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Mar 31, 2020
Northwest Bancshares Q1 2020 Earnings Report
Net income decreased due to CECL adoption and COVID-19 impact.
Key Takeaways
Northwest Bancshares reported a net income of $7.9 million, or $0.07 per diluted share, for the quarter ended March 31, 2020. This represents a decrease compared to the same quarter last year.
Net income for the quarter ended March 31, 2020 was $7.9 million, or $0.07 per diluted share.
The company adopted ASU 2016-13 (CECL) during the quarter, negatively impacting allowance for loan losses, reserve for unfunded commitments and equity.
The estimated economic impact of COVID-19 increased the provision expense for the quarter by approximately $23 million.
The Board of Directors declared a quarterly cash dividend of $0.19 per share payable on May 15, 2020.
Northwest Bancshares
Northwest Bancshares
Forward Guidance
The company did not provide forward guidance in the earnings report.