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By Jim Martin, Doug Oathout Erie Times-News staff bloggers
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Posted: January 22nd, 2013
4th-quarter profits rise at Northwest Savings Bank

Profits are up at Northwest Savings Bank.

Warren-based Northwest Bancshares Inc., the bank’s parent company, reported today that fourth-quarter profits rose 7.6 percent to $16.3 million. That’s an increase of $1.1 million compared to the fourth quarter of 2011.

Net income from interest increased by 0.1 percent during the final quarter to $66.6 million.

However, annual profits were down slightly, falling 0.9 percent to $63.6 million.

The company’s board of directors had previously announce a 12 cent per-share divided for the first quarter of 2013. That payment, however, was moved ahead and was paid in the final quarter of 2012.

That marked the 73rd consecutive quarter in which Northwest paid a cash dividend.

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