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Northwest Bancshare Q3 net income $38.1 million

Christian Fernsby ▼ | October 26, 2020
Northwest Bancshare announced net income for the quarter ended September 30, 2020 of $38.1 million.
Northwest Bancshare
Northwest Bancshare   This represents an increase compared to the same quarter last year
This represents an increase compared to the same quarter last year.

Topics: Northwest Bancshare

The annualized returns on average shareholders' equity and average assets for the quarter ended September 30, 2020 were 9.82% and 1.09% compared to 9.90% and 1.25% for the same quarter last year.

In making this announcement, Ronald J. Seiffert, Chairman, President and CEO, noted, "We are very pleased with the many positive results in the current quarter beginning once again with strong fee income led by our mortgage banking operations.

"We are also delighted to report that our credit loss provision decreased significantly from the first and second quarters, as expected, and essentially mirrored net charge-offs in the third quarter.

"From a credit quality perspective, delinquencies continue to be well maintained and loans requesting payment deferrals have decreased significantly from last quarter from $1.312 billion, or 12.1% of the loan portfolio, at June 30, 2020 to just $212.7 million, or 2.0%, at September 30, 2020.

"Although classified assets jumped by $161.3 million, or 54.4%, during the quarter to $457.8 million, over 45% of total classified assets are in the hotel/hospitality industry with virtually all the increase attributable to downgrades in this sector as second deferral requests were considered."