Business
Northwest Bancshares, Inc. Announces Second Quarter 2019 Earnings and Quarterly Dividend
WARREN, Pa., July 22, 2019 /PRNewswire/ -- Northwest Bancshares, Inc., (the "Company"), (NasdaqGS: NWBI) announced net income for the quarter ended June 30,
About this update from Northwest Bancshares, Inc.
[{"type":"text","content":"WARREN, Pa., July 22, 2019 /PRNewswire/ -- Northwest Bancshares, Inc., (the \"Company\"), (NasdaqGS: NWBI) announced net income for the quarter ended June 30, 2019 of $26.4 million, or $0.25 per diluted share. This represents an increase of $84,000, or 0.3%, compared to the same quarter last year when net income was $26.3 million or $0.25 per diluted share. The annualized returns on average shareholders' equity and average assets for the quarter ended June 30, 2019 were 8.01% and 1.02% compared to 8.67% and 1.11% for the same quarter last year.\n\n \nThe Company also announced that its Board of Directors declared a quarterly cash dividend of $0.18 per share payable on August 15, 2019 to shareholders of record as of August 1, 2019. This is the 99th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company's stock as of June 30, 2019, this represents an annualized dividend yield of approximately 4.09%.\nIn making this announcement, Ronald J. Seiffert, Chairman, President and CEO, noted, \"We were extremely pleased with loan growth for both the current quarter of 1.9% and for the first six months of the year of 3.5%.\" Mr. Seiffert added that \"despite the expected six basis point decline in our net interest margin during the quarter due to the shape of the yield curve, we believe it is very important to continue to grow and diversify our loan portfolio.\" He continued, \"As the result of strategic investments that we made during the first half of this year, we are extremely well-positioned to focus on sales execution and operating efficiencies for the remainder of 2019. These investments included the successful integration of Union Community Bank, the implementation of nCino as our new commercial loan origination platform and Ellie Mae's Encompass as our new residential mortgage loan origination platform, as well as the staffing of our commercial and residential mortgage loan origination teams.\"\nNet interest income increased by $8.4 million, or 10.0%, to $92.6 million for the quarter ended June 30, 2019, from $84.2 million for the quarter ended June 30, 2018, primarily due to a $12.8 million, or 14.5%, increase in interest income on loans receivable and a $1.0 million, or 31.5%, increase in interest income on mortgage-backed securities. These increases were primarily due to incre...