Northwest Bancshares ( (NWBI) ) has realeased its Q3 earnings. Here is a breakdown of the information Northwest Bancshares presented to its investors.
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Northwest Bancshares, Inc., a bank holding company of Northwest Bank, operates across Pennsylvania, New York, Ohio, and Indiana, providing a range of business and personal banking products alongside wealth management services. In its latest earnings report for the third quarter of 2024, the company announced a net income of $34 million or $0.26 per diluted share, marking a decrease from the same quarter last year but a significant increase from the previous quarter. Key financial metrics revealed an expansion in net interest margin by 13 basis points to 3.33%, with average deposits increasing by $10 million while maintaining stable funding costs. Notably, noninterest expenses decreased by $2 million due to disciplined expense management. The board declared a dividend of $0.20 per share, marking the 120th consecutive quarterly dividend. Despite a decrease in net income from the previous year, the company showed resilience, with strategic growth initiatives contributing to improved net interest margin and operational excellence. Looking forward, management expresses confidence in maintaining sustainable growth, focusing on capitalizing on market opportunities while ensuring prudent risk management, ensuring continued shareholder value.
