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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 |
Recent Events
At June 30, 2011, the Company reported quarter-to-date and year-to-date net income of $2,605,000 and $3,610,000, respectively, which included an $870,000 pretax write-down of goodwill associated with the sale of the three banking centers to Union Bank on May 27, 2011. After review, it was determined that the goodwill reduction should have been $643,000 and reflected as a reduction in the net realized gain on the sale of the banking centers. After recording appropriate adjustments, net income quarter-to-date and year-to-date at June 30, 2011 was $2,742,000 and $3,747,000, respectively, an increase of $137,000 over the amount previously reported for each period. As a result, the Company restated second quarter and year-to-date net income at June 30, 2011 to reflect these adjustments. Total assets at June 30, 2011 had been reported at $783,194,000 and have been restated to $783,331,000, an increase of $137,000; further, total stockholders' equity at June 30, 2011 increased $137,000 to $76,502,000 from $76,365,000 as a result of the above adjustments.
On September 15, 2011, the Company received $23,593,000 from the Small Business Lending Fund ("SBLF"), for which the Company issued to the U.S. Department of the Treasury a new Series C Preferred Stock. 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. The Company used $10,500,000 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.
Financial Highlights
Earnings Summary
The Company recorded net income of $4,777,000 for the first nine months of 2011 compared to $3,075,000 for the same period in 2010. For the nine months ended September 30, 2011, $4,050,000, or $1.55 per common share, was available to common stockholders compared to $2,591,000, or $0.99 per common share, for the same period last year.
Net interest and dividend income for the nine months ended September 30, 2011 decreased $398,000 to $17,947,000 compared to $18,345,000 for the same period last year. The provision for loan losses year-to-date 2011 increased $600,000 to $3,245,000 compared to $2,645,000 for the same period in 2010. For the nine months ended September 30, 2011, the Company recorded a net gain on the sale of the three banking centers of $3,772,000. Net gains on sales of securities were $1,893,000 compared to net losses on sales of securities of $305,000 for the nine months ended September 30, 2010, an increase of $2,198,000. All other noninterest income decreased $1,263,000 to $4,459,000 compared to $5,722,000 for the same period last year, driven primarily by a decrease in the cash surrender value of life insurance. Total noninterest expense increased $694,000 to $18,699,000 for the nine months ended September 30, 2011 compared to $18,005,000 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 nine months ended September 30, 2011 increased $1,313,000 from the same period last year.
Balance Sheet Summary
At September 30, 2011, the Company had total assets of $806,364,000 compared to $815,401,000 at September 30, 2010, a decrease of $9,037,000. Cash and due from banks and interest-bearing deposits decreased $15,822,000 to $66,750,000 at September 30, 2011 compared to $82,572,000 at September 30, 2010. Securities available-for-sale increased $79,340,000 to $207,879,000 at September 30, 2011 compared to $128,539,000 at September 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 overnight funds during the year. Loans at September 30, 2011 decreased $63,658,000 to $495,275,000 compared to $558,933,000 at September 30, 2010. This decrease was the result of 1) the sale of $33,375,000 in loans as part of the banking center sale; 2) 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; and 3) the continued sale of newly originated long term fixed rate residential real estate loans in the secondary market.
Total deposits were $595,121,000 at September 30, 2011 compared to $639,376,000 at September 30, 2010, a decrease of $44,255,000 and securities sold under agreements to repurchase decreased $4,715,000 to $24,288,000 at September 30, 2011 compared to $29,003,000 at September 30, 2010. These decreases resulted from the sale of the three banking centers. Other borrowings increased $22,673,000 to $106,250,000 at September 30, 2011 compared to $83,577,000 at September 30, 2010 due primarily to the $23,000,000 leverage implemented in January 2011.
Total equity increased $21,089,000 to $76,502,000 at September 30, 2011 compared to $55,413,000 at September 30, 2010, of which $13,593,000 is the net proceeds from the Company's participation in the SBLF. Stockholders' equity available to common stockholders totaled $52,879,000, resulting in a book value per common share of $20.18 per share at September 30, 2011, based on 2,620,755 shares of common stock outstanding, an increase of $3.07, or 17.9% per share, from September 30, 2010.
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 new loan production office located in Bedford, 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) Three Months Ended Nine Months Ended (Dollars in thousands, except --------------------- --------------------- per share data) 9/30/2011 9/30/2010 9/30/2011 9/30/2010 ---------- ---------- ---------- ---------- Interest and Dividend Income $ 7,994 $ 8,712 $ 24,356 $ 26,069 Interest Expense 2,063 2,455 6,409 7,724 Net Interest and Dividend Income 5,931 6,257 17,947 18,345 Provision for Loan Losses 615 990 3,245 2,645 Noninterest Income 1,966 2,704 10,124 5,417 Noninterest Expense 6,035 6,123 18,699 18,005 Provision for Income Tax 217 259 1,350 37 Net Income 1,030 1,589 4,777 3,075 Net Income Available to Common Stockholders 625 1,428 4,050 2,591 Earnings Per Common Share, Basic 0.24 0.55 1.55 0.99 Dividends Declared per Common Share 0.15 0.12 0.27 0.24
9/30/2011 9/30/2010 ------------ ------------ Total Assets $ 806,364 $ 815,401 Cash and Due from Banks and Interest-Bearing Deposits 66,750 82,572 Securities Available-for-Aale, at Fair Value 207,879 128,539 Loans, Net 485,063 550,159 Total Deposits 595,121 639,376 Federal Home Loan Bank Advances 85,630 62,957 Securities Sold Under Agreements to Repurchase 24,288 29,003 Junior Subordinated Debentures 20,620 20,620 Stockholders' Equity 76,502 55,413 Book Value of Common Shares Outstanding 20.18 17.11 Tangible Book Value of Common Shares Outstanding 15.94 12.62 Tier 1 Core Capital to Assets 10.58% 7.98% Common Shares Outstanding 2,620,755 2,620,755 Return on Average Assets 0.78% 0.51% Return on Average Equity 10.50 7.63 Nonperforming Loans as a % of Total Loans 3.61 3.17
Contact: Richard P. Orsillo Senior Vice President and Chief Financial Officer 603-752-1171
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