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 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.
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