Northwest Bancorp., the parent company of Inland Northwest Bank, reported lower fourth-quarter and year-end earnings, citing costs associated with the purchase of another bank and charges related to federal tax reform.
The bank reported net income of $1.15 million during the fourth quarter, or 15 cents per share. The results, reported late Monday, compared to $1.41 million, or 21 cents per share, during the fourth quarter of 2016.
Northwest Bancorp’s net income was $4.13 million, or 56 cents per share, in 2017, compared to $5.07 million, or 78 cents per share, in 2016.
The federal Tax Cuts and Jobs Act, passed in December, led to a one-time charge of $418,000 during the fourth quarter as part of a revaluation of deferred tax assets, officials said.
Northwest Bancorp also reported charges of $1.4 million during 2017 related to the purchase of CenterPointe Community Bank.
Russell Lee, president and CEO, said the company’s 2017 milestones included CenterPointe’s purchase, opening two new branches and surpassing $800 million in total assets.
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