Parke Bancorp(PKBK) - 2024 Q3 - Quarterly Results

Financial Performance - Net income for Q3 2024 was $7.5 million, a 16.3% increase over Q2 2024[2] - Revenue for Q3 2024 was $33.0 million, a 5.2% increase over Q2 2024[2] - Net income available to common shareholders for the nine months ended September 2024 was $20,098 thousand, slightly down from $20,269 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 $2.07 billion, up 2.1% from December 31, 2023[2] - Total loans increased to $1.84 billion, up 2.9% from December 31, 2023[2] - Gross loans increased by $52.6 million, or 2.9%, to $1.84 billion at September 30, 2024[10] - Total assets increased to $2,065,409 thousand in 2024 from $2,023,500 thousand in 2023, reflecting growth in net loans and other assets[16] - Net loans grew to $1,807,611 thousand in 2024 from $1,755,210 thousand in 2023, with loans net of unearned income reaching $1,839,929 thousand[16] Non-Interest Income and Expense - Non-interest income decreased by $0.9 million, or 50.9%, to $0.9 million for Q3 2024[3] - Non-interest expense decreased by $9.5 million, or 59.8%, to $6.4 million for Q3 2024[4] - Non-interest income for the nine months ended September 2024 decreased to $3,163 thousand from $5,213 thousand in 2023, primarily due to lower service fees on deposit accounts[17] Credit Quality and Allowances - Nonperforming loans increased to $12.2 million, representing 0.66% of total loans at September 30, 2024[11] - Allowance for credit losses on loans increased to $32,318 thousand in September 2024 from $32,131 thousand in December 2023[19] - Non-accrual loans rose to $12,201 thousand in September 2024 from $7,261 thousand in December 2023[19] Deposits and Equity - Total deposits increased by $6.1 million, or 0.4%, to $1.56 billion at September 30, 2024[12] - Total equity increased by $12.1 million, or 4.3%, to $296.5 million at September 30, 2024[13] Net Interest Income and Margin - Net interest income for the nine months ended September 2024 was $43,089 thousand, down from $48,699 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]