Parke Bancorp(PKBK) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $7.4 million, a decrease of 1.5$34.5 million compared to Q3 2024[1] - Net income available to common shareholders for fiscal year 2024 decreased 3.3% to $27.5 million compared to 2023[4] - Net income attributable to the company for the twelve months ended December 31, 2024, was$27.5 million, down from $28.5 million in 2023[21] - Return on average assets for the twelve months ended December 31, 2024, was 1.38$2.14 billion as of December 31, 2024[1] - Total loans grew 4.5% to $1.87 billion as of December 31, 2024[1] - Total deposits increased 5.0$1.63 billion as of December 31, 2024[1] - Total borrowings increased by $20.2 million to$188.3 million at December 31, 2024, primarily due to a $20.0 million increase in FHLBNY advances[16] - Total equity increased by$15.8 million (5.5%) to $300.1 million at December 31, 2024, driven by retained earnings, partially offset by$8.6 million in cash dividends and $4.3 million in stock repurchases[16] - Total assets grew to$2,142.2 million at December 31, 2024, up from $2,023.5 million at December 31, 2023, with net loans increasing to$1,835.6 million from $1,755.2 million[20] Net Interest Income and Credit Losses - Net interest income for Q4 2024 increased 0.7$15.6 million compared to Q4 2023[2] - Provision for credit losses increased $0.6 million to$0.2 million in Q4 2024 compared to Q4 2023[2] - Net interest income for the twelve months ended December 31, 2024, was $58.7 million, compared to$64.2 million in the same period in 2023[21] - The allowance for credit losses to total loans ratio decreased to 1.74% at December 31, 2024, from 1.80% at December 31, 2023[23] - Non-accrual loans increased to $11.8 million at December 31, 2024, from$7.3 million at December 31, 2023[23] Non-Interest Income and Expenses - Non-interest income decreased 23.1% to $1.1 million in Q4 2024 compared to Q4 2023[3] - Non-interest expense increased 9.0$6.9 million in Q4 2024 compared to Q4 2023[3] - The efficiency ratio for the twelve months ended December 31, 2024, improved to 41.24% from 48.34% in 2023[22]