LEWISTOWN - Northwest Bancshares Inc. has announced its net income for the quarter ended March 31, of $15.2 million, or 16 cents per diluted share, which is a decrease of $2.1 million, or 12 percent, compared to the same quarter last year.
Net income for the same quarter last year was $17.3 million, or 16 cents per diluted share. For the quarter ended Dec. 31, 2011, net income was $15.2 million, or 16 cents per diluted share. The annualized returns on average shareholders' equity and average assets for the current quarter were 5.29 percent and 0.76 percent compared to 5.39 percent and 0.86 percent for the same quarter last year, and 5.23 percent and 0.76 percent for the quarter ended Dec. 31, 2011, according to a press release.
The company's board of directors declared a quarterly cash dividend of 12 cents per share payable on May 17, 2012, to shareholders of record as of May 3, 2012, the release states.
"Although Northwest's earnings for the most recent quarter remain flat from the previous quarter and lower than a year ago, there are many positive trends to report," William J. Wagner, president and CEO, said in the release.
"We experienced net loan growth of $56 million with commercial and commercial real estate loans increasing by $61 million or 3.3 (percent)," Wagner said. "Asset quality experienced the most significant improvement in many years as loans delinquent 60 days or more decreased nearly $17 million, or 14.3 (percent) during the quarter and are down $37 million, or 27.1 (percent) from a year ago. Despite this improvement in credit quality, our provision for loan losses decreased only $1 million, or 13.2 (percent) from the same quarter last year, as we remain cautious about the sustainability of the economic recovery.
"Given the recent trading ranges for our common stock, we did not repurchase shares this quarter as we continue to be opportunistic with our buyback program," Wagner said. "Finally, we continue to address the various provisions of the (Federal Deposit Insurance Corporation's) Consent Order, all of which relate to consumer compliance, in an effort to be released from this oversight as soon as possible."
Northwest Bancshares Inc., 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.