Loading...
•
Dec 31, 2020
Northwest Bancshares Q4 2020 Earnings Report
Announced Q4 2020 earnings with increased net income compared to the same quarter last year and declared a quarterly dividend.
Key Takeaways
Northwest Bancshares, Inc. reported a net income of $35.1 million, or $0.28 per diluted share, for the quarter ended December 31, 2020. This represents an increase of $9.5 million, or 37.0%, compared to the same quarter last year. The Board of Directors declared a quarterly cash dividend of $0.19 per share.
Net income for Q4 2020 was $35.1 million, or $0.28 per diluted share, up 37.0% from the same quarter last year.
The annualized returns on average shareholders’ equity and average assets for Q4 2020 were 9.00% and 1.01%, respectively.
A quarterly cash dividend of $0.19 per share was declared, payable on February 15, 2021.
The company successfully repurchased approximately 760,000 shares in the fourth quarter at an average price of $12.20.
Northwest Bancshares
Northwest Bancshares
Forward Guidance
Management expressed optimism about 2021, highlighting the launch of a digital strategy, expansion in mortgage banking and dealer services, and the opening of a Loan Production Office in the greater Philadelphia market.
Positive Outlook
- Launching a digital strategy to enhance online banking capabilities.
- Expanding mortgage banking capabilities to all markets.
- Expanding geographic footprint for dealer services' indirect auto and power sports lending.
- Enhancing treasury management services.
- Opening a Loan Production Office in the greater Philadelphia market.