Northwest Bancshares Inc. announced net income for the quarter ended Sept. 30 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 Sept. 30 were 8.5% 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.
Compared 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 Sept. 30. The adjusted annualized returns on average shareholders’ equity (non-GAAP) and average assets (non-GAAP) for the quarter ended Sept. 30 were 8.51% and 0.93% compared to 9% and 0.96% for prior quarter.
The company also announced that its board of directors declared a quarterly cash dividend of $0.20 per share payable on Nov. 18 to shareholders of record as of Nov 8. 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 Sept. 30, this represents an annualized dividend yield of approximately 6%.
Louis J. Torchio, president and CEO, said, “Our performance this quarter demonstrates the strength and resilience of our business model. We’ve delivered solid results that underscore our expanding earnings power, driven in large part by improvements in our net interest margin. This positive trajectory reflects our team’s dedication to operational excellence and strategic growth initiatives.”