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Mar 31, 2023
Northwest Bancshares Q1 2023 Earnings Report
Announced first quarter 2023 earnings and quarterly dividend.
Key Takeaways
Northwest Bancshares, Inc. reported a net income of $33.7 million, or $0.26 per diluted share, for the quarter ended March 31, 2023, representing an increase of $5.4 million, or 19.1%, compared to the same quarter last year.
Net income for the quarter ended March 31, 2023 was $33.7 million, or $0.26 per diluted share.
Loan growth of $171.8 million, or 1.6%, was primarily in commercial loan portfolios.
Deposit base increased $72.6 million from the prior quarter.
Net interest margin tightened, declining by 10 basis points to 3.47%.
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.
Challenges Ahead
- changes in the interest rate environment
- competitive pressure among financial services companies
- general economic conditions including inflation and an increase in non-performing loans
- changes in legislation or regulatory requirements
- difficulties in continuing to improve operating efficiencies