Warren, Pa.-based Northwest Bancshares Inc.'s board increased the company's quarterly dividend to 16 cents per share from the previous quarter's 15 cents per share.

The dividend is payable Feb. 16 to shareholders of record as of Feb. 2.

The company is the parent of Northwest Bank.

In an earnings release, the company declared net income of $24.5 million or 24 cents per share during the fourth quarter of 2016, compared to $16.2 million or 16 cents per share in the year-ago period.