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Dec 31, 2023
Northwest Bancshares Q4 2023 Earnings Report
Net income decreased compared to the same quarter last year.
Key Takeaways
Northwest Bancshares reported a net income of $29.0 million, or $0.23 per diluted share, for the quarter ended December 31, 2023. This represents a decrease compared to the same quarter last year. The company's loan portfolio grew, and it reallocated assets into more profitable commercial loans. Deposit base remained stable, enabling the reduction of more expensive borrowed funds.
Net income for Q4 2023 was $29.0 million, or $0.23 per diluted share, a decrease from $34.6 million, or $0.27 per diluted share, in the same quarter last year.
Net interest income decreased by $10.7 million, or 9.2%, to $106.3 million.
Noninterest income increased by $1.3 million, or 4.7%, to $29.2 million.
Noninterest expense increased by $1.9 million, or 2.1%, to $90.7 million.
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. These forward-looking statements involve certain risks and uncertainties.
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