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Dec 31, 2021
Northwest Bancshares Q4 2021 Earnings Report
Net income decreased compared to the same quarter last year.
Key Takeaways
Northwest Bancshares, Inc. reported a net income of $30.1 million, or $0.24 per diluted share, for the quarter ended December 31, 2021. This represents a decrease compared to the same quarter last year. The company's earnings were enhanced by the release of credit loss reserves and a downward trend in non-performing assets.
Net income for Q4 2021 was $30.1 million, or $0.24 per diluted share.
Net interest income decreased by $6.2 million, or 6.1%, to $96.7 million.
Noninterest income decreased by $5.1 million, or 15.8%, to $27.0 million.
Noninterest expense decreased $6.6 million, or 7.1%, to $86.3 million.
Forward Guidance
The company expects to consolidate 12% of its branch offices in April 2022 and anticipates $8.0 million in annual operating expense savings beginning in the second quarter of 2022.
Positive Outlook
- Anticipated $8.0 million in annual operating expense savings beginning in Q2 2022.
- Branch optimization expected to improve efficiency.
- Expenses remained well-contained heading into 2022.
- Non-performing and classified assets continued to trend downward in 2021.
- Delinquencies continued to trend downward in 2021.
Challenges Ahead
- Net interest spread declined due to excess liquidity position.
- Net interest margin declined due to excess liquidity position.
- Overall in-branch transaction volumes declined in 2021.
- Mortgage banking income decreased due to less favorable pricing in the secondary market.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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