secwatch.observer — SEC 8-K summary
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Issuer:     PARKE BANCORP, INC. (PKBK)
CIK:        0001315399
Form:       8-K
Filed at:   2023-10-25T23:59:59+00:00
Accession:  0001315399-23-000069
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Parke Bancorp Q3 net income sinks 90% to $1.0M on $9.5M armored car theft loss
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- Net income available to common shareholders fell 90.3% to $1.0M ($0.08 diluted EPS) vs $10.5M ($0.87) a year ago.
- Q3 revenue was $30.9M, up 6.92% from Q2 2023; total assets $1.98B, loans $1.80B (+2.8% YTD), deposits $1.53B (-2.7% YTD).
- Earnings hit by $9.5M contingent loss recognition from cash stolen at a third-party armored car carrier facility.
- Adjusted for the theft loss (tax-effected $7.3M), adjusted net income would have been $8.3M, or $0.68 diluted EPS.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1315399/000131539923000069/0001315399-23-000069-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1315399/000131539923000069/pkbk-20231025.htm
  HTML page:      https://secwatch.observer/filing/0001315399-23-000069

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer