Parke Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Parke Bancorp, Inc. has filed its 2023 10-K report detailing financial performance and position.</b>

AI Summary

PARKE BANCORP, INC. (PKBK) filed a Annual Report (10-K) with the SEC on March 13, 2024. Parke Bancorp, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company is incorporated in New Jersey and operates under the SIC code 6022 (Commercial Banks). The report includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement components such as common stock, retained earnings, and accumulated other comprehensive income are detailed for these periods.

Why It Matters

For investors and stakeholders tracking PARKE BANCORP, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Parke Bancorp's financial health, operational segments, and risk factors for the fiscal year 2023, crucial for investors assessing the company's stability and growth prospects. The detailed financial data, including balance sheet items and segment performance, allows stakeholders to analyze trends and compare the company's performance against previous years and industry benchmarks.

Risk Assessment

Risk Level: medium — PARKE BANCORP, INC. shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations, as indicated by the filing of a 10-K report.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Parke Bancorp's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K filing)
• 2024-03-13 — Filing Date (Date the 10-K was filed)
• 107 — Public Document Count (Number of documents in the filing)
• 6022 — SIC Code (Standard Industrial Classification for Commercial Banks)

Key Players & Entities

• PARKE BANCORP, INC. (company) — Filer name
• PKBK (company) — Ticker symbol
• 10-K (document) — Filing type
• 2024-03-13 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 6022 (industry_code) — Standard Industrial Classification
• NJ (location) — State of incorporation
• USD (currency) — Currency used in filing

FAQ

Industry Context

Parke Bancorp, Inc. operates within the commercial banking industry, a sector characterized by stringent regulatory requirements and sensitivity to economic conditions.

Regulatory Implications

As a commercial bank, Parke Bancorp is subject to oversight from various regulatory bodies, including those governing financial institutions and securities markets.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's risk factors section to understand potential challenges and mitigation strategies.
3. Compare Parke Bancorp's 2023 performance metrics with historical data and industry peers.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-13: Filing Date — Date Parke Bancorp, Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ended December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.10 — ange on Which Registered Common Stock, $0.10 par value PKBK The Nasdaq Stock Market
• $2.02 b — cember 31, 2023, we had total assets of $2.02 billion, including loans of $1.79 billion
• $1.79 b — ts of $2.02 billion, including loans of $1.79 billion, total deposits of $1.55 billion
• $1.55 billion — ans of $1.79 billion, total deposits of $1.55 billion and total equity of $284.3 million. M
• $284.3 million — ts of $1.55 billion and total equity of $284.3 million. Market Area Substantially all of t
• $96.7 million — m cannabis customers were approximately $96.7 million and $177.3 million, or 6.2% and 11.3% o
• $177.3 m — rs were approximately $96.7 million and $177.3 million, or 6.2% and 11.3% of total depos
• $27.1 million — annabis-related loans in the amounts of $27.1 million and $3.8 million, respectively. Lendin
• $3.8 m — ans in the amounts of $27.1 million and $3.8 million, respectively. Lending Activitie
• $511.7 million — cial real estate mortgage portfolio was $511.7 million at December 31, 2023. Within the portfo
• $53.8 million — to one borrower limit was approximately $53.8 million and the Bank had no borrowers with loan
• $21.5 million — pied real estate loan with a balance of $21.5 million that was secured by the property. At De

Filing Documents

• pkbk-20231231.htm (10-K) — 2790KB
• pkbk-q4x12312023ex21.htm (EX-21) — 11KB
• pkbk-q4x12312023ex311.htm (EX-31.1) — 10KB
• pkbk-q4x12312023ex312.htm (EX-31.2) — 10KB
• pkbk-q4x12312023ex32.htm (EX-32) — 7KB
• a2023consentofindependentr.htm (EX-99.1) — 3KB
• incentivebasedcomprecovery.htm (EX-99.2) — 31KB
• 0001315399-24-000024.txt (&nbsp;) — 15268KB
• pkbk-20231231.xsd (EX-101.SCH) — 61KB
• pkbk-20231231_cal.xml (EX-101.CAL) — 167KB
• pkbk-20231231_def.xml (EX-101.DEF) — 438KB
• pkbk-20231231_lab.xml (EX-101.LAB) — 945KB
• pkbk-20231231_pre.xml (EX-101.PRE) — 744KB
• pkbk-20231231_htm.xml (XML) — 3157KB

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 15

Cybersecurity

Item 1C. Cybersecurity 15

Properties

Item 2. Properties 16

Legal Proceedings

Item 3. Legal Proceedings 17

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 18 PART II

Market for Common Equity, Related stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Common Equity, Related stockholder Matters and Issuer Purchases of Equity Securities 18

[Reserved]

Item 6. [Reserved] 19

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 29

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 29

Changes and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes and Disagreements with Accountants on Accounting and Financial Disclosure 73

Controls and Procedures

Item 9A. Controls and Procedures 73

Other Information

Item 9B. Other Information 73

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 73 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 74

Executive Compensation

Item 11. Executive Compensation 74

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 75

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 75 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 75

Form 10-K Summary

Item 16. Form 10-K Summary 77

Forward-Looking Statements

Forward-Looking Statements Parke Bancorp, Inc. (the "Company") may from time to time make written or oral "forward-looking statements," including statements contained in the Company's filings with the Securities and Exchange Commission (including this Annual Report on Form 10-K and the exhibits hereto), in its reports to shareholders and in other communications by the Company, which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. As used in this Annual Report on Form 10-K, the terms "Parke Bancorp", "the Company", "registrant", "we", "us", and "our" mean Parke Bancorp, Inc. and its subsidiaries, on a consolidated basis, unless the context indicates otherwise. This Annual Report on Form 10-K contains forward-looking statements, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect" and words of similar meaning. These forward-looking statements include, but are not limited to: estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of the Annual Report on Form 10-K. The following factors, among others, could cause actual results to differ materially from the anticipated resul

Business

Item 1. Business. General We are a bank holding company incorporated under the laws of the State of New Jersey in January 2005. Our business and operations primarily consist of our ownership of Parke Bank (the "Bank"). The Bank is a full service commercial bank and is chartered by the New Jersey Department of Banking and insured by the Federal Deposit Insurance Corporation ("FDIC"). The Bank conducts its business through offices in Gloucester, Atlantic and Camden Counties in New Jersey and the Philadelphia area in Pennsylvania. We, through our wholly owned subsidiary Parke Bank, provide personal and business financial services to individuals and small to mid-sized businesses. We offer a range of loan products, deposits services, and other financial products through our retail branches and other channels to our customers. Our core lending businesses are commercial real estate lending, residential real estate lending, and construction lending. We also offer a variety of commercial and industry loan and consumer loan products to our customers. We fund our lending business primarily with deposits generated through retail deposits and commercial relationships. Our deposit products include checking, savings, money market deposit, time deposits, and other traditional deposit services. In addition to traditional products and services, we offer contemporary products and services, such as debit cards, internet banking and online bill payment. We commenced operations on June 1, 2005, upon completion of the reorganization of the Bank into the holding company form of ownership following approval of the reorganization by shareholders of the Bank at its 2005 Annual Meeting of Shareholders. Our headquarters is located at 601 Delsea Drive, Washington Township, New Jersey. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, are available free of charge at www.parkebank.com as soon as reasonably practic

View Full Filing

View this 10-K filing on SEC EDGAR