NORTH CONWAY, NH--(Marketwired - May 01, 2015) - Northway Financial, Inc. (the "Company") (
The following are some key highlights for the first quarter:
- Returns on average assets and average equity for the quarter ended March 31, 2015 were 0.83% and 8.34%, respectively, compared to 0.58% and 6.31% for the same period last year.
- Asset quality continues to trend positive as nonperforming loans as a percentage of total loans decreased to 1.40% at March 31, 2015 from 1.71% at December 31, 2014 and 2.37% at March 31, 2014. Total nonperforming loans at March 31, 2015 were $8.2 million with no one loan balance greater than $800 thousand.
- Nonperforming loans decreased $2.1 million since December 31, 2014 and $6.9 million from March 31, 2014. As a result, the ratio of the allowance for loan losses to nonperforming loans improved to 108% compared to 85% and 75% at December 31, 2014 and March 31, 2014, respectively.
- Regulatory capital ratios at March 31, 2015 exceeded minimum regulatory requirements. The leverage ratio was 11.51% and the Tier 1 common equity ratio was 10.40%
We are pleased to announce that Gary Laurash joined the Company as Senior Vice President and Chief Financial Officer. Gary has extensive financial and treasury management experience in national and community banks, both publicly and privately owned, most recently serving as the CFO of U. S. Century Bank. We believe that Gary's experience will help us continue our efforts to strategically grow the Bank.
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.
Contact: Gary Laurash Senior Vice President Chief Financial Officer 603-326-7377
