Parke Bancorp's Q3 net income rises, helped by loan growth
PKBK•Parke Bancorp reported Q3 revenue of $39.6 million, up 6.1% year over year, and net income of $12.16 million, up 14.5%. Adjusted EPS rose to $1.02 from $0.89.
1. Quarterly results
Parke Bancorp said higher loan balances and market interest rates drove higher interest income, while lower professional services expense contributed to a decrease in non-interest expense. Higher bank-owned life insurance income and loan fees also boosted non-interest income.
2. Outlook
The company cited ongoing economic uncertainty and the potential for further Federal Reserve rate hikes as factors affecting its outlook. It did not provide specific financial guidance for upcoming quarters or the full year.
