Brief: Northwest Bancshares Inc Posts Qtrly Net Income Of $0.27 Per Diluted Share

Northwest Bancshares

23/01/2023 14:09

Jan 23 (Reuters) - Northwest Bancshares Inc  NWBI.O :
    * QTRLY NET INCOME OF $0.27 PER DILUTED SHARE
    * Q4 EARNINGS PER SHARE VIEW $0.31 -- REFINITIV IBES DATA
    * GENERATED $4.2 MILLION SEVERANCE, RESTRUCTURING COSTS IN
Q4 WITH
AN ADDITIONAL $3.2 MILLION EXPECTED TO BE RECOGNIZED IN Q1 OF
2023
    * NORTHWEST BANCSHARES-MEASURES TO REDUCE WORKFORCE BY ABOUT
12%,
GENERATE ABOUT $16.0 MILLION IN ANNUAL OPERATING EXPENSE SAVINGS
BEGINNING Q2 2023
    * NET INTEREST INCOME INCREASED BY $20.4 MILLION, OR 21.1%,
TO
$117.0 MILLION FOR QUARTER ENDED DECEMBER 31, 2022
    * PROVISION FOR CREDIT LOSSES INCREASED BY $10.9 MILLION,
REFLECTING AN EXPENSE OF $9.0 MILLION FOR CURRENT QUARTER ENDED
DEC 31, 2022

Source text for Eikon:  ID:nPn2DCwgXa 
Further company coverage:  NWBI.O 
 ((Reuters.Briefs@thomsonreuters.com;))