This Week
  • Williamson businesses and residents are signing up to become part of a solar system.

  • RIT, RGH hold opening ceremonies for RIT's Clinical Health Sciences Center.

  • Thomas Bonadio has grown the Bonadio Group into the nation's 40th largest CPA firm.

  • Steve General Contractor was founded in 1973 by a Jamaican immigrant.

  • Tim Dougherty found satisfaction in creating a nutritional lifestyle.

  • The 2015 edition features an exclusive interview with Paychex CEO Martin Mucci.

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

What You're Saying 

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

Post Your Own Comment


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