Northway Financial, Inc. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2019
January 31, 2020 at 06:30 pm IST
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Northway Financial, Inc. announced earnings results for the fourth quarter and year ended December 31, 2019. For the fourth quarter, the company announced net interest income was USD 7.147 million compared to USD 7.729 million a year ago. Net income was USD 1.903 million compared to net loss of USD 1.238 million a year ago. Basic earnings per share was USD 0.69 compared to basic loss per share of USD 0.45 a year ago.
For the full year, net interest income was USD 29.374 million compared to USD 29.378 million a year ago. Net income was USD 9.284 million compared to USD 2.938 million a year ago. Basic earnings per share was USD 3.37 compared to USD 1.07 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. 
