Northwest Bancshares, Inc. reported a doubling of net income in the second quarter of 2010 over the same quarter last year. The company earned net income of $16.1 million, or $0.15 per diluted share, in the quarter ending 6/30/2010, compared to net income of $7.3 million, or $0.07 per diluted share, in the corresponding quarter of 2009.
Northwest Bancshares, Inc. also increased net income sequentially from the quarter ending 3/31/2010, when the company earned net income of $13.2 million, or $0.12 per diluted share.
The management of Northwest Bancshares, Inc. reported growth in loans and deposits in the second quarter of 2010, and the company successfully utilized the capital that the company raised late in 2009.
William J. Wagner, the CEO of Northwest Bancshares, Inc., said, “Our most recent quarter was one of significant achievement for Northwest Bancshares, Inc. Our earnings increased significantly over both the previous quarter and the prior year and we had great success in growing both our loan portfolio and our deposits. We continue to make progress deploying the proceeds of our December 2009 stock offering and, to date in 2010, we have moved $246 million from short-term investments to loans.”
Northwest Bancshares, Inc. is a bank holding company that owns Northwest Savings Bank and Northwest Consumer Discount Company. Northwest Savings Bank has 171 branches in five states: Florida, Maryland, New York, Ohio and Pennsylvania. Northwest Consumer Discount Company is a consumer finance company with fifty-two offices in Pennsylvania.
For more information on the company, go to www.northwestsavingsbank.com