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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Northway Financial Inc (QB) | USOTC:NWYF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.25 | 17.90 | 18.90 | 0.00 | 21:07:59 |
On February 5, 2013, the Company's Board of Directors declared a semi-annual cash dividend of $0.32 per share, payable on February 22, 2013, to common stockholders of record on February 15, 2013. In declaring this dividend, the Board of Directors considered the positive trend in earnings. The total dividend of $0.50 per share for the twelve months ended December 31, 2012 results in a 22.4% payout ratio based on net income available to common stockholders for the same period; this is consistent with the payout ratio on the dividend declared in July. Based on a share price of $13.00 on January 28, 2013, this semi-annual dividend, when annualized, results in a dividend yield of approximately 4.9%. The Company's common stock is available through brokers and is traded on the OTC Bulletin Board under the stock symbol "NWYF."
CEO William J. Woodward said, "Another strong earnings quarter contributed to a third consecutive year of record earnings. We are pleased with our level of earnings, the improvement in asset quality, the significant increase in core income, and the significant growth in both our loans and deposits. We continue to focus on improving asset quality and have seen a 29% reduction in our level of nonperforming loans. Our commercial loan growth continues at an annualized growth rate in excess of 28%. This growth is significantly greater than the growth rate experienced by many of our peers. Our success in growing commercial loans is due in large part to our strategy to expand into Southern New Hampshire. Further, our annualized deposit growth rate of 9.4% compares favorably to other New Hampshire Banks. To support our southern expansion strategy, we will be opening branches in both Manchester and Portsmouth in 2013."
CEO Woodward stated, "I am pleased to announce that, as part of our long-term Management succession planning for the Finance and Accounting Division, Russell A. Cronin, Jr. has joined Northway Financial, Inc. and Northway Bank as Senior Vice President and Chief Financial Officer, effective 1/1/2013. Russ has over 27 years of financial experience in several financial organizations, most recently at State Street Bank and Trust in Boston. Senior Vice President Richard P. Orsillo, will continue in the capacity of Controller. In this capacity, he will continue to provide oversight of the accounting and financial reporting functions of the holding company and the bank, a responsibility that he has commendably fulfilled for several years. I am confident that these two experienced financial professionals will play a key role in helping to lead Northway through the next phase of its development and growth."
Financial Highlights
Earnings Summary
As noted above, the Company recorded net income of $6,494,000 for the year ended December 31, 2012 compared to $5,111,000 for the same period in 2011. For the year ended December 31, 2012, $5,854,000, or $2.23 per common share, was available to common stockholders compared to $4,115,000, or $1.57 per common share, for the same period last year.
For the quarter ended December 31, 2012, the Company recorded net income of $1,859,000 compared to $334,000 for the same period in 2011. For the quarter ended December 31, 2012, $1,718,000, or $0.65 per common share, was available to common stockholders compared to $67,000, or $0.02 per common share, for the same period last year.
Net interest and dividend income for the quarter ended December 31, 2012, increased $623,000 to $6,688,000 compared to $6,065,000 for the same period last year. The provision for loan losses for the quarter ended December 31, 2012 decreased $1,097,000 to $318,000 compared to $1,415,000 for the same period in 2011. Net gains on sales of securities were $1,253,000 compared to $1,589,000 for the quarter ended December 31, 2011, a decrease of $336,000. Gains on sales of loans increased $584,000 at December 31, 2012 to $748,000 compared to $164,000 for the same period last year. All other noninterest income decreased $28,000 to $1,445,000 compared to $1,473,000 for the same period last year due primarily to a decrease in the net gain on the cash surrender value of life insurance partially offset by an increase in service charges and fees on deposit accounts. Total noninterest expense decreased $661,000 to $7,354,000 for the quarter ended December 31, 2012, compared to $8,015,000 for the same period last year. This decrease resulted primarily from the 2011 recognition of $1,604,000 in pre-payment penalties on two FHLB advances partially offset by an increase in salaries and employee benefits of $756,000 as a result of an increase in pension expense and higher staffing levels. Income tax expense for the quarter ended December 31, 2012, increased $1,076,000 from the same period last year.
Net interest and dividend income for the year ended December 31, 2012, increased $1,767,000 to $25,779,000 compared to $24,012,000 for the same period last year. The provision for loan losses for the year ended December 31, 2012 decreased $2,548,000 to $2,112,000 compared to $4,660,000 for the same period in 2011. Net gains on sales of securities were $3,789,000 compared to $3,482,000 for the year ended December 31, 2011, an increase of $307,000. Gains on sales of loans increased $1,446,000 to $2,250,000 for the year ended December 31, 2012 compared to $804,000 for the same period last year. During 2012, the Company sold approximately $10,500,000 in fixed rate portfolio loans for a gain of $366,000. In May 2011, the Company recorded a $3,772,000 net gain on the sale of three banking centers. All other noninterest income increased $132,000 to $5,424,000 compared to $5,292,000 for the same period last year due primarily an increase in the net gain on the cash surrender value of life insurance partially offset by a decrease in service charges and fees on deposit accounts. Total noninterest expense increased $177,000 to $26,891,000 for the year ended December 31, 2012, compared to $26,714,000 for the same period last year. This increase resulted primarily from an increase in pension expense and higher staffing levels and advertising expense to support our expansion strategy, which was partially offset by lower prepayment penalties on FHLB advances, lower FDIC insurance, OREO write-down, consulting fees and legal fees. Income tax expense for the year ended December 31, 2012, increased $868,000 from the same period last year.
Balance Sheet Summary
At December 31, 2012, the Company had total assets of $873,629,000 compared to $820,539,000 at December 31, 2011, an increase of $53,090,000, or 6.50%. Net loans at December 31, 2012, increased $73,819,000 to $563,565,000 compared to $489,746,000 at December 31, 2011. Securities available-for-sale decreased $45,570,000 to $206,703,000 at December 31, 2012, compared to $252,273,000 at December 31, 2011; this decrease was used to fund the significant loan growth achieved during 2013. Cash and due from banks and interest-bearing deposits increased $22,307,000 to $54,688,000 at December 31, 2012, compared to $32,381,000 at December 31, 2011.
Total deposits were $668,464,000 at December 31, 2012, compared to $611,133,000 at December 31, 2011, an increase of $57,331,000, or 9.40%. Securities sold under agreements to repurchase decreased $3,021,000 to $30,270,000 at December 31, 2012 compared to $33,291,000 at December 31, 2011. Other borrowings decreased $6,622,000 to $87,656,000 at December 31, 2012, compared to $94,278,000 at December 31, 2011.
Total stockholders' equity increased $5,986,000 to $80,878,000 at December 31, 2012 compared to $74,892,000 at December 31, 2011. Stockholders' equity available to common stockholders totaled $57,386,000, resulting in a book value per common share of $21.90 per share at December 31, 2012, based on 2,620,755 shares of common stock outstanding, an increase of $2.33, or 11.91% per share, from December 31, 2011. Tangible book value per common share increased $2.25, or 14.73%, to $17.52 at December 31, 2012 compared to $15.27 at December 31, 2011.
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 17 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.
Northway Financial, Inc. Selected Financial Highlights (Unaudited) (Dollars in thousands, except per share data) Three Months Ended Year Ended ----------------------- ----------------------- 12/31/2012 12/31/2011 12/31/2012 12/31/2011 ----------- ----------- ----------- ----------- Interest and Dividend Income $ 8,135 $ 8,144 $ 32,487 $ 32,500 Interest Expense 1,447 2,079 6,708 8,488 Net Interest and Dividend Income 6,688 6,065 25,779 24,012 Provision for Loan Losses 318 1,415 2,112 4,660 Net Gain on Sale of Banking Centers - - - 3,772 All Other Noninterest Income 3,446 3,226 11,463 9,578 Noninterest Expense 7,354 8,015 26,891 26,714 Provision for Income Tax 603 (473) 1,745 877 Net Income 1,859 334 6,494 5,111 Net Income Available to Common Stockholders 1,718 67 5,854 4,115 Earnings per Common Share, Basic 0.65 0.02 2.23 1.57 Dividends Declared per Common Share - - 0.33 0.27 12/31/2012 12/31/2011 ------------- ------------- Total Assets $ 873,629 $ 820,539 Cash and Due from Banks and Interest-Bearing Deposits 54,688 32,381 Securities Available-for-Sale, at Fair Value 206,703 252,273 Loans, Net 563,565 489,746 Total Deposits 668,464 611,133 Federal Home Loan Bank Advances 67,036 73,658 Securities Sold Under Agreements to Repurchase 30,270 33,291 Junior Subordinated Debentures 20,620 20,620 Stockholders' Equity 80,878 74,892 Net Interest Margin 3.46% 3.35% Yield on Earning Assets 4.30 4.45 Cost of Interest Bearing Liabilities 0.98 1.24 Efficiency Ratio 75.81 78.46 Book Value Per Share of Common Shares Outstanding $ 21.90 $ 19.57 Tangible Book Value Per Share of Common Shares Outstanding 17.52 15.27 Tier 1 Core Capital to Average Assets 10.68% 10.25% Tier 1 Risk-Based Capital 16.76 17.57 Total Risk-Based Capital 18.05 18.85 Common Shares Outstanding 2,620,755 2,620,755 Return on Average Assets 0.77% 0.62% Return on Average Equity 8.25 7.87 Nonperforming Loans as a % of Total Loans 2.13 3.44 Allowance for Loan Losses as a % of Nonperforming Loans 81.90 60.14
Contact: Russell A. Cronin, Jr. Senior Vice President and Chief Financial Officer 603-326-7398 3424 White Mountain Highway North Conway, New Hampshire 03860
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