This Week
  • Developer plans a $15 million project to renovate a historic site in Clifton Springs.

  • The economy and demographics have Sheridan Bros. Moving on the move.

  • Technology and other factors have brought big changes to commercial building.

  • From Morocco, Joseph Squalli traveled far to become Rooney's Restaurant owner.

  • RocMusic director Alexander Pena rallies young music makers.

  • Challenges mount for area companies that do business in Russia.

Northwest Savings sees Q3 profit rise 12 percent

Rochester Business Journal
October 23, 2013

Northwest Bancshares Inc., parent of Northwest Savings Bank in the Rochester market, reported a 12 percent increase in net income for the third quarter.
    
The Warren, Pa.-based bank on Monday reported income of $17.6 million, or 19 cents a diluted share, compared with $15.7 million and 17 cents a diluted share in the third quarter of 2012.
    
The increase was driven by growth in loans and low-cost checking deposits, President and CEO William Wagner said in a statement. Noninterest income also increased, he said.
    
“Finally, our heightened emphasis on controlling operating expense is noticeable in almost every expense category on our income statement,” Wagner said.
   
Northwest Savings Bank ranks 14th in the Rochester market with local deposits of $137.3 million, data from the Federal Deposit Insurance Corp. shows.

Shares (NasdaqGS: NWBI) were trading midday down 3 cents from Tuesday’s close, at $14.38.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google