Parke Bancorp, Inc.
601 Delsea Drive,
Washington Township, NJ 08080

Contact:
Vito S. Pantilione, President and CEO
John F. Hawkins, Senior Vice President and CFO
(856) 256-2500
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PARKE BANCORP, INC. ANNOUNCES RECORD 2018 EARNINGS

WASHINGTON TOWNSHIP, NJ, January 24, 2019 - Parke Bancorp, Inc. ("Parke Bancorp") (NASDAQ: "PKBK"), the parent company of Parke Bank, announced its operating results for the quarter and year ended December 31, 2018.
Highlights for the fourth quarter and year ended December 31, 2018:
Net income available to common shareholders increased $6.5 million to $6.8 million, or $0.65 per basic common share and $0.63 per diluted common share for the fourth quarter of 2018, compared to net income available to common shareholders of $0.3 million, or $0.04 per basic common share and $0.04 per diluted common share for the same period in 2017. During the fourth quarter of 2017, the Company wrote down its deferred tax asset (DTA) by $3.2 million as a result of the enactment of the Tax Cuts and Jobs Act on December 22, 2017. Excluding the non-recurring charge to the DTA in 2017, the increase in net income was $3.3 million.
Net interest income increased 24.2% to $13.2 million for the fourth quarter of  2018, compared to $10.6 million for the same quarter of 2017.
Net income available to common shareholders for the year ended December 31, 2018 was $24.4 million or $2.53 per basic common share and $2.28 per diluted common share, compared to $10.8 million, or $1.28  per basic common share and $1.13 per diluted common share for the year ended December 31, 2017, an increase in net income of $13.6 million or 126.8%. Excluding the non-recurring charge to the DTA in 2017, the increase in net income was $10.4 million.
Net interest income increased 19.1% to $48.1 million for the year ended December 31, 2018, compared to $40.4 million for the same period in 2017.
The following is a recap of the significant items that impacted the fourth quarter and the year ended December 31, 2018 period:
Interest income increased $4.5 million and $13.2 million for the fourth quarter and the year ended December 31, 2018, respectively, compared to the same periods in 2017 primarily due to higher loan volumes and a higher yield on loans. Interest expense increased $1.9 million and $5.5 million for the fourth quarter of 2018 and the year ended December 31, 2018, respectively, compared to the same periods in 2017, primarily due to higher deposit volumes and rates.
The provision for loan losses increased $0.1 million for the fourth quarter of 2018 and decreased $0.7 million for the year ended December 31, 2018 compared to the same periods of 2017. The decrease in the provision year over year is primarily due to improving credit quality.
 

The following information was filed by Parke Bancorp, Inc. (PKBK) on Thursday, January 24, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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