Parkway Bank (CE) (USOTC:PKWY)
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LENOIR, N.C., May 18 /PRNewswire-FirstCall/ -- Parkway Bank (OTC Bulletin Board: PKWY), a North Carolina state chartered bank headquartered in Lenoir, North Carolina, announced its unaudited first quarter 2009 financial results today.
Net income (loss) for the first quarter of 2009 was ($389,000) compared to net income of $121,000 for the first quarter of 2008. Basic and diluted income (loss) per share were ($.28) in the 2009 period, compared to $.09 and $.08 for basic and diluted income per share, respectively, in the 2008 period.
Total assets at March 31, 2009 were $126.0 million, compared to $112.1 million at March 31, 2008, an increase of $13.9 million or 12.4%. Funding the growth in total assets was an increase of $17.4 million or 18.3% in total deposits which increased to $112.7 million at March 31, 2009 from $95.3 million at March 31, 2008. During the same period, total loans increased to $93.4 million from $86.5 million, an increase of 7.9%.
"The unprecedented national and local economic and financial conditions unlike any since the Great Depression of the 1930's are continuing" said James E. Sponenberg, III, President and CEO of Parkway Bank. "Coupled with prior interest rate cuts by the Federal Reserve, which has served to compress our net interest margin, and significantly increased deposit insurance premiums, our Bank continues to experience an operating loss. We do continue to be "Well Capitalized" by all regulatory measures."
Sponenberg further commented that "2009 has started out and will continue to be a challenge for all of us. At this point, it certainly appears that economic conditions will decline further before we see an upturn. We continue to try to meet this challenge on a daily basis."
Parkway Bank is a full-service community bank. Founded in 2001, the Bank has offices in Lenoir, Granite Falls and Hudson, NC.
This Press Release may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Bank's goals and expectations with respect to earnings, earnings per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words "may", "could", "should", "would", "believe", "anticipate", "estimate", "expect", "intend", "plan", "projects", "outlook", or similar expressions. These statements are based upon current beliefs and expectations of the Bank's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Bank's control).
PARKWAY BANK
Financial Highlights
As of or for the Three Months Ended
March 31
(Unaudited)
(Amounts in thousands except per
share and share data)
------------------------------
2009 2008
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Income statement data:
Net interest income $718 849
Provision for loan losses 566 102
--- ---
Net interest income after provision 152 747
Non interest income 228 270
Non interest expense 1,065 882
Income (loss) before income taxes (685) 135
Income taxes (benefit) (296) 14
---- --
Net income (loss) ($389) 121
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Per share data and shares
outstanding:
Basic income (loss) per share ($.28) .09
Diluted income (loss) per share (.28) .08
Book value at period end 8.67 10.36
Weighted average common shares
outstanding:
Basic 1,397 1,412
Diluted 1,397 1,425
Shares outstanding at period end 1,397 1,412
Balance sheet data:
Total assets $126,016 112,110
Loans 93,352 86,532
Allowance for loan losses 2,351 1,034
Total deposits 112,733 95,297
Other borrowings 541 1,412
Shareholders' equity 12,115 14,624
Selected performance ratios:
Return on average assets (%) (1.25) .44
Return on average shareholders'
equity (%) (12.79) 3.33
Net interest margin (%) (1) 2.61 3.37
Net interest spread (%) (2) 2.45 2.83
Efficiency ratio (%) (3) 112.64 78.81
(1) Net interest margin is net interest income (annualized) divided
by average interest-earning assets.
(2) Net interest spread is the difference between the average yield
on interest-earning assets and the average cost of interest-bearing
liabilities.
(3) The efficiency ratio is non interest expense divided by the total
of net interest income and non interest income.
DATASOURCE: Parkway Bank
CONTACT: James E. Sponenberg, III, President and Chief Executive
Officer, Parkway Bank, +1-828-758-1414,
Web Site: http://www.parkwaybanknc.com/