Stock Analysis Report

Executive Summary

Northway Financial, Inc. operates as the bank holding company for Northway Bank that provides various banking products and services to individuals, small businesses, and commercial customers in New Hampshire.


PE ratio (15.3x) is below the US market (18.9x)

Risk Analysis

Earnings have declined by -5.89% per year over past 5 years

Dividend of 2.05% is not well covered by earnings

Does not have a meaningful market cap ($94M)

Snowflake Analysis

Flawless balance sheet second-rate dividend payer.

Share Price & News

How has Northway Financial's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: NWYF has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: NWYF matched the US Banks industry which returned 15.3% over the past year.

Return vs Market: NWYF underperformed the US Market which returned 25.1% over the past year.

Shareholder returns

7 Day-5.3%-3.0%-1.3%
30 Day2.1%-4.7%1.8%
90 Day4.0%2.7%9.3%
1 Year17.1%14.4%15.0%11.8%24.6%22.0%
3 Year31.5%22.8%26.9%17.9%49.2%39.6%
5 Year92.0%68.6%86.3%65.4%77.9%58.3%

Price Volatility Vs. Market

How volatile is Northway Financial's share price compared to the market and industry in the last 5 years?

Simply Wall St News

No news available


Is Northway Financial undervalued compared to its fair value and its price relative to the market?


Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: NWYF ($34.15) is trading above our estimate of fair value ($28.65)

Significantly Below Fair Value: NWYF is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: NWYF is poor value based on its PE Ratio (15.3x) compared to the Banks industry average (12.8x).

PE vs Market: NWYF is good value based on its PE Ratio (15.3x) compared to the US market (18.9x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate NWYF's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: NWYF is good value based on its PB Ratio (1x) compared to the US Banks industry average (1.2x).

Next Steps

Future Growth

How is Northway Financial forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?


Forecasted Banks industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Northway Financial has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Next Steps

Past Performance

How has Northway Financial performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: NWYF has high quality earnings.

Growing Profit Margin: NWYF's current net profit margins (16.6%) are lower than last year (18.5%).

Past Earnings Growth Analysis

Earnings Trend: NWYF's earnings have declined by -5.9% per year over the past 5 years.

Accelerating Growth: NWYF's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: NWYF had negative earnings growth (-7.8%) over the past year, making it difficult to compare to the Banks industry average (27.1%).

Return on Equity

High ROE: NWYF's Return on Equity (6.8%) is considered low.

Return on Assets

Return on Capital Employed

Next Steps

Financial Health

How is Northway Financial's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: NWYF has a low level of unsold assets or inventory.

Debt Coverage by Assets: NWYF's debt is not covered by short term assets (assets are 0.5x debt).

Financial Institutions Analysis

Asset Level: NWYF's level of assets compared to its equity is moderate.

Allowance for Bad Loans: NWYF has a sufficient allowance for bad loans.

Low Risk Liabilities: NWYF's liabilities are made up of primarily low risk sources of funding.

Loan Level: NWYF has an acceptable proportion of non-loan assets held.

Low Risk Deposits: NWYF's loans are broadly funded by customer deposits.

Level of Bad Loans: NWYF has an appropriate level of bad loans (0.35%)

Next Steps


What is Northway Financial's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Notable Dividend: NWYF's dividend (2.05%) is higher than the bottom 25% of dividend payers in the US market (1.4%).

High Dividend: NWYF's dividend (2.05%) is low compared to the top 25% of dividend payers in the US market (3.66%).

Stability and Growth of Payments

Stable Dividend: NWYF's dividends per share have been stable in the past 10 years.

Growing Dividend: NWYF's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: Unable to calculate sustainability of dividends as NWYF has not reported any payouts.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


What is the CEO of Northway Financial's salary, the management and board of directors tenure and is there insider trading?


Average management tenure


Bill Woodward (73yo)





Mr. William J. Woodward, also known as Bill, serves as President of Northway Bank. Mr. Woodward has been Chairman, President and Chief Executive Officer of Northway Financial Inc. since 1997. In addition,  ...

Management Age and Tenure


Average Tenure


Average Age

Experienced Management: NWYF's management team is seasoned and experienced (6.3 years average tenure).

Board Age and Tenure


Average Tenure


Average Age

Experienced Board: NWYF's board of directors are seasoned and experienced ( 22 years average tenure).

Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Management Team

  • Bill Woodward (73yo)


    • Tenure: 23yrs
    • Compensation: US$557.25k
  • Gary Laurash (63yo)

    Senior VP & CFO

    • Tenure: 4.8yrs
  • John Gobel (74yo)

    CTO & Senior VP

    • Tenure: 15.3yrs
  • Paula Caughey (63yo)

    Senior Vice President of Risk Management - Northway Bank

    • Tenure: 6.3yrs
  • Arthur Thimann (61yo)

    Senior VP & Chief Banking Officer of Northway Bank

    • Tenure: 4.6yrs
  • Thomas Kaseta (58yo)

    Senior VP & Chief Credit Officer of Northway Bank

    • Tenure: 5.6yrs
  • Greg Nolin (59yo)

    Senior Vice President of Human Resources - Northway Bank

    • Tenure: 11.7yrs
  • Jo-Ann Church (61yo)

    Senior Vice President of Credit Administration - Northway Bank

    • Tenure: 8.3yrs
  • Tyler White (38yo)

    Senior VP & Senior Technology Officer of Northway Bank

    • Tenure: 4.8yrs
  • Debra Blair


    Board Members

    • Bill Woodward (73yo)


      • Tenure: 23yrs
      • Compensation: US$557.25k
    • Fletcher Adams (82yo)

      Vice Chairman of the Board

      • Tenure: 23yrs
      • Compensation: US$57.20k
    • Randall Labnon (65yo)

      Independent Director

      • Tenure: 23yrs
      • Compensation: US$16.40k
    • Barry Kelley (69yo)

      Independent Director

      • Tenure: 23yrs
      • Compensation: US$15.20k
    • Stephen Boucher (72yo)

      Independent Director

      • Tenure: 21yrs
      • Compensation: US$24.30k
    • Peter Clarke (40yo)


      • Tenure: 3.7yrs
    • Larry Haynes (54yo)

      Independent Director

      • Tenure: 1.6yrs
    • Erick Stinson (49yo)

      Independent Director

      • Tenure: 1yrs
    • Thomas Moulton


      Company Information

      Northway Financial, Inc.'s company bio, employee growth, exchange listings and data sources

      Key Information

      • Name: Northway Financial, Inc.
      • Ticker: NWYF
      • Exchange: OTCPK
      • Founded: 1881
      • Industry: Regional Banks
      • Sector: Banks
      • Market Cap: US$94.437m
      • Shares outstanding: 2.75m
      • Website: https://www.northwaybank.com


      • Northway Financial, Inc.
      • 9 Main Street
      • Berlin
      • New Hampshire
      • 3570
      • United States


      TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
      NWYFOTCPK (Pink Sheets LLC)YesCommon StockUSUSDOct 1997


      Northway Financial, Inc. operates as the bank holding company for Northway Bank that provides various banking products and services to individuals, small businesses, and commercial customers in New Hampshire. The company offers checking, savings, money market, individual retirement, and municipal deposit accounts; certificates of deposit (CD); and debit and credit cards. It also provides mortgages; home equity loans and lines of credit; automobile, ATV, boat, and recreational vehicle loans; personal loans and lines of credit; savings or CD secures loans; municipal loan products; business acquisition financing; and working capital, equipment and term, commercial real estate, and SBA loans, as well as letters of credit. In addition, the company offers online and mobile banking services; cash management services comprising account analysis and reconciliation, automated sweep, lockbox, wire transfer, CD imaging, automated clearing house, and deposit express; overdraft prevention and protection services; and business and personal investment and insurance products. Northway Financial, Inc. was founded in 1881 and is headquartered in Berlin, New Hampshire. 

      Company Analysis and Financial Data Status

      All financial data provided by Standard & Poor's Capital IQ.
      DataLast Updated (UTC time)
      Company Analysis2020/01/25 00:11
      End of Day Share Price2020/01/22 00:00
      Annual Earnings2018/12/31

      Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.