NORTH CONWAY, N.H., July 30, 2021 (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 June 30, 2021 of $2.2MM, or $0.81 per basic common share. Year-to-date, the Company reported net income of $4.1MM, or $1.50 per basic common share.

The Board of Directors declared a semi-annual cash dividend of $0.35 per share, payable on August 16, 2021, to common stockholders of record on August 9, 2021.

President and CEO William J. Woodward commented: “I am pleased to report the results for the first six months of 2021, which produced $4.1 million in net income. During the first half of the year we increased our loan portfolio by 11%, grew our deposits by 11%, and managed down nonperforming loans to 0.30% of total loans. Residential mortgage lending continues to be a driving force in our retail business as we are well positioned to assist borrowers in this strong housing market. We have also been able to enhance our municipal lending to New Hampshire communities. As we enter the second half of 2021, we are increasingly optimistic that the economy will continue to improve as the effects of the pandemic fall further into the past. We have the people and resources in place to continue to grow our business throughout the State of New Hampshire.”

Financial Highlights

• Total assets were $1.2 billion, total loans, net, were $799 million, and total deposits were $980 million at June 30, 2021.
  
• Total loans, net, increased $107 million or 15% compared to June 30, 2020.
  
• Loans to municipalities increased $57.1 million or 137% compared to June 30, 2020.
  
• During the quarter, the Bank funded 81 Paycheck Protection Program loans with total balances of $3.4 million.
  
• Securities Available-for-Sale, at Fair Value increased $133 million or 86% compared to June 30, 2020.
  
• Marketable Equity Securities, at Fair Value increased $14 million or 102% compared to June 30, 2020.
  
• Total deposits increased 17% compared to June 30, 2020 driven by a 22% increase in total non-maturity deposits of $161 million.
  
  
• The cost of interest bearing liabilities was 0.30% vs 0.59% at June 30, 2020.
  
  
• Nonperforming loans as a percentage of total loans stood at 0.30% at June 30, 2021 compared to 0.43% at June 30, 2020.
  
• The Bank’s regulatory capital ratios at June 30, 2021 exceeded all well-capitalized ratios as defined under FDIC’s Prompt Corrective Action rules.
  
• The market price of our common stock, as of July 29, 2021, was $31.50.
  

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 16 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.