Northwest Bancshares Q1 net income falls 29.7% to $28.3M; declares $0.20 dividend

Northwest Bancshares, Inc.

2022-Q1 EPS reported $0.22

Net income $28.3M ($0.22 diluted EPS) vs $40.2M ($0.32) in Q1 2021, down 29.7%.
Net interest income $90.6M (-9.8% YoY); net interest margin 2.75% vs 3.18%.
Purchased $72M equipment finance pool and $138M jumbo mortgage package to deploy liquidity.
Asset quality improved: classified loans down $147.9M; delinquency 0.74% below pre-pandemic levels.
Board declares $0.20 quarterly dividend (110th consecutive), payable May 16, record May 5.

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