Northwest Bancshares, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 23, 2023 at 09:00 am EDT
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Northwest Bancshares, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 108.37 million compared to USD 112.75 million a year ago. Net income was USD 39.22 million compared to USD 37.3 million a year ago. Basic earnings per share from continuing operations was USD 0.31 compared to USD 0.29 a year ago. Diluted earnings per share from continuing operations was USD 0.31 compared to USD 0.29 a year ago.
For the nine months, net interest income was USD 329.38 million compared to USD 303.64 million a year ago. Net income was USD 105.94 million compared to USD 99.02 million a year ago. Basic earnings per share from continuing operations was USD 0.83 compared to USD 0.78 a year ago. Diluted earnings per share from continuing operations was USD 0.83 compared to USD 0.78 a year ago.
Northwest Bancshares, Inc. is a bank holding company of Northwest Bank (the Bank). Northwest Bank is a Pennsylvania-chartered savings bank. The Bank is a community-oriented financial institution offering personal and business banking solutions, investment management and trust services. The Banks principal lending activities are the origination of loans secured by first mortgages on owner-occupied, one-to-four-family residences, shorter term consumer loans, and commercial business and commercial real estate loans. Its principal sources of funds for lending activities include deposits, borrowings, repayments on loans, cash flows from investment and mortgage-backed securities and income provided from operations. It offers other consumer loans, such as direct and indirect automobile loans, sales finance loans, credit card loans, and others. The Bank has approximately 142 community-banking locations throughout its market area in Pennsylvania, western New York, eastern Ohio, and Indiana.