In brief: Northwest posts increase in net income

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January 26, 2013

In brief: Northwest posts increase in net income

Anonymous The Tribune-Democrat The Tribune-Democrat Sat Jan 26, 2013, 11:33 PM EST

— Northwest Bancshares Inc. announced net income for the quarter ended Dec. 31 of $16.3 million, or $0.18 per diluted share. This represents an increase of $1.1 million, or 7.6 percent, over the same quarter last year when net income was $15.2 million, or $0.16 per diluted share, and an increase of $632,000, or 4.0 percent, over the quarter ended Sept. 30, when net income was $15.7 million, or $0.17 per diluted share.

The annualized returns on average shareholders’ equity and average assets for the quarter were 5.68 percent and 0.82 percent, compared with 5.23 percent and 0.76 percent for the same quarter last year and 5.37 percent and 0.78 percent for the quarter ended Sept. 30.

As previously announced, the board of directors declared a quarterly cash dividend of $0.12 per share for the first quarter of 2013 and accelerated its payment into the fourth quarter of 2012. Paid on Dec. 24, this represents the 73rd consecutive quarter in which the company has declared a cash dividend.

AmeriServ loans up as earnings decline

Johnstown-based AmeriServ Financial Inc. has announced a seventh consecutive quarter of loan growth – but a nearly 43 percent decrease in earnings per-share for its 2012 fourth quarter versus the same period in 2011.

The bank’s $735,000 fourth-quarter income, down from $1.7 million a year earlier, was partly due to a higher loan loss provision – funding needed to be set aside for loan defaults and other needs.

The bank also noted that its 2012 earnings followed a year of significantly increased earnings in 2011.

“AmeriServ Financial was able to accomplish several important strategic initiatives during 2012,” said Glenn Wilson, chief executive officer

He noted that the bank’s total loan portfolio increased by $61 million, or 9.1 percent, for the full year 2012.

Businesses find home at Geistown location

Several businesses have made a home in a former Geistown pet shop.

Tammy Varner Watt said she has opened a Nationwide Insurance location and Geistown Tag & Title at 640 Lambard Ave. in the borough.

The Nationwide location relocated from Vinco, Watt said, while the title shop can handle car registrations and title transfers – as well as permits for boats, snowmobiles, ATVs and more. A full notary servive also is offered.

Meanwhile, Peak Settlement Services, operated by Bob Hamer, has also set up an office in the renovated Lamberd Avenue location.

Metzgar appointed to House committees

Rep. Carl Walker Metzgar, R-Berlin, has been appointed to the Commerce, Consumer Affairs and Environmental Resources and Energy committees.

The Commerce Committee originates legislation and oversees implementation of programs that affect Pennsylvania companies, in addition to business and banking law.

The Consumer Affairs Committee works for the interests of consumers in public utility regulation, credit practices and fraud, and landlord and tenant issues.

The Environmental Resources and Energy Committee is responsible for legislative oversight for more than

45 different environmental laws in the state. It is administered by both the Department of Environmental Protection and the Department of Conservation and Natural Resources.

Metzgar said the committees were organized for the first time in this session.

Cambria farm agency holds reorganizational meeting

The Cambria County Farm Service Agency Committee held its reorganizational meeting as follows:

Robert L. Beyer, chairman; Dennis Hines, vice chairman; Mary Lous Smithmyer, member; and Jack Skebeck, first alternate.

Duties of the committee include:

• Informing farmers of the purpose and provisions of agency programs.

• Keeping the state FSA committee informed of local administrative area conditions.

• Recommending needed changes in farm programs.

• Participating in county meetings as necessary.

• Performing other duties as assigned by the state FSA committee.

Information: 472-5501, ext. 2.

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