This Week
  • Architect David Hanlon has worked with some of the area's leading developers.

  • For startup companies, legal and accounting missteps can prove costly.

  • Wilmorite hopes soon to win approval for $425M casino in Seneca County.

  • ID Signsystems Inc. has grown from a local company into an international business.

  • Robert Linton guides Jazz 90.1 through a new era in media.

  • The RBJ 75 supplement presents a list of the 75 largest private-sector employers.

Q2 net income declines for Northwest Bancshares

Rochester Business Journal
July 21, 2014

Second-quarter profit at Northwest Bancshares Inc. fell 6 percent, the result of deterioration in several commercial credits, with earnings per share falling 2 cents short of Wall Street estimates.

The Warren, Pa.-based parent of Northwest Savings Bank in the Rochester market reported on Monday net income of $12.7 million, or 14 cents a diluted share. Income for the second quarter 2013 was $13.5 million, or 15 cents a share.

Analysts estimated earnings of 16 cents a share for the most recent quarter.

President and CEO William Wagner blamed the year-over-year decline on the deterioration of several commercial credits, but said the bank had consistent core earnings, highlighted by a 2.1 percent increase in net interest income.

The bank’s loan portfolio grew 35 percent and checking accounts grew by 38 percent, Wagner said.

Northwest Savings Bank ranks 14th in the local 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.


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