Parkway Bank Announces 2006 Year End Results
13 February 2007 - 8:43AM
PR Newswire (US)
LENOIR, N.C., Feb. 12 /PRNewswire-FirstCall/ -- Parkway Bank
(OTC:PKWY) (BULLETIN BOARD: PKWY) announced today that its net
income for the year ended December 31, 2006, was $1,013,146,
compared to net income of $1,033,476 for the year ended December
31, 2005. Net income for the fourth quarter of 2006 was $259,823,
compared to net income of $225,108 in the fourth quarter of 2005.
Total assets were $102.9 million at December 31, 2006, compared to
$90 million at December 31, 2005, an increase of $12.9 million or
14.36%. Deposits and loans increased to $87.7 million and $67.1
million, from $75.9 million and $61 million in 2005, respectively.
At December 31, 2006, shareholders' equity was $13.5 million and
the book value per share of the Bank's common stock was $9.64.
Parkway Bank President and CEO, Gary Clawson, in commenting on the
results, noted, "fiscal year 2006 was a fully taxable year and when
comparing pre-tax income performance against fiscal year 2005,
total income was up nearly 23%. Our total non interest income as a
percentage of average assets continues to be one of the highest of
all community banks in North Carolina; key sources of this revenue
are derived from our insurance subsidiary and mortgage operations.
Our overall balance sheet growth and diversification remains on
track with our short and long term strategies, our capital position
remains very strong, and we continue to be pleased with our asset
quality numbers. As to the future, controlled expansion, further
diversification of revenue streams and constant awareness of non
interest expenses and interest margins are at the forefront of our
strategy. The primary component in our past success and in our
future is the people who are here at Parkway. All employees are
dedicated to the organization and in turn the organization to the
employees. It has to work that way." 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. DATASOURCE: Parkway Bank CONTACT: Gary
T. Clawson, President and CEO of Parkway Bank, +1-828-758-1414 Web
site: http://www.parkwaybanknc.com/
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