Parkway Bank (CE) (USOTC:PKWY)
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LENOIR, N.C., Oct. 24 /PRNewswire-FirstCall/ -- Parkway Bank (OTC:PKWY) (BULLETIN BOARD: PKWY) today announced record earnings for the three and nine month periods ended September 30, 2005.
Net income for the third quarter of 2005 was $294,727 or $.23 per basic and diluted share, an increase of $192,194 or 187.45% over net income of $102,533 or $.09 per basic and diluted share in the third quarter of 2004. Net income for the first nine months of 2005 was $808,368 or $.64 per basic share and $.62 per diluted share, up $675,523, or 508.50% over net income of $132,845 or $.15 per basic and diluted share for the first nine months of 2004.
Parkway's total assets grew by 15.50%, from $73.9 million at December 31, 2004 to $85.3 million at September 30, 2005. Net loans outstanding rose 12.64% during the same period from $51.1 million to $57.5 million, while deposits totaled $71.2 million at September 30, 2005 which represents a 17.04% increase over deposits of $60.8 million at December 31, 2004. At September 30, 2005, shareholders' equity was $12.2 million and the bank's book value per share of the Bank's common stock was $9.59.
Parkway Bank President and CEO, Gary Clawson, in commenting on the results, noted, "While earnings in fiscal year 2005 were expected to be respectable, our financial performance through the first nine months in FY05 has exceeded expectations. A number of factors are responsible for the positive earnings including expense control, continued loan and deposit growth, actions by the Federal Open Market Committee, but particularly the efficient and dedicated effort put forth by each team member at Parkway. Simply put, we have great people. "
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
September 30, December 31,
2005 2004*
(Unaudited)
ASSETS
Cash and due from banks $1,628,550 $1,112,971
Federal funds sold 7,891,000 6,507,000
Investment securities available for
sale, at fair value 11,007,721 11,337,962
Loans 58,368,378 51,832,308
Allowance for loan losses (837,541) (758,328)
NET LOANS 57,530,837 51,073,980
Accrued interest receivable 332,064 277,211
Bank premises and equipment 2,857,248 2,928,724
Stock in Federal Home Loan Bank of
Atlanta, at cost 147,800 113,800
Bank owned life insurance 3,063,699 -
Other assets 861,361 518,465
TOTAL ASSETS $85,320,280 $73,870,113
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest-bearing $6,305,044 $4,939,465
Savings 1,361,247 1,055,679
Money market and NOW 17,602,408 15,705,470
Time 45,913,238 39,119,200
TOTAL DEPOSITS 71,181,937 60,819,814
Repurchase agreements 1,569,393 1,440,369
Accrued expenses and other
Liabilities 406,143 217,325
TOTAL LIABILITIES 73,157,473 62,477,508
Stockholders' equity
Common stock,$5 par value,
20,000,000 shares
authorized; 1,267,895
issued and outstanding 5,763,600 5,763,600
Additional paid-in capital 5,916,915 5,916,915
Retained earnings (deficit) 566,118 (242,250)
Accumulated other comprehensive loss (83,826) (45,660)
TOTAL STOCKHOLDERS' EQUITY 12,162,807 11,392,605
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $85,320,280 $73,870,113
PARKWAY BANK AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
For The Three For The Three For The Nine For The Nine
Months Months Months Months
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2005 2004 2005 2004
INTEREST INCOME (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Loans $1,106,580 $750,815 $3,040,584 $2,063,811
Investments 84,798 76,667 248,138 191,106
Federal funds sold
and deposits in
other banks 42,703 27,862 93,834 57,370
TOTAL INTEREST
INCOME 1,234,081 855,344 3,382,556 2,312,287
INTEREST EXPENSE
Money market, Now
and savings deposits 78,205 36,911 182,636 109,135
Time deposits 346,088 286,549 918,261 837,300
Securities sold
under repurchase
agreements 3,208 2,655 11,008 7,862
TOTAL INTEREST
EXPENSE 427,501 326,115 1,111,905 954,297
NET INTEREST
INCOME 806,580 529,229 2,270,651 1,357,990
PROVISION FOR
LOAN LOSSES 15,000 39,500 147,000 72,250
NET INTEREST
INCOME AFTER
PROVISION FOR
LOAN LOSSES 791,580 489,729 2,123,651 1,285,740
NON INTEREST INCOME
Insurance commissions 83,390 103,158 376,489 342,275
Mortgage operations 53,672 34,245 134,639 131,192
Increase cash value
life insurance 31,011 - 63,699 -
Other fees
and charges 96,165 95,329 287,696 223,109
TOTAL NON INTEREST
INCOME 264,238 232,732 862,523 696,576
NON INTEREST EXPENSE
Salaries and employee
benefits 377,318 347,601 1,122,065 1,040,294
Occupancy and
equipment 94,048 84,891 260,305 230,561
Advertising and
promotion 16,898 11,905 59,009 60,812
Data processing
and outside
service fees 111,845 103,506 339,551 285,266
Professional fees 35,687 6,659 83,621 41,087
Supplies, telephone,
and postage 37,912 31,788 93,888 97,587
Other 54,813 33,578 186,797 93,864
TOTAL NON
INTEREST EXPENSE 728,521 619,928 2,145,236 1,849,471
INCOME BEFORE
INCOME TAXES 327,297 102,533 840,938 132,845
INCOME TAXES 32,570 - 32,570 -
NET INCOME $294,727 $102,533 $808,368 $132,845
NET INCOME PER
COMMON SHARE
BASIC $0.23 $0.09 $0.64 $0.15
DILUTED $0.23 $0.09 $0.62 $0.15
WEIGHTED AVERAGE
COMMON SHARES
BASIC 1,267,895 1,108,208 1,267,895 888,897
DILUTED 1,295,427 1,135,500 1,295,427 915,559
DATASOURCE: Parkway Bank
CONTACT: Gary T. Clawson, President and CEO of Parkway Bank,
+1-828-758-1414
Web site: http://www.parkwaybanknc.com/