WARREN — Northwest Bancshares Inc., announced net income for the quarter ended March 31, of $25.0 million, or $0.24 per diluted share.
This represents an increase of $59,000, or 0.2%, compared to the same quarter last year when net income was also $25.0 million or $0.24 per diluted share. The annualized returns on average shareholders’ equity and average assets for the quarter ended March 31, were 7.96% and 1.03% compared to 8.40% and 1.08% for the same quarter last year.
Earnings during the current quarter were impacted by $1.9 million of expense associated with the acquisition and integration of Union Community Bank (“UCB”) on March 8, 2019. Excluding these costs, net income was approximately $26.4 million, or $0.25 per diluted share.
The company also announced that its Board of Directors declared a quarterly cash dividend of $0.18 per share payable on May 16, to shareholders of record as of May 2. This is the 98th consecutive quarter in which the company has paid a cash dividend.
