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Q4 net income climbs at Northwest

By THOMAS ADAMS - 1/24/2014 2:53:58 PM

Northwest Bancshares Inc. on Friday reported a 25 percent increase in fourth-quarter net income, beating Street expectations by a nickel a share.

The Warren, Pa.-based parent of local Northwest Savings Bank branches reported net income of nearly $20.4 million, or 22 cents a diluted share, up from $16.3 million, or 18 cents a share, in the fourth quarter 2012.

Analysts expected per-share earnings of 17 cents.

The company reported full-year net income of $63.7 million, or 73 cents a diluted share, up from $63.6 million, or 68 cents a share, in 2012.

Northwest Savings Bank ranks 14th in Rochester with local deposits of $137.3 million, data from the Federal Deposit Insurance Corp. shows.

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