Northwest Bancshares Inc. Earnings Cheat Sheet: Keeping the Profitability Streak Alive

Wall St. Cheat Sheet

Northwest Bancshares Inc.

reported its results for the third quarter. Northwest Bancshares is a federal savings and loan holding company which, through its subsidiary Northwest Savings Bank, offers traditional deposit and loan products.

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Northwest Earnings Cheat Sheet for the Third Quarter

Results: Net income for Northwest Bancshares Inc. rose to $16.7 million (17 cents per share) vs. $15.5 million (14 cents per share) in the same quarter a year earlier. This marks a rise of 7.9% from the year earlier quarter.

Actual vs. Wall St. Expectations: NWBI fell in line with the mean analyst estimate of 17 cents per share.

Quoting Management: William J. Wagner, President and CEO, noted, “We are pleased to report another solid quarter with fairly significant growth in earnings, earnings per share, loans, and core deposits. Despite the challenges of historically low interest rates and a flat yield curve, our net interest margin remains strong at 3.70% versus 3.63% last year. Finally, we continued our stock repurchase program during the quarter with 5,835,164 shares being purchased at an average price of $11.67. To date, we have repurchased 14,822,153 shares at an average price of $11.95. This has been accomplished with little dilution to tangible book value per share as the value was $10.28 at the start of the program on December 20, 2010 and had decreased to $10.17 as of September 30, 2011. During that time we paid cash dividends of $0.32 per share.”

Key Stats:

The company fell in line with estimates last quarter after missing forecasts in the previous quarter with net income of 15 cents versus a mean estimate of net income of 16 cents per share.

Looking Forward: The average estimate for the fourth quarter remains unchanged at 17 cents a share. For the fiscal year, the average estimate has moved up from 64 cents a share to 65 cents over the last thirty days.

Competitors to Watch: New York Community Bancorp, Inc. , Parkvale Financial Corp. , Prudential Bancorp, Inc. of PA , Malvern Federal Bancorp, Inc. , WVS Financial Corp. , Oneida Financial Corp. , Hudson City Bancorp, Inc. , Home City Financial Corp. (HCFL), Berkshire Hills Bancorp, Inc. , and Harleysville Savings Financial Corp. .

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(Source: Xignite Financials)

 

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