Parke Bancorp reports higher second-quarter profit
Parke Bancorp posted Q2 net income available to common shareholders of $12.2 million, up 47.8%, with EPS of $1.04.
Net interest income climbed 28.8% to $23 million, as interest and fees on loans rose $4.2 million and deposit costs fell $1.4 million.
Provision for credit losses eased to $700,000, down 30%, as higher charge-offs included one distressed office building moved to other real estate owned.
Non-interest expense increased 3.6% to $6.9 million, while non-interest income rose to $900,000 on higher bank owned life insurance income.
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