UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): July 12, 2007
NORTHWAY
FINANCIAL, INC.
(Exact
name of registrant as specified in its charter)
____________________
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New
Hampshire
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000-23129
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04-3368579
|
|
(State
or other jurisdiction of
|
Commission
file number
|
(I.R.S.
Employer
|
|
incorporation
or organization)
|
Identification
No.)
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9
Main
Street
Berlin,
New Hampshire 03570
(Address
of principal executive offices) (Zip code)
Registrant’s
telephone number, including area code: (603)752-1171
No
Change
(Former
name or former address, if changed since last report)
____________________
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
¨
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
8.01. Other Events
On
July
9, 2007, Northway Financial, Inc. (the “Company”) called and paid off a
$13,000,000 floating rate trust preferred security, issued by Northway Capital
Trust II, callable by the Company on July 7, 2007. This resulted in the
write-off of deferred origination costs of $355,000 and the approximate
after-tax reduction in net income was $234,000.
The
source of funds was from two sources. $3,000,000 came from the Company’s private
placement of a floating rate trust preferred security on March 22, 2007 and
$10,000,000 came from the Company’s private placement of a floating rate trust
preferred security on June 15, 2007. The effect of which is a 2.15% reduction
in
the interest rate on the $13,000,000. This results in a $280,000 per year
reduction in interest expense, the approximate after-tax effect of which is
$185,000.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be filed on its behalf by the undersigned hereunto
duly authorized.
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NORTHWAY
FINANCIAL, INC.
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|
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Dated:
July 12, 2007
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By:
\s\Richard
P. Orsillo
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Richard
P. Orsillo
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Senior
Vice President and Chief Financial
Officer
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