The Tribune Democrat, Johnstown, PA

Business

January 26, 2013

In brief: Northwest posts increase in net income

— 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.

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