Business
Northwest Bancshares, Inc. Announces First Quarter 2019 Earnings and Quarterly Dividend
WARREN, Pa., April 17, 2019 /PRNewswire/ -- Northwest Bancshares, Inc., (the "Company"), (NasdaqGS: NWBI) announced net income for the quarter ended March 31,
About this update from Northwest Bancshares, Inc.
[{"type":"text","content":"WARREN, Pa., April 17, 2019 /PRNewswire/ -- Northwest Bancshares, Inc., (the \"Company\"), (NasdaqGS: NWBI) announced net income for the quarter ended March 31, 2019 of $25.0 million, or $0.24 per diluted share. This represents an increase of $59,000, or 0.2%, compared to the same quarter last year when net income was also $25.0 million or $0.24 per diluted share. The annualized returns on average shareholders' equity and average assets for the quarter ended March 31, 2019 were 7.96% and 1.03% compared to 8.40% and 1.08% for the same quarter last year. Earnings during the current quarter were impacted by $1.9 million of expense associated with the acquisition and integration of Union Community Bank (\"UCB\") on March 8, 2019. Excluding these costs, net income was approximately $26.4 million, or $0.25 per diluted share.\n\n \nThe Company also announced that its Board of Directors declared a quarterly cash dividend of $0.18 per share payable on May 16, 2019, to shareholders of record as of May 2, 2019. This is the 98th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company's stock as of March 31, 2019, this represents an annualized dividend yield of approximately 4.25%.\nIn making this announcement, Ronald J. Seiffert, Chairman, President and CEO, noted, \"We are very pleased to report the successful integration of Union Community Bank with Northwest Bank, which occurred on March 8, 2019. Union Community brings $537.9 million of assets, including approximately $408.0 million of loans, almost $480 million of deposits and 14,700 new households. In addition to this accomplishment, our internal loan growth exceeded $110.5 million, or almost 1.4%, for the quarter. This loan growth was funded entirely with internal deposit growth which increased $219.0 million, or 2.8%, during the first quarter. Lastly, we continue to be pleased with the expansion of our net interest margin, which increased to 3.97% despite the market interest rate challenges of a flattening yield curve.\"\nNet interest income increased by $6.2 million, or 7.6%, to $88.0 million for the quarter ended March 31, 2019, from $81.8 million for the quarter ended March 31, 2018, primarily due to a $9.7 million, or 11.4%, increase in interest income on loans receivable and a $952,000, or 31.6%, increase in interest income on ...