Parke Bancorp, Inc. (PKBK) Bundle
An Overview of Parke Bancorp, Inc. (PKBK)
General Summary of Parke Bancorp, Inc. (PKBK)
Parke Bancorp, Inc. is a bank holding company based in New Jersey, primarily engaged in providing financial services through its wholly owned subsidiary, Parke Bank. Established in 1999, the company has developed a strong presence in the southern New Jersey and Philadelphia markets. Parke Bancorp offers a range of products including commercial and residential loans, savings and checking accounts, and various other financial services.
As of 2024, Parke Bancorp reported total assets of $2.07 billion, an increase from $2.03 billion at the end of 2023. The company’s loan portfolio increased to $1.84 billion, marking a growth of 2.9% from $1.79 billion at December 31, 2023. Total deposits reached $1.56 billion, reflecting a modest increase of 0.4% from the previous year.
Company's Financial Performance in the Latest Financial Reports
In the third quarter of 2024, Parke Bancorp achieved net income available to common shareholders of $7.5 million, a significant increase of 634.1% compared to $1.0 million in the same period last year. Earnings per share were reported at $0.63 for basic shares and $0.62 for diluted shares, up from $0.09 and $0.08 respectively.
For the nine months ended September 30, 2024, net income was $20.1 million, slightly down from $20.3 million in 2023. Net interest income decreased to $43.1 million, an 11.5% decline from $48.7 million in the previous year. Interest income rose to $91.8 million, a growth of 11.4% from $82.4 million. However, interest expense surged by 44.5% to $48.7 million, primarily due to rising market interest rates.
Non-interest income for the same period was $3.2 million, down from $5.2 million, largely due to reduced service fees from deposit accounts. Non-interest expenses decreased to $19.1 million, compared to $29.0 million in the previous year, primarily due to a non-recurring loss recorded in 2023.
Introduction to Parke Bancorp as an Industry Leader
Parke Bancorp, Inc. has established itself as a leading player in the community banking sector, focusing on small to mid-sized businesses and individual consumers. The company’s strategy emphasizes organic growth through deepening client relationships and providing a diverse range of financial products. This approach has resulted in a robust financial performance and a loyal customer base, which are critical in maintaining its competitive edge in the banking industry.
With a strong balance sheet and a commitment to customer service, Parke Bancorp continues to expand its market presence, particularly in residential mortgage, commercial real estate, and construction lending. The company’s emphasis on low-cost funding through core deposits allows it to support loan growth effectively.
| Key Financial Metrics | 2024 (as of Sept 30) | 2023 (as of Dec 31) | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Assets | $2.07 billion | $2.03 billion | $41.9 million | 2.1% |
| Total Loans | $1.84 billion | $1.79 billion | $52.6 million | 2.9% |
| Total Deposits | $1.56 billion | $1.55 billion | $6.1 million | 0.4% |
| Net Income (Q3) | $7.5 million | $1.0 million | $6.5 million | 634.1% |
| Earnings Per Share (Q3) | $0.63 (basic) | $0.09 (basic) | $0.54 | 600% |
| Net Interest Income (YTD) | $43.1 million | $48.7 million | ($5.6 million) | (11.5%) |
Mission Statement of Parke Bancorp, Inc. (PKBK)
Mission Statement of Parke Bancorp, Inc. (PKBK)
Parke Bancorp, Inc. is committed to providing exceptional banking services to its customers by focusing on quality, integrity, and community involvement. The company's mission statement is integral in guiding its long-term goals and strategies, ensuring a unified approach to serving its clients and stakeholders. As of 2024, Parke Bancorp emphasizes its dedication to fostering strong relationships with customers, enhancing shareholder value, and contributing positively to the communities it serves.
Core Component 1: Customer Commitment
At the heart of Parke Bancorp's mission is a strong commitment to its customers. The bank aims to deliver personalized financial solutions tailored to the unique needs of individuals and businesses. This customer-centric approach is reflected in the bank's diverse range of products, including residential and commercial loans, deposit accounts, and investment options.
As of September 30, 2024, Parke Bancorp reported total loans receivable of $1.84 billion, an increase of $52.6 million, or 2.9%, from the previous year. This growth can be attributed to the bank's focus on residential mortgages, construction loans, and commercial real estate, showcasing its adaptability to customer demands.
Core Component 2: Integrity and Trust
Parke Bancorp places a high value on integrity and trust, believing that these qualities are essential for building lasting relationships with customers and stakeholders. The bank strives to maintain transparency in its operations and uphold ethical standards in all business dealings.
Financially, the bank has demonstrated stability, with total equity increasing to $296.5 million as of September 30, 2024, representing a 4.3% increase from the previous year. This solid equity position enhances trust among investors and customers, as it reflects the bank's prudent risk management and operational efficiency.
Core Component 3: Community Engagement
Parke Bancorp is dedicated to community engagement, recognizing the importance of contributing to the well-being of the areas it serves. The bank actively participates in local initiatives and supports various charitable organizations, reinforcing its commitment to social responsibility.
As part of its community involvement, Parke Bancorp has focused on enhancing access to financial services for underserved populations, thereby promoting financial literacy and inclusion. This commitment is evident in the bank's growth strategy, which includes expanding its presence in Southern New Jersey and beyond, with total assets reported at $2.07 billion as of September 30, 2024.
| Financial Metric | September 30, 2024 | December 31, 2023 | Change | % Change |
|---|---|---|---|---|
| Total Loans Receivable | $1.84 billion | $1.79 billion | $52.6 million | 2.9% |
| Total Equity | $296.5 million | $284.3 million | $12.1 million | 4.3% |
| Total Assets | $2.07 billion | $2.02 billion | $41.9 million | 2.1% |
In summary, Parke Bancorp's mission statement encapsulates its dedication to customer commitment, integrity, and community engagement. These core components guide the bank's operations and strategies, ensuring a positive impact on its customers and stakeholders alike.
Vision Statement of Parke Bancorp, Inc. (PKBK)
Vision Statement Overview
The vision statement of Parke Bancorp, Inc. (PKBK) emphasizes a commitment to being a leader in providing superior financial services. The company aims to achieve sustainable growth while maintaining a strong focus on customer satisfaction and community involvement.
Customer-Centric Approach
Parke Bancorp’s vision includes a strong commitment to enhancing customer experiences. The company strives to offer personalized banking solutions that meet the diverse needs of its clients. This customer-centric approach is reflected in their service offerings and community engagement initiatives.
Commitment to Innovation
Innovation is a key component of Parke Bancorp's vision. The company focuses on leveraging technology to improve service delivery and operational efficiency. By adopting modern banking technologies, Parke Bancorp aims to enhance customer interactions and streamline processes.
Community Engagement
Parke Bancorp is dedicated to making a positive impact in the communities it serves. The vision statement highlights the importance of community involvement and social responsibility. The company actively participates in local initiatives and supports various charitable organizations.
Financial Performance Metrics
| Metric | Value (2024) |
|---|---|
| Total Assets | $2.07 billion |
| Total Equity | $296.5 million |
| Net Income (Q3 2024) | $7.5 million |
| Earnings Per Share (Q3 2024) | $0.63 |
| Net Interest Income | $14.7 million |
| Non-interest Income | $0.9 million |
| Total Deposits | $1.56 billion |
Focus on Sustainable Growth
The vision also encapsulates a focus on sustainable growth. Parke Bancorp aims to balance profitability with responsible banking practices, ensuring that growth does not compromise its values or community commitments. This approach is designed to foster long-term success and stability.
Future Aspirations
Looking ahead, Parke Bancorp envisions expanding its footprint while enhancing its service offerings. The company plans to explore new markets and develop innovative financial products that cater to evolving customer needs.
Conclusion
In summary, Parke Bancorp, Inc. (PKBK) has articulated a vision that emphasizes customer satisfaction, innovation, community engagement, sustainable growth, and future expansion. This multifaceted approach positions the company for continued success in the competitive banking landscape.
Core Values of Parke Bancorp, Inc. (PKBK)
Integrity
Integrity is a fundamental core value at Parke Bancorp, Inc. (PKBK). The company emphasizes transparency and honesty in all its dealings, ensuring trust with customers and stakeholders.
In 2024, Parke Bancorp demonstrated its commitment to integrity by adhering to strict regulatory requirements and maintaining high standards of corporate governance. The company has consistently reported its financial results timely and accurately, with total equity increasing to $296.5 million as of September 30, 2024, up from $284.3 million at December 31, 2023.
Customer Focus
Customer focus is at the heart of Parke Bancorp's operations. The company prioritizes the needs and expectations of its clients, ensuring that services are tailored to meet these demands.
In 2024, Parke Bancorp reported a net income available to common shareholders of $20.1 million for the nine months ended September 30, 2024, reflecting its commitment to enhancing customer relationships and satisfaction. The bank also expanded its lending footprint, focusing on small to mid-sized businesses, which accounted for 24.6% of total loans.
Community Engagement
Community engagement is a vital core value for Parke Bancorp. The company actively participates in local initiatives and supports various community programs.
As of September 30, 2024, Parke Bancorp had approximately $116.5 million in deposits from cannabis customers, representing about 7.5% of total deposits, which showcases its commitment to supporting emerging industries within its community.
Innovation
Innovation is a core value that drives Parke Bancorp to continuously improve its services and operational efficiency.
In 2024, the company reported an increase in interest income from loans, totaling $30.2 million for the third quarter, which reflects its strategic focus on innovative lending solutions. This increase was primarily due to higher loan balances and market interest rates, demonstrating the effectiveness of its innovative approaches to lending.
Teamwork
Teamwork is essential at Parke Bancorp. The company believes in fostering a collaborative environment where employees work together towards common goals.
In 2024, employee compensation and benefits accounted for $9.5 million in non-interest expenses, indicating the investment in its workforce to enhance teamwork and collaboration. The bank’s efforts in building a strong team culture have contributed to its robust performance and customer satisfaction.
| Core Value | Description | 2024 Performance Indicator |
|---|---|---|
| Integrity | Transparency and honesty in dealings | Total equity: $296.5 million |
| Customer Focus | Prioritizing client needs | Net income available to common shareholders: $20.1 million |
| Community Engagement | Active participation in local initiatives | Deposits from cannabis customers: $116.5 million |
| Innovation | Continuous improvement of services | Interest income from loans: $30.2 million |
| Teamwork | Collaborative work environment | Employee compensation and benefits: $9.5 million |
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Resources:
- Parke Bancorp, Inc. (PKBK) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Parke Bancorp, Inc. (PKBK)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Parke Bancorp, Inc. (PKBK)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.