Financial Performance - Net income for Q1 2024 was $6.1 million, a decrease of $5.0 million or 44.8% compared to Q1 2023[2] - Net income available to common shareholders declined to $6,145 thousand in Q1 2024 from $11,123 thousand in Q1 2023, with diluted earnings per share dropping to $0.51 from $0.92[20] - Return on average assets decreased to 1.27% in Q1 2024 from 2.31% in Q1 2023, indicating lower profitability[22] - Return on average common equity fell to 8.60% in Q1 2024 from 16.65% in Q1 2023, reflecting reduced shareholder returns[22] Interest Income and Expenses - Net interest income decreased by 18.0% to $14.1 million for Q1 2024 compared to Q1 2023[2] - Total interest income increased to $29,477 thousand in Q1 2024 from $26,024 thousand in Q1 2023, reflecting growth in interest and fees on loans[20] - Net interest income decreased to $14,054 thousand in Q1 2024 from $17,149 thousand in Q1 2023, primarily due to higher interest expenses[20] - Net interest margin declined to 3.21% in Q1 2024 from 3.65% in Q1 2023, signaling tighter interest rate spreads[22] Asset and Loan Management - Total assets decreased by 0.7% to $2.01 billion at March 31, 2024, compared to December 31, 2023[1] - Total loans decreased by 0.1% to $1.79 billion at March 31, 2024, compared to December 31, 2023[1] - Nonperforming loans decreased by 3.8% to $7.0 million at March 31, 2024, representing 0.39% of total loans[10] - Non-accrual loans decreased to $6,988 thousand in Q1 2024 from $7,261 thousand in Q4 2023, with the allowance for credit losses to non-accrual loans ratio improving to 456.75%[23] Credit Losses and Allowances - Provision for credit losses was $0.2 million for Q1 2024, compared to a recovery of $2.4 million for Q1 2023[6] - The allowance for credit losses to total loans ratio was 1.79% at March 31, 2024, compared to 1.80% at December 31, 2023[10] - Allowance for credit losses on loans slightly decreased to $31,918 thousand in Q1 2024 from $32,131 thousand in Q4 2023, with the allowance to total loans ratio at 1.79%[23] Deposit Trends - Total deposits increased by 0.7% to $1.56 billion at March 31, 2024, compared to December 31, 2023[1] Non-Interest Income and Expenses - Non-interest income decreased by 40.4% to $1.1 million for Q1 2024 compared to Q1 2023[7] - Non-interest expense decreased by 3.3% to $6.5 million for Q1 2024 compared to Q1 2023[8] - Efficiency ratio worsened to 43.23% in Q1 2024 from 35.71% in Q1 2023, indicating higher operating costs relative to income[22]

Financial Performance - Net income available to common shareholders for 2023 was $28.4 million, a decrease of 32.0% compared to 2022, primarily due to a $11.4 million increase in non-interest expenses[152] - Net interest income decreased by $9.1 million (12.4%) to $64.2 million in 2023, driven by a $34.3 million increase in interest expense, partially offset by a $25.2 million increase in interest income[155] - Non-interest income decreased by $1.7 million (20.2%) to $6.7 million in 2023, primarily due to lower fee income from commercial deposit accounts and other loan fees[166] - Fee income from commercial deposit accounts in the cannabis industry totaled $3.4 million in 2023, down from $4.4 million in 2022[167] - Income tax expense decreased by $5.0 million to $9.2 million in 2023, with an effective tax rate of 24.5%, down from 25.4% in 2022[170] Balance Sheet and Capital - Total assets as of December 31, 2023, were $2.02 billion, with total liabilities of $1.74 billion and total shareholders' equity of $284.3 million[152] - Total assets increased by $38.6 million (1.9%) to $2.02 billion in 2023, driven by a $35.9 million increase in total loans outstanding[171] - Total liabilities increased by $20.3 million (1.2%) to $1.74 billion in 2023, primarily due to a $42.0 million increase in borrowings, partially offset by a $23.2 million decrease in deposits[172] - Total equity increased by $18.3 million (6.9%) to $284.3 million in 2023, primarily due to retained earnings, partially offset by $8.6 million in cash dividends[181] - The risk-based tier 1 capital ratio was 20.8% as of December 31, 2023[152] Loans and Deposits - Loans receivable increased by $35.9 million (2.0%) to $1.79 billion in 2023, driven by increases in residential and commercial loans, partially offset by a $34.8 million decrease in construction loans[176] - Total deposits decreased by $23.2 million (1.5%) to $1.55 billion in 2023, with cannabis-related deposits dropping by $80.6 million to $96.7 million due to increased competition and industry consolidation[179] - Borrowings increased by $42.0 million to $168.1 million in 2023, primarily due to a $41.9 million increase in FHLBNY advances[180] - Unused commitments to extend credit decreased from $159.0 million in 2022 to $93.8 million in 2023[197] - Standby letters of credit remained stable at $1.5 million in both 2022 and 2023[198] Interest and Credit - Interest income on loans increased by $23.2 million (27.9%) to $106.1 million in 2023, driven by higher average outstanding loan balances and market interest rates[155] - Interest expense increased by $34.3 million (242.5%) to $48.5 million in 2023, primarily due to higher market interest rates on deposit accounts and changes in the deposit mix[155] - The provision for credit losses decreased by $3.9 million in 2023, with a recovery of $2.1 million compared to a provision of $1.8 million in 2022[162] - The company's allowance for credit losses is based on periodic evaluations of the loan and lease portfolios, using historical data and qualitative factors[205] - The allowance for credit losses includes a specific allowance for collateral-dependent loans and a general allowance for loans with expected credit losses[206] Cash and Investments - The company's cash position was $180.4 million at the end of 2023, with a $944.4 million line of credit from FHLBNY, of which $125.0 million was outstanding[182][184] - The company's investment securities portfolio classified as available for sale was $7.1 million at the end of 2023, primarily consisting of mortgage-backed securities[185] - Total interest-earning assets as of December 31, 2023, amounted to $1,969,639 thousand, with loans constituting the largest portion at $1,777,414 thousand[193] Risk and Sensitivity - The ratio of rate-sensitive assets to rate-sensitive liabilities was 132.3% as of December 31, 2023[193] - Cumulative interest sensitivity gap to total assets was 23.8% as of December 31, 2023[193] - The company manages credit risk in commitments to lend by limiting total commitments and applying consistent credit standards[195] - Inflation primarily affects non-interest expenses, such as employee compensation and occupancy costs[202] - The company's financial statements are prepared in accordance with GAAP, without adjusting for inflation[200] Dividends and Shareholder Returns - The company returned $8.6 million of capital to common shareholders through dividends in 2023[152] Non-Interest Expenses - Non-interest expense increased by $11.4 million to $35.3 million in 2023, primarily due to a $9.1 million increase in other operating expenses, including a one-time $9.5 million contingent loss related to stolen cash[169]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [☒] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2023 or [☐] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File No. 000-51338 PARKE BANCORP, INC. (Exact name of registrant as specified in its charter) New Jersey 65-1241959 (Sta ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [☒] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (IRS Employer Identification No.) 601 Delsea Drive, Washington Township, New Jersey 08080 For the quarterly period ended: June 30, 2023 or (State or other jurisdiction of incorporation or organization) [☐] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [☒] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2023 or [☐] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File No. 000-51338 PARKE BANCORP, INC. (Exact name of registrant as specified in its charter) New Jersey 65-1241959 (State o ...

ANNUAL REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark One) [☒] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2022 or [☐] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File No. 000-51338 PARKE BANCORP, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from ____________ to ____________ Commission File No. 000-51338 PARKE BANCORP, INC. (Exact name of registrant as specified in its charter) FORM 10-Q [☒] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2022 or [☐] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 N/A (Former name, former a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) New Jersey 65-1241959 (State or other jurisdiction of incorporation or organization) [☒] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2022 or [☐] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [☒] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2022 or [☐] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File No. 000-51338 PARKE BANCORP, INC. (Exact name of registrant as specified in its charter) New Jersey 65-1241959 (State o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) [☒] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2021 or [☐] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File No. 000-51338 PARKE BANCORP, ...