Northway Financial, Inc. Announces 2023 Earnings and Declares Semi-Annual Dividend [Yahoo! Finance]
NORTHWAY FINCL INC (NWYF)
NASDAQ:AMEX Investor Relations:
northwaybank.com
Company Research
Source: Yahoo! Finance
Bank (the “Bank”), today reported net income for the year ended December 31, 2023 of $5.8 million, or $2.10 per basic common share, compared to $2.7 million, or $0.97 per basic common share for the year ended December 31, 2022. The Board of Directors declared a semi-annual cash dividend of $0.35 per common share, payable on February 12, 2024, to common stockholders of record on February 5, 2024. President and CEO William J. Woodward commented: “This past year was a difficult year for us as we dealt with the Federal Reserve's interest rate hikes, which started in March 2022 and continued into 2023. These 11 rate increases significantly impacted our deposit and loan balances. We experienced a loss of deposits as customers used funds deposited with us to pay for the increases in food and energy as a result of inflation. We also lost some deposits, as competitors were offering high-rate CDs, which we were not willing to match. Loan production was down substantially from prior years as
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