From staff reports
LEWISTOWN - Northwest Bancshares Inc. has announced its net income for the quarter ended Sept. 30, 2011, is $16.7 million, or 17 cents per diluted share, which is an increase of $1.2 million, or 3 cents per diluted share, over the same quarter last year.
Net income for the same quarter last year was $15.5 million, or 14 cents per diluted share. For the quarter ended June 30, 2011, net income was $15 million, or 15 cents per diluted share. The annualized returns on average shareholders' equity and average assets for the current quarter were 5.62 percent and 0.83 percent compared to 4.72 percent and 0.76 percent for the same quarter last year, and 4.81 percent and 0.74 percent for the quarter ended June 30, 2011, according to a press release issued by Northwest Bancshares.
The company's board of directors declared a quarterly cash dividend of 11 cents per share payable on Nov. 17, 2011, to shareholders of record as of Nov. 3, 2011, the release states.
"We are pleased to report another solid quarter with fairly significant growth in earnings, earnings per share, loans and core deposits," William J. Wagner, president and CEO, said in the release. "Despite the challenges of historically low interest rates and a flat yield curve, our net interest margin remains strong at 3.70 (percent) versus 3.63 (percent) last year."
Wagner continued in the release: "Finally, we continued our stock repurchase program during the quarter with 5,835,164 shares being purchased at an average price of $11.67. To date, we have repurchased 14,822,153 shares at an average price of $11.95. This has been accomplished with little dilution to tangible book value per share as the value was $10.28 at the start of the program on (Dec.) 20, 2010, and had decreased to $10.17 as of (Sept.) 30, 2011. During that time we paid cash dividends of (32 cents) per share."
Net interest income increased by $362,000, or 0.5 percent, to $67 million for the quarter ended Sept. 30, 2011, from $66.7 million for the quarter ended Sept. 30, 2010. Noninterest income increased by $682,000, or 4.9 percent, to $14.5 million for the quarter ended Sept. 30, 2011, from $13.8 million for the quarter ended Sept. 30, 2010, according to the release.
Noninterest expense increased by $875,000, or 1.8 percent, to $49.9 million for the quarter ended Sept. 30, 2011, from $49 million for the quarter ended Sept. 30, 2010. Net income for the nine-month period ended Sept. 30, 2011, of $49 million, or 48 cents per diluted share, represents an increase in income of $4.2 million, or 9.4 percent, and 7 cents per diluted share when compared to the previous year, the release states.
Northwest Bancshares, the holding company of Northwest Savings Bank, is headquartered in Warren. The company's common stock is listed on the NASDAQ Global Select Market. For more information visit www.northwestsavingsbank.com.