WARREN — Northwest Bancshares Inc., has announced a net income for the quarter ended Dec. 31 of $17.3 million, or $0.19 per diluted share.
The figures represent a decrease of $3.1 million, or 14.9 percent, compared to the same quarter last year when net income was $20.4 million, or $0.22 per diluted share, which was augmented by after tax gains in investment security activity of $3.1 million. Net income was unchanged from the quarter ended Sept. 30, 2014 which also was $17.3 million, or $0.19 per diluted share.
Previously, the company announced entering into a definitive merger agreement pursuant to which the company will acquire LNB Bancorp Inc. and its wholly-owned subsidiary, The Lorain National Bank, which operates 20 community banking offices in northeast Ohio, and as of Sept. 30, 2014, had assets of approximately $1.2 billion. The acquisition is expected to close during the third quarter of 2015.
“Earnings for the fourth quarter of 2014, excluding the gains on the sale of securities, were essentially unchanged from the previous calendar quarter and the fourth quarter of 2013,” said William J. Wagner, president and chief executive officer of Northwest. “While we strive for continuous improvement in earnings, we continue to be challenged by external forces that have created additional loan losses, placed pressure on our net interest margin and increased operating costs. Fortunately, our efforts to grow fee generating activities have been successful and this additional non-interest income has offset the negative impact of external events.”
With headquarters in Warren, Northwest Bancshares is the holding company of Northwest Savings Bank. Northwest has banking locations in Bradford and the surrounding region.
