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Parke Bancorp Inc. (PKBK+0.65%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a total asset increase to $2.14 billion from $2.02 billion in the previous year. This growth was primarily driven by an increase in cash equivalents and loans.
Total liabilities rose to $1.84 billion, with deposits increasing by $78.2 million to $1.63 billion. Borrowings also increased by $20.2 million, primarily due to higher Federal Home Loan Bank advances.
Net income available to common shareholders was $27.5 million, a decrease from $28.4 million in the previous year. The decrease is attributed to a reduction in net interest income and an increase in the provision for credit losses.
Net interest income decreased by $5.5 million to $58.7 million, primarily due to a $17.9 million increase in interest expense, which offset a $12.4 million increase in interest income.
Non-interest income declined by $2.4 million to $4.3 million, largely due to a decrease in service fees on deposit accounts related to the cannabis industry.
Non-interest expenses decreased by $9.3 million to $26.0 million, primarily due to a $10.1 million reduction in other operating expenses, which included a one-time contingent loss recognized in the previous year.
Parke Bancorp's allowance for credit losses increased slightly to $32.6 million, reflecting changes in the loan portfolio and economic conditions.
The company continues to provide banking services to the cannabis industry, with deposits from cannabis-related businesses increasing to $151.9 million.
Parke Bancorp remains well-capitalized, with a Community Bank Leverage Ratio of 16.38% as of December 31, 2024.
The filing outlines various risk factors, including economic conditions, regulatory changes, and the company's involvement with the cannabis industry, which remains illegal under federal law.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Parke Bancorp Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.