Parke Bancorp(PKBK) - 2025 Q2 - Quarterly Results

Financial Performance - Net income for Q2 2025 was $8.3 million, a 6.5% increase from Q1 2025, and a 28.3% increase from Q2 2024[2] - Revenue for Q2 2025 reached $35.8 million, up 3.4% from Q1 2025[1] - The company reported a net income of $16.061 million for the six months ended June 30, 2025, compared to $12.606 million for the same period in 2024, representing a year-over-year increase of 27.5%[19] Asset and Loan Growth - Total assets increased to $2.17 billion, a 1.3% rise from December 31, 2024[10] - Total loans grew to $1.93 billion, reflecting a 3.6% increase since December 31, 2024[10] - Total deposits increased to $1.69 billion as of June 30, 2025, up $62.4 million or 3.8% from $1.63 billion at December 31, 2024, driven by a $199.6 million rise in money market deposits[13] Income and Efficiency Ratios - Net interest income for Q2 2025 was $17.9 million, a 24.9% increase compared to Q2 2024[2] - The efficiency ratio improved to 36.60% as of June 30, 2025, compared to 41.69% a year earlier[12] - The efficiency ratio decreased to 36.60% for the six months ended June 30, 2025, down from 41.69% for the same period in 2024, indicating improved operational efficiency[20] Credit Quality - Provision for credit losses was $1.0 million for Q2 2025, compared to $0.5 million for the same period in 2024[6] - Non-performing loans decreased to $11.2 million, representing 0.58% of total loans, down from $11.8 million at December 31, 2024[11] - The allowance for credit losses was $33.8 million, with a ratio of 1.75% to total loans as of June 30, 2025[11] - Non-accrual loans decreased to $11.202 million as of June 30, 2025, down from $11.782 million at December 31, 2024, indicating improved asset quality[21] Interest Income Management - Net interest income for the six months ended June 30, 2025, was $34.478 million, up from $28.366 million for the same period in 2024, reflecting a significant increase in interest income[19] - The company experienced a net interest margin of 3.32% for the six months ended June 30, 2025, compared to 3.00% for the same period in 2024, reflecting better interest income management[20] Borrowings - Total borrowings decreased to $143.4 million at June 30, 2025, down from $188.3 million at December 31, 2024, primarily due to the repayment of $45.0 million of FHLBNY term borrowings[13]