Business
Northwest Bancshares, Inc. Announces Third Quarter 2024 net income of $34 million, or $0.26 per diluted share
Net interest margin expands 13 basis points to 3.33%, inclusive of 4bps from an interest recovery Average deposits grew $10 million while cost of funds
About this update from Northwest Bancshares, Inc.
[{"type":"text","content":"Net interest margin expands 13 basis points to 3.33%, inclusive of 4bps from an interest recovery\nAverage deposits grew $10 million while cost of funds remained stable\nNoninterest expense declines $2 million due to disciplined expense management\n120th consecutive quarterly dividend of $0.20 per share declared\nCOLUMBUS, Ohio, Oct. 29, 2024 /PRNewswire/ -- Northwest Bancshares, Inc., (the \"Company\"), (NasdaqGS: NWBI) announced net income for the quarter ended September 30, 2024 of $34 million, or $0.26 per diluted share. This represents a decrease of $5 million compared to the same quarter last year, when net income was $39 million, or $0.31 per diluted share, and an increase of $29 million compared to the prior quarter, when net income was $5 million, or $0.04 per diluted share. The annualized returns on average shareholders' equity and average assets for the quarter ended September 30, 2024 were 8.50% and 0.93% compared to 10.27% and 1.08% for the same quarter last year and 1.24% and 0.13% from the prior quarter. \n\n \n \n \n \n \n \n\n \nCompared to adjusted net operating income (non-GAAP) of $35 million, or $0.27, per diluted share in the prior quarter, adjusted net operating income (non-GAAP) decreased by $1 million to $34 million, or $0.26, per diluted share for the quarter ended September 30, 2024. This decrease was driven by an increase in provision expense which was $5 million for the quarter ended September 30, 2024 compared to $(0.4) million for the quarter ended June 30, 2024. The adjusted annualized returns on average shareholders' equity (non-GAAP) and average assets (non-GAAP) for the quarter ended September 30, 2024 were 8.51% and 0.93% compared to 9.00% and 0.96% for prior quarter.\nThe Company also announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share payable on November 18, 2024 to shareholders of record as of November 8, 2024. This is the 120th 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, 2024, this represents an annualized dividend yield of approximately 6.0%.\nLouis J. Torchio, President and CEO, added, \"Our performance this quarter demonstrates the strength and resilience of our business model. We've delivered solid results that underscore our expanding earnings powe...