NORTH CONWAY, N.H., Oct. 30, 2020 (GLOBE NEWSWIRE) -- Northway Financial, Inc. (the "Company") 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.
| Contact: | Gary Laurash Chief Financial Officer 603-326-7377 | |
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