COLUMBUS, OHIO - Northwest Bancshares Inc. announced net income for the quarter ended Sept. 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 Sept. 30, 2023, were 10.27% and 1.08% compared to 9.84% and 1.05% for the same quarter last year.
The company also announced that its board of directors declared a quarterly cash dividend of $0.20 per share payable on Nov. 14, 2023 to shareholders of record as of Nov. 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 Sept. 30, 2023, this represents an annualized dividend yield of approximately 7.8%.
Louis J. Torchio, president and CEO, said, “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.”