Business
Northwest Bancshares, Inc. Announces Third Quarter 2023 Earnings and Quarterly Dividend
COLUMBUS, Ohio, Oct. 23, 2023 /PRNewswire/ -- Northwest Bancshares, Inc., (the "Company"), (NasdaqGS: NWBI) announced net income for the quarter ended
About this update from Northwest Bancshares, Inc.
[{"type":"text","content":"COLUMBUS, Ohio, Oct. 23, 2023 /PRNewswire/ -- Northwest Bancshares, Inc., (the \"Company\"), (NasdaqGS: NWBI) announced net income for the quarter ended September 30, 2023 of $39.2 million, or $0.31 per diluted share. This represents an increase of $1.9 million, or 5.1%, compared to the same quarter last year, when net income was $37.3 million, or $0.29 per diluted share. The annualized returns on average shareholders' equity and average assets for the quarter ended September 30, 2023 were 10.27% and 1.08% compared to 9.84% and 1.05% 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 14, 2023 to shareholders of record as of November 2, 2023. This is the 116th 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, 2023, this represents an annualized dividend yield of approximately 7.8%.\nLouis J. Torchio, President and CEO, added, \"Despite the economic, liquidity and interest rate headwinds, we are very pleased with current quarter results including strong net income of $39.2 million, or $0.31 per share. While net interest margins are still a challenge for the industry, we are encouraged by our decline of just five basis points during the quarter. Expenses were higher as we continue to hire the talent and build out the infrastructure necessary to propel the organization to a higher level of performance. Finally, asset quality remains positively resilient and overall stable.\"\nMr. Torchio continued, \"We continue to execute upon our strategic direction of transforming our organization into a more innovative and proactive commercial institution. Our year-to-date commercial loan growth of $480.0 million, or 12.1%, has pushed our overall commercial loan mix from 36% of total loans at the beginning of the year to over 39% at September 30. In addition, noninterest income represented over 22% of total revenue in the current quarter compared to just 19% during the same quarter last year. From a funding perspective, our deposit base remains strong and stable, and we have the advantage of being able to redirect cashflows from investment securities, mortgage loans and consumer loans to continue to grow more profitable ...