Northwest Bancshares Inc., (Nasdaq Global Select Market NWBI), parent company of Northwest Savings Bank, has been named to the "Bank Honor Roll" of superior performers by KBW Inc., a full-service investment bank that specializes in the financial services sector. Northwest is one of 45 U.S. banking institutions to be named to the list; KBW screened nearly 400 companies.
Companies named to the Honor Roll hold more than $500 million in total assets and are publicly traded banking institutions that meet three conditions:
They cannot have reported any annual loss in net income per share before extraordinary items over the past 10 years; their 2011 annual reported net income per share before extraordinary items must be equal to or greater than their peak net income per share over the past 10 years; and they must show consecutive increases in net income per share before extraordinary items since 2009.
This is the second consecutive year that KBW has selected Northwest Bancshares Inc. to be on the Bank Honor Roll.
William J. Wagner, Northwest's president and CEO, noted "Given the challenges the banking industry has faced over the past four years, our Directors, officers and employees are proud to be recognized for the strong operating performance we achieved during such a tumultuous time. We thank KBW for this honor and we remain committed to improving our value proposition for employees, customers, communities and shareholders."
Northwest Bancshares Inc. posted record earnings in 2011, and holds capital well in excess of that required by its regulators. The company operates Northwest Savings Bank, a community bank with assets of $8 billion and a network of 168 banking locations in Pennsylvania, New York, Ohio and Maryland.