Northwest Bancshares Inc Md - NWBI STOCK NEWS

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.

Northwest Bank has appointed Joseph Canfield as its new Chief Accounting Officer. In this role, Canfield will oversee accounting operations, the SOX program, external reporting, and accounts payable. He will also support the transformation of the bank's Accounting Department by implementing new systems to leverage automation and use business data for timely insights.

Canfield brings over 25 years of leadership experience in finance and operations across various sectors. He previously served as Senior Vice President and Director of Accounting Operations at Huntington National Bank. Canfield, a certified public accountant, is a graduate of Miami University, the University of Pennsylvania's Wharton Leadership Program, and the ABA Stonier School of Banking.

Northwest Bancshares (NWBI) reported Q2 2024 net income of $5 million, or $0.04 per diluted share, down from $33 million in Q2 2023. Adjusted net operating income was $35 million, or $0.27 per diluted share. The company completed a previously announced balance sheet restructure, resulting in a $39 million pre-tax loss on the sale of investments. Net interest margin expanded 10 basis points to 3.20%. Average loans receivable increased 2.7% year-over-year, driven by commercial banking growth. Average deposits grew 5.8% from Q2 2023. The company declared its 119th consecutive quarterly dividend of $0.20 per share. Credit quality remained strong, with classified loans at 2.26% of total loans.

Northwest Bancshares will host a conference call to review its Q2 2024 financial results on July 23 at 9:00 a.m. EDT. The results will be released at 7:00 a.m. EDT the same day. The live audio webcast and presentation slides will be available on the company’s Investor Relations website. The financial results will also be filed with the SEC on Form 8-K and shared via social media and PR Newswire. Public registration for the conference call is available online, with replay access provided on the Investor Relations site.

Northwest Bank has appointed Urich Bowers as its new Chief Consumer Banking and Strategy Officer, succeeding John Golding. Bowers, who brings nearly 25 years of banking experience from his previous role at PNC Financial Services Group, will join the executive leadership team at Northwest Bank. His past roles include Head of Consumer Products, Strategy and Innovation at PNC, where he managed a $200 billion portfolio and developed several patented financial products. Bowers will oversee the Consumer Bank division, comprising 1,100 employees and 131 financial centers across four states. CEO Louis J. Torchio expressed confidence in Bowers' ability to drive growth and innovation within the consumer banking sector.

Northwest Bancshares, Inc. announced net income of $29 million for the first quarter of 2024, with a decrease of 13% compared to the same period last year. The company declared a quarterly dividend of $0.20 per share, marking the 118th consecutive quarter of dividend payments. Additionally, the company plans to reposition its securities portfolio to optimize its balance sheet and generate additional future earnings.

Northwest Bancshares, Inc. appoints Douglas M. Schosser as Chief Financial Officer, replacing William W. Harvey, Jr. Mr. Schosser brings extensive financial expertise from his previous roles at Key Corporation Bank and Victory Capital Management. His appointment aims to drive Northwest Bank's transformation and strategic goals.

Jonathan Smith, a seasoned commercial finance professional with nearly 20 years of experience, has joined Northwest Bank as executive vice president, head of SBA lending. His appointment reaffirms Northwest's commitment to supporting small businesses and expanding its SBA lending program nationally. Smith's extensive background in business development and leadership roles at prominent banks positions him as the right leader to drive the continued growth of Northwest's SBA lending program. With a focus on providing flexible financing solutions, Smith aims to meet the needs of small businesses across the bank's footprint.

Molly Abair, with over 30 years of credit lending and management experience, joins Northwest Bank as the executive vice president and head of the Commercial Credit Management division. She will oversee all aspects of Underwriting and Portfolio Management, reflecting Northwest's dedication to comprehensive credit risk management. Abair's previous roles include head of commercial credit risk management for Lending Club and senior executive credit officer for TD Bank. She aims to drive Northwest's commercial credit operations to new heights, contributing to the bank's overall success.