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Northway Financial, Inc. Announces 2020 Earnings and Declares Semi-Annual Dividend

Written by Customer Service on . Posted in Dividend Reports And Estimates.

NORTH CONWAY, N.H., Jan. 29, 2021 (GLOBE NEWSWIRE) — Northway Financial, Inc. (the “Company”) (OTCQB: NWYF), the parent company of Northway Bank (the “Bank”), today reported net income for the year ended December 31, 2020 of $5.2MM, or $1.91 per basic common share.
The Board of Directors declared a semi-annual cash dividend of $0.35 per share, payable on February 16, 2021, to common stockholders of record on February 8, 2021.President and CEO William J. Woodward commented: “2020 was one of the most challenging years in our long history of providing community banking services to the residents of New Hampshire. The pandemic effected every part of our Bank and required us to adapt to a constantly changing environment. I am extremely proud of our entire organization in pulling together to meet our customers’ needs. For the first time in our history we finished the year with total assets in excess of $1 Billion, reflecting not only the hard work and dedication of our staff, but the confidence our customers have in Northway Bank.”Financial HighlightsTotal assets were $1.1 billion, total loans, net, were $722 million, and total deposits were $886 million at December 31, 2020.Total deposits increased 21% compared to December 31, 2019 driven by an increase in non maturity deposits of $170 million or 27%.Total loans, net increased $93 million or 15% compared to December 31, 2019.Net income of $5.2 million included $2.2 million in gain on sale of residential mortgage loans.In 2020, the Bank processed and closed 705 Small Business Administration Paycheck Protection Program loans in the aggregate amount of $71 million. As of December 31, 2020, $46 million remained outstanding.In 2020, the Bank originated 693 residential first mortgage loans totaling $145 million, the most ever originated by the Bank.In response to the COVID-19 pandemic, the Bank granted short term payment deferments on $132 million of commercial loans under Section 4013 of the CARES Act. As of December 31, 2020, only $12 million were still in deferment.Nonperforming loans as a percentage of total loans stood at 0.42% at December 31, 2020 compared to 0.49% at December 31, 2019.Regulatory capital ratios at December 31, 2020 were 9.67% Tier 1 Core Capital to Average Assets, 17.33% Total Risk-Based Capital, and 13.04% Common Equity Risk-Based Capital.The market price of our common stock, as of January 28, 2021, was $28.40.
 

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

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