Northway Financial Inc. Reports Unaudited Earnings Results for the Year Ended December 31, 2016
January 27, 2017 at 03:10 pm
Share
Northway Financial Inc. reported unaudited earnings results for the year ended December 31, 2016. For the year, the company reported interest and dividend income of USD 30.507 million compared to USD 32.872 million a year ago. Net income before taxes was USD 4.961 million compared to USD 8.965 million a year ago. Net income was USD 4.015 million compared to USD 6.485 million a year ago. Net income available to common stockholders was USD 4.015 million compared to USD 6.211 million a year ago. Basic earnings per common share was USD 1.46 compared to USD 2.26 a year ago. Return on average assets was 0.44% compared to 0.69% a year ago. Return on average equity was 5.38% compared to 7.01% 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. 
