Northway Financial, Inc. Reports Earnings Results for the Second Quarter Ended June 30, 2020
July 31, 2020 at 08:00 am EDT
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Northway Financial, Inc. announced earnings results for the second quarter ended June 30, 2020. For the second quarter, the company announced net interest income was USD 6.818 million compared to USD 7.331 million a year ago. Net income was USD 2.315 million compared to USD 1.744 million a year ago. Basic earnings per share was USD 0.84 compared to USD 0.63 a year ago. For the half year, net interest income was USD 13.883 million compared to USD 14.752 million a year ago. Net income was USD 923,000 compared to USD 5.040 million a year ago. Basic earnings per share was USD 0.34 compared to USD 1.83 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. 