Parkway Bank (CE) (USOTC:PKWY)
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LENOIR, N.C., Aug. 20 /PRNewswire-FirstCall/ -- Parkway Bank (OTC Bulletin Board: PKWY), a North Carolina state chartered bank headquartered in Lenoir, North Carolina, announced its unaudited second quarter 2009 financial results today.
Net income (loss) for the second quarter of 2009 was ($952,000) compared to ($207,000) for the second quarter of 2008. Basic and diluted income (loss) per share were ($.68) in the 2009 period, compared to ($.15) for basic and diluted income per share in the 2008 period. For the first six months of 2009, net income (loss) was ($1,341,000) compared to ($86,000) in the first six months of 2008. Basic and diluted income (loss) per share were ($.96) and ($.06) in the respective periods.
Total assets at June 30, 2009 were $128.0 million, compared to $114.3 million at June 30, 2008, an increase of $13.7 million or 12.0%. Funding the growth in total assets was an increase of $17.2 million or 17.5% in total deposits which increased to $115.6 million at June 30, 2009 from $98.4 million at June 30, 2008. During the same period, total loans increased to $92.5 million from $89.6 million, an increase of 3.3%.
"The unprecedented national and local economic and financial conditions unlike any since the Great Depression of the 1930's are continuing, although we are seeing the beginnings of some positive signs," 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 continues to be a challenge for all of us. 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
(In Thousands Except Share and Per Share Data)
(Unaudited)
As of or For The As of or For The
Three Months Ended Six Months Ended
June 30 June 30
2009 2008 2009 2008
Income statement data:
Net interest income $704 848 1,422 1,697
Provision for loan
losses 716 504 1,282 606
Net interest income
after provision (12) 344 140 1,091
Non interest income 220 281 448 551
Non interest expense 1,160 1,009 2,225 1,891
Income (loss) before
income taxes (952) (384) (1,637) (249)
Income taxes (benefit) - (177) (296) (163)
Net income (loss) ($952) (207) (1,341) (86)
Per share data and shares
outstanding:
Basic income (loss)
per share ($.68) (.15) (.96) (.06)
Diluted income (loss)
per share (.68) (.15) (.96) (.06)
Book value at period
end 7.96 10.08 7.96 10.08
Weighted average common
shares outstanding:
Basic 1,397 1,412 1,397 1,412
Diluted 1,397 1,417 1,397 1,418
Shares outstanding at
period end 1,397 1,412 1,397 1,412
Balance sheet data:
Total assets $127,997 114,289 - -
Loans 92,507 89,573 - -
Allowance for loan
losses 2,246 1,521 - -
Total deposits 115,598 98,426 - -
Other borrowed funds 503 1,214 - -
Shareholders' equity 11,123 14,229 - -
Selected performance ratios:
Return on average
assets (%) (2.99) (.73) (2.13) (.15)
Return on average
shareholders'
equity (%) (31.89) (5.72) (22.26) (1.19)
Net interest margin
(%) (1) 2.61 3.21 2.61 3.32
Net interest spread
(%) (2) 2.58 2.67 2.52 2.81
Efficiency ratio (%)(3)
125.44 89.37 118.97 84.12
(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
of Parkway Bank, +1-828-758-1414,
Web Site: http://www.parkwaybanknc.com/