Welcome to our dedicated page for Northwest Bancshares news (Ticker: NWBI), a resource for investors and traders seeking the latest updates and insights on Northwest Bancshares stock.
Northwest Bancshares, Inc. (NASDAQ: NWBI) is the bank holding company for Northwest Bank, a full-service financial institution with a strong customer-centric approach. Founded in 1896 and headquartered in Columbus, Ohio, the company has a storied history of over 120 years in banking, extending its services across Pennsylvania, New York, Ohio, and Indiana.
Northwest Bank offers a comprehensive suite of banking products and services designed to meet the diverse needs of both personal and business clients. These include personal loans, business loans, residential mortgages, home equity loans, commercial real estate loans, and consumer finance loans. The bank also provides investment management, trust services, and insurance products.
Northwest Bancshares, Inc. reported a net income of $33 million for Q2 2023, with returns on average shareholders' equity and average assets of 8.72% and 0.93%, respectively. The company has shown resilience and strategic growth, evidenced by commercial loans growing $416.9 million or 42.2% over the past year. A strategic repositioning of its securities portfolio is also underway to optimize earnings, demonstrating proactive financial management.
The company has a history of strong dividend payouts, with its quarterly cash dividend of $0.20 per share marking the 118th consecutive quarter. As of recent reports, Northwest Bancshares has a robust 7.8% dividend yield, reflecting its commitment to shareholder returns.
Recent evaluations by Kroll Bond Rating Agency (KBRA) affirm Northwest Bancshares' solid financial standing with debt ratings of BBB or above and a stable outlook. Notable achievements include a 12.1% year-to-date commercial loan growth and significant increases in noninterest income, primarily from service charges, fees, and commercial loan activities.
Despite economic pressures, the company has maintained stable asset quality and a strong balance sheet, with tangible common equity over 8%. Northwest Bancshares remains committed to its strategic direction of transforming into a more innovative and proactive commercial institution while keeping customer service at its core.
For more information, visit www.northwest.com.
Northwest Bancshares (NWBI) reported Q4 2024 net income of $33 million, or $0.26 per diluted share, up from $29 million year-over-year but down $1 million from Q3 2024. The company achieved adjusted net income of $35 million, or $0.27 per diluted share.
Key highlights include net interest margin expansion to 3.42%, improved efficiency ratio at 61.8%, and declaration of the 121st consecutive quarterly dividend of $0.20 per share. Average deposits grew by $232 million year-over-year, while average loans decreased by $47 million.
The company announced plans to acquire Penns Woods Bancorp, expected to close in Q3 2025, which will position Northwest among the nation's top 100 largest banks. The quarter saw elevated charge-offs of $15 million due to strategic loan pool sales and portfolio de-risking initiatives.
Northwest Bank has appointed Michael Perry as Managing Director of Corporate Development and Strategy. As a key member of the senior leadership team, Perry will oversee corporate development, strategy, and lead the bank's Investor Relations function. His primary responsibilities include managing the company's acquisition strategy and M&A process as part of Northwest's long-term growth plan.
Perry brings 28 years of experience in investment banking, having advised on over 50 M&A transactions worth more than $80 billion and capital markets offerings exceeding $23 billion. His previous roles include Managing Director positions at Piper Jaffray, Daiwa Capital Markets, and most recently, Commerce Street Capital. He holds an MBA from Columbia University and a bachelor's degree from UNC Chapel Hill.
Northwest Bancshares (NASDAQ: NWBI) has announced its upcoming fourth quarter 2024 earnings conference call, scheduled for January 24 at 10:00 a.m. EDT. The financial results will be released earlier that day at approximately 7:30 a.m. EDT.
The company will provide multiple ways to access the earnings information: a live audio webcast with presentation slides will be available on their website's Investor Relations section, and the results will be filed with the SEC on Form 8-K. Interested participants can register for the conference call through a provided link and will receive calendar event details and email reminders.
Attendees are advised to join 15 minutes before the call starts, and a replay will be made available via webcast on Northwest's website.
Northwest Bank announced a reduction in its prime lending rate from 7.75% to 7.50%, effective December 19, 2024. This marks the bank's second recent rate reduction, following a previous decrease from 8.0% to 7.75% on November 8, 2024.
Northwest Bancshares (NASDAQ: NWBI) has announced an agreement to acquire Penns Woods Bancorp (NASDAQ: PWOD) in an all-stock transaction valued at approximately $270.4 million. The merger will enhance Northwest's presence in North Central and Northeastern Pennsylvania, adding 24 branch locations and creating a combined entity with over $17 billion in pro forma total assets.
Under the agreement, Penns Woods shareholders will receive 2.385 shares of Northwest common stock for each PWOD share, valued at $34.44 per share based on Northwest's closing price of $14.44 as of December 16, 2024. The transaction is expected to be approximately 23% accretive to Northwest's 2026 fully diluted earnings per share, with an expected tangible book value earn-back period under 3 years. The merger is anticipated to close in the third quarter of 2025.
Northwest Bank has announced a reduction in its prime lending rate from 8.00% to 7.75%, effective November 8, 2024. This marks the second rate reduction in recent months, following a previous decrease from 8.5% to 8.0% on September 19, 2024.
Northwest Bancshares (NWBI) reported Q3 2024 net income of $34 million, or $0.26 per diluted share, down from $39 million ($0.31/share) year-over-year but up from $5 million ($0.04/share) in Q2 2024. The company's net interest margin expanded 13 basis points to 3.33%. Average deposits grew by $10 million while maintaining stable cost of funds. The company declared its 120th consecutive quarterly dividend of $0.20 per share, representing an annualized yield of 6.0%. Noninterest expense declined $2 million due to disciplined expense management.
Northwest Bancshares, Inc. (NASDAQ: NWBI) has announced its upcoming third-quarter 2024 earnings call, scheduled for Tuesday, October 29 at 9:00 a.m. (EDT). The financial results will be released at approximately 7:30 a.m. (EDT) on the same day. Investors and interested parties can access the live audio webcast and presentation slides on the company's website under the Investor Relations section.
The earnings results will be communicated through various channels, including social media platforms and a press release. Additionally, the results will be filed with the SEC on Form 8-K. For those wishing to participate in the conference call, registration is available through a provided link. A replay of the call will be accessible via webcast on the company's website.
Northwest Bank has lowered its prime lending rate from 8.50% to 8.0%, effective September 19, 2024. This reduction in the prime rate, which serves as a benchmark for various types of loans, could potentially impact borrowing costs for consumers and businesses. The decision to lower the prime rate may reflect changes in the broader economic environment or monetary policy shifts.
Northwest Bank has appointed Sean Morrow as Interim Treasurer, effective August 23, replacing Jeffrey Maddigan. Morrow, with nearly 20 years of financial experience, will oversee the bank's treasury function, including managing interest rate, liquidity, and capital efforts. He joined Northwest seven years ago and most recently served as assistant treasurer.
CFO Doug Schosser expressed confidence in Morrow's ability to ensure a seamless transition. Morrow holds a bachelor's degree in business administration from SUNY Buffalo and an MBA from St. Bonaventure University. He is actively involved in community organizations, serving on the Board of Directors for Torn Space Theater and the Loan Committee for the Westminster Economic Development Initiative.
FAQ
What is the current stock price of Northwest Bancshares (NWBI)?
What is the market cap of Northwest Bancshares (NWBI)?
What services does Northwest Bancshares, Inc. offer?
Where is Northwest Bancshares, Inc. headquartered?
What is the stock symbol for Northwest Bancshares, Inc.?
How long has Northwest Bancshares, Inc. been in operation?
What recent financial achievements has Northwest Bancshares, Inc. reported?
How does Northwest Bancshares, Inc. support its community?
What credit ratings does Northwest Bancshares, Inc. have?
What is the focus of Northwest Bancshares, Inc.'s strategic direction?
How frequently does Northwest Bancshares, Inc. pay dividends?
Where can I find more information about Northwest Bancshares, Inc.?
