Northway Financial, Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2020
October 30, 2020 at 05:30 pm IST
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Northway Financial, Inc. announced earnings results for the third quarter ended September 30, 2020. For the third quarter, the company announced net interest income was USD 6.851 million compared to USD 7.475 million a year ago. Net income was USD 1.614 million compared to USD 2.340 million a year ago. Basic earnings per share from continuing operations was USD 0.59 compared to USD 0.85 a year ago. For the nine months, net interest income was USD 20.734 million compared to USD 22.227 million a year ago. Net income was USD 2.538 million compared to USD 7.381 million a year ago. Basic earnings per share from continuing operations was USD 0.92 compared to USD 2.68 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. 
