LENOIR, N.C., Nov. 15, 2011 /PRNewswire/ -- Parkway Bank
(OTCBB: PKWY), a North Carolina state
chartered bank headquartered in Lenoir,
North Carolina, announced its third quarter 2011 financial
results today.
Net income (loss) for the third quarter of 2011 was ($19,000) compared to ($295,000) for the third quarter of 2010.
Basic and diluted income (loss) per share were ($.01) in the 2011 period compared to
($.21) for basic and diluted income
(loss) per share in the 2010 period. For the nine months
ended September 30, 2011, net income
(loss) was ($1,686,000) compared to
($1,603,000) for the nine months
ended September 30, 2010. Basic
and diluted income (loss) per share were ($1.20) in the 2011 period compared to
($1.15) in the 2010 period.
Total assets at September 30, 2011
were basically unchanged at $115.8
million, compared to $115.8
million at September 30, 2010.
Total deposits increased to $108.7
million at September 30, 2011
from $105.6 million at September 30, 2010, an increase of $3.1 million or 2.9%. During the same
period, total loans decreased to $76.2
million from $83.1 million, a
decrease of $6.9 million or 8.3%.
"The performance of a community bank is expected to reflect the
community's economy, and we do. Yet, we are hopeful we can
meet the challenges of the local/national/global economy and
perform well. We saw encouraging signs during the third
quarter with improvement in the reduction of a concentration in
commercial real estate loans," stated James
E. Sponenberg, III, President and CEO of Parkway Bank.
"We continue to address the issues raised by the Consent
Order entered into with the FDIC and NC Commissioner of Banks in
2010. We have retained the services of McKinnon and Company
of Norfolk, Virginia to explore
and determine the best option available to Parkway to raise
capital. We anticipate announcing a capital raising plan in
the near future."
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). The Bank
undertakes no obligation to update any forward-looking
statements.
|
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
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30
|
|
September
30
|
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
Income statement
data:
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
921
|
|
808
|
|
$ 2,602
|
|
2,490
|
|
|
Provision for loan
losses
|
|
(26)
|
|
156
|
|
1,277
|
|
1,275
|
|
|
Net interest income (loss) after
provision
|
|
947
|
|
652
|
|
1,325
|
|
1,215
|
|
|
Non interest income
|
|
265
|
|
256
|
|
734
|
|
1,003
|
|
|
Non interest expense
|
|
1,231
|
|
1,203
|
|
3,745
|
|
3,821
|
|
|
Income (loss) before income
taxes
|
|
(19)
|
|
(295)
|
|
(1,686)
|
|
(1,603)
|
|
|
Income taxes
(benefit)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Net income (loss)
|
|
($
19)
|
|
(295)
|
|
($ 1,686)
|
|
(1,603)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data and shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per
share
|
|
($
.01)
|
|
( .21)
|
|
(1.20)
|
|
(1.15)
|
|
|
Diluted income (loss) per
share
|
|
(.01)
|
|
(.21)
|
|
(1.20)
|
|
(1.15)
|
|
|
Book value at period
end
|
|
2.74
|
|
4.86
|
|
2.74
|
|
4.86
|
|
|
Weighted average common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
1,397
|
|
1,397
|
|
1,397
|
|
1,397
|
|
|
|
Diluted
|
|
1,397
|
|
1,397
|
|
1,397
|
|
1,397
|
|
|
Shares outstanding at period
end
|
|
1,397
|
|
1,397
|
|
1,397
|
|
1,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet
data:
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$115,838
|
|
115,845
|
|
-
|
|
-
|
|
|
Loans
|
|
76,160
|
|
83,057
|
|
-
|
|
-
|
|
|
Allowance for loan
losses
|
|
2,401
|
|
3,152
|
|
-
|
|
-
|
|
|
Total deposits
|
|
108,676
|
|
105,617
|
|
-
|
|
-
|
|
|
Other borrowed funds
|
|
3,000
|
|
3,000
|
|
-
|
|
-
|
|
|
Shareholders' equity
|
|
3,832
|
|
6,790
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected performance
ratios:
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
(%)
|
|
(.06)
|
|
(.99)
|
|
(1.95)
|
|
(1.82)
|
|
|
Return on average shareholders'
equity (%)
|
|
(2.09)
|
|
(16.95)
|
|
(63.68)
|
|
(27.20)
|
|
|
Net interest margin (%)
(1)
|
|
3.57
|
|
3.18
|
|
3.46
|
|
3.25
|
|
|
Net interest spread (%)
(2)
|
|
3.56
|
|
3.16
|
|
3.47
|
|
3.24
|
|
|
Efficiency ratio (%)
(3)
|
|
103.79
|
|
113.04
|
|
112.25
|
|
109.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Parkway Bank