Parkway Bank (CE) (USOTC:PKWY)
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Parkway Bank Announces First Quarter Earnings
LENOIR, N.C., April 14 /PRNewswire-FirstCall/ -- Parkway Bank (OTC:PKWY)
(BULLETIN BOARD: PKWY) today reported record earnings for the three month
period ending March 31, 2005. Net income for the first quarter of 2005 was
$220,220, an increase of 978.56% over net income of $20,418 for the first
quarter of 2004.
Parkway's total assets grew by 2.76%, from $73.9 million at December 31, 2004
to $75.9 million at March 31, 2005. Net loans outstanding rose 7.68% during the
same period from $51.1 million to $55 million, while deposits totaled $62.5
million at March 31, 2005 which represents a 2.78% increase over deposits of
$60.8 million at December 31, 2004. At March 31, 2005, shareholders' equity was
$11.5 million and the bank's book value per share was $10.02.
Parkway Bank President and CEO, Gary Clawson, in commenting on the results,
noted, "We are very excited that first quarter profits increased nearly ten
fold over the same period last year. A large portion of our earning assets are
intentionally tied to variable rates and recent actions by the Federal Open
Market Committee have directly influenced our earnings capacity. Upward
movements in the short-term rate market coupled with continued focus on cost
containment are primarily responsible for the positive results."
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/ .
PARKWAY BANK AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
March 31, December 31,
2005 2004
(Unaudited)
ASSETS
Cash and due from banks $1,291,297 $1,112,971
Federal funds sold 1,665,000 6,507,000
Investment securities available for sale,
at fair value 11,025,594 11,337,962
Loans 55,792,282 51,832,308
Allowance for loan losses (797,643) (758,328)
NET LOANS 54,994,639 51,073,980
Accrued interest receivable 310,152 277,211
Bank premises and equipment 2,882,665 2,928,724
Stock in Federal Home Loan Bank
of Atlanta, at cost 147,800 113,800
Other assets 3,588,806 518,465
TOTAL ASSETS $75,905,953 $73,870,113
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest-bearing $5,959,756 $4,939,465
Savings 1,198,511 1,055,679
Money market and NOW 16,594,862 15,705,470
Time 38,762,473 39,119,200
TOTAL DEPOSITS 62,515,602 60,819,814
Repurchase agreements 1,614,480 1,440,369
Accrued expenses and other Liabilities 228,089 217,325
TOTAL LIABILITIES 64,358,171 62,477,508
Stockholders' equity
Common stock, $5 par value, 20,000,000
shares authorized; 1,152,720 and 663,012
shares issued and outstanding,
respectively 5,763,600 5,763,600
Additional paid-in capital 5,916,915 5,916,915
Accumulated deficit (22,030) (242,250)
Accumulated other comprehensive loss (110,703) (45,660)
TOTAL STOCKHOLDERS' EQUITY 11,547,782 11,392,605
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $75,905,953 $73,870,113
PARKWAY BANK AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
For The Three For The Three
Months Months
March 31, 2005 March 31, 2004
INTEREST INCOME (Unaudited) (Unaudited)
Loans $926,353 $649,990
Investments 83,364 46,487
Federal funds sold and deposits in other banks 26,556 13,878
TOTAL INTEREST INCOME 1,036,273 710,355
INTEREST EXPENSE
Money market, Now and savings deposits 43,418 37,881
Time deposits 273,766 258,422
Securities sold under repurchase agreements 4,111 2,778
TOTAL INTEREST EXPENSE 321,295 299,081
NET INTEREST INCOME 714,978 411,274
PROVISION FOR LOAN LOSSES 50,000 21,750
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 664,978 389,524
NON INTEREST INCOME
Insurance commissions 121,777 126,259
Mortgage operations 44,435 33,228
Other fees and charges 93,289 52,545
TOTAL NON INTEREST INCOME 259,501 212,032
NON INTEREST EXPENSE
Salaries and employee benefits 376,546 330,029
Occupancy and equipment 82,102 66,416
Advertising and promotion 26,609 20,195
Data processing and outside service fees 119,470 86,209
Professional fees 24,286 18,065
Supplies, telephone, and postage 29,842 39,845
Other 45,384 20,379
TOTAL NON INTEREST EXPENSE 704,239 581,138
PROFIT BEFORE INCOME TAXES 220,240 20,418
INCOME TAXES 20 -
NET INCOME $220,220 $20,418
NET INCOME PER COMMON SHARE
BASIC $0.19 $0.03
DILUTED $0.19 $0.03
WEIGHTED AVERAGE COMMON SHARES
BASIC 1,152,720 663,012
DILUTED 1,178,273 690,304
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.
DATASOURCE: Parkway Bank
CONTACT: Gary T. Clawson, President and CEO of Parkway Bank,
+1-828-758-1414
Web site: http://www.parkwaybanknc.com/