Northway Financial, Inc. Declares Semi-Annual Dividend, Payable on August 13, 2018; Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2018
July 27, 2018 at 01:46 pm
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The Board of Directors of Northway Financial, Inc. has declared a semi-annual cash dividend of $0.35 per share, payable on August 13, 2018, to common stockholders of record on August 6, 2018.
The company announced unaudited earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported interest and dividend income was $8,321,000 against $7,725,000 a year ago. Net interest and dividend income was $7,060,000 against $6,924,000 a year ago. Net income before securities gains was $1,289,000 against $2,083,000 a year ago. Net income before taxes was $1,171,000 against $2,780,000 a year ago. Net income available to common stockholders was $1,061,000 against $2,035,000 a year ago. Basic earnings per common share were $0.39 against $0.74 a year ago.
For the six months, the company reported interest and dividend income was $16,347,000 against $15,252,000 a year ago. Net interest and dividend income was $14,213,000 against $13,685,000 a year ago. Net income before securities gains was $2,261,000 against $3,883,000 a year ago. Net income before taxes was $2,448,000 against $5,062,000 a year ago. Net income available to common stockholders was $2,244,000 against $3,713,000 a year ago. Basic earnings per common share were $0.82 against $1.35 a year ago. Net income for the six months ending June 30, 2018 was $1.5 million less than the same period last year, primarily due to a lower level of security gains and an increase in noninterest expense related to the hiring of additional lenders to support growth strategy. For the six months ended June 30, 2018, Return on Average Assets was 0.49% and Return on Average Equity was 5.77%.
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. Declares Semi-Annual Dividend, Payable on August 13, 2018; Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2018