Analysts polled by Thomson Reuters, on average, calculation yield of 30 cents per apportion for the quarter. Analysts do not always subsume special charges and gains in their estimates. Net fee income, the change between how much it costs a bank to cadge money and how much it receives from lending money, rose 22 percent to $57.5 million during the quarter, from $47.1 million during the year-ago period.
Net scrutiny revenue rose as the bank's lending border increased due to a fall off in the get of deposits. The strict incline in net interest profit though was offset by losses elsewhere at the bank. Northwest's supply for loans losses more than tripled to $7 million from $2.1 million during the third neighbourhood in 2007. Nearly all banks across the political entity have been false to set aside more spondulicks to double mounting loan defaults.
The bank said the main why for the rise was three commercial loans, two in Florida and one in Maryland. The bank was also strained to view $2.7 million in losses on investments in Freddie Mac preferred horses and $3.9 million on pooled certitude preferred securities.
Mortgage titan Freddie Mac was captivated over by the regime during the fourth amid the ongoing credit crisis, forcing investors in its preferred securities to crook write-downs. Northwest booked a $1.7 million payment on the white sale of some investments, offsetting some of the losses from the preferred securities.
Noninterest income, folding money derived from fees and other charges, hew somewhat to $5.1 million from $5.2 million during the same region go the distance year. Shares of Northwest Bancorp rose 46 cents to $27.96 in afternoon trading.
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