Northway Financial, Inc. Announces First Quarter Earnings

NORTH CONWAY, N.H., May 04, 2018 -- 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, 2018 of $1.2MM, or $0.43 per basic common share.

Financial Highlights

• Total assets were $917MM, total loans, net, were $595MM, and total deposits were $705MM at March 31, 2018.
• Loans, net, increased $30MM and $49MM from December 31, 2017 and March 31, 2017, respectively. 
• Net income was $1.2MM.
• The net interest margin at March 31, 2018 was 3.44%
• The yield on earning assets was 3.85% and the cost of interest-bearing liabilities was 0.51%.
• Net interest income was positively impacted by the increase in average loan balances.
• The change in both Federal and State income tax rates has resulted in a decrease in tax expense of $510 thousand.
• For the quarter ended March 31, 2018 Return on Average Assets was 0.53% and Return on Average Equity was 6.07%
• Regulatory capital ratios at March 31, 2018 were 10.35% Tier 1 Leverage, 16.67% Total Risk Based Capital, and 12.17% Common Equity Tier 1.
• Nonperforming loans as a percentage of total loans stood at 0.56% at March 31, 2018.
• The market price of our common stock, as of May 1, 2018, was $30.80.

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.

Contact: 
Gary Laurash
Chief Financial Officer
603-326-7377