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Northway Financial, Inc. (OTCQB: NWYF) reported a net income of $2.7 million for 2022, translating to $0.97 per share. The Board declared a semi-annual dividend of $0.35 per share, payable on February 13, 2023. The company faced challenges from financial market volatility, leading to a $2.7 million loss on equities and a $1.8 million provision for loan losses, now totaling $11.4 million. Despite this, Northway grew its loan portfolio by $131 million (16%) and increased residential mortgages by 37%. Total assets reached $1.3 billion, with a strong loan portfolio credit quality. The stock price was $24.00 as of January 26, 2023.
Northway Financial, Inc. (OTCQB: NWYF) reported a net loss of $13K for Q3 2022 and $1.2MM year-to-date. Despite challenging economic conditions, the Bank achieved a 13% increase in total loans and a 6% rise in core deposits. The loan portfolio's credit quality remained strong. However, a $5.4MM decline in investment valuations and a $1MM provision for loan losses affected earnings. As of September 30, total assets stood at $1.3B, with loans at $923MM and deposits at $1.1B. The stock price was $23.77 on October 27.
Northway Financial, Inc. (OTCQB: NWYF) reported a net loss of $1.1MM for Q2 2022, translating to $(0.40) per share, impacted significantly by equity market downturns. Year-to-date losses reached $1.2MM. Despite this, net income from operations was $1.5MM, excluding equity losses. Total assets stood at $1.2 billion with a 5% increase in deposits year-over-year. Notably, Residential Real Estate loans surged by 39%, and Commercial loans grew by 9%. A semi-annual cash dividend of $0.35 per share was declared, payable August 15, 2022.
Northway Financial, Inc. (OTCQB: NWYF) reported a net loss of $0.1 million, or $(0.05) per share, for Q1 2022. Despite the loss, loan growth increased by $27 million (3%) and deposits rose by $31 million (4%) compared to Q4 2021. Notably, residential mortgage loans surged by 37% year-over-year. However, net income was affected by a $1.2 million decline in the value of marketable equity securities. Total assets reached $1.2 billion and nonperforming loans decreased to 0.27% of total loans. The market price of NWYF stock was $31.45 as of April 28, 2022.
Northway Financial, Inc. (OTCQB: NWYF) reported record net income of $9.3 million or $3.38 per share for the year ending December 31, 2021. The Bank expanded its loan portfolio by 9% and increased total deposits by 13%, with assets totaling $1.2 billion. A semi-annual dividend of $0.35 per share was declared. Notably, 90% of Paycheck Protection Program loans were either forgiven or repaid, and nonperforming loans dropped to 0.26%. The bank's tangible book value grew by 5% to $32.75.
Northway Financial, Inc. (OTCQB: NWYF) reported a net income of $1.6 million for Q3 2021, equating to earnings per share of $0.58. For the nine months ending September 30, 2021, net income reached $5.7 million. The company saw a 12% increase in loan balances and a 16% rise in non-maturity deposits, achieving $1 billion in total deposits for the first time. Total assets reached $1.2 billion. Nonperforming loans decreased to 0.27%. The market price of common stock was $32.15 as of October 28, 2021.
Northway Financial, Inc. (NWYF) reported a net income of $2.2 million, or $0.81 per share, for Q2 2021, with a year-to-date net income of $4.1 million, or $1.50 per share. The Board declared a semi-annual cash dividend of $0.35 per share, payable on August 16, 2021. Key highlights include an 11% increase in both loans and deposits, a significant 137% rise in municipal loans, and nonperforming loans at just 0.30%. Total assets reached $1.2 billion, with a net interest margin of 2.76%. President William J. Woodward expressed optimism for continued growth in the second half of 2021.
Northway Financial, Inc. (NWYF) reported a significant turnaround in Q1 2021 with net income of $1.9 million, or $0.69 per share, compared to a loss of $1.4 million in Q1 2020. Total assets reached $1.2 billion, with total deposits increasing by 33% year-over-year. Key growth metrics include a 280% rise in residential mortgage production and a 128% increase in municipal loans, contributing to a 21% overall loan growth. Credit quality is improving, with nonperforming loans at 0.35%. Market price as of April 29, 2021, was $30.90.
Northway Financial, Inc. (OTCQB: NWYF) reported a net income of $5.2 million, or $1.91 per share, for the year ended December 31, 2020. Total assets reached $1.1 billion with total deposits increasing by 21% year-over-year. The company originated a record $145 million in residential first mortgage loans and processed 705 PPP loans totaling $71 million. A semi-annual cash dividend of $0.35 per share was declared. Regulatory capital ratios remained solid, with nonperforming loans decreasing to 0.42% of total loans.