Northwest Bancshares (NWBI) Declares $0.17 Quarterly Dividend; 4.2% Yield

Northwest Bancshares (NASDAQ: NWBI) declared a quarterly dividend of $0.17 per share, or $0.68 annualized.

The dividend will be payable on November 15, 2018, to stockholders of record on November 1, 2018, with an ex-dividend date of October 31, 2018.

The annual yield on the dividend is 4.2 percent.

In making this announcement, Ronald J. Seiffert, President and CEO, noted, "Overall we were pleased with the third quarter results despite elevated charge-offs and two large commercial loan payoffs. Net charge-offs of $8.3 million were largely impacted by a $4.6 million write down of a land development loan in our western New York region. The remaining loan amount of approximately $8.4 million also negatively impacted our 90 day delinquency for the quarter. In addition, commercial loan growth for the quarter was stunted by two large payoffs totaling approximately $71.0 million, one in our New York region, which was a previously criticized loan, and one in our corporate finance division in the Pittsburgh market which was refinanced by a bond issuance."

Mr. Seiffert continued "Despite these two challenging circumstances, we still experienced an increase in net income from the prior year and the linked second quarter with earnings per share of $0.27. We were particularly pleased with the expansion of our net interest margin by 6 basis points compared to last year as well as with our efficiency ratio dropping below 60.0%."

For a dividend history and other dividend-related data on Northwest Bancshares (NWBI) click here.

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