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Sep 30, 2024
Northwest Bancshares Q3 2024 Earnings Report
Announced third quarter results with net income of $34 million and EPS of $0.26.
Key Takeaways
Northwest Bancshares reported a net income of $34 million, or $0.26 per diluted share, for the quarter ended September 30, 2024. This represents a decrease of $5 million compared to the same quarter last year and an increase of $29 million compared to the prior quarter. The company's net interest margin expanded by 13 basis points to 3.33%, and average deposits grew by $10 million. The Board of Directors declared a quarterly cash dividend of $0.20 per share.
Net income for Q3 2024 was $34 million, or $0.26 per diluted share.
Net interest margin expanded 13 basis points to 3.33%, inclusive of 4bps from an interest recovery.
Average deposits grew $10 million while cost of funds remained stable.
Noninterest expense declined $2 million due to disciplined expense management.
Revenue by Segment
Forward Guidance
The company remains committed to creating long-term value for its shareholders and will continue to return earnings through dividends. They are confident in their strong performance and ongoing optimization of business operations, focused on capitalizing on market opportunities while maintaining prudent risk management practices.
Positive Outlook
- The company will be returning earnings to shareholders through a $0.20 per share dividend for the 120th consecutive quarter.
- The company has financial stability.
- The company has a focus on performance.
- The company has an unwavering focus on delivering sustainable growth.
- The company is focused on capitalizing on market opportunities while maintaining prudent risk management practices.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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