Northwest Bancshares, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Net Impairment Losses for the Fourth Quarter Ended December 31, 2013
January 24, 2014 at 09:41 am EST
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Northwest Bancshares, Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company announced total interest income of $76,854,000 compared to $83,320,000 for the same period a year ago. Net interest income was $62,049,000 compared to $66,280,000 for the same period a year ago. Income before income taxes was $29,452,000 compared to $22,365,000 for the same period a year ago. Net income was $20,363,000 compared to $16,325,000 for the same period a year ago. Basic and diluted earnings per share were $0.22 compared to $0.18 for the same period a year ago. Annualized return on average equity was 7.06% compared to 5.65% for the same period a year ago. Annualized return on average assets was 1.02% compared to 0.81% for the same period a year ago. Net interest income decreased, as decreases in interest income on loans receivable and investment securities of $5.5 million and $816,000, respectively, were partially offset by a $2.1 million decrease in interest paid on deposit accounts.
For the full year, the company announced total interest income of $313,038,000 compared to $338,038,000 for the same period a year ago. Net interest income was $251,876,000 compared to $262,839,000 for the same period a year ago. Income before income taxes was $93,070,000 compared to $89,928,000 for the same period a year ago. Net income was $66,739,000 compared to $63,560,000 for the same period a year ago. Diluted earnings per share were $0.73 compared to $0.68 for the same period a year ago. Annualized return on average equity was 5.88% compared to 5.48% for the same period a year ago. Annualized return on average assets was 0.84% compared to 0.79% for the same period a year ago.
For the fourth quarter ended December 31, 2013, the company announced net impairment losses of $713,000. Net charge-offs were $5.5 million compared to $6.1 million for the same quarter last year.
Northwest Bancshares, Inc. is a bank holding company of Northwest Bank (the Bank). Northwest Bank is a Pennsylvania-chartered savings bank. The Bank is a community-oriented financial institution offering personal and business banking solutions, investment management and trust services. The Banks principal lending activities are the origination of loans secured by first mortgages on owner-occupied, one-to-four-family residences, shorter term consumer loans, and commercial business and commercial real estate loans. Its principal sources of funds for lending activities include deposits, borrowings, repayments on loans, cash flows from investment and mortgage-backed securities and income provided from operations. It offers other consumer loans, such as direct and indirect automobile loans, sales finance loans, credit card loans, and others. The Bank has approximately 142 community-banking locations throughout its market area in Pennsylvania, western New York, eastern Ohio, and Indiana.
Northwest Bancshares, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Net Impairment Losses for the Fourth Quarter Ended December 31, 2013