Northway Financial, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 27, 2023 at 08:00 am EDT
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Northway Financial, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 8.8 million compared to USD 9.29 million a year ago. Net income was USD 1.61 million compared to net loss of USD 0.013 million a year ago. Basic earnings per share from continuing operations was USD 0.58.
For the nine months, net interest income was USD 26.26 million compared to USD 26.27 million a year ago. Net income was USD 4.71 million compared to net loss of USD 1.24 million a year ago. Basic earnings per share from continuing operations was USD 1.71 compared to basic loss per share from continuing operations of USD 0.45 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.