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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.
Pablo Vegas has been elected to the Board of Directors of Northwest Bancshares, Inc. (NWBI) as its 12th member, effective immediately. Mr. Vegas, currently the COO and President of Utilities at NiSource, brings extensive experience in regulated industries to the board. His diverse skill set encompasses strategy, technology, and operations, which will enhance the board's oversight in a complex industry landscape. Vegas's previous roles include leadership positions at AEP and IBM. His commitment to economic development aligns with Northwest Bancshares' mission.
Northwest Bancshares, Inc. (NWBI) reported net income of $30.1 million for Q4 2021, a 14.3% decline from $35.1 million in Q4 2020. Earnings per share decreased to $0.24. The annualized return on average equity and assets were 7.65% and 0.82%, down from 9.00% and 1.01% year-over-year. The company declared a quarterly cash dividend of $0.20 per share. Net interest income also fell by 6.1% to $96.7 million, attributed to a decrease in loan balances and yields. Despite a reduction in credit losses, noninterest income dropped 15.8%, mainly due to lower mortgage banking income.
Northwest Bancshares reported a net income of $35.1 million for Q3 2021, down 7.9% from Q3 2020. This translates to $0.27 per diluted share. The annualized returns on equity and assets decreased to 8.86% and 0.97%, respectively. The Board declared a quarterly dividend of $0.20 per share, marking the 108th consecutive quarter of dividends. Net interest income fell 4.9% to $98.4 million, largely due to the lower balance of loans. Noninterest income also decreased by 20.4% to $29.2 million.
Northwest Bancshares reported a net income of $49.0 million for the quarter ended June 30, 2021, reflecting a significant recovery from a net loss of $6.2 million in the same quarter last year. Earnings per diluted share were $0.38. The company attributed this improvement partly to a $25.3 million pre-tax gain from the sale of its insurance business. However, net interest income decreased by 2.4% to $95.7 million, impacted by a low interest rate environment. The company declared a cash dividend of $0.20 per share, marking the 107th consecutive quarterly dividend.
Northwest Bancshares, Inc. (NWBI) reported a net income of $40.2 million or $0.32 per diluted share for Q1 2021, significantly up from $7.9 million or $0.07 in Q1 2020. The annualized returns on average assets and equity were 1.17% and 10.61%. The quarterly cash dividend was increased by 5.3% to $0.20 per share. Improvements were noted in fee income and a decrease in credit loss provisions. However, total classified loans rose to $467.7 million, impacted by COVID-19. Net interest income increased by 15.2% to $100.5 million, despite a drop in net interest margin.
Northwest Bank has entered a definitive agreement to sell its insurance business, Northwest Insurance Services, to USI Insurance Services. This subsidiary offers various insurance products, including property and casualty, life, and employee benefits. The sale aims to enhance service capabilities and expand expertise in Pennsylvania and New York. The transaction is expected to close in early Q2 2021, pending customary conditions. Northwest Bank's leadership expresses confidence in USI's management and its commitment to client service, anticipating a fruitful partnership.
Northwest Bancshares, Inc. (NASDAQ: NWBI) reported a net income of $35.1 million for Q4 2020, a 37% increase from $25.6 million in Q4 2019. This equates to $0.28 per diluted share. Annual returns on average shareholders' equity and assets improved to 9.00% and 1.01%, respectively. A quarterly dividend of $0.19 per share was declared, marking 105 consecutive quarters of dividends. Despite a 32.2% annual decline in net income to $74.9 million, driven by higher credit loss provisions due to COVID-19, net interest income grew by 15.7% to $102.9 million. Noninterest expenses rose by 21.3% to $92.8 million.
Northwest Bancshares, Inc. (NWBI) reported a net income of $38.1 million for Q3 2020, reflecting a 13.9% increase from $33.4 million in Q3 2019. Diluted earnings per share were $0.30, down from $0.31. Non-GAAP net income adjusted for COVID-19 provisions was $40.1 million ($0.32 per diluted share), a 20.0% rise. Total classified loans increased 54.4% to $457.8 million, primarily due to the hospitality sector. The Board declared a $0.19 cash dividend, marking 104 consecutive quarters of dividends. Net interest income climbed 13.9% to $103.5 million. However, net interest margin decreased to 3.26% from 3.79% in the prior year.
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