WARREN, Pa., April 18, 2014 /PRNewswire/ -- Northwest
Bancshares, Inc. (NasdaqGS: NWBI), the parent company of Northwest
Savings Bank, has been named to the 2013 Bank Honor Roll of
superior performers by KBW, Inc., a full-service investment bank
that specializes in the financial sector. Northwest is one of
only 31 U.S. banking institutions to be named to the Honor Roll
this year.
KBW screened nearly 400 publicly-traded banking companies with
assets of more than $500 million to
assemble the list. To earn Honor Roll status, banks must meet
three conditions:
- No annual loss reported in net income per share before
extraordinary items over the past 10 years;
- 2013 annual reported net income per share before extraordinary
items equal to or greater than peak net income per share over the
past ten years; and
- Consecutive increases in net income per share before
extraordinary items since 2009.
"We believe it is fair to say that the past decade has been one
of the most challenging in the history of U.S. banking, as 496
banks failed during that period," noted Fred Cannon, KBW director of research.
"The Bank Honor Roll is a way for KBW to acknowledge companies that
have managed to excel during these tumultuous times and position
their companies for further growth in what remains a
rate-challenged environment."
The companies named to the 2013 Bank Honor Roll significantly
outperformed the banking industry from 2008-2013 in terms of stock
performance.
"We especially appreciate this designation from KBW as it
recognizes Northwest's financial performance over a ten year
period," said William J. Wagner,
president and CEO of Northwest Bancshares, Inc. "This marks the
fourth consecutive year we have received this award, which we
view as a validation of our ongoing commitment to continuous
improvement and the enhancement of shareholder
value."
Northwest Savings Bank operates 165 community banking locations
in Pennsylvania, New York, Ohio and Maryland. Founded in 1896, Northwest is a
full-service financial institution offering a complete line of
personal and business banking products including employee benefits,
investment management services, insurance and trust. Northwest
Bancshares, Inc. is the holding company of Northwest Savings Bank
and is listed on the NASDAQ Global Select Market as NWBI. More
information about Northwest can be found online at
www.northwestsavingsbank.com.
To read the KBW article, see:
http://www.businesswire.com/news/home/20140414005271/en/KBW-Announces-2013-Bank-Honor-Roll-Award
SOURCE Northwest Bancshares, Inc.