Northwest Bancshares Inc., parent of Northwest Savings Bank in the Rochester market, on Monday reported a rise in net income in the first quarter.
Net income for the quarter was $15.3 million, or 17 cents a diluted share, up 8 percent from $15.2 million, or 16 cents a diluted share, a year ago.
Net interest income dropped by 1 percent, to $64.5 million for the first quarter, from $65.4 million a year ago. A $4.7 million decrease in interest income on loans receivable and a $1.3 million decrease in interest income from investment securities were offset partially by a $5.1 million decrease in interest paid on deposit accounts, bank officials said.
Bank officials attributed the drops to competitive pricing pressure, decreases in market interest rates and adjustable rate loans re-pricing at lower interest rates.
The bank’s board also announced Monday a special cash dividend of 12 cents a share.
The dividend will be paid on May 16 to shareholders of record as of May 2 and will be in addition to the regular dividend that will be paid on the same day, bank officials said.
Northwest Savings Bank ranks 15th in the Rochester market with local deposits of $147.1 million, data from the Federal Deposit Insurance Corp. show.
Its shares (NasdaqGS: NWBI) were trading Monday afternoon at $12.56, up 23 cents from Friday’s close.
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