Northway Financial (NASDAQ:NWFI)
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Northway Financial, Inc. Announces First Quarter Results and
Declares Quarterly Dividend
BERLIN, N.H., April 27 /PRNewswire-FirstCall/ -- Northway Financial, Inc. (the
"Company") reported net income for the quarter ended March 31, 2004 of
$729,000, or $0.49 per share, compared to $811,000, or $0.54 per share, for the
same quarter in 2003, a decrease of $82,000.
Commenting on the first quarter results, William J. Woodward, President and
Chief Executive Officer of the Company stated:
"The current interest rate environment negatively impacted our net interest
income; however, market conditions for investment securities did provide us
with several opportunities to capitalize on some security gains. We continue to
make progress on initiatives designed to improve our noninterest income by
expanding and improving the products and services we offer our customers. Three
experienced investment advisors recently were added to our staff in conjunction
with the expansion of our product line to include mutual funds, managed
accounts, and annuities. These new products enlarge the menu of product
choices for our customers, and are expected to provide an additional source of
noninterest income for the Company."
The Company declared a quarterly dividend on April 27, 2004 of $0.17 per share
payable May 12, 2004 to shareholders of record on May 7, 2004.
Net interest and dividend income for the first quarter of 2004 was $5,544,000
compared to $5,800,000 for the first quarter of 2003, a decrease of $256,000.
The provision for loan losses for the first quarter of 2004 decreased $75,000
to $150,000, compared to $225,000 for the first quarter of the previous year.
Net securities gains for the quarter increased $261,000 to $459,000, compared
to $198,000 for the same period last year. Other noninterest income for the
quarter decreased $15,000 to $837,000 compared to $852,000 for the same period
last year. There was no write-down of equity securities for the first quarter
of 2004 compared to a write-down of $78,000 for the same period last year.
Other operating expense was $5,608,000 for the quarter, compared to $5,269,000
for the same period last year, an increase of $339,000.
At March 31, 2004, Northway Financial had total assets of $627,336,000 compared
to $590,642,000 at March 31, 2003, an increase of $36,694,000. Loans, including
loans held-for-sale, at March 31, 2004 increased $15,523,000 to $475,132,000,
compared to March 31, 2003. Investments, including federal funds sold,
increased $25,693,000 to $103,804,000. Total deposits were $450,368,000 at
March 31, 2004, a decrease of $6,519,000 compared to March 31, 2003. Total
borrowings increased $29,559,000 to $114,821,000. Total equity increased
$3,575,000 to $48,360,000.
Northway Financial, Inc., headquartered in Berlin, New Hampshire, is a
multi-bank holding company. Through its subsidiary banks, The Berlin City Bank
and The Pemigewasset National Bank of Plymouth, New Hampshire, the Company
offers a broad range of financial products and services to individuals,
businesses and the public sector from its full service banking offices.
Certain statements in this press release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements can be identified by the use of the words
"expect," "believe," "estimate," "will" and other expressions which predict or
indicate future trends and which do not relate to historical matters.
Forward-looking statements may include, but are not limited to, expectations
for impact of new products on noninterest income and expense, projections of
revenue, income or loss, and plans related to products or services of the
Company and its subsidiaries. Such forward-looking statements are subject to
known and unknown risks, uncertainties and contingencies, many of which are
beyond the control of the Company. The Company's actual results could differ
materially from those projected in the forward-looking statements as the result
of, among other factors, changes in interest rates, changes in the securities
or financial markets, a deterioration in general economic conditions on a
national basis or in the local markets in which the Company operates, including
changes in local business conditions resulting in rising unemployment and other
circumstances which adversely affect borrowers' ability to service and repay
our loans, changes in loan defaults and charge-off rates, reduction in deposit
levels necessitating increased borrowing to fund loans and investments, the
passing of adverse government regulation, and changes in assumptions used in
making such forward-looking statements. These forward- looking statements were
based on information, plans and estimates at the date of this press release,
and the Company does not promise to update any forward- looking statements to
reflect changes in underlying assumptions or factors, new information, future
events or other changes.
Northway Financial, Inc.
Selected Consolidated Financial Data
(Unaudited)
(In thousands, except for ratios and per share amounts)
Period end balance sheet data: March 31,
2004 2003
Total assets $627,336 $590,642
Loans, net (1) 475,132 459,609
Investments (2) 103,804 78,111
Deposits 450,368 456,887
Borrowings 114,821 85,262
Stockholders' equity 48,360 44,785
Book value per share $32.25 $29.73
Tangible book value per share (3) 22.80 19.68
Leverage ratio 7.59% 6.79%
Shares outstanding 1,499,574 1,506,574
For the Three Months
Ended March 31,
Operating results: 2004 2003
Net interest income $5,544 $5,800
Securities gains, net 459 198
Other noninterest income 837 852
Loan loss provision 150 225
Write-down of equity securities - 78
Other operating expense 5,608 5,269
Income before tax 1,082 1,278
Income tax expense 353 467
Net income $729 $811
Earnings per share $0.49 $0.54
Return on average assets 0.49% 0.56%
Return on average equity 6.05% 7.35%
(1) Net of unearned income and the allowance for loan losses. Includes
loans held-for-sale.
(2) Includes federal funds sold, Federal Home Loan Bank stock, Federal
Reserve Bank stock and investment securities available-for-sale.
(3) Includes a deduction of $14,174 and $15,129 for goodwill, core deposit
intangible and mortgage servicing assets for 2004 and 2003,
respectively.
DATASOURCE: Northway Financial, Inc.
CONTACT: Richard P. Orsillo, Senior Vice President and Chief Financial
Officer of Northway Financial, +1-603-752-1171