PKBK - Parke Bancorp GAAP EPS of $0.87 revenue of $24.4M

• Parke Bancorp press release ( NASDAQ: PKBK ): Q3 GAAP EPS of $0.87.
• Revenue of $24.4M (+7.0% Y/Y).
• Net interest income increased 10.4% to $19.3 million for the three months ended September 30, 2022, compared to $17.5 million for the same period in 2021.
• Provision for loan losses increased $600.0 thousand for the three months ended September 30, 2022.  There was no provision for loan losses recorded for the same period in 2021.
• Non-interest income decreased $167.0 thousand, or 7.6%, to $2.0 million for the three months ended September 30, 2022, compared to $2.2 million for the same period in 2021.
• Non-interest expense increased $864.0 thousand, or 15.9%, to $6.3 million for the three months ended September 30, 2022, compared to $5.4 million for the same period in 2021.
• Net income available to common shareholders was $31.3 million, or $2.63 per basic common share and $2.58 per diluted common share, for the nine months ended September 30, 2022, an increase of $683.0 thousand, or 2.2%, compared to net income available to common shareholders of $30.7 million, or $2.58 per basic common share and $2.53 per diluted common share, for the same period in 2021.  The increase is primarily driven by higher net interest income, partially offset by an increase in the provision for loan losses  and higher non-interest expense.
• Net interest income increased 3.9% to $54.4 million for the nine months ended September 30, 2022, compared to $52.4 million for the same period in 2021.
• Provision for loan losses increased $450.0 thousand to $950.0 thousand for the nine months ended September 30, 2022, compared to $500.0 thousand for the same period in 2021.
• Non-interest expense increased $765.0 thousand, or 4.5%, to $17.7 million, for the nine months ended September 30, 2022, compared to $16.9 million for the same period in 2021.

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