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Northwest Bank's profits fall 15 percent

A year ago, Northwest Bancshares reaped a $17.2 million gain from selling its three Maryland offices.

Without that one-time gain this year, the bank's second-quarter profits dropped 15 percent to $26.3 million, from $31 million in 2017.

The Pennsylvania-based bank had diluted earnings per share of 25 cents, compared to 30 cents a year ago.

Northwest is preparing to open a new branch on Jefferson Avenue later this year. And the bank is on track to complete its deal for the parent of Union Community Bank in the first quarter of 2019.

 

 

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