Parkway Acquisition Corp. (PKKW) reported a strong third quarter for 2021, with net income rising to $2.7 million or $0.45 per share, up from $1.4 million or $0.23 a year earlier. Year-to-date net income reached $6.8 million, a 62% increase compared to the same period in 2020. Total assets climbed to $980.2 million, reflecting a 20% year-over-year increase. Noteworthy is a 23% growth in deposits attributed to branch expansions and government assistance programs. However, net interest margin dropped from 3.75% to 3.60%.
Parkway Acquisition Corp. (PKKW) announced a cash dividend of $0.14 per share on August 17, 2021, with a payment date set for September 20, 2021. Shareholders of record by September 10, 2021 will receive the dividend. Parkway is the holding company for Skyline National Bank, which operates in southwestern Virginia and northwestern North Carolina, with a total of 24 branches and 1 loan production office.
Parkway Acquisition Corp. (PKKW) reported second quarter 2021 net income of $2.3 million ($0.38 per share), up from $1.1 million ($0.18 per share) a year earlier. For the first half of 2021, net income reached $4.1 million ($0.69 per share), compared to $2.8 million ($0.46 per share) in 2020. Total assets increased 19.23% year-over-year to $946.9 million, while net loans rose 7.14% to $692.0 million. The bank managed to reduce interest expenses and saw strong organic loan growth, alongside successful branch expansions in North Carolina during the pandemic.
Parkway Acquisition Corp. (PKKW) reported net income of $1.8 million for Q1 2021, a slight increase from $1.7 million in Q1 2020. The company's total assets grew to $906.8 million, with net loans up by 20.89% year-over-year. Parkway processed over 2,800 SBA-PPP applications totaling approximately $125 million, aiding job preservation in its communities. However, the net interest margin decreased to 3.70%, reflecting ongoing margin compression due to low-interest rates. The bank's book value per share slightly declined to $14.00.
Parkway Acquisition Corp. (OTC QX: PKKW) has declared a cash dividend of $0.13 per share on its common stock. This dividend will be payable on March 22, 2021, to shareholders of record on March 12, 2021. The announcement was made by the Parkway Board of Directors on February 16, 2021. Parkway is the parent company of Skyline National Bank, which operates 24 branches and 2 loan production offices primarily in southwestern Virginia and northwestern North Carolina.
Parkway Acquisition Corp. (PKKW) reported fourth-quarter 2020 earnings with net income of $1.7 million, matching the previous year's performance. However, annual net income dropped to $5.9 million, down from $7.2 million in 2019. The return on average assets and equity decreased to 0.79% and 7.92%, respectively. Key drivers included an increase in noninterest income and SBA-PPP loans totaling $81.9 million. Total deposits rose to $755.5 million, reflecting strong growth attributed to government stimulus. Despite a declining net interest margin of 3.95%, management remains optimistic about future growth despite ongoing challenges.
Parkway Acquisition Corp. (PKKW) has announced a cash dividend of $0.13 per share on its common stock. This dividend will be payable on September 18, 2020, to shareholders of record by September 4, 2020. The decision was made by the Parkway Board of Directors on August 18, 2020. Parkway operates Skyline National Bank, serving southwestern Virginia and northwestern North Carolina with a network of 24 branches and 2 loan production offices.