Parkway Bank Announces Adjusted 2007 Year End Results
April 08 2008 - 4:00PM
PR Newswire (US)
LENOIR, N.C., April 8, 2008 /PRNewswire-FirstCall/ -- Parkway Bank
(OTC:PKWY) (BULLETIN BOARD: PKWY) . On March 18, 2008, the Bank
reached a tentative settlement agreement on a litigation matter.
Management determined that this tentative settlement was a
subsequent event and elected to book the anticipated expenses
associated with the settlement during the fiscal year ended
December 31, 2007. As a result, the results of operations changed
as follows: Net income for the year ended December 31, 2007 was
adjusted to $701,658 or $.50 per diluted share, compared to
$816,258 or $.57 per diluted share prior to the adjustment for the
subsequent event. The net income for the year ended December 31,
2006 was $1,013,146 or $.70 per diluted share. Total assets were
$109.9 million at December 31, 2007, compared to $102.9 million at
December 31, 2006, an increase of $7 million or 6.8%. Deposits and
loans increased to $94.0 million and $81.6 million, from $87.7
million and $67.1 million in 2006, respectively. The adjustment for
the subsequent event did not have an effect on our total assets,
loans or deposits. At December 31, 2007, shareholders' equity was
$14.4 million and the book value per share was $10.18. 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:
Robert Kirkman of Parkway Bank, +1-828-758-1414 Web site:
http://www.parkwaybanknc.com/
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