LENOIR, N.C., April 2, 2012 /PRNewswire/ -- Parkway Bank
(OTCBB: PKWY), a North Carolina
state chartered bank headquartered in Lenoir, North Carolina, announced its fourth
quarter and full year 2011 financial results today.
Net income (loss) for the fourth quarter of 2011 was
($431,000) compared to ($1,287,000) for the fourth quarter of 2010.
Basic and diluted income (loss) per share were ($.31) in the 2011 period, compared to
($.92) for basic and diluted income
per share in the 2010 period. For the full year of 2011, net
income (loss) was ($2,117,000)
compared to ($2,890,000) for the full
year of 2010. Basic and diluted income (loss) per share were
($1.52) and ($2.07) in the respective periods.
The Bank experienced no growth in 2011 as measures were taken to
preserve capital. Total assets at December 31, 2011 were $113.7 million, compared to $117.1 million at December
31, 2010, a decrease of 3.0%. Total deposits declined
slightly to $107.0 million at
December 31, 2011 from $108.5 million at December
31, 2010, a decrease of 1.4%. During the same period,
total loans decreased to $75.0
million from $83.2 million, a
decrease of 9.9%.
"Parkway Bank is a local community bank and reflects the
community's economy. We are moving 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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As of or For
The
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Three Months
Ended
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Year
Ended
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December
31
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December 31
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2011
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2010
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2011
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2010
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Income statement
data:
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Net interest income
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$ 802
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821
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3,404
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3,311
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Provision for loan
losses
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105
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1,062
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1,382
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2,337
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Net interest income after
provision
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697
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(241)
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2,022
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974
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Non interest income
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216
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235
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950
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1,238
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Non interest expense
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1,344
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1,281
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5,089
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5,102
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Income (loss) before income
taxes
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(431)
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(1,287)
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(2,117)
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(2,890)
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Income taxes
(benefit)
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-
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-
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-
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-
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Net income (loss)
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(431)
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(1,287)
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(2,117)
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(2,890)
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Per share data and shares
outstanding:
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Basic income (loss) per
share
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($
.31)
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(.92)
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(1.52)
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(2.07)
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Diluted income (loss) per
share
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(.31)
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(.92)
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(1.52)
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(2.07)
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Book value at period
end
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2.41
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3.82
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2.41
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3.82
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Weighted average common shares
outstanding:
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Basic
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1,397
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1,397
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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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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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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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$113,658
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117,121
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-
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-
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Loans
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74,966
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83,208
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-
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-
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Allowance for loan
losses
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2,488
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4,058
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-
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-
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Total deposits
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107,003
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108,511
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-
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-
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Other borrowed funds
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3,000
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3,000
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-
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-
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Shareholders' equity
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3,368
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5,335
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-
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-
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Selected performance
ratios:
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Return on average assets
(%)
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(1.48)
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(4.33)
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(1.80)
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(2.45)
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Return on average shareholders'
equity (%)
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(48.83)
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(77.72)
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(48.26)
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(38.29)
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Net interest margin (%)
(1)
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3.22
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3.16
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3.32
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3.23
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Net interest spread (%)
(2)
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3.24
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3.13
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3.31
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3.21
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Efficiency ratio (%)
(3)
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132.02
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121.31
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116.88
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112.16
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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