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Sep 30, 2021
Northwest Bancshares Q3 2021 Earnings Report
Net income decreased due to lower net interest income and noninterest income, partially offset by a decrease in noninterest expense.
Key Takeaways
Northwest Bancshares reported a net income of $35.1 million, or $0.27 per diluted share, for the quarter ended September 30, 2021. This represents a decrease of $3.0 million, or 7.9%, compared to the same quarter last year. The decrease was primarily due to lower net interest income and noninterest income, partially offset by a decrease in noninterest expense.
Net income for the quarter ended September 30, 2021 was $35.1 million, or $0.27 per diluted share.
Loans outstanding grew approximately $14.0 million, or 0.14%, absent the approximately $125.0 million of PPP loan forgiveness/payoffs this quarter.
$17.2 million of classified loans refinanced out of the bank which contributed to the $30.3 million decrease in nonperforming assets while delinquencies continue to remain very low.
Core noninterest expense has remained flat over the last five quarters as the result of continued efforts focused on expense control.
Revenue by Segment
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 an increase in non-performing loans
- Changes in legislation or regulatory requirements
- Difficulties in continuing to improve operating efficiencies
Historical Earnings Impact
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Avg. Return Before/After Earnings
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