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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 Northwest Bancshares , Inc. Announces Third Quarter 2021 Earnings and Quarterly Dividend Warren , Pennsylvania - October 25 , 2021 Northwest Bancshares , Inc. ( the " Company " ) ( NasdaqGS : NWBI ) announced net income for the quarter ended September 30 , 2021 of $ 35.1 million , or $ 0.27 per diluted share . This represents a decrease of $ 3.0 million , or 7.9 % , compared to the same quarter last year , when net income was $ 38.1 million , or $ 0.30 per diluted share . The annualized returns on average shareholders ' equity and average assets for the quarter ended September 30 , 2021 were 8.86 % and 0.97 % compared to 9.82 % and 1.09 % for the same quarter last year . The Company also announced that its Board of Directors declared a quarterly cash dividend of $ 0.20 per share payable on November 15 , 2021 to shareholders of record as of November 5 , 2021. This is the 108th consecutive quarter in which the Company has paid a cash dividend . Based on the market value of the Company's common stock as of September 30 , 2021 , this represents an annualized dividend yield of approximately 6.0 % . In making this announcement , Ronald J. Seiffert , Chairman , President and CEO , noted , " We were pleased to see that , absent the approximately $ 125.0 million of PPP loan forgiveness / payoffs this quarter , loans outstanding grew approximately $ 14.0 million , or 0.14 % . In addition , $ 17.2 million of classified loans refinanced out of the bank which contributed to the $ 30.3 million decrease in nonperforming assets while our delinquencies continue to remain very low . As a result of these credit improvements , we continued to release credit loss reserves that were built up last year during COVID - 19 . " Mr. Seiffert continued " Although challenges continue with net interest income due to the low interest rate environment and falling yields , interest income during the current quarter was augmented by $ 4.0 million of PPP fee accretion . In addition , noninterest income stabilized during the most recent quarter having absorbed approximately $ 1.0 million less per month in interchange revenue since August of last year as a result of the negative impact of the Durbin amendment for all institutions with over $ 10.0 billion in assets . Finally , core noninterest expense has remained flat over the last five quarters as the result of our continued efforts focused on expense control . " Net interest income decreased by $ 5.1 million , or 4.9 % , to $ 98.4 million for the quarter ended September 30 , 2021 , from $ 103.5 million for the quarter ended September 30 , 2020 , largely due to a $ 9.8 million , or 9.1 % , decrease in interest income on loans receivable . This decrease in interest income on loans was due to a decrease of $ 551.4 million , or 5.1 % , in the average balance of loans . Contributing to this decrease in average balances were $ 580.0 million of PPP loan forgiveness / payoffs since September 30 of last year . Also contributing to lower interest income was a decrease in the average loan yield to 3.80 % for the quarter ended September 30 , 2021 from 3.98 % for the quarter ended September 30 , 2020. Partially offsetting this decrease in interest income was a decrease of $ 3.9 million , or 46.2 % , 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 0.27 % for the quarter ended September 30 , 2021 from 0.42 % for the quarter ended September 30 , 2020. The net effect of the changes in interest rates and average balances was a decrease in net interest margin to 2.97 % for the quarter ended September 30 , 2021 from 3.26 % for the same quarter last year . The provision for credit losses decreased by $ 11.2 million to a current period credit of $ 4.4 million for the quarter ended September 30 , 2021 compared to a provision expense of $ 6.8 million for the quarter ended September 30 , 2020 due to a release in the allowance for credit losses as economic forecasts continue to improve and classified assets declined . Total classified loans decreased by $ 73.4 million , or 16.0 % , to $ 384.4 million , or 3.77 % of total loans , at September 30 , 2021 from $ 457.8 million , or 4.25 % of total loans , at September 30 , 2020 . Noninterest income decreased by $ 7.5 million , or 20.4 % , to $ 29.2 million for the quarter ended September 30 , 2021 , from $ 36.7 million for the quarter ended September 30 , 2020. This decrease was primarily due to a decrease in mortgage banking income of $ 7.1 million , or 64.4 % , to $ 3.9 million for the quarter ended September 30 , 2021 from $ 11.1 million for the quarter ended September 30 , 2020. This decrease reflects the impact of less favorable pricing in the secondary market . In addition , there 1