Northwest Bancshares reports Q4 EPS 22c, consensus 22c
The company also announced that its Board of Directors declared a quarterly cash dividend of 17c per share payable on February 15, to shareholders of record as of February 1. This represents a 6.25% increase over the prior quarter and is the 93rd consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the company's common stock as of December 31, this dividend represents an annualized yield of approximately 4.1%.Net interest income increased by $1.3M or 1.6%, to $84.2 million for the quarter ended December 31 from $82.9M for the quarter ended December 31, 2016. The provision for loan losses increased by $4.4M to $6.5M for the quarter ended December 31 from $2.1M for the quarter ended December 31, 2016. This increase is due primarily to higher provisions for consumer loans, which were related to the July 2017 closure of the company's consumer finance subsidiary, as credit quality in other components of the loan portfolio improved. The percentage of total delinquent loans to total loans decreased to 1.51% at December 31 from 1.61% at December 31, 2016 and total nonaccrual loans decreased by $15M, or 19.0%, to $64.5M at December 31 from $79.5M at December 31, 2016.