Northwest Bancshares Inc.’s net income has decreased $15.5 million, or 31.7%, in the second quarter of 2022 compared to the same period in 2021.

Net income for the second quarter of 2022 was $33.4 million, or 26 cents per diluted share compared to the same quarter last year, when net income was $49 million, or 38 cents per diluted share. The annualized returns on average shareholders’ equity and average assets for the quarter ended June 30, 2022, were 8.90% and 0.94% compared to 12.58% and 1.37% for the same quarter last year. Prior year earnings were enhanced by a $25.3 million pre-tax gain on the sale of the Northwest insurance line of business.

The company also announced that its Board of Directors declared a quarterly cash dividend of 20 cents per share payable on August 15, 2022, to shareholders of record as of August 4, 2022. This is the 111th consecutive quarter in which the company has paid a cash dividend. Based on the market value of the company’s common stock as of June 30, 2022, this represents an annualized dividend yield of 6%.

During the second quarter, the company announced the passing of Ronald J. Seiffert, chairman, president, and chief executive officer, from natural causes. Subsequently, as announced on May 25, 2022, the Northwest Bancshares and Northwest Bank Boards of Directors named the William W. Harvey Jr,. the company’s chief financial officer, as interim president and chief executive officer and Timothy B. Fannin, the company’s lead director, as interim chairman of the board.

“Everyone in the Northwest family is deeply saddened by the unexpected passing of Ron. Ron was such a strong leader during his time at Northwest and he positioned us well for the future. We are committed to carrying out his vision and strategic direction for the company,” Harvey said.

“We are pleased with the loan growth momentum generated during the quarter with organic loan growth of approximately $200 million, or almost 2%, augmented by the purchase of a $50 million one-to-four family jumbo mortgage loan portfolio and a $43 million small business equipment finance pool,” Harvey said. “Also, during the quarter our net interest margin expanded by 32bp as a result of both an increase in market interest rates and the deployment of excess liquidity into higher yielding interest-earning assets. Asset quality metrics continue to improve with nonperforming and classified assets dropping to $100.0 million and $277.4 million, respectively, and total delinquency and net charge-offs falling to pre-pandemic levels. Outside of an increase in other noninterest expense related primarily to an additional $3.4 million reserve for unfunded loan commitments, we continue to see a favorable trend in expense management over the past five quarters.”

Headquartered in Columbus, Ohio, Northwest Bancshares, Inc. is the bank holding company of Northwest Bank. Founded in 1896 and headquartered in Warren, Northwest Bank is a full-service financial institution offering a complete line of business and personal banking products, as well as employee benefits and wealth management services. As of June 30, 2022, Northwest operated 142 full-service community banking offices and eight free standing drive-through facilities in Pennsylvania, New York, Ohio and Indiana.