WARREN, Pa. - Northwest Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the quarter ended Sept. 30 of $15.7 million, or $0.17 per diluted share.
This represents a decrease of $1.0 million, or 6.1 percent, over the same quarter last year when net income was $16.7 million, or $0.17 per diluted share, and a decrease of $668,000, or 4.1 percent, over the quarter ended June 30 when net income was $16.4 million, or $0.17 per diluted share. The annualized returns on average shareholders' equity and average assets for the current quarter were 5.37 percent and 0.78 percent compared to 5.62 percent and 0.83 percent for the same quarter last year and 5.63 percent and 0.82 percent for the quarter ended June 30.
The company also announced its Board of Directors declared a quarterly cash dividend of $0.12 per share payable on Nov. 15 to shareholders of record as of Nov. 1. This represents the 72nd consecutive quarter in which the company has paid a cash dividend.
"We are pleased to have maintained a stable net interest margin of approximately 3.65 percent over the past year despite ongoing economic uncertainty and the challenges of the prolonged low interest rate environment," President and CEO William J. Wagner said. "Largely contributing to this success was a $177 million, or 3.2 percent, increase in our loan portfolio over the past nine months. Asset quality continues to improve from the beginning of the year with loans 90 or more days delinquent at the lowest level since the second quarter of 2008 and net charge-offs for the quarter down more than 40 percent from the same quarter last year. Finally, we continued to manage our excess capital position during the quarter by repurchasing 183,780 of our common shares at an average price of $12.00 per share."