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Northwest Bancshares, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total assets of $14.4 billion, a decrease of $65 million from December 31, 2023. This decrease is attributed to a reduction in personal banking loans receivable, partially offset by increases in cash and cash equivalents, marketable securities, and commercial banking loans receivable.
Cash and cash equivalents increased by $105 million, or 86%, to $227 million at September 30, 2024, driven by growth in deposits and a focus on profitability and credit discipline.
Total marketable securities increased slightly to $1.9 billion, with available-for-sale securities rising by $69 million and held-to-maturity securities decreasing by $48 million.
Gross loans receivable decreased by $110 million, or 1%, to $11.3 billion, with personal banking loans decreasing by $359 million and commercial banking loans increasing by $248 million.
Total deposits increased by $91 million, or 1%, to $12.1 billion, driven by a $107 million increase in time deposits and a $42 million increase in interest demand deposit accounts.
Net income for the quarter was $34 million, or $0.26 per diluted share, a decrease of $6 million from the previous year. This decrease was primarily due to a $4 million increase in the provision for credit losses and a $3 million decrease in noninterest income.
Net interest income for the quarter was $111 million, a 3% increase from the previous year, driven by higher earning asset yields.
The provision for credit losses increased by $4 million from the previous year, reflecting growth in the commercial lending portfolio and changes in economic forecasts.
Noninterest income decreased by $3 million, or 10%, due to a decline in income from bank-owned life insurance.
Noninterest expense increased by $3 million, or 4%, primarily due to an increase in compensation and employee benefits expense.
The provision for income taxes decreased by $2 million from the previous year, primarily due to lower income before income taxes.
Northwest Bancshares continues to monitor interest rate risk, with a focus on managing the re-pricing periods of assets and liabilities to control sensitivity to interest rate changes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Northwest Bancshares Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.