BRIEF: Northwest Bancshares profits slip 7 percent.(Financial report)

Byline: Jonathan D. Epstein

July 25--Northwest Bancshares, parent of Northwest Savings Bank, said Monday that second quarter profits fell 7 percent, largely because of costs related to a stock benefit plan that shareholders approved in April that was tied in to the company's 2009 stock offering. The Warren, Pa.-based bank said it earned $15 million, or 15 cents per share, down from $16.1 million, or 15 cents per share, in the same quarter a year ago. That's despite higher lending and fee revenues that easily offset higher operating costs, not including the one-time benefits costs of about $3 million. The bank also declared a …