Highlights: Net Income: $6.1 million for Q1 2024 Revenue: $30.5 million for Q1 2024 Total Assets:  $2.01 billion,  decreased 0.7% from December 31, 2023 Total Loans:  $1.79 billion,  decreased 0.1% over December 31, 2023 Total Deposits: $1.56 billion,  increased 0.7% from December 31, 2023   WASHINGTON TOWNSHIP, N.J., April 19, 2024 /PRNewswire/ -- Parke Bancorp, Inc. ("Parke Bancorp" or the "Company") (NASDAQ: "PKBK"), the parent company of Parke Bank, announced its operating results for the quarter ended March 31, 2024. Highlights for the three months ended March 31, 2024: Net income available to common shareholders was $6.1 million, or $0.51 per basic common share and $0.51 per diluted common share, for the three months ended March 31, 2024, a decrease of $5.0 million, or 44.8%, compared to net income available to common shareholders of $11.1 million, or $0.93 per basic common share and $0.92 per diluted common share, for the three months ended March 31, 2023. The decrease was primarily due to lower net interest income, an increase in the provision for credit losses, and lower non-interest income. Net interest income decreased 18.0% to $14.1 million for the three months ended March 31, 2024, compared to $17.1 million for the same period in 2023. Provision for credit losses was $0.2 million for the three months ended March 31, 2024, compared to a recovery for credit losses of $2.4 million for the same period in 2023. Non-interest income decreased $0.7 million, or 40.4%, to $1.1 million for the three months ended March 31, 2024, compared to $1.8 million for the same period in 2023. Non-interest expense decreased $0.2 million, or 3.3%, to $6.5 million for the three months ended March 31, 2024, compared to $6.8 million for the same period in 2023. The following is a recap of the significant items that impacted the three months ended March 31, 2024: Interest income increased $3.5 million for the first quarter of 2024 compared to the same period in 2023, primarily due to an increase in interest and fees on loans of $3.5 million to $28.1 million, a 14.4% increase, primarily driven by an increase in average outstanding loan balances and higher market interest rates.  This was partially offset by a decrease in interest earned on average deposits held at the Federal Reserve Bank ("FRB") of $0.1 million during the three months ended March 31, 2024, due to lower average balances being held on such deposits.  Interest expense increased $6.5 million, or 73.8%, to $15.4 million for the three months ended March 31, 2024, compared to the same period in 2023, primarily due to higher market interest rates, combined with changes in the mix of deposits and borrowings.  The provision for credit losses was $0.2 million for the three months ended March 31, 2024, compared to a recovery of $2.4 million for the same period in 2023.  The provision recovery for the three months ended March 31, 2024, was driven by a decrease in the construction loan portfolio post CECL implementation that resulted in the provision recovery, while the increase in provision expense during the three months ended March 31, 2024, was due to a change in the mix of the loan portfolio resulting in an increase in the qualitative loss factors, mainly attributed to the residential 1 - 4 family investment and multi-family loan portfolios. Non-interest income decreased $0.7 million, or 40.4%, for the three months ended March 31, 2024 compared to the same period in 2023, primarily as a result of a decrease in service fees on deposit accounts of $0.8 million, partially offset by an increase in other loan fees $0.1 million.  Non-interest expense decreased $0.2 million, or 3.3%, for the three months ended March 31, 2024, compared to the same period in 2023, primarily driven by a decrease in compensation and benefits of $0.4 million, and a decrease in professional service fees of $0.1 million, partially offset by an increase in OREO expense of $0.2 million, and an increase in FDIC insurance assessments of $0.1 million. Income tax expense decreased $1.2 million for the three months ended March 31, 2024 compared to the same period in 2023.  The effective tax rate for the three months ended March 31, 2024 was 26.6%, compared to 23.6% for the same period in 2023. March 31, 2024 discussion of financial condition Total assets decreased to $2.01 billion at March 31, 2024, from $2.02 billion at December 31, 2023, a decrease of $14.4 million, or 0.71%, primarily due to a decrease in cash and cash equivalents, net loans, and other assets. Cash and cash equivalents totaled $171.1 million at March 31, 2024, as compared to $180.4 million at December 31, 2023. The decrease in cash and cash equivalents was primarily due to a decrease in borrowings, partially offset by an increase in deposits. The investment securities portfolio decreased to $15.9 million at March 31, 2024, from $16.4 million at December 31, 2023, a decrease of $0.5 million, or 2.9%, primarily due to pay downs of securities. Gross loans decreased $1.8 million or 0.1%, to $1.79 billion at March 31, 2024. Nonperforming loans at March 31, 2024 decreased to $7.0 million, representing 0.39% of total loans, a decrease of $0.3 million, or 3.8%, from $7.3 million of nonperforming loans at December 31, 2023. Other Real Estate Owned ("OREO") at March 31, 2024 was $1.6 million, unchanged from December 31, 2023. Nonperforming assets (consisting of nonperforming loans and OREO) represented 0.42% and 0.44% of total assets at March 31, 2024 and December 31, 2023, respectively. Loans past due 30 to 89 days were $1.1 million at March 31, 2024, an increase of $0.9 million from December 31, 2023. The allowance for credit losses was $31.9 million at March 31, 2024, as compared to $32.1 million at December 31, 2023. The ratio of the allowance for credit losses to total loans was 1.79% and 1.80% at March 31, 2024 and at December 31, 2023, respectively. The ratio of allowance for credit losses to non-performing loans was 456.8% at March 31, 2024, compared to 442.5%, at December 31, 2023. Other assets decreased $2.1 million during the three months ended March 31, 2024, to $8.4 million at March 31, 2024 from $10.5 million at December 31, 2023, primarily driven by a decrease of $2.0 million in prepaid taxes. Total deposits were $1.56 billion at March 31, 2024, up from $1.55 billion at December 31, 2023, an increase of $10.9 million or 0.7% compared to December 31, 2023. The increase in deposits was attributed to an increase in money market deposits of $77.0 million, and an increase in interest demand deposits of $4.3 million, partially offset by a decrease in non-interest demand deposits of $35.8 million, a decrease in time deposits of $23.3 million, and a decrease in savings deposits of $11.4 million. Total borrowings decreased $30.0 million during the three months ended March 31, 2024, to $138.2 million at March 31, 2024 from $168.1 million at December 31, 2023, driven by $30.0 million of FHLBNY term borrowing maturities. Total equity increased to $288.4 million at March 31, 2024, up from $284.3 million at December 31, 2023, an increase of