Welcome to our dedicated page for Parke Bancorp news (Ticker: PKBK), a resource for investors and traders seeking the latest updates and insights on Parke Bancorp stock.
Parke Bancorp Inc., symbol PKBK, serves as the bank holding company for Parke Bank, which provides a range of personal and business financial services tailored to individuals and small to mid-sized businesses. The company offers a variety of deposit accounts, including checking, savings, money market, and individual retirement accounts, alongside certificates of deposit. Parke Bancorp’s loan portfolio encompasses commercial and industrial loans, construction loans, commercial and residential real estate mortgages, and consumer loans. Additionally, the company facilitates debit card services, internet banking, and online bill payment.
Founded in 1999 and headquartered in Washington Township, New Jersey, Parke Bancorp operates a network of branch offices strategically located in Northfield, Galloway Township, Collingswood, and Washington Township in New Jersey, as well as in Center City Philadelphia and Chinatown in Philadelphia. This extensive branch presence ensures the company serves its diverse customer base effectively.
Recently, Parke Bancorp has reported significant financial milestones, including a notable increase in interest income driven primarily by higher market interest rates and increased outstanding loan balances. For the three months ending September 30, 2023, interest income surged by $6.8 million compared to the same period in 2022. However, this positive development was accompanied by a substantial rise in interest expenses, attributed to elevated market interest rates and changes in the deposit mix.
The company's non-interest income has experienced a decline, primarily due to reduced service fees and a decrease in gain on sales of OREO (Other Real Estate Owned). Despite this, Parke Bancorp continues to fortify its financial standing with robust non-interest expense management and strategic cost controls.
Parke Bancorp remains committed to maintaining strong asset quality and liquidity, with a solid credit loan reserve foundation through the newly implemented CECL (Current Expected Credit Losses) methodology. The company’s leadership, under the guidance of President and CEO Vito S. Pantilione, emphasizes caution amidst economic uncertainties while seeking to capitalize on market opportunities. The CEO’s recent outlook highlights the challenges posed by inflation and the competitive banking landscape, while also underscoring the company's preparedness to navigate these hurdles with substantial on and off-balance sheet liquidity.
As the company progresses, it continues to focus on enhancing shareholder value by maintaining strong returns on average assets and equity, despite the economic and industry headwinds. Parke Bancorp’s strategic direction involves controlling expenses, identifying market opportunities, and ensuring continued financial robustness, thereby delivering sustainable growth and profitability.
Parke Bancorp reported Q3 2024 earnings with net income of $7.5 million, up 16.3% from Q2 2024. Revenue increased 5.2% to $33.0 million. Total assets grew 2.1% to $2.07 billion, while total loans increased 2.9% to $1.84 billion. Deposits rose 0.4% to $1.56 billion.
The company saw a 634.1% increase in net income compared to Q3 2023, primarily due to a non-recurring $9.5 million contingent loss in the previous year. However, net interest income decreased by $1.0 million, and non-interest income fell by $0.9 million. The allowance for credit losses stood at $32.3 million, with the ratio to total loans at 1.76%.
CEO Vito S. Pantilione noted increased loan activity, stable residential construction projects, and exploration of new markets. He emphasized the focus on asset quality and non-interest expense management amid economic uncertainties and geopolitical tensions.
Parke Bancorp (NASDAQ: PKBK) has declared a $0.18 per share cash dividend, payable on October 18, 2024, to stockholders of record as of October 4, 2024. The Board anticipates paying dividends quarterly, subject to various factors and potential legal restrictions. Parke Bank, established in 1999, operates through six branch offices in New Jersey and two in Philadelphia. It focuses on providing financial services to individuals and small businesses in Gloucester, Atlantic, Cape May, and Philadelphia counties. Parke Bancorp's deposits are FDIC-insured, and its stock trades on the NASDAQ Capital Market under the symbol 'PKBK'.
Parke Bancorp (NASDAQ: PKBK) has announced a stock repurchase plan approved by its Board of Directors. The plan allows for the repurchase of up to 5% of the company's common stock over the next 12 months, unless completed sooner or extended. Open market purchases will be conducted in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, subject to SEC regulations and specific constraints.
President and CEO Vito S. Pantilione stated that the repurchase program is an integral part of the company's capital management strategy, emphasizing that at current prices, the stock is considered an attractive investment for the company. The repurchase is expected to enhance shareholder value.
Parke Bancorp (NASDAQ: PKBK) reported its Q2 2024 earnings with net income of $6.5 million, a 5.0% increase from Q1 2024 but a 20.6% decrease year-over-year. Revenue rose 8.8% to $31.4 million compared to Q1 2024. Total assets increased slightly to $2.03 billion, while total loans grew 1.0% to $1.81 billion. However, total deposits decreased by 3.6% to $1.50 billion.
The company faced challenges due to higher interest expenses and lower non-interest income. Net interest income decreased by 9.8% year-over-year to $14.3 million for Q2 2024. The provision for credit losses remained stable at $0.5 million. Despite these challenges, Parke Bancorp maintained a strong allowance for credit losses at 1.8% of total loans.
Parke Bancorp, trading under NASDAQ: PKBK, has declared a $0.18 per share cash dividend, payable on July 19, 2024, to stockholders of record as of July 5, 2024.
The Board plans to issue dividends quarterly, contingent on the company's financial health and regulatory conditions, but may reduce or eliminate future dividends if necessary.
Parke Bancorp, established in 2005, operates through multiple branches in New Jersey and Philadelphia, focusing on personal and business financial services.
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