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Northwest Bancshares Q1 profit shrinks

Rochester Business Journal
April 21, 2014

Northwest Bancshares Inc. on Monday reported a 4.3 percent drop in quarterly net income, missing analyst expectations for earnings per share by a penny.

The Warren, Pa.-based parent of Northwest Savings Bank in the Rochester market reported net income of $14.6 million, or 16 cents per diluted share, down from $15.3 million, or 17 cents a share, in the first quarter of 2013.

Wall Street estimated earnings of 17 cents per share.

“Our operating results for the first quarter did not meet our expectations due primarily to the deterioration of two commercial loans,” President and CEO William Wagner said in a news release.

Northwest Savings Bank ranks 14th in the Rochester market with local deposits of $137.3 million.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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