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Northwest Bancshares in Warren, Pa., has promoted two executives and eliminated a pair of high-level positions.
August 28 -
Northwest Bancshares in Warren, Pa., saw its second-quarter profit decline due to the deterioration of its commercial loan portfolio and elevated expenses.
July 21 -
Northwest Savings Bank in Warren, Pa., has agreed to acquire a financial advisory firm and an employee benefits and consulting insurance company.
November 27
Earnings at Northwest Bancshares in Warren, Pa.,
The $7.8 billion-asset bank's net income was $17.3 million, or 1.3% lower than the same quarter last year. Earnings were 19 cents per share, beating an estimate of analysts polled by Bloomberg by three cents.
Lower margins weighed down profits. Net interest income fell 0.9% from the previous year, to $61.9 million, while the bank's loan portfolio grew 2.6%, to $5.9 billion. The net interest margin declined by 1 basis point, to 3.47%.
On the plus side, credit quality improved, as the bank's provision for bad loans dropped 31%, to $3.5 million.
Earnings were goosed by higher fee-based revenue, particularly from trusts and investments. Noninterest income climbed 12%, to $18.2 million.
An increase in operating expenses offset some of the gains from fees, however, as non-interest expenses jumped 5.8%, to $53.4 million.
