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Northway Financial, Inc. (NWYF)

Other OTC - Other OTC Delayed Price. Currency in USD
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22.500.00 (0.00%)
At close: 3:53PM EDT
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Neutralpattern detected
Previous Close22.50
BidN/A x N/A
AskN/A x N/A
Day's Range22.20 - 22.50
52 Week Range21.70 - 36.25
Avg. Volume1,523
Market Cap61.92M
Beta (5Y Monthly)0.59
PE Ratio (TTM)11.98
EPS (TTM)1.88
Earnings DateApr 30, 2020
Forward Dividend & Yield0.70 (3.11%)
Ex-Dividend DateAug 07, 2020
1y Target EstN/A
  • GlobeNewswire

    Northway Financial, Inc. Announces Second Quarter Earnings and Declares Semi-Annual Dividend

    NORTH CONWAY, N.H., July 31, 2020 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Northway Financial, Inc. (OTCQB: NWYF), please note that the dividend dates in the second paragraph were changed from August 10, 2020 and August 3, 2020 to August 17, 2020 and August 10, 2020. The corrected release follows:Northway Financial, Inc. (the “Company”) (OTCQB: NWYF), the parent company of Northway Bank (the “Bank”), today reported net income for the quarter ended June 30, 2020 of $2.3MM, or $0.84 per basic common share. Year-to-date, the Company reported net income of $923M, or $0.34 per basic common share.The Board of Directors has declared a semi-annual cash dividend of $0.35 per share, payable on August 17, 2020, to common stockholders of record on August 10, 2020. Based on a share price of $23.35 on July 24, 2020, this semi-annual dividend, when annualized, results in a dividend yield of approximately 2.17%. The Company’s common stock is available through brokers and is quoted on the OTCQB under the stock symbol “NWYF”.William J. Woodward, President and Chief Executive Officer, stated, “During these unprecedented times, the Bank remains steadfast in using all of our available resources to enhance shareholder value, which is why we are continuing our current level of dividend.  We are overwhelmed by the loyalty that our customers have exhibited during the COVID-19 pandemic.  To help our small business and commercial customers, we processed 670 loans through the Paycheck Protection Program, of which 144 loans were for new customers.  Our deposit growth has been very significant, reflecting the faith our customers have in our financial institution.  Handling this significant level of growth has required our dedicated staff to work at an incredible pace.  All of us at Northway are proud of the role we play as an essential business in this pandemic.”Financial Highlights * Included in year-to-date net income of $923M was $1.8MM in unrealized equity security losses, which accounting standards now require us to report in our income statement. * Excluding marketable equity securities gains, both realized and unrealized, year-to-date pretax net income was $2.8MM. * Total assets were $1.07B, total loans, net, were $692MM, and total deposits were $836MM at June 30, 2020. * Total loans, net, including loans held for sale, increased $63MM from December 31, 2019 to $692MM * The increase in loans was driven by the origination of $68MM in PPP loans which are 100% guaranteed by the Small Business Administration. * 670 Paycheck Protection Program loans were originated and funded, of which 144, or 22%, were for new customers to the Bank. * Total deposits at June 30, 2020 were $836MM, an increase of $105MM, or 14%, 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. * During the first six months of 2020, total originations of residential first mortgage loans were $57 MM, an 84% increase from the same period in 2019. * $35 MM of the residential first mortgage loan originations were sold for a realized gain on sale of $1.1MM. * The net interest margin at June 30, 2020 was 3.26%. * Nonperforming loans as a percentage of total loans stood at 0.48% at June 30, 2020. * Regulatory capital ratios at June 30, 2020 were 10.51% Tier 1 Core Capital to Average Assets, 17.51% Total Risk-Based Capital, and 13.10% Common Equity Risk-Based Capital. * The market price of our common stock, as of July 24, 2020, was $23.35.Selected Financial Highlights (Unaudited)          (Dollars in thousands, except per share data)Three Months Ended Six Months Ended  6/30/2020  6/30/2019 6/30/2020  6/30/2019          Interest and Dividend Income$7,802  $8,806 $15,892  $17,692 Interest Expense 984   1,475  2,009   2,940 Net Interest and Dividend Income 6,818   7,331  13,883   14,752 Provision for Loan Losses 750   210  750   210 All Other Noninterest Income 2,374   1,717  3,518   3,275 Realized Gains on Securities Available-for-Sale, net 33   388  1,175   545 Noninterest Expense 7,357   7,651  15,072   14,892 Net Income Before Gains on Marketable Equity Securities, net 1,118   1,575  2,754   3,470 (Loss) Gain on Marketable Equity Securities Sold, net (65)  225  (65)  498 Unrealized Gain (Loss) on Marketable Equity Securities Held, net 1,749   238  (1,819)  2,164 Income Before Income Tax Expense 2,802   2,038  870   6,132 Income Tax (Benefit) Expense 487   294  (53)  1,092 Net Income$2,315  $1,744 $923  $5,040 Net Income Available to Common Stockholders$2,315  $1,744 $923  $5,040 Earnings per Common Share, Basic$0.84  $0.63 $0.34  $1.83                   6/30/20 12/31/2019 6/30/2019          Balance Sheet       Total Assets$1,065,015 $916,995 $933,770  Cash and Due from Banks and Interest-Bearing Deposits 160,342  78,639  36,399  Securities Available-for-Sale, at Fair Value 154,067  160,484  195,173  Marketable Equity Securities, at Fair Value 13,607  11,899  17,611  Loans, Net 691,777  628,797  644,227  Total Liabilities 972,286  825,616  846,020  Retail Non-Maturity Deposits 644,427  508,724  494,974  Municipal Non-Maturity Deposits 107,663  110,602  98,764  Certificates of Deposit 84,071  111,771  154,390  Securities Sold Under Agreements to Repurchase 99,635  64,329  67,430  Junior Subordinated Debentures 20,620  20,620  20,620  Stockholders' Equity 92,729  91,379  87,750  Profitability and Efficiency       Net Interest Margin 3.26% 3.45% 3.44% Yield on Earning Assets 3.72  4.05  4.11  Cost of Interest Bearing Liabilities 0.59  0.77  0.84  Book Value Per Share of Common Shares Outstanding$33.70 $33.21 $31.89  Tangible Book Value Per Share of Common Shares Outstanding 30.09  29.60  28.28  Capital and Credit       Tier 1 Core Capital to Average Assets 10.51% 11.43% 10.92% Common Equity Risk-Based Capital 13.10  13.61  12.47  Tier 1 Risk-Based Capital 16.26  16.89  15.60  Total Risk-Based Capital 17.51  18.10  16.77  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 0.48  0.49  0.53  Allowance for Loan Losses as a % of Nonperforming Loans 260  230  216          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 StatementsStatements 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

  • GlobeNewswire

    Northway Financial, Inc. Announces First Quarter Earnings

    NORTH CONWAY, N.H., April 30, 2020 -- Northway Financial, Inc. (the “Company”) (OTCQB: NWYF), the parent company of Northway Bank (the “Bank”), today reported a net loss for.

  • GlobeNewswire

    Northway Financial, Inc. Announces 2019 Earnings and Declares Semi-Annual Dividend

    NORTH CONWAY, N.H., Jan. 31, 2020 -- Northway Financial, Inc. (the “Company”) (OTCQB: NWYF), the parent company of Northway Bank (the “Bank”), today reported record net income.