Northway Financial, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022
January 27, 2023 at 08:00 am EST
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Northway Financial, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported net interest income was USD 9.34 million compared to USD 8.54 million a year ago. Net income was USD 3.92 million compared to USD 3.59 million a year ago. Basic earnings per share from continuing operations was USD 1.42 compared to USD 1.3 a year ago.
For the full year, net interest income was USD 35.61 million compared to USD 31.65 million a year ago. Net income was USD 2.68 million compared to USD 9.3 million a year ago. Basic earnings per share from continuing operations was USD 0.97 compared to USD 3.38 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.