Northwest Bancshares Q2 net income $33.4M ($0.26/share), down 31.7% YoY; declares $0.20 dividend

Northwest Bancshares, Inc.

2022-Q2 EPS reported $0.49

Net income $33.4M ($0.26 diluted EPS) vs $49.0M ($0.38) in Q2 2021, down 31.7% partly due to prior-year insurance sale gain of $25.3M pre-tax.
Organic loan growth of ~$200M (2%) plus $50M jumbo mortgage pool and $43M equipment finance; net interest margin expanded 32bp to 3.07%.
Asset quality improved: nonperforming loans $100M, classified loans $277.4M, net charge-offs 0.14% annualized, provision $2.6M.
Board declared $0.20 quarterly dividend, payable Aug 15 to Aug 4 record, 111th consecutive quarter, ~6% annualized yield.
Following CEO's passing, CFO William Harvey Jr. named interim CEO; Lead Director Fannin interim Chairman.

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