Northwest Bancshares Q4 net income falls 14.3% to $30.1M; declares $0.20 dividend

Northwest Bancshares, Inc.

2021-FY EPS reported $1.21

Net income Q4 2021: $30.1M ($0.24/sh), down from $35.1M ($0.28/sh) Q4 2020.
Quarterly cash dividend of $0.20/sh declared, payable Feb 14, 2022, record Feb 3, 2022.
Branch optimization: consolidating 12% of branches in Apr 2022; $2.8M severance in Q4, $3.5M expected Q1 2022, annual savings ~$8M starting Q2 2022.
Net interest margin decreased to 2.89% from 3.26%; provision for credit losses net credit of $1.9M.
Classified loans decreased $126.2M (25.8%) to $363.2M; non-performing assets trended downward.

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