Parkway Bank has reported that its net loss was $1.88m, or $1.34 per diluted share, for the year ended December 31, 2008, compared to a net income of $702,000, or $0.49 per diluted share, for the year ended December 31, 2007.
Net interest income for the year 2008 was $3.28m as compared to $3.63m for the year 2007. For the year 2008, net interest margin was 3.06% versus 3.74% for the year 2007.
Total assets at December 31, 2008 were $125.28m, compared to $109.98m at December 31, 2007, an increase of 13.9%. Total deposits increased to $111.81m at December 31, 2008 from $94.05m at December 31, 2007. During the same period, total loans increased 16.8% to $95.24m from $81.55m.
James Sponenberg, III, president and CEO of Parkway Bank, said: We are experiencing unprecedented national and local economic and financial conditions unlike any since the Great Depression of the 1930s. Coupled with interest rate cuts by the Federal Reserve, which served to compress our net interest margin, our bank experienced its first operating loss in several years. We continue to be well-capitalised by all regulatory measures.
