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Northwest Bancorp Q1 net income up 12%

Northwest Bancorp has reported net income of $12.6 million, or $0.26 per diluted share for the first quarter of 2008, an increase of $1.3 million, or 11.7%, compared to net income of $11.3 million, or $0.23 per diluted share for the same period of 2007.

The net interest income increased by approximately $3.6 million, or 8%, for the quarter ended March 31, 2008 compared to the same quarter of 2007 and increased $488,000, or 1%, compared to the quarter ended December 31, 2007.

Noninterest income increased by approximately $2.5 million, or 24.1%, for the quarter ended March 31, 2008 compared to the same period of 2007. Noninterest expense increased by $4.5 million, or 12%, to $42.4 million for the quarter ended March 31, 2008, from $37.9 million for the quarter ended March 31, 2007.

William Wagner, president and CEO of Northwest Bancorp, said: Although nonperforming assets increased to 1% of total assets at March 31, 2008 from 0.68% a year ago, most of this increase is attributable to several large commercial credits that became delinquent. At this time, however, we do not anticipate significant losses from these credits or any other portion of our loan portfolio.