Northwest Bancshares Q2 net income falls to $5 million on $39 million securities loss
Northwest Bancshares reported second quarter 2024 net income of $5 million, or $0.04 per diluted share, down from $33 million ($0.26) a year earlier and $29 million ($0.23) in the first quarter. The decline reflects a $39 million pre-tax loss on the sale of investment securities from a balance sheet repositioning; excluding that loss and $1 million of restructuring expense, adjusted net operating income was $35 million ($0.27 per diluted share), a non-GAAP measure. The board also declared a $0.20 quarterly dividend.
Key points
- Net income was $5 million, or $0.04 per diluted share, versus $33 million ($0.26) in Q2 2023 and $29 million ($0.23) in Q1 2024.
- A $39 million pre-tax loss ($28 million after tax) on the sale of $276 million of investment securities drove the decline; the company expects to earn back the loss over the next three years.
- Adjusted net operating income was $35 million, or $0.27 per diluted share, a non-GAAP measure, compared with $34 million ($0.27) in Q2 2023.
- Net interest margin rose to 3.20% from 3.10% in Q1 2024; the $0.20 dividend is payable August 14, 2024 to holders of record on August 2, 2024.
The filing
Written by AI on Nov 8, 2026, 6:56 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 23, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.