NORTH CONWAY, N.H., Jan. 31, 2020 (GLOBE NEWSWIRE) -- Northway Financial, Inc. (the “Company”) (NWYF), the parent company of Northway Bank (the “Bank”), today reported record net income for the year ended December 31, 2019 of $9.3MM, or $3.37 per basic common share, compared to $2.9MM, or $1.07 per basic common share for the year ended December 31, 2018.
The Board of Directors has declared a semi-annual cash dividend of $0.35 per share, payable on February 18, 2020, to common stockholders of record on February 10, 2020. William J. Woodward, President and Chief Executive Officer, stated, “We are continuing our current level of dividend, as we believe our investment in growth will continue to enhance shareholder value.”
Included in our net income of $9.3MM for the year ended December 31, 2019 is $2.3MM of unrealized equity security gains, which accounting standards now require us to report in our income statement.
Total assets were $916MM; total loans, net, were $629MM; and total deposits were $731MM at December 31, 2019.
Loans, net, increased $1MM from December 31, 2018; $34MM of portfolio residential fixed rate loans were sold during 2019.
In addition to the sale of $34MM of portfolio residential fixed rate loans, the Bank sold $36MM of newly originated fixed rate residential loans and recorded total gain on loan sales of $1.2MM.
The net interest margin at December 31, 2019 was 3.45% up from 3.36% from December 31, 2018.
The yield on earning assets was 4.05% and the cost of interest-bearing liabilities was 0.77%, for the year ended December 31, 2019.
For the year ended December 31, 2019, return on average assets was 1.01% and return on average equity was 10.72%
Regulatory capital ratios at December 31, 2019 were 11.43% Tier 1 Core Capital to Average Assets, 18.10% Total Risk-Based Capital, and 13.61% Common Equity Risk-Based Capital.
Nonperforming loans as a percentage of total loans stood at .49% at December 31, 2019.
The market price of our common stock, as of January 25, 2020, was $34.32.
Northway Financial, Inc.
Selected Financial Highlights
(Dollars in thousands, except per share data)
Three Months Ended
Interest and Dividend Income
Net Interest and Dividend Income
Provision for Loan Losses
All Other Noninterest Income
Realized Gains on Securities Available-for-Sale, net
Gain on Marketable Equity Securities Sold, net
Net Income Before Gains on Marketable Equity Securities, net
Unrealized Gain (Loss) on Marketable Equity Securities Held, net
Income (Loss) before Income Tax Expense
Income Tax Expense (Benefit)
Net Income (Loss)
Net Income (Loss) Available to Common Stockholders
Earnings per Common Share, Basic
Cash and Due from Banks and Interest-Bearing Deposits
Securities Available-for-Sale, at Fair Value
Marketable Equity Securities, at Fair Value
Loans, Net, including loans held for sale
Retail non-maturity deposits
Municipal non-maturity deposits
Certificates of deposit
Federal Home Loan Bank Advances
Securities Sold Under Agreements to Repurchase
Junior Subordinated Debentures
Profitability and Efficiency
Net Interest Margin
Yield on Earning Assets
Cost of Interest Bearing Liabilities
Book Value Per Share of Common Shares Outstanding
Tangible Book Value Per Share of Common Shares Outstanding
Capital and Credit
Tier 1 Core Capital to Average Assets
Common Equity Risk-Based Capital
Tier 1 Risk-Based Capital
Total Risk-Based Capital
Common Shares Outstanding
Weighted Average Number of Common Shares, Basic
Nonperforming Loans as a % of Total Loans
Allowance for Loan Losses as a % of Nonperforming Loans
Note: The 2019 Annual Report will be provided to shareholders in conjunction with the distribution of the proxy materials for the 2020 Annual Meeting.
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. These statements are based upon the current beliefs and expectations of the Company’s management 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.
Chief Financial Officer