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B PARKE BANCORPINC Parke Bancorp , Inc. 601 Delsea Drive , Washington Township , NJ 08080 Contact : Vito S. Pantilione , President and CEO John S. Kaufman , Senior Vice President and CFO ( 856 ) 256-2500 PARKE BANCORP , INC . ANNOUNCES RECORD FIRST QUARTER 2021 EARNINGS Highlights : Net Income : Revenue : $ 9.4 million , Q1 results also reflected a $ 500,000 loan loss provision $ 22.8 million for Q1 2021 Total Assets : Total Loans : Total Deposits : $ 2.10 billion , increased 1.2 % over December 31 , 2020 $ 1.55 billion , decreased 1.1 % over December 31 , 2020 $ 1.73 billion , increased 8.7 % over December 31 , 2020 WASHINGTON TOWNSHIP , NJ , April 22 , 2021 - 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 , 2021 . • • Highlights for the three months ended March 31 , 2021 : Net income available to common shareholders was $ 9.4 million , or $ 0.79 per basic common share and $ 0.78 per diluted common share for the three months ended March 31 , 2021 , an increase of $ 2.2 million , or 30.8 % , compared to net income available to common shareholders of $ 7.2 million , or $ 0.61 per basic common share and $ 0.60 per diluted common share for the same quarter in 2020. The increase is primarily driven by an increase in net interest income , reduced loan loss provision , and higher non - interest income , partially offset by higher non - interest expense . Net interest income increased 10.6 % to $ 16.8 million for the three months ended March 31 , 2021 , compared to $ 15.2 million for the same period in 2020 . The following is a recap of the significant items that impacted the first quarter of 2021 : Interest income decreased $ 1.0 million for the first quarter of 2021 compared to the same period in 2020 , primarily due to the impact of lower interest rates on average deposits held in the Federal Reserve Bank ( FRB ) . The Federal Reserve Board reduced interest rates in response to the COVID - 19 pandemic . Interest expense decreased $ 2.6 million for the first quarter of 2021 compared to the same period in 2020 , primarily due to lower interest rates on deposits .