Loading...
•
Dec 31, 2022
Northwest Bancshares Q4 2022 Earnings Report
Announced fourth quarter earnings and quarterly dividend.
Key Takeaways
Northwest Bancshares, Inc. reported a net income of $34.6 million, or $0.27 per diluted share, for the quarter ended December 31, 2022, representing an increase of $4.6 million, or 15.3%, compared to the same quarter last year.
Net income for Q4 2022 was $34.6 million, or $0.27 per diluted share, up 15.3% year-over-year.
Organic loan growth this quarter was $178.9 million, or 1.7%, spread across all loan categories.
Net interest margin expanded by 15 basis points to 3.57%.
Classified loans decreased by $126.9 million, or 34.9%, to $236.2 million.
Forward Guidance
The company is expected to reinvest approximately $16.0 million in annual operating expense savings in the Company's strategic initiatives during 2023.
Positive Outlook
- Strategic initiatives focused on shifting the balance sheet mix.
- Continuing journey as a full-service commercial bank.
- Further buildout of core middle market C&I strategy.
- Scaling small business lending with focus on SBA financing.
- Addition of new equipment finance team with specialty finance expertise.
Challenges Ahead
- Reduction of overall workforce by approximately 12%.
- Optimization of eight offices within the branch network.
- Slowdown in in-branch activity.
- Re-alignment of workforce to correspond with strategic direction.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...