Northwest Bancshares Q1 net income $29M ($0.23 EPS); declares $0.20 dividend; plans securities repositioning

Northwest Bancshares, Inc.

2024-Q1 EPS reported $0.23

Net income $29M ($0.23 diluted EPS) vs $34M ($0.26) in prior year, down 13%.
Quarterly dividend $0.20 per share unchanged; payable May 15 to holders of record May 2.
Planning to sell up to 15% of securities portfolio; expects $40M pre-tax loss ($30M after tax) for yield pickup of 375-400 bps.
Average loans up 4% to $11.35B; deposits up 4% to $11.89B; borrowings down 37% to $470M.
Net interest margin fell to 3.10% from 3.46% due to higher deposit costs.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Northwest Bancshares, Inc. reported First Quarter 2024 results: net income $29 million, EPS $0.23 per diluted share.

Period: First Quarter 2024
Net income: $29 million
EPS: $0.23 per diluted share
Result: reported results

Exact text from the filing

Northwest Bancshares, Inc., (the “Company”), (NasdaqGS: NWBI) announced net income for the quarter ended March 31, 2024 of $29 million, or $0.23 per diluted share.

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Source: SEC EDGAR

accession 0001471265-24-000067

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