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Press Release

Northway Financial, Inc. Announces Third Quarter Earnings

Company Release - 10/26/2018 8:33 AM ET

NORTH CONWAY, N.H., Oct. 26, 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 September 30, 2018 of $2.7MM, or $0.98 per basic common share.  Year-to-date, the Company reported net income of $4.9MM, or $1.80 per basic common share.

Financial Highlights

  • Total assets were $969MM, total loans, net, were $664MM, and total deposits were $780MM at September 30, 2018.
  • Loans, net, increased $98MM, or 17.4%, from December 31, 2017, which is the result of the implementation of our organic growth strategy. 
  • Net interest income increased $0.9MM for the nine months ended September 30, 2018 when compared to the same period last year.
  • Net income for the nine months ending September 30, 2018 was $0.6MM less than the same period last year, primarily due to an increase in noninterest expense related to the hiring of additional lenders to support our growth strategy.
  • The net interest margin at September 30, 2018 was 3.35%.
  • The yield on earning assets was 3.86% and the cost of interest-bearing liabilities was 0.65%, for the nine months ended September 30, 2018.
  • For the nine months ended September 30, 2018, Return on Average Assets was 0.71% and Return on Average Equity was 8.42%
  • Regulatory capital ratios at September 30, 2018 were 10.13% Tier 1 Leverage, 15.93% Total Risk Based Capital, and 11.78 % Common Equity Tier 1.
  • Nonperforming loans as a percentage of total loans stood at 0.52% at September 30, 2018.
  • The market price of our common stock, as of October 24, 2018, was $31.80.       
 
Northway Financial, Inc.
Selected Financial Highlights
(Unaudited)
        
(Dollars in thousands, except per share data)Three Months Ended Nine Months Ended
 9/30/2018 9/30/2017 9/30/2018 9/30/2017
        
Interest and Dividend Income$8,758 $7,790 $25,105 $23,042
Interest Expense 1,322  727  3,456  2,294
Net Interest and Dividend Income 7,436  7,063  21,649  20,748
Provision for Loan Losses 195  -  195  -
All Other Noninterest Income 1,295  1,396  3,724  4,423
Noninterest Expense 7,087  6,429  21,468  19,258
Net Income Before Securities Gains 1,449  2,030  3,710  5,913
Securities Gains, Net 1,371  423  1,558  1,602
Net Income Before Taxes 2,820  2,453  5,268  7,515
Provision for Income Tax 120  607  324  1,956
Net Income$2,700 $1,846 $4,944 $5,559
Net Income Available to Common Stockholders$2,700 $1,846 $4,944 $5,559
Earnings per Common Share, Basic$0.98 $0.67 $1.80 $2.02

      

  9/30/2018 12/31/2017 9/30/2017 
        
Balance Sheet       
Total Assets $969,117 $884,084 $882,955 
Cash and Due from Banks and Interest-Bearing Deposits  18,713  25,091  14,810 
Securities Available-for-Sale, at Fair Value  243,106  258,109  262,855 
Loans, Net  663,770  565,294  569,304 
Total Liabilities  891,237  802,895  803,326 
Retail non-maturity deposits  511,753  503,391  509,430 
Municipal non-maturity deposits  92,707  108,918  86,138 
Certificates of deposit  175,830  110,446  114,455 
Federal Home Loan Bank Advances  23,396  -  17,700 
Securities Sold Under Agreements to Repurchase  57,640  53,380  49,208 
Junior Subordinated Debentures  20,620  20,620  20,620 
Stockholders' Equity  77,880  81,189  79,629 
Profitability and Efficiency       
Net Interest Margin  3.35% 3.48% 3.47%
Yield on Earning Assets  3.86  3.84  3.83 
Cost of Interest Bearing Liabilities  0.65  0.45  0.46 
Book Value Per Share of Common Shares Outstanding $28.30 $29.51 $28.94 
Tangible Book Value Per Share of Common Shares Outstanding  24.68  25.88  25.31 
Capital and Credit       
Tier 1 Core Capital to Average Assets  10.13% 10.45% 10.41%
Common Equity Risk-Based Capital  11.78  12.08  11.79 
Tier 1 Risk-Based Capital  14.83  15.35  15.03 
Total Risk-Based Capital  15.93  16.66  16.36 
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  0.71% 0.82% 0.84%
Return on Average Equity  8.42  9.32  9.62 
Nonperforming Loans as a % of Total Loans  0.52  0.52  0.52 
Allowance for Loan Losses as a % of Nonperforming Loans  235  242  247 

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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Source: Northway Financial Inc.