Northway Financial, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2020
April 30, 2020 at 05:00 pm
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Northway Financial, Inc. announced earnings results for the first quarter ended March 31, 2020. For the first quarter, the company announced net interest income was USD 7.065 million compared to USD 7.421 million a year ago. Net loss was USD 1.392 million compared to net income of USD 3.296 million a year ago. Basic loss per share was USD 0.51 compared to basic earnings per share of USD 1.2 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. 
