Northwest Bancorp Q2 profit rises 17 percent
WARREN, Pa. --Regional bank Northwest Bancorp Inc. said Monday its second-quarter earnings rose 17 percent as its income from fees and services grew.
Net income increased to $14.4 million, or 30 cents a share, from $12.3 million, or 25 cents a share, in the April-June quarter last year.
Analysts polled by Thomson Financial, on average, had forecast earnings for Northwest Bancorp of 28 cents a share for the latest second quarter.
Net interest income, the difference between how much it costs a bank to borrow money and how much it charges to lend money, rose 18 percent.
Non-interest income rose as service charges and fees rose 25 percent to $8.2 million
For the first six months of the year, Northwest Bancorp's earnings rose 14.7 percent to $27.1 million, or 56 cents a share, from $23.6 million, or 47 cents a share, in the first half of 2007.
The company operates bank branches in Florida, Maryland, Pennsylvania, New York and Ohio.
Shares of Northwest Bancorp rose 49 cents, or 2 percent, to $23.15 in trading Monday. 