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WARREN, Pa., April 26, 2021 /PRNewswire/ -- Northwest Bancshares, Inc. (the "Company") (NasdaqGS: NWBI) announced net income for the quarter ended March 31, 2021 of $40.2 million, or $0.32 per diluted share. This represents an increase of $32.3 million compared to the same quarter last year when net income was $7.9 million, or $0.07 per diluted share. The annualized returns on average shareholders' equity and average assets for the quarter ended March 31, 2021 were 10.61% and 1.17% compared to 2.37% and 0.30% for the same quarter last year.
(PRNewsfoto/Northwest Bancshares, Inc.)
The Company also announced that its Board of Directors increased the quarterly cash dividend by 5.3% to $0.20 per share payable on May 17, 2021 to shareholders of record as of May 6, 2021. This is the 106th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company's common stock as of March 31, 2021, this represents an annualized dividend yield of approximately 5.5%.