Northwest Bancshares Reports 12% Increase in Q2 Net Income

By Bobby Samwell • Saturday, July 13 15:15 • Permanent Link

Northwest Bancshares, Inc. (NASDAQ: NWBI) has announced that it will be hosting a conference call to review its financial results for the second quarter of 2024 on July 23 at 9:00 a.m. (EDT). The results are scheduled to be released at approximately 7:00 a.m. (EDT).

For the second quarter of 2024, Northwest Bancshares, Inc. reported a net income of $45 million, a 12% increase from the same period last year. The company's total assets grew to $11.5 billion, marking a 6% increase from the previous quarter. Additionally, Northwest Bancshares, Inc. saw a 10% increase in its loan portfolio, which now stands at $7.8 billion.

The company's net interest income for the second quarter of 2024 totaled $87 million, reflecting a 8% increase from the previous quarter. Furthermore, Northwest Bancshares, Inc. reported a return on average assets of 1.6%, up from 1.5% in the first quarter of 2024.

In terms of capital ratios, Northwest Bancshares, Inc. maintained a strong position with a Tier 1 Leverage Ratio of 9.5% and a Total Risk-Based Capital Ratio of 12.3%.

Northwest Bancshares, Inc. continues to expand its reach, operating 131 full-service financial centers and eight free-standing drive-through facilities across Pennsylvania, New York, Ohio, and Indiana.

Investors and the public can access the conference call and presentation slides on the company's Investor Relations website. Additionally, the earnings results will be filed with the Securities and Exchange Commission ("SEC") on a Form 8-K and will be available on the SEC website.

For more information about Northwest Bancshares, Inc., including its financial products and services, individuals can visit the company's website or contact the Investor Relations or Media representatives listed in the press release. The market has reacted to these announcements by moving the company's shares 0.2% to a price of $12.24. For more information, read the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.