Northwest Bancshares, Inc. (NWBI) 2017年年度报告「NASDAQ」.pdf

1、8284c3.indd 13/6/18 6:49 AM8284c3.indd 23/6/18 6:49 AMWhile these initiatives greatly improved the quality of our institution,several of them also signifi cantly impacted operating revenues for the year,resulting in a relatively“noisy”income statement.While reported earnings under Generally Accepted

2、 Accounting Principles(GAAP)were a respectable$94.5 million,or$.92 per share,these results included a$10.3 million after-tax profi t on the sale of our three Maryland banking offi ces,$2.7 million of after-tax restructuring expense relating to the closure of our consumer fi nance subsidiary and a$3.

3、1 million reduction in income taxes relating to the passage of the Tax Cuts and Jobs Act of 2017.Adjusting GAAP earnings to remove these non-core items results in core earnings of$83.7 million,or$.83 per share,which is slightly higher than the previous years adjusted earnings of$82.3 million,or$.82

4、per share,but less than our expectations as the year began.However,in comparing the years,we note that the closure of our consumer fi nance subsidiary,with its 45 offi ces,elevated consumer loan losses in the current year by approximately$6 million,resulting in a$4 million reduction in net income af

5、ter-tax.Excluding these losses,in addition to those previously discussed,adjusted earnings for 2017 were$88.7 million,a 7.8%increase over the previous year.Production and Revenue GrowthOur Revenue and Production Division had a strong showing in 2017,with our lenders closing commercial,residential mo

6、rtgage and consumer loans in the amounts of$947 million,$763 million and$298 million,respectively.Unfortunately,we also experienced heavy loan payoff s during the year as competition was intense and borrowers continued to pay down debt,thereby limiting net growth in these portfolios to 5.7%,1.1%and