This Week
  • IV4 Inc. has managed to grow steadily over the years.

  • Michael Gioja is guiding information technology advances at Paychex Inc.

  • $6.8 million redevelopment project aims to help create unique neighborhood.

  • Shaina Sidoti's firm makes nutritious dishes that have helped her heal.

  • Changes to New York's estate tax have reduced the cost of dying here.

  • Area exporters starting 2014 with a sense of momentum.

Northwest Savings parent reports drop in Q2 profit

Rochester Business Journal
July 22, 2013

The parent of Northwest Savings Bank in the Rochester market reported a nearly 18 percent decline in net income for the second quarter, falling short of analysts’ estimates.

Northwest Bancshares Inc. reported income of $15.3 million, or 15 cents a share, for the quarter ending June 30, down from $16.4 million, or 17 cents a share, a year ago.

Analysts polled by Thomson Reuters had projected earnings of 18 cents a share for the Warren, Pa.-based company.

“Although earnings for the quarter are disappointing, they were greatly impacted by several unusual items, including a $1.9 million write-down of a foreclosed property, $1.3 million in ATM replacement expense, and a $553,000 decrease in mortgage banking income,” President and CEO William Wagner said in a statement.

Positives for the quarter included a 1.4 percent increase in loans receivable, and a decrease in troubled assets as foreclosed real estate declined 11.5 percent, he said.

Northwest Savings Bank ranks 16th in the Rochester market with local deposits of $147.1 million at its five branches, data from the Federal Deposit Insurance Corp. shows.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google