Northwest Bank reported profits of $28 million in the third quarter, up 18 percent from a year ago.
The Warren, Pa.-based bank said the increase came in spite of elevated charge-offs and two large commercial loan payoffs. Northwest said the net charge offs of $8.3 million included a $4.6 million write-down of a land development loan in Western New York that the bank did not identify. The two loan payoffs totaled about $71 million, including one in its New York region.
Northwest is targeting early December to open a new branch on Jefferson Avenue. The bank ranked fifth in deposit market share in the Buffalo Niagara region, according to the most recent FDIC figures.