Northwest Bancshares, Inc. (NWBI) reported its financial results for the quarter and nine months ended September 30, 2024, reflecting a mixed performance compared to the same periods in 2023. Total interest income for Q3 2024 increased to $171.4 million, up from $151.6 million in Q3 2023. However, net interest income saw a slight rise to $111.3 million from $108.4 million year-over-year, while for the nine months, it decreased to $321.4 million from $329.4 million in the prior year.
The company experienced a significant rise in total interest expense, which reached $60.1 million in Q3 2024, compared to $43.2 million in Q3 2023. For the nine-month period, total interest expense increased to $177.1 million from $101.2 million. This increase in interest expense was attributed to higher costs associated with interest-bearing deposits.
Net income for Q3 2024 was $33.6 million, a decline from $39.2 million in Q3 2023, while net income for the nine months fell to $67.5 million from $105.9 million in the previous year. The decrease in net income was influenced by a $4 million increase in the provision for credit losses and a $3 million decrease in noninterest income. Total noninterest income for Q3 2024 was $27.8 million, down from $30.9 million in Q3 2023, while for the nine months, it decreased to $46.9 million from $84.7 million.
Total noninterest expense rose to $90.8 million in Q3 2024, compared to $87.6 million in Q3 2023, with compensation and employee benefits being the primary drivers of this increase. The company’s total deposits increased to $12.1 billion as of September 30, 2024, up from $12.0 billion at the end of 2023, with notable growth in time deposits and interest demand deposit accounts.
As of September 30, 2024, total loans receivable decreased to $11.3 billion from $11.4 billion at the end of 2023, with personal banking loans declining by 5% to $6.4 billion, while commercial banking loans increased by 5% to $4.9 billion. The allowance for credit losses rose slightly to $126 million, representing 1.11% of total loans.
The company’s total assets decreased to $14.4 billion, down $65 million from December 31, 2023. Shareholders’ equity increased to $1.6 billion, attributed to year-to-date earnings and improvements in accumulated other comprehensive loss. The liquidity ratio stood at 11.25%, indicating a strong position in liquid assets relative to deposits and borrowings.
About Northwest Bancshares, Inc.
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