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northway financial inc (NWYF) Key Developments

Northway Financial Inc. Reports Unaudited Consolidated Financial Results for the First Quarter Ended March 31, 2014

Northway Financial Inc. reported unaudited consolidated financial results for the first quarter ended March 31, 2014. The company recorded net income of $1,307,000 for the quarter ended March 31, 2014 compared to $2,028,000 for the same period in 2013. For the quarter ended March 31, 2014, $1,240,000, or $0.45 per common share, was available to common stockholders compared to $1,948,000, or $0.74 per common share, for the same period last year. Net income before taxes was $1,641,000 for the quarter ended March 31, 2014 compared to $2,772,000 for the same period in 2013. Net interest and dividend income for the quarter ended March 31, 2014 increased $611,000 to $7,148,000 compared to $6,537,000 for the same period last year. Stockholders' equity available to common stockholders totaled $60,903,000, resulting in a book value per common share of $22.13 per share at March 31, 2014, based on 2,751,650 shares of common stock outstanding, an increase of $0.05 per share, from March 31, 2013. Tangible book value per common share increased $0.25, or 1.4%, to $17.89 at March 31, 2014, compared to $17.64 at March 31, 2013. The result of the first quarter of 2013 included securities gains of $1,616,000, compared to $428,000 for the first quarter of 2014. The company's returns on average assets and average equity for the quarter ended March 31, 2014 were 0.58% and 6.31%, respectively, compared to 0.96% and 10.06% for the same period last year. Core earnings comprise 71.8% of net income for the quarter ended March 31, 2014, compared to 43.4% for the same period last year. Core earnings exclude non-recurring items such as gains on sales of investment securities and represent earnings generated from principal banking activities. Interest income has increased $678,000 over last year due primarily to the increase in the loan portfolio. Further, the provision for loan losses has decreased $515,000 as many of problem credits have been resolved. Overall, net income has decreased due primarily to a decrease in gains on sales of investments and loans of $1,188,000 and $477,000, respectively.

Northway Financial Inc. Declares Semi-Annual Cash Dividend, Payable on March 3, 2014

The board of directors of Northway Financial Inc. has declared a semi-annual common stock cash dividend of $0.32 per share, payable on March 3, 2014, to stockholders of record on February 24, 2014.

Northway Financial Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

Northway Financial Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net income of $1,911,000 compared to net income of $1,859,000 for the same period a year earlier. Interest and dividend income was $8,641,000 compared with $8,135,000 a year ago. Net interest and dividend income was $7,346,000 compared with $6,688,000 a year ago. Net income available to common stockholders was $1,843,000 or $0.67 per basic share compared with $1,718,000 or $0.65 per basic share a year ago. Tangible book value per common share decreased $0.47, or 2.7%, to $17.05 at December 31, 2013 compared to $17.52 at December 31, 2012. The decrease in book value per common share and tangible book value per common share was partially attributable to the payment of a 5% stock dividend resulting in a decrease in book value per share of $1.00 and tangible book value of $0.79 per share. For the full year, the company reported net income of $7,206,000 compared to $6,494,000 for the same period in 2011. Interest and dividend income was $33,029,000 compared with $32,487,000 a year ago. Net interest and dividend income was $28,049,000 compared with $25,779,000 a year ago. Net income available to common stockholders was $6,925,000 or $2.57 per basic share compared with $5,854,000 or $2.23 per basic share a year ago. Return on average assets was 0.82% compared with 0.77% a year ago. Return on average equity was 8.89% compared with 8.25% a year ago.

Northway Financial Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013

Northway Financial Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net income available to common stockholders was $1,533,000, or $0.56 per common share compared to $2,033,000, or $0.78 per common share, for the same period last year. Interest and dividend income was $8,577,000 against $8,052,000 a year ago. Net interest and dividend income was $7,375,000 against $6,457,000 a year ago. For the nine months, the company recorded net income available to common stockholders was $5,081,000, or $1.90 per common share, compared to $4,136,000, or $1.58 per common share, for the same period last year. Interest and dividend income was $24,388,000 against $24,352,000 a year ago. Net interest and dividend income was $20,703,000 against $19,091,000 a year ago. Book value per share of common shares outstanding was $20.46 against $21.70 a year ago. Returns on average assets and average equity for this period were 0.81% and 8.74%, respectively, compared to 0.74% and 7.96% for the same period last year. Tangible book value per common share was $16.21 against $17.40 a year ago.

Northway Financial, Inc. Declares Semi-Annual Cash Dividend, Payable on August 16, 2013

Northway Financial Inc. announced that the Board of Directors declared a semi-annual common stock cash dividend of $0.32 per share, payable on August 16, 2013, to stockholders of record on August 9, 2013. The payment of this dividend results in a 25% payout ratio based on net income available to common stockholders.

 

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