Parkway Bank Reports Fourth Quarter and Full Year 2011 Financial Results

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.  

SOURCE Parkway Bank