Northwest Bancshares Q3 Profit Increases - Quick Facts

(RTTNews) - Northwest Bancshares Inc. (NWBI) reported third quarter net income of $39.2 million, or $0.31 per share, an increase from $37.3 million or $0.29 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share for the third quarter. Analysts' estimates typically exclude special items.

Net interest income decreased by $4.4 million or 3.9% to $108.4 million from last year. This decrease in net interest income resulted primarily from a $37.4 million increase in interest expense as result of increases in both the average balance and average cost of interest-bearing liabilities.

Noninterest income increased by $4.1 million, or 15.2%, to $30.9 million from the prior year.

The company declared a quarterly cash dividend of $0.20 per share payable on November 14, 2023 to shareholders of record as of November 2, 2023.

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