WARREN — Northwest Bancshares Inc. announced a net loss of $6.2 million, or 5 cents per diluted share, for the second quarter of 2020.
This represents a decrease of $32.6 million, or 123.5%, compared to the same quarter last year when net income was $26.4 million or $0.25 per diluted share. The annualized returns on average shareholders’ equity and average assets for the quarter ended June 30, were (1.63)% and (0.18)% compared to 8.01% and 1.02% for the same quarter last year.
As noted in the non-GAAP reconciliation, when adjusting for COVID-related provision expense and acquisition-related costs, non-GAAP net income was approximately $30.2 million, or $0.25, per diluted share, which would represent an increase over the same quarter in the prior year of $3.0 million, or 11.0%, and result in a return on average shareholders’ equity of 7.95% and a return on average assets of 0.89%.
The company also announced that its board of directors declared a quarterly cash dividend of $0.19 per share payable on Aug. 14, to shareholders of record as of Aug. 6. This is the 103rd 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, this represents an annualized dividend yield of approximately 7.43%.
