Parkway Bank Announces 2004 Year End Results LENOIR, N.C., Feb. 14
/PRNewswire-FirstCall/ -- Parkway Bank (OTC:PKWY) (BULLETIN BOARD:
PKWY) announced today that its net income for the year ended
December 31, 2004, was $321,886, compared to net income of $128,080
for the year ended December 31, 2003. Net income the fourth quarter
of 2004 was $189,041, compared to net income of $24,704 in the
fourth quarter of 2003 and net income of $102,533 in the third
quarter of 2004. Total assets were $73.9 million at December 31,
2004, compared to $56.9 million at December 31, 2003, an increase
of $17.0 million or 29.8%. Deposits and loans increased to $60.8
million and $51.1 million, from $50.1 million and $41.8 million in
2003, respectively. At December 31, 2004, shareholders' equity was
$11.4 million and the book value per share of the Bank's common
stock was $9.88. Parkway Bank President and CEO, Gary Clawson, in
commenting on the results, noted, "fiscal year results proved to be
on target with our expectations and we believe that Parkway is
entering a phase that will yield earnings results consistent with
our long-term goals. All the hard work that every employee put
forth over the last three years is beginning to show up on our
bottom line." 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 December 31, 2004 and
2003 2004 2003 ASSETS Cash and due from banks $1,112,971 $509,920
Federal funds sold 6,507,000 5,150,000 Investment securities
available for sale, at fair value 11,337,962 6,046,517 Loans
51,832,308 42,473,796 Allowance for loan losses (758,328) (693,050)
NET LOANS 51,073,980 41,780,746 Accrued interest receivable 277,211
223,345 Bank premises and equipment 2,928,724 2,912,086 Stock in
Federal Home Loan Bank of Atlanta, at cost 113,800 122,200 Other
assets 518,465 154,660 TOTAL ASSETS $73,870,113 $56,899,474
LIABILITIES AND STOCKHOLDERS' EQUITY Deposits Non-interest-bearing
$4,939,465 $3,701,270 Savings 1,055,679 431,682 Money market and
NOW 15,705,470 12,087,158 Time 39,119,200 33,878,076 TOTAL DEPOSITS
60,819,814 50,098,186 Repurchase agreements 1,440,369 995,134
Accrued expenses and other Liabilities 217,325 182,613 TOTAL
LIABILITIES 62,477,508 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 5,916,915 3,153,827
Accumulated deficit (242,250) (564,136) Accumulated other
comprehensive income (45,660) 20,035 TOTAL STOCKHOLDERS' EQUITY
11,392,605 5,623,541 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$73,870,113 $56,899,474 PARKWAY BANK AND SUBSIDIARY CONSOLIDATED
STATEMENT OF OPERATIONS Years Ended December 31, 2004 and 2003 2004
2003 INTEREST INCOME Loans $2,903,912 $2,241,588 Investments
277,095 156,655 Federal Funds sold and deposits in other banks
90,934 50,937 TOTAL INTEREST INCOME 3,271,941 2,449,180 INTEREST
EXPENSE Money Market, NOW and savings deposits 150,035 144,438 Time
deposits 1,112,678 867,896 Securities sold under repurchase
agreements 11,368 11,978 TOTAL INTEREST EXPENSE 1,274,081 1,024,312
NET INTEREST INCOME 1,997,860 1,424,868 PROVISION FOR LOAN LOSSES
84,250 195,600 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
1,913,610 1,229,268 NON-INTEREST INCOME Insurance Commissions
422,665 412,002 Mortgage operations 164,926 292,214 Other fees and
charges 321,072 119,241 TOTAL NON-INTEREST INCOME 908,663 823,457
NON-INTEREST EXPENSE Salaries and employee benefits 1,390,148
1,174,546 Occupancy and equipment 307,907 208,763 Advertising and
promotion 78,767 59,861 Data processing and outside service fees
395,013 190,509 Professional fees 46,615 37,322 Supplies, telephone
and postage 131,235 82,394 Other 150,702 171,250 TOTAL NON-INTEREST
EXPENSE 2,500,387 1,924,645 INCOME BEFORE INCOME TAXES 321,886
128,080 INCOME TAXES - - NET INCOME $ 321,886 $ 128,080 NET INCOME
PER COMMON SHARE BASIC $0.37 0.19 DILUTED $0.36 0.19 WEIGHTED
AVERAGE COMMON SHARES BASIC 869,064 663,012 DILUTED 885,312 690,304
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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