Northwest Bank chairman, president and CEO William Wagner had a notable 2016, guiding the bank's acquisition of 18 First Niagara Bank branches in the Buffalo Niagara region.
Wagner's total compensation increased 33 percent last year to $1.4 million, including a 2.5 percent increase in his salary, according to a regulatory filing.
Northwest, based in Warren, Pa., took a big step in the Buffalo Niagara region last year, increasing its number of branches in the market to 26 from just eight previously. Northwest also moved up to No. 4 in deposit market share in the region. Those gains stemmed from its $78.2 million deal for the 18 First Niagara branches last September.
Wagner's salary in 2016 increased to $643,950, from $628,175 the year before. His bonus of $131,198 rose 39 percent from 2015. Wagner's total compensation also included other forms of compensation, including stock and option awards.
Northwest's net income fell 18 percent in 2016, to $50 million. The bank attributed that drop in part to expenses stemming from its 2015 acquisition of LNB Bancorp in Ohio. Northwest's share price finished 2016 at $18.03, up 38 percent from the first trading day of the year.
Northwest will hold its annual meeting April 19 in Warren, Pa. Wagner is among three members of the board of directors who are up for re-election.
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