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NORTH CONWAY, N.H., July 27, 2018 (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 June 30, 2018 of $1.1MM, or $0.39 per basic common share. Year-to-date, the Company reported net income of $2.2MM, or $0.82 per basic common share.
The Board of Directors has declared a semi-annual cash dividend of $0.35 per share, payable on August 13, 2018, to common stockholders of record on August 6, 2018. The payment of this dividend results in a 43% payout ratio based on net income available to common stockholders. Based on a share price of $32.30 on July 25, 2018, this semi-annual dividend, when annualized, results in a dividend yield of approximately 2.1%. The Company’s common stock is available through brokers and is quoted on the OTCQB under the stock symbol “NWYF”.
|Northway Financial, Inc.|
|Selected Financial Highlights|
|(Dollars in thousands, except per share data)||Three Months Ended||Six Months Ended|
|Interest and Dividend Income||$||8,321||$||7,725||$||16,347||$||15,252|
|Net Interest and Dividend Income||7,060||6,924||14,213||13,685|
|Provision for Loan Losses||-||-||-||-|
|All Other Noninterest Income||1,258||1,458||2,429||3,027|
|Net Income Before Securities Gains||1,289||2,083||2,261||3,883|
|Securities Gains, Net||(118||)||697||187||1,179|
|Net Income Before Taxes||1,171||2,780||2,448||5,062|
|Provision for Income Tax||110||745||204||1,349|
|Net Income Available to Common Stockholders||$||1,061||$||2,035||$||2,244||$||3,713|
|Earnings per Common Share, Basic||$||0.39||$||0.74||$||0.82||$||1.35|
|Cash and Due from Banks and Interest-Bearing Deposits||20,065||25,091||20,116|
|Securities Available-for-Sale, at Fair Value||262,615||258,109||265,107|
|Retail non-maturity deposits||501,537||503,391||503,039|
|Municipal non-maturity deposits||106,408||108,918||101,669|
|Certificates of deposit||109,037||110,446||124,672|
|Federal Home Loan Bank Advances||59,987||-||8,000|
|Securities Sold Under Agreements to Repurchase||60,545||53,380||49,798|
|Junior Subordinated Debentures||20,620||20,620||20,620|
|Profitability and Efficiency|
|Net Interest Margin||3.36||%||3.48||%||3.45||%|
|Yield on Earning Assets||3.85||3.84||3.83|
|Cost of Interest Bearing Liabilities||0.61||0.45||0.47|
|Book Value Per Share of Common Shares Outstanding||$||28.33||$||29.51||$||28.46|
|Tangible Book Value Per Share of Common Shares Outstanding||24.71||25.88||24.83|
|Capital and Credit|
|Tier 1 Core Capital to Average Assets||10.22||%||10.45||%||10.34||%|
|Common Equity Risk-Based Capital||11.86||12.08||11.92|
|Tier 1 Risk-Based Capital||15.00||15.35||15.24|
|Total Risk-Based Capital||16.13||16.66||16.54|
|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||0.49||%||0.82||%||0.85||%|
|Return on Average Equity||5.77||9.32||9.82|
|Nonperforming Loans as a % of Total Loans||0.56||0.52||0.56|
|Allowance for Loan Losses as a % of Nonperforming Loans||219||242||234|
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.
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