Parkway Bank (CE) (USOTC:PKWY)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Parkway Bank (CE) Charts. Click Here for more Parkway Bank (CE) Charts.](/p.php?pid=staticchart&s=NO%5EPKWY&p=8&t=15)
LENOIR, N.C., May 10 /PRNewswire-FirstCall/ -- Parkway Bank (OTC:PKWY) (BULLETIN BOARD: PKWY) today reported earnings for the three-month period ending March 31, 2007. Net income for the first quarter of 2007 was $261,497 or $.18 per diluted share, an increase of 15.11% over net income of $227,164 or $.16 per diluted share for the first quarter of 2006.
Parkway's total assets grew by 13%, from $91.8 million at March 31, 2006 to $104.1 million at March 31, 2007. Net loans outstanding rose 16% to $70.3 million from $60.8 million, while deposits also increased 16% to $89.0 million at March 31, 2007 from $77.1 million at March 31, 2006. At March 31, 2007, shareholders' equity was $13.7 million and the bank's book value per share was $9.82.
Parkway Bank President and CEO, Gary Clawson, in commenting on the results, noted, "Despite net interest margin pressures felt throughout the banking industry, we are pleased with our first quarter 2007 earnings performance. Loans outstanding should continue to grow as we maintain emphasis on deploying excess liquidity into higher earning assets. During the first quarter of 2007 we have experienced an increased level of competition in the local deposit market and our employees have all been focusing on expanding customer relationships, particularly the non-interest bearing deposit segment. Loan portfolio growth, interest expense control along with further improvement in our efficiency ratio continues to be priority for fiscal year 2007."
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 SHEETS
March 31, December 31,
2007 2006*
(Unaudited)
ASSETS
Cash and due from banks $1,428,064 $344,702
Federal funds sold 5,634,000 3,899,000
Interest bearing deposits with other
financial institutions - 5,000,000
Investment securities available for sale,
at fair value 19,498,334 20,205,928
Loans 71,214,347 67,093,826
Allowance for loan losses (922,048) (885,198)
NET LOANS 70,292,299 66,208,628
Accrued interest receivable 608,591 579,428
Bank premises and equipment 2,682,609 2,718,714
Stock in Federal Home Loan Bank of Atlanta,
at cost 185,200 180,000
Bank owned life insurance 3,241,050 3,213,862
Foreclosed real estate - 35,000
Other assets 546,839 499,985
TOTAL ASSETS $104,116,986 $102,885,247
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest-bearing $9,298,054 $7,976,621
Savings 1,335,916 1,182,713
Money market and NOW 17,349,311 18,295,582
Time 61,055,602 60,239,876
TOTAL DEPOSITS 89,038,883 87,694,792
Repurchase agreements 807,213 1,296,416
Accrued expenses and other Liabilities 537,945 407,282
TOTAL LIABILITIES 90,384,041 89,398,490
Stockholders' equity
Common stock, $5 par value, 20,000,000
shares authorized; 1,398,694
issued and outstanding, respectively 6,993,470 6,993,470
Additional paid-in capital 5,376,142 5,361,564
Accumulated earnings 1,431,049 1,169,552
Accumulated other comprehensive loss (67,716) (37,829)
TOTAL STOCKHOLDERS' EQUITY 13,732,945 13,486,757
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $104,116,986 $102,885,247
PARKWAY BANK AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
For The Three For The Three
Months Months
March 31, 2007 March 31, 2006
(Unaudited) (Unaudited)
INTEREST INCOME
Loans $1,452,537 $1,217,514
Investment securities available for sale 233,454 136,325
Federal funds sold 63,462 57,562
Interest bearing deposits with other
financial institutions 17,769 41,670
TOTAL INTEREST INCOME 1,767,222 1,453,071
INTEREST EXPENSE
Money market, Now and savings deposits 153,519 113,649
Time deposits 733,888 487,075
Repurchase agreements 2,016 2,919
TOTAL INTEREST EXPENSE 889,423 603,643
NET INTEREST INCOME 877,799 849,428
PROVISION FOR LOAN LOSSES 37,500 50,000
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 840,299 799,428
NON INTEREST INCOME
Insurance commissions 131,543 132,952
Mortgage operations 32,760 9,686
Return check charges 53,535 70,346
Earnings from bank-owned life insurance 27,188 30,201
Other fees and charges 25,786 23,343
TOTAL NON INTEREST INCOME 270,812 266,528
NON INTEREST EXPENSE
Salaries and employee benefits 435,691 394,720
Occupancy and equipment 77,931 80,702
Advertising and promotion 9,549 7,459
Data processing and outside service fees 107,552 122,026
Professional fees 22,952 24,990
Supplies, telephone, and postage 32,941 33,417
Other 46,998 64,478
TOTAL NON INTEREST EXPENSE 733,614 727,792
PROFIT BEFORE INCOME TAXES 377,497 338,164
INCOME TAXES 116,000 111,000
NET INCOME $261,497 $227,164
NET INCOME PER COMMON SHARE
BASIC $0.19 $0.16
DILUTED $0.18 $0.16
WEIGHTED AVERAGE COMMON SHARES
BASIC 1,398,694 1,394,685
DILUTED 1,438,017 1,436,882
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/