NORTHWAY FINCL INC - NWYF STOCK NEWS

Northway Financial reported Q3 2024 net income of $1.2 million ($0.45 per share), down from $1.6 million ($0.58 per share) in Q3 2023. For the nine months ended September 30, 2024, net income was $3.6 million ($1.31 per share), compared to $4.7 million ($1.71 per share) in 2023. The company reduced wholesale funding by $122 million and announced a pending merger with Camden National , expected to complete in Q1 2025. Total assets were $1.2 billion, with loans at $900 million and deposits at $1 billion. Non-municipal deposits increased by $18 million, while net interest margin decreased from 2.67% to 2.59%.

Camden National (NASDAQ: CAC) and Northway Financial, Inc. (OTCQB: NWYF) have announced a merger agreement valued at approximately $86.6 million. The all-stock transaction will create a premier northern New England bank with 74 branches across New Hampshire and Maine, boasting $7.0 billion in assets, $5.1 billion in loans, and $5.5 billion in deposits. The combined entity will operate under the Camden National Bank name.

The merger is expected to be 19.9% accretive to Camden National's 2025 earnings per share and 32.7% accretive to 2026 earnings per share. Subject to regulatory approvals and Northway shareholder approval, the transaction is anticipated to close in the first quarter of 2025. Post-merger, Camden National shareholders will own approximately 86% of the combined company, while Northway shareholders will own about 14%.

Northway Financial (OTCQB: NWYF) reported net income of $859,000 ($0.31 per share) for Q2 2024, down from $1.7 million ($0.63 per share) in Q2 2023. For the first half of 2024, net income was $2.4 million ($0.86 per share), compared to $3.1 million ($1.13 per share) in H1 2023. The company declared a semi-annual dividend of $0.35 per share. Total assets decreased to $1.3 billion, with loans at $919 million and deposits at $1 billion. The decrease in assets was driven by reductions in securities and loans. Non-municipal deposits decreased slightly, while wholesale funding saw a significant reduction. Net interest margin decreased from 2.70% to 2.60% year-over-year due to increased funding costs.

Northway Financial, Inc. reported net income of $1.5 million for the first quarter of 2024, with earnings per share of $0.55 compared to $1.4 million and $0.50 per share in the same period last year. The company is focusing on cost reduction and introducing new deposit products to address the high-rate environment pressure on net interest margin. Total Assets were $1.2 billion, with decreases in Cash and Due from Banks, Securities Available-for-Sale, and Loans, net. Non-Municipal Liabilities decreased by $54 million compared to the previous year, while Short Term Borrowings and Long-Term Debt decreased by $85 million. Net Interest Income decreased, leading to a lower Year-to-Date Net Interest Margin. Nonperforming loans and total delinquent loans increased slightly. The market price of common stock was $18.25 as of April 25, 2024.

Northway Financial, Inc. reported a significant increase in net income for the year ended December 31, 2023, reaching $5.8 million, compared to $2.7 million in the previous year. The company's Board of Directors declared a semi-annual cash dividend of $0.35 per common share. President and CEO William J. Woodward commented on the challenging year due to the Federal Reserve's interest rate hikes, which negatively impacted deposit and loan balances. However, the company aims to enhance profitability and increase shareholder value in 2024.

Northway Financial reports net income of $1.6 million for Q3 2023

Northway Financial, Inc. (OTCQB: NWYF) reported a net income of $2.7 million for 2022, translating to $0.97 per share. The Board declared a semi-annual dividend of $0.35 per share, payable on February 13, 2023. The company faced challenges from financial market volatility, leading to a $2.7 million loss on equities and a $1.8 million provision for loan losses, now totaling $11.4 million. Despite this, Northway grew its loan portfolio by $131 million (16%) and increased residential mortgages by 37%. Total assets reached $1.3 billion, with a strong loan portfolio credit quality. The stock price was $24.00 as of January 26, 2023.