Northwest Named to KBW's Bank Honor Roll
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:
SOURCE Northwest Bancshares, Inc.