Business
Northwest Bancshares, Inc. Announces Second Quarter 2022 Earnings and Quarterly Dividend
COLUMBUS, Ohio, July 25, 2022 /PRNewswire/ -- Northwest Bancshares, Inc., (the "Company"), (NasdaqGS: NWBI) announced net income for the quarter ended June
About this update from Northwest Bancshares, Inc.
[{"type":"text","content":"COLUMBUS, Ohio, July 25, 2022 /PRNewswire/ -- Northwest Bancshares, Inc., (the \"Company\"), (NasdaqGS: NWBI) announced net income for the quarter ended June 30, 2022 of $33.4 million, or $0.26 per diluted share. This represents a decrease of $15.5 million, or 31.7%, compared to the same quarter last year, when net income was $49.0 million, or $0.38 per diluted share. The annualized returns on average shareholders' equity and average assets for the quarter ended June 30, 2022 were 8.90% and 0.94% compared to 12.58% and 1.37% for the same quarter last year. Prior year earnings were enhanced by a $25.3 million pre-tax gain on the sale of the Northwest insurance line of business. \n\n \n \n \n \n \n \n\n \nThe Company also announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share payable on August 15, 2022 to shareholders of record as of August 4, 2022. This is the 111th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company's common stock as of June 30, 2022, this represents an annualized dividend yield of approximately 6.0%. \nDuring the second quarter, the Company announced the unfortunate passing of Chairman, President, and Chief Executive Officer, Ronald J. Seiffert, from natural causes. Subsequently, as announced on May 25, 2022, the Northwest Bancshares and Northwest Bank Boards of Directors named the Company's Chief Financial Officer, William W. Harvey Jr,. as interim President and Chief Executive Officer and the Company's Lead Director, Timothy B. Fannin, as interim Chairman of the Board. \nMr. Harvey commented, \"Everyone in the Northwest family is deeply saddened by the unexpected passing of Ron. Ron was such a strong leader during his time at Northwest and he positioned us well for the future. We are committed to carrying out his vision and strategic direction for the company.\"\nIn relation to the quarterly results, Mr. Harvey noted, \"We are pleased with the loan growth momentum generated during the quarter with organic loan growth of approximately $200.0 million, or almost 2.0%, augmented by the purchase of a $50.0 million one-to-four family jumbo mortgage loan portfolio and a $43.0 million small business equipment finance pool. Also, during the quarter our net interest margin expanded by 32bp as a result of both an increase in mar...