Northway Financial, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2021
October 29, 2021 at 01:00 pm
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Northway Financial, Inc. reported earnings results for the third quarter and nine months ended September 30, 2021. For the third quarter, the company reported net interest income was USD 8.24 million compared to USD 6.85 million a year ago. Net income was USD 1.58 million compared to USD 1.61 million a year ago. Basic earnings per share from continuing operations was USD 0.58 compared to USD 0.59 a year ago.
For the nine months, net interest income was USD 23.11 million compared to USD 20.73 million a year ago. Net income was USD 5.72 million compared to USD 2.54 million a year ago. Basic earnings per share from continuing operations was USD 2.08 compared to USD 0.92 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.