Northwest Bancshares Inc. on Monday reported second-quarter net income of $16.4 million attributable to common shareholders, up 9 percent from a year ago.
The Warren, Pa.-based parent of Northwest Savings Bank in the Rochester market posted earnings of 17 cents a diluted share matching Wall Street estimates. It reported income of $15 million, or 15 cents a share, a year ago.
“In the most recent quarter, we continued to see many positive trends in our operations,” President and CEO William Wagner said in a statement. “We were pleased with the stability of our margin despite the continued challenges of the interest rate environment and competitive pricing pressures.”
The bank’s loan portfolio grew by $65 million and asset quality improved, with delinquent and non-accrual loans as of June 30 at their lowest levels since the second quarter 2008, Wagner added.
Northwest Savings Bank ranks 15th in the Rochester market with local deposits of $173.9 million as of June 30, 2011, the most recent data from the Federal Deposit Insurance Corp. shows.
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