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Mar 31, 2021
Northwest Bancshares Q1 2021 Earnings Report
Announced first quarter earnings and dividend increase.
Key Takeaways
Northwest Bancshares, Inc. reported a net income of $40.2 million, or $0.32 per diluted share, for the quarter ended March 31, 2021, representing a significant increase compared to the same quarter last year. The company's Board of Directors also increased the quarterly cash dividend by 5.3% to $0.20 per share.
Net income for Q1 2021 was $40.2 million, or $0.32 per diluted share, a substantial increase from $7.9 million, or $0.07 per diluted share, in the same quarter last year.
The Board of Directors increased the quarterly cash dividend by 5.3% to $0.20 per share.
Net interest income increased by $13.2 million, or 15.2%, to $100.5 million.
The provision for credit losses decreased by $33.3 million due to improvements in economic forecasts.
Northwest Bancshares
Northwest Bancshares
Forward Guidance
This release may contain forward-looking statements with respect to the financial condition and results of operations of Northwest Bancshares, Inc. including, without limitations, statements relating to the earnings outlook of the Company. These forward-looking statements involve certain risks and uncertainties.
Challenges Ahead
- Changes in the interest rate environment
- Competitive pressure among financial services companies
- General economic conditions including an increase in non-performing loans
- Changes in legislation or regulatory requirements
- Difficulties in continuing to improve operating efficiencies