Northwest Bancshares reports Q1 adjusted EPS 35c, consensus 30c

Reports Q1 net interest margin 3.70% from 3.69% in previous quarter and 3.87% a year ago. Tangible book value per share was $9.72 from $9.63 last quarter end. CEO Louis Torchio commented, “I am delighted with Northwest’s strong Q1 performance delivering record net income in the company’s 130-year history, more than 16% year-over-year growth, supported by a balanced and consistent performance across the whole bank…On the cost side, our expense management discipline led to a 59.4% efficiency ratio, which was 57.8% on an adjusted basis – non-GAAP -, and our rigorous credit and risk management approach led to a decline in non-performing assets and overall delinquencies this quarter and lower annualized net charge-offs…We have another year of growth ahead of us, with our first financial centers in the Columbus market on track to open this year, and our team already delivering an impact in the market attracting new talent, customers, and deposits. The growing momentum and continuing transformation at Northwest, coupled with our consistent execution across the organization, gives me great confidence in our ability to capitalize on further opportunities for profitable and sustainable core growth.”