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Northwest Bancshares said Q3 profits fall 6%

Rochester Business Journal
October 24, 2012

Northwest Bancshares Inc., parent of Northwest Savings Bank in the Rochester market, this week reported quarterly income of $15.7 million, down 6 percent from a year ago.

Earnings per share were 17 cents, matching Wall Street estimates and per-share earnings in the third quarter of 2011.

“We are pleased to have maintained a stable net interest margin of approximately 3.65 percent over the past year despite ongoing economic uncertainty and the challenges of the prolonged low interest rate environment,” President and CEO William Wagner said in a  statement Monday.

Positives included a 3.2 percent increase, or $177 million, in the bank’s loan portfolio over the past nine months, Wagner said.

“Asset quality continues to improve from the beginning of the year, with loans 90 or more days delinquent at the lowest level since the second quarter of 2008 and net charge-offs for the quarter down more than 40 percent from the same quarter last year,” he said.

The bank repurchased 183,780 of its common shares in the quarter, at an average price of $12 a share.

The bank’s stock (NASDAQ:NWBI) was trading midday Wednesday at $11.73, down a nickel from Tuesday’s close.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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