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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% | 30.75 | 28.05 | 30.75 | 31.00 | 30.63 | 30.70 | 2,853 | 21:37:43 |
On July 27, 2011, the Board of Directors of the Company declared a semi-annual common stock cash dividend of $0.15 per share. This dividend is payable on August 15, 2011 to stockholders of record on August 8, 2011. On July 27, 2011, the Board of Directors declared a 5% dividend on the Preferred Stock Class A shares, and a 9% dividend on the Preferred Stock Class B shares. Both of these dividends are payable to the U. S. Department of the Treasury on August 15, 2011, and are required as part of the U.S. Department of the Treasury's investment in Northway Financial, Inc.
In addition, on July 25, 2011 the Company obtained preliminary approval of an investment of $23.6 million in the Company's preferred stock by the U. S. Department of the Treasury, under the Small Business Lending Fund (the "SBLF) program. The Company intends to use $10.5 million of the SBLF funds to redeem all of the outstanding shares of preferred stock previously issued to the U. S. Department of the Treasury under the TARP Capital Purchase Program. The SBLF is a voluntary program intended to encourage small business lending by providing capital to qualified community banks and bank holding companies at favorable rates. This additional capital is expected to support the Company's organic growth strategy. The Company's participation in the SBLF program is subject to review of the SBLF documentation and final due diligence by the U. S. Department of the Treasury, and is expected to close on or about August 24, 2011.
Financial Highlights
Earnings Summary
The Company recorded net income of $3,610,000 for the first six months of 2011 compared to $1,486,000 for the same period in 2010. For the six months ended June 30, 2011, $3,288,000, or $1.25 per common share, was available to common stockholders compared to $1,163,000, or $0.44 per common share, for the same period last year.
Net interest and dividend income for the six months ended June 30, 2011 decreased $72,000 to $12,016,000 compared to $12,088,000 for the same period last year. The provision for loan losses year to date 2011 increased $975,000 to $2,630,000 compared to $1,655,000 for the same period in 2010. For the six months ended June 30, 2011, the Company recorded a net gain on the sale of the three banking centers of $4,415,000. Net securities gains were $952,000 compared to a net loss of $490,000 for the six months ended June 30, 2010, an increase of $1,442,000. All other noninterest income increased $231,000 to $3,434,000 compared to $3,203,000 for the same period last year. For the six months ended June 30, 2011, as noted above, the Company, as the result of the sale of one of the banking centers included in the sale of three banking centers, recorded a write-down of goodwill in the amount of $870,000. All other total noninterest expense increased $782,000 to $12,664,000 for the six months ended June 30, 2011 compared to $11,882,000 for the same period last year. This increase resulted primarily from one-time costs associated with the sale of the three banking centers and costs associated with the Company's expansion into new markets -- Concord, Meredith and Manchester, NH. Income tax expense for the six months ended June 30, 2011 increased $1,265,000 from the same period last year.
Balance Sheet Summary
At June 30, 2011, the Company had total assets of $783,194,000 compared to $816,376,000 at June 30, 2010, a decrease of $33,182,000. Cash and due from banks and interest-bearing deposits decreased $18,162,000 to $46,993,000 at June 30, 2011 compared to $65,155,000 at June 30, 2010. Securities available-for-sale increased $85,971,000 to $205,683,000 at June 30, 2011 compared to $119,712,000 at June 30, 2010. The increase in securities available-for-sale was due primarily to a $23,000,000 leverage in January 2011 which locked in a positive interest income spread for a minimum of two years; as well as the redeployment of $42,000,000 in overnight funds during the first quarter of 2011. Loans at June 30, 2011 decreased $95,368,000 to $492,535,000 compared to $587,902,000 at June 30, 2010. This decrease was primarily the result of 1) the sale of $29,600,000 in fixed-rate portfolio mortgages during the second half of 2010 as part of a strategy to reduce our exposure to long-term fixed-rate loans secured by residential real estate; 2) the sale of $33,375,000 in loans as part of the banking center sale; and 3) the continued sale of newly originated long term fixed rate residential real estate loans in the secondary market.
Total deposits were $585,906,000 at June 30, 2011 compared to $641,867,000 at June 30, 2010, a decrease of $55,961,000 and securities sold under agreements to repurchase decreased $5,021,000 to $25,063,000 at June 30, 2011 compared to $30,084,000 at June 30, 2010. These decreases resulted from the sale of the three banking centers. Other borrowings increased $22,649,000 to $106,221,000 at June 30, 2011 compared to $83,572,000 at June 30, 2010 due primarily to the $23,000,000 leverage implemented in January 2011.
Total equity increased $8,058,000 to $61,702,000 at June 30, 2011 compared to $53,644,000 at June 30, 2010. Stockholders' equity available to common stockholders totaled $51,134,000 resulted in a book value per common share of $19.51 per share at June 30, 2011, based on 2,620,755 shares of common stock outstanding, an increase of $3.07 per share from June 30, 2010.
About Northway Financial, Inc.
Northway Financial, Inc., headquartered in Berlin, 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.
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 (Dollars in thousands, except per share data) Three Months Ended Six Months Ended --------------------- -------------------- 6/30/2011 6/30/2010 6/30/2011 6/30/2010 ---------- ---------- ---------- --------- Interest and Dividend Income $ 8,370 $ 8,832 $ 16,362 $ 17,357 Interest Expense 2,134 2,558 4,346 5,269 Net Interest and Dividend Income 6,236 6,274 12,016 12,088 Provision for Loan Losses 2,015 790 2,630 1,655 Noninterest Income 6,754 1,947 8,801 2,713 Noninterest Expense 7,308 5,979 13,534 11,882 Provision for Income Tax 1,062 242 1,043 (222) Net Income 2,605 1,210 3,610 1,486 Net Income Available to Common Stockholders 2,444 1,048 3,288 1,163 Earnings Per Common Share, Basic 0.93 0.40 1.25 0.44 Dividends Declared per Common Share 0.12 0.12 0.12 0.12 (1) Diluted earnings per share are calculated using the weighted average number of shares outstanding for the period, including common stock equivalents, as appropriate. 6/30/2011 6/30/2010 ----------- ----------- Total Assets $ 783,194 $ 816,376 Cash and due from banks and interest-bearing deposits 46,993 65,155 Securities available-for-sale, at fair value 205,683 119,712 Loans, net 482,790 579,916 Total Deposits 585,906 641,867 Federal Home Loan Bank Advances 85,601 62,952 Securities Sold Under Agreements to Repurchase 25,063 30,084 Junior Subordinated Debentures 20,620 20,620 Stockholders' Equity 61,702 53,644 Book Value of Common Shares Outstanding 19.51 16.44 Tangible Book Value of Common Shares Outstanding 15.24 11.96 Tier 1 Core Capital to Assets 8.77% 8.09% Common Shares Outstanding 2,620,755 2,620,755 Return on Average Assets 0.88% 0.38% Return on Average Equity 12.49 5.63 Nonperforming Loans as a % of Total Loans 3.77 3.30
Contact: Richard P. Orsillo Senior Vice President and Chief Financial Officer 603-752-1171
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