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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: June 30, 2020.
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 Jersey65-1241959
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
601 Delsea Drive, Washington Township, New Jersey
08080
(Address of principal executive offices)(Zip Code)

856-256-2500
(Registrant's telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes []                No []

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes []                No []

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer”, “accelerated filer", “smaller reporting company” and “emerging growth company in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer []       Accelerated filer []         Non-accelerated filer []        Smaller reporting company [] Emerging growth company [ ] 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ]                No []





Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of Each Exchange on Which Registered
Common Stock, par value $0.10 per sharePKBKThe Nasdaq Stock Market, LLC

As of August 1, 2020, there were 11,849,118 shares of the registrant's common stock ($0.10 par value) outstanding.





INDEX
  Page
Part IFINANCIAL INFORMATION 
   
Item 1.Financial Statements
Item 2.
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
   
Part IIOTHER INFORMATION 
   
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
   
SIGNATURES
   
EXHIBITS and CERTIFICATIONS 




PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Parke Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited)
(Dollars in thousands except share and per share data)
 June 30,
2020
December 31,
2019
Assets  
Cash and due from banks$17,011  $10,082  
Interest bearing deposits with banks303,912  181,525  
Cash and cash equivalents
320,923  191,607  
Investment securities available for sale, at fair value24,392  26,613  
Investment securities held to maturity (fair value of $1,506 at June 30, 
 2020 and $1,430 at December 31, 2019)
1,195  1,167  
Total investment securities25,587  27,780  
Loans held for sale193  190  
Loans, net of unearned income1,544,233  1,420,749  
Less: Allowance for loan losses
(25,228) (21,811) 
Net loans
1,519,005  1,398,938  
Accrued interest receivable10,193  6,069  
Premises and equipment, net6,908  6,946  
Other real estate owned3,772  4,727  
Restricted stock7,542  7,440  
Bank owned life insurance (BOLI)26,703  26,410  
Deferred tax asset6,094  6,285  
Other 8,964  4,768  
Total Assets
$1,935,884  $1,681,160  
Liabilities and Equity  
Liabilities  
Deposits
  
Noninterest-bearing deposits
$356,350  $259,269  
Interest-bearing deposits
1,152,211  1,079,950  
Total deposits
1,508,561  1,339,219  
FHLBNY borrowings
134,650  134,650  
Other borrowings
72,896    
Subordinated debentures
13,403  13,403  
Accrued interest payable
1,754  2,260  
Other
14,879  12,204  
Total liabilities
1,746,143  1,501,736  
Equity  
Preferred stock, 1,000,000 shares authorized, $1,000 liquidation value Series B non-cumulative convertible; 500 shares outstanding at June 30, 2020 and December 31, 2019, respectively
500  500  
Common stock, $0.10 par value; authorized 15,000,000 shares; Issued: 12,133,640 shares and 12,132,855 shares at June 30, 2020 and Dec. 31, 2019, respectively
1,213  1,213  
  Additional paid-in capital134,830  134,706  
  Retained earnings54,087  44,143  
  Accumulated other comprehensive income642  58  
  Treasury stock, 284,522 shares at June 30, 2020 and Dec. 31, 2019, at cost
(3,015) (3,015) 
   Total shareholders’ equity188,257  177,605  
  Noncontrolling interest in consolidated subsidiaries1,484  1,819  
   Total equity189,741  179,424  
   Total liabilities and equity$1,935,884  $1,681,160  
See accompanying notes to consolidated financial statements
1


Parke Bancorp Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
 For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
 2020201920202019
 (Dollars in thousands except share data)
Interest income:
Interest and fees on loans$20,139  $18,523  $40,467  $35,964  
Interest and dividends on investments259  290  537  605  
Interest on federal funds sold and deposits with banks45  1,011  996  1,612  
Total interest income20,443  19,824  42,000  38,181  
Interest expense:
Interest on deposits4,759  4,520  10,210  8,483  
Interest on borrowings793  1,013  1,700  1,975  
Total interest expense5,552  5,533  11,910  10,458  
Net interest income14,891  14,291  30,090  27,723  
Provision for loan losses2,000  450  3,396  1,150  
Net interest income after provision for loan losses12,891  13,841  26,694  26,573  
Non-interest income  
Gain on sale of SBA loans      40  
Other loan fees165  285  406  476  
Bank owned life insurance income147  150  293  297  
Service fees on deposit accounts514  487  1,082  868  
Net loss on sale of OREO(21) (343) (153) (343) 
Other121  187  286  347  
Total non-interest income926  766  1,914  1,685  
Non-interest expense  
Compensation and benefits2,689  2,319  5,234  4,460  
Professional services396  521  751  912  
Occupancy and equipment518  473  998  944  
Data processing308  250  625  468  
FDIC insurance and other assessments153  34  294  61  
OREO expense67  117  178  192  
Other operating expense731  803  1,651  1,640  
Total non-interest expense4,862  4,517  9,731  8,677  
Income before income tax expense8,955  10,090  18,877  19,581  
Income tax expense2,311  2,481  4,865  4,797  
Net income attributable to Company and noncontrolling interest6,644  7,609  14,012  14,784  
Less: Net income attributable to noncontrolling interest(103) (141) (259) (255) 
Net income attributable to Company6,541  7,468  13,753  14,529  
Less: Preferred stock dividend (7) (8) (15) (9) 
Net income available to common shareholders$6,534  $7,460  $13,738  $14,520  
Earnings per common share  
Basic$0.55  $0.63  $1.16  $1.23  
Diluted$0.55  $0.62  $1.15  $1.21  
Weighted average common shares outstanding  
Basic11,849,118  11,837,378  11,849,041  11,828,432  
Diluted11,977,597  12,010,759  11,992,899  12,007,086  
All share and per share information as of June 30, 2019 has been adjusted for the stock dividend effective on March 3, 2020.
See accompanying notes to consolidated financial statements
2


Parke Bancorp Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
 For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
 2020201920202019
 (Dollars in thousands)
Net income $6,644  $7,609  $14,012  $14,784  
Unrealized gains on investment securities, net of reclassification into income: 
Unrealized gains on non-OTTI securities91  289  774  769  
Tax impact on unrealized gain (22) (71) (190) (190) 
Total unrealized gains on investment securities69  218  584  579  
Comprehensive income6,713  7,827  14,596  15,363  
Less: Comprehensive income attributable to noncontrolling interests(103) (141) (259) (255) 
Comprehensive income attributable to the Company$6,610  $7,686  $14,337  $15,108  
See accompanying notes to consolidated financial statements

3


Parke Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)

 Preferred
Stock
Shares of Common
Stock issued
Common
Stock
Additional
Paid-In
Capital
 
Retained
Earnings
Accumulated
Other Comprehensive Income
Treasury
Stock
Total Shareholders' EquityNon-Controlling InterestTotal Equity
(Dollars in thousands except share data)
Balance, March 31, 2020$500  12,133,640  $1,213  $134,769  $49,449  $573  $(3,015) $183,489  $1,381  $184,870  
Net income —  —  —  —  6,541  —  —  6,541  103  6,644  
Other comprehensive income —  —  —  —  —  69  —  69  —  69  
Stock compensation expense—  —  —  61  —  —  —  61  —  61  
Dividend on preferred stock —  —  —  —  (7) —  —  (7) —  (7) 
Dividend on common stock —  —  —  —  (1,896) —  —  (1,896) —  (1,896) 
Balance, June 30, 2020$500  12,133,640  $1,213  $134,830  $54,087  $642  $(3,015) $188,257  $1,484  $189,741  
Balance, December 31, 2019$500  12,132,855  $1,213  $134,706  $44,143  $58  $(3,015) $177,605  $1,819  $179,424  
Net income —  —  —  —  13,753  —  —  13,753  259  14,012  
Earnings distribution to non-controlling interest—  —  —  —  —  —  —  —  (594) (594) 
Common stock options exercised —  845  —  —  —  —  —  —  —    
Other comprehensive income —  —  —  —  —  584  —  584  —  584  
Stock compensation expense—  —  —  125  —  —  —  125  —  125  
Stock dividend*—  (60) —  (1) (2) —  —  (3) —  (3) 
Dividend on preferred stock —  —  —  —  (15) —  —  (15) —  (15) 
Dividend on common stock —  —  —  —  (3,792) —  —  (3,792) —  (3,792) 
Balance, June 30, 2020$500  12,133,640  $1,213  $134,830  $54,087  $642  $(3,015) $188,257  $1,484  $189,741  
* The Company retroactively adjusted the stock dividend declared in January 2020 into the December 2019 financial statements according to Generally Accepted Accounting Principals (GAAP). The actual
shares of the stock dividend issued subsequently were less than the shares assumed for December 31, 2019 due to the cash distribution for fraction shares to the common shareholders.
See accompanying notes to consolidated financial statements

4


 Preferred
Stock
Shares of Common Stock issuedCommon
Stock
Additional
Paid-In
Capital
 
Retained
Earnings
Accumulated
Other Comprehensive (Loss) Income
Treasury
Stock
Total Shareholders' EquityNon-Controlling InterestTotal Equity
(Dollars in thousands except share data)
Balance, March 31, 2019$560  11,044,485  $1,104  $113,561  $47,624  $(272) $(3,015) $159,562  $1,553  $161,115  
Net income —  —  —  —  7,468  —  —  7,468  141  7,609  
Common stock options exercised 3,495  —  —  —  —  —  —  —    
Preferred stock shares conversion(10) 1,250  1  10  —  —  —  1  —  1  
Other comprehensive income —  —  —  —  —  218  —  218  —  218  
Stock compensation expense—  —  —  42  —  —  —  42  —  42  
Dividend on preferred stock —  —  —  —  (8) —  —  (8) —  (8) 
Dividend on common stock —  —  —  —  (1,722) —  —  (1,722) —  (1,722) 
Balance, June 30, 2019$550  11,049,230  $1,105  $113,613  $53,362  $(54) $(3,015) $165,561  $1,694  $167,255  
Balance, December 31, 2018$1,224  10,953,081  $1,095  $112,807  $42,079  $(633) $(3,015) $153,557  $1,439  $154,996  
Net income—  —  —  —  14,529  —  —  14,529  255  14,784  
Common stock options exercised—  11,869  1  47  —  —  —  48    48  
Preferred stock shares conversion(674) 84,280  9  665  —  —  —  —  —