Parke Bancorp delivers $12.2 million quarterly net income

• Parke Bancorp achieved $12.2 million in second-quarter net income available to common shareholders with a diluted EPS of $1.03.
• The bank expanded its profitability as net interest income rose 28.8 percent year over year to $23.0 million.
• Management stated that this financial performance was driven by a combination of higher loan yields and lower funding costs.

Parke Bancorp (NASDAQ:PKBK) reported a 47.8 percent increase in second-quarter net income available to common shareholders to reach $12.2 million.

This bottom-line result generated a diluted earnings per share of $1.03, representing an increase from the $0.69 recorded during the prior year.

Net interest income for the financial institution rose 28.8 percent year over year to reach $23 million for the quarter.

The bank attributed this revenue growth to a combination of higher loan yields and lower overall funding costs.

Total assets for the business reached $2.30 billion as equity rose 6.6 percent to $346.1 million during the period.

The company also maintained its credit quality by reducing nonperforming loans to $5.4 million, representing 0.27 percent of total loans.