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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, 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, 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)

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

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 [x]        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 []

As of August 9, 2021, there were 11,893,243 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
   
 




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,
2021
December 31,
2020
Assets  
Cash and due from banks$15,860 $20,571 
Interest bearing deposits with banks514,934 438,030 
Cash and cash equivalents
530,794 458,601 
Investment securities available for sale, at fair value16,131 19,882 
Investment securities held to maturity (fair value of $1,515 at June 30,
2021 and $1,530 at December 31, 2020)
1,253 1,224 
Total investment securities17,384 21,106 
Loans held for sale 200 
Loans, net of unearned income1,519,091 1,565,807 
Less: Allowance for loan losses
(30,068)(29,698)
Net loans
1,489,023 1,536,109 
Accrued interest receivable8,466 8,772 
Premises and equipment, net6,476 6,698 
Restricted stock6,202 7,542 
Bank owned life insurance (BOLI)27,285 27,002 
Deferred tax asset8,643 8,611 
Other 7,195 3,681 
Total assets$2,101,468 $2,078,322 
Liabilities and Equity  
Liabilities  
Deposits
  
Noninterest-bearing deposits
$517,567 $428,860 
Interest-bearing deposits
1,206,935 1,163,583 
Total deposits
1,724,502 1,592,443 
FHLBNY borrowings
101,650 134,650 
FRB advances 90,026 
Subordinated debentures
42,637 42,542 
Accrued interest payable
1,833 2,338 
Other
13,835 13,726 
Total liabilities
1,884,457 1,875,725 
Equity  
Preferred stock, 1,000,000 shares authorized, $1,000 liquidation value Series B non-cumulative convertible; 470 shares and 480 shares outstanding at June 30, 2021 and December 31, 2020, respectively
470 480 
Common stock, $0.10 par value; authorized 15,000,000 shares; Issued: 12,177,765 shares and 12,136,567 shares at June 30, 2021 and Dec. 31, 2020, respectively
1,218 1,214 
  Additional paid-in capital135,318 134,989 
  Retained earnings81,262 66,794 
  Accumulated other comprehensive income369 463 
  Treasury stock, 284,522 shares at June 30, 2021 and Dec. 31, 2020, at cost
(3,015)(3,015)
   Total shareholders’ equity215,622 200,925 
  Noncontrolling interest in consolidated subsidiaries1,389 1,672 
   Total equity217,011 202,597 
   Total liabilities and equity$2,101,468 $2,078,322 

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,
 2021202020212020
 (Dollars in thousands except share data)
Interest income:
Interest and fees on loans$21,053 $20,139 $41,291 $40,467 
Interest and dividends on investments182 259 382 537 
Interest on deposits with banks131 45 254 996 
Total interest income21,366 20,443 41,927 42,000 
Interest expense:
Interest on deposits2,472 4,759 5,299 10,210 
Interest on borrowings811 793 1,739 1,700 
Total interest expense3,283 5,552 7,038 11,910 
Net interest income18,083 14,891 34,889 30,090 
Provision for loan losses 2,000 500 3,396 
Net interest income after provision for loan losses18,083 12,891 34,389 26,694 
Non-interest income  
Gain on sale of SBA loans79  124  
Other loan fees331 165 595 406 
Bank owned life insurance income143 147 283 293 
Service fees on deposit accounts1,212 514 2,824 1,082 
Net gain (loss) on sale and valuation adjustment of OREO72 (21)51 (153)
Other257 121 452 286 
Total non-interest income2,094 926 4,329 1,914 
Non-interest expense  
Compensation and benefits2,455 2,689 5,080 5,234 
Professional services889 396 1,742 751 
Occupancy and equipment606 518 1,150 998 
Data processing337 308 682 625 
FDIC insurance and other assessments311 153 572 294 
OREO expense113 67 127 178 
Other operating expense1,009 731 2,136 1,651 
Total non-interest expense5,720 4,862 11,489 9,731 
Income before income tax expense14,457 8,955 27,229 18,877 
Income tax expense3,633 2,311 6,879 4,865 
Net income attributable to Company and noncontrolling interest10,824 6,644 20,350 14,012 
Less: Net income attributable to noncontrolling interest(67)(103)(164)(259)
Net income attributable to Company10,757 6,541 20,186 13,753 
Less: Preferred stock dividend (7)(7)(14)(15)
Net income available to common shareholders$10,750 $6,534 $20,172 $13,738 
Earnings per common share  
Basic$0.90 $0.55 $1.70 $1.16 
Diluted$0.89 $0.55 $1.67 $1.15 
Weighted average common shares outstanding  
Basic11,891,558 11,849,118 11,881,902 11,849,041 
Diluted12,111,693 11,977,597 12,110,269 11,992,899 

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,
 2021202020212020
 (Dollars in thousands)
Net income $10,824 $6,644 $20,350 $14,012 
Unrealized gains on investment securities, net of reclassification into income: 
Unrealized (losses) gains on non-OTTI securities(15)91 (127)774 
Tax impact on unrealized gain (loss)4 (22)33 (190)
Total unrealized (losses) gains on investment securities(11)69 (94)584 
Comprehensive income10,813 6,713 20,256 14,596 
Less: Comprehensive loss attributable to noncontrolling interests(67)(103)(164)(259)
Comprehensive income attributable to the Company$10,746 $6,610 $20,092 $14,337 

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 (Loss) Income
Treasury
Stock
Total Shareholders' EquityNon-Controlling InterestTotal Equity
(Dollars in thousands except share data)
Balance, March 31, 2021$470 12,167,887 $1,217 $135,246 $74,324 $380 $(3,015)$208,622 $1,322 $209,944 
Net income — — — — 10,757 — — 10,757 67 10,824 
Earnings distribution to non-controlling interest— — — — — — — —   
Common stock options exercised— 9,878 1 13 — — — 14 — 14 
Other comprehensive income— — — — — (11)— (11)— (11)
Stock compensation expense— — — 59 — — — 59 — 59 
Dividend on preferred stock — — — — (14)— — (14)— (14)
Dividend on common stock — — — — (3,805)— — (3,805)— (3,805)
Balance, June 30, 2021$470 12,177,765 $1,218 $135,318 $81,262 $369 $(3,015)$215,622 $1,389 $217,011 
Balance, December 31, 2020$480 12,136,567 $1,214 $134,989 $66,794 $463 $(3,015)$200,925 $1,672 $202,597 
Net income — — — — 20,186 — — 20,186 164 20,350 
Earnings distribution to non-controlling interest— — — — — — — — (447)(447)
Common stock options exercised — 39,823 4 210 — — — 214 — 214 
Preferred stock shares conversion(10)1.375 — 10 — — — — —  
Other comprehensive loss — — — — — (94)— (94)— (94)
Stock compensation expense— — — 109 — — — 109 — 109 
Dividend on preferred stock — — — — (14)— — (14)— (14)
Dividend on common stock — — — — (5,704)— — (5,704)— (5,704)
Balance, June 30, 2021$470 12,177,765 $1,218 $135,318 $81,262 $369 $(3,015)$215,622 $1,389 $217,011 

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 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 

See accompanying notes to consolidated financial statements
5


Parke Bancorp Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 For the Six Months Ended
June 30,
 20212020
 (Dollars in thousands)
Cash Flows from Operating Activities:  
Net income$20,350 $14,012 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization345 243 
Provision for loan losses500 3,396 
Increase in value of bank-owned life insurance(283)(293)
Gain on sale of SBA loans(124) 
SBA loans originated for sale(902) 
Proceeds from sale of SBA loans originated for sale1,026  
Net (gain) loss on sale of OREO and valuation adjustments(51)153 
Net accretion of purchase premiums and discounts on securities31 24 
Stock based compensation109 125 
Net changes in:  
Decrease in accrued interest receivable and other assets(1,693)(8,442)
(Decrease) increase in accrued interest payable and other accrued liabilities(396)2,117 
Net cash provided by operating activities18,912 11,335 
Cash Flows from Investing Activities:  
Repayments and maturities of investment securities available for sale3,564 2,943 
Net decrease (increase) in loans45,078 (123,463)
Purchases of bank premises and equipment(28)(205)
Proceeds from sale of OREO, net245 802 
Redemptions (purchase) of restricted stock1,340 (102)
Net cash provided by (used) in investing activities50,199 (120,025)
Cash Flows from Financing Activities:  
Cash dividends(5,718)(3,638)
Earnings distribution to non-controlling interest(447)(594)
Proceeds from exercise of stock options214  
Net (decrease) increase in FHLBNY and short-term borrowings(33,000)72,896 
Net decrease in other borrowings(90,026) 
Net increase in noninterest-bearing deposits88,707 97,081 
Net increase in interest-bearing deposits43,352 72,261 
Net cash provided by financing activities3,082 238,006 
Net increase in cash and cash equivalents72,193 129,316 
Cash and Cash Equivalents, January 1,458,601 191,607 
Cash and Cash Equivalents, June 30,$530,794 $320,923 
Supplemental Disclosure of Cash Flow Information:  
Interest paid$7,543 $12,416 
Income taxes paid$9,828 $ 
Non-cash Investing and Financing Items  
Loans transferred to OREO$1,709 $45 
See accompanying notes to consolidated financial statements
6


Notes to Consolidated Financial Statements (Unaudited)

NOTE 1. ORGANIZATION

Parke Bancorp, Inc. (the “Company, we, us, our”) is a bank holding company headquartered in Sewell, New Jersey. Through subsidiaries, the Company provides individuals, corporations and other businesses and institutions with commercial and retail banking services, principally loans and deposits. The Company was incorporated in January 2005 under the laws of the State of New Jersey for the sole purpose of becoming the holding company of Parke Bank (the "Bank").
The Bank is a commercial bank, which was incorporated on August 25, 1998, and commenced operations on January 28, 1999. The Bank is chartered by the New Jersey Department of Banking and Insurance and its deposits are insured by the Federal Deposit Insurance Corporation. The Bank maintains its principal office at 601 Delsea Drive, Sewell, New Jersey, and seven additional branch office locations; 501 Tilton Road, Northfield, New Jersey, 567 Egg Harbor Road, Washington Township, New Jersey, 67 East Jimmie Leeds Road, Galloway Township, New Jersey, 1150 Haddon Avenue, Collingswood, New Jersey, 1610 Spruce Street, Philadelphia, Pennsylvania, and 1032 Arch Street, Philadelphia, Pennsylvania.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Financial Statement Presentation: We prepared our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Parke Bank (including certain partnership interests). Also included are the accounts of Parke Direct Lending LLC ("PDL"), a joint venture formed in 2018 to originate short-term alternative real estate loan products. Parke Bank has a 51% ownership interest in the joint venture. Parke Capital Trust I, Parke Capital Trust II and Parke Capital Trust III are wholly-owned subsidiaries but are not consolidated as they do not meet the requirements for consolidation under applicable accounting guidance. We have eliminated inter-company balances and transactions. We have also reclassified certain prior year amounts to conform to the current year presentation, which did not have a material impact on our consolidated financial condition or results of operations.

The accompanying interim financial statements should be read in conjunction with the annual financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The accompanying interim financial statements for the three and six months ended June 30, 2021 and 2020 are unaudited. The balance sheet as of December 31, 2020, was derived from the audited financial statements. In the opinion of management, these financial statements include all normal and recurring adjustments necessary for a fair statement of the results for such interim periods. Results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results for the full year.

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the allowance for loan losses, the valuation of deferred income taxes, and the carrying value of other real estate owned ("OREO").

Recently Issued Accounting Pronouncements:

During June 2016, the Financial Accounting Standard Board (FASB) issued accounting standards update ("ASU") 2016-13, Financial Instruments-Credit Losses. ASU 2016-13 (Topic 326), replaces the incurred loss impairment methodology in current GAAP with an expected credit loss (CECL) methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses, with such allowance limited to the amount by which fair value is below amortized cost. The ASU was amended in some aspects by subsequent Accounting Standards Updates. The guidance of the Financial Instruments-Credit Losses became effective for public entities except small reporting companies ("SRCs") for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all entities, early adoption will continue to be allowed. As a small reporting company, CECL is effective for fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements.

In March 2020, the FASB issued ASU 2020-3, Codification Improvements to Financial Instruments. ASU 2020-3 improves various financial instruments topics in the Accounting Standard Codification, such as: fair value option, applicability of portfolio exception in Topic 820 to nonfinancial items, disclosures for depository and lending institutions, etc. The confirming amendments are effective upon issuance of this Update for public entities. The amendments related to other issues are effective on various
7


dates depending on the affects the guidance in the amendments in Accounting Standards Updates. The Company has adopted certain items in the guidance and is currently evaluating the impact of the other areas of the guidance and doesn't expect the adoption of the ASU have or will have a material impact to our consolidated financial statements.

In March 2020, the FASB issued ASU 2020-4, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-4 (Topic 848) provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements.

NOTE 3. INVESTMENT SECURITIES

The following is a summary of the Company's investments in available for sale and held to maturity securities as of June 30, 2021 and December 31, 2020: 
As of June 30, 2021Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair value
(Dollars in thousands)
Available for sale:    
Corporate debt obligations$500 $ $ $500 
Residential mortgage-backed securities15,118 521 24 15,615 
Collateralized mortgage obligations16   16 
Total available for sale$15,634 $521 $24 $16,131 
     
Held to maturity:    
States and political subdivisions$1,253 $262 $ $1,515 
As of December 31, 2020Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair value
(Dollars in thousands)
Available for sale:    
Corporate debt obligations$500 $ $ $500 
Residential mortgage-backed securities18,736 646 23 19,359 
Collateralized mortgage obligations22 1  23 
Total available for sale$19,258 $647 $23 $19,882 
     
Held to maturity:    
States and political subdivisions$1,224 $306 $ $1,530 











8


The amortized cost and fair value of debt securities classified as available for sale and held to maturity, by contractual maturity as of June 30, 2021 are as follows:
 Amortized
Cost
Fair
Value
 (Dollars in thousands)
Available for sale: 
Due within one year$31 $30 
Due after one year through five years500 500