BERLIN, N.H., July 26 /PRNewswire-FirstCall/ -- Northway Financial,
Inc. (the "Company") (NASDAQ:NWFI) reported net income for the
quarter ended June 30, 2006 of $756,000, or $0.51 per share-basic,
compared to $904,000, or $0.60 per share-basic, for the same
quarter in 2005, a decrease of $148,000, or 16.4%. Net income for
the six months ended June 30, 2006 was $1,836,000, or $1.23 per
share-basic, compared to $1,727,000, or $1.15 per share-basic, for
the six months ended June 30, 2005, an increase of $109,000, or
6.3%. Commenting on the second quarter, William J. Woodward,
President and Chief Executive Officer of the Company, stated: "In
June we completed our third quarter as Northway Bank, and reaction
from customers to this consolidation and name change leads us to
believe that our new name and organization have been well
received." Mr. Woodward further commented: "In the second quarter,
we took specific steps toward further improving our service to
customers. On April 7, 2006, we completed the acquisition of two
branches from Washington Mutual Bank, thereby expanding banking
opportunities for our customers and solidifying our position in the
Lakes Region. Additionally, to create a uniform Northway Bank
'look,' we are renovating and upgrading several of our branches."
On July 25, 2006, the Board of Directors declared a dividend of
$0.20 cents per share, payable on August 14, 2006 to shareholders
of record on August 4, 2006. Net interest and dividend income for
the second quarter of 2006 was $5,644,000 compared to $5,674,000
for the second quarter of 2005, a decrease of $30,000. The
provision for loan losses for the second quarter of 2006 was
$120,000 compared to no provision for the second quarter of 2005.
Net securities gains for the quarter decreased $59,000 to $39,000
compared to $98,000 for the same period last year. Other
noninterest income for the quarter increased $88,000 to $1,285,000
compared to $1,197,000 for the same period last year. Other
operating expense was $5,921,000 for the quarter compared to
$5,752,000 for the same period last year, an increase of $169,000.
Net interest and dividend income for the six months ended June 30,
2006 decreased $325,000 to $11,286,000 compared to $11,611,000 for
the same period last year. The provision for loan losses for the
first six months of 2006 increased $150,000 to $225,000 compared to
$75,000 for the first six months of 2005. Securities gains for the
first six months of 2006 increased $80,000 to $249,000 compared to
$169,000 for the same period last year. Other noninterest income
year-to-date increased $534,000 to $2,647,000 compared to
$2,113,000 for the same period last year. Other operating expense
increased $256,000 to $11,620,000 for the first six months of 2006
compared to $11,364,000 for the same period last year. At June 30,
2006, the Company had total assets of $640,262,000 compared to
$629,225,000 at June 30, 2005, an increase of $11,037,000. Loans,
including loans held-for-sale, at June 30, 2006 increased
$2,810,000 to $462,743,000 compared to $459,933,000 at June 30,
2005. Investments increased $15,117,000 to $122,582,000 compared to
$107,465,000 at June 30, 2005. Total deposits were $473,744,000 at
June 30, 2006 compared to $462,037,000 at June 30, 2005, an
increase of $11,707,000. Total borrowings decreased $5,818,000 to
$106,989,000 at June 30, 2006 compared to $112,807,000 at June 30,
2005. Total equity decreased $20,000 to $50,335,000 at June 30,
2006 compared to $50,355,000 at June 30, 2005. Northway Financial,
Inc., headquartered in Berlin, 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 full-service
banking offices. Certain statements in this press release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements can be identified by the use of the words "expect,"
"believe," "estimate," "will" and other expressions which predict
or indicate future trends and which do not relate to historical
matters. Forward-looking statements may include, but are not
limited to, expectations for impact of new products on noninterest
income and expense, projections of revenue, income or loss, and
plans related to products or services of the Company and its
subsidiary. Such forward-looking statements are subject to known
and unknown risks, uncertainties and contingencies, many of which
are beyond the control of the Company. The Company's actual results
could differ materially from those projected in the forward-looking
statements as the result of, among other factors, changes in
interest rates, changes in the securities or financial markets, a
deterioration in general economic conditions on a national basis or
in the local markets in which the Company operates, including
changes in local business conditions resulting in rising
unemployment and other circumstances which adversely affect
borrowers' ability to service and repay our loans, changes in loan
defaults and charge-off rates, reduction in deposit levels
necessitating increased borrowing to fund loans and investments,
the passing of adverse government regulation, and changes in
assumptions used in making such forward-looking statements. These
forward- looking statements were based on information, plans and
estimates at the date of this press release, and the Company does
not promise to update any forward- looking statements to reflect
changes in underlying assumptions or factors, new information,
future events or other changes. Northway Financial, Inc. Selected
Consolidated Financial Data (Unaudited) (In thousands, except for
ratios and per share amounts) Period end balance sheet data: June
30, 2006 2005 Total assets $640,262 $629,225 Loans, net (1) 462,743
459,933 Investments (2) 122,582 107,465 Deposits 473,744 462,037
Borrowings 106,989 112,807 Stockholders' equity 50,335 50,355 Book
value per share $33.71 $33.45 Tangible book value per share (3)
24.67 24.89 Leverage ratio 9.01% 9.04% Shares outstanding 1,493,174
1,505,574 For the Three Months For the Six Months Ended June 30,
Ended June 30, Operating results: 2006 2005 2006 2005 Net interest
and dividend income $5,644 $5,674 $11,286 $11,611 Securities gains,
net 39 98 249 169 Other noninterest income 1,285 1,197 2,647 2,113
Loan loss provision 120 - 225 75 Other operating expense 5,921
5,752 11,620 11,364 Income before tax 927 1,217 2,337 2,454 Income
tax expense 171 313 501 727 Net income $ 756 $ 904 $ 1,836 $ 1,727
Earnings per share $ 0.51 $ 0.60 $ 1.23 $ 1.15 Return on average
assets 0.48% 0.59% 0.59% 0.56% Return on average equity 5.96% 7.24%
7.27% 6.95% (1) Net of unearned income and the allowance for loan
losses. Includes loans held-for-sale. (2) Includes Federal Home
Loan Bank stock, Federal Reserve Bank stock and investment
securities available-for-sale. (3) Includes a deduction of $13,309
and $12,651 for goodwill, core deposit intangible and mortgage
servicing assets for 2006 and 2005, respectively. Contact: Richard
P. Orsillo Senior Vice President and Chief Financial Officer
603-752-1171 DATASOURCE: Northway Financial, Inc. CONTACT: Richard
P. Orsillo of Northway Financial, Inc., +1-603-752-1171
Copyright
Northway Financial (NASDAQ:NWFI)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Northway Financial (NASDAQ:NWFI)
Historical Stock Chart
Von Jul 2023 bis Jul 2024