LENOIR, N.C., May 15, 2012 /PRNewswire/ -- Parkway Bank
(OTCBB: PKWY), a North Carolina state
chartered bank headquartered in Lenoir,
North Carolina, announced its first quarter 2012 financial
results today.
Net income (loss) for the first quarter of 2012 was $128,000 compared to ($297,000) for the first quarter of 2011.
Basic and diluted income (loss) per share were $.09 in the 2012 period, compared to ($.21) for basic and diluted income per share in
the 2011 period.
Due to the continued deterioration in capital, we have been
reducing our asset size. Total assets at March 31, 2012 were $113.0
million, compared to $115.3
million at March 31, 2011 a
decrease of $2.3 million or
2.0%. Total deposits declined to $106.6 million at March
31, 2012 from $107.0 million
at March 31, 2011 a decrease of
$.4 million or .3%. During the
same period, total loans decreased to $75.2
million from $85.9 million, a
decrease of $10.7 million or
12.5%.
"Parkway Bank is a local community bank and reflects the
community's economy. We are pleased to report a profit for
the first quarter of 2012 primarily due to the repositioning of our
investment securities portfolio. We continue to move forward
to meet the challenges of a poor economic environment by improving
our processes and equipping our staff with the tools and training
to make us as efficient and responsive as we can be," said
James E. Sponenberg, III, President
and CEO of Parkway Bank. "From a quality and performance
standpoint, we have reduced troubled loans, improved our net
interest margin and remained liquid. Our need for capital is
being addressed by our retaining McKinnon and Company to explore
the best option available to us for raising 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.
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PARKWAY
BANK
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Financial Highlights
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(In
Thousands Except Per Share Data)
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(Unaudited)
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As of
or For The
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Three
Months Ended
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March
31
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2012
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2011
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Income
statement data:
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Net
interest income
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$
827
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$
830
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Provision
for loan losses
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132
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137
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Net
interest income after provision
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695
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693
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Non
interest income
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708
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230
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Non
interest expense
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1,275
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1,220
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Income
(loss) before income taxes
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128
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(297)
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Income
taxes (benefit)
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-
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-
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Net income
(loss)
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$
128
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($
297)
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Per
share data and shares outstanding:
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Basic
income (loss) per share
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$.09
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($
.21)
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Diluted
income (loss) per share
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.09
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(.21)
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Book value
per share at period end
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2.26
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3.59
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Weighted
average common shares outstanding (000's):
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Basic
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1,397
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1,397
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Diluted
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1,397
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1,397
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Shares
outstanding at period end
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1,397
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1,397
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Balance
sheet data:
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Total
assets
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$112,979
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$115,278
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Loans
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75,245
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85,887
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Allowance
for loan losses
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2,109
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4,186
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Total
deposits
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106,628
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106,997
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Other
borrowed funds
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3,000
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3,000
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Shareholders' equity
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3,154
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5,010
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Selected performance ratios:
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Return on
average assets (%)
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.46
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(1.02)
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Return on
average shareholders' equity (%)
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16.38
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(21.09)
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Net
interest margin (%) (1)
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3.45
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3.23
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Net
interest spread (%) (2)
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3.44
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3.21
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Efficiency
ratio (%) (3)
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83.07
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115.11
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(1) Net
interest margin is net interest income (annualized) divided by
average interest-earning assets.
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(2) Net
interest spread is the difference between the average yield on
interest-earning assets and the average
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cost of
interest-bearing liabilities.
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(3) The
efficiency ratio is non interest expense divided by the total of
net interest income and non interest
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income.
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SOURCE Parkway Bank