secwatch.observer — SEC 8-K summary
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Issuer:     PARKE BANCORP, INC. (PKBK)
CIK:        0001315399
Form:       8-K
Filed at:   2024-01-24T23:59:59+00:00
Accession:  0001315399-24-000002
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Parke Bancorp Q4 net income down 22%; full-year earnings hit by $9.5M contingent loss
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- Q4 net income $8.2M ($0.68 basic EPS) vs $10.4M ($0.88) in Q4 2022; net interest income fell 18% to $15.5M.
- Full-year net income $28.4M ($2.38 basic) vs $41.8M ($3.51); non-interest expense up 48% due to $9.5M armored car theft loss.
- Total deposits fell 1.5% to $1.55B; cannabis-related deposits dropped $80.7M to $96.7M; brokered deposits rose to $223.4M.
- Nonperforming loans decreased to $7.3M (0.41% of loans) from $16.3M; allowance coverage ratio improved to 442.5%.
- CEO cites challenging year but notes ROAA of 1.45% and ROAE over 10%; expects potential rate cuts in 2024 to aid growth.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1315399/000131539924000002/0001315399-24-000002-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1315399/000131539924000002/pkbk-20240124.htm
  HTML page:      https://secwatch.observer/filing/0001315399-24-000002

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