Northway Financial Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2019
November 01, 2019 at 06:49 pm IST
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Northway Financial Inc. announced earnings results for the third quarter ended September 30, 2019. For the third quarter, the company announced net interest income was USD 7.475 million compared to USD 7.436 million a year ago. Net income was USD 2.340 million compared to USD 2.700 million a year ago. Basic earnings per share was USD 0.85 compared to USD 0.98 a year ago. For the nine months, net interest income was USD 22.227 million compared to USD 21.649 million a year ago. Net income was USD 7.381 million compared to USD 4.175 million a year ago. Basic earnings per share was USD 2.68 compared to USD 1.52 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. 
