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 March 31, 2002

                               PARK BANCORP, INC.
             (Exact name of registrant as specified in its charter)
                                     0-20867
                            (Commission File Number)

                                    DELAWARE
                            (State of incorporation)

                                   36-4082530
                        (IRS Employer Identification No.)

                   5400 SOUTH PULASKI ROAD, CHICAGO, ILLINOIS
                    (Address of Principal Executive Offices)

                                      60632
                                   (ZIP Code)

                                 (773) 582-8616
              (Registrant's telephone number, including area code)


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 _X_       No ___

Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.

As of May 9, 2002, the Registrant had outstanding 1,235,895 shares of common
stock.

<PAGE>


                               PARK BANCORP, INC.

                           Form 10-Q Quarterly Report

                                      Index

                                                                            Page
                                                                            ----
PART I - Financial Information

     Item 1  Financial Statements                                             1

     Item 2  Management's Discussion and Analysis of
               Financial Condition and Results of Operations                  8

     Item 3  Quantitative and Qualitative Disclosures About Market Risk      10


PART II - Other Information

     Item 1  Legal Proceedings                                               12

     Item 2  Changes in Securities                                           12

     Item 3  Defaults Upon Senior Securities                                 12

     Item 4  Submission of Matters to a Vote of Securities Holders           12

     Item 5  Other Information                                               12

     Item 6  Exhibits and Reports on Form 8-K                                12


SIGNATURES                                                                   13


SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This report contains certain forward-looking statements within the meaning of
Section 27a of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Park Bancorp, Inc. (the Company)
intends such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private Securities
Reform Act of 1995, as amended, and is including this statement for purposes of
these safe harbor provisions. Forward-looking statements, which are based on
certain assumptions and describe future plans, strategies, and expectations of
the Company, are generally identifiable by use of the words such as "believe,"
"expect," "intend," "anticipate," "estimate," "project," or similar expressions.
The Company's ability to predict results or the actual effect of future plans or
strategies is inherently uncertain. Factors that could have a material adverse
effect on the operations and future prospects of the Company and its wholly
owned subsidiaries include, but are not limited to, changes in: interest rates;
the economic health of the local real estate market; general

<PAGE>


economic conditions; legislative/regulatory provisions; monetary and fiscal
policies of the U.S. Government, including policies of the U.S. Treasury and the
Federal Reserve Board; the quality or composition of the loan and securities
portfolios; demand for loan products; deposit flows; competition; demand for
financial services in the Company's market area; and accounting principles,
policies, and guidelines. These risks and uncertainties should be considered in
evaluating forward-looking statements and undue reliance should not be placed on
such statements.

<PAGE>


ITEM 1 - FINANCIAL STATEMENTS

PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(IN THOUSANDS OF DOLLARS, EXCEPT SHARE DATA)
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                     MARCH 31,    DECEMBER 31,
                                                                        2002          2001
                                                                     ---------     ---------
<S>                                                                  <C>           <C>
                                    ASSETS
Cash and due from banks                                              $     762     $     905
Federal funds sold                                                       4,096        22,777
Interest-bearing deposit accounts in other financial institutions        1,233         4,227
                                                                     ---------     ---------
     Total cash and cash equivalents                                     6,091        27,909

Securities available-for-sale                                           75,166        65,704
Loans receivable, net                                                  144,346       134,788
Federal Home Loan Bank stock                                             5,196         5,133
Premises and equipment, net                                              2,670         2,712
Accrued interest receivable                                              1,573         1,659
Bank-owned life insurance                                                5,180         5,109
Other assets                                                               854           434

     Total assets                                                    $ 241,076     $ 243,448
                                                                     =========     =========

                     LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits                                                             $ 161,262     $ 163,074
Securities sold under repurchase agreements                             10,441        10,658
Federal Home Loan Bank advances                                         39,000        39,000
Advances from borrowers for taxes and insurance                          1,774         2,027
Accrued interest payable                                                   486           830
Other liabilities                                                          773           581
                                                                     ---------     ---------
     Total liabilities                                                 213,736       216,170

STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value, 1,000,000 shares authorized;
  none issued and outstanding                                               --            --
Common stock, $.01 par value, 9,000,000 shares authorized;
  2,718,731 shares issued                                                   27            27
Additional paid-in capital                                              26,922        26,600
Retained earnings                                                       26,203        25,845
Treasury stock at cost - 1,478,836 and 1,470,536 shares, at cost       (24,173)      (24,019)
Unearned ESOP shares                                                    (1,093)       (1,131)
Accumulated other comprehensive loss                                      (546)          (44)
                                                                     ---------     ---------
     Total stockholders' equity                                         27,340        27,278
                                                                     ---------     ---------

         Total liabilities and stockholders' equity                  $ 241,076     $ 243,448
                                                                     =========     =========
</TABLE>

          See accompanying notes to consolidated financial statements.


                                                                              1.
<PAGE>


PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS OF DOLLARS, EXCEPT SHARE DATA)
(UNAUDITED)

<TABLE>
<CAPTION>
                                                      THREE MONTHS ENDED
                                                           MARCH 31,
                                                      ------------------
                                                        2002      2001
                                                       ------    ------
<S>                                                    <C>       <C>
Interest income
     Loans receivable                                  $2,548    $1,945
     Securities                                         1,026     2,117
     Other interest-bearing deposits                       82        80
                                                       ------    ------
         Total                                          3,656     4,142

Interest expense
     Deposits and repurchase agreements                 1,583     2,120
     Federal Home Loan Bank advances                      503       469
                                                       ------    ------
         Total                                          2,086     2,589
                                                       ------    ------

Net interest income                                     1,570     1,553

Provision for loan losses                                  15        --
                                                       ------    ------

Net interest income after provision for loan losses     1,555     1,553

Noninterest income
     Gain on sale of securities                           176        45
     Service fee income                                    71        52
     Other operating income                                88        28
                                                       ------    ------
         Total noninterest income                         335       125

Noninterest expense
     Compensation and benefits                            750       784
     Occupancy and equipment expense                      155       142
     Other operating expenses                             272       260
                                                       ------    ------
         Total noninterest expense                      1,177     1,186
                                                       ------    ------

Income before income taxes                                713       492

Income tax expense                                        222       162
                                                       ------    ------

     Net income                                        $  491    $  330
                                                       ======    ======

Basic earnings per share                               $  .44    $  .23
Diluted earnings per share                             $  .43    $  .23
</TABLE>

          See accompanying notes to consolidated financial statements.


                                                                              2.
<PAGE>


PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS OF DOLLARS)
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                      THREE MONTHS ENDED
                                                                          MARCH 31,
                                                                    ---------------------
                                                                      2002         2001
                                                                    --------     --------
<S>                                                                 <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                          $    491     $    330
Adjustments to reconcile net income to net cash from
  operating activities
     Net premium amortization (discount accretion) on securities           6           (8)
     Gain on sale of securities available-for-sale                      (176)         (45)
     Provision for loan losses                                            15           --
     Depreciation                                                         75           60
     ESOP compensation expense                                            88           61
     MRP compensation expense                                             --           95
     FHLB stock dividends                                                (63)         (34)
     Dividend reinvestments                                              (32)          --
     Net change in:
         Accrued interest receivable                                      86          816
         Accrued interest payable                                       (344)          19
         Other assets                                                   (397)         587
         Other liabilities                                               192         (293)
                                                                    --------     --------
              Net cash from operating activities                         (59)       1,588

CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in loans                                                 (9,573)      (5,014)
Purchase of securities available for sale                            (18,289)          --
Maturities and calls of securities available-for-sale                  5,720        6,000
Principal repayments on mortgage-backed securities                     1,678        1,221
Net change in real estate held for development                            --          276
Purchase of premises and equipment                                       (33)        (389)
Proceeds from sales of securities available-for-sale                   1,035          247
                                                                    --------     --------
     Net cash from investing activities                              (19,462)       2,341

CASH FLOWS FROM FINANCING ACTIVITIES
Net change in deposits                                                (1,812)      18,343
Net change in repurchase agreements                                     (217)      (3,688)
Net change in advances from borrowers for taxes and insurance           (253)        (188)
Net change in Federal Home Loan Bank advances                             --       (4,000)
Stock options exercised                                                  272           --
Purchase of treasury stock                                              (154)        (560)
Dividends paid                                                          (133)        (380)
                                                                    --------     --------
     Net cash from financing activities                               (2,297)       9,527
                                                                    --------     --------

Net change in cash and cash equivalents                              (21,818)      13,456

Cash and cash equivalents at beginning of period                      27,909        4,066
                                                                    --------     --------

Cash and cash equivalents at end of period                          $  6,091     $ 17,522
                                                                    ========     ========
</TABLE>

          See accompanying notes to consolidated financial statements.


                                                                              3.
<PAGE>


PARK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(IN THOUSANDS OF DOLLARS, EXCEPT SHARE DATA)
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                                                             Accumulated    Total
                                                 Additional              Unearned    Unearned                   Other       Stock-
                                        Common     Paid-in    Retained     ESOP         MRP      Treasury   Comprehensive  holders'
                                        Stock      Capital    Earnings    Shares      Shares      Stock     Income (Loss)   Equity
                                        -----      -------    --------    ------      ------      -----     -------------   ------
<S>                                   <C>        <C>         <C>         <C>         <C>         <C>         <C>          <C>
           2001
           ----
Balance at January 1, 2001            $      27  $   26,486  $  24,852   $  (1,290)  $    (223)  $ (17,956)  $   (2,617)  $  29,279
Net income                                   --          --        330          --          --          --           --         330
Change in fair value of securities
   available-for-sale, net of income
   taxes                                     --          --         --          --          --          --        2,092       2,092
                                                                                                                          ---------
     Total comprehensive income                                                                                               2,422

Purchase of 36,500 shares of
   treasury stock                            --          --         --          --          --        (560)          --        (560)
Dividends declared                           --          --       (172)         --          --          --           --        (172)
ESOP shares earned                           --          21         --          40          --          --           --          61
MRP shares earned                            --          --         --          --          95          --           --          95
                                      ---------  ----------  ---------   ---------   ---------   ---------   ----------   ---------

Balance at March 31, 2001             $      27  $   26,507  $  25,010   $  (1,250)  $    (128)  $ (18,516)  $     (525)  $  31,125
                                      =========  ==========  =========   =========   =========   =========   ==========   =========

           2002
           ----
Balance at January 1, 2002            $      27  $   26,600  $  25,845   $  (1,131)  $      --   $ (24,019)  $      (44)  $  27,278
Net income                                   --          --        491          --          --          --           --         491
Change in fair value of securities
   available-for-sale, net of income
   taxes                                     --          --         --          --          --          --         (502)       (502)
                                                                                                                          ---------
     Total comprehensive income (loss)                                                                                          (11)

Exercise of 17,290 stock options             --         272         --          --          --          --           --         272
Purchase of 8,300 shares of treasury
   stock                                     --          --         --          --          --        (154)          --        (154)
Dividends declared                           --          --       (133)         --          --          --           --        (133)
ESOP shares earned                           --          50         --          38          --          --           --          88
                                      ---------  ----------  ---------   ---------   ---------   ---------   ----------   ---------

Balance at March 31, 2002             $      27  $   26,922  $  26,203   $  (1,093)  $      --   $ (24,173)  $     (546)  $  27,340
                                      =========  ==========  =========   =========   =========   =========   ==========   =========
</TABLE>


          See accompanying notes to consolidated financial statements.


                                                                              4.
<PAGE>


                               PARK BANCORP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2001
           (table amounts in thousands of dollars, except share data)


Note 1 - Basis of Presentation

The accompanying unaudited consolidated financial statements include the
accounts of Park Bancorp, Inc. (the Company) and its wholly owned subsidiaries,
Park Federal Savings Bank (the Bank) and PBI Development Corporation (PBI), and
the Bank's subsidiaries, GPS Corporation and GPS Development Corporation (GPS),
as of March 31, 2002 and December 31, 2001 and for the three-month periods ended
March 31, 2002 and 2001. Significant intercompany accounts and transactions have
been eliminated in consolidation.

The accompanying unaudited interim consolidated financial statements have been
prepared pursuant to the rules and regulations for reporting on Form 10-Q.
Accordingly, certain disclosures required by accounting principles generally
accepted in the United States of America are not included herein. These interim
statements should be read in conjunction with the consolidated financial
statements and notes thereto included in the Company's 2001 Annual Report on
Form 10-K filed with the Securities and Exchange Commission. The December 31,
2001 balance sheet presented herein has been derived from the audited financial
statements included in the Company's 2001 Annual Report on Form 10-K filed with
the Securities and Exchange Commission, but does not include all disclosures
required by accounting principles generally accepted in the United States of
America.

Interim statements are subject to possible adjustment in connection with the
annual audit of the Company for the year ending December 31, 2002. In the
opinion of management of the Company, the accompanying unaudited interim
consolidated financial statements reflect all adjustments (consisting of normal
recurring adjustments) necessary for a fair presentation of the consolidated
financial position and consolidated results of operations for the periods
presented.

The results of operations for the three months ended March 31, 2002 and 2001 are
not necessarily indicative of the results to be expected for the full year.


Note 2 - Segment Information

The reportable segments are determined by the products and services offered,
primarily distinguished between banking and real estate development operations.
Loans, investments, and deposits provide the revenues in the banking operation,
and sales of single-family residence lots provide the revenues in real estate
development operations. All operations are domestic.

Information reported internally for performance assessment follows for the
three-month period ended March 31, 2002 and 2001.


                                                                              5.
<PAGE>


                                      Real Estate
                          Banking     Development     Total
                         --------     -----------    --------
2002
----
Net interest income      $  1,570      $     --      $  1,570
Other revenue                 335            --           335
Other expenses              1,177            --         1,177
Segment profit                491            --           491
Segment assets            240,921           155       241,076

2001
----
Net interest income      $  1,553      $     --      $  1,553
Other revenue                 125            --           125
Other expenses              1,186            --         1,186
Segment profit                330            --           330
Segment assets            246,581           433       247,014


Note 3 - Earnings Per Share

The following table presents a reconciliation of the components used to compute
basic and diluted earnings per share for the three-month periods ended March 31,
2002 and 2001.

                                                     2002            2001
                                                  ----------      ----------

       BASIC EARNINGS PER SHARE
  Net income as reported                          $      491      $      330
  Weighted average common shares outstanding       1,118,046       1,420,975
                                                  ----------      ----------

       Basic earnings per share                   $      .44      $      .23
                                                  ==========      ==========

DILUTED EARNINGS PER SHARE
  Net income as reported                          $      491      $      330

  Weighted average common shares outstanding       1,118,046       1,420,975
  Dilutive effect of stock options                    32,876              --
                                                  ----------      ----------

  Average common shares and dilutive
    potential common shares                        1,150,922       1,420,975
                                                  ----------      ----------

       Diluted earnings per share                 $      .43      $      .23
                                                  ==========      ==========

The effects of stock options and MRP shares diluted basic earnings per share in
2002 but were not included in the computation of diluted earnings per share in
2001 because to do so would have been anit-dilutive.


Note 4 - Recent Accounting Pronouncements

In 2001, new accounting guidance was issued that, beginning in 2002, revised the
accounting for goodwill and intangible assets. Intangible assets with indefinite
lives and goodwill are no longer amortized, but are periodically reviewed for
impairment and written down if impaired. Additional disclosures about intangible
assets and goodwill may be required. An initial goodwill impairment test is
required during the


                                                                              6.
<PAGE>


first six months of 2002. The new guidance did not have a material effect on the
financial statements of the Company, as the Company has no recorded goodwill at
January 1, 2002.

A new accounting standard dealing with asset retirement obligations will apply
for 2003. The Company does not believe this standard will have a material affect
on its financial position or results of operations.

Effective January 1, 2002, the Company adopted a new standard issued by the
Financial Accounting Standards Board (FASB) on impairment and disposal of
long-lived assets. The effect of adoption on the financial position and results
of operations of the Company was not material.





                                                                              7.
<PAGE>


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

The following discussion compares the financial condition of Park Bancorp, Inc.
(the Company) and its wholly owned subsidiaries, Park Federal Savings Bank (the
Bank) and PBI Development Corporation, and the Bank's subsidiaries, at March 31,
2002 to its financial condition at December 31, 2001 and the results of
operations for the three months ended March 31, 2002 to the same period in 2001.
This discussion should be read in conjunction with the interim financial
statements and footnotes included herein.

FINANCIAL CONDITION

Total assets at March 31, 2002 were $241.1 million compared to $243.4 million at
December 31, 2001, a decrease of $2.4 million. During the three months ended
March 31, 2002, cash and cash equivalents decreased $21.8 million. These funds
were invested in loans receivable, which increased $9.5 million and securities
available-for-sale, which increased $9.5 million. The increase in loans
receivable reflected purchases of $7.5 million in participation loans as well as
continued loan demand as a result of the low market rates of interest. The
increase in securities available-for-sale reflected purchases of corporate
notes, municipal securities, and mortgage-backed securities.

The allowance for loan losses was $515,000 and $500,000 at March 31, 2002 and
December 31, 2001, respectively. Nonaccrual loans were $276,000 and $122,000 at
March 31, 2002 and December 31, 2001, respectively.

Total liabilities at March 31, 2002 were $213.7 million compared to $216.2
million at December 31, 2001, a decrease of $2.5 million, primarily due to a
decrease in deposits of $1.8 million.

Stockholders' equity at March 31, 2002 was $27.3, which was consistent with
stockholders' equity at December 31, 2001. An increase in additional paid-in
capital of $272,000 from the exercise of 17,290 stock options was offset by the
purchase of treasury stock of $154,000 and the declaration of dividends of
$133,000. The net income of the Company of $491,000 was offset by a decrease in
the fair value of securities available-for-sale of $502,000, net of deferred
taxes.

RESULTS OF OPERATIONS

Net income increased to $491,000 for the quarter ended March 31, 2002 from
$330,000 for the quarter ended March 31, 2001. The increase in net income
primarily reflects an increase in the gain on sale of securities. Fluctuations
in net income are discussed more fully below.

Net interest income was $1.6 million for the three months ended March 31, 2002
and for the same quarter in 2001. Although the Company's assets declined during
the period, the net interest margin increased to 2.72% for the 2002 period from
2.69% for the 2001 period. This was largely due to an increase in the spread to
2.37% from 2.13% for the same period. The increase in the spread was a result of
the yield on deposits and borrowings decreasing more rapidly in the current
interest rate environment than loans and securities, which were slower to
reprice. In addition, the Company's earning assets shifted, resulting in a
larger volume of loans and a lesser volume of securities. Although the overall
yield on earning assets decreased, this shift resulted in an improvement to the
yield on earning assets due to the fact that loans yield a higher rate of return
than securities. The average yield on earning assets decreased to 6.32% for the
quarter ended March 31, 2002 from 7.17% for the prior period. The average cost
of funds also decreased from 5.04% for the quarter ended March 31, 2001 to 3.95%
for the quarter ended March 31, 2002.

Management establishes provisions for loan losses, which are charged to
operations, at a level management believes is appropriate to absorb probable
incurred credit losses in the loan portfolio. In evaluating the level of the
allowance for loan losses, management considers historical loss experience, the
types of loans and the amount of loans in the loan portfolio, adverse situations
that may affect the borrower's ability to repay, estimated value of any
underlying collateral, peer group information, and prevailing economic
conditions. This evaluation is inherently subjective, as it requires estimates
that are susceptible to significant revision as more information becomes
available or as future events change. The provision for loan losses was $15,000
and $0 for the quarters ended March 31, 2002 and 2001, respectively. The
increase in the provision for loan losses is a direct result of an increase in
the volume of loan participations purchased consisting largely of commercial
real estate loans that have experienced higher losses than one to-four-family
loans. In addition, the Company has experienced an increase in delinquencies in
the first quarter of 2002.


                                                                              8.
<PAGE>


Management assesses the allowance for loan losses on a quarterly basis and makes
provisions for loan losses as necessary in order to maintain the allowance.
While management uses available information to recognize losses on loans, future
loan loss provisions may be necessary based on changes in economic conditions.
In addition, various regulatory agencies, as an integral part of their
examination process, periodically review the allowance for loan losses and may
require us to recognize additional provisions based on their judgment of
information available to them at the time of their examination. The allowance
for loan losses as of March 31, 2002 is maintained at a level that represents
management's best estimate of inherent losses in the loan portfolio, and such
losses were both probable and reasonably estimable.

Noninterest income increased $210,000 to $335,000 for the quarter ended March
31, 2002 primarily as a result of an increase in gains on the sale of securities
of $131,000 and the increase in cash surrender value of bank-owned life
insurance of $78,000. The bank-owned life insurance was purchased in December of
2001.

Noninterest expense was consistent at $1.2 million for the quarters ended March
31, 2002 and 2001. Compensation and benefits decreased $30,000 as a result of
the stock awards becoming fully vested during 2001. This decrease was partially
offset by increases in occupancy and equipment of $13,000 and other operating
expenses of $12,000.

The Company's federal income tax expense increased to $222,000 for the
three-month period ended March 31, 2002 from $162,000 for the three-month period
ended March 31, 2001. The change in income tax was attributable to the increase
in income before income taxes.

LIQUIDITY AND CAPITAL RESOURCES

The Company's primary sources of funds are deposits, principal and interest
payments on loans and securities, proceeds from maturities and calls of
securities, FHLB advances, and securities sold under repurchase agreements.
While maturities and scheduled amortization of loans and securities are
predictable sources of funds, deposit flows and mortgage prepayments are greatly
influenced by general interest rates, economic conditions, and competition. The
Bank's liquidity ratio was 37% at March 31, 2002.

The Company's cash flows are comprised of three primary classifications: cash
flows from operating activities, investing activities, and financing activities.
Cash flows provided by operating activities were $(59,000) and $1.6 million in
2002 and 2001, respectively. Net cash from investing activities consisted
primarily of disbursements for loan originations and the purchase of securities,
offset by principal collections on loans, and proceeds from maturing securities
and paydowns on mortgage-backed


                                                                              9.
<PAGE>


securities. Net cash from financing activities consisted primarily of the
activity in deposit accounts, FHLB borrowings, and securities sold under
repurchase agreements in addition to the purchase of treasury stock. The net
cash from financing activities was $(2.3) million and $9.5 million in 2002 and
2001, respectively.

At March 31, 2002, the Bank exceeded all of its regulatory capital requirements
with a Tier 1 (core) capital level of $20.8 million, or 8.0% of adjusted total
assets, which is above the required level of $9.4 million, or 4.0%; and total
risk-based capital of $21.3 million, or 14.7% of risk-weighted assets, which is
above the required level of $11.6 million, or 8.0%. The Bank at March 31, 2002
was categorized as well capitalized. Management is not aware of any conditions
or events since the most recent notification that would change the Bank's
category.

The Bank's most liquid assets are cash and short-term investments. The levels of
these assets are dependent on the Bank's operating, financing, lending, and
investing activities during any given period. At March 31, 2002, cash and
short-term investments totaled $6.1 million. The Bank has other sources of
liquidity if a need for additional funds arises, including the repayment of
loans and mortgage-backed securities. The Bank may also utilize FHLB advances or
the sale of securities available-for-sale as a source of funds.

At March 31, 2002, the Bank had outstanding commitments to originate mortgage
loans of $3.1 million, and $2.5 million in standby letters of credit. The Bank
anticipates that it will have sufficient funds available to meet its current
loan origination commitments. Certificate accounts that are scheduled to mature
in less than one year from March 31, 2002 totaled $92.4 million. Management
expects that a substantial portion of the maturing certificate accounts will be
renewed at the Bank. However, if a substantial portion of these deposits is not
retained, the Bank may utilize FHLB advances or raise interest rates on deposits
to attract new accounts, which may result in higher levels of interest expense.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Bank's interest rate sensitivity is monitored by management through the use
of a model which estimates the change in net portfolio value (NPV) over a range
of interest rate scenarios. NPV is the present value of expected cash flows from
assets, liabilities, and off-balance-sheet contracts. An NPV Ratio, in any
interest rate scenario, is defined as the NPV in that scenario divided by the
market value of assets in the same scenario. The Sensitivity Measure is the
decline in the NPV Ratio, in basis points, caused by a 2% increase or decrease
in rates, whichever produces a larger decline. The higher an institution's
Sensitivity Measure is, the greater its exposure to interest rate risk is
considered to be. The OTS has incorporated an interest rate risk component into
its regulatory capital rule. Under the rule, an institution whose sensitivity
measure exceeds 2% would be required to deduct an interest rate risk component
in calculating its total capital for purposes of the risk-based capital
requirement. As of December 31, 2001, the latest date for which information is
available, the Bank's sensitivity measure, as measured by the OTS, resulting
from a 200 basis point increase in interest rates was (40)% and would result in
a $10.4 million reduction in the NPV of the Bank. Accordingly, increases in
interest rates would be expected to have a negative impact on the Bank's
operating results. The NPV Ratio sensitivity measure is below the threshold at
which the Bank could be required to hold additional risk-based capital under OTS
regulations.

Certain shortcomings are inherent in the methodology used in the above interest
rate risk measurements. Modeling changes in NPV requires the making of certain
assumptions that may tend to oversimplify the manner in which actual yields and
costs respond to changes in market interest rates. First, the models


                                      10.
<PAGE>


assume that the composition of the Bank's interest sensitive assets and
liabilities existing at the beginning of a period remains constant over the
period being measured. Second, the models assume that a particular change in
interest rates is reflected uniformly across the yield curve regardless of the
duration to maturity or repricing of specific assets and liabilities. Third, the
model does not take into account the impact of the Bank's business or strategic
plans on the structure of interest-earning assets and interest-bearing
liabilities. Accordingly, although the NPV measurement provides an indication of
the Bank's interest rate risk exposure at a particular point in time, such
measurement is not intended to and does not provide a precise forecast of the
effect of changes in market interest rates on the Bank's net interest income and
will differ from actual results. The results of this modeling are monitored by
management and presented to the Board of Directors quarterly.

The following table shows the NPV and projected change in the NPV of the Bank at
December 31, 2001, the latest date for which information is available, assuming
an instantaneous and sustained change in market interest rates of 100, 200, and
300 basis points. On December 31, 2001, the yield on the three month Treasury
bill was 1.72%. As a result, the net portfolio value analysis was unable to
produce results for the minus 200 and minus 300 basis point scenario for the
quarter ended December 31, 2001.

             INTEREST RATE SENSITIVITY OF NET PORTFOLIO VALUE (NPV)

<TABLE>
<CAPTION>
                                                                                NPV as a % of
                           ------------Net Portfolio Value------------    ------PV of Assets------
                                       -------------------                       -------------
       Change in Rates       $ Amount         $ Change       % Change     NPV Ratio         Change
       ---------------     -----------      -----------      ---------    ---------         ------
<S>         <C>            <C>              <C>                 <C>           <C>          <C>
          + 300 bp         $    10,026      $  (15,867)         (61)%         4.47%        (614 bp)
          + 200 bp              15,512         (10,381)         (40)          6.71         (390 bp)
          + 100 bp              20,952          (4,941)         (19)          8.81         (180 bp)
              0 bp              25,893               -            -          10.61               -
          - 100 bp              28,202           2,309            9          11.37           76 bp
          - 200 bp                 N/A             N/A          N/A            N/A
          - 300 bp                 N/A             N/A          N/A            N/A
</TABLE>

The Bank and the Company do not maintain any securities for trading purposes.
The Bank and the Company do not currently engage in trading activities or use
derivative instruments in a material amount to control interest rate risk. In
addition, interest rate risk is the most significant market risk affecting the
Bank and the Company. Other types of market risk, such as foreign currency
exchange risk and commodity price risk, do not arise in the normal course of the
Company's business activities and operations.

The Bank has experienced a significant increase in interest rate risk since
1998, primarily as a result of investing in callable fixed rate U.S. Government
Agency securities with maturities exceeding ten years. Management is currently
evaluating various alternatives to reduce interest rate risk. The Company has no
plans in the foreseeable future to purchase callable securities.

Management has not yet completed the computation of NPV as of March 31, 2002 but
estimates that the results would not be materially different than those
presented above.


                                                                             11.
<PAGE>


PART II - - OTHER INFORMATION


ITEM 1.   LEGAL PROCEEDINGS.

                  None

ITEM 2.   CHANGES IN SECURITIES.

                  None

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES.

                  None

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS.

                  None

ITEM 5.  OTHER INFORMATION.

                  None

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

         (a) Exhibits - Not applicable.

         (b) Reports on Form 8-K. No reports on Form 8-K were filed by the
             registrant during the quarter ended March 31, 2002.


                                                                             12.
<PAGE>


                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                           PARK BANCORP, INC.

Date:  May 15, 2002                        /s/ David A. Remijas
                                           -------------------------------------
                                           David A. Remijas
                                           President and Chief Executive Officer


Date:  May 15, 2002                        /s/ Steven J. Pokrak
                                           -------------------------------------
                                           Steven J. Pokrak
                                           Treasurer and Chief Financial Officer


                                                                             13.