By ALLISSA KLINE
akline@bizjournals.com | 716-541-1612

Northwest Bancshares Inc. reported a sharp rise in net income earnings for the fourth quarter of 2010.

The Warren, Pa.-based parent of Northwest Savings Bank said Tuesday that net income for the period ending Dec. 31 totaled $12.7 million, or 12 cents per share, up from $1 million, or 1 cent per share, from the fourth quarter of 2009.

Net interest income also increased during the quarter. It totaled $67.2 million, up 15.9 percent from $58 million a year ago. The bank attributed the rise to a jump in interest income from loans receivable and a decrease in the cost of deposits.

Meanwhile, the provision for loan losses declined to $13.9 million, down 4.1 percent from $14.5 million a year ago. Loans 90 days or more passed due totaled $100.4 million at the end of the most recent quarter, down from $109.8 million the previous year.

Net income for the full 2010 year was $57.5 million, or 53 cents per share, up from $32.7 million, or 30 cents per share, for 2009.

The bank opened its first branch in Niagara County in September. It also operates locally as Jamestown Savings Bank.