Northway Financial reports lower profits
Northway Financial Inc., parent company of Northway Bank – the former Berlin City Bank — reported Wednesday net income for the quarter ended Sept. 30 of $877,000, or 58 cents per share, compared to $977,000, or 65 cents per share, for the same quarter in 2004.
Net income for the nine months ended Sept. 30 was $2,604,000, or $1.73 per share, compared to $2,454,000, or $1.64 per share, for the year-earlier period.
William J. Woodward, president and chief executive officer of the company, said earnings were “significantly impacted” by expenses related to the Oct. 1 merger of the Pemigewasset National Bank into The Berlin City Bank, and the simultaneous adoption of Northway Bank as the new name of the consolidated bank.
Woodward said the consolidation and name change are “the latest in a series of steps that have been taken to increase internal efficiencies, while maintaining a positive banking experience for all bank customers.”
The company also declared a quarterly dividend of 18 cents per share, payable Nov. 9 to shareholders of record on Nov. 4. – NHBR STAFF REPORT