Parkway Bank (CE) (USOTC:PKWY)
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Parkway Bank Announces Third Quarter Earnings
LENOIR, N.C., Nov. 12 /PRNewswire-FirstCall/ -- Parkway Bank (OTC:PKWY)
(BULLETIN BOARD: PKWY) today reported record earnings for the three-month
period ending September 30, 2004. Net income for the third quarter of 2004 was
$102,533, an increase of 22.44% over net income of $83,740 for the third
quarter of 2003. Net income for the first nine months of 2004 was $132,845, up
28.51% over net income of $103,376 for the first nine months of 2003.
Parkway's total assets grew by 26.19%, from $56.9 million at December 31, 2003
to $71.8 million at September 30, 2004. Net loans outstanding rose 17.83%
during the same period from $41.8 million to $49.2 million, while deposits
totaled $59.2 million at September 30, 2004, which represents an 18.12%
increase over deposits of $50.1 million at December 31, 2003. At September 30,
2004, shareholders' equity was $11.2 million and the bank's book value per
share was $9.75.
Parkway Bank President and CEO Gary Clawson, in commenting on the results,
noted, "The quarter ending September 30, 2004 marks our sixth consecutive
quarter of profitability, and we are pleased to report these record earnings
results to our shareholders. Our goals for the remainder of 2004 will be
continued core deposit growth and increased total revenue."
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,
2004 2003*
(Unaudited)
=============== ===============
ASSETS
Cash and due from banks $1,114,641 $509,920
Federal funds sold 5,359,000 5,150,000
Investment securities available for
sale, at fair value 12,097,752 6,046,517
Loans 49,973,192 42,473,796
Allowance for loan losses (743,619) (693,050)
--------------- ---------------
NET LOANS 49,229,573 41,780,746
Accrued interest receivable 260,421 223,345
Bank premises and equipment 2,974,927 2,912,086
Stock in Federal Home Loan Bank of
Atlanta, at cost 165,200 122,200
Other assets 601,643 154,660
--------------- ---------------
TOTAL ASSETS $71,803,157 $56,899,474
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest-bearing $5,218,050 $3,701,270
Savings 995,607 431,682
Money market and NOW 13,846,555 12,087,158
Time 39,114,926 33,878,076
--------------- ---------------
TOTAL DEPOSITS 59,175,138 50,098,186
Repurchase agreements 1,127,970 995,134
Accrued expenses and other Liabilities 259,824 182,613
--------------- ---------------
TOTAL LIABILITIES 60,562,932 51,275,933
Stockholders' equity
Common stock, $5 par value,
20,000,000 shares authorized;
1,152,720 and 602,763 shares issued
and outstanding, respectively 5,763,600 3,013,815
Additional paid-in capital 5,917,815 3,153,827
Accumulated deficit (431,291) (564,136)
Accumulated other comprehensive
(loss) income (9,899) 20,035
-------------- --------------
TOTAL STOCKHOLDERS' EQUITY 11,240,225 5,623,541
-------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $71,803,157 $56,899,474
=============== ===============
PARKWAY BANK AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
For The For The For The For The
Three Months Three Months Nine Months Nine Months
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2004 2003 2004 2003
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
============ =========== ============ ===========
INTEREST INCOME
Loans $750,815 $588,670 $2,063,811 $1,628,866
Investments 76,667 37,663 191,106 105,771
Federal funds sold
and deposits in
other banks 27,862 12,416 57,370 38,162
------------ ----------- ------------ -----------
TOTAL INTEREST
INCOME 855,344 638,749 2,312,287 1,772,799
------------ ----------- ------------ -----------
INTEREST EXPENSE
Money market, Now
and savings
deposits 36,911 37,343 109,135 107,400
Time deposits 286,549 224,293 837,300 627,294
Securities sold
under repurchase
agreements 2,655 2,554 7,862 8,798
------------ ----------- ------------ -----------
TOTAL INTEREST
EXPENSE 326,115 264,190 954,297 743,492
------------ ----------- ------------ -----------
NET INTEREST
INCOME 529,229 374,559 1,357,990 1,029,307
PROVISION FOR LOAN
LOSSES 39,500 36,000 72,250 162,600
------------ ----------- ------------ -----------
NET INTEREST
INCOME AFTER
PROVISION FOR
LOAN LOSSES 489,729 338,559 1,285,740 866,707
------------ ----------- ------------ -----------
NON INTEREST INCOME
Insurance
commissions 103,158 106,434 342,275 336,721
Mortgage
operations 34,245 101,046 131,192 258,384
Other fees and
charges 95,329 27,693 223,109 76,431
Gains on
securities sold - - - -
------------ ----------- ------------ -----------
TOTAL NON INTEREST
INCOME 232,732 235,173 696,576 671,536
------------ ----------- ------------ -----------
NON INTEREST EXPENSE
Salaries and
employee
benefits 347,601 304,595 1,040,294 900,480
Occupancy and
equipment 84,891 55,293 230,561 159,270
Advertising and
promotion 11,905 13,498 60,812 32,955
Data processing
and outside
service fees 103,506 56,173 285,266 169,138
Professional fees 6,659 5,896 41,087 24,445
Supplies,
telephone, and
postage 31,788 20,166 97,587 61,318
Other 33,578 34,371 93,864 87,261
------------ ----------- ------------ -----------
TOTAL NON INTEREST
EXPENSE 619,928 489,992 1,849,471 1,434,867
------------ ----------- ------------ -----------
PROFIT (LOSS) BEFORE
INCOME TAXES 102,533 83,740 132,845 103,376
INCOME TAXES - - - -
------------ ----------- ------------ -----------
NET INCOME (LOSS) $102,533 $83,740 $132,845 $103,376
============ =========== ============ ===========
NET INCOME (LOSS)
PER COMMON SHARE
BASIC $0.10 $0.13 $0.17 $0.16
DILUTED $0.10 $0.12 $0.17 $0.15
WEIGHTED AVERAGE
COMMON SHARES
BASIC 993,033 663,012 773,822 663,012
DILUTED 1,009,897 686,812 790,686 686,812
DATASOURCE: Parkway Bank
CONTACT: Gary T. Clawson, President and CEO of Parkway Bank,
+1-828-758-1414
Web site: http://www.parkwaybanknc.com/