secwatch.observer — SEC 8-K summary
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Issuer:     Northwest Bancshares, Inc. (NWBI)
CIK:        0001471265
Form:       8-K
Filed at:   2024-04-22T23:59:59+00:00
Accession:  0001471265-24-000067
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1471265/000147126524000067/0001471265-24-000067-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1471265/000147126524000067/nwbi-20240422.htm
  HTML page:      https://secwatch.observer/filing/0001471265-24-000067

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