UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

For the quarterly period ended: March 31, 2007
                                       or

[ ]  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR  15(d)  OF THE  SECURITIES
     EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File No. 000-51338

                               PARKE BANCORP, INC.
             (Exact name of registrant as specified in its charter)

            New Jersey                                     65-1241959
(State or other jurisdiction of                (IRS Employer Identification No.)
incorporation) or organization

601 Delsea Drive, Washington Township, New Jersey             08080
  (Address of principal executive offices)                  (Zip Code)

                                  856-256-2500
              (Registrant's telephone number, including area code)

                                       N/A
              (Former name, former address and former fiscal year,
                         if changed since last report)

     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 by check mark whether the registrant is a large accelerated filer,
an accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large  accelerated  filer" in Rule 12b-2 of the Exchange  Act.  (Check
one):

Large accelerated filer [ ]   Accelerated filer [ ]    Non-accelerated filer [X]

     Indicate  by check mark  whether  the  registrant  is a shell  company  (as
defined in Rule 12b-2 of the Exchange Act).
                                                     Yes [ ]              No [X]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

     As of May 14, 2007,  there were issued and outstanding  3,168,618 shares of
the registrant's common stock.


<PAGE>

                               PARKE BANCORP, INC.

                                    FORM 10-Q

                      FOR THE QUARTER ENDED MARCH 31, 2007

                                      INDEX

<TABLE>
<CAPTION>

                                                                                   Page
                                                                                   ----
<S>         <C>                                                                 <C>
Part I            FINANCIAL INFORMATION
------

Item 1.           Financial Statements................................................1
Item 2.           Management's Discussion and Analysis of Financial Condition
                      and Results of Operations......................................11
Item 3.           Quantitative and Qualitative Disclosures About Market Risk.........16
Item 4.           Controls and Procedures............................................16

Part II           OTHER INFORMATION
-------

Item 1.           Legal Proceedings..................................................16
Item 1A.          Risk Factors.......................................................17
Item 2.           Unregistered Sales of Equity Securities and Use of Proceeds........17
Item 3.           Defaults Upon Senior Securities....................................17
Item 4.           Submission of Matters to a Vote of Security Holders................17
Item 5.           Other Information..................................................18
Item 6.           Exhibits...........................................................18

SIGNATURES

EXHIBITS and CERTIFICATIONS

</TABLE>

<PAGE>

                          PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                      PARKE BANCORP, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (unaudited)

<TABLE>
<CAPTION>
                                                              March 31,       December 31,
                                                                2007             2006
                                                            -------------    -------------
<S>                                                       <C>              <C>
Assets
Cash and cash due from banks                                $   5,246,697    $   6,183,916
Federal funds sold and other cash equivalents                  12,557,889        5,076,895
                                                            -------------    -------------
         Cash and cash equivalents                             17,804,586       11,260,811
                                                            -------------    -------------

Investment securities available for sale, at market value      26,238,342       24,530,067
Investment securities held to maturity, at amortized cost
     (market value $2,423,025 at March 31, 2007 and
     $2,425,629 at December 31, 2006)                           2,436,987        2,430,958
                                                            -------------    -------------
         Total investment securities                           28,675,329       26,961,025
                                                            -------------    -------------

Restricted stock, at cost                                       1,378,300        1,492,800
                                                            -------------    -------------

Loans                                                         357,066,870      310,555,306
Less: allowance for loan losses                                (5,011,500)      (4,511,004)
                                                            -------------    -------------
         Total net loans                                      352,055,370      306,044,302
                                                            -------------    -------------

Bank premises and equipment, net                                3,361,293        3,431,794
Accrued interest receivable and other assets                   11,258,092       10,806,039
                                                            -------------    -------------
         Total assets                                       $ 414,532,970    $ 359,996,771
                                                            =============    =============
</TABLE>

See Notes to Consolidated Financial Statements                                 1

<PAGE>

                      PARKE BANCORP, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (unaudited)

<TABLE>
<CAPTION>

                                                                         March 31,      December 31,
                                                                           2007             2006
                                                                       -------------    -------------
<S>                                                                  <C>              <C>
Liabilities and Shareholders' Equity

Liabilities
     Deposits
       Noninterest-bearing demand                                      $  27,591,033    $  18,287,577
       Interest-bearing                                                  317,945,178      271,641,283
                                                                       -------------    -------------
         Total deposits                                                  345,536,211      289,928,860

     Borrowed funds                                                                -          100,000
     Federal Home Loan Bank advances                                      22,012,303       24,441,370
     Subordinated debentures                                              10,310,000       10,310,000
     Accrued interest payable and other liabilities                        4,201,051        4,507,381
                                                                       -------------    -------------
         Total liabilities                                               382,059,565      329,287,611
                                                                       -------------    -------------

Commitments and Contingencies (Note 1)

Shareholders' Equity
     Common stock, $0.10 par value, 10,000,000 shares authorized;
       3,230,460 shares issued at March 31, 2007 and 2,884,937
       shares issued at December 31, 2006                                    323,046          288,494
     Preferred stock, 1,000,000 shares authorized; no shares issued
       and outstanding                                                             -                -
     Additional paid-in capital                                           21,538,837       21,153,220
     Retained earnings                                                    12,124,993       10,847,763
     Accumulated other comprehensive (loss)                                 (353,404)        (420,250)
     Treasury stock, at cost (61,842 shares at March 31, 2007 and at
       December 31, 2006)                                                 (1,160,067)      (1,160,067)
                                                                       -------------    -------------
         Total shareholders' equity                                       32,473,405       30,709,160
                                                                       -------------    -------------
         Total liabilities and shareholders' equity                    $ 414,532,970    $ 359,996,771
                                                                       =============    =============
</TABLE>

See Notes to Consolidated Financial Statements                                 2
<PAGE>

                      PARKE BANCORP, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (unaudited)

                                                      March 31,   December 31,
                                                         2007         2006
                                                      ----------   ----------
Interest and Dividend Income
     Loans, including fees                            $6,941,600   $5,249,988
     Investment securities                               386,217      302,452
     Federal funds sold and other cash equivalents        91,182       17,057
                                                      ----------   ----------
       Total interest and dividend income              7,418,999    5,569,497
                                                      ----------   ----------

Interest Expense
     Deposits                                          3,358,209    2,023,658
     Borrowings                                          521,337      390,330
                                                      ----------   ----------
       Total interest expense                          3,879,546    2,413,988
                                                      ----------   ----------

         Net interest income                           3,539,453    3,155,509

Provision for Loan Losses                                500,496      235,000
                                                      ----------   ----------
Net interest income after provision for loan losses    3,038,957    2,920,509
                                                      ----------   ----------

Noninterest Income
     Service charges on deposit accounts                  36,016       36,132
     Other fee income                                    490,595      219,718
                                                      ----------   ----------
         Total noninterest income                        526,611      255,850
                                                      ----------   ----------

Noninterest Expenses
     Compensation and benefits                           785,835      676,497
     Occupancy, equipment and data processing            267,235      212,711
     Marketing and business development                   67,483       53,428
     Professional services                               114,171      149,029
     Other operating expenses                            244,516      265,011
                                                      ----------   ----------
         Total noninterest expenses                    1,479,240    1,376,676
                                                      ----------   ----------

Income Before Income Tax Expense                       2,086,328    1,799,683

Income Tax Expense                                       809,098      724,220
                                                      ----------   ----------

         Net Income                                   $1,277,230   $1,075,463
                                                      ==========   ==========

Net Income Per Common Share:
     Basic                                            $     0.41   $     0.35
                                                      ==========   ==========
     Diluted                                          $     0.36   $     0.30
                                                      ==========   ==========

Weighted Average Shares Outstanding:
     Basic                                             3,138,993    3,065,325
                                                      ==========   ==========
     Diluted                                           3,583,979    3,612,035
                                                      ==========   ==========


See Notes to Consolidated Financial Statements                                 3

<PAGE>

                      PARKE BANCORP, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
               FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006
                                   (unaudited)
<TABLE>
<CAPTION>
                                                                            Accumulated
                                                Additional                     Other                        Total
                                      Common     Paid-In       Retained    Comprehensive     Treasury    Shareholders'
                                      Stock      Capital       Earnings    Income (Loss)      Stock         Equity
                                      -----      -------       --------    -------------      -----         ------

<S>                                <C>        <C>           <C>            <C>           <C>             <C>
Balance,  December 31, 2005         $231,736   $20,511,410   $ 6,787,118    $(286,296)    $   (50,641)    $27,193,327
Stock options and warrants
  exercised                            3,805       284,606             -             -              -         288,411
Treasury stock purchased                   -             -             -             -         (7,379)         (7,379)
20% stock dividend                    46,970       (46,970)            -             -              -               -
Comprehensive income:
  Net income for the period                -             -     1,075,463             -              -       1,075,463
Change in net unrealized gain on
  securities available for sale,
  net of reclassification
  adjustment and tax effects, if any       -             -             -      (64,424)              -        (64,424)
                                                                                                         -----------
Total comprehensive income                                                                                 1,011,039
                                    --------   -----------   -----------    ---------     -----------    -----------
  Balance, March 31, 2006           $282,511   $20,749,046   $ 7,862,581    $(350,720)    $   (58,020)   $28,485,398
                                    ========   ===========   ===========    =========     ===========    ===========

  Balance,  December 31, 2006       $288,494   $21,153,220   $10,847,763    $(420,250)    $(1,160,067)   $30,709,160

Stock options and warrants
  exercised                            5,184       406,722             -             -              -        411,906
Stock compensation                         -         8,263             -             -              -          8,263
10% stock dividend                    29,368       (29,368)                                                        -
Comprehensive income:
  Net income for the period                -             -     1,277,230             -              -      1,277,230
Change in net unrealized gain
  on securities available for
  sale,  net of reclassification
  adjustment and tax effects, if any       -             -             -        61,884              -         61,884
Adjustment to minimum
  pension liability                        -             -             -         4,962              -          4,962
                                                                                                         -----------
Total comprehensive income                                                                                 1,344,076
                                    --------   -----------   -----------    ---------     -----------    -----------
  Balance,  March 31, 2007          $323,046   $21,538,837   $12,124,993    $(353,404)    $(1,160,067)   $32,473,405
                                    ========   ===========   ===========    =========     ===========    ===========
</TABLE>

See Notes to Consolidated Financial Statements                                 4

<PAGE>

                      PARKE BANCORP, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                         For the Three Months Ended March 31,
                                                                                 2007            2006
                                                                             ------------    ------------
<S>                                                                        <C>             <C>
Operating Activities
   Net income                                                                $  1,277,230    $  1,075,463
   Adjustments to reconcile net income to net cash provided by
   operating activities:
     Depreciation and amortization                                                 78,862          63,125
     Provision for loan losses                                                    500,496         235,000
     Stock compensation                                                             8,263               -
     Net accretion of investment securities premiums/discounts                    (10,751)         (5,530)
   Changes in operating assets and liabilities:
     (Increase) Decrease in accrued interest receivable and other assets         (470,712)        714,479
     (Decrease) Increase in accrued interest payable and other liabilities       (323,964)         (3,169)
                                                                             ------------    ------------
         Net cash provided by operating activities                              1,059,424       2,079,368
                                                                             ------------    ------------


Investing Activities
   Purchases of investment securities available for sale                       (3,480,994)              -
   Proceeds from redeemed restricted stock                                        114,500         276,500
   Proceeds from maturities of investment securities available for sale         1,550,000               -
   Principal payments on mortgage-backed securities                               330,580         295,152
   Net increase in loans                                                      (46,511,564)    (12,931,442)
   Purchase of bank premises and equipment                                         (8,361)         (6,678)
                                                                             ------------    ------------
         Net cash used in investing activities                                (48,005,839)    (12,366,468)
                                                                             ------------    ------------
Financing Activities
   Proceeds from exercise of stock options and warrants                           411,906         288,411
   Purchase of treasury stock                                                           -          (7,379)
   Proceeds from borrowings                                                    27,375,000       1,500,000
   Repayment of borrowings                                                    (29,904,067)     (7,688,132)
   Net increase in interest-bearing deposits                                   46,303,895      13,145,179
   Net increase in noninterest-bearing deposits                                 9,303,456       3,115,108
                                                                             ------------    ------------
         Net cash provided by financing activities                             53,490,190      10,353,187
                                                                             ------------    ------------

         Increase in cash and cash equivalents                                  6,543,775          66,087

Cash and Cash Equivalents, January 1,                                          11,260,811       4,380,036
                                                                             ============    ============

Cash and Cash Equivalents, March 31,                                         $ 17,804,586    $  4,446,123
                                                                             ============    ============
Supplemental Disclosure of Cash Flow Information:
   Cash paid during the period for:
     Interest on deposits and borrowings                                     $  3,641,723    $  2,146,876
                                                                             ============    ============
     Income taxes                                                            $    810,821    $    850,000
                                                                             ============    ============
</TABLE>

See Notes to Consolidated Financial Statements                                 5

<PAGE>

                      PARKE BANCORP, INC. AND SUBSIDIARIES
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                (unaudited)

NOTE 1.  GENERAL

BUSINESS

     Parke  Bancorp,  Inc.  ("Parke  Bancorp or the "Company") is a bank holding
company  incorporated  under the laws of the State of New Jersey in January 2005
for the sole purpose of becoming the holding company of Parke Bank (the "Bank").

     The Bank is a commercial  bank which  commenced  operations  on January 28,
1999. The Bank is chartered by the New Jersey  Department of Banking and insured
by the Federal Deposit  Insurance  Corporation  ("FDIC").  Parke Bancorp and the
Bank maintain their principal offices at 601 Delsea Drive,  Washington Township,
New Jersey.  The Bank also conducts  business  through offices in Northfield and
Washington  Township,  New Jersey and Philadelphia,  Pennsylvania and has a loan
production office in Millville, New Jersey.

FINANCIAL STATEMENTS

     The  financial  statements  as of March 31,  2007 and for the  three  month
periods  ended March 31, 2007 and 2006  included  herein have not been  audited.
Certain  information  and footnote  disclosures  normally  included in financial
statements prepared in accordance with accounting  principles generally accepted
in the  United  States of  America  ("GAAP")  have been  condensed  or  omitted;
therefore,  these financial  statements  should be read in conjunction  with the
Company's audited financial statements and the notes thereto for the years ended
December 31, 2006 included in the  Company's  Annual Report on Form 10-K for the
fiscal year ended  December  31, 2006,  as filed with the SEC. The  accompanying
financial  statements  reflect  all  adjustments,  which are,  in the opinion of
management, necessary to present a fair statement of the results for the interim
periods  presented.  Such  adjustments  are of a normal  recurring  nature.  The
results for the three months ended March 31, 2007 are not necessarily indicative
of the results that may be expected for the year ending December 31, 2007 or any
other periods.

BASIS OF FINANCIAL STATEMENT PRESENTATION

     The financial statements include the accounts of Parke Bancorp Inc. and its
wholly owned  subsidiaries,  Parke Bank,  Parke Capital  Markets and Farm Folly,
LLC.  Parke  Capital  Trust  I and  Parke  Capital  Trust  II  are  wholly-owned
subsidiaries but are not consolidated because they do not meet the requirements.
All significant  inter-company  balances and transactions  have been eliminated.
Such statements have been prepared in accordance with GAAP and general  practice
within the banking industry.

USE OF ESTIMATES

     The  preparation  of  financial  statements  requires  management  to  make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities and the disclosure of contingent  assets and liabilities at the date
of the financial  statements  and the reported  amounts of revenues and expenses
during the reporting period. Actual results could differ from such estimates.

INVESTMENTS

     The  Company has  identified  investment  securities  that will be held for
indefinite periods of time,  including securities that will be used as a part of
the Bank's  asset/liability  management  strategy and may be sold in response to
changes in interest rates, prepayments and similar factors. These securities are
classified as "available-for-sale" and are carried at fair value, with temporary
unrealized gains or losses reported as a separate component of accumulated other
comprehensive income (losses), net of the related income tax effect. Declines in
the fair value of the individual  available-for-sale securities below their cost
that are other than  temporary  have  resulted in write downs of the  individual
securities  to their fair value and are  included in  noninterest  income in the
consolidated  statements of operations.  Factors  affecting the determination of
whether an other-than-temporary impairment has occurred include a downgrading of

                                       6

<PAGE>
                      PARKE BANCORP, INC. AND SUBSIDIARIES
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                (unaudited)

the security by a rating agency,  a significant  deterioration  in the financial
condition  of the  issuer,  or that the  Company  would not have the  intent and
ability  to hold a  security  for a period of time  sufficient  to allow for any
anticipated  recovery in fair value.  The  unrealized  losses that existed as of
March 31,  2007 are the result of market  changes in  interest  rates  since the
securities  were purchased.  This factor,  coupled with the fact the Company has
both the intent and ability to hold  securities for a period of time  sufficient
to allow for any  anticipated  recovery  in fair value,  substantiates  that the
unrealized losses in the available-for-sale portfolio are temporary.

COMMITMENTS

     In  the  general  course  of  business,   there  are  various   outstanding
commitments to extend  credit,  such as letters of credit and  un-advanced  loan
commitments,  which are not reflected in the accompanying  financial statements.
Management  does  not  anticipate  any  material  losses  as a  result  of these
commitments.

CONTINGENCIES

     The  Company  is from  time to time a party to  routine  litigation  in the
normal course of its business.  Management  does not believe that the resolution
of  this  litigation  will  have a  material  adverse  effect  on the  financial
condition or results of operations of the Company. However, the ultimate outcome
of any such litigation,  as with litigation  generally,  is inherently uncertain
and it is possible that some litigation matters may be resolved adversely to the
Company.

INCOME TAXES

     When corporate income tax returns are filed, it is highly certain that some
positions taken would be sustained upon  examination by the taxing  authorities,
while others are subject to  uncertainty  about the merits of the position taken
or the amount of the position that ultimately would be sustained. The benefit of
a tax position is recognized  in the  financial  statements in the period during
which,   based  on  all   available   evidence,   management   believes   it  is
more-likely-than  not that the  position  will be  sustained  upon  examination,
including  the  resolution  of  appeals or  litigation  processes,  if any.  The
evaluation  of a tax position  taken is  considered  by itself and not offset or
aggregated with other  positions.  Tax positions that meet the  more-likely-than
not recognition threshold are measured as the largest amount of tax benefit that
is more  than 50  percent  likely of being  realized  upon  settlement  with the
applicable  taxing  authority.  The  portion  of  benefits  associated  with tax
positions taken that exceeds the amount measured as described above is reflected
as a liability for unrecognized  tax benefits in the accompanying  balance sheet
along with any  associated  interest and penalties  that would be payable to the
taxing  authorities  upon  examination.  Interest and penalties  associated with
unrecognized  tax benefits are recognized in income tax expense on the statement
of operations.

RECENT ACCOUNTING PRONOUNCEMENTS

     In September  2006,  the FASB issued SFAS No. 157, Fair Value  Measurements
("SFAS No. 157"). This statement defines fair value, established a framework for
measuring fair value in generally accepted  accounting  principles,  and expands
disclosures about fair value measurements. SFAS No. 157 does not require any new
fair value measurements,  but provides enhanced guidance to other pronouncements
that require or permit assets or liabilities to be measured at fair value.  This
statement  is  effective  for  financial  statements  issued  for  fiscal  years
beginning after November 15, 2007, and interim  periods within those years.  The
Company is  currently  evaluating  the  impact of SFAS No. 157 on its  financial
statements.

                                       7

<PAGE>
                      PARKE BANCORP, INC. AND SUBSIDIARIES
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                (unaudited)


     In February  2007,  the FASB issued  SFAS No.  159,  Fair Value  Option for
Financial  Assets and Financial  Liabilities  ("SFAS No. 159").  This  statement
permits  entities to choose to measure many  financial  instruments  and certain
other items at fair value that are not currently required to be measured at fair
value.  SFAS No. 159 is effective for fiscal years  beginning after November 15,
2007, with early adoption permitted provided the entity also elects to apply the
provisions of SFAS No. 157. The Bank is currently evaluating the impact, if any,
of SFAS No. 159 on its financial position and results of operation.

NOTE 2.  EARNINGS PER SHARE

     Basic  earnings  per share is  computed  by dividing  income  available  to
holders of common stock (the numerator) by the weighted average number of common
shares outstanding (the denominator) during the period. Shares issued during the
period are  weighted  for the portion of the period that they were  outstanding.
The weighted  average number of common shares  outstanding  for the three months
ended March 31, 2007 and 2006 was 3,138,993 and 3,065,325, respectively.

     Diluted earnings per share are similar to the computation of basic earnings
per share  except that the  denominator  is  increased  to include the number of
additional  common  shares  that would  have been  outstanding  if the  dilutive
options and warrants  outstanding had been exercised.  The assumed conversion of
dilutive options and warrants resulted in 444,986 and 546,710  additional shares
for the three months period ended March 31, 2007 and 2006, respectively.

     Both basic and diluted  earnings per share  calculations  give  retroactive
effect to stock dividends  declared,  including the most recently  completed 10%
stock dividend that was effective April 23, 2007.

NOTE 3.  STOCK COMPENSATION

     Effective  January  1,  2006,  the  Company  adopted  Financial  Accounting
Standards Board ("FASB")  Statement No. 123 Share-Based  Payment  (Revised 2004)
("SFAS 123R") utilizing the modified  prospective  approach.  Under the modified
prospective transition method, the Company is required to recognize compensation
cost for 1) all  share-based  payments  granted  prior to, but not vested as of,
January 1, 2006 based on the grant date fair value  estimated in accordance with
the original provisions of SFAS 123; and 2) for all share-based payments granted
on or after  January 1, 2006 based on the grant  date fair  value  estimated  in
accordance with SFAS 123R. In accordance with the modified  prospective  method,
the Company has not restated prior period results.

     Prior to January 1, 2006, the Company  accounted for  share-based  payments
under  the  recognition  and  measurement  provisions  of APB  Opinion  No.  25,
Accounting  for Stock  Issued to  Employees,  and  related  Interpretations,  as
permitted by FASB Statement No. 123, Accounting for Stock-Based Compensation.

     All  outstanding  stock options as of January 1, 2006 were fully vested (in
prior years, all options vested upon issuance), thus no compensation expense was
recognized  during  the  three  months  ended  March  31,  2006 or 2007 for such
options. The Company used the Black-Scholes option pricing model to estimate the
fair value of stock-based awards in 2006 and thereafter.

     As of March 31,  2007,  there were 14,000  unvested  options,  which was no
change from December 31, 2006. Compensation cost related to share-based payments
amounted to $8,263  during the first  quarter of 2007,  which related to options
issued in 2006. The Company utilizes the  Black-Scholes  option pricing model to
estimate the fair value of any stock-based awards.

                                       8

<PAGE>
                      PARKE BANCORP, INC. AND SUBSIDIARIES
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                (unaudited)

NOTE 4.  REGULATORY RESTRICTIONS

     The Bank is subject to various regulatory  capital  requirements of federal
and state banking  agencies.  Failure to meet minimum capital  requirements  can
initiate  certain  mandatory and possibly  additional  discretionary  actions by
regulators  that,  if  undertaken,  could have a direct  material  effect on the
Bank's  financial   statements.   Under  capital  adequacy  guidelines  and  the
regulatory  framework for prompt corrective  action, the Bank must meet specific
capital guidelines that involve  quantitative  measures of assets,  liabilities,
and certain  off-balance  sheet items as calculated under regulatory  accounting
practices.  The Bank's capital  amounts and  classification  are also subject to
qualitative judgments by the regulators about components,  risk weightings,  and
other factors.

     Quantitative  measures established by regulation to ensure capital adequacy
require  the Bank to  maintain  minimum  amounts  and  ratios  (set forth in the
following  table) of total and Tier I capital (as defined in the regulations) to
risk-weighted assets (as defined), and of Tier I capital (as defined) to average
assets (as defined).

<TABLE>
<CAPTION>
                                                                                 For Capital
                                                            Actual            Adequacy Purpose
                                                     Amount        Ratio      Amount      Ratio
                                                     ------        -----      ------      -----
As of March 31, 2007:
---------------------
(amounts in thousands)
<S>                                              <C>              <C>       <C>           <C>
Total Risk Based Capital                           $   46,842       13.0%     $   28,740    8%
    (to Risk Weighted Assets)
Tier 1 Capital                                     $   42,345       11.8%     $   14,370    4%
    (to Risk Weighted Assets)
Tier 1 Capital                                     $   42,345       11.1%     $   15,214    4%
    (to Average Assets)
</TABLE>

<TABLE>
<CAPTION>
                                                                                 For Capital
                                                            Actual             Adequacy Purpose
                                                     Amount        Ratio       Amount     Ratio
                                                     ------        -----       ------     -----
As of December 31, 2006:
------------------------
(amounts in thousands)
<S>                                              <C>              <C>       <C>           <C>
Total Risk Based Capital                             $44,405       14.5%        $24,499         8%
    (to Risk Weighted Assets)
Tier 1 Capital                                       $40,569       13.3%        $12,249         4%
    (to Risk Weighted Assets)
Tier 1 Capital                                       $40,569       11.6%        $14,054         4%
    (to Average Assets)
</TABLE>

     Management  believes,  as of March 31, 2007 and December 31, 2006, that the
Bank met all capital adequacy requirements to which either of them was subject.


NOTE 5.  SUBORDINATED DEBENTURES

     On August 23, 2005,  Parke Capital Trust I, a Delaware  statutory  business
trust  and a  wholly-owned  subsidiary  of the  Company,  issued $5  million  of
variable rate capital trust pass-through

                                       9

<PAGE>
                      PARKE BANCORP, INC. AND SUBSIDIARIES
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                (unaudited)

securities to investors.  The variable interest rate re-prices  quarterly at the
three-month  LIBOR plus  1.66% and was 7.02% at March 31,  2007.  Parke  Capital
Trust I purchased $5.2 million of variable rate junior  subordinated  deferrable
interest  debentures from the Company.  The debentures are the sole asset of the
Trust. The terms of the junior subordinated debentures are the same as the terms
of the  capital  securities.  The  Company  has also  fully and  unconditionally
guaranteed  the  obligations  of the Trust  under the  capital  securities.  The
capital  securities are redeemable by the Company on or after November 23, 2010,
at par or earlier if the deduction of related  interest for federal income taxes
is prohibited, classification as Tier 1 Capital is no longer allowed, or certain
other  contingencies  arise. The capital  securities must be redeemed upon final
maturity of the  subordinated  debentures  on  November  23,  2035.  Proceeds of
approximately  $4.2 million were contributed to paid-in capital at the Bank. The
remaining $800,000 was retained at the Company for future use.

     On August 23, 2005, Parke Capital Trust II, a Delaware  statutory  business
trust  and a  wholly-owned  subsidiary  of the  Company,  issued $5  million  of
fixed/variable   rate  capital  trust  pass-through   securities  to  investors.
Currently, the interest rate is fixed at 6.25%. The fixed/variable interest rate
re-prices  quarterly at the three-month LIBOR plus 1.66% beginning  November 23,
2010.  Parke  Capital  Trust II purchased  $5.2 million of variable  rate junior
subordinated deferrable interest debentures from the Company. The debentures are
the sole asset of the Trust. The terms of the junior subordinated debentures are
the same as the terms of the capital securities.  The Company has also fully and
unconditionally  guaranteed  the  obligations  of the Trust  under  the  capital
securities.  The capital  securities  are  redeemable by the Company on or after
November 23, 2010,  at par or earlier if the  deduction of related  interest for
federal  income  taxes is  prohibited,  classification  as Tier 1 Capital  is no
longer allowed,  or certain other  contingencies  arise. The capital  securities
must be redeemed upon final maturity of the subordinated  debentures on November
23, 2035.  Proceeds of  approximately  $4.2 million were  contributed to paid-in
capital at the Bank.  The  remaining  $800,000  was  retained at the Company for
future use.


NOTE 6.  INCOME TAXES

     The  Company  adopted  the  provisions  of  FASB   Interpretation  No.  48,
Accounting for Uncertainty in Income Taxes,  ("FIN 48"), on January 1, 2007. The
Company  files  United  States  (US)  federal  income tax  returns and state tax
returns in New Jersey. Based upon the statute of limitations,  the Company is no
longer subject to US federal and state examinations by tax authorities for years
before  2003.  Based on the review of the tax  returns  filed for the years 2003
through 2005 and the deferred tax benefits  accrued in the 2006 annual financial
statements, management determined that all tax positions taken had a probability
of  greater  than 50  percent  of being  sustained  and that 100  percent of the
benefits accrued were expected to be realized.  Management has a high confidence
level in the technical merits of the positions.  It believes that the deductions
taken  and  benefits  accrued  are  based on  widely  understood  administrative
practices and  procedures and are based on clear and  unambiguous  tax law. As a
result of this  evaluation,  management did not see a need to record a liability
for unrecognized tax benefits.
                                       10

<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION


Forward-Looking Statements

     The  Company  may from time to time make  written or oral  "forward-looking
statements"   including  statements  contained  in  this  Report  and  in  other
communications by the Company which are made in good faith pursuant to the "safe
harbor"  provisions  of the Private  Securities  Litigation  Reform Act of 1995.
These  forward-looking  statements,  such as statements of the Company's  plans,
objectives,   expectations,   estimates  and   intentions,   involve  risks  and
uncertainties and are subject to change based on various important factors (some
of which are beyond the Company's control). The following factors, among others,
could cause the Company's  financial  performance to differ  materially from the
plans,  objectives,  expectations,  estimates and  intentions  expressed in such
forward-looking statements: the strength of the United States economy in general
and  the  strength  of  the  local  economies  in  which  the  Company  conducts
operations;  the effects of, and changes in, trade, monetary and fiscal policies
and laws,  including  interest  rate  policies of the Board of  Governors of the
Federal  Reserve  System,   inflation,   interest  rate,   market  and  monetary
fluctuations;  the timely  development  of and  acceptance  of new  products and
services of the Company and the perceived  overall  value of these  products and
services by users,  including  the  features,  pricing  and quality  compared to
competitors' products and services;  the impact of changes in financial services
laws and regulations  (including laws concerning taxes, banking,  securities and
insurance);  technological changes;  acquisitions;  changes in consumer spending
and saving habits; and the success of the Company at managing the risks involved
in the foregoing.

     The Company  cautions that the foregoing  list of important  factors is not
exclusive.  The Company  also  cautions  readers not to place undue  reliance on
these forward-looking statements, which reflect management's analysis only as of
the date on which  they are given.  The  Company is not  obligated  to  publicly
revise  or  update  these  forward-looking   statements  to  reflect  events  or
circumstances  that arise after any such date.  Readers should  carefully review
the risk factors  described in other  documents  the Company  files from time to
time with the SEC,  including  quarterly reports on Form 10-Q, annual reports on
Form 10-K and any current reports on Form 8-K.

GENERAL

     The Company's results of operations are dependent primarily on net interest
income,  which is the  difference  between  the  interest  income  earned on its
interest-earning assets, such as loans and securities,  and the interest expense
paid on its interest-bearing  liabilities,  such as deposits and borrowings. The
Company also generates noninterest income such as service charges, earnings from
bank owned life insurance  (BOLI),  loan exit fees and other fees. The Company's
noninterest  expenses  primarily consist of employee  compensation and benefits,
occupancy  expenses,   marketing  expenses,  data  processing  costs  and  other
operating expenses.  The Company is also subject to losses in its loan portfolio
if borrowers fail to meet their obligations. The Company's results of operations
are also significantly affected by general economic and competitive  conditions,
particularly  changes in market interest rates,  government policies and actions
of regulatory agencies.

                              RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2007 COMPARED TO THREE MONTHS ENDED MARCH 31, 2006
                                   (UNAUDITED)

     The following  discussion  compares the results of operations for the three
month  period  ended March 31, 2007 to the results of  operations  for the three
month period ended March 31, 2006. This discussion should be read in conjunction
with the  accompanying  financial  statements  and related  notes as well as the
financial information included in the 2006 Annual Report on Form 10-K.

                                       11

<PAGE>

     Net Income.  For the three months ended March 31, 2007,  net income totaled
$1.3 million, and increased by 18.8% above the $1.1 million for the three months
ended March 31,  2006.  Diluted  earnings  per share for the three  months ended
March 31, 2007 totaled $0.36, compared to $0.30 per share for the same period of
2006,  representing an increase of 20% year over year.  Increased net income for
the three months ended March 31, 2007 was attributable  primarily to an increase
in net interest income of $384,000 and noninterest income of $271,000, partially
offset by increases in the  provision  for loan losses of $265,000,  noninterest
expense of $103,000 and income tax expense of $85,000.

     Net Interest Income. Our primary source of earnings is net interest income,
which is the difference between income earned on  interest-earning  assets, such
as loans  and  investment  securities,  and  interest  expense  incurred  on the
interest-bearing sources of funds, such as deposits and borrowings. The level of
net interest income is determined  primarily by the average balances  ("volume")
and the  rate  spreads  between  the  interest-earning  assets  and our  funding
sources.

     Net  interest  income for the quarter  ended March 31,  2007,  totaled $3.5
million,  which amounted to an increase of $384,000,  or 12.2%, compared to $3.2
million for the  quarter  ended  March 31,  2006.  The  increase  was  primarily
attributable  to the growth in loan  balances.  The net interest  margin for the
quarter  ended  March 31,  2007 was 3.9%,  compared  to 4.3% for the  comparable
period of 2006.

     Interest  income of $7.4  million  for the quarter  ended  March 31,  2007,
increased  primarily  as a result of an  increase  of $75.5  million  in average
interest-earning  assets.  Average loans outstanding  increased by $67.0 million
and average  investment  securities  and federal  funds sold  increased  by $8.5
million. In addition,  yields on earning assets for the three months ended March
31, 2007 increased to 8.1% from 7.6% for the comparable period of 2006 due to an
increase in the level of market  interest  rates during 2006.  Interest  expense
increased  by  $1.5  million,   which  was  primarily  attributable  to  average
interest-bearing  liabilities  increasing by $70.5  million  coupled with higher
interest rates for both deposits and borrowed  funds.  Average  interest-bearing
deposits  increased by $64.1  million and average  borrowings  increased by $6.4
million. The average rate paid on interest-bearing liabilities increased to 4.8%
for the three months ended March 31, 2007 from 3.8% for the comparable period of
2006.

     Provision  for Loan  Losses.  The  provision  for loan  losses  amounted to
$500,000 for the three months ended March 31, 2007, compared to $235,000 for the
same period in 2006. The year over year increase  reflected the significant loan
growth during the first  quarter of 2007.  At March 31, 2007,  the allowance for
loan losses amounted to 1.40% of total gross loans as compared to 1.45% of total
gross loans at December 31, 2006.

     Noninterest  Income.  Noninterest  income of $527,000 for the quarter ended
March 31, 2007 increased from $256,000 for the comparable  quarter of 2006. This
increase was attributed to insurance  reimbursements totaling $377,000 for legal
and other  expenses  incurred  during  the past few years  related  to  recently
settled  lawsuits and costs associated with  repossessed  assets,  respectively,
that  were  partially  covered  by  the  Company's  insurance.  Excluding  these
insurance reimbursements, noninterest income for the current quarter amounted to
$150,000, which represented a decline of $106,000 from the comparable quarter of
2006  mainly due to a lower  level of exit fees for the  Company in the  current
quarter.

     Noninterest   Expenses.   For  the  three  months  ended  March  31,  2007,
noninterest expense increased by $103,000,  or 7.5%, to $1.5 million compared to
$1.4  million  for the same  period of 2006.  The higher  expense  level was due
primarily to additional  staffing costs and related expenses in 2007 for the new
retail branch in Philadelphia  and the new loan production  office in Millville,
New Jersey,  which were opened in 2006. Partially offsetting this increase was a
decline in professional  fees of $35,000 which was due to a lower level of legal
expenses during the first quarter of 2007.

     Income Taxes. The Company recorded income tax expense of $809,098 on income
before  taxes of $2.1  million  for the  three  months  ended  March  31,  2007,
resulting in an effective  tax rate of 38.8%,  compared to income tax expense of
$724,220  on income  before  taxes of $1.8  million for the same period of 2006,
resulting in an effective tax rate of 40.3%.

                                       12

<PAGE>

                               Financial Condition
                     At March 31, 2007 and December 31, 2006
                                   (unaudited)

     The following discussion compares the financial condition at March 31, 2007
to the financial  condition at December 31, 2006. This discussion should be read
in conjunction with the accompanying  financial  statements and related notes as
well as statistical information included in the 2006 Annual Report on Form 10-K.

     Total  assets at March 31,  2007  amounted to $414.5  million,  compared to
$360.0 million at December 31, 2006,  resulting in an increase of $54.5 million,
or 15.1%.  This  increase  was driven  primarily  by loan  growth as the Company
continued to expand its loan portfolio  through  development of new and existing
business relationships.

     Total loans at March 31, 2007 were $357.1  million,  which  represented  an
increase  of $46.5  million,  or 15.0%  above  the level of  $310.6  million  at
December 31, 2006.  Growth  occurred in all loan categories with commercial loan
growth of $43.9 million, or 15.6%,  representing the majority of the loan growth
for 2007.  Investment  securities  amounted  to $28.7  million at March 31, 2007
versus $26.5 million at December 31, 2006.

     The allowance for loan losses amounted to $5.0 million at December 31, 2006
compared to $4.5 million at December 31, 2006.  The ratio of the  allowance  for
loan losses to total loans decreased from 1.45% at December 31, 2006 to 1.40% at
March 31, 2007. The Company's management has taken nonperforming loans and other
loans of concern into  consideration  in  establishing  the  allowance  for loan
losses.  The Company continues to monitor its allowance for loan losses and will
make  future  additions  or  reductions  in light  of the  level of loans in its
portfolio and as economic conditions dictate. The current level of the allowance
for loan losses is a result of the Company's management  assessment of the risks
within the portfolio  based upon the  information  revealed in credit  reporting
processes.  The  Company  utilizes  a  risk-rating  system  on  all  commercial,
business, agricultural,  construction,  consumer, multi-family,  residential and
commercial real estate loans,  including  purchased loans.  This risk assessment
takes into account the  composition of the loan  portfolio and  historical  loss
experience for each major loan category. In addition qualitative adjustments are
made for levels and trends in  delinquencies,  non-accruals  and impaired loans;
trends in volume;  effects,  if any, for changes in the Company's credit policy;
experience  and depth of the lending  staff;  any  national  and local  economic
trends and conditions; and concentrations of credit within the total portfolio.

     Although  the  Company's   management   believes  that  it  uses  the  best
information  available to determine the  allowance  for loan losses,  unforeseen
market  conditions  could result in adjustments  to the  allowance,  which could
significantly  impact the Company's financial results,  if circumstances  differ
substantially  from the  assumptions  used in making  the final  determinations.
Future  additions to the Company's  allowances  may result from  periodic  loan,
property and  collateral  reviews  coupled with  negative  trends in the factors
noted above and therefore cannot always be accurately predicted in advance.

     Non-performing loans, expressed as a percentage of total loans, amounted to
0.2% at March 31, 2007 versus 0.3% at December 31, 2006. At March 31, 2007,  the
Company had $668,000 in  non-accruing  loans,  which  declined  from $788,000 at
December 31, 2006.

     Borrowings,  which  included  Federal Home Loan Bank  advances,  repurchase
agreements and  subordinated  debentures  amounted to $32.3 million at March 31,
2007 and declined slightly from $34.9 million at December 31, 2006.

                                       13

<PAGE>

         Shareholders'  equity  was $32.5  million  at March 31,  2007 and $30.7
million at  December  31,  2006.  Net income of $1.3  million,  the  exercise of
warrants and stock  options and a reduction in unrealized  investment  portfolio
losses included in other comprehensive income accounted for the 5.7% increase.

Comparative Average Balances, Interest and Yields

         The following table provides information regarding the average balances
and  yield/rates on  interest-earning  assets and  interest-bearing  liabilities
during the periods indicated:

<TABLE>
<CAPTION>
                                                                            Three Months Ended
                                         ---------------------------------------------------------------------------------------
                                                       March 31, 2007                               March 31, 2006
                                         ------------------------------------------ --------------------------------------------
                                                              Interest                                     Interest
                                              Average         Income/        Annual       Average          Income/        Annual
                                              Balance         Expense        Yield        Balance          Expense        Yield
                                              -------         -------        -----        -------          -------        -----
<S>                                    <C>              <C>                 <C>     <C>               <C>                <C>
Assets
   Loans                                 $   331,391,970  $   6,941,600       8.4%    $   264,439,833   $   5,249,988      7.9%
   Investment securities                      28,574,797        386,217       5.4          25,473,809         302,452      4.8
   Federal funds sold and other
      cash equivalents                         6,990,581         91,182       5.2           1,573,196          17,057      4.3
                                         ---------------  -------------               ---------------   -------------
       Total interest-earning assets         366,957,348  $   7,418,999       8.1         291,486,838   $   5,569,497      7.6
                                                          =============                                 =============

     Allowance for loan losses                (4,591,903)                                  (3,642,812)
     Other assets                             18,532,153                                   15,950,334
                                         ---------------                              ---------------
       Total assets                      $   380,897,598                              $   303,794,360
                                         ===============                              ===============

Liabilities and Shareholders' Equity
   Regular savings deposits              $    26,304,518  $     239,892       3.6%    $    34,264,053   $     273,148      3.2%
   NOW & money market                         30,410,244        248,862       3.3          22,755,372         126,117      2.2
   Time deposits                             231,133,782      2,869,455       5.0         166,697,709       1,624,393      3.9
                                         ---------------  -------------               ---------------   -------------
       Total interest-bearing deposits       287,848,544      3,358,209                   223,717,134       2,023,658      3.6

   Borrowings                                 38,506,192        521,337       5.4          32,090,464         390,330      4.9
                                         ---------------  -------------               ---------------   -------------
   Total interest-bearing liabilities        326,304,736  $   3,879,546       4.8         255,807,598   $   2,413,988      3.8
                                                          =============                                 =============

   Non interest-bearing
   demand deposits                            18,797,848                                   17,416,621
   Other liabilities                           3,891,777                                    2,602,665
   Shareholders' equity                       31,853,207                                   27,967,476
                                         ---------------                              ---------------
        Total liabilities and
         shareholders' equity            $   380,897,598                              $   303,794,360
                                         ===============                              ===============

    Net interest income (interest
      income less interest expense)                       $   3,539,453                                 $   3,155,509
                                                          =============                                 =============

Interest rate spread (average yield                                           3.3%                                         3.8%
         less average rate)
Net interest margin (net interest
   income/average interest-earning
   assets)                                                                    3.9%                                         4.3%
</TABLE>


Critical Accounting Policy

         The Company's  financial  statements  are prepared in  accordance  with
accounting  principles  generally accepted in the United States of America.  The
financial  information  contained  within these  statements is, to a significant
extent,  financial  information  that is based on  approximate  measures  of the
financial effects of transactions and events that have already  occurred.  Based
on its  consideration  of accounting  policies that involve the most complex and
subjective  decisions  and  assessments,  management  has  identified  its  most
critical  accounting policy to be related to the allowance for loan losses.  The
Company's  allowance for loan loss  methodology  incorporates  a variety of risk
considerations,  both

                                       14

<PAGE>

quantitative  and  qualitative in  establishing  an allowance for loan loss that
management believes is appropriate at each reporting date.  Quantitative factors
include the Company's  historical loss  experience,  delinquency and charge-offs
trends,  collateral values,  changes in nonperforming  loans, and other factors.
Quantitative  factors also incorporate known information about individual loans,
including borrowers' sensitivity to increase rate movements. Qualitative factors
include the general economic  environment in the Company's market area. Size and
complexity of individual  credits in relation to loan  structure,  existing loan
policies and pace of  portfolio  growth are other  qualitative  factors that are
considered  in the  methodology.  Management  may report a materially  different
amount for the  provision  for loan losses in the  statement  of  operations  to
change the allowance for loan losses if its assessment of the above factors were
different.  This discussion and analysis should be read in conjunction  with the
Company's  financial  statements and the accompanying notes presented  elsewhere
herein,  as well as the portion of this  Managements  Discussion  and  Analysis,
which  discusses  the  allowance  for  loan  losses  in this  section,  entitled
"Financial  Condition"  at  March  31,  2007 and  December  31,  2006.  Although
management  believes  the  level  of this  allowance  as of March  31,  2007 was
adequate to absorb  losses  inherent in the loan  portfolio,  a decline in local
economic  conditions,  or other factors,  could result in increasing losses that
can not be reasonably predicated at this time.


LIQUIDITY AND CAPITAL RESOURCES

     Liquidity  describes  our ability to meet the  financial  obligations  that
arise out of the ordinary course of business.  Liquidity addresses the Company's
ability to meet deposit  withdrawals  on demand or at contractual  maturity,  to
repay borrowings as they mature,  and to fund current and planned  expenditures.
Liquidity is derived from increased  repayment and income from  interest-earning
assets.  The loan to deposit  ratio was 103.3% and 107.1% at March 31,  2007 and
December 31, 2006, respectively. Funds received from new and existing depositors
provided a large source of liquidity for the three-month  period ended March 31,
2007.  The Company seeks to rely  primarily on core  deposits from  customers to
provide  stable and  cost-effective  sources of funding to support local growth.
The  Company  also seeks to augment  such  deposits  with longer term and higher
yielding  certificates  of deposit.  To the extent that retail  deposits are not
adequate  to  fund  customer  loan  demand,  liquidity  needs  can be met in the
short-term  funds  market.  Longer  term  funding  can be  obtained  through the
issuance of trust  preferred  securities and advances from the FHLB. As of March
31, 2007, the Company maintained lines of credit with the FHLB of $34.3 million,
of which $22.0 million was outstanding at March 31, 2007.

     As of  March  31,  2007,  the  Company's  investment  securities  portfolio
included $13.1 million of  mortgage-backed  securities that provide  significant
cash flow each month. The majority of the investment  portfolio is classified as
available for sale, is readily  marketable,  and is available to meet  liquidity
needs. The Company's residential real estate portfolio includes loans, which are
underwritten to secondary market criteria,  and accordingly could be sold in the
secondary  mortgage market if needed as an additional  source of liquidity.  The
Company's management is not aware of any known trends,  demands,  commitments or
uncertainties  that are  reasonably  likely  to result in  material  changes  in
liquidity.

CAPITAL

     A strong capital position is fundamental to support the continued growth of
the Company. The Company is subject to various regulatory capital  requirements.
Regulatory capital is defined in terms of Tier I capital  (shareholders'  equity
as adjusted for unrealized  gains or losses on  available-for-sale  securities),
Tier II capital (which  includes a portion of the allowance for loan losses) and
total capital (Tier I plus Tier II).  Risk-based capital ratios are expressed as
a percentage of  risk-weighted  assets.  Risk-weighted  assets are determined by
assigning various weights to all assets and off-balance sheet associated risk in
accordance with regulatory criteria. Regulators have also adopted minimum Tier I
leverage  ratio  standards,  which  measure the ratio of Tier I capital to total
assets.

     At March 31, 2007, the Company's  management believes that the Bank and the
Company are  "well-capitalized" and in compliance with all applicable regulatory
requirements.


                                       15

<PAGE>

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     There have been no material  changes from the information  regarding market
risk  disclosed  under the  heading  "Management's  Discussion  and  Analysis of
Financial  Condition and Results of Operations -- Interest Rate  Sensitivity and
Liquidity -- Rate  Sensitivity  Analysis" in the Company's Annual Report for the
fiscal year ended December 31, 2006.

ITEM 4. CONTROLS AND PROCEDURES

DISCLOSURE CONTROLS AND PROCEDURES

     Evaluation of disclosure controls and procedures. Based on their evaluation
of the  Company's  disclosure  controls  and  procedures  (as  defined  in  Rule
13a-15(e) under the Securities  Exchange Act of 1934, (the "Exchange Act")), the
Company's  principal  executive  officer and  principal  financial  officer have
concluded that as of the end of the period  covered by this Quarterly  Report on
Form 10-Q, such disclosure  controls and procedures are effective to ensure that
information  required to be disclosed by the Company in reports that it files or
submits under the Exchange Act is recorded,  processed,  summarized and reported
within the required time periods.

INTERNAL CONTROLS

     Changes in  internal  control  over  financial  reporting.  During the last
quarter,  there was no change in the Company's  internal  control over financial
reporting that has materially  affected,  or is reasonably  likely to materially
affect, the Company's internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

     On  December  27,  2004,  Republic  First  Bank  filed an action  captioned
Republic  First Bank v. Parke Bank and Vito S.  Pantilione in the Superior Court
of New Jersey Law Division, Gloucester County. The Bank believes that the action
is without merit and intends to vigorously  defend against it. The suit alleges,
among other things, fraud, negligent misrepresentation, breach of fiduciary duty
and  breach of  contract  in  connection  with  certain  loans to two Parke Bank
customers in which Republic First Bank became a participant. Republic First Bank
is seeking  unspecified  damages and requesting that a receivership be appointed
for certain collateral.  The complaint in the action was served on us in January
2005.  The Bank filed an answer to the  complaint,  and the case is currently in
the discovery phase.

     On June 1, 2005,  Atlantic  Central Bankers Bank and New Century Bank filed
an action captioned  Atlantic Central Bankers Bank and New Century Bank v. Parke
Bank and Parke  Capital  Markets in the  Superior  Court of New Jersey  Chancery
Division,  Cape May County.  The Bank  believes that the action is without merit
and  intends  to  vigorously  defend  against  it.  The suit  alleges  breach of
participation agreements and fraudulent misrepresentation in connection with the
plaintiffs'  participations  in loans to the same  Parke Bank  customers  as the
Republic First Bank matter  discussed  above.  In August 2005,  the  plaintiffs'
motion for a preliminary injunction was denied, and they were ordered to pay the
Bank's expenses.  This case has been  consolidated  with the Republic First Bank
case.

     In December,  2006,  the Bank  reached a  preliminary  agreement  with both
Atlantic  Central Bankers Bank and New Century Bank.  Upon further  negotiations
with both banks in 2007, a final agreement between the Bank and Atlantic Central
Bankers  Bank and New Century Bank was signed and  subsequently  approved by the
court  and the  action  was  dismissed  in  February,  2007.  As a result of the
settlement  there are no  longer  any  outstanding  legal  issues  or  potential
liability by the Bank relating to either  party.  Payments were recently made in
the amounts of $150,000 and $ 60,000,  respectively to Atlantic  Central Bankers
Bank and New  Century  Bank as a result  of the  settlements.  There has been no
subsequent change in the Republic First Bank action.

                                       16

<PAGE>

     On November 4, 2004,  Stephen P. Magenta and other  parties filed an action
captioned Stephen P. Magenta, et. al. v. General Insulation Services,  Inc., et.
al. in the Superior Court of New Jersey Law Division, Gloucester County, related
to the  alleged  embezzlement  of over $1 million by an  employee  of one of our
customers of funds maintained in accounts at the Bank. All but one of the claims
against  the Bank have been  dismissed.  The Bank  believes  that the  action is
without merit and intends to vigorously defend against it. In addition, the Bank
believes that this action is covered by its insurance.

     Other than the foregoing, at March 31, 2007, the Company was not a party to
any material legal proceedings.

ITEM 1A.          RISK FACTORS

         There have been no material changes from the Risk Factors  disclosed in
Company's Annual Report for the fiscal year ended December 31, 2006.

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

             None

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         None.

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

         At the Annual Meeting of Parke Bancorp,  Inc.,  which was held on April
24, 2007, the shareholders of Parke Bancorp,  Inc. elected all ten directors who
were nominated by the Company, as follows:

<TABLE>
<CAPTION>

                                      VOTES                                VOTES
                                       FOR                                WITHHELD
                            -----------------------------        -----------------------------
                               Number         Percentage           Number          Percentage
                             of Votes      Of Votes Cast         of Votes       of Votes Cast
                             --------      -------------         --------       -------------
<S>                        <C>                <C>                <C>                <C>
For Term Expiring 2008
----------------------
Thomas Hedenberg             2,406,923          97.2%              69,123             2.8%
Richard Phalines             2,412,150          97.4%              63,896             2.6%
Ray H. Tresch                2,412,150          97.4%              63,896             2.6%

For Term Expiring 2009
----------------------
Vito S. Pantilione           2,412,344          97.4%              63,702             2.6%
Arret F. Dobson              2,412,150          97.4%              63,896             2.6%
Anthony J. Jannetti          2,469,000          97.4%               7,046             0.3%

For Term Expiring 2010
----------------------
Fred C. Choate               2,412,150          97.4%              63,896             2.6%
Jeffrey H. Kripitz           2,411,870          97.4%              64,176             2.6%
Jack C. Sheppard, Jr.        2,412,150          97.4%              63,896             2.6%
Edward Infantolino           2,412,150          97.4%              63,896             2.6%

</TABLE>

                                       17

<PAGE>

     The  shareholders  also  adopted  the  resolution  for the  appointment  of
McGladrey & Pullen, LLP as the Company's independent auditor for the fiscal year
ending December 31, 2007. Of shareholders that voted (86.2%),  2,207,227 (89.3%)
approved the ratification,  while 264,531 (10.7%) voted against the proposal and
4,288 (0%) abstained.

ITEM 5.  OTHER INFORMATION

         None.

ITEM 6.  EXHIBITS

         31       Certifications required by Rule 13a-14(a).
         32       Certification required by 18 U.S.C. ss.1350.

                                       18

<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.


                                        PARKE BANCORP, INC.





Date: May 15, 2007                      /s/Vito S. Pantilione
                                        ----------------------------------------
                                        Vito S. Pantilione
                                        President and Chief Executive Officer
                                        (Principal Executive Officer)





Date: May 15, 2007                      /s/Robert A. Kuehl
                                        ----------------------------------------
                                        Robert A. Kuehl
                                        Senior Vice President and
                                        Chief Financial Officer
                                        (Principal Accounting Officer)