Net interest margin expands 13 basis points to
3.33%, inclusive of 4bps from an interest recovery
Average deposits grew $10 million while cost of funds remained
stable
Noninterest expense declines $2 million due to disciplined expense
management
120th consecutive quarterly dividend of
$0.20 per share declared
COLUMBUS, Ohio, Oct. 29,
2024 /PRNewswire/ -- Northwest Bancshares, Inc., (the
"Company"), (NasdaqGS: NWBI) announced net income for the quarter
ended September 30, 2024 of $34
million, or $0.26 per diluted
share. This represents a decrease of $5
million compared to the same quarter last year, when net
income was $39 million, or
$0.31 per diluted share, and an
increase of $29 million compared to
the prior quarter, when net income was $5
million, or $0.04 per diluted
share. The annualized returns on average shareholders' equity and
average assets for the quarter ended September 30, 2024 were
8.50% and 0.93% compared to 10.27% and 1.08% for the same quarter
last year and 1.24% and 0.13% from the prior quarter.
Compared to adjusted net operating income
(non-GAAP) of $35 million, or
$0.27, per diluted share in the prior
quarter, adjusted net operating income (non-GAAP) decreased by
$1 million to $34 million, or $0.26, per diluted share for the quarter ended
September 30, 2024. This decrease was driven by an increase in
provision expense which was $5
million for the quarter ended September 30, 2024
compared to $(0.4) million for the
quarter ended June 30, 2024. The adjusted annualized
returns on average shareholders' equity (non-GAAP) and average
assets (non-GAAP) for the quarter ended September 30, 2024
were 8.51% and 0.93% compared to 9.00% and 0.96% for prior
quarter.
The Company also announced that its Board of
Directors declared a quarterly cash dividend of $0.20 per share payable on November 18, 2024
to shareholders of record as of November 8, 2024. This is the
120th 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, 2024, this represents an annualized
dividend yield of approximately 6.0%.
Louis J. Torchio,
President and CEO, added, "Our performance this quarter
demonstrates the strength and resilience of our business model.
We've delivered solid results that underscore our expanding
earnings power, driven in large part by improvements in our net
interest margin. This positive trajectory reflects our team's
dedication to operational excellence and strategic growth
initiatives."
"As we look ahead, we remain committed to
creating long-term value for our shareholders. I'm pleased to
announce that for the 120th consecutive quarter, we will be
returning our earnings to our shareholders through a $0.20 per share dividend. This consistency in
shareholder returns is a testament to our financial stability,
performance and our unwavering focus on delivering sustainable
growth. We enter the next quarter with confidence, buoyed by our
strong performance and the ongoing optimization of our business
operations. Our team remains focused on capitalizing on market
opportunities while maintaining prudent risk management practices.
Northwest is well-positioned to continue driving value for our
shareholders, clients and communities in the quarters to come."
Balance Sheet Highlights
|
Dollars in thousands
|
|
|
|
|
|
|
Change 3Q24 vs.
|
|
3Q24
|
|
2Q24
|
|
3Q23
|
|
2Q24
|
|
3Q23
|
|
Average loans
receivable
|
$ 11,223,602
|
|
11,368,749
|
|
11,190,959
|
|
(1.3) %
|
|
0.3 %
|
|
Average
investments
|
1,998,855
|
|
2,021,347
|
|
2,117,135
|
|
(1.1) %
|
|
(5.6) %
|
|
Average
deposits
|
12,096,811
|
|
12,086,362
|
|
11,719,866
|
|
0.1 %
|
|
3.2 %
|
|
Average borrowed
funds
|
220,677
|
|
323,191
|
|
643,518
|
|
(31.7) %
|
|
(65.7) %
|
- Average loans receivable increased $33 million from the
quarter ended September 30, 2023 driven by our commercial
banking portfolio, which grew by $456 million in total,
including a $372 million increase in our commercial and
industrial portfolio as we have continued to build-out our
commercial lending verticals. This was offset by a decline in our
personal banking portfolio, which decreased by $423 million as
cash flows from this portfolio were reinvested in our commercial
portfolios. Compared to the second quarter of 2024, average
loans receivable decreased by $145 million. Growth was
muted in the quarter as we continue to reinvest cash flows from our
personal banking portfolio and focus on profitability and credit
discipline.
- Average investments declined $118 million from the quarter
ended September 30, 2023 and $22 million from the quarter
ended June 30, 2024. The decline from the prior year was
driven by the investment portfolio restructure which occurred in
the second quarter and from lack of reinvestment of cash flow over
the past year. The decline in average investments from the prior
quarter is expected to be temporary as current quarter purchases
occurred later in the quarter. This is evident as ending balances
increased $28 million from the prior
quarter end.
- Average deposits grew $377 million from the quarter ended
September 30, 2023, driven by a $666 million increase in
our average time deposits as we competitively positioned our
deposit products over the last year. This increase was partially
offset by a decrease in money market balances as customers shifted
balances into higher yielding time deposit accounts. Compared to
the second quarter of 2024, average deposits grew $10 million,
driven by a $12 million increase in
our average interest-bearing checking deposits. This increase was
partially offset by a decrease in time deposits.
- Average borrowings saw a significant reduction of
$423 million compared to the quarter end September 30,
2023 and $103 million compared to the quarter ended
June 30, 2024. The decrease in average borrowings is primarily
attributable to the strategic pay-down of wholesale borrowings.
This decrease was made possible by the restructuring of our
investment portfolio as well as a substantial increase in cash
reserves resulting from the notable rise in the average balance of
deposits noted above.
Income Statement Highlights
|
Dollars in thousands
|
|
|
|
|
|
Change 3Q24 vs.
|
|
3Q24
|
|
2Q24
|
|
3Q23
|
|
2Q24
|
|
3Q23
|
|
Interest
income
|
$
171,381
|
|
166,854
|
|
151,598
|
|
2.7 %
|
|
13.0 %
|
|
Interest
expense
|
60,079
|
|
60,013
|
|
43,230
|
|
0.1 %
|
|
39.0 %
|
|
Net interest
income
|
$
111,302
|
|
106,841
|
|
108,368
|
|
4.2 %
|
|
2.7 %
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.33 %
|
|
3.20 %
|
|
3.23 %
|
|
|
|
|
Compared to the quarter ended September 30,
2023, net interest income increased $3 million and net
interest margin increased to 3.33% from 3.23% for the quarter ended
September 30, 2023. This increase in net interest income
resulted primarily from:
- A $20 million increase in interest income that was the
result of cash and marketable securities being redeployed into
higher yielding loans. Driven by higher market interest rates, the
average yield on loans improved to 5.57% for the quarter ended
September 30, 2024 from 5.01% for the quarter ended
September 30, 2023. This increase includes a one-time
interest recovery of $1.3 million on
a commercial loan payoff. Excluding this interest recovery,
the adjusted yield on loans for the quarter ended
September 30, 2024 was 5.53% and the adjusted net interest
margin was 3.29%
- A $17 million increase in interest expense as the result
of higher costs of deposits due to the higher interest rate
environment and competitive pressure for liquidity. The cost of
interest-bearing liabilities increased to 2.39% for the quarter
ended September 30, 2024 from 1.74% for the quarter ended
September 30, 2023.
Compared to the quarter ended June 30, 2024,
net interest income increased $4 million and net interest
margin increased to 3.33% for the quarter ended September 30,
2024 from 3.20% for the quarter ended June 30, 2024. This
increase in net interest income resulted from the following:
- A $5 million increase in interest income driven by higher
interest income on loans receivable and investments as average
yield increased compared to the prior quarter. The average yield on
loans improved to 5.57% from 5.47% and average investment yields
increased to 2.48% from 2.13% for the quarter ended June 30,
2024.
|
Dollars in thousands
|
|
|
|
|
|
|
Change 3Q24 vs.
|
|
3Q24
|
|
2Q24
|
|
3Q23
|
|
2Q24
|
|
3Q23
|
|
Provision for credit
losses - loans
|
$
5,727
|
|
2,169
|
|
3,983
|
|
164.0 %
|
|
43.8 %
|
|
Provision for credit
losses - unfunded commitments
|
(852)
|
|
(2,539)
|
|
(2,981)
|
|
(66.4) %
|
|
(71.4) %
|
|
Total provision for
credit losses expense
|
$
4,875
|
|
(370)
|
|
1,002
|
|
(1417.6) %
|
|
386.5 %
|
The total provision for credit losses for the
quarter ended September 30, 2024 was $4.9 million primarily driven by growth within
our commercial lending portfolio and changes in the economic
forecasts coupled with a decline in our reserves for unfunded
commitments in the current period. This decline is based on the
timing of origination and funding of commercial construction loans
and lines of credit.
Additionally, the Company saw an increase in
classified loans to $320 million, or
2.83% of total loans, at September 30, 2024 from $209 million, or 1.84% of total loans, at
September 30, 2023 and $257
million, or 2.26% of total loans, at June 30,
2024. The primary driver of the increase over the past year
and quarter is reflective of the Company's exposure to the Long
Term Healthcare segment and the challenges a few operators have
experienced post Covid.
|
Dollars in thousands
|
|
|
|
|
|
Change 3Q24 vs.
|
|
3Q24
|
|
2Q24
|
|
3Q23
|
|
2Q24
|
|
3Q23
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
investments
|
$
—
|
|
(39,413)
|
|
—
|
|
NA
|
|
NA
|
|
Gain on sale of SBA
loans
|
667
|
|
1,457
|
|
301
|
|
(54.2) %
|
|
121.6 %
|
|
Service charges and
fees
|
15,932
|
|
15,527
|
|
15,270
|
|
2.6 %
|
|
4.3 %
|
|
Trust and other
financial services income
|
7,924
|
|
7,566
|
|
7,085
|
|
4.7 %
|
|
11.8 %
|
|
Gain on real estate
owned, net
|
105
|
|
487
|
|
29
|
|
(78.4) %
|
|
262.1 %
|
|
Income from bank-owned
life insurance
|
1,434
|
|
1,371
|
|
4,561
|
|
4.6 %
|
|
(68.6) %
|
|
Mortgage banking
income
|
744
|
|
901
|
|
632
|
|
(17.4) %
|
|
17.7 %
|
|
Other operating
income
|
1,027
|
|
3,255
|
|
3,010
|
|
(68.4) %
|
|
(65.9) %
|
|
Total noninterest
income/(loss)
|
$
27,833
|
|
(8,849)
|
|
30,888
|
|
(414.5) %
|
|
(9.9) %
|
Noninterest income decreased from the quarter
ended September 30, 2023 due to a decrease in income from
bank-owned life insurance of $3 million as a result of death
benefits received in the prior period. Compared to the
quarter ended June 30, 2024, excluding the loss on sale of
securities of $39 million, noninterest income decreased by
$3 million due to a loss on an equity method investment, lower
gain on sale of SBA loans and loss on the sale of buildings during
the quarter.
|
Dollars in thousands
|
|
|
|
|
|
Change 3Q24 vs.
|
|
3Q24
|
|
2Q24
|
|
3Q23
|
|
2Q24
|
|
3Q23
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
Personnel
expense
|
$
56,186
|
|
53,531
|
|
51,243
|
|
5.0 %
|
|
9.6 %
|
|
Non-personnel
expense
|
34,581
|
|
38,889
|
|
36,327
|
|
(11.1) %
|
|
(4.8) %
|
|
Total noninterest
expense
|
$
90,767
|
|
92,420
|
|
87,570
|
|
(1.8) %
|
|
3.7 %
|
Noninterest expense increased from the quarter
ended September 30, 2023 due to a $5 million increase in
personnel expenses driven by the build-out of the commercial
business and related credit, risk management and internal audit
support functions over the past year coupled with an increase in
contracted employees utilized during the quarter and an increase in
medical expenses.
Compared to the quarter ended June 30, 2024,
noninterest expense decreased due to a $3 million increase in
personnel expense driven by additional contracted employees
utilized during the quarter and an increase in medical expenses,
which were more than offset by a decrease in non-personnel expense
of $4 million due to restructuring expenses in the prior
quarter and a decrease in fraud losses.
|
Dollars in thousands
|
|
|
|
|
|
Change 3Q24 vs.
|
|
3Q24
|
|
2Q24
|
|
3Q23
|
|
2Q24
|
|
3Q23
|
|
Income before income
taxes
|
$
43,493
|
|
5,942
|
|
50,684
|
|
632.0 %
|
|
(14.2) %
|
|
Income tax
expense
|
9,875
|
|
1,195
|
|
11,464
|
|
726.4 %
|
|
(13.9) %
|
|
Net income
|
$
33,618
|
|
4,747
|
|
39,220
|
|
608.2 %
|
|
(14.3) %
|
The provision for income taxes decreased by
$2 million from the quarter ended
September 30, 2023 and increased $9 million from the
quarter ended June 30, 2024 primarily due to the quarterly
change in income before income taxes.
Net income decreased from the quarter ended
September 30, 2023, due to the factors discussed above, and
increased from the quarter ended June 30, 2024 due to loss on
sale of investments from the prior period balance sheet
restructuring as well as the additional factors discussed
above.
Headquartered in Columbus, Ohio, Northwest Bancshares, Inc. is
the bank holding company of Northwest Bank. Founded in 1896
Northwest Bank is a full-service financial institution offering a
complete line of business and personal banking products, as well as
employee benefits and wealth management services. As of
September 30, 2024, Northwest operated 130 full-service
financial centers and eleven free standing drive-up facilities in
Pennsylvania, New York, Ohio and Indiana. Northwest Bancshares,
Inc.'s common stock is listed on The Nasdaq Stock Market LLC
("NWBI"). Additional information regarding Northwest Bancshares,
Inc. and Northwest Bank can be accessed online at
www.northwest.com.
#
#
#
Forward-Looking Statements - This release may
contain forward-looking statements with respect to the financial
condition and results of operations of Northwest Bancshares, Inc.
including, without limitations, statements relating to the earnings
outlook of the Company. These forward-looking statements involve
certain risks and uncertainties. Factors that may cause actual
results to differ materially from those contemplated by such
forward-looking statements, include among others, the following
possibilities: (1) changes in the interest rate environment; (2)
competitive pressure among financial services companies; (3)
general economic conditions including inflation and an increase in
non-performing loans; (4) changes in legislation or regulatory
requirements; (5) difficulties in continuing to improve operating
efficiencies; (6) difficulties in the integration of acquired
businesses or the ability to complete sales transactions; (7)
increased risk associated with commercial real-estate and business
loans; (8) changes in liquidity, including the size and composition
of our deposit portfolio; (9) reduction in the value of our
goodwill and other intangible assets; and (10) the effect of any
pandemic, war or act of terrorism. Management has no obligation to
revise or update these forward-looking statements to reflect events
or circumstances that arise after the date of this release, except
as required by law.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Consolidated
Statements of Financial Condition (Unaudited)
|
|
(dollars in
thousands, except per share amounts)
|
|
|
September
30,
2024
|
|
December 31,
2023
|
|
September
30,
2023
|
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
226,883
|
|
122,260
|
|
161,995
|
|
Marketable securities
available-for-sale (amortized cost of $1,248,104, $1,240,003 and
$1,262,080,
respectively)
|
1,111,868
|
|
1,043,359
|
|
1,010,076
|
|
Marketable securities
held-to-maturity (fair value of $672,641, $699,506 and $682,681,
respectively)
|
766,772
|
|
814,839
|
|
830,106
|
|
Total cash and cash
equivalents and marketable securities
|
2,105,523
|
|
1,980,458
|
|
2,002,177
|
|
|
|
|
|
|
|
Loans
held-for-sale
|
9,370
|
|
8,768
|
|
10,592
|
|
Residential mortgage
loans
|
3,248,788
|
|
3,419,417
|
|
3,462,606
|
|
Home equity
loans
|
1,167,202
|
|
1,227,858
|
|
1,258,765
|
|
Consumer
loans
|
1,998,032
|
|
2,126,027
|
|
2,155,119
|
|
Commercial real estate
loans
|
2,994,379
|
|
2,974,010
|
|
2,922,582
|
|
Commercial
loans
|
1,886,787
|
|
1,658,729
|
|
1,500,609
|
|
Total loans
receivable
|
11,304,558
|
|
11,414,809
|
|
11,310,273
|
|
Allowance for credit
losses
|
(125,813)
|
|
(125,243)
|
|
(124,841)
|
|
Loans receivable,
net
|
11,178,745
|
|
11,289,566
|
|
11,185,432
|
|
|
|
|
|
|
|
FHLB stock, at
cost
|
21,223
|
|
30,146
|
|
40,404
|
|
Accrued interest
receivable
|
46,678
|
|
47,353
|
|
42,624
|
|
Real estate owned,
net
|
76
|
|
104
|
|
363
|
|
Premises and equipment,
net
|
126,391
|
|
138,838
|
|
138,041
|
|
Bank-owned life
insurance
|
255,324
|
|
251,895
|
|
250,502
|
|
Goodwill
|
380,997
|
|
380,997
|
|
380,997
|
|
Other intangible
assets, net
|
3,363
|
|
5,290
|
|
6,013
|
|
Other assets
|
236,005
|
|
294,458
|
|
315,648
|
|
Total
assets
|
$
14,354,325
|
|
14,419,105
|
|
14,362,201
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
$ 2,581,769
|
|
2,669,023
|
|
2,774,291
|
|
Interest-bearing demand
deposits
|
2,676,779
|
|
2,634,546
|
|
2,598,080
|
|
Money market deposit
accounts
|
1,956,747
|
|
1,968,218
|
|
2,042,813
|
|
Savings
deposits
|
2,145,735
|
|
2,105,234
|
|
2,116,360
|
|
Time
deposits
|
2,710,049
|
|
2,602,881
|
|
2,258,338
|
|
Total
deposits
|
12,071,079
|
|
11,979,902
|
|
11,789,882
|
|
|
|
|
|
|
|
Borrowed
funds
|
204,374
|
|
398,895
|
|
604,587
|
|
Subordinated
debt
|
114,451
|
|
114,189
|
|
114,102
|
|
Junior subordinated
debentures
|
129,769
|
|
129,574
|
|
129,509
|
|
Advances by borrowers
for taxes and insurance
|
24,700
|
|
45,253
|
|
27,653
|
|
Accrued interest
payable
|
15,125
|
|
13,669
|
|
7,915
|
|
Other
liabilities
|
203,502
|
|
186,306
|
|
190,122
|
|
Total
liabilities
|
12,763,000
|
|
12,867,788
|
|
12,863,770
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Preferred stock, $0.01
par value: 50,000,000 shares authorized, no shares
issued
|
—
|
|
—
|
|
—
|
|
Common stock, $0.01 par
value: 500,000,000 shares authorized, 127,400,199, 127,110,453
and
127,101,349 shares issued and outstanding, respectively
|
1,274
|
|
1,271
|
|
1,271
|
|
Additional paid-in
capital
|
1,030,384
|
|
1,024,852
|
|
1,023,591
|
|
Retained
earnings
|
665,845
|
|
674,686
|
|
671,092
|
|
Accumulated other
comprehensive loss
|
(106,178)
|
|
(149,492)
|
|
(197,523)
|
|
Total shareholders'
equity
|
1,591,325
|
|
1,551,317
|
|
1,498,431
|
|
Total liabilities and
shareholders' equity
|
$
14,354,325
|
|
14,419,105
|
|
14,362,201
|
|
|
|
|
|
|
|
Equity to
assets
|
11.09 %
|
|
10.76 %
|
|
10.43 %
|
|
Tangible common equity
to tangible assets*
|
8.64 %
|
|
8.30 %
|
|
7.95 %
|
|
Book value per
share
|
$
12.49
|
|
12.20
|
|
11.79
|
|
Tangible book value
per share*
|
$
9.47
|
|
9.17
|
|
8.74
|
|
Closing market price
per share
|
$
13.38
|
|
12.48
|
|
10.23
|
|
Full time equivalent
employees
|
1,975
|
|
2,098
|
|
2,084
|
|
Number of banking
offices
|
141
|
|
142
|
|
142
|
|
|
|
*
|
Excludes goodwill and
other intangible assets (non-GAAP). See reconciliation of
non-GAAP financial measures for additional information relating to
these items.
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Consolidated
Statements of Income (Unaudited)
|
|
(dollars in
thousands, except per share amounts)
|
|
|
Quarter ended
|
|
September 30,
2024
|
|
June 30,
2024
|
|
March 31,
2024
|
|
December 31,
2023
|
|
September 30,
2023
|
|
|
|
|
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$ 156,413
|
|
153,954
|
|
149,571
|
|
146,523
|
|
140,667
|
|
Mortgage-backed
securities
|
10,908
|
|
9,426
|
|
7,944
|
|
7,951
|
|
8,072
|
|
Taxable investment
securities
|
842
|
|
728
|
|
794
|
|
786
|
|
786
|
|
Tax-free investment
securities
|
512
|
|
457
|
|
491
|
|
492
|
|
491
|
|
FHLB stock
dividends
|
394
|
|
498
|
|
607
|
|
666
|
|
668
|
|
Interest-earning
deposits
|
2,312
|
|
1,791
|
|
832
|
|
970
|
|
914
|
|
Total interest
income
|
171,381
|
|
166,854
|
|
160,239
|
|
157,388
|
|
151,598
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
54,198
|
|
52,754
|
|
47,686
|
|
40,600
|
|
31,688
|
|
Borrowed
funds
|
5,881
|
|
7,259
|
|
9,315
|
|
10,486
|
|
11,542
|
|
Total interest
expense
|
60,079
|
|
60,013
|
|
57,001
|
|
51,086
|
|
43,230
|
|
Net interest
income
|
111,302
|
|
106,841
|
|
103,238
|
|
106,302
|
|
108,368
|
|
Provision for credit
losses - loans
|
5,727
|
|
2,169
|
|
4,234
|
|
3,801
|
|
3,983
|
|
Provision for credit
losses - unfunded commitments
|
(852)
|
|
(2,539)
|
|
(799)
|
|
4,145
|
|
(2,981)
|
|
Net interest income
after provision for credit losses
|
106,427
|
|
107,211
|
|
99,803
|
|
98,356
|
|
107,366
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
investments
|
—
|
|
(39,413)
|
|
—
|
|
(1)
|
|
—
|
|
Gain on sale of SBA
loans
|
667
|
|
1,457
|
|
873
|
|
388
|
|
301
|
|
Gain on sale of
loans
|
—
|
|
—
|
|
—
|
|
726
|
|
—
|
|
Service charges and
fees
|
15,932
|
|
15,527
|
|
15,523
|
|
15,922
|
|
15,270
|
|
Trust and other
financial services income
|
7,924
|
|
7,566
|
|
7,127
|
|
6,884
|
|
7,085
|
|
Gain on real estate
owned, net
|
105
|
|
487
|
|
57
|
|
1,084
|
|
29
|
|
Income from bank-owned
life insurance
|
1,434
|
|
1,371
|
|
1,502
|
|
1,454
|
|
4,561
|
|
Mortgage banking
income
|
744
|
|
901
|
|
452
|
|
247
|
|
632
|
|
Other operating
income
|
1,027
|
|
3,255
|
|
2,429
|
|
2,465
|
|
3,010
|
|
Total noninterest
income/(loss)
|
27,833
|
|
(8,849)
|
|
27,963
|
|
29,169
|
|
30,888
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
56,186
|
|
53,531
|
|
51,540
|
|
50,194
|
|
51,243
|
|
Premises and occupancy
costs
|
7,115
|
|
7,464
|
|
7,627
|
|
7,049
|
|
7,052
|
|
Office
operations
|
2,811
|
|
3,819
|
|
2,767
|
|
3,747
|
|
3,398
|
|
Collections
expense
|
474
|
|
406
|
|
336
|
|
328
|
|
551
|
|
Processing
expenses
|
14,570
|
|
14,695
|
|
14,725
|
|
15,017
|
|
14,672
|
|
Marketing
expenses
|
2,004
|
|
2,410
|
|
2,149
|
|
1,317
|
|
2,379
|
|
Federal deposit
insurance premiums
|
2,763
|
|
2,865
|
|
3,023
|
|
2,643
|
|
2,341
|
|
Professional
services
|
3,302
|
|
3,728
|
|
4,065
|
|
6,255
|
|
3,002
|
|
Amortization of
intangible assets
|
590
|
|
635
|
|
701
|
|
724
|
|
795
|
|
Real estate owned
expense
|
23
|
|
57
|
|
66
|
|
51
|
|
141
|
|
Merger, asset
disposition and restructuring expense
|
43
|
|
1,915
|
|
955
|
|
2,354
|
|
—
|
|
Other
expenses
|
886
|
|
895
|
|
2,070
|
|
997
|
|
1,996
|
|
Total noninterest
expense
|
90,767
|
|
92,420
|
|
90,024
|
|
90,676
|
|
87,570
|
|
Income before income
taxes
|
43,493
|
|
5,942
|
|
37,742
|
|
36,849
|
|
50,684
|
|
Income tax
expense
|
9,875
|
|
1,195
|
|
8,579
|
|
7,835
|
|
11,464
|
|
Net income
|
$
33,618
|
|
4,747
|
|
29,163
|
|
29,014
|
|
39,220
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.26
|
|
0.04
|
|
0.23
|
|
0.23
|
|
0.31
|
|
Diluted earnings per
share
|
$
0.26
|
|
0.04
|
|
0.23
|
|
0.23
|
|
0.31
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average equity
|
8.50 %
|
|
1.24 %
|
|
7.57 %
|
|
7.64 %
|
|
10.27 %
|
|
Annualized return on
average assets
|
0.93 %
|
|
0.13 %
|
|
0.81 %
|
|
0.80 %
|
|
1.08 %
|
|
Annualized return on
average tangible common equity *
|
11.26 %
|
|
1.65 %
|
|
10.08 %
|
|
10.28 %
|
|
13.80 %
|
|
Efficiency
ratio
|
65.24 %
|
|
94.31 %
|
|
68.62 %
|
|
66.93 %
|
|
62.88 %
|
|
Efficiency ratio,
excluding certain items **
|
64.78 %
|
|
65.41 %
|
|
67.35 %
|
|
64.66 %
|
|
62.31 %
|
|
Annualized noninterest
expense to average assets
|
2.52 %
|
|
2.57 %
|
|
2.51 %
|
|
2.51 %
|
|
2.42 %
|
|
Annualized noninterest
expense to average assets, excluding certain
items**
|
2.50 %
|
|
2.50 %
|
|
2.47 %
|
|
2.43 %
|
|
2.39 %
|
|
*
|
Excludes goodwill and
other intangible assets (non-GAAP). See reconciliation of
non-GAAP financial measures for additional information relating to
these items.
|
|
**
|
Excludes loss on sale
of investments, amortization of intangible assets and merger, asset
disposition and restructuring expenses (non-GAAP).
See reconciliation of non-GAAP financial measures for additional
information relating to these items.
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Consolidated
Statements of Income (Unaudited)
|
|
(dollars in
thousands, except per share amounts)
|
|
|
Nine months ended
September 30,
|
|
2024
|
|
2023
|
|
Interest
income:
|
|
|
|
|
Loans
receivable
|
$
459,938
|
|
397,136
|
|
Mortgage-backed
securities
|
28,278
|
|
24,935
|
|
Taxable investment
securities
|
2,364
|
|
2,472
|
|
Tax-free investment
securities
|
1,460
|
|
1,858
|
|
FHLB stock
dividends
|
1,499
|
|
2,202
|
|
Interest-earning
deposits
|
4,935
|
|
1,931
|
|
Total interest
income
|
498,474
|
|
430,534
|
|
Interest
expense:
|
|
|
|
|
Deposits
|
154,638
|
|
64,743
|
|
Borrowed
funds
|
22,455
|
|
36,410
|
|
Total interest
expense
|
177,093
|
|
101,153
|
|
Net interest
income
|
321,381
|
|
329,381
|
|
Provision for credit
losses - loans
|
12,130
|
|
14,863
|
|
Provision for credit
losses - unfunded commitments
|
(4,190)
|
|
65
|
|
Net interest income
after provision for credit losses
|
313,441
|
|
314,453
|
|
Noninterest
income:
|
|
|
|
|
Loss on sale of
investments
|
(39,413)
|
|
(8,306)
|
|
Gain on sale of
mortgage servicing rights
|
—
|
|
8,305
|
|
Gain on sale of SBA
loans
|
2,997
|
|
1,412
|
|
Service charges and
fees
|
46,982
|
|
43,292
|
|
Trust and other
financial services income
|
22,617
|
|
20,400
|
|
Gain on real estate
owned, net
|
649
|
|
922
|
|
Income from bank-owned
life insurance
|
4,307
|
|
7,134
|
|
Mortgage banking
income
|
2,097
|
|
2,184
|
|
Other operating
income
|
6,711
|
|
9,311
|
|
Total noninterest
income
|
46,947
|
|
84,654
|
|
Noninterest
expense:
|
|
|
|
|
Compensation and
employee benefits
|
161,257
|
|
145,497
|
|
Premises and occupancy
costs
|
22,206
|
|
22,102
|
|
Office
operations
|
9,397
|
|
9,208
|
|
Collections
expense
|
1,216
|
|
1,367
|
|
Processing
expenses
|
43,990
|
|
43,670
|
|
Marketing
expenses
|
6,563
|
|
8,127
|
|
Federal deposit
insurance premiums
|
8,651
|
|
6,628
|
|
Professional
services
|
11,095
|
|
11,564
|
|
Amortization of
intangible assets
|
1,926
|
|
2,546
|
|
Real estate owned
expense
|
146
|
|
405
|
|
Merger, asset
disposition and restructuring expense
|
2,913
|
|
4,395
|
|
Other
expenses
|
3,851
|
|
5,369
|
|
Total noninterest
expense
|
273,211
|
|
260,878
|
|
Income before income
taxes
|
87,177
|
|
138,229
|
|
Income tax
expense
|
19,649
|
|
32,286
|
|
Net income
|
$
67,528
|
|
105,943
|
|
|
|
|
|
Basic earnings per
share
|
$
0.53
|
|
0.83
|
|
Diluted earnings per
share
|
$
0.53
|
|
0.83
|
|
|
|
|
|
Annualized return on
average equity
|
5.80 %
|
|
9.37 %
|
|
Annualized return on
average assets
|
0.63 %
|
|
0.99 %
|
|
Annualized return on
tangible common equity *
|
7.71 %
|
|
12.61 %
|
|
|
|
|
|
Efficiency
ratio
|
74.18 %
|
|
63.01 %
|
|
Efficiency ratio,
excluding certain items **
|
65.82 %
|
|
61.33 %
|
|
Annualized noninterest
expense to average assets
|
2.53 %
|
|
2.45 %
|
|
Annualized noninterest
expense to average assets, excluding certain items **
|
2.49 %
|
|
2.38 %
|
|
*
|
Excludes goodwill and
other intangible assets (non-GAAP). See reconciliation of
non-GAAP financial measures for additional information relating to
these items.
|
|
**
|
Excludes loss on sale
of investments, gain on sale of mortgage servicing rights,
amortization of intangible assets and merger, asset disposition and
restructuring expenses (non-GAAP). See reconciliation of
non-GAAP financial measures for additional information relating to
these items.
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Reconciliation of
Non-GAAP Financial Measures (Unaudited) *
|
|
(dollars in
thousands, except per share amounts)
|
|
|
Quarter
ended
|
|
Nine months ended
September 30,
|
|
September 30,
2024
|
|
June 30,
2024
|
|
September 30,
2023
|
|
2024
|
|
2023
|
|
Reconciliation of net
income to adjusted net operating income:
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
$
33,618
|
|
4,747
|
|
39,220
|
|
67,528
|
|
105,943
|
|
Non-GAAP
adjustments
|
|
|
|
|
|
|
|
|
|
|
Add: merger, asset
disposition and restructuring expense
|
43
|
|
1,915
|
|
—
|
|
2,913
|
|
4,395
|
|
Add: loss on the sale
of investments
|
—
|
|
39,413
|
|
—
|
|
39,413
|
|
8,306
|
|
Less: gain on sale of
mortgage servicing rights
|
—
|
|
—
|
|
—
|
|
—
|
|
(8,305)
|
|
Less: tax benefit of
non-GAAP adjustments
|
(12)
|
|
(11,572)
|
|
—
|
|
(11,851)
|
|
(1,231)
|
|
Adjusted net operating
income (non-GAAP)
|
$
33,649
|
|
34,503
|
|
39,220
|
|
98,003
|
|
109,108
|
|
Diluted earnings per
share (GAAP)
|
$
0.26
|
|
0.04
|
|
0.31
|
|
0.53
|
|
0.83
|
|
Diluted adjusted
operating earnings per share (non-GAAP)
|
$
0.26
|
|
0.27
|
|
0.31
|
|
0.77
|
|
0.86
|
|
|
|
|
|
|
|
|
|
|
|
Average
equity
|
$
1,572,897
|
|
1,541,434
|
|
1,515,287
|
|
1,554,800
|
|
1,511,428
|
|
Average
assets
|
14,351,669
|
|
14,458,592
|
|
14,379,323
|
|
14,406,092
|
|
14,249,857
|
|
Annualized return on
average equity (GAAP)
|
8.50 %
|
|
1.24 %
|
|
10.27 %
|
|
5.80 %
|
|
9.37 %
|
|
Annualized return on
average assets (GAAP)
|
0.93 %
|
|
0.13 %
|
|
1.08 %
|
|
0.63 %
|
|
0.99 %
|
|
Annualized return on
average equity, excluding merger, asset
disposition and restructuring expense, loss on the sale of
investments
and gain on sale of mortgage servicing rights, net of tax
(non-GAAP)
|
8.51 %
|
|
9.00 %
|
|
10.27 %
|
|
8.42 %
|
|
9.65 %
|
|
Annualized return on
average assets, excluding merger, asset
disposition and restructuring expense, loss on sale of investments,
and
gain on sale of mortgage servicing rights, net of tax
(non-GAAP)
|
0.93 %
|
|
0.96 %
|
|
1.08 %
|
|
0.91 %
|
|
1.02 %
|
The following non-GAAP financial measures used by the Company
provide information useful to investors in understanding our
operating performance and trends, and facilitate comparisons with
the performance of our peers. The following table summarizes the
non-GAAP financial measures derived from amounts reported in the
Company's Consolidated Statements of Financial Condition.
|
September
30,
2024
|
|
December 31,
2023
|
|
September
30,
2023
|
|
Tangible common
equity to assets
|
|
|
|
|
|
|
Total shareholders'
equity
|
$ 1,591,325
|
|
1,551,317
|
|
1,498,431
|
|
Less: goodwill
and intangible assets
|
(384,360)
|
|
(386,287)
|
|
(387,010)
|
|
Tangible common
equity
|
$ 1,206,965
|
|
1,165,030
|
|
1,111,421
|
|
|
|
|
|
|
|
Total assets
|
$
14,354,325
|
|
14,419,105
|
|
14,362,201
|
|
Less: goodwill and
intangible assets
|
(384,360)
|
|
(386,287)
|
|
(387,010)
|
|
Tangible
assets
|
$
13,969,965
|
|
14,032,818
|
|
13,975,191
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
8.64 %
|
|
8.30 %
|
|
7.95 %
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets, including unrealized losses on
held-to-maturity investments
|
|
|
|
|
|
|
Tangible common
equity
|
$ 1,206,965
|
|
1,165,030
|
|
1,111,421
|
|
Less: unrealized
losses on held to maturity investments
|
(94,131)
|
|
(115,334)
|
|
(147,425)
|
|
Add: deferred taxes on
unrealized losses on held to maturity investments
|
26,357
|
|
32,294
|
|
41,279
|
|
Tangible common equity,
including unrealized losses on held-to-maturity
investments
|
$ 1,139,191
|
|
1,081,990
|
|
1,005,275
|
|
|
|
|
|
|
|
Tangible
assets
|
$
13,969,965
|
|
14,032,818
|
|
13,975,191
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets, including unrealized losses on held-to-maturity
investments
|
8.15 %
|
|
7.71 %
|
|
7.19 %
|
|
|
|
|
|
|
|
Tangible book value
per share
|
|
|
|
|
|
|
Tangible common
equity
|
$ 1,206,965
|
|
1,165,030
|
|
1,111,421
|
|
Common shares
outstanding
|
127,400,199
|
|
127,110,453
|
|
127,101,349
|
|
Tangible book value per
share
|
9.47
|
|
9.17
|
|
8.74
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Reconciliation of
Non-GAAP Financial Measures (Unaudited) *
|
|
(dollars in
thousands, except per share amounts)
|
|
|
The following table
summarizes the non-GAAP financial measures derived from amounts
reported in the Company's Consolidated Statements of
Income.
|
|
|
Quarter ended
|
|
Nine months ended
September 30,
|
|
September
30,
2024
|
|
June 30,
2024
|
|
March 31,
2024
|
|
December 31,
2023
|
|
September
30,
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
Annualized return on
average tangible common equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
33,618
|
|
4,747
|
|
29,163
|
|
29,014
|
|
39,220
|
|
67,528
|
|
105,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity
|
1,572,897
|
|
1,541,434
|
|
1,549,870
|
|
1,506,895
|
|
1,515,287
|
|
1,554,800
|
|
1,511,428
|
|
Less: average goodwill
and intangible assets
|
(384,730)
|
|
(385,364)
|
|
(386,038)
|
|
(386,761)
|
|
(387,523)
|
|
(385,375)
|
|
(388,365)
|
|
Average tangible common
equity
|
$
1,188,167
|
|
1,156,070
|
|
1,163,832
|
|
1,120,134
|
|
1,127,764
|
|
1,169,425
|
|
1,123,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average tangible common equity
|
11.26 %
|
|
1.65 %
|
|
10.08 %
|
|
10.28 %
|
|
13.80 %
|
|
7.71 %
|
|
12.61 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio,
excluding loss on the sale of investments, gain on the sale of
mortgage servicing rights, amortization and merger, asset
disposition and
restructuring expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
$
90,767
|
|
92,420
|
|
90,024
|
|
90,676
|
|
87,570
|
|
273,211
|
|
260,878
|
|
Less: amortization
expense
|
(590)
|
|
(635)
|
|
(701)
|
|
(724)
|
|
(795)
|
|
(1,926)
|
|
(2,546)
|
|
Less: merger, asset
disposition and restructuring expenses
|
(43)
|
|
(1,915)
|
|
(955)
|
|
(2,354)
|
|
—
|
|
(2,913)
|
|
(4,395)
|
|
Non-interest expense,
excluding amortization and merger, assets disposition and
restructuring expenses
|
$
90,134
|
|
89,870
|
|
88,368
|
|
87,598
|
|
86,775
|
|
268,372
|
|
253,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 111,302
|
|
106,841
|
|
103,238
|
|
106,302
|
|
108,368
|
|
321,381
|
|
329,381
|
|
Non-interest
income
|
27,833
|
|
(8,849)
|
|
27,963
|
|
29,169
|
|
30,888
|
|
46,947
|
|
84,654
|
|
Add: loss on the
sale of investments
|
—
|
|
39,413
|
|
—
|
|
1
|
|
—
|
|
39,413
|
|
8,306
|
|
Less: gain on
sale of mortgage servicing rights
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(8,305)
|
|
Net interest income
plus non-interest income, excluding loss on sale of investments
and gain on sale of mortgage servicing rights
|
$ 139,135
|
|
137,405
|
|
131,201
|
|
135,472
|
|
139,256
|
|
407,741
|
|
414,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio,
excluding loss on sale of investments, gain on sale of mortgage
servicing rights, amortization and merger, asset disposition and
restructuring expenses
|
64.78 %
|
|
65.41 %
|
|
67.35 %
|
|
64.66 %
|
|
62.31 %
|
|
65.82 %
|
|
61.33 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized
non-interest expense to average assets, excluding amortization
and
merger, asset disposition and restructuring
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
excluding amortization and merger, asset disposition and
restructuring expenses
|
$
90,134
|
|
89,870
|
|
88,368
|
|
87,598
|
|
86,775
|
|
268,372
|
|
253,937
|
|
Average
assets
|
14,351,669
|
|
14,458,592
|
|
14,408,612
|
|
14,329,020
|
|
14,379,323
|
|
14,406,092
|
|
14,249,857
|
|
Annualized non-interest
expense to average assets, excluding amortization and merger,
asset disposition and restructuring expense
|
2.50 %
|
|
2.50 %
|
|
2.47 %
|
|
2.43 %
|
|
2.39 %
|
|
2.49 %
|
|
2.38 %
|
|
*
|
The table summarizes
the Company's results from operations on a GAAP basis and on an
operating (non-GAAP) basis for the periods indicated. Operating
results exclude merger, asset disposition and restructuring
expense, loss on sale of investments and gain on sale of mortgage
servicing rights. The net tax effect was calculated using statutory
tax rates of approximately 28.0%. The Company believes this
non-GAAP presentation provides a meaningful comparison of
operational performance and facilitates a more effective evaluation
and comparison of results to assess performance in relation to
ongoing operations.
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Deposits
(Unaudited)
|
|
(dollars in
thousands)
|
|
|
Generally, deposits in
excess of $250,000 are not federally insured. The following table
provides details regarding the Company's uninsured deposits
portfolio:
|
|
|
As of
September 30, 2024
|
|
Balance
|
|
Percent of
total deposits
|
|
Number of
relationships
|
|
Uninsured deposits per
the Call Report (1)
|
$
3,097,247
|
|
25.7 %
|
|
5,234
|
|
Less intercompany
deposit accounts
|
1,201,625
|
|
10.0 %
|
|
12
|
|
Less collateralized
deposit accounts
|
480,039
|
|
4.0 %
|
|
262
|
|
Uninsured deposits
excluding intercompany and collateralized accounts
|
$
1,415,583
|
|
11.7 %
|
|
4,960
|
|
(1)
|
Uninsured deposits
presented may be different from actual amounts due to titling of
accounts.
|
Our largest uninsured depositor, excluding intercompany and
collateralized deposit accounts, had an aggregate uninsured deposit
balance of $19.6 million, or 0.16% of
total deposits, as of September 30, 2024. Our top ten largest
uninsured depositors, excluding intercompany and collateralized
deposit accounts, had an aggregate uninsured deposit balance of
$103 million, or 0.85% of total
deposits, as of September 30, 2024. The average uninsured
deposit account balance, excluding intercompany and collateralized
accounts, was $285,000 as of
September 30, 2024.
The following table provides additional details for the
Company's deposit portfolio:
|
As of
September 30, 2024
|
|
Balance
|
|
Percent of
total deposits
|
|
Number of
accounts
|
|
Personal noninterest
bearing demand deposits
|
$
1,316,845
|
|
10.9 %
|
|
286,061
|
|
Business noninterest
bearing demand deposits
|
1,264,924
|
|
10.5 %
|
|
43,284
|
|
Personal
interest-bearing demand deposits
|
1,340,668
|
|
11.1 %
|
|
56,490
|
|
Business
interest-bearing demand deposits
|
1,336,111
|
|
11.0 %
|
|
7,688
|
|
Personal money market
deposits
|
1,394,904
|
|
11.6 %
|
|
24,735
|
|
Business money market
deposits
|
561,843
|
|
4.6 %
|
|
2,738
|
|
Savings
deposits
|
2,145,735
|
|
17.8 %
|
|
183,941
|
|
Time
deposits
|
2,710,049
|
|
22.5 %
|
|
81,728
|
|
Total
deposits
|
$
12,071,079
|
|
100.0 %
|
|
686,665
|
Our average deposit account balance as of September 30,
2024 was $18,000. The Company's
insured cash sweep deposit balance was $487
million as of September 30, 2024.
The following table provides additional details regarding the
Company's deposit portfolio over time:
|
3/31/2023
|
|
6/30/2023
|
|
9/30/2023
|
|
12/31/2023
|
|
3/31/2024
|
|
6/30/2024
|
|
9/30/2024
|
|
Personal noninterest
bearing demand deposits
|
$
1,428,232
|
|
1,397,167
|
|
1,375,144
|
|
1,357,875
|
|
1,369,294
|
|
1,350,520
|
|
1,316,845
|
|
Business noninterest
bearing demand deposits
|
1,467,860
|
|
1,423,396
|
|
1,399,147
|
|
1,311,148
|
|
1,249,085
|
|
1,231,179
|
|
1,264,924
|
|
Personal
interest-bearing demand deposits
|
1,627,546
|
|
1,535,254
|
|
1,477,617
|
|
1,464,058
|
|
1,427,140
|
|
1,396,825
|
|
1,340,668
|
|
Business
interest-bearing demand deposits
|
466,105
|
|
624,252
|
|
689,914
|
|
812,433
|
|
805,069
|
|
815,358
|
|
955,120
|
|
Municipal demand
deposits
|
447,852
|
|
418,147
|
|
430,549
|
|
358,055
|
|
325,657
|
|
353,567
|
|
380,991
|
|
Personal money market
deposits
|
1,626,614
|
|
1,511,652
|
|
1,463,689
|
|
1,435,939
|
|
1,393,532
|
|
1,390,162
|
|
1,394,904
|
|
Business money market
deposits
|
701,436
|
|
642,601
|
|
579,124
|
|
532,279
|
|
559,005
|
|
574,679
|
|
561,843
|
|
Savings
deposits
|
2,194,743
|
|
2,120,215
|
|
2,116,360
|
|
2,105,234
|
|
2,156,048
|
|
2,148,727
|
|
2,145,735
|
|
Time
deposits
|
1,576,791
|
|
1,989,711
|
|
2,258,338
|
|
2,602,881
|
|
2,786,814
|
|
2,826,362
|
|
2,710,049
|
|
Total
deposits
|
$
11,537,179
|
|
11,662,395
|
|
11,789,882
|
|
11,979,902
|
|
12,071,644
|
|
12,087,379
|
|
12,071,079
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Regulatory Capital
Requirements (Unaudited)
|
|
(dollars in
thousands)
|
|
|
At September 30,
2024
|
|
Actual
(1)
|
|
Minimum capital
requirements
(2)
|
|
Well capitalized
requirements
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Total capital (to risk
weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc.
|
$ 1,705,283
|
|
16.024 %
|
|
$ 1,117,392
|
|
10.500 %
|
|
$ 1,064,183
|
|
10.000 %
|
|
Northwest
Bank
|
1,460,909
|
|
13.740 %
|
|
1,116,384
|
|
10.500 %
|
|
1,063,223
|
|
10.000 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (to risk
weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc.
|
1,457,698
|
|
13.698 %
|
|
904,555
|
|
8.500 %
|
|
851,346
|
|
8.000 %
|
|
Northwest
Bank
|
1,327,894
|
|
12.489 %
|
|
903,739
|
|
8.500 %
|
|
850,578
|
|
8.000 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1
capital (to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc.
|
1,331,918
|
|
12.516 %
|
|
744,928
|
|
7.000 %
|
|
691,719
|
|
6.500 %
|
|
Northwest
Bank
|
1,327,894
|
|
12.489 %
|
|
744,256
|
|
7.000 %
|
|
691,095
|
|
6.500 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital
(leverage) (to average assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc.
|
1,457,698
|
|
10.283 %
|
|
567,025
|
|
4.000 %
|
|
708,782
|
|
5.000 %
|
|
Northwest
Bank
|
1,327,894
|
|
9.374 %
|
|
566,633
|
|
4.000 %
|
|
708,292
|
|
5.000 %
|
|
(1)
|
September 30, 2024
figures are estimated.
|
|
(2)
|
Amounts and ratios
include the capital conservation buffer of 2.5%, which does not
apply to Tier 1 capital to average assets (leverage ratio). For
further information related to the capital conservation buffer, see
"Item 1. Business - Supervision and Regulation" of our 2023 Annual
Report on Form 10-K.
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Marketable
Securities (Unaudited)
|
|
(dollars in
thousands)
|
|
|
|
September 30,
2024
|
|
Marketable securities
available-for-sale
|
|
Amortized
cost
|
|
Gross
unrealized
holding
gains
|
|
Gross
unrealized
holding
losses
|
|
Fair
value
|
|
Weighted average
duration
|
|
Debt
issued by the U.S. government and agencies:
|
|
|
|
|
|
|
|
|
|
|
|
Due after ten
years
|
|
$
46,292
|
|
—
|
|
(8,497)
|
|
37,795
|
|
6.05
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
issued by government sponsored enterprises:
|
|
|
|
|
|
|
|
|
|
|
|
Due after
one year through five years
|
|
136
|
|
—
|
|
(4)
|
|
132
|
|
0.87
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
securities:
|
|
|
|
|
|
|
|
|
|
|
|
Due after one year
through five years
|
|
884
|
|
18
|
|
(2)
|
|
900
|
|
1.72
|
|
Due after
five years through ten years
|
|
15,729
|
|
277
|
|
(1,382)
|
|
14,624
|
|
7.57
|
|
Due after
ten years
|
|
52,244
|
|
288
|
|
(6,971)
|
|
45,561
|
|
10.37
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
debt issues:
|
|
|
|
|
|
|
|
|
|
|
|
Due after
five years through ten years
|
|
25,396
|
|
307
|
|
(867)
|
|
24,836
|
|
5.38
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed agency securities:
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
rate pass-through
|
|
222,573
|
|
2,926
|
|
(12,641)
|
|
212,858
|
|
6.26
|
|
Variable
rate pass-through
|
|
3,905
|
|
57
|
|
(4)
|
|
3,958
|
|
4.01
|
|
Fixed
rate agency CMOs
|
|
835,445
|
|
3,801
|
|
(113,373)
|
|
725,873
|
|
5.22
|
|
Variable
rate agency CMOs
|
|
45,500
|
|
44
|
|
(213)
|
|
45,331
|
|
7.68
|
|
Total
mortgage-backed agency securities
|
|
1,107,423
|
|
6,828
|
|
(126,231)
|
|
988,020
|
|
5.55
|
|
Total
marketable securities available-for-sale
|
|
$
1,248,104
|
|
7,718
|
|
(143,954)
|
|
1,111,868
|
|
5.79
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities
held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
Government
sponsored
|
|
|
|
|
|
|
|
|
|
|
|
Due after one year
through five years
|
|
$
109,460
|
|
—
|
|
(10,520)
|
|
98,940
|
|
3.65
|
|
Due after five years
through ten years
|
|
15,000
|
|
—
|
|
(1,923)
|
|
13,077
|
|
5.04
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed agency securities:
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
rate pass-through
|
|
136,439
|
|
—
|
|
(16,184)
|
|
120,255
|
|
4.76
|
|
Variable
rate pass-through
|
|
387
|
|
—
|
|
—
|
|
387
|
|
3.00
|
|
Fixed
rate agency CMOs
|
|
504,957
|
|
—
|
|
(65,502)
|
|
439,455
|
|
5.66
|
|
Variable
rate agency CMOs
|
|
529
|
|
—
|
|
(2)
|
|
527
|
|
5.01
|
|
Total
mortgage-backed agency securities
|
|
642,312
|
|
—
|
|
(81,688)
|
|
560,624
|
|
5.47
|
|
Total
marketable securities held-to-maturity
|
|
$
766,772
|
|
—
|
|
(94,131)
|
|
672,641
|
|
5.20
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Borrowed Funds
(Unaudited)
(dollars in
thousands)
|
|
|
September 30,
2024
|
|
Amount
|
|
Average
rate
|
|
Term notes payable to
the FHLB of Pittsburgh, due within one year
|
$
175,000
|
|
5.15 %
|
|
|
|
|
|
Collateralized
borrowings, due within one year
|
21,624
|
|
1.59 %
|
|
Collateral received,
due within one year
|
7,750
|
|
5.72 %
|
|
Subordinated
debentures, net of issuance costs
|
114,451
|
|
4.28 %
|
|
Junior subordinated
debentures
|
129,769
|
|
7.49 %
|
|
Total borrowed funds
*
|
$
448,594
|
|
5.44 %
|
|
|
|
*
|
As of September 30,
2024, the Company had $3.3 billion of additional borrowing capacity
available with the FHLB of Pittsburgh, including a $250 million
overnight line of credit, which has no balance as of September 30,
2024, as well as $500 million of borrowing capacity available with
the Federal Reserve Bank and $105 million with two correspondent
banks.
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Analysis of Loan
Portfolio by Loan Sector (Unaudited)
|
|
|
Commercial real
estate loans outstanding
The following table
provides the various loan sectors in our commercial real estate
portfolio at September 30, 2024:
|
|
|
Property
type
|
|
Percent of
portfolio
|
|
5 or more unit
dwelling
|
|
16.6 %
|
|
Retail
Building
|
|
11.5
|
|
Nursing Home
|
|
11.2
|
|
Commercial office
building - non-owner occupied
|
|
8.9
|
|
Manufacturing &
industrial building
|
|
5.4
|
|
Warehouse/storage
building
|
|
5.1
|
|
Residential acquisition
& development - 1-4 family, townhouses and
apartments
|
|
4.3
|
|
Commercial office
building - owner occupied
|
|
4.0
|
|
Multi-use building -
commercial, retail and residential
|
|
3.9
|
|
Multi-use building -
office and warehouse
|
|
3.1
|
|
Other medical
facility
|
|
3.0
|
|
Single family
dwelling
|
|
2.6
|
|
Student
housing
|
|
2.1
|
|
Hotel/motel
|
|
2.1
|
|
Agricultural real
estate
|
|
2.0
|
|
All other
|
|
14.2
|
|
Total
|
|
100.0 %
|
|
|
The following table
describes the collateral of our commercial real estate portfolio by
state at September 30, 2024:
|
|
|
State
|
|
Percent of
portfolio
|
|
New York
|
|
33.9 %
|
|
Pennsylvania
|
|
29.3
|
|
Ohio
|
|
19.8
|
|
Indiana
|
|
8.9
|
|
All other
|
|
8.1
|
|
Total
|
|
100.0 %
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Asset Quality
(Unaudited)
(dollars in
thousands)
|
|
|
September
30,
2024
|
|
June 30,
2024
|
|
March 31,
2024
|
|
December 31,
2023
|
|
September
30,
2023
|
|
Nonaccrual loans
current:
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
1,585
|
|
1,563
|
|
1,351
|
|
959
|
|
1,951
|
|
Home equity
loans
|
1,239
|
|
1,088
|
|
974
|
|
871
|
|
947
|
|
Consumer
loans
|
1,229
|
|
1,268
|
|
1,295
|
|
1,051
|
|
1,049
|
|
Commercial real estate
loans
|
36,735
|
|
66,181
|
|
66,895
|
|
64,603
|
|
44,639
|
|
Commercial
loans
|
1,922
|
|
788
|
|
934
|
|
1,182
|
|
1,369
|
|
Total nonaccrual loans
current
|
$
42,710
|
|
70,888
|
|
71,449
|
|
68,666
|
|
49,955
|
|
Nonaccrual loans
delinquent 30 days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
37
|
|
100
|
|
1,454
|
|
933
|
|
48
|
|
Home equity
loans
|
157
|
|
260
|
|
125
|
|
174
|
|
92
|
|
Consumer
loans
|
227
|
|
305
|
|
294
|
|
225
|
|
274
|
|
Commercial real estate
loans
|
362
|
|
699
|
|
574
|
|
51
|
|
1,913
|
|
Commercial
loans
|
444
|
|
183
|
|
161
|
|
139
|
|
90
|
|
Total nonaccrual loans
delinquent 30 days to 59 days
|
$
1,227
|
|
1,547
|
|
2,608
|
|
1,522
|
|
2,417
|
|
Nonaccrual loans
delinquent 60 days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
549
|
|
578
|
|
—
|
|
511
|
|
66
|
|
Home equity
loans
|
87
|
|
234
|
|
488
|
|
347
|
|
319
|
|
Consumer
loans
|
484
|
|
603
|
|
381
|
|
557
|
|
312
|
|
Commercial real estate
loans
|
207
|
|
2,243
|
|
52
|
|
831
|
|
212
|
|
Commercial
loans
|
48
|
|
8,088
|
|
201
|
|
56
|
|
291
|
|
Total nonaccrual loans
delinquent 60 days to 89 days
|
$
1,375
|
|
11,746
|
|
1,122
|
|
2,302
|
|
1,200
|
|
Nonaccrual loans
delinquent 90 days or more:
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
5,370
|
|
4,162
|
|
4,304
|
|
6,324
|
|
7,695
|
|
Home equity
loans
|
2,558
|
|
2,473
|
|
2,822
|
|
3,100
|
|
2,073
|
|
Consumer
loans
|
3,265
|
|
2,433
|
|
2,659
|
|
3,212
|
|
2,463
|
|
Commercial real estate
loans
|
6,167
|
|
5,849
|
|
6,931
|
|
6,488
|
|
8,416
|
|
Commercial
loans
|
14,156
|
|
3,061
|
|
3,165
|
|
2,770
|
|
2,435
|
|
Total nonaccrual loans
delinquent 90 days or more
|
$
31,516
|
|
17,978
|
|
19,881
|
|
21,894
|
|
23,082
|
|
Total nonaccrual
loans
|
$
76,828
|
|
102,159
|
|
95,060
|
|
94,384
|
|
76,654
|
|
Total nonaccrual
loans
|
$
76,828
|
|
102,159
|
|
95,060
|
|
94,384
|
|
76,654
|
|
Loans 90 days past due
and still accruing
|
1,045
|
|
2,511
|
|
2,452
|
|
2,698
|
|
728
|
|
Nonperforming
loans
|
77,873
|
|
104,670
|
|
97,512
|
|
97,082
|
|
77,382
|
|
Real estate owned,
net
|
76
|
|
74
|
|
50
|
|
104
|
|
363
|
|
Nonperforming
assets
|
$
77,949
|
|
104,744
|
|
97,562
|
|
97,186
|
|
77,745
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to
total loans
|
0.69 %
|
|
0.92 %
|
|
0.85 %
|
|
0.85 %
|
|
0.68 %
|
|
Nonperforming assets to
total assets
|
0.54 %
|
|
0.73 %
|
|
0.67 %
|
|
0.67 %
|
|
0.54 %
|
|
Allowance for credit
losses to total loans
|
1.11 %
|
|
1.10 %
|
|
1.09 %
|
|
1.10 %
|
|
1.10 %
|
|
Allowance for credit
losses to nonperforming loans
|
161.56 %
|
|
119.49 %
|
|
128.08 %
|
|
129.01 %
|
|
161.33 %
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Loans by Credit
Quality Indicators (Unaudited)
(dollars in
thousands)
|
|
|
At September 30,
2024
|
|
Pass
|
|
Special
mention
*
|
|
Substandard
**
|
|
Doubtful
|
|
Loss
|
|
Loans
receivable
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
3,246,727
|
|
—
|
|
11,431
|
|
—
|
|
—
|
|
3,258,158
|
|
Home equity
loans
|
|
1,162,951
|
|
—
|
|
4,251
|
|
—
|
|
—
|
|
1,167,202
|
|
Consumer
loans
|
|
1,992,110
|
|
—
|
|
5,922
|
|
—
|
|
—
|
|
1,998,032
|
|
Total Personal
Banking
|
|
6,401,788
|
|
—
|
|
21,604
|
|
—
|
|
—
|
|
6,423,392
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,634,987
|
|
87,693
|
|
271,699
|
|
—
|
|
—
|
|
2,994,379
|
|
Commercial
loans
|
|
1,808,433
|
|
51,714
|
|
26,640
|
|
—
|
|
—
|
|
1,886,787
|
|
Total Commercial
Banking
|
|
4,443,420
|
|
139,407
|
|
298,339
|
|
—
|
|
—
|
|
4,881,166
|
|
Total loans
|
|
$ 10,845,208
|
|
139,407
|
|
319,943
|
|
—
|
|
—
|
|
11,304,558
|
|
At June 30,
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
3,312,368
|
|
—
|
|
11,700
|
|
—
|
|
—
|
|
3,324,068
|
|
Home equity
loans
|
|
1,176,187
|
|
—
|
|
4,299
|
|
—
|
|
—
|
|
1,180,486
|
|
Consumer
loans
|
|
2,074,869
|
|
—
|
|
5,189
|
|
—
|
|
—
|
|
2,080,058
|
|
Total Personal
Banking
|
|
6,563,424
|
|
—
|
|
21,188
|
|
—
|
|
—
|
|
6,584,612
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,682,766
|
|
130,879
|
|
213,993
|
|
—
|
|
—
|
|
3,027,638
|
|
Commercial
loans
|
|
1,673,052
|
|
47,400
|
|
21,662
|
|
—
|
|
—
|
|
1,742,114
|
|
Total Commercial
Banking
|
|
4,355,818
|
|
178,279
|
|
235,655
|
|
—
|
|
—
|
|
4,769,752
|
|
Total loans
|
|
$ 10,919,242
|
|
178,279
|
|
256,843
|
|
—
|
|
—
|
|
11,354,364
|
|
At March 31,
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
3,370,307
|
|
—
|
|
12,541
|
|
—
|
|
—
|
|
3,382,848
|
|
Home equity
loans
|
|
1,191,957
|
|
—
|
|
4,650
|
|
—
|
|
—
|
|
1,196,607
|
|
Consumer
loans
|
|
2,113,050
|
|
—
|
|
5,317
|
|
—
|
|
—
|
|
2,118,367
|
|
Total Personal
Banking
|
|
6,675,314
|
|
—
|
|
22,508
|
|
—
|
|
—
|
|
6,697,822
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,714,857
|
|
131,247
|
|
182,424
|
|
—
|
|
—
|
|
3,028,528
|
|
Commercial
loans
|
|
1,698,519
|
|
52,461
|
|
23,916
|
|
—
|
|
—
|
|
1,774,896
|
|
Total Commercial
Banking
|
|
4,413,376
|
|
183,708
|
|
206,340
|
|
—
|
|
—
|
|
4,803,424
|
|
Total loans
|
|
$ 11,088,690
|
|
183,708
|
|
228,848
|
|
—
|
|
—
|
|
11,501,246
|
|
At December 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
3,413,846
|
|
—
|
|
14,339
|
|
—
|
|
—
|
|
3,428,185
|
|
Home equity
loans
|
|
1,223,097
|
|
—
|
|
4,761
|
|
—
|
|
—
|
|
1,227,858
|
|
Consumer
loans
|
|
2,120,216
|
|
—
|
|
5,811
|
|
—
|
|
—
|
|
2,126,027
|
|
Total Personal
Banking
|
|
6,757,159
|
|
—
|
|
24,911
|
|
—
|
|
—
|
|
6,782,070
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,670,510
|
|
124,116
|
|
179,384
|
|
—
|
|
—
|
|
2,974,010
|
|
Commercial
loans
|
|
1,637,879
|
|
6,678
|
|
14,172
|
|
—
|
|
—
|
|
1,658,729
|
|
Total Commercial
Banking
|
|
4,308,389
|
|
130,794
|
|
193,556
|
|
—
|
|
—
|
|
4,632,739
|
|
Total loans
|
|
$ 11,065,548
|
|
130,794
|
|
218,467
|
|
—
|
|
—
|
|
11,414,809
|
|
At September 30,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
3,459,251
|
|
—
|
|
13,512
|
|
—
|
|
—
|
|
3,472,763
|
|
Home equity
loans
|
|
1,254,985
|
|
—
|
|
3,780
|
|
—
|
|
—
|
|
1,258,765
|
|
Consumer
loans
|
|
2,150,464
|
|
—
|
|
4,655
|
|
—
|
|
—
|
|
2,155,119
|
|
Total Personal
Banking
|
|
6,864,700
|
|
—
|
|
21,947
|
|
—
|
|
—
|
|
6,886,647
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,632,472
|
|
123,935
|
|
166,610
|
|
—
|
|
—
|
|
2,923,017
|
|
Commercial
loans
|
|
1,476,833
|
|
3,690
|
|
20,086
|
|
—
|
|
—
|
|
1,500,609
|
|
Total Commercial
Banking
|
|
4,109,305
|
|
127,625
|
|
186,696
|
|
—
|
|
—
|
|
4,423,626
|
|
Total loans
|
|
$ 10,974,005
|
|
127,625
|
|
208,643
|
|
—
|
|
—
|
|
11,310,273
|
|
|
|
*
|
Includes $2.9 million,
$2.5 million, $2.4 million, $7.8 million, and $6.9 million of
acquired loans at September 30, 2024, June 30, 2024, March 31,
2024, December 31, 2023, and September 30, 2023,
respectively.
|
|
**
|
Includes $26.0 million,
$24.3 million, $27.2 million, $20.3 million, and $28.9 million of
acquired loans at September 30, 2024, June 30, 2024, March 31,
2024, December 31, 2023, and September 30, 2023,
respectively.
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Loan Delinquency
(Unaudited)
(dollars in
thousands)
|
|
|
September
30,
2024
|
|
*
|
|
June 30,
2024
|
|
*
|
|
March 31,
2024
|
|
*
|
|
December 31,
2023
|
|
*
|
|
September
30,
2023
|
|
*
|
|
(Number of loans and
dollar amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 30
days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
16
|
|
$
685
|
|
— %
|
|
12
|
|
$
616
|
|
— %
|
|
351
|
|
$
38,502
|
|
1.1 %
|
|
307
|
|
$
30,041
|
|
0.9 %
|
|
6
|
|
$
573
|
|
— %
|
|
Home equity
loans
|
112
|
|
3,907
|
|
0.3 %
|
|
104
|
|
3,771
|
|
0.3 %
|
|
113
|
|
4,608
|
|
0.4 %
|
|
121
|
|
5,761
|
|
0.5 %
|
|
112
|
|
4,707
|
|
0.4 %
|
|
Consumer
loans
|
801
|
|
10,777
|
|
0.5 %
|
|
742
|
|
10,372
|
|
0.5 %
|
|
737
|
|
9,911
|
|
0.5 %
|
|
896
|
|
11,211
|
|
0.5 %
|
|
733
|
|
9,874
|
|
0.5 %
|
|
Commercial real estate
loans
|
21
|
|
5,919
|
|
0.2 %
|
|
21
|
|
4,310
|
|
0.1 %
|
|
25
|
|
6,396
|
|
0.2 %
|
|
23
|
|
3,204
|
|
0.1 %
|
|
22
|
|
3,411
|
|
0.1 %
|
|
Commercial
loans
|
34
|
|
3,260
|
|
0.2 %
|
|
59
|
|
4,366
|
|
0.3 %
|
|
62
|
|
3,091
|
|
0.2 %
|
|
59
|
|
4,196
|
|
0.3 %
|
|
52
|
|
2,847
|
|
0.2 %
|
|
Total loans delinquent
30 days to 59 days
|
984
|
|
$
24,548
|
|
0.2 %
|
|
938
|
|
$
23,435
|
|
0.2 %
|
|
1,288
|
|
$
62,508
|
|
0.5 %
|
|
1,406
|
|
$
54,413
|
|
0.5 %
|
|
925
|
|
$
21,412
|
|
0.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 60
days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
75
|
|
$
9,027
|
|
0.3 %
|
|
70
|
|
$
8,223
|
|
0.2 %
|
|
3
|
|
$
70
|
|
— %
|
|
69
|
|
$
7,796
|
|
0.2 %
|
|
56
|
|
$
5,395
|
|
0.2 %
|
|
Home equity
loans
|
27
|
|
882
|
|
0.1 %
|
|
35
|
|
1,065
|
|
0.1 %
|
|
26
|
|
761
|
|
0.1 %
|
|
37
|
|
982
|
|
0.1 %
|
|
40
|
|
1,341
|
|
0.1 %
|
|
Consumer
loans
|
296
|
|
3,600
|
|
0.2 %
|
|
295
|
|
3,198
|
|
0.2 %
|
|
231
|
|
2,545
|
|
0.1 %
|
|
322
|
|
3,754
|
|
0.2 %
|
|
236
|
|
2,707
|
|
0.1 %
|
|
Commercial real estate
loans
|
11
|
|
7,643
|
|
0.3 %
|
|
9
|
|
3,155
|
|
0.1 %
|
|
5
|
|
807
|
|
— %
|
|
9
|
|
1,031
|
|
— %
|
|
13
|
|
1,588
|
|
0.1 %
|
|
Commercial
loans
|
19
|
|
753
|
|
— %
|
|
22
|
|
8,732
|
|
0.5 %
|
|
27
|
|
1,284
|
|
0.1 %
|
|
16
|
|
703
|
|
— %
|
|
15
|
|
981
|
|
0.1 %
|
|
Total loans delinquent
60 days to 89 days
|
428
|
|
$
21,905
|
|
0.2 %
|
|
431
|
|
$
24,373
|
|
0.2 %
|
|
292
|
|
$
5,467
|
|
— %
|
|
453
|
|
$
14,266
|
|
0.1 %
|
|
360
|
|
$
12,012
|
|
0.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 90
days or more: **
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
52
|
|
$
5,370
|
|
0.2 %
|
|
53
|
|
$
5,553
|
|
0.2 %
|
|
50
|
|
$
5,813
|
|
0.2 %
|
|
70
|
|
$
7,995
|
|
0.2 %
|
|
79
|
|
$
7,695
|
|
0.2 %
|
|
Home equity
loans
|
67
|
|
2,558
|
|
0.2 %
|
|
51
|
|
2,506
|
|
0.2 %
|
|
71
|
|
2,823
|
|
0.2 %
|
|
81
|
|
3,126
|
|
0.3 %
|
|
73
|
|
2,206
|
|
0.2 %
|
|
Consumer
loans
|
402
|
|
3,983
|
|
0.2 %
|
|
358
|
|
3,012
|
|
0.1 %
|
|
398
|
|
3,345
|
|
0.2 %
|
|
440
|
|
3,978
|
|
0.2 %
|
|
357
|
|
3,020
|
|
0.1 %
|
|
Commercial real estate
loans
|
13
|
|
6,167
|
|
0.2 %
|
|
19
|
|
6,034
|
|
0.2 %
|
|
22
|
|
6,931
|
|
0.2 %
|
|
27
|
|
6,712
|
|
0.2 %
|
|
27
|
|
8,416
|
|
0.3 %
|
|
Commercial
loans
|
85
|
|
14,484
|
|
0.8 %
|
|
72
|
|
3,385
|
|
0.2 %
|
|
62
|
|
3,421
|
|
0.2 %
|
|
53
|
|
2,780
|
|
0.2 %
|
|
39
|
|
2,472
|
|
0.2 %
|
|
Total loans delinquent
90 days or more
|
619
|
|
$
32,562
|
|
0.3 %
|
|
553
|
|
$
20,490
|
|
0.2 %
|
|
603
|
|
$
22,333
|
|
0.2 %
|
|
671
|
|
$
24,591
|
|
0.2 %
|
|
575
|
|
$
23,809
|
|
0.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
delinquent
|
2,031
|
|
$
79,015
|
|
0.7 %
|
|
1,922
|
|
$
68,298
|
|
0.6 %
|
|
2,183
|
|
$
90,308
|
|
0.8 %
|
|
2,530
|
|
$
93,270
|
|
0.8 %
|
|
1,860
|
|
$
57,233
|
|
0.5 %
|
|
|
|
*
|
Represents delinquency,
in dollars, divided by the respective total amount of that type of
loan outstanding.
|
|
**
|
Includes purchased
credit deteriorated loans of $0.2 million, $0.1 million, $0.4
million, $0.6 million, and $1.4 million at September 30, 2024, June
30, 2024, March 31, 2024, December 31, 2023, and September 30,
2023, respectively.
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Allowance for Credit
Losses (Unaudited)
(dollars in
thousands)
|
|
|
Quarter ended
|
|
September
30,
2024
|
|
June 30,
2024
|
|
March 31,
2024
|
|
December 31,
2023
|
|
September
30,
2023
|
|
Beginning
balance
|
$ 125,070
|
|
124,897
|
|
125,243
|
|
124,841
|
|
124,423
|
|
Provision
|
5,727
|
|
2,169
|
|
4,234
|
|
3,801
|
|
3,983
|
|
Charge-offs residential
mortgage
|
(255)
|
|
(252)
|
|
(162)
|
|
(266)
|
|
(171)
|
|
Charge-offs home
equity
|
(890)
|
|
(237)
|
|
(412)
|
|
(133)
|
|
(320)
|
|
Charge-offs
consumer
|
(3,560)
|
|
(2,561)
|
|
(4,573)
|
|
(3,860)
|
|
(3,085)
|
|
Charge-offs commercial
real estate
|
(475)
|
|
(500)
|
|
(349)
|
|
(742)
|
|
(484)
|
|
Charge-offs
commercial
|
(1,580)
|
|
(1,319)
|
|
(1,163)
|
|
(806)
|
|
(1,286)
|
|
Recoveries
|
1,776
|
|
2,873
|
|
2,079
|
|
2,408
|
|
1,781
|
|
Ending
balance
|
$ 125,813
|
|
125,070
|
|
124,897
|
|
125,243
|
|
124,841
|
|
Net charge-offs to
average loans, annualized
|
0.18 %
|
|
0.07 %
|
|
0.16 %
|
|
0.12 %
|
|
0.13 %
|
|
Nine months ended
September 30,
|
|
2024
|
|
2023
|
|
Beginning
balance
|
$
125,243
|
|
118,036
|
|
ASU 2022-02
Adoption
|
—
|
|
426
|
|
Provision
|
12,130
|
|
14,863
|
|
Charge-offs residential
mortgage
|
(669)
|
|
(923)
|
|
Charge-offs home
equity
|
(1,539)
|
|
(719)
|
|
Charge-offs
consumer
|
(10,694)
|
|
(8,591)
|
|
Charge-offs commercial
real estate
|
(1,324)
|
|
(1,624)
|
|
Charge-offs
commercial
|
(4,062)
|
|
(3,360)
|
|
Recoveries
|
6,728
|
|
6,733
|
|
Ending
balance
|
$
125,813
|
|
124,841
|
|
Net charge-offs to
average loans, annualized
|
0.14 %
|
|
0.10 %
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Average Balance
Sheet (Unaudited)
(dollars in
thousands)
|
|
|
The following table
sets forth certain information relating to the Company's average
balance sheet and reflects the average yield on assets and average
cost of liabilities for the periods indicated. Such yields and
costs are derived by dividing income or expense by the average
balance of assets or liabilities, respectively, for the periods
presented. Average balances are calculated using daily
averages.
|
|
|
Quarter ended
|
|
September 30,
2024
|
|
June 30,
2024
|
|
March 31,
2024
|
|
December 31,
2023
|
|
September 30,
2023
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
3,286,316
|
|
31,537
|
|
3.84 %
|
|
$
3,342,749
|
|
32,182
|
|
3.85 %
|
|
$
3,392,524
|
|
32,674
|
|
3.85 %
|
|
$
3,442,308
|
|
32,739
|
|
3.80 %
|
|
$
3,476,446
|
|
32,596
|
|
3.75 %
|
|
Home equity
loans
|
1,166,866
|
|
17,296
|
|
5.90 %
|
|
1,183,497
|
|
17,303
|
|
5.88 %
|
|
1,205,273
|
|
17,294
|
|
5.77 %
|
|
1,238,420
|
|
17,590
|
|
5.64 %
|
|
1,264,134
|
|
17,435
|
|
5.47 %
|
|
Consumer
loans
|
1,955,988
|
|
26,034
|
|
5.29 %
|
|
2,048,396
|
|
26,334
|
|
5.17 %
|
|
2,033,620
|
|
25,033
|
|
4.95 %
|
|
2,055,783
|
|
24,667
|
|
4.76 %
|
|
2,092,023
|
|
23,521
|
|
4.46 %
|
|
Commercial real estate
loans
|
2,995,032
|
|
47,473
|
|
6.31 %
|
|
3,023,762
|
|
45,658
|
|
5.97 %
|
|
2,999,224
|
|
43,425
|
|
5.73 %
|
|
2,950,589
|
|
43,337
|
|
5.75 %
|
|
2,911,145
|
|
41,611
|
|
5.59 %
|
|
Commercial
loans
|
1,819,400
|
|
34,837
|
|
7.62 %
|
|
1,770,345
|
|
33,229
|
|
7.43 %
|
|
1,714,667
|
|
31,857
|
|
7.35 %
|
|
1,564,617
|
|
28,801
|
|
7.20 %
|
|
1,447,211
|
|
26,239
|
|
7.09 %
|
|
Total loans receivable
(a) (b) (d)
|
11,223,602
|
|
157,177
|
|
5.57 %
|
|
11,368,749
|
|
154,706
|
|
5.47 %
|
|
11,345,308
|
|
150,283
|
|
5.33 %
|
|
11,251,717
|
|
147,134
|
|
5.19 %
|
|
11,190,959
|
|
141,402
|
|
5.01 %
|
|
Mortgage-backed
securities (c)
|
1,735,728
|
|
10,908
|
|
2.51 %
|
|
1,734,085
|
|
9,426
|
|
2.17 %
|
|
1,717,306
|
|
7,944
|
|
1.85 %
|
|
1,741,687
|
|
7,951
|
|
1.83 %
|
|
1,781,010
|
|
8,072
|
|
1.81 %
|
|
Investment securities
(c) (d)
|
263,127
|
|
1,504
|
|
2.29 %
|
|
287,262
|
|
1,316
|
|
1.83 %
|
|
333,752
|
|
1,430
|
|
1.71 %
|
|
335,121
|
|
1,425
|
|
1.70 %
|
|
336,125
|
|
1,431
|
|
1.70 %
|
|
FHLB stock, at
cost
|
20,849
|
|
394
|
|
7.51 %
|
|
25,544
|
|
498
|
|
7.84 %
|
|
32,249
|
|
607
|
|
7.57 %
|
|
35,082
|
|
665
|
|
7.52 %
|
|
37,722
|
|
668
|
|
7.03 %
|
|
Other interest-earning
deposits
|
173,770
|
|
2,312
|
|
5.29 %
|
|
135,520
|
|
1,791
|
|
5.23 %
|
|
61,666
|
|
832
|
|
5.34 %
|
|
71,987
|
|
970
|
|
5.27 %
|
|
67,143
|
|
915
|
|
5.33 %
|
|
Total interest-earning
assets
|
13,417,076
|
|
172,295
|
|
5.11 %
|
|
13,551,160
|
|
167,737
|
|
4.98 %
|
|
13,490,281
|
|
161,096
|
|
4.80 %
|
|
13,435,594
|
|
158,145
|
|
4.67 %
|
|
13,412,959
|
|
152,488
|
|
4.51 %
|
|
Noninterest-earning
assets (e)
|
934,593
|
|
|
|
|
|
907,432
|
|
|
|
|
|
918,331
|
|
|
|
|
|
893,426
|
|
|
|
|
|
966,364
|
|
|
|
|
|
Total assets
|
$
14,351,669
|
|
|
|
|
|
$
14,458,592
|
|
|
|
|
|
$
14,408,612
|
|
|
|
|
|
$
14,329,020
|
|
|
|
|
|
$
14,379,323
|
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings deposits
(g)
|
$
2,151,933
|
|
6,680
|
|
1.23 %
|
|
$
2,144,278
|
|
5,957
|
|
1.12 %
|
|
$
2,122,035
|
|
5,036
|
|
0.95 %
|
|
$
2,102,320
|
|
4,045
|
|
0.76 %
|
|
$
2,116,759
|
|
2,695
|
|
0.51 %
|
|
Interest-bearing
demand deposits (g)
|
2,567,682
|
|
7,452
|
|
1.15 %
|
|
2,555,863
|
|
6,646
|
|
1.05 %
|
|
2,538,823
|
|
5,402
|
|
0.86 %
|
|
2,573,634
|
|
4,921
|
|
0.76 %
|
|
2,569,229
|
|
4,086
|
|
0.63 %
|
|
Money market deposit
accounts (g)
|
1,966,684
|
|
9,170
|
|
1.85 %
|
|
1,957,990
|
|
8,601
|
|
1.77 %
|
|
1,961,332
|
|
7,913
|
|
1.62 %
|
|
1,997,116
|
|
7,446
|
|
1.48 %
|
|
2,112,228
|
|
6,772
|
|
1.27 %
|
|
Time deposits
(g)
|
2,830,737
|
|
30,896
|
|
4.34 %
|
|
2,832,720
|
|
31,550
|
|
4.48 %
|
|
2,697,983
|
|
29,335
|
|
4.37 %
|
|
2,447,335
|
|
24,187
|
|
3.92 %
|
|
2,164,559
|
|
18,136
|
|
3.32 %
|
|
Borrowed funds
(f)
|
220,677
|
|
2,266
|
|
4.09 %
|
|
323,191
|
|
3,662
|
|
4.56 %
|
|
469,697
|
|
5,708
|
|
4.89 %
|
|
548,089
|
|
6,826
|
|
4.94 %
|
|
643,518
|
|
7,937
|
|
4.89 %
|
|
Subordinated
debt
|
114,396
|
|
1,148
|
|
4.01 %
|
|
114,308
|
|
1,148
|
|
4.02 %
|
|
114,225
|
|
1,148
|
|
4.02 %
|
|
114,134
|
|
1,148
|
|
4.02 %
|
|
114,045
|
|
1,148
|
|
4.03 %
|
|
Junior subordinated
debentures
|
129,727
|
|
2,467
|
|
7.56 %
|
|
129,663
|
|
2,449
|
|
7.47 %
|
|
129,597
|
|
2,459
|
|
7.51 %
|
|
129,532
|
|
2,512
|
|
7.59 %
|
|
129,466
|
|
2,456
|
|
7.42 %
|
|
Total interest-bearing
liabilities
|
9,981,836
|
|
60,079
|
|
2.39 %
|
|
10,058,013
|
|
60,013
|
|
2.40 %
|
|
10,033,692
|
|
57,001
|
|
2.28 %
|
|
9,912,160
|
|
51,085
|
|
2.04 %
|
|
9,849,804
|
|
43,230
|
|
1.74 %
|
|
Noninterest-bearing
demand deposits (g)
|
2,579,775
|
|
|
|
|
|
2,595,511
|
|
|
|
|
|
2,567,781
|
|
|
|
|
|
2,675,788
|
|
|
|
|
|
2,757,091
|
|
|
|
|
|
Noninterest-bearing
liabilities
|
217,161
|
|
|
|
|
|
263,634
|
|
|
|
|
|
257,269
|
|
|
|
|
|
234,177
|
|
|
|
|
|
257,141
|
|
|
|
|
|
Total
liabilities
|
12,778,772
|
|
|
|
|
|
12,917,158
|
|
|
|
|
|
12,858,742
|
|
|
|
|
|
12,822,125
|
|
|
|
|
|
12,864,036
|
|
|
|
|
|
Shareholders'
equity
|
1,572,897
|
|
|
|
|
|
1,541,434
|
|
|
|
|
|
1,549,870
|
|
|
|
|
|
1,506,895
|
|
|
|
|
|
1,515,287
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
14,351,669
|
|
|
|
|
|
$
14,458,592
|
|
|
|
|
|
$
14,408,612
|
|
|
|
|
|
$
14,329,020
|
|
|
|
|
|
$
14,379,323
|
|
|
|
|
|
Net interest
income/Interest rate spread FTE
|
|
|
112,216
|
|
2.72 %
|
|
|
|
107,724
|
|
2.58 %
|
|
|
|
104,095
|
|
2.52 %
|
|
|
|
107,060
|
|
2.63 %
|
|
|
|
109,258
|
|
2.77 %
|
|
Net interest-earning
assets/Net interest margin FTE
|
$
3,435,240
|
|
|
|
3.33 %
|
|
$
3,493,147
|
|
|
|
3.20 %
|
|
$
3,456,589
|
|
|
|
3.10 %
|
|
$
3,523,434
|
|
|
|
3.16 %
|
|
$
3,563,155
|
|
|
|
3.23 %
|
|
Tax equivalent
adjustment (d)
|
|
|
914
|
|
|
|
|
|
883
|
|
|
|
|
|
857
|
|
|
|
|
|
758
|
|
|
|
|
|
890
|
|
|
|
Net interest income,
GAAP basis
|
|
|
111,302
|
|
|
|
|
|
106,841
|
|
|
|
|
|
103,238
|
|
|
|
|
|
106,302
|
|
|
|
|
|
108,368
|
|
|
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.34X
|
|
|
|
|
|
1.35X
|
|
|
|
|
|
1.34X
|
|
|
|
|
|
1.36X
|
|
|
|
|
|
1.36X
|
|
|
|
|
|
|
|
(a)
|
Average gross loans
receivable includes loans held as available-for-sale and loans
placed on nonaccrual status.
|
|
(b)
|
Interest income
includes accretion/amortization of deferred loan fees/expenses,
which was not material.
|
|
(c)
|
Average balances do not
include the effect of unrealized gains or losses on securities held
as available-for-sale.
|
|
(d)
|
Interest income on
tax-free investment securities and tax-free loans are presented on
a fully taxable equivalent ("FTE") basis.
|
|
(e)
|
Average balances
include the effect of unrealized gains or losses on securities held
as available-for-sale.
|
|
(f)
|
Average balances
include FHLB borrowings and collateralized borrowings.
|
|
(g)
|
Average cost of
deposits were 1.78%, 1.76%, 1.61%, 1.37%, and 1.07%, respectively,
and average cost of Interest-bearing deposits were 2.27%, 2.24%,
2.06%, 1.77%, and 1.40%, respectively.
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Average Balance
Sheet (Unaudited)
(in
thousands)
|
|
|
The following table
sets forth certain information relating to the Company's average
balance sheet and reflects the average yield on interest-earning
assets and average cost of interest-bearing liabilities for the
periods indicated. Such yields and costs are derived by dividing
income or expense by the average balance of assets or liabilities,
respectively, for the periods presented. Average balances are
calculated using daily averages.
|
|
|
Nine months ended
September 30,
|
|
2024
|
|
2023
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$ 3,340,332
|
|
96,392
|
|
3.85 %
|
|
$ 3,485,130
|
|
97,090
|
|
3.71 %
|
|
Home equity
loans
|
1,185,145
|
|
51,893
|
|
5.85 %
|
|
1,273,878
|
|
50,467
|
|
5.30 %
|
|
Consumer
loans
|
2,012,461
|
|
77,401
|
|
5.14 %
|
|
2,119,717
|
|
66,977
|
|
4.22 %
|
|
Commercial real estate
loans
|
3,005,966
|
|
136,556
|
|
6.07 %
|
|
2,857,555
|
|
117,074
|
|
5.40 %
|
|
Commercial
loans
|
1,768,325
|
|
99,923
|
|
7.55 %
|
|
1,312,750
|
|
67,465
|
|
6.78 %
|
|
Loans receivable
(a) (b) (d)
|
11,312,229
|
|
462,165
|
|
5.46 %
|
|
11,049,030
|
|
399,073
|
|
4.83 %
|
|
Mortgage-backed
securities (c)
|
1,729,064
|
|
28,278
|
|
2.18 %
|
|
1,849,567
|
|
24,935
|
|
1.80 %
|
|
Investment securities
(c) (d)
|
294,598
|
|
4,251
|
|
1.92 %
|
|
364,956
|
|
4,909
|
|
1.79 %
|
|
FHLB stock, at
cost
|
26,195
|
|
1,499
|
|
7.64 %
|
|
40,945
|
|
2,202
|
|
7.19 %
|
|
Other interest-earning
deposits
|
124,037
|
|
4,935
|
|
5.31 %
|
|
64,560
|
|
1,931
|
|
4.00 %
|
|
Total interest-earning
assets
|
13,486,123
|
|
501,128
|
|
4.96 %
|
|
13,369,058
|
|
433,050
|
|
4.33 %
|
|
Noninterest-earning
assets (e)
|
919,969
|
|
|
|
|
|
880,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
14,406,092
|
|
|
|
|
|
$
14,249,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings deposits
(g)
|
$ 2,139,461
|
|
17,673
|
|
1.10 %
|
|
$ 2,163,564
|
|
4,777
|
|
0.30 %
|
|
Interest-bearing
demand deposits (g)
|
2,554,172
|
|
19,501
|
|
1.02 %
|
|
2,550,433
|
|
6,684
|
|
0.35 %
|
|
Money market deposit
accounts (g)
|
1,962,019
|
|
25,684
|
|
1.75 %
|
|
2,246,422
|
|
17,289
|
|
1.03 %
|
|
Time deposits
(g)
|
2,787,306
|
|
91,780
|
|
4.40 %
|
|
1,733,428
|
|
35,993
|
|
2.78 %
|
|
Borrowed funds
(f)
|
337,427
|
|
11,636
|
|
4.61 %
|
|
740,011
|
|
26,077
|
|
4.71 %
|
|
Subordinated
debt
|
114,310
|
|
3,444
|
|
4.02 %
|
|
113,958
|
|
3,444
|
|
4.03 %
|
|
Junior subordinated
debentures
|
129,662
|
|
7,375
|
|
7.60 %
|
|
129,401
|
|
6,889
|
|
7.02 %
|
|
Total interest-bearing
liabilities
|
10,024,357
|
|
177,093
|
|
2.36 %
|
|
9,677,217
|
|
101,153
|
|
1.40 %
|
|
Noninterest-bearing
demand deposits (g)
|
2,581,018
|
|
|
|
|
|
2,822,178
|
|
|
|
|
|
Noninterest-bearing
liabilities
|
245,917
|
|
|
|
|
|
239,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
12,851,292
|
|
|
|
|
|
12,738,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
1,554,800
|
|
|
|
|
|
1,511,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
14,406,092
|
|
|
|
|
|
$
14,249,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Interest rate spread
|
|
|
324,035
|
|
2.60 %
|
|
|
|
331,897
|
|
2.93 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest-earning
assets/Net interest margin
|
$ 3,461,766
|
|
|
|
3.21 %
|
|
$ 3,691,841
|
|
|
|
3.32 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent
adjustment (d)
|
|
|
2,654
|
|
|
|
|
|
2,516
|
|
|
|
Net interest income,
GAAP basis
|
|
|
321,381
|
|
|
|
|
|
329,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.35X
|
|
|
|
|
|
1.38X
|
|
|
|
|
|
|
|
(a)
|
Average gross loans
receivable includes loans held as available-for-sale and loans
placed on nonaccrual status.
|
|
(b)
|
Interest income
includes accretion/amortization of deferred loan fees/expenses,
which were not material.
|
|
(c)
|
Average balances do not
include the effect of unrealized gains or losses on securities held
as available-for-sale.
|
|
(d)
|
Interest income on
tax-free investment securities and tax-free loans are presented on
a fully taxable equivalent ("FTE") basis.
|
|
(e)
|
Average balances
include the effect of unrealized gains or losses on securities held
as available-for-sale.
|
|
(f)
|
Average balances
include FHLB borrowings and collateralized borrowings.
|
|
(g)
|
Average cost of
deposits were 1.72% and 0.75%, respectively and average cost of
Interest-bearing deposits were 2.19% and 1.00%,
respectively.
|
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SOURCE Northwest Bancshares, Inc.
