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, Inc. (PKBK) reported its Q1 2023 financial results with net income of
However, total assets decreased by 1% to
Parke Bancorp, Inc. (NASDAQ: PKBK) announced a $0.18 cash dividend per share, payable on April 24, 2023, to stockholders of record by the close of business on April 10, 2023. This dividend represents the company’s ongoing commitment to return value to shareholders and reflects the financial condition of the company. The Board plans to review dividend payments quarterly, considering financial stability and regulatory factors. However, future dividends may face reductions or eliminations depending on these assessments.
Parke Bancorp (PKBK) reported Q4 2022 net income of $10.4 million, or $0.88 per basic share, reflecting a 3.8% year-over-year increase. Q4 revenue reached $26.8 million, driven by a 13.0% rise in net interest income to $18.9 million. Despite this, total assets decreased by 7.1% year-over-year to $1.98 billion, with total loans increasing 18.0% to $1.75 billion. Total deposits fell 10.9% to $1.58 billion. A notable concern includes the possible theft of $9.5 million in cash related to cannabis customers, currently under investigation. The outlook remains cautious due to inflation and rising interest rates.
Parke Bancorp, Inc. (NASDAQ: PKBK) announced a cash dividend of $0.18 per share, payable on January 18, 2023, to shareholders on record as of January 4, 2023. The Board plans to consider quarterly dividend payments based on the company’s financial condition and regulatory factors, suggesting potential volatility in future dividends. Established in 2005, Parke Bancorp operates primarily in New Jersey and Pennsylvania, offering financial services through several branches. The company’s deposits are insured by the FDIC.
Parke Bancorp, Inc. (PKBK) reported Q3 2022 net income of $10.5 million or $0.88 per share, a slight increase of 0.4% year-over-year. Revenue reached $24.4 million, driven by a 10.4% rise in net interest income to $19.3 million. Total loans rose 13.1% to $1.68 billion, while total assets fell 10.0% to $1.92 billion. A provision for loan losses of $600,000 was recorded, and non-interest income decreased 7.6% to $2 million. CEO Vito S. Pantilione highlighted the impact of rising interest rates and potential recession risks.
FAQ
What is the current stock price of Parke Bancorp (PKBK)?
What is the market cap of Parke Bancorp (PKBK)?
What does Parke Bancorp Inc. do?
Where is Parke Bancorp Inc. headquartered?
What types of deposit accounts does Parke Bancorp offer?
What kind of loans does Parke Bancorp provide?
How has Parke Bancorp's financial performance been recently?
What recent challenges has Parke Bancorp faced?
Where are Parke Bancorp's branch offices located?
What is the CEO's outlook for Parke Bancorp?
When was Parke Bancorp founded?
What are some of Parke Bancorp's recent strategic focuses?
