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CST: 22/10/2019 11:31:26   

Northway Financial, Inc. Announces First Quarter Earnings

179 Days ago

NORTH CONWAY, N.H., April 26, 2019 (GLOBE NEWSWIRE) -- Northway Financial, Inc. (the “Company”) (OTCQB: NWYF), the parent company of Northway Bank (the “Bank”), today reported net income for the quarter ended March 31, 2019 of $3.3MM, or $1.20 per basic common share.

Financial Highlights

  • Total assets were $936MM, total loans, net, were $628MM, and total deposits were $745MM at March 31, 2019.
  • Loans, net, including loans held for sale increased $18.7MM from December 31, 2018 to $647MM or 9% above the same period last year.
  • The 2018 accounting change requiring unrealized gains/losses on equity securities to be recognized in the income statement accounted for $1.9MM of pretax income in the first quarter of 2019.
  • Excluding marketable equity securities gains, both realized and unrealized, pretax net income was $1.9MM, a 95% increase compared to the first quarter of 2018.
  • The net interest margin at March 31, 2019 was 3.45%.
  • The yield on earning assets was 4.11% and the cost of interest-bearing liabilities was 0.83%, for the quarter ended March 31, 2019.
  • For the quarter ended March 31, 2019, Return on Average Assets was 1.43% and Return on Average Equity was 16.52%.
  • We continue to be well capitalized as of March 31, 2019 with regulatory capital ratios of 10.56% Tier 1 Leverage, 16.52% Total Risk Based Capital, and 12.25% Common Equity Tier 1.
  • Nonperforming loans as a percentage of total loans stood at 0.42% at March 31, 2019.
  • The market price of our common stock, as of April 23, 2019, was $29.40.
 
Northway Financial, Inc.
Selected Financial Highlights
(Unaudited)
       
(Dollars in thousands, except per share data) Three Months Ended
  3/31/2019   3/31/2018
             
Interest and Dividend Income $ 8,886   $ 8,026  
Interest Expense   1,465     873  
Net Interest and Dividend Income   7,421     7,153  
Provision for Loan Losses   -     -  
All Other Noninterest Income   1,831     1,311  
Realized Gains on Securities Available-for-Sale, net   157     -  
Noninterest Expense   7,241     7,352  
Net Income Before Gains on Marketable Equity Securities, net   2,168     1,112  
Gain on Marketable Equity Securities Sold, net   -     -  
Unrealized Gain/(Loss) on Marketable Equity Securities Held, net   1,926     (891 )
Income before Income Tax Expense   4,094     221  
Income Tax Expense (Benefit)   798     (194 )
Net Income $ 3,296   $ 415  
Net Income Available to Common Shareholders $ 3,296   $ 415  
Earnings per Common Share, Basic $ 1.20   $ 0.15  
             
             


    3/31/2019     12/31/2018     3/31/2018  
                         
Balance Sheet                        
Total Assets   $ 936,416     $ 926,898     $ 916,743  
Cash and Due from Banks and Interest-Bearing Deposits     15,491       18,132       18,304  
Securities Available-for-Sale, at Fair Value     219,473       225,409       245,001  
Marketable Equity Securities, at Fair Value     16,930       17,978       19,675  
Loans, Net, including loans held for sale     647,051       628,343       595,373  
Total Liabilities     852,074       847,480       838,833  
Retail Non-Maturity Deposits     491,655       494,793       508,076  
Municipal Non-Maturity Deposits     92,620       101,746       90,679  
Certificates of Deposit     160,714       128,993       106,509  
Federal Home Loan Bank Advances     24,588       13,848       61,585  
Securities Sold Under Agreements to Repurchase     52,202       79,340       42,217  
Junior Subordinated Debentures     20,620       20,620       20,620  
Shareholders' Equity     84,342       79,418       77,910  
Profitability and Efficiency                        
Net Interest Margin     3.45 %     3.36 %     3.44 %
Yield on Earning Assets     4.11       3.91       3.85  
Cost of Interest Bearing Liabilities     0.83       0.70       0.51  
Book Value Per Share of Common Shares Outstanding   $ 30.65     $ 28.86     $ 28.94  
Tangible Book Value Per Share of Common Shares Outstanding     27.04       25.25       25.31  
Capital and Credit                        
Tier 1 Core Capital to Average Assets     10.56 %     9.93 %     10.35 %
Common Equity Risk-Based Capital     12.25       12.23       12.18  
Tier 1 Risk-Based Capital     15.38       15.44       15.46  
Total Risk-Based Capital     16.52       16.60       16.67  
Common Shares Outstanding     2,751,650       2,751,650       2,751,650  
Weighted Average Number of Common Shares, Basic     2,751,650       2,751,650       2,751,650  
Return on Average Assets     1.43 %     0.31 %     0.19 %
Return on Average Equity     16.52       3.75       2.13  
Nonperforming Loans as a % of Total Loans     0.42       0.35       0.53  
Allowance for Loan Losses as a % of Nonperforming Loans     268       323       215  
                         

About Northway Financial, Inc.

Northway Financial, Inc., headquartered in North Conway, New Hampshire, is a bank holding company. Through its subsidiary bank, Northway Bank, the Company offers a broad range of financial products and services to individuals, businesses and the public sector from its 16 full-service banking offices and its loan production offices located in Bedford and Portsmouth, New Hampshire.

Forward-looking Statements

Statements included in this press release that are not historical or current fact are “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected.  Northway Financial, Inc. disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events or circumstances.

Contact:          
Gary Laurash
Chief Financial Officer
603-326-7377 

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