secwatch.observer — SEC 8-K summary
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Issuer:     PARKE BANCORP, INC. (PKBK)
CIK:        0001315399
Form:       8-K
Filed at:   2024-04-19T23:59:59+00:00
Accession:  0001315399-24-000031
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Parke Bancorp Q1 net income falls 44.8% to $6.1M on lower NII and credit provision
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- Net income $6.1M ($0.51 diluted) vs $11.1M ($0.92) in Q1 2023, a 44.8% decline.
- Net interest income fell 18% to $14.1M; provision for credit losses was $0.2M vs a $2.4M recovery last year.
- Total deposits up 0.7% to $1.56B; total assets down 0.7% to $2.01B; nonperforming loans at 0.39% of loans.
- Non-interest income down 40.4% to $1.1M; non-interest expense down 3.3% to $6.5M.
- Tangible book value per share $24.08 vs $23.75; CEO cites higher funding costs and slow loan growth.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1315399/000131539924000031/0001315399-24-000031-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1315399/000131539924000031/pkbk-20240419.htm
  HTML page:      https://secwatch.observer/filing/0001315399-24-000031

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