Parke Bancorp reports Q EPS 69c vs. 53c last year
Reports Q2 provision for credit losses $1.0M vs. $500,000 last year. Vito S. Pantilione, President and CEO of Parke Bancorp, and Parke Bank, said: "Market volatility continues in 2025 as President Trump's tariffs are negotiated, combined with the geopolitical unrest. Many of the tariff implementations were extended, some settled, and some added. Contributing to the market volatility is the disagreement between the Federal Reserve Board and the Administration with respect to reducing short term interest rates. President Trump believes that inflation and job data support lowering interest rates immediately. Federal Reserve Chairman Powell, however, has taken a wait-and-see approach to see if the tariffs will cause a spike in the inflation rate. The tariffs have also affected the real estate construction industry, due to the possible increase in material prices, and in some instances, the availability of some building materials. The Russia-Ukraine war also puts a cloud over the market, with the continuing bombing causing civilian deaths and destruction. At this time, however, it does not appear that the bombing of nuclear production sites in Iran has disrupted the global oil supply."
