Parkway Bank (CE) (USOTC:PKWY)
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LENOIR, N.C., May 8 /PRNewswire-FirstCall/ -- Parkway Bank (OTC:PKWY) (BULLETIN BOARD: PKWY) today reported earnings for the three-month period ending March 31, 2008. Net income for the first quarter of 2008 was $120,978, or $0.08 per diluted share, a decrease of 54% from $261,497, or $0.18 per diluted share, for the first quarter of 2007.
Parkway's total assets grew 8% from $104.1 million at March 31, 2007 to $112.1 million at March 31, 2008. Net loans outstanding rose 22% to $85.5 million from $70.3 million, while deposits increased 7% to $95.3 million at March 31, 2008 from $89.0 million at March 31, 2007. At March 31, 2008, shareholders' equity was $14.6 million, representing an equity-to-assets ratio of 13.0%. The Bank's book value per share was $10.36.
Parkway Bank President and CEO, Jim Sponenberg, in commenting on the results, noted, "While the current operating environment for banks is quite challenging, we were encouraged by the Bank's solid loan growth, which reflects the resilience of our markets. Although tighter margins and the expenses associated with our new branch in Granite Falls which to opened May 7 will likely keep some pressure on near-term earnings, we are taking the steps to build long-term earnings growth. The Bank remains well capitalized, and we have minimal direct exposure to the subprime market that has recently been so prevalent in the headlines."
Parkway Bank is a community bank operating three 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 SHEETS
March 31, December 31,
2008 2007
(Unaudited)
ASSETS
Cash and due from banks $1,714,151 $1,478,012
Federal funds sold - 2,064,000
Investment securities available for sale,
at fair value 16,532,733 18,092,776
Loans 86,531,636 81,555,403
Allowance for loan losses (1,033,550) (936,426)
NET LOANS 85,498,086 80,618,977
Accrued interest receivable 643,114 603,613
Bank premises and equipment 3,312,964 2,860,039
Stock in Federal Home Loan Bank of Atlanta,
at cost 197,900 185,200
Bank owned life insurance 3,360,793 3,332,906
Foreclosed real estate 130,000 -
Other assets 719,906 742,595
TOTAL ASSETS $112,109,647 $109,978,118
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Noninterest-bearing $6,908,624 $7,087,958
Savings 1,437,291 1,305,567
Money market and NOW 19,034,357 20,177,514
Time 67,917,149 65,476,844
TOTAL DEPOSITS 95,297,421 94,047,883
Repurchase agreements 937,926 850,691
Federal funds purchased 474,000 -
Litigation expenses 229,600 229,600
Accrued expenses and other liabilities 546,936 473,134
TOTAL LIABILITIES 97,485,883 95,601,308
Stockholders' equity
Common stock, $5 par value, 20,000,000
shares authorized; 1,411,940 issued
and outstanding 7,059,700 7,059,700
Additional paid-in capital 5,432,196 5,432,196
Accumulated earnings 1,992,188 1,871,210
Accumulated other comprehensive income 139,680 13,704
TOTAL STOCKHOLDERS'
EQUITY 14,623,764 14,376,810
TOTAL LIABILITIES
AND STOCKHOLDERS'
EQUITY $112,109,647 $109,978,118
PARKWAY BANK AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
For The Three For The Three
Months Months
March 31, 2008 March 31, 2007
(Unaudited) (Unaudited)
INTEREST INCOME
Loans $1,548,272 $1,452,537
Investments 194,905 233,454
Federal funds sold 7,324 63,462
Interest bearing deposits with other
financial institutions 3,752 17,769
TOTAL INTEREST
INCOME 1,754,253 1,767,222
INTEREST EXPENSE
Money Market, NOW and savings deposits 139,533 153,519
Time deposits 761,580 733,888
Interest on federal funds purchased 1,245 -
Repurchase agreements 2,332 2,016
TOTAL INTEREST
EXPENSE 904,690 889,423
NET INTEREST INCOME 849,563 877,799
PROVISION FOR LOAN LOSSES 102,163 37,500
NET INTEREST INCOME
AFTER
PROVISION FOR LOAN
LOSSES 747,400 840,299
NON INTEREST INCOME
Insurance commissions 108,144 131,543
Mortgage operations 33,480 32,760
Return check charges 70,275 53,535
Earnings from bank owned life insurance 27,867 27,188
Other fees and charges 29,952 25,786
TOTAL NON INTEREST
INCOME 269,718 270,812
NON INTEREST EXPENSE
Salaries and employee benefits 459,122 435,691
Occupancy and equipment 81,501 77,931
Advertising and promotion 5,657 9,549
Data processing and outside service fees 114,535 107,552
Professional fees 117,277 22,952
Supplies, telephone and postage 29,817 32,941
Other 74,231 46,998
TOTAL NON
INTEREST EXPENSE 882,140 733,614
INCOME BEFORE
INCOME TAXES 134,978 377,497
INCOME TAXES 14,000 116,000
NET INCOME $120,978 $261,497
NET INCOME PER COMMON SHARE
BASIC BASIC $0.09 $0.19
DILUTED DILUTED $0.08 $0.18
WEIGHTED AVERAGE COMMON SHARES
BASIC BASIC 1,411,940 1,398,694
DILUTED DILUTED 1,424,744 1,438,017
DATASOURCE: Parkway Bank
CONTACT: James E. Sponenberg, President and CEO, Parkway Bank, Lenoir,
North Carolina, +1-828-758-1414
Web site: http://www.parkwaybanknc.com/