Northwest Bancshares Inc Md Stock Price, News & Analysis

Northwest Bancshares, Inc. (NASDAQ: NWBI) has announced its upcoming third-quarter 2024 earnings call, scheduled for Tuesday, October 29 at 9:00 a.m. (EDT). The financial results will be released at approximately 7:30 a.m. (EDT) on the same day. Investors and interested parties can access the live audio webcast and presentation slides on the company's website under the Investor Relations section.

The earnings results will be communicated through various channels, including social media platforms and a press release. Additionally, the results will be filed with the SEC on Form 8-K. For those wishing to participate in the conference call, registration is available through a provided link. A replay of the call will be accessible via webcast on the company's website.

Northwest Bank has lowered its prime lending rate from 8.50% to 8.0%, effective September 19, 2024. This reduction in the prime rate, which serves as a benchmark for various types of loans, could potentially impact borrowing costs for consumers and businesses. The decision to lower the prime rate may reflect changes in the broader economic environment or monetary policy shifts.

Northwest Bank has appointed Sean Morrow as Interim Treasurer, effective August 23, replacing Jeffrey Maddigan. Morrow, with nearly 20 years of financial experience, will oversee the bank's treasury function, including managing interest rate, liquidity, and capital efforts. He joined Northwest seven years ago and most recently served as assistant treasurer.

CFO Doug Schosser expressed confidence in Morrow's ability to ensure a seamless transition. Morrow holds a bachelor's degree in business administration from SUNY Buffalo and an MBA from St. Bonaventure University. He is actively involved in community organizations, serving on the Board of Directors for Torn Space Theater and the Loan Committee for the Westminster Economic Development Initiative.

Northwest Bank has appointed Joseph Canfield as its new Chief Accounting Officer. In this role, Canfield will oversee accounting operations, the SOX program, external reporting, and accounts payable. He will also support the transformation of the bank's Accounting Department by implementing new systems to leverage automation and use business data for timely insights.

Canfield brings over 25 years of leadership experience in finance and operations across various sectors. He previously served as Senior Vice President and Director of Accounting Operations at Huntington National Bank. Canfield, a certified public accountant, is a graduate of Miami University, the University of Pennsylvania's Wharton Leadership Program, and the ABA Stonier School of Banking.

Northwest Bancshares (NWBI) reported Q2 2024 net income of $5 million, or $0.04 per diluted share, down from $33 million in Q2 2023. Adjusted net operating income was $35 million, or $0.27 per diluted share. The company completed a previously announced balance sheet restructure, resulting in a $39 million pre-tax loss on the sale of investments. Net interest margin expanded 10 basis points to 3.20%. Average loans receivable increased 2.7% year-over-year, driven by commercial banking growth. Average deposits grew 5.8% from Q2 2023. The company declared its 119th consecutive quarterly dividend of $0.20 per share. Credit quality remained strong, with classified loans at 2.26% of total loans.

Northwest Bancshares will host a conference call to review its Q2 2024 financial results on July 23 at 9:00 a.m. EDT. The results will be released at 7:00 a.m. EDT the same day. The live audio webcast and presentation slides will be available on the company’s Investor Relations website. The financial results will also be filed with the SEC on Form 8-K and shared via social media and PR Newswire. Public registration for the conference call is available online, with replay access provided on the Investor Relations site.

Northwest Bank has appointed Urich Bowers as its new Chief Consumer Banking and Strategy Officer, succeeding John Golding. Bowers, who brings nearly 25 years of banking experience from his previous role at PNC Financial Services Group, will join the executive leadership team at Northwest Bank. His past roles include Head of Consumer Products, Strategy and Innovation at PNC, where he managed a $200 billion portfolio and developed several patented financial products. Bowers will oversee the Consumer Bank division, comprising 1,100 employees and 131 financial centers across four states. CEO Louis J. Torchio expressed confidence in Bowers' ability to drive growth and innovation within the consumer banking sector.