<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
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 Number 0-20867
PARK BANCORP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 36-4082530
- --------------------------------------------------------------------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
2740 WEST 55TH STREET, CHICAGO, ILLINOIS 60632
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(312) 434-6040
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
- --------------------------------------------------------------------------------
(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. |X|Yes | | No
--
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date: 2,701,441 shares of common
stock, par value $.01 per share, were outstanding as of November 13, 1996.
<PAGE> 2
PARK BANCORP, INC.
FORM 10-Q
INDEX
PAGE
------
PART I FINANCIAL INFORMATION
Item 1 Consolidated Statements of Financial Condition
September 30, 1996 and December 31, 1995 3
Consolidated Statements of Income
Three Months and Nine Months Ended
September 30, 1996 and 1995 4
Consolidated Statements of Cash Flows
Nine Months Ended September 30, 1996 and 1995 5
Notes to Consolidated Financial Statements 6
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of Operations 7
PART II OTHER INFORMATION
Item 1 Legal Proceedings 11
Item 2 Changes in Securities 11
Item 3 Defaults Upon Senior Securities 11
Item 4 Submission of Matters to a Vote of
Security Holders 11
Item 5 Other Information 11
Item 6 Reports on Form 8-K 11
SIGNATURES 12
2
<PAGE> 3
PART I -- FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
PARK BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
(IN THOUSANDS)
SEPTEMBER 30, DECEMBER 31,
1996 1995
------------- -------------
ASSETS
<S> <C> <C>
Cash and due from banks...................................................... $ 923 $ 1,023
Interest-bearing deposit accounts in other financial institutions............ 10,054 11,767
------------ ------------
Total cash and cash equivalents..................................... 10,977 12,790
Securities available-for-sale................................................ 49,456 37,134
Securities held-to-maturity (market value $43,849 and $42,294
in 1996 and 1995, respectively)............................................ 44,253 42,494
Loans receivable, net ....................................................... 65,339 60,538
Federal Home Loan Bank stock................................................. 756 676
Real estate held for development............................................. 2,036 1,625
Premises and equipment, net.................................................. 2,409 2,088
Foreclosed real estate....................................................... 60 50
Accrued interest receivable and other assets................................. 1,446 1,544
------------ ------------
TOTAL ASSETS................................................................. $ 176,732 $ 158,939
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Deposits.................................................................. $ 128,062 $ 130,503
Advances from borrowers for taxes and insurance........................... 617 1,117
Federal Home Loan Bank advances........................................... 4,000 9,000
Accrued interest payable and other liabilities............................ 2,509 786
----------- -----------
Total liabilities...................................................... 135,188 141,406
----------- -----------
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value, 1,000,000 shares
authorized and unissued................................................. -- --
Common Stock, $.01 par value, 9,000,000 shares
authorized; 2,701,441 shares issued and outstanding..................... 27 --
Additional paid-in capital................................................ 26,037 --
Retained earnings, substantially restricted............................... 17,963 17,456
Unearned shares held by employee stock ownership plan..................... (2,161) --
Unrealized gain (loss) on securities available-for-sale, net of
taxes................................................................... (322) 77
----------- -----------
Total stockholders' equity............................................. 41,544 17,533
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY................................... $ 176,732 $ 158,939
=========== ===========
</TABLE>
3
<PAGE> 4
<TABLE>
<CAPTION>
PARK BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(IN THOUSANDS)
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
--------------------------- ----------------------------
1996 1995 1996 1995
------------- ------------ ------------- -------------
<S> <C> <C> <C> <C>
Interest income:
Loans receivable................................... $ 1,355 $ 1,278 $ 4,007 $ 3,780
Securities......................................... 1,615 1,155 4,218 3,449
---------- ---------- ---------- ----------
Total........................................... 2,970 2,433 8,225 7,229
---------- ---------- ---------- ----------
Interest expense:
Deposits........................................... 1,556 1,444 4,665 4,060
Federal Home Loan Bank advances.................... 23 -- 28 98
---------- ---------- ---------- ----------
Total........................................... 1,579 1,444 4,693 4,158
---------- ---------- ---------- ----------
Net interest income ................................. 1,391 989 3,532 3,071
Provision for loan losses............................ -- -- -- 25
---------- ---------- ---------- ----------
Net interest income after provision for
loan losses....................................... 1,391 989 3,532 3,046
---------- ---------- --------- ----------
Noninterest income:
Gain on sale of securities......................... -- -- -- 14
Income on sale of real estate held for
development...................................... 17 27 60 338
Service fee income................................. 47 22 134 79
Other operating income............................. 15 15 42 36
---------- ---------- ---------- ----------
Total noninterest income........................ 79 64 236 467
---------- ---------- ---------- ----------
Noninterest expense:
Compensation and benefits.......................... 377 491 1,245 1,328
Occupancy and equipment expense.................... 138 112 364 347
Federal deposit insurance premiums................. 842 80 1,008 238
Data processing services........................... 28 30 95 87
Advertising........................................ 22 48 47 104
Stationery, printing and supplies.................. 20 34 63 77
Loss on sale of foreclosed real estate............. -- -- 3 --
Other operating expense............................ 35 42 180 180
---------- ---------- ---------- ----------
Total noninterest expense....................... 1,462 837 3,005 2,361
---------- ---------- ---------- ----------
Income before income taxes......................... 8 216 763 1,152
Income tax expense (benefit)....................... (4) 74 256 380
---------- ---------- ---------- ----------
Net income....................................... $ 12 $ 142 $ 507 $ 772
========== ========== ========== ==========
</TABLE>
4
<PAGE> 5
<TABLE>
<CAPTION>
PARK BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
NINE MONTHS ENDED
SEPTEMBER 30,
--------------------------------------
1996 1995
----------------- -----------------
(in thousands)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income.................................................................. $ 507 $ 772
Adjustments to reconcile net income to net cash
from operating activities:
Net premium amortization............................................... 28 22
Gain on sale of real estate............................................ (60) (338)
Depreciation........................................................... 126 99
Provision for loan losses.............................................. -- 25
Gain on sale of securities............................................. -- (14)
(Increase) decrease in accrued interest receivable
and other assets..................................................... 98 (99)
Increase in accrued interest payable and other liabilities............. 1,401 1,535
----------- ----------
Net cash from operating activities..................................... 2,100 2,002
----------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net increase in loans....................................................... (4,801) (4,078)
Proceeds from sales/calls/maturities/
prepayment of available-for-sale securities.............................. 15,304 4,001
Proceeds from calls/maturities of held-to-maturity securities............... 22,198 15,912
Purchase of available-for-sale securities................................... (27,703) (9,790)
Purchase of held-to-maturity securities..................................... (23,985) (994)
Purchase of FHLB stock...................................................... (80) (10)
Net increase in foreclosed real estate...................................... (10) --
Net (increase) decrease in real estate held for development................. (351) 1,430
Expenditures for premises and equipment..................................... (447) (79)
----------- ----------
Net cash from (used in) investing activities................................ (19,875) 6,392
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposits......................................... (2,441) 5,009
Net increase (decrease) in advances from borrowers
for taxes and insurance................................................... (500) 158
Net decrease in FHLB advances............................................... (5,000) (8,000)
Net proceeds from issuance of common stock.................................. 23,903 --
----------- ----------
Net cash from (used in) financing activities........................... 15,962 (2,833)
----------- ----------
Increase (decrease) in cash and cash equivalents............................ (1,813) 5,561
Cash and cash equivalents at beginning of period............................ 12,790 2,573
----------- ----------
Cash and cash equivalents at end of period.................................. $ 10,977 $ 8,134
=========== ==========
</TABLE>
5
<PAGE> 6
PARK BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
(Unaudited)
NOTE 1 - Basis of Presentation
---------------------
The accompanying unaudited consolidated financial statements include the
accounts of Park Bancorp, Inc. (Company) and its wholly-owned subsidiary, Park
Federal Savings Bank (Bank) and its subsidiaries, as of September 30, 1996 and
December 31, 1995 and for the three and nine month periods ended September 30,
1996 and 1995, respectively. The consolidated financial statements for periods
prior to September 30, 1996 include only the accounts of the Bank and its
subsidiaries. Material intercompany accounts and transactions have been
eliminated in consolidation.
The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10
of Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management all necessary adjustments,
consisting only of normal recurring accruals necessary for a fair presentation
have been included. The results of operations for the nine month period ended
September 30, 1996 are not necessarily indicative of the results that may be
expected for the entire calendar year. These consolidated financial
statements should be read in conjunction with the consolidated financial
statements for the year ended December 31, 1995, and the notes thereto.
NOTE 2 - Organization of the Holding Company and conversion to stock form of
-------------------------------------------------------------------
ownership
---------
Park Bancorp, Inc. was organized for the purposes of acquiring all of the
capital stock of the Bank that was issued in the conversion of the Bank from a
federally-chartered mutual savings bank to a federally-chartered stock savings
bank pursuant to a Plan of Conversion (Conversion). On August 9, 1996, the
Company completed an initial public offering. The offering resulted in the sale
of 2,701,441 shares of common stock which, after giving effect to offering
expenses of $950,000 and 216,099 shares issued to the Bank's tax qualified
Employee Stock Ownership Plan, resulted in net proceeds of $23.9 million.
Pursuant to the Conversion, the Company acquired all of the outstanding shares
of the Bank. The Bank may not declare or pay cash dividends or repurchase any of
its shares of common stock if the effect of these would cause equity to be
reduced below applicable regulatory capital maintenance requirements or if such
declaration and payment would otherwise violate regulatory requirements.
Note 3 - Earnings per share
------------------
The initial public offering was completed August 9, 1996. Accordingly, net
income per share calculations for the three and nine month periods ended
September 30, 1996 are not meaningful and are therefore not presented.
6
<PAGE> 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
PARK BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
The following discussion compares the financial condition of Park Bancorp, Inc.
and its wholly-owned subsidiary, Park Federal Savings Bank, at September 30,
1996 to its financial condition at December 31, 1995 and the results of
operations for the three months ended September 30, 1996 and the nine months
ended September 30, 1996, with the same periods in 1995. This discussion should
be read in conjunction with the interim financial statements and footnotes
included herein.
FINANCIAL CONDITION
Total assets at September 30, 1996 were $176.7 million compared to $158.9
million at December 31, 1995, an increase of $17.8 million. The increase in
total assets is primarily attributable to the proceeds raised in the Company's
initial public offering. The net proceeds were invested in securities which
resulted in securities available-for-sale increasing by $12.4 million to $49.5
million at September 30, 1996, while securities held-to-maturity increased by
$1.8 million during the same period. Due to increased loan demand, the Bank
increased the amount of net loans receivable by $4.8 million from $60.5 million
at December 31, 1995 to $65.3 million at September 30, 1996 and decreased cash
and cash equivalents by $1.8 million from $12.8 million at December 31, 1995 to
$11.0 million at September 30, 1996.
Total liabilities at September 30, 1996 were $135.2 million compared to
$141.4 million at December 31, 1995, a decrease of $6.2 million.
Total deposits decreased by $2.4 million from $130.5 million at
December 31, 1995 to $128.1 million at September 30, 1996 due principally
to the purchase of common stock in the initial public offering by Bank
depositors.
Stockholders' equity at September 30, 1996 was $41.5 million compared to $17.5
million at December 31, 1995, an increase of $24.0 million, due primarily to net
proceeds of the initial public offering that was completed on August 9, 1996.
RESULTS OF OPERATIONS
Net income decreased 91.6% from $142,000 for the quarter ended September 30,
1995 to $12,000 for the quarter ended September 30, 1996. The net income for
the nine month period decreased 34.3% from $772,000 through September 30, 1995
to $507,000 through September 30, 1996.
Net interest income increased 40.6% for the three month period ended September
30, 1996 compared to the same period in 1995 and increased 15.0% for the nine
month period ended September 30, 1996 compared to the same period in 1995. Such
increases are primarily attributable to an increase in loans and securities as
the net proceeds from the initial public offering were converted to interest
earning assets. This was offset by an increase in the overall average cost of
funds to the Bank.
7
<PAGE> 8
Non-interest income for the Bank increased from $64,000 for the three month
period ended September 30, 1995 to $79,000 for the same three month period
in 1996. This increase was due primarily to service fee income from fees on
automatic teller machines. Non-interest income decreased from $467,000
for the nine month period ended September 30, 1995 to $236,000 for the nine
month period ended September 30, 1996, due primarily to the decline in
income from the sale of real estate held for development.
Non-interest expense increased from $837,000 for the three month period ended
September 30, 1995 to $1.5 million for the three month period ended September
30, 1996 primarily as a result of the one-time special assessement paid by the
Bank to recapitalize the SAIF as described below. Accordingly, the Bank's
non-interest expense increased from $2.4 million for the nine month period ended
September 30, 1995 to $3.0 million for the nine month period ended September
30, 1996.
The Bank's federal income tax expense decreased from $74,000 for the three
month period ended September 30, 1995 to ($4,000) for the three month period
ended September 30, 1996. The federal income tax expense for the nine month
period ended September 30, 1995 of $380,000 decreased to $256,000 for the nine
month period ended September 30, 1996. The changes in income tax for both
periods was the result of changes in net income before federal income tax
expense.
LIQUIDITY
The Bank is required to maintain minimum levels of liquid assets as defined by
Bank regulators. The Bank's general objective for liquidity is to be above 8%;
however, the Bank's liquidity ratio does fluctuate, but has been in excess of
the required and targeted levels. The Bank's regulatory liquidity at September
30, 1996 was 55.7% as a result of the proceeds raised in the Conversion.
At September 30, 1996, the Bank had $1.3 million in commitments to originate
loans, and standby letters of credit of $1.9 million.
CAPITAL RESOURCES
The Bank is subject to three capital to asset requirements in accordance with
bank regulations. The following table summarizes the Bank's regulatory capital
requirements versus actual capital as of September 30, 1996:
<TABLE>
<CAPTION>
ACTUAL REQUIRED EXCESS
------ -------- ------
AMOUNT % AMOUNT % AMOUNT %
------ - ------ - ------ -
(IN THOUSANDS)
--------------
<S> <C> <C> <C> <C> <C> <C>
Capital requirements:
Tangible.......... $27,352 16.6% $2,470 1.5% $24,882 15.1%
Core leverage capital 27,352 16.6 4,940 3.0 22,412 13.6
Risk-based capital 27,852 59.8 3,724 8.0 24,128 51.8
</TABLE>
8
<PAGE> 9
NEW ACCOUNTING STANDARDS
In May 1993, the Financial Accounting Standards Board ("FASB") issued SFAS No.
114, "Accounting by Creditors for Impairment of a Loan" ("SFAS No. 114"), which
was amended by SFAS No. 118. Under the provision of SFAS No. 114, as amended, a
loan is considered impaired when, based on current information and events, it is
probable that a creditor will be unable to collect all amounts due according to
the contractual terms of the loan agreement. SFAS No. 114 requires creditors to
measure impairment of a loan based on the present value of expected future cash
flows discounted at the loan's effective interest rate or, as a practical
expedient, at the loan's observable market price or the fair value of the
collateral if the loan is collateral dependent. If the measure of the impaired
loan is less than the recorded investment in the loan, a creditor shall
recognize an impairment by recording a valuation allowance with a corresponding
charge to the provision for loan losses. The Company adopted the provisions of
SFAS No. 114 effective in 1995. The adoption of SFAS No. 114 did not have a
material impact on the results of operations or financial condition of the
Company.
In March 1995, the FASB issued Statement of Financial Accounting Standards No.
121 ("SFAS No. 121"), "Accounting for the Impairment of Long Lived Assets and
for Long Lived Assets to be Disposed Of." SFAS No. 121 requires that long lived
assets and certain identifiable intangibles be reviewed for impairment whenever
events or circumstances indicate that the carrying amount of an asset may not be
recoverable. However, SFAS No. 121 does not apply to financial instruments, core
deposit intangibles, mortgage and other servicing rights or deferred tax assets.
The adoption of SFAS No. 121 in 1996 did not have a material effect on the
Company's income or financial condition.
In May 1995, the FASB issued Statement of Financial Accounting Standards No. 122
("SFAS No. 122"), "Accounting for Mortgage Servicing Rights." SFAS No. 122
requires an institution that purchases or originates mortgage loans and sells or
securitizes those loans with servicing rights retained to allocate the total
cost of the mortgage loans to the mortgage servicing rights and the loans
(without the mortgage servicing rights) based on their relative fair values. In
addition, institutions are required to assess impairment of the capitalized
mortgage servicing portfolio based on the fair value of those rights. SFAS No.
122 is effective for fiscal years beginning after December 15, 1995. Adoption of
this statement did not have a material impact on the Company's earnings or
financial condition. SFAS 122 will be superseded by SFAS No. 125 after December
31, 1996.
In November 1995, the FASB issued Statement of Financial Accounting Standards
No. 123, "Accounting for Stock Based Compensation," ("SFAS No. 123"). This
statement establishes financial accounting standards for stock-based employee
compensation plans. SFAS No. 123 permits the Company to choose either a new fair
value based method or the current APB Opinion 25 intrinsic value based method of
accounting for its stock-based compensation arrangements. SFAS No. 123 requires
pro forma disclosures of net earnings and earnings per share computed as if the
fair value based method had been applied in financial statements of companies
that continue to follow current practice in accounting for such arrangements
under APB Opinion 25. The disclosure provisions of SFAS No. 123 are effective
for fiscal years beginning after December 15, 1995. Adoption of this statement
is not expected to have a material effect on the Company's financial condition.
9
<PAGE> 10
In June 1996, the Financial Accounting Standards Board released Statement of
Financial Accounting Standard No. 125, "Accounting for Transfers and
Extinguishments of Liabilities". SFAS No. 125 provides accounting and reporting
standards for transfers and servicing of financial assets and extinguishments of
liabilities. SFAS No. 125 requires a consistent application of a financial-
components approach that focuses on control. Under that approach, after the
transfer of financial assets, an entity recognizes the financial and servicing
assets its controls and the liabilities it has incurred, and derecognizes
liabilities when extinguished. SFAS 125 also supersedes SFAS 122 and requires
that servicing assets and liabilities be subsequently measured by amortization
in proportion to and over the period of estimated net servicing income or loss
and requires assessment for asset impairment or increases obligation based on
their fair values. SFAS No. 125 applies to transfers and extinguishments
occurring after December 31, 1996 and early or retroactive application is not
permitted. Management anticipates that the adoption of SFAS No. 125 will not
have a material impact on the financial condition or operations of the Bank.
LEGISLATIVE MATTERS
Recent Developments
On September 30, 1996, the President signed into law the Deposit Insurance Funds
Act of 1996 (the "Funds Act") which, among other things, imposed a special
one-time assessment on SAIF member institutions, including the Bank, to
recapitalize the SAIF. As required by the Funds Act, the FDIC imposed a special
assessment of 65.7 basis points on SAIF assessable deposits held as of March 31,
1995, payable November 27, 1996. The special assessment was recognized as an
expense in the third quarter of 1996 and is tax deductible. The Bank recorded a
pre-tax charge of $753,000 as a result of the FDIC special assessment.
The Funds Act also spreads the obligations for payment of the Financing
Corporation ("FICO") bonds across all SAIF and BIF members. Beginning on January
1, 1997, BIF deposits will be assessed for FICO payments at a rate of 20% of the
rate assessed on SAIF deposits. Based on current estimates by the FDIC, BIF
deposits will be assessed a FICO payment of 1.3 basis points, while SAIF
deposits will pay an estimated 6.5 basis points on the FICO bonds. Full pro rata
sharing of the FICO payments between BIF and SAIF members will occur on the
earlier of January 1, 2000 or the date the BIF and SAIF are merged. The Funds
Act specifies that the BIF and SAIF will be merged on January 1, 1999 provided
no savings associations remain as of that time.
As a result of the Funds Act, the FDIC recently proposed to lower SAIF
assessments to 0 to 27 basis points effective January 1, 1997, a range
comparable to that of BIF members. However, SAIF members will continue to make
the higher FICO payments described above. Management cannot predict the level of
FDIC insurance assessments on an on-going basis whether the savings association
charter will be eliminated or whether the BIF and SAIF will eventually be
merged.
10
<PAGE> 11
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 SECURITY HOLDERS.
None
ITEM 5. OTHER INFORMATION.
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits - Not applicable.
3.1 Certificate of Incorportion of Park Bancorp, Inc.*
3.2 Bylaws of Park Bancorp, Inc.*
27 Financial Data Schedule (filed herewith)
(b) Reports on Form 8-K. No reports on Form 8-K were filed by
the Registrant during the quarter ended September 30, 1996.
---------------------------
* Incorporated herein by reference into this document from
Exhibits to Form S-1, Registration Statement, filed May 2,
1996, as amended, Registation No. 333-4380.
11
<PAGE> 12
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.
/s/ David A. Remijas
--------------------------------------
Date: November 14, 1996 David A. Remijas
President and Chief Executive Officer
/s/ Steven J. Pokrak
-------------------------------------
Date: November 14, 1996 Steven J. Pokrak
Treasurer and Chief Financial Officer
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND> This schedule contains summary information extracted from the
Form 10-Q and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0001013554
<NAME> PARK BANCORP, INC.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 923
<INT-BEARING-DEPOSITS> 10,054
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 49,456
<INVESTMENTS-CARRYING> 44,253
<INVESTMENTS-MARKET> 43,849
<LOANS> 65,339
<ALLOWANCE> 500
<TOTAL-ASSETS> 176,732
<DEPOSITS> 128,062
<SHORT-TERM> 4,000
<LIABILITIES-OTHER> 3,126
<LONG-TERM> 0
0
0
<COMMON> 27
<OTHER-SE> 41,517
<TOTAL-LIABILITIES-AND-EQUITY> 176,732
<INTEREST-LOAN> 4,007
<INTEREST-INVEST> 4,218
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 8,225
<INTEREST-DEPOSIT> 4,665
<INTEREST-EXPENSE> 4,693
<INTEREST-INCOME-NET> 3,532
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 180
<INCOME-PRETAX> 3,005
<INCOME-PRE-EXTRAORDINARY> 3,005
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 507
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 2.37
<LOANS-NON> 270
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 573
<CHARGE-OFFS> 73
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 500
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 500
</TABLE>
