INB’s parent company reports improved 2Q earnings

Inland Northwest Bank’s parent company reported improved second quarter results Wednesday, as the company moves closer to a merger with a Montana bank.

Northwest Bancorp. reported a net income of $1.44 million, or 19 cents per share, for the quarter, compared to 2017’s second quarter income of $1.05 million, or 16 cents per share.

For the first six months of the year, the Spokane-based company reported net income of $3.59 million, 48 cents per share, compared to net income of $2.02 million, or 31 cents per share, for the first six months of 2017.

Russell Lee, president and CEO, said the results concluded a “very successful first half of 2018” and said “we rapidly approach the conclusion of our proposed merger with First Interstate.”

First Interstate BancSystem of Billings will purchase Northwest Bancorp. in a $160.9 million stock deal expected to close later this year.