024from32,131 thousand in December 2023[19] - Non-accrual loans rose to 12,201thousandinSeptember2024from7,261 thousand in December 2023[19] Deposits and Equity - Total deposits increased by 6.1million,or0.41.56 billion at September 30, 2024[12] - Total equity increased by 12.1million,or4.3296.5 million at September 30, 2024[13] Net Interest Income and Margin - Net interest income for the nine months ended September 2024 was 43,089thousand,downfrom48,699 thousand in the same period in 2023[17] - Net interest margin for the nine months ended September 2024 was 2.99%, down from 3.40% in 2023[18] Efficiency and Cost Management - Efficiency ratio improved to 41.37% for the nine months ended September 2024 from 53.76% in 2023, indicating better cost management[18]
Parke Bancorp(PKBK)2024-10-18 20:16