Parkway Bank Reports First Quarter 2009 Financial Results
May 18 2009 - 4:00PM
PR Newswire (US)
LENOIR, N.C., May 18 /PRNewswire-FirstCall/ -- Parkway Bank (OTC
Bulletin Board: PKWY), a North Carolina state chartered bank
headquartered in Lenoir, North Carolina, announced its unaudited
first quarter 2009 financial results today. Net income (loss) for
the first quarter of 2009 was ($389,000) compared to net income of
$121,000 for the first quarter of 2008. Basic and diluted income
(loss) per share were ($.28) in the 2009 period, compared to $.09
and $.08 for basic and diluted income per share, respectively, in
the 2008 period. Total assets at March 31, 2009 were $126.0
million, compared to $112.1 million at March 31, 2008, an increase
of $13.9 million or 12.4%. Funding the growth in total assets was
an increase of $17.4 million or 18.3% in total deposits which
increased to $112.7 million at March 31, 2009 from $95.3 million at
March 31, 2008. During the same period, total loans increased to
$93.4 million from $86.5 million, an increase of 7.9%. "The
unprecedented national and local economic and financial conditions
unlike any since the Great Depression of the 1930's are continuing"
said James E. Sponenberg, III, President and CEO of Parkway Bank.
"Coupled with prior interest rate cuts by the Federal Reserve,
which has served to compress our net interest margin, and
significantly increased deposit insurance premiums, our Bank
continues to experience an operating loss. We do continue to be
"Well Capitalized" by all regulatory measures." Sponenberg further
commented that "2009 has started out and will continue to be a
challenge for all of us. At this point, it certainly appears that
economic conditions will decline further before we see an upturn.
We continue to try to meet this challenge on a daily basis."
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). PARKWAY BANK Financial Highlights As of or for the Three
Months Ended March 31 (Unaudited) (Amounts in thousands except per
share and share data) ------------------------------ 2009 2008 ----
---- Income statement data: Net interest income $718 849 Provision
for loan losses 566 102 --- --- Net interest income after provision
152 747 Non interest income 228 270 Non interest expense 1,065 882
Income (loss) before income taxes (685) 135 Income taxes (benefit)
(296) 14 ---- -- Net income (loss) ($389) 121 ===== === Per share
data and shares outstanding: Basic income (loss) per share ($.28)
.09 Diluted income (loss) per share (.28) .08 Book value at period
end 8.67 10.36 Weighted average common shares outstanding: Basic
1,397 1,412 Diluted 1,397 1,425 Shares outstanding at period end
1,397 1,412 Balance sheet data: Total assets $126,016 112,110 Loans
93,352 86,532 Allowance for loan losses 2,351 1,034 Total deposits
112,733 95,297 Other borrowings 541 1,412 Shareholders' equity
12,115 14,624 Selected performance ratios: Return on average assets
(%) (1.25) .44 Return on average shareholders' equity (%) (12.79)
3.33 Net interest margin (%) (1) 2.61 3.37 Net interest spread (%)
(2) 2.45 2.83 Efficiency ratio (%) (3) 112.64 78.81 (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. DATASOURCE: Parkway
Bank CONTACT: James E. Sponenberg, III, President and Chief
Executive Officer, Parkway Bank, +1-828-758-1414, Web Site:
http://www.parkwaybanknc.com/
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