NORTH CONWAY, N.H., Jan. 28, 2022 (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, 2021 of $9.3 million, or $3.38 per basic common share.

The Board of Directors declared a semi-annual cash dividend of $0.35 per common share, payable on February 14, 2022, to common stockholders of record on February 7, 2022.

President and CEO William J. Woodward commented: “I am pleased to report record earnings of $9.3 million in 2021. In spite of the continuing challenges of the pandemic throughout the year, we were able to grow the loan portfolio by 9% and total deposits by 13%. Most importantly, we continued to build shareholder value as demonstrated by our tangible book value per common share growth of 5% to $32.75. As New Hampshire’s largest commercial bank, we remain committed to serving our communities through our financial products designed for individuals, businesses, and municipalities. This is all made possible by the hard work and dedication of the people of Northway Bank. As we enter 2022 we are optimistic that we will be able to build on the great results of 2021.”

Financial Highlights

• Total assets were $1.2 billion, total loans, net, were $788 million, and total deposits were $1 billion at December 31, 2021.
• The loan portfolio increased $65 million, or 9%, compared to December 31, 2020.
• Residential mortgage loan originations totaled $130 million and new commercial loan originations totaled $103 million.
• As of December 31, 2021, $91 million, or 90%, of Paycheck Protection Program loans originated by the Bank were either forgiven by the U.S. Small Business Administration or paid back by the borrowers.
• Securities Available-for-Sale, at Fair Value increased $129 million, or 75%, compared to December 31, 2020.
• Marketable Equity Securities, at Fair Value increased $8 million, or 45%, compared to December 31, 2020.
• Reported Net Income was positively impacted by a $3.2 million change in Fair Value of Marketable Equity Securities from December 31, 2020.
• Total deposits increased 13% compared to December 31, 2020, driven by a 17% increase in total non-maturity deposits of $135 million.
• The cost of interest bearing liabilities was 0.25% compared to 0.51% at December 31, 2020.
• Nonperforming loans as a percentage of total loans stood at 0.26% at December 31, 2021 compared to 0.42% at December 31, 2020.
• The Bank’s regulatory capital ratios at December 31, 2021 exceeded all well-capitalized ratios as defined under FDIC’s prompt corrective action rules.
• The market price of our common stock, as of January 27, 2022, was $36.50.



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 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.