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Northwest Bancshares sees profit rise in Q4

Rochester Business Journal
January 22, 2013

Northwest Bancshares Inc., parent of Northwest Savings Bank in the Rochester market, Tuesday reported a profit of $16.3 million, or 18 cents a share, in the fourth quarter.

The bank’s earnings beat Wall Street estimates by 2 cents a share.

Net income rose 8 percent from $15.2 million, or 16 cents a share, in the fourth quarter of 2011, the Warren, Pa.-based bank reported.

Full-year net income totaled $63.6 million, down 1 percent from $64.2 million in 2011, the bank reported.

Northwest Savings Bank ranks 16th in the Rochester market with local deposits of $147.1 million, data from the Federal Deposit Insurance Corp. show.

Shares of Northwest Bancshares (NASDAQ: NWBI) midday were trading at $12.32, up 14 cents from its previous 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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