Business
Northwest Bancshares, Inc. Announces Second Quarter 2024 net income of $5 million, or $0.04 per diluted share
The Company's adjusted net operating income was $35 million, or $0.27 per diluted share(1) Previously announced balance sheet restructure successfully
About this update from Northwest Bancshares, Inc.
[{"type":"text","content":"The Company's adjusted net operating income was $35 million, or $0.27 per diluted share(1) \nPreviously announced balance sheet restructure successfully completed\nNet interest margin expands 10 basis points to 3.20%\nCredit quality remains strong\n119th consecutive quarterly dividend of $0.20 per share declared\nCOLUMBUS, Ohio, July 23, 2024 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nNorthwest Bancshares, Inc., (the \"Company\"), (NasdaqGS: NWBI) announced net income for the quarter ended June 30, 2024 of $5 million, or $0.04 per diluted share. This represents a decrease of $28 million compared to the same quarter last year, when net income was $33 million, or $0.26 per diluted share, and a decrease of $24 million compared to the prior quarter, when net income was $29 million, or $0.23 per diluted share. The annualized returns on average shareholders' equity and average assets for the quarter ended June 30, 2024 were 1.24% and 0.13% compared to 8.72% and 0.93% for the same quarter last year and 7.57% and 0.81% from the prior quarter. \nExcluding loss on the sale of investments of $28 million, net of tax, and restructuring expense of $1 million, net of tax, the Company's adjusted net operating income was $35 million, or $0.27 per diluted share for the quarter ended June 30, 2024. This represents an increase of $1 million from the same quarter last year, when adjusted net operating income was $34 million, or $0.27 per diluted share, and an increase of $5 million compared to the prior quarter, where adjusted net operating income was $30 million, or $0.23 per diluted share. The adjusted annualized returns on average shareholders' equity and average assets for the quarter ended June 30, 2024 were 9.00% and 0.96% compared to 9.02% and 0.96% for the same quarter last year and 7.75% and 0.83% from the prior quarter. \nThe Company also announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share payable on August 14, 2024 to shareholders of record as of August 2, 2024. This is the 119th 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, 2024, this represents an annualized dividend yield of approximately 6.9%.\nIn the quarter, as previously disclosed, the Company repositioned its security portfolio by selling 15% of its in...