Northway Financial, Inc. Announces First Quarter Earnings
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Northway Financial, Inc. reported net income of $1.5 million for the first quarter of 2024, with earnings per share of $0.55 compared to $1.4 million and $0.50 per share in the same period last year. The company is focusing on cost reduction and introducing new deposit products to address the high-rate environment pressure on net interest margin. Total Assets were $1.2 billion, with decreases in Cash and Due from Banks, Securities Available-for-Sale, and Loans, net. Non-Municipal Liabilities decreased by $54 million compared to the previous year, while Short Term Borrowings and Long-Term Debt decreased by $85 million. Net Interest Income decreased, leading to a lower Year-to-Date Net Interest Margin. Nonperforming loans and total delinquent loans increased slightly. The market price of common stock was $18.25 as of April 25, 2024.
Northway Financial, Inc. ha registrato un utile netto di 1,5 milioni di dollari per il primo trimestre del 2024, con un guadagno per azione di 0,55 dollari rispetto agli 1,4 milioni di dollari e 0,50 dollari per azione nello stesso periodo dell'anno scorso. La compagnia sta concentrando i suoi sforzi sulla riduzione dei costi e sull'introduzione di nuovi prodotti di deposito per far fronte alla pressione dell'ambiente ad alto tasso sul margine di interesse netto. Gli attivi totali ammontavano a 1,2 miliardi di dollari, con diminuzioni in Contanti e Da Banche, Titoli disponibili per la vendita e Prestiti, netti. Le passività non municipali sono diminuite di 54 milioni di dollari rispetto all'anno precedente, mentre i Prestiti a breve termine e il Debito a lungo termine sono diminuiti di 85 milioni di dollari. Il reddito da interessi netto è diminuito, portando a un margine di interesse netto accumulato più basso. I prestiti non performanti e il totale dei prestiti in sofferenza sono leggermente aumentati. Il prezzo di mercato delle azioni ordinarie era di 18,25 dollari al 25 aprile 2024.
Northway Financial, Inc. reportó una ganancia neta de $1.5 millones para el primer trimestre de 2024, con ganancias por acción de $0.55 comparado con $1.4 millones y $0.50 por acción en el mismo periodo del año anterior. La compañía está enfocada en la reducción de costos e introducción de nuevos productos de depósito para hacer frente a la presión del ambiente de altas tasas sobre el margen de interés neto. Los Activos Totales fueron de $1.2 mil millones, con disminuciones en Efectivo y Debido por Bancos, Valores Disponibles para la Venta, y Préstamos netos. Las Pasivos No Municipales disminuyeron en $54 millones comparado con el año anterior, mientras que los Préstamos a Corto Plazo y la Deuda a Largo Plazo se redujeron en $85 millones. El Ingreso Neto de Intereses disminuyó, llevando a un margen de interés neto menor acumulado al año. Los préstamos no productivos y el total de préstamos morosos aumentaron ligeramente. El precio de mercado de las acciones comunes fue de $18.25 al 25 de abril de 2024.
Northway Financial, Inc. a déclaré un bénéfice net de 1,5 million de dollars pour le premier trimestre de 2024, avec un bénéfice par action de 0,55 dollar comparé à 1,4 million de dollars et 0,50 dollar par action à la même période l'année dernière. L'entreprise se concentre sur la réduction des coûts et l'introduction de nouveaux produits de dépôt pour faire face à la pression de l'environnement à taux élevé sur la marge d'intérêt net. L'actif total était de 1,2 milliard de dollars, avec des diminutions en Espèces et dues par les banques, Titres disponibles à la vente, et Prêts nets. Les passifs non municipaux ont diminué de 54 millions de dollars comparé à l'année précédente, tandis que les Emprunts à court terme et la Dette à long terme ont diminué de 85 millions de dollars. Le revenu net d'intérêts a diminué, conduisant à une marge d'intérêt net accumulée plus faible. Les prêts non performants et le total des prêts en souffrance ont légèrement augmenté. Le prix de marché de l'action ordinaire était de 18,25 dollars au 25 avril 2024.
Northway Financial, Inc. berichtete über einen Nettogewinn von 1,5 Millionen Dollar für das erste Quartal 2024, mit einem Gewinn pro Aktie von 0,55 Dollar verglichen mit 1,4 Millionen Dollar und 0,50 Dollar pro Aktie im gleichen Zeitraum des Vorjahres. Das Unternehmen konzentriert sich auf Kostenreduktion und die Einführung neuer Einlageprodukte, um den Druck der Hochzins-Umgebung auf die Nettozinsmarge zu bewältigen. Die Gesamtaktiva betrugen 1,2 Milliarden Dollar, mit Rückgängen bei Kasse und Bankguthaben, Wertpapiere zum Verkauf verfügbar und Netto-Kredite. Die nicht-kommunalen Verbindlichkeiten verringerten sich um 54 Millionen Dollar im Vergleich zum Vorjahr, während kurzfristige Kredite und langfristige Schulden um 85 Millionen Dollar abnahmen. Das Nettozins-Einkommen verringerte sich, was zu einer geringeren kumulierten Nettozinsmarge führte. Notleidende Kredite und die Gesamtzahl der überfälligen Kredite stiegen leicht an. Der Marktpreis der Stammaktien betrug am 25. April 2024 18,25 Dollar.
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NORTH CONWAY, N.H., April 26, 2024 (GLOBE NEWSWIRE) -- Northway Financial, Inc. (the “Company”) (OTCQB: NWYF), the parent company of Northway Bank (the “Bank”), today reported net income for the quarter ended March 31, 2024 of
President and CEO William J. Woodward commented: “In the first quarter, net income was consistent compared to last year. The high-rate environment continues to put downward pressure on our net interest margin. We are focusing on offsetting the margin compression by continuing to reduce operating costs without impacting customer service. Our non-municipal deposits are tracking well with our December 2023 levels. We are in the process of introducing new deposit products to further increase deposits. There is uncertainty regarding when the Federal Reserve will lower rates. We know that the inflationary environment impacts almost everyone.”
Financial Highlights
- Total Assets were
$1.2 billion , loans, net, were$909 million , and total deposits were$978 million at March 31, 2024. - Total Assets decreased
$126 million compared to March 31, 2023, driven by decreases in Cash and Due from Banks and Interest-Bearing Deposits of$39 million , Securities Available-for-Sale of$52 million , and Loans, net of$30 million . - The decrease in Cash and Due from Banks and Interest-Bearing Deposits was due to the paydown of borrowings while the decrease in securities was primarily due to the
$30 million in securities sales in December 2023. - Residential mortgage loan balances decreased
$13 million and commercial real estate loan balances decreased$18 million , compared to March 31, 2023. - Non-Municipal Liabilities decreased
$54 million or6% compared to March 31, 2023, the result of a decrease in Retail Deposits of$31 million , or5% , and a decrease in Commercial Liabilities of$12 million , or9% . - Compared to December 31, 2023, Non-Municipal Liabilities increased
$12 million . - Short Term Borrowings and Long-Term Debt decreased
$85 million compared to March 31, 2023. - Net Income for the quarter ending March 31, 2024, was
$1.5 million or$0.55 per basic common share. - Net Interest Income was
$826 thousand lower than the same period last year and was partially offset by lower operating expenses of$388 thousand . - The Year-to-Date Net Interest Margin decreased from
2.87% to2.70% as funding costs increased1.17% while the yield on earning assets increased0.66% , when compared to year-to-date March 31, 2023. - Nonperforming loans as a percentage of total loans stood at
0.36% compared to0.24% at March 31, 2023. - Total delinquent loans as a percentage of total loans were
0.31% compared to0.28% at March 31, 2023. - The Bank’s regulatory capital ratios at March 31, 2024 exceeded all well-capitalized ratios as defined under FDIC’s prompt corrective action rules.
- The market price of our common stock, as of April 25, 2024, was
$18.25 .
| Northway Financial, Inc. | ||||||||
| Selected Financial Highlights | ||||||||
| (Unaudited) | ||||||||
| (Dollars in thousands, except per share data) | Three Months Ended | |||||||
| 3/31/2024 | 3/31/2023 | |||||||
| Interest and Dividend Income | $ | 12,588 | $ | 11,948 | ||||
| Interest Expense | 4,351 | 2,885 | ||||||
| Net Interest and Dividend Income | 8,237 | 9,063 | ||||||
| Provision for Credit Losses | - | - | ||||||
| All Other Noninterest Income | 1,257 | 1,246 | ||||||
| Noninterest Expense | 8,086 | 8,474 | ||||||
| Net Income Before Gain (Loss) on Securities | 1,408 | 1,835 | ||||||
| Gain (Loss) on Securities Available-for-Sale, Net | - | - | ||||||
| Gain (Loss) on Marketable Equity Securities | 277 | (250 | ) | |||||
| Income before Income Tax Expense | 1,685 | 1,585 | ||||||
| Income Tax Expense | 173 | 210 | ||||||
| Net Income | $ | 1,512 | $ | 1,375 | ||||
| Net Income Available to Common Stockholders | $ | 1,512 | $ | 1,375 | ||||
| Earnings per Common Share, Basic | $ | 0.55 | $ | 0.50 | ||||
| 3/31/2024 | 12/31/2023 | 3/31/2023 | |||||||
| Balance Sheet | |||||||||
| Total Assets | $ | 1,244,319 | $ | 1,290,467 | $ | 1,369,822 | |||
| Cash and Due from Banks and Interest-Bearing Deposits | 37,075 | 68,887 | 76,306 | ||||||
| Securities Available-for-Sale, at Fair Value | 238,806 | 246,756 | 290,511 | ||||||
| Marketable Equity Securities, at Fair Value | 2,867 | 2,589 | 5,467 | ||||||
| Loans Held-for-Sale | 716 | - | 690 | ||||||
| Loans, Net | 908,614 | 909,781 | 938,470 | ||||||
| Total Liabilities | 1,173,293 | 1,217,230 | 1,300,726 | ||||||
| Non Municipal Non-Maturity Deposits | 727,635 | 734,741 | 773,702 | ||||||
| Municipal Non-Maturity Deposits | 120,516 | 133,100 | 127,777 | ||||||
| Certificates of Deposit | 129,157 | 127,726 | 111,716 | ||||||
| Securities Sold Under Agreements to Repurchase | 45,680 | 55,353 | 50,609 | ||||||
| Short-Term Borrowings | 50,000 | 65,000 | 145,500 | ||||||
| Long-Term Debt | 60,000 | 60,000 | 50,000 | ||||||
| Junior Subordinated Debentures | 20,620 | 20,620 | 20,620 | ||||||
| Stockholders' Equity | 71,026 | 73,237 | 69,096 | ||||||
| Profitability and Efficiency | |||||||||
| Net Interest Margin | 2.70 | % | 2.63 | % | 2.87 | % | |||
| Yield on Earning Assets | 4.09 | 3.90 | 3.76 | ||||||
| Cost of Interest Bearing Liabilities | 1.80 | 1.63 | 1.17 | ||||||
| Book Value Per Share of Common Shares Outstanding | $ | 25.81 | $ | 26.62 | $ | 25.11 | |||
| Tangible Book Value Per Share of Common Shares Outstanding | 22.03 | 22.83 | 21.33 | ||||||
| Common Shares Outstanding | 2,751,650 | 2,751,650 | 2,751,650 | ||||||
| Weighted Average Number of Common Shares, Basic | 2,751,650 | 2,751,650 | 2,751,650 | ||||||
| Capital Ratios for the Bank | |||||||||
| Tier 1 Core Capital to Average Assets | 8.98 | % | 8.30 | % | 8.36 | % | |||
| Common Equity Risk-Based Capital | 14.83 | 14.40 | 13.51 | ||||||
| Tier 1 Risk-Based Capital | 14.83 | 14.40 | 13.51 | ||||||
| Total Risk-Based Capital | 16.08 | 15.65 | 14.76 | ||||||
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 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.
FAQ
What was Northway Financial, Inc.'s net income for the first quarter of 2024?
Northway Financial, Inc. reported a net income of $1.5 million for the first quarter of 2024.
What were the earnings per share for Northway Financial, Inc. in the first quarter of 2024?
Northway Financial, Inc. had earnings per share of $0.55 in the first quarter of 2024.
How did Northway Financial, Inc.'s Total Assets change compared to the previous year?
Northway Financial, Inc.'s Total Assets decreased by $126 million compared to the previous year.
What were the changes in Non-Municipal Liabilities for Northway Financial, Inc.?
Non-Municipal Liabilities decreased by $54 million compared to the previous year for Northway Financial, Inc.
What was the market price of Northway Financial, Inc.'s common stock on April 25, 2024?
The market price of Northway Financial, Inc.'s common stock was $18.25 on April 25, 2024.
Northway Financial, Inc.
OTC:NWYF
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NWYF Stock Data
50.22M
2.60M
5.71%
Commercial Banking
Finance and Insurance
United States of America
North Conway
About NWYF
northway bank's local heritage goes back more than a century - back to when two community banks first opened to serve individuals, families and businesses in this part of the granite state. the berlin city bank and pemigewasset national bank joined together in 1997 as partners in northway financial and began operating under the northway bank name in 2005. today, northway is the largest independent commercial bank in the region, a preferred sba lender, and a leading home lender in our markets. we proudly serve individuals, small businesses and commercial customers through multiple banking centers throughout new hampshire. as a bank, we take the time to understand the financial needs of our customers and to reward their relationships with us. as bankers, we take pride in delivering personal service, practical advice and valuable financial solutions. and as a new hampshire business, we take satisfaction from helping our customers, businesses and communities achieve more rewardin