-
The $8 billion-asset subsidiary of Northwest Bancshares (NWBI) said Wednesday it would buy The Bert Company, which operates an employee benefits and property and casualty insurance firm known as The Bert Insurance Group, based in Erie, Pa.
November 21 -
Northwest Bancshares (NWBI) in Warren, Pa., posted higher second-quarter earnings after delinquent and nonaccrual loans fell to their lowest levels in four years.
July 23 -
The Federal Deposit Insurance Corp. has terminated a consent order with Northwest Savings Bank that had required the Warren, Pa., bank to strengthen various parts of its consumer compliance management system.
July 9
Northwest Bancshares (NWBI) in Warren, Pa., reported lower quarterly earnings because of a lower net interest margin and higher expenses.
The $8 billion-asset company's earnings fell 18% from a year earlier, to $13.5 million. Earnings per share of 15 cents were 3 cents below the average expectation of analysts polled by Bloomberg.
Net interest income fell 4% from the second quarter of 2012, to $63.3 million. The net interest margin contracted 14 basis points from a year earlier, to 3.50%. The loan-loss provision increased 9% from a year earlier, to $5.4 million.
Noninterest income fell 11% from a year earlier, to $13.4 million, primarily because of a $1.9 million write-down on a foreclosed property and a decline in mortgage income.
Noninterest expenses climbed 1.6% from a year earlier, to $52.8 million. Processing expenses jumped 22% from the second quarter of 2012, to $7.3 million, as the company upgraded and replaced ATMs.
