News Column

BRIEF: Northwest Savings Bank has falling earnings this quarter

July 22, 2014

By Brett Sholtis, York Daily Record, Pa.



July 22--Second-quarter earnings fell 5.7 percent at Northwest Bancshares Inc, the parent company of Northwest Savings Bank.

Warren, Pa.-based Northwest posted net income of $12.7 million, or 14 cents a share, for the three months ending June 30, the company said Monday.

That was less than the 16-cents-a-share average estimate of analysts who follow the company. It was also down from the $13.5 million, or 15 cents a share, the company earned in second quarter 2013.

"The deterioration of several commercial credits negatively impacted what was otherwise consistent core earnings," Northwest President and CEO William J. Wagner said in a news release.

Wagner said the company showed a 2.1 percent increase in net interest income compared to the previous quarter, the result of $35 million in loan growth and a $38 million increase in checking accounts.

The bank has 165 branches in Pennsylvania, Maryland, New York and Ohio, including seven in York County.

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(c)2014 York Daily Record (York, Pa.)

Visit York Daily Record (York, Pa.) at www.ydr.com

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Source: York Daily Record (PA)


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