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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.


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