Q2 2024 Northwest Bancshares Inc Earnings Call Transcript
Key Points
- Northwest Bancshares Inc (NWBI) reported net income of $5 million or $0.04 per diluted share for the second quarter of 2024.
- The company successfully restructured its securities portfolio, resulting in a yield pickup of over 420 basis points.
- Commercial and industrial loans grew by 3.2% since last quarter and 33.4% since the same quarter last year.
- Deposits grew by 1.6% since the last quarter and 5.8% since the same period last year.
- Net interest margin improved to 320 basis points, a 10-basis-point improvement from the first quarter.
- Loan growth was muted this quarter as the company focused on improving new loan yield rather than seeking aggressive loan growth.
- The company incurred a loss of $39.4 million pretax from the sale of $314 million or 15% of its portfolio during the securities restructuring.
- Non-performing assets saw a slight increase, indicating some stress in the portfolio.
- The cost of deposits grew by 15 basis points, although it was the lowest increase in the past five quarters.
- The company experienced higher levels of runoff in its loan portfolio than expected, which put downward pressure on overall balance growth.
Good morning. Thank you for standing by, and welcome to Northwest Bancshares second-quarter 2024 earnings call. This call is being recorded, and playback will be made available on Northwest Bancshares Investor Relations website.
(Operator Instructions) Now I would like to introduce Jeffrey Maddigan, Northwest Head of Investor Relations. Please go ahead.
Good morning, everyone, and thank you, operator. Thank you for joining Northwest Bancshares second-quarter 2024 earnings call. Today with me, I have Louis Torchio, President and CEO of Northwest Bancshares, Inc., the holding company for Northwest Bank. Also with me is Douglas Schosser, Chief Financial Officer; and T. K. Creal, Chief Credit Officer.
During this earnings call, we will reference information found in the supplemental earnings release presentation, which can be found on Northwest Bancshares' Investor Relations website. Included in that presentation, you will find our statement on forward-looking information and
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