Parkway Bank (CE) (USOTC:PKWY)
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Parkway Bank Announces 2004 Year End Results
LENOIR, N.C., Feb. 14 /PRNewswire-FirstCall/ -- Parkway Bank (OTC:PKWY)
(BULLETIN BOARD: PKWY) announced today that its net income for the year ended
December 31, 2004, was $321,886, compared to net income of $128,080 for the
year ended December 31, 2003. Net income the fourth quarter of 2004 was
$189,041, compared to net income of $24,704 in the fourth quarter of 2003 and
net income of $102,533 in the third quarter of 2004.
Total assets were $73.9 million at December 31, 2004, compared to $56.9 million
at December 31, 2003, an increase of $17.0 million or 29.8%. Deposits and loans
increased to $60.8 million and $51.1 million, from $50.1 million and $41.8
million in 2003, respectively. At December 31, 2004, shareholders' equity was
$11.4 million and the book value per share of the Bank's common stock was
$9.88.
Parkway Bank President and CEO, Gary Clawson, in commenting on the results,
noted, "fiscal year results proved to be on target with our expectations and we
believe that Parkway is entering a phase that will yield earnings results
consistent with our long-term goals. All the hard work that every employee put
forth over the last three years is beginning to show up on our bottom line."
Parkway Bank is a community bank operating two branches in Caldwell County,
North Carolina. For more information about the Bank and our products and
services, contact Parkway Bank at 828-758-1414, or visit
http://www.parkwaybanknc.com/ .
This release contains certain forward-looking statements with respect to the
financial condition, results of operations and business of the Bank. These
forward-looking statements involve risks and uncertainties and are based on the
beliefs and assumptions of management of the Bank and on the information
available to management at the time that these disclosures were prepared. These
statements can be identified by the use of words like "expect," "anticipate,"
"estimate" and "believe," variations of these words and other similar
expressions. Readers should not place undue reliance on forward-looking
statements as a number of important factors could cause actual results to
differ materially from those in the forward-looking statements. The Bank
undertakes no obligation to update any forward-looking statements.
PARKWAY BANK AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
December 31, 2004 and 2003
2004 2003
ASSETS
Cash and due from banks $1,112,971 $509,920
Federal funds sold 6,507,000 5,150,000
Investment securities available for sale,
at fair value 11,337,962 6,046,517
Loans 51,832,308 42,473,796
Allowance for loan losses (758,328) (693,050)
NET LOANS 51,073,980 41,780,746
Accrued interest receivable 277,211 223,345
Bank premises and equipment 2,928,724 2,912,086
Stock in Federal Home Loan Bank of Atlanta,
at cost 113,800 122,200
Other assets 518,465 154,660
TOTAL ASSETS $73,870,113 $56,899,474
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest-bearing $4,939,465 $3,701,270
Savings 1,055,679 431,682
Money market and NOW 15,705,470 12,087,158
Time 39,119,200 33,878,076
TOTAL DEPOSITS 60,819,814 50,098,186
Repurchase agreements 1,440,369 995,134
Accrued expenses and other Liabilities 217,325 182,613
TOTAL LIABILITIES 62,477,508 51,275,933
Stockholders' equity
Common stock, $5 par value, 20,000,000
shares authorized; 1,152,720 and
602,763 shares issued and
outstanding, respectively 5,763,600 3,013,815
Additional paid-in capital 5,916,915 3,153,827
Accumulated deficit (242,250) (564,136)
Accumulated other comprehensive income (45,660) 20,035
TOTAL STOCKHOLDERS' EQUITY 11,392,605 5,623,541
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $73,870,113 $56,899,474
PARKWAY BANK AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
Years Ended December 31, 2004 and 2003
2004 2003
INTEREST INCOME
Loans $2,903,912 $2,241,588
Investments 277,095 156,655
Federal Funds sold and deposits in
other banks 90,934 50,937
TOTAL INTEREST INCOME 3,271,941 2,449,180
INTEREST EXPENSE
Money Market, NOW and savings deposits 150,035 144,438
Time deposits 1,112,678 867,896
Securities sold under repurchase agreements 11,368 11,978
TOTAL INTEREST EXPENSE 1,274,081 1,024,312
NET INTEREST INCOME 1,997,860 1,424,868
PROVISION FOR LOAN LOSSES 84,250 195,600
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,913,610 1,229,268
NON-INTEREST INCOME
Insurance Commissions 422,665 412,002
Mortgage operations 164,926 292,214
Other fees and charges 321,072 119,241
TOTAL NON-INTEREST INCOME 908,663 823,457
NON-INTEREST EXPENSE
Salaries and employee benefits 1,390,148 1,174,546
Occupancy and equipment 307,907 208,763
Advertising and promotion 78,767 59,861
Data processing and outside service fees 395,013 190,509
Professional fees 46,615 37,322
Supplies, telephone and postage 131,235 82,394
Other 150,702 171,250
TOTAL NON-INTEREST EXPENSE 2,500,387 1,924,645
INCOME BEFORE INCOME TAXES 321,886 128,080
INCOME TAXES - -
NET INCOME $ 321,886 $ 128,080
NET INCOME PER COMMON SHARE
BASIC $0.37 0.19
DILUTED $0.36 0.19
WEIGHTED AVERAGE COMMON SHARES
BASIC 869,064 663,012
DILUTED 885,312 690,304
DATASOURCE: Parkway Bank
CONTACT: Gary T. Clawson, President and CEO of Parkway Bank,
+1-828-758-1414
Web site: http://www.parkwaybanknc.com/