Business
Northwest Bancshares, Inc. Announces Third Quarter 2021 Earnings and Quarterly Dividend
WARREN, Pa., Oct. 25, 2021 /PRNewswire/ -- Northwest Bancshares, Inc. (the "Company") (NasdaqGS: NWBI) announced net income for the quarter ended September
About this update from Northwest Bancshares, Inc.
[{"type":"text","content":"WARREN, Pa., Oct. 25, 2021 /PRNewswire/ -- Northwest Bancshares, Inc. (the \"Company\") (NasdaqGS: NWBI) announced net income for the quarter ended September 30, 2021 of $35.1 million, or $0.27 per diluted share. This represents a decrease of $3.0 million, or 7.9%, compared to the same quarter last year, when net income was $38.1 million, or $0.30 per diluted share. The annualized returns on average shareholders' equity and average assets for the quarter ended September 30, 2021 were 8.86% and 0.97% compared to 9.82% and 1.09% for the same quarter last year. \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 November 15, 2021 to shareholders of record as of November 5, 2021. This is the 108th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company's common stock as of September 30, 2021, this represents an annualized dividend yield of approximately 6.0%. \nIn making this announcement, Ronald J. Seiffert, Chairman, President and CEO, noted, \"We were pleased to see that, absent the approximately $125.0 million of PPP loan forgiveness/payoffs this quarter, loans outstanding grew approximately $14.0 million, or 0.14%. In addition, $17.2 million of classified loans refinanced out of the bank which contributed to the $30.3 million decrease in nonperforming assets while our delinquencies continue to remain very low. As a result of these credit improvements, we continued to release credit loss reserves that were built up last year during COVID-19.\"\nMr. Seiffert continued \"Although challenges continue with net interest income due to the low interest rate environment and falling yields, interest income during the current quarter was augmented by $4.0 million of PPP fee accretion. In addition, noninterest income stabilized during the most recent quarter having absorbed approximately $1.0 million less per month in interchange revenue since August of last year as a result of the negative impact of the Durbin amendment for all institutions with over $10.0 billion in assets. Finally, core noninterest expense has remained flat over the last five quarters as the result of our continued efforts focused on expense control.\"\nNet interest income decreased by $5.1 million, or 4.9%, to $98.4 million ...