Parke Bancorp, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 26, 2023 at 09:02 am EDT
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Parke Bancorp, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net interest income was USD 15.87 million compared to USD 17.97 million a year ago. Net income was USD 8.13 million compared to USD 10.74 million a year ago. Basic earnings per share from continuing operations was USD 0.68 compared to USD 0.9 a year ago. Diluted earnings per share from continuing operations was USD 0.67 compared to USD 0.88 a year ago.
For the six months, net interest income was USD 33.02 million compared to USD 35.07 million a year ago. Net income was USD 19.26 million compared to USD 20.83 million a year ago. Basic earnings per share from continuing operations was USD 1.61 compared to USD 1.75 a year ago. Diluted earnings per share from continuing operations was USD 1.59 compared to USD 1.71 a year ago.
Parke Bancorp, Inc. is a bank holding company for Parke Bank (the Bank). The Company, through its wholly owned subsidiary, provides personal and business financial services to individuals and small to mid-sized businesses. It offers a range of loan products, deposits services and other financial products through its retail branches and other channels to its customers. Its lending businesses consist of commercial real estate lending, residential real estate lending and construction lending. It also offers a range of commercial and industry loan, and consumer loan products to its customers. It funds its lending business primarily with deposits generated through retail deposits and commercial relationships. Its deposit products include checking, savings, money market deposits, time deposits and other traditional deposit services. In addition to traditional products and services, it offers contemporary products and services, such as debit cards, Internet banking, and online bill payment.