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FOR IMMEDIATE RELEASE PRESS RELEASE OF NORTHWEST BANCSHARES , INC . EARNINGS RELEASE EXHIBIT 99.1 Contact : Ronald J. Seiffert , Chairman , President and Chief Executive Officer ( 814 ) 726-2140 William W. Harvey , Jr. , Senior Executive Vice President and Chief Financial Officer ( 814 ) 726-2140 Warren , Pennsylvania _ Northwest Bancshares , Inc. Announces Second Quarter 2021 Earnings and Quarterly Dividend July 26 , 2021 Northwest Bancshares , Inc. ( the " Company " ) ( NasdaqGS : NWBI ) announced net income for the quarter ended June 30 , 2021 of $ 49.0 million , or $ 0.38 per diluted share . This represents an increase of $ 55.2 million compared to the same quarter last year , when the Company experienced a net loss of $ 6.2 million , or ( $ 0.05 ) per diluted share , due primarily to COVID - 19 related credit loss provisioning . The annualized returns on average shareholders ' equity and average assets for the quarter ended June 30 , 2021 were 12.58 % and 1.37 % compared to ( 1.63 % ) and ( 0.18 % ) for the same quarter last year . The Company's current period earnings were enhanced by a $ 25.3 million pre - tax gain from the previously disclosed sale of its insurance business to USI Insurance Services on April 30 , 2021 . The Company also announced that its Board of Directors declared a quarterly cash dividend of $ 0.20 per share payable on August 16 , 2021 to shareholders of record as of August 5 , 2021. This is the 107th 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 , 2021 , this represents an annualized dividend yield of approximately 5.9 % . In making this announcement , Ronald J. Seiffert , Chairman , President and CEO , noted , " We continue to experience the negative effects of the current low interest rate environment on our net interest income along with excess liquidity , both at the bank level and from a customer perspective , causing low , and falling , net interest margins . Our net interest margin decreased 27 basis points from the first quarter of 2021 to 2.91 % due mostly to lower loan yields which accounted for approximately 15 basis points of this decline . In addition , purchase accounting and PPP accretion was $ 3.5 million lower this quarter than the first quarter 2021 , contributing another 11 basis points to this decline . Furthermore , slower loan demand which , along with PPP forgiveness , is muting loan growth . Fortunately , this excess liquidity , assisted through government stimulus , has kept loan delinquency and actual loan losses in check , enabling us to recoup the excess COVID - 19 reserves of 2020 and right size our allowance for credit losses . " Mr. Seiffert continued , " We also continue to invest in our people , infrastructure and technology as we believe this short - term expense is essential to remain competitive as we ultimately look to scale in size in order to recognize long - term efficiencies . Our customers demand ease , speed , convenience and security and we want to ensure that our existing and new customers experience the innovation and technology they expect and deserve . " Net interest income decreased by $ 2.3 million , or 2.4 % , to $ 95.7 million for the quarter ended June 30 , 2021 , from $ 98.1 million for the quarter ended June 30 , 2020 , largely due to a $ 7.8 million , or 7.5 % , decrease in interest income on loans receivable . This decrease in interest income on loans was mainly due to a decrease in the average loan yield to 3.73 % for the quarter ended June 30 , 2021 from 4.09 % for the quarter ended June 30 , 2020. Also contributing to the decrease in interest income on loans was a decrease of $ 96.8 million , or 0.9 % , in the average balance of loans . Partially offsetting this decrease was a decrease of $ 4.6 million , or 48.9 % , in interest expense on deposits due to a decline in market interest rates when compared to the prior year , resulting in a decrease in the cost of our interest - bearing liabilities to 0.29 % for the quarter ended June 30 , 2021 from 0.48 % for the quarter ended June 30 , 2020. The net effect of the changes in interest rates and average balances was a decrease in net interest margin to 2.91 % for the quarter ended June 30 , 2021 from 3.38 % for the same quarter last year . Our credit loss reserve process and modeling concluded that no provision for credit losses was necessary this quarter , which represents a decrease of $ 51.8 million compared to the quarter ended June 30 , 2020. This decrease was primarily due to continued improvements in economic forecasts compared to the uncertainty that existed last year in industries impacted by COVID - 19 . Noninterest income increased by $ 19.2 million , or 54.1 % , to $ 54.7 million for the quarter ended June 30 , 2021 , from $ 35.5 million for the quarter ended June 30 , 2020. This increase was primarily due to the sale of our insurance business offered 1