Loading...
•
Jun 30, 2020
Northwest Bancshares Q2 2020 Earnings Report
Announced a net loss due to COVID-related loan loss provisions, MutualBank acquisition costs, and CECL implementation.
Key Takeaways
Northwest Bancshares, Inc. reported a net loss of $6.2 million for the quarter ended June 30, 2020, a decrease of $32.6 million compared to the same quarter last year. The loss was primarily driven by COVID-related loan loss provisions, MutualBank acquisition costs, and the implementation of CECL.
Net loss for the quarter ended June 30, 2020 was $6.2 million, or $(0.05) per diluted share.
Net interest income increased by $5.5 million, or 5.9%, to $98.1 million.
Noninterest income increased by $12.1 million, or 51.9%, to $35.5 million, primarily due to an increase in mortgage banking income.
The Board of Directors declared a quarterly cash dividend of $0.19 per share.
Northwest Bancshares
Northwest Bancshares
Northwest Bancshares Revenue by Segment
Revenue by Segment
Loans Receivable Revenue
CapyFin.comMortgage-Backed Securities Revenue
CapyFin.comTaxable Investment Securities Revenue
CapyFin.comTax-Free Investment Securities Revenue
CapyFin.comFHLB Dividends Revenue
CapyFin.comInterest-Earning Deposits Revenue
CapyFin.com Forward Guidance
Assuming the current economic environment remains stable, Northwest Bancshares believes they have adequately provided for potential future losses and are well-positioned for the remainder of the year with strong core quarterly earnings.
Positive Outlook
- Adequately provided for potential future losses during the first half of the year.
- Possess a robust capital position which has enabled maintenance of regular quarterly cash dividend.
- All branch offices have been re-opened for business as usual.
- Core quarterly earnings of approximately $30.2 million are strong.