New Castle News

October 24, 2013

Banking company has earnings increase

By Staff
New Castle News

NEW CASTLE — Northwest Bancshares Inc. has announced an increase in earnings for the quarter ended Sept. 30.

The company, the parent company of Northwest Savings Bank, said net income of $17.6 million, or 19 cents per diluted share.

This represents an increase of $1.9 million, or 12.2 percent, over the same quarter last year when net income was $15.7 million, or 17 cents per diluted share.

For the nine-month period ended Sept. 30, the company reported diluted earnings per share of 51 cents on net income of $46.4 million, compared to 50 cents on net income of $47.2 million for in the same period last year.

“In this prolonged environment of low interest rates and relatively weak loan demand, we are especially pleased that our interest rate spread remained flat from the previous quarter, while our net interest margin decreased by just two basis points,” said William J. Wagner, president and chief executive officer of Northwest Bancshares.

“This was accomplished by realizing continued growth in both loans and low-cost checking deposits.”

He added that the company’s “heightened emphasis on controlling operating expense is noticeable in almost every expense category on our income statement.”