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 firstname.lastname@example.org.