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Sep 30, 2022
Northwest Bancshares Q3 2022 Earnings Report
Reported an increase in net income and net interest margin expansion.
Key Takeaways
Northwest Bancshares, Inc. reported a net income of $37.3 million, or $0.29 per diluted share, for the quarter ended September 30, 2022. This represents an increase of $2.2 million, or 6.4%, compared to the same quarter last year with net interest margin expanding by 35 basis points.
Net income for the quarter ended September 30, 2022 was $37.3 million, or $0.29 per diluted share.
Net interest income increased by $14.3 million, or 14.6%, to $112.7 million for the quarter ended September 30, 2022, from $98.4 million for the quarter ended September 30, 2021.
Organic loan growth of approximately $241.7 million, or 2.3%, augmented by the purchase of a $67.0 million small business equipment finance pool.
Efficiency ratio improved to 58.4% during the current quarter.
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