Northwest Bancshares Inc. announced net income for the quarter ended Dec. 31 of $33 million, or $0.26 per diluted share. This represents an increase of $4 million compared to the same quarter last year, when net income was $29 million, or $0.23 per diluted share, and a decrease of $1 million compared to the prior quarter, when net income was $34 million, or $0.26 per diluted share. The annualized returns on average shareholders’ equity and average assets for the quarter ended Dec. 31 were 8.2% and 0.91% compared to 7.64% and 0.8% for the same quarter last year and 8.5% and 0.93% from the prior quarter.
The company also announced that its board of directors declared a quarterly cash dividend of $0.20 per share payable on Feb. 14 to shareholders of record as of Feb. 3. This is the 121st consecutive quarter in which the company has paid a cash dividend, according to the release from Northwest. Based on the market value of the company’s common stock as of Dec. 31, this represents an annualized dividend yield of approximately 6.1%.
Remarking on the results, president and CEO Louis J. Torchio said, “We are pleased with our fourth quarter earnings, which demonstrate the success of our business model focused on strategic growth and transformation. Our focus on commercial banking and deposit growth has delivered an increase in average C&I loans and sustainable deposit generation while maintaining a stable cost of funds. We’ve entered 2025 with significant momentum driven by improvements in our net interest margin and efficiency ratio, thanks to the commitment of our entire team to produce results while managing risks and taking care of our customers.”