Burnham back up, Northwest down in Q2
Burnham Holdings Inc. rebounded from tough times, but Northwest Bancshares Inc. struggled in the second quarter of 2014.
Burnham Holdings Inc.
Burnham reported a net income of $867,000 for its second quarter, a big improvement over its second quarter of 2013 when it reported a $3.8 million loss.
Earnings per share were at 19 cents, up from a loss of 84 cents per share in the second quarter of 2013.
The company reported $38.1 million in sales for the most recent quarter, up from $36.1 million in 2013’s second quarter. Earnings for the second quarter of 2013 were hampered by a $5 million pension charge.
The company also announced it will elevate Dale R. Bowman to vice president and chief financial officer to replace Douglas B. Springer effective Sept. 1. Springer is retiring after 16 years with the company.
Burnham, the Manheim Township-based manufacturer of boilers and related products and accessories, also announced a quarterly dividend of 21 cents per share, payable Aug. 26 with a record date of Aug. 19.
Burnham trades over-the-counter at the ticker symbol BURCA.
Northwest Bancshares Inc.
Northwest Bancshares Inc. reported a 5.7 percent decrease in its net income for the second quarter, according to a company news release.
The Warren-based bank holding company for Northwest Savings Bank released second-quarter earnings for 2014 of $12.7 million in net income, or 14 cents per diluted share. That was down $763,000 from the second quarter of 2013.
The company missed on its analyst estimates for earnings per share by 2 cents, according to Yahoo Finance.
Northwest President and CEO William J. Wagner blamed the lower-than-expected results on the “deterioration of several commercial credits” and said that otherwise the company’s core earnings were “consistent.”
Northwest has 165 branch offices in four states, including 21 in Dauphin, Lancaster, Lebanon and York counties.
Another company subsidiary, Northwest Consumer Discount Co., has three midstate offices in Cumberland and Lebanon counties.
Northwest Bancshares Inc. trades on the Nasdaq at NWBI.