Northway Financial Corp. (NWYF) publishes Q2 numbers, shares jump

Posted on: Thursday, July 28th, 2011
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Northway Financial Corp. (OTCBB: NWYF) shares spiked 7.3% to $11.00, on the release of second-quarter results. Volume for the stock was a scant 3,300 shares, still trouncing an all-day average of only 242.

The company, based in Berlin, New Hampshire, announced in a news release July 28 that, for the quarter ended June 30, 2011, net income amounted to $2,605,000 compared to net income of $1,210,000 for the quarter ended June 30, 2010, an increase of $1,395,000.

Moreover, on July 27, the Board of Directors of the Company declared a semi-annual common stock cash dividend of $0.15 per share. This dividend is payable on August 15, 2011 to stockholders of record on August 8, 2011.

At June 30, 2011, the Company had total assets of $783,194,000 compared to $816,376,000 at June 30, 2010, a decrease of $33,182,000. Cash and due from banks and interest-bearing deposits decreased $18,162,000 to $46,993,000 at June 30, 2011 compared to $65,155,000 at June 30, 2010.

Northway Financial, Inc., is a bank holding company. Through its subsidiary bank, Northway Bank, the Company offers a broad range of financial products and services to individuals, businesses and the public sector from its 17 full-service banking offices.

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Category: OTCBB
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