Northway Financial Inc. Reports Earnings Results for the Fourth Quarter Ended December 31, 2018
February 01, 2019 at 07:29 pm IST
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Northway Financial Inc. announced earnings results for the fourth quarter ended December 31, 2018. For the fourth quarter, the company announced net loss was USD 1.237 million compared to net income of USD 1.719 million a year ago. Basic loss per share was USD 0.45 compared to basic earnings per share of USD 0.62 a year ago. For the full year, net income was USD 2.938 million compared to USD 7.278 million a year ago. Basic earnings per share was USD 1.07 compared to USD 2.64 a year ago.
Northway Financial, Inc. is a bank holding company for Northway Bank (the Bank). The Bank is engaged principally in the business of attracting deposits from the general public and investing those deposits in securities, commercial loans, real estate loans and consumer loans. It has six segments. Residential segment offers first lien mortgages and home equity loans. Construction segment offers residential construction and commercial real estate construction loans. Commercial segment offers loans, which are secured primarily by income-producing investor-owned or owner-occupied business properties. Commercial segment offers loans, which are made to businesses and are generally secured by assets of the business. Consumer segment offers automobile and aircraft loans, and repayment is dependent on the credit quality of the individual borrower. Municipal segment offers loans, which are generally unsecured, and repayment is dependent on the tax assessments of the local municipalities.
NORTHWAY FINANCIAL, INC. 
