Parkway Bank (CE) (USOTC:PKWY)
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LENOIR, N.C., Feb. 27 /PRNewswire-FirstCall/ -- Parkway Bank (OTC:PKWY) (BULLETIN BOARD: PKWY) announced today that its net income for the year ended December 31, 2005, was $1,033,476, compared to net income of $321,886 for the year ended December 31, 2004. Net income for the fourth quarter of 2005 was $225,108, compared to net income of $189,041 in the fourth quarter of 2004 and net income of $294,727 in the third quarter of 2005.
Total assets were $90 million at December 31, 2005, compared to $73.9 million at December 31, 2004, an increase of $16.1 million or 21.79%. Deposits and loans increased to $75.9 million and $61 million, from $60.8 million and $51.8 million in 2004 respectively. At December 31, 2005, shareholders' equity was $12.4 million and the book value per share of the Bank's common stock was $9.75.
Parkway Bank President and CEO, Gary Clawson, in commenting on the results, noted, "Fiscal year 2005 was our fourth full year of operation and we are extremely pleased with our earnings performance. A number of factors, including continuing maturity of the Bank, overall growth, actions by the Federal Open Market Committee, and most importantly the effort made by all of Parkway's employees made it happen. Both of our current locations are performing well and we are at present preparing and developing our final plans for our Granite Falls branch. We are excited about serving and being a part of the most southern part of Caldwell County."
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, 2005 and 2004
2005 2004
ASSETS
Cash and due from banks $1,734,137 $1,112,971
Federal funds sold 3,308,000 6,507,000
Investment securities available for sale,
at fair value 12,724,139 11,337,962
Interest bearing deposits with other
financial institutions 5,000,000 -
Loans 61,044,579 51,832,308
Allowance for loan losses (869,603) (758,328)
NET LOANS 60,174,976 51,073,980
Accrued interest receivable 394,337 277,211
Bank premises and equipment 2,816,566 2,928,724
Stock in Federal Home Loan Bank of Atlanta,
at cost 147,800 113,800
Bank owned life insurance 3,095,028 -
Other assets 567,681 518,465
TOTAL ASSETS $89,962,664 $73,870,113
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest-bearing $7,189,889 $4,939,465
Savings 1,200,602 1,055,679
Money market and NOW 16,935,330 15,705,470
Time 50,613,821 39,119,200
TOTAL DEPOSITS 75,939,642 60,819,814
Repurchase agreements 1,074,915 1,440,369
Accrued expenses and other Liabilities 591,337 217,325
TOTAL LIABILITIES 77,605,894 62,477,508
Stockholders' equity
Common stock, $5 par value, 20,000,000
shares authorized; 1,267,895 and 1,152,720
shares issued and outstanding, respectively 6,339,475 5,763,600
Additional paid-in capital 5,341,040 5,916,915
Accumulated deficit 791,226 (242,250)
Accumulated other comprehensive income (114,971) (45,660)
TOTAL STOCKHOLDERS' EQUITY 12,356,770 11,392,605
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $89,962,664 $73,870,113
PARKWAY BANK AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
Years Ended December 31, 2005 and 2004
2005 2004
INTEREST INCOME
Loans $4,210,860 $2,903,912
Investments 339,521 277,095
Federal Funds sold 157,408 85,855
Deposits with other financial institutions 43,348 5,079
TOTAL INTEREST INCOME 4,751,137 3,271,941
INTEREST EXPENSE
Money Market, NOW and savings deposits 286,044 150,035
Time deposits 1,341,795 1,112,678
Securities sold under repurchase agreements 13,842 11,368
TOTAL INTEREST EXPENSE 1,641,681 1,274,081
NET INTEREST INCOME 3,109,456 1,997,860
PROVISION FOR LOAN LOSSES 208,972 84,250
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 2,900,484 1,913,610
NON-INTEREST INCOME
Insurance Commissions 495,876 422,665
Mortgage operations 155,848 164,926
Other fees and charges 487,731 321,072
TOTAL NON-INTEREST INCOME 1,139,455 908,663
NON-INTEREST EXPENSE
Salaries and employee benefits 1,520,967 1,390,148
Occupancy and equipment 337,356 307,907
Advertising and promotion 74,369 78,767
Data processing and outside service fees 454,501 395,013
Professional fees 105,066 46,615
Supplies, telephone and postage 122,664 131,235
Other 220,470 150,702
TOTAL NON-INTEREST EXPENSE 2,835,393 2,500,387
INCOME BEFORE INCOME TAXES 1,204,546 321,886
INCOME TAXES 171,070 -
NET INCOME $1,033,476 $ 321,886
NET INCOME PER COMMON SHARE*
BASIC $0.82 $0.34
DILUTED $0.80 $0.33
WEIGHTED AVERAGE COMMON SHARES
BASIC 1,267,895 955,970
DILUTED 1,298,514 973,842
*All information regarding earning per share and weighted average number
of shares outstanding has been computed giving effect to an 11 for 10
stock split effected in the form of a 10% stock dividend which was
distributed on May 31, 2005 to stockholders of record on May 15, 2005.
First Call Analyst:
FCMN Contact:
DATASOURCE: Parkway Bank
CONTACT: Gary T. Clawson, President and CEO of Parkway Bank,
+1-828-758-1414
Web site: http://www.parkwaybanknc.com/