Northwest Bancshares, Inc - NWBI STOCK NEWS

Northwest Bancshares, Inc. (NWBI) reported a net income of $33.7 million for the quarter ending March 31, 2023, marking a 19.1% increase from the prior year. This corresponds to earnings of $0.26 per diluted share, compared to $0.22 a year earlier. The company announced a quarterly cash dividend of $0.20 per share, yielding approximately 6.7% based on its market value. Notable loan growth of $171.8 million (1.6%) was realized, primarily from commercial lending. Net interest income rose by 24.1% to $112.5 million. Despite an increase in the provision for credit losses to $5.0 million, asset quality improved, with nonperforming loans decreasing. Operating expenses rose by 8.8%, largely due to increased professional services and processing costs.

Northwest Bank has announced the formation of a new Commercial Finance Group, aimed at enhancing its commercial loan offerings. Financial veterans Lee Palm, Brian Shapiro, and Phil Mulder will lead this initiative, focusing on business aviation, trucking, marine financing, and general equipment loans. Palm, who has more than 20 years of experience, will serve as president. Shapiro brings over 35 years in commercial lending, while Mulder has significant experience in credit and risk. This expansion marks a strategic effort to diversify and grow Northwest Bank's capabilities across the eastern United States.

Northwest Bancshares, Inc. (NWBI) reported a net income of $34.6 million for Q4 2022, a 15.3% increase from the previous year, translating to $0.27 per diluted share. The net interest margin improved to 3.57% from 2.89% due to higher interest rates and an effective asset mix. The Board declared a quarterly cash dividend of $0.20 per share, marking 113 consecutive quarters of dividends. However, the provision for credit losses rose to $9.0 million, reflecting economic concerns. Overall, net income for 2022 was $133.7 million, a 13.4% decline from 2021, primarily due to increased credit loss provisions and decreased noninterest income.

Northwest Bancshares, Inc. (NWBI) reported net income of $37.3 million, or $0.29 per diluted share for Q3 2022, reflecting a 6.4% increase from Q3 2021. The annualized return on equity rose to 9.84% from 8.86%. A quarterly cash dividend of $0.20 per share was declared, marking the 112th consecutive quarter of dividends. Net interest income increased 14.6% to $112.7 million, driven by rising interest rates. However, the provision for credit losses rose by 276.6% to $7.7 million, reflecting economic concerns.

On October 6, 2022, Northwest Bank announced the promotion of Jim Colestro to executive vice president of retail lending and business banking. Colestro, who has been with the bank for 15 years, is credited with driving retail lending growth and developing the bank's first virtual lending program. In his new role, he will lead growth initiatives across the bank's footprint. Northwest Bancshares, Inc. (NASDAQ: NWBI) operates 142 branches across four states and offers a variety of banking and financial services.

Northwest Bancshares, Inc. (Nasdaq: NWBI) announced on August 18, 2022 that Louis J. Torchio has been appointed as the new President and CEO, bringing over 31 years of banking experience. He previously held senior positions in major banks and was instrumental in expanding Northwest's lending divisions. William W. Harvey, Jr. has been named Chief Operating Officer, continuing his role as Chief Financial Officer. The company aims to maximize shareholder value and enhance customer service.

Northwest Bancshares reported a net income of $33.4 million, or $0.26 per diluted share for Q2 2022, down 31.7% from $49.0 million in Q2 2021. The annualized return on average shareholders' equity decreased to 8.90% from 12.58%. A dividend of $0.20 per share was declared, marking the 111th consecutive quarter of dividends. The company saw organic loan growth of $200 million and an improved net interest margin of 3.07%. However, noninterest income declined by 44.3% primarily due to the prior year’s insurance sale.

Northwest Bancshares, Inc. and Northwest Bank announce the unexpected passing of Ronald J. Seiffert, their Chairman, President, and CEO, on May 24, 2022. A succession plan has been activated, naming William W. Harvey Jr. as interim CEO and Timothy B. Fannin as interim Chairman. Seiffert, who joined the bank in November 2017, was influential in their strategic direction and community engagement across Pennsylvania, New York, Ohio, and Indiana. His legacy includes a commitment to customer relationships and employee loyalty, vital for maintaining trust during this transition.

Northwest Bancshares, Inc. (NASDAQ: NWBI) reported a net income of $28.3 million for Q1 2022, down 29.7% from $40.2 million a year prior. The earnings per share decreased from $0.32 to $0.22. The company announced a quarterly dividend of $0.20, marking 110 consecutive quarters of dividends with a 5.9% annualized yield. Asset quality improved, with classified loans decreasing by 31.6%. However, net interest income fell by 9.8% due to lower loan balances and yields. Noninterest income also decreased by 19.4%. Expense management showed improvement with a decrease in noninterest expenses by 4.9%.