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BERLIN, NH–(Marketwire – Apr 28, 2011) – Northway Financial, Inc. (the “Company”)
(OTCBB: NWYF) reported net income for the first quarter ended March 31,
2011 of $1,005,000 compared to net income of $276,000 for the quarter ended
March 31, 2010, an increase of $729,000.
-- Net income available to common stockholders was $844,000, or $0.32 per common share, for the quarter ended March 31, 2011, compared to $115,000, or $0.04 per common share, for the quarter ended March 31, 2010, an increase of $729,000. -- The Company's returns on average assets and average equity for the quarter March 31, 2011 were 0.48% and 7.19%, respectively, compared to 0.14% and 2.13% for the same period last year. -- Total assets increased $49,014,000, or 6.3%, to $831,026,000 at March 31, 2011 from $782,012,000 at March 31, 2010. -- As a result of our strategy to reduce our exposure to long-term fixed-rate loans secured by real estate, net loan balances decreased $76,114,000, or 13.2%, to $499,633,000 at March 31, 2011 from $575,747,000 at March 31, 2010. -- The cash flow generated from the implementation of the strategy described above was invested in securities available-for-sale which increased $94,255,000, or 70.4%, to $228,095,000 at March 31, 2011 from $133,840,000 at March 31, 2010. -- Borrowings increased $22,967,000, or 27.5%, to $106,587,000 at March 31, 2011 from $83,620,000 at March 31, 2010 due to an increase in FHLB advances in order to fund a leverage strategy. -- Deposits increased $15,296,000, or 2.5%, to $632,363,000 at March 31, 2011 from $617,067,000 at March 31, 2010.
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