COLUMBUS, Ohio — Northwest Bancshares Inc., announced net income for the quarter ended June 30, 2022 of $33.4 million, or $0.26 per diluted share.

This represents a decrease of $15.5 million, or 31.7%, compared to the same quarter last year, when net income was $49.0 million, or $0.38 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 $0.20 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 approximately 6.0%.