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Northwest Bancshares Q3 net income jumps 20.5% YOY

Northwest Bancshares Inc. reported third-quarter net income of $33.4 million, or 31 cents per share, jumping 20.5% from $27.7 million, or 27 cents per share, a year ago.

Total deposits at the end of the third quarter amounted to $8.68 billion, up from $7.95 billion a year ago.

Total loans receivable at the end of the third quarter stood at $8.85 billion, up from $8.00 billion a year ago.

Net interest income for the third quarter was $90.9 million, down from $92.6 million in the preceding quarter, but higher than the $85.8 million in the year-ago quarter.

Net interest margin was pegged at 3.79% for the third quarter, compressing from 3.91% in the second quarter and 3.92% in the same quarter last year. The inverted yield curve was the primary driver behind the lower margin, according to the company.

Allowance for loan losses was $52.9 million as of Sept. 30, compared with $53.1 million as of June 30 and $56.0 million a year ago.

Net charge-offs to average loans, on an annualized basis, was 0.16% as of Sept. 30, compared with 0.34% as of June 30 and 0.42% at the end of the year-ago quarter.