Northway Financial, Inc. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2018
May 04, 2018 at 09:24 am EDT
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Northway Financial, Inc. reported unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported interest and dividend income of $8,026,000 against $7,527,000 a year ago. Net interest and dividend income was $7,153,000 against $6,761,000 a year ago. Net income before taxes was $1,277,000 against $2,282,000 a year ago. Net income available to common stockholders was $1,183,000 against $1,678,000 a year ago. Basic earnings per common share were $0.43 against $0.61 a year ago. Book value per share of common shares outstanding was $28.31 against $27.54 a year ago. Tangible book value per share of common shares outstanding was $24.69 against 23.91 a year ago. Return on average assets was 0.53% against 0.77% a year ago. Return on average equity was 6.07% against 9.09% 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. 