107 0 Kommentare Northway Financial, Inc. Announces Third Quarter Earnings

NORTH CONWAY, N.H., Oct. 30, 2020 (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, 2020 of $1.6MM, or $0.59 per basic common share. Year-to-date, the Company reported net income of $2.5MM, or $0.92 per basic common share.

Financial Highlights

Total assets were $1.1B, total loans, net, were $730MM, and total deposits were $876MM at September 30, 2020.
Year-to-date net income before gains on marketable equity securities, net, was $3.8MM.
Loans, net, increased $101MM when compared to December 31, 2019, which was due in part to the Bank processing 705 Small Business Administration’s Paycheck Protection Program loans in the aggregate amount of $71MM as of September 30, 2020.
Total deposits at September 30, 2020 were $876MM, an increase of $144MM, or 20%, from December 31, 2019. The increase is primarily attributable to federal and state funds from COVID-19 economic relief and stimulus programs deposited into our customers’ accounts.
In response to the COVID-19 pandemic the Bank granted short term modifications totaling $124MM. As of September 30, 2020, only $16MM have requested a second modification.
The net interest margin for the nine months ending September 30, 2020 was 2.98% driven by the extremely low interest rate environment and increase in cash balances.
For the nine months ending September 2020, a $1.5MM provision for loan losses was recorded.
Regulatory capital ratios at September 30, 2020 were 9.50% Tier 1 Core Capital to Average Assets, 17.12% Total Risk-Based Capital, and 12.80% Common Equity Risk-Based Capital.
Nonperforming loans as a percentage of total loans stood at 0.41% at September 30, 2020 compared to 0.49% at December 31, 2019.
The market price of our common stock, as of October 23, 2020, was $22.50.

Northway Financial, Inc.
Selected Financial Highlights
(Unaudited)

(Dollars in thousands, except per share data)	Three Months Ended				Nine Months Ended
	9/30/2020		9/30/2019		9/30/2020			9/30/2019

Interest and Dividend Income	$	7,777	$	8,720	$	23,669		$	26,412
Interest Expense		926		1,245		2,935			4,185
Net Interest and Dividend Income		6,851		7,475		20,734			22,227
Provision for Loan Losses		750		-		1,500			210
All Other Noninterest Income		2,328		1,757		5,846			5,032
Realized Gains on Securities Available-for-Sale, net		-		282		1,175			827
Noninterest Expense		7,336		6,989		22,408			21,881
Net Income Before Gains on Marketable Equity Securities, net		1,093		2,525		3,847			5,995
Gain on Marketable Equity Securities Sold, net		91		188		26			686
Unrealized Gain (Loss) on Marketable Equity Securities Held, net		730		152		(1,089	)		2,316
Income before Income Tax Expense		1,914		2,865		2,784			8,997
Income Tax Expense		300		525		246			1,616
Net Income	$	1,614	$	2,340	$	2,538		$	7,381
Net Income Available to Common Stockholders	$	1,614	$	2,340	$	2,538		$	7,381
Earnings per Common Share, Basic	$	0.59	$	0.85	$	0.92		$	2.68

	9/30/2020			12/31/2019			9/30/2019

Balance Sheet
Total Assets	$	1,100,700		$	916,995		$	898,550
Cash and Due from Banks and Interest-Bearing Deposits		134,069			78,639			41,068
Securities Available-for-Sale, at Fair Value		177,066			160,484			166,228
Marketable Equity Securities, at Fair Value		16,608			11,899			18,211
Loans, Net, including loans held for sale		729,733			628,797			636,037
Total Liabilities		1,007,319			825,616			808,805
Retail non-maturity deposits		669,908			508,724			507,265
Municipal non-maturity deposits		104,949			110,602			91,127
Certificates of deposit		101,313			111,771			120,811
Federal Home Loan Bank Advances		-			-			-
Securities Sold Under Agreements to Repurchase		96,206			64,329			59,125
Junior Subordinated Debentures		20,620			20,620			20,620
Stockholders' Equity		93,381			91,379			89,745
Profitability and Efficiency
Net Interest Margin		2.98	%		3.45	%		3.46	%
Yield on Earning Assets		3.39			4.05			4.09
Cost of Interest Bearing Liabilities		0.55			0.77			0.80
Book Value Per Share of Common Shares Outstanding	$	33.94		$	33.21		$	32.61
Tangible Book Value Per Share of Common Shares Outstanding		30.33			29.60			29.00
Capital and Credit
Tier 1 Core Capital to Average Assets		9.50	%		11.43	%		11.11	%
Common Equity Risk-Based Capital		12.80			13.61			12.86
Tier 1 Risk-Based Capital		15.87			16.89			16.02
Total Risk-Based Capital		17.12			18.10			17.20
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
Nonperforming Loans as a % of Total Loans		0.41			0.49			0.48
Allowance for Loan Losses as a % of Nonperforming Loans		288			230			238

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.