Parke Bancorp(PKBK) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $7.8 million, a 5.12% increase from Q4 2024 and a 26.5% increase from Q1 2024[1][2][13]. - Revenue for Q1 2025 reached $34.7 million, up 0.6% compared to Q4 2024[1]. - Net income attributable to the company for Q1 2025 was $7,778,000, representing a 26.4% increase compared to $6,151,000 in Q1 2024[21]. - Earnings per common share increased to $0.66 in Q1 2025 from $0.51 in Q1 2024, reflecting a growth of 29.4%[21]. - Return on average assets improved to 1.48% in Q1 2025 from 1.27% in Q1 2024[22]. - Return on average common equity rose to 10.36% in Q1 2025, up from 8.60% in Q1 2024[22]. Income and Expenses - Net interest income increased by $2.6 million, or 18.2%, to $16.6 million for Q1 2025 compared to Q1 2024[2][4]. - Total interest income for Q1 2025 was $33,846,000, an increase of 14.4% from $29,477,000 in Q1 2024[21]. - Non-interest income decreased by $0.2 million, or 22.7%, to $0.8 million for Q1 2025 compared to Q1 2024[2][7]. - Total non-interest income for Q1 2025 was $821,000, a decrease from $1,062,000 in Q1 2024[21]. - Net interest income after provision for credit losses was $16,017,000 in Q1 2025, compared to $13,850,000 in Q1 2024, marking a 15.7% increase[21]. Asset and Loan Management - Total assets remained flat at $2.14 billion as of March 31, 2025, compared to December 31, 2024[1][10]. - Total loans increased by $15.0 million, or 0.8%, to $1.88 billion from December 31, 2024[1][10]. - Total deposits rose to $1.67 billion, an increase of $35.6 million or 2.2% from December 31, 2024[1][15]. - The allowance for credit losses was $33.1 million, representing 1.76% of total loans as of March 31, 2025[11][12]. - The allowance for credit losses on loans increased to $33,091,000 as of March 31, 2025, compared to $32,573,000 at December 31, 2024[23]. - Non-accrual loans decreased to $11,122,000 as of March 31, 2025, down from $11,782,000 at December 31, 2024[23]. Efficiency and Management - The efficiency ratio improved to 37.1% in Q1 2025 from 43.2% in Q1 2024[13]. - The efficiency ratio improved to 37.51% in Q1 2025, down from 43.23% in Q1 2024, indicating better cost management[22]. - The provision for credit losses was $0.6 million for Q1 2025, up from $0.2 million in Q1 2024[2][6].