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Hampton Roads Bankshares has hired four lenders from Northwest Savings Bank in Baltimore to run its new commercial lending office there.
July 21 -
Northwest Bancshares (NWBI) in Warren, Pa., has launched a service to help customers track royalties earned on gas and oil leases.
August 15 -
Northwest Bancshares in Warren, Pa., reported lower quarterly earnings because of a lower net interest margin and higher expenses.
July 22
Northwest Bancshares in Warren, Pa., saw its second-quarter profit decline due to the deterioration of its commercial loan portfolio and elevated expenses.
The $7.9 billion-asset company reported second-quarter net income of $12.7 million, down 5.7% from a year earlier. Earnings per share of 14 cents missed analyst estimates by three cents, according to a Bloomberg poll.
Net interest income decreased 1.9%, to $1.2 million, as interest income on both loans receivable and investment securities fell from a year ago.
Northwest said it had to take a $5.5 million loan-loss provision in the second quarter to deal with troubled commercial loans. The company's overall loan-loss provision increased 53.3% year over year, to $8.3 million, as seriously delinquent assets were down 19.3%, to $12.2 million.
Noninterest expenses were up 1.9%, to $53.8 million, mostly because the company spent $838,000 on marketing. Also, professional services expenses increased 48% due to compliance related consulting engagements.
Meanwhile, lower losses on real estate owned investments helped Northwest's noninterest income increase by nearly 28%, to $17.1 million. Additionally, trust and other financial services income was boosted by the company's
