Parke Bancorp reports Q4 EPS 67c vs. 86c last year

Reports Q4 provision for credit losses a recovery of $0.5M vs. a provision of $0.9M last year. Reports Q4 NII down 18.0% to $15.5M vs. $18.9M last year. CEO Vito Pantilione stated: “2023 was a challenging year for the country, our region and the banking industry. Inflation remained high, although some relief was experienced in the 4th quarter and interest rates remained high after an unprecedented 550 basis point increase over the last 18 months. There were also bank failures in 2023. …The challenges in 2023 were compounded for our company with the booking of a $9.5M, contingent loss. We previously reported the $9.5M theft by one of our armored car courier companies and, are aggressively pursuing multiple avenues of restitution, including existing insurance policies…Although 2023 had many challenges as mentioned above, our company generated a Return On Average Assets of 1.45% and a Return On Average Equity over 10%. The probability of a volatile, and potentially worsening, economy and market still exists. We continue to be well structured to face these challenges with strong capital, strong asset quality and strong reserves. This enables our company to move forward with a focus on growth and continued profitability, although with caution. The Board and Management of our company are committed to supporting the confidence and investment of our shareholders.”