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Press Release

Northway Financial, Inc. Announces First Quarter Earnings

Company Release - 4/26/2019 8:55 AM ET

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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Source: Northway Financial Inc.