COLUMBUS, Ohio, Oct. 24,
2022 /PRNewswire/ -- Northwest Bancshares, Inc., (the
"Company"), (NasdaqGS: NWBI) announced net income for the quarter
ended September 30, 2022 of
$37.3 million, or $0.29 per diluted share. This represents an
increase of $2.2 million, or 6.4%,
compared to the same quarter last year, when net income was
$35.1 million, or $0.27 per diluted share. The annualized
returns on average shareholders' equity and average assets for the
quarter ended September 30, 2022 were
9.84% and 1.05% compared to 8.86% and 0.97% for the quarter ended
September 30, 2021.
The Company also announced that its Board of Directors declared
a quarterly cash dividend of $0.20
per share payable on November 14,
2022 to shareholders of record as of November 3, 2022. This is the 112th 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, 2022, this represents an annualized
dividend yield of approximately 5.9%.
Louis J. Torchio, President and
CEO, added, "We are very pleased with the positive results in the
current quarter beginning with the expansion of our net interest
margin by 35 basis points as a result of both an increase in market
interest rates and the deployment of our remaining excess liquidity
into higher yielding interest-earning assets. The loan growth
momentum seen during the second quarter carried into the current
quarter with the generation of organic loan growth of approximately
$241.7 million, or 2.3%, augmented by
the purchase of a $67.0 million small
business equipment finance pool. We are also pleased to
report a continued favorable trend in expense management during the
year with our efficiency ratio improving to 58.4% during the
current quarter."
Mr. Torchio continued, "Asset quality metrics continue to
improve with nonperforming and classified assets dropping to
$84.4 million and $237.7 million, respectively. However, due
to a deterioration in economic forecasts, we recorded a provision
for credit losses of $7.7 million for
the quarter, which is more consistent with our historic averages.
Total delinquency continues to remain low at 0.4% of total
loans and we experienced a total net recovery of $3.8 million in the current quarter primarily
from the recovery of a previously charged-off commercial real
estate loan."
Net interest income increased by $14.3
million, or 14.6%, to $112.7
million for the quarter ended September 30, 2022, from $98.4 million for the quarter ended September 30, 2021. This increase in net
interest income is due to both the increase in market interest
rates and the change in our interest-earning asset mix.
Interest-earning deposits were deployed into higher yielding
loans and investments, which caused the yield on interest-earning
assets to increase to 3.60% for the quarter ended September 30, 2022 from 3.15% for the quarter
ended September 30, 2021. The
net effect of the changes in interest rates and average balances
was an increase in the Company's net interest margin to 3.42% for
the quarter ended September 30, 2022,
from 2.97% for the same quarter last year.
The provision for credit losses increased by $12.0 million, or 276.6%, to $7.7 million for the quarter ended September 30, 2022 from a provision credit of
$4.4 million for the quarter ended
September 30, 2021. This
increase was primarily due to growth within our loan
portfolio during the current year in conjunction with forecasted
economic deterioration reflected in our allowance for credit loss
models. The Company continued to experience improvement in
asset quality as classified loans decreased by $146.6 million, or 38.1%, to $237.7 million, or 2.2% of total loans, at
September 30, 2022, from $384.4 million, or 3.8% of total loans, at
September 30, 2021. Total
delinquent loans also decreased to $44.7
million, or 0.4% of loans receivable, at September 30, 2022 from $64.0 million, or 0.6% of loans receivable, at
September 30, 2021. In addition, the
Company experienced a total net recovery during the current quarter
of $3.8 million, or 0.14% on an
annualized basis, compared to a net charge-off of $3.2 million, or 0.12% on an annualized basis,
during the same quarter last year for an overall net improvement of
$7.0 million.
Noninterest income decreased by $2.4
million, or 8.2%, to $26.8
million for the quarter ended September 30, 2022, from $29.2 million for the quarter ended September 30, 2021. This decrease was
primarily due to a decline in our mortgage banking income of
$3.2 million, or 80.6%, to
$766,000 for the quarter ended
September 30, 2022 from $3.9 million for the quarter ended September 30, 2021. This decrease reflects the
impact of less favorable pricing in the secondary market, due
primarily to the volatile interest rate environment, as well as
decreased mortgage volumes. Partially offsetting this decrease was
an increase in service charges and fee income of $1.1 million, or 8.5%, to $14.3 million for the quarter ended September 30, 2022 from $13.2 million for the quarter ended September 30, 2021 as customer activity increased
in 2022 after COVID-19 restricted behavior in the prior
year.
Noninterest expense decreased by $3.5
million, or 4.1%, to $82.6
million for the quarter ended September 30, 2022 from $86.1 million for the quarter ended September 30, 2021. Almost all expense categories
decreased as the Company continues to focus on controlling costs
and improving efficiency. Contributing to the decrease was a
$2.4 million, or 4.8%, decrease in
compensation and employee benefits to $46.7
million for the quarter ended September 30, 2022 from $49.1 million for the quarter ended September 30, 2021 due to branch consolidations
completed in April 2022. Also
contributing to this favorable variance was a $932,000, or 21.7%, decrease in professional
services to $3.4 million for the
quarter ended September 30, 2022 from
$4.3 million for the quarter ended
September 30, 2021 due to the
increased use of third-party consulting services during the prior
year. Partially offsetting these decreases was an increase in
other expenses of $1.7 million, or
75.4%, to $3.9 million for the
quarter ended September 30, 2022 from
$2.2 million for the quarter ended
September 30, 2021 due to an increase
in our unfunded loan loss reserve associated with the origination
of loans with current off balance sheet exposure.
The provision for income taxes increased by $1.2 million, or 11.0%, to $12.0 million for the quarter ended September 30, 2022 from $10.8 million for the quarter ended September 30, 2021 due primarily to an increase
in income before taxes in the current year.
Headquartered in Columbus,
Ohio, Northwest Bancshares, Inc. is the bank holding company
of Northwest Bank. Founded in 1896 and headquartered in
Warren, Pennsylvania, Northwest
Bank is a full-service financial institution offering a complete
line of business and personal banking products, as well as treasury
management solutions and wealth management services. As of
September 30, 2022, Northwest
operated 142 full-service community banking offices and eight free
standing drive-through facilities in Pennsylvania, New
York, Ohio and Indiana. Northwest Bancshares, Inc.'s common
stock is listed on the NASDAQ Global Select Market ("NWBI").
Additional information regarding Northwest Bancshares, Inc. and
Northwest Bank can be accessed on-line 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; and (8) the effect of
any pandemic, including COVID-19, 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.
Northwest
Bancshares, Inc. and Subsidiaries Consolidated
Statements of Financial Condition (Unaudited) (dollars in
thousands, except per share amounts)
|
|
|
September
30,
2022
|
|
December 31,
2021
|
|
September
30,
2021
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
118,549
|
|
1,279,259
|
|
1,090,485
|
Marketable securities
available-for-sale (amortized cost of $1,466,883, $1,565,002 and
$1,587,105,
respectively)
|
1,251,791
|
|
1,548,592
|
|
1,583,715
|
Marketable securities
held-to-maturity (fair value of $771,238, $751,513 and $609,777,
respectively)
|
899,411
|
|
768,154
|
|
618,395
|
Total cash and cash
equivalents and marketable securities
|
2,269,751
|
|
3,596,005
|
|
3,292,595
|
|
|
|
|
|
|
Residential mortgage
loans held-for-sale
|
15,834
|
|
25,056
|
|
27,411
|
Residential mortgage
loans
|
3,386,064
|
|
2,969,564
|
|
2,962,110
|
Home equity
loans
|
1,284,989
|
|
1,319,931
|
|
1,350,348
|
Consumer
loans
|
2,116,238
|
|
1,838,748
|
|
1,816,836
|
Commercial real estate
loans
|
2,812,830
|
|
3,015,484
|
|
3,162,551
|
Commercial
loans
|
1,125,570
|
|
847,609
|
|
879,712
|
Total loans
receivable
|
10,741,525
|
|
10,016,392
|
|
10,198,968
|
Allowance for credit
losses
|
(109,819)
|
|
(102,241)
|
|
(109,767)
|
Loans receivable,
net
|
10,631,706
|
|
9,914,151
|
|
10,089,201
|
|
|
|
|
|
|
FHLB stock, at
cost
|
19,281
|
|
14,184
|
|
14,567
|
Accrued interest
receivable
|
29,536
|
|
25,599
|
|
26,995
|
Real estate owned,
net
|
450
|
|
873
|
|
809
|
Premises and equipment,
net
|
146,173
|
|
156,524
|
|
155,740
|
Bank-owned life
insurance
|
255,015
|
|
256,213
|
|
254,871
|
Goodwill
|
380,997
|
|
380,997
|
|
380,997
|
Other intangible
assets, net
|
9,491
|
|
12,836
|
|
14,041
|
Other assets
|
210,744
|
|
144,126
|
|
159,419
|
Total
assets
|
$
13,953,144
|
|
14,501,508
|
|
14,389,235
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
$ 3,094,120
|
|
3,099,526
|
|
3,052,115
|
Interest-bearing demand
deposits
|
2,812,730
|
|
2,940,442
|
|
2,926,351
|
Money market deposit
accounts
|
2,577,013
|
|
2,629,882
|
|
2,584,424
|
Savings
deposits
|
2,327,419
|
|
2,303,760
|
|
2,271,496
|
Time
deposits
|
1,067,110
|
|
1,327,555
|
|
1,387,827
|
Total
deposits
|
11,878,392
|
|
12,301,165
|
|
12,222,213
|
|
|
|
|
|
|
Borrowed
funds
|
150,036
|
|
139,093
|
|
126,496
|
Subordinated
debt
|
113,753
|
|
123,575
|
|
123,486
|
Junior subordinated
debentures
|
129,249
|
|
129,054
|
|
128,989
|
Advances by borrowers
for taxes and insurance
|
29,647
|
|
44,582
|
|
26,951
|
Accrued interest
payable
|
831
|
|
1,804
|
|
589
|
Other
liabilities
|
191,450
|
|
178,664
|
|
198,743
|
Total
liabilities
|
12,493,358
|
|
12,917,937
|
|
12,827,467
|
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, 126,921,989, 126,612,183
and
126,521,344 shares issued and outstanding, respectively
|
1,269
|
|
1,266
|
|
1,265
|
Additional paid-in
capital
|
1,017,189
|
|
1,010,405
|
|
1,008,099
|
Retained
earnings
|
632,476
|
|
609,529
|
|
604,787
|
Accumulated other
comprehensive loss
|
(191,148)
|
|
(37,629)
|
|
(52,383)
|
Total shareholders'
equity
|
1,459,786
|
|
1,583,571
|
|
1,561,768
|
Total liabilities and
shareholders' equity
|
$
13,953,144
|
|
14,501,508
|
|
14,389,235
|
|
|
|
|
|
|
Equity to
assets
|
10.46 %
|
|
10.92 %
|
|
10.85 %
|
Tangible common equity
to assets*
|
7.88 %
|
|
8.43 %
|
|
8.34 %
|
Book value per
share
|
$
11.50
|
|
12.51
|
|
12.34
|
Tangible book value
per share*
|
$
8.42
|
|
9.40
|
|
9.22
|
Closing market price
per share
|
$
13.51
|
|
14.16
|
|
13.28
|
Full time equivalent
employees
|
2,191
|
|
2,332
|
|
2,404
|
Number of banking
offices
|
150
|
|
170
|
|
170
|
|
*
Excludes goodwill and other intangible assets
(non-GAAP).
|
Northwest
Bancshares, Inc. and Subsidiaries Consolidated
Statements of Income (Unaudited) (dollars in thousands,
except per share amounts)
|
|
|
Quarter ended
|
|
September
30,
2022
|
|
June 30,
2022
|
|
March 31,
2022
|
|
December 31,
2021
|
|
September
30,
2021
|
|
|
|
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$ 106,943
|
|
95,574
|
|
88,174
|
|
95,295
|
|
97,475
|
Mortgage-backed
securities
|
8,683
|
|
7,158
|
|
6,360
|
|
5,743
|
|
5,840
|
Taxable investment
securities
|
838
|
|
715
|
|
677
|
|
640
|
|
649
|
Tax-free investment
securities
|
709
|
|
683
|
|
674
|
|
688
|
|
628
|
FHLB stock
dividends
|
148
|
|
82
|
|
81
|
|
82
|
|
71
|
Interest-earning
deposits
|
1,295
|
|
1,684
|
|
467
|
|
467
|
|
352
|
Total interest
income
|
118,616
|
|
105,896
|
|
96,433
|
|
102,915
|
|
105,015
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
Deposits
|
3,157
|
|
3,341
|
|
3,751
|
|
4,295
|
|
4,540
|
Borrowed
funds
|
2,710
|
|
2,290
|
|
2,059
|
|
1,964
|
|
2,056
|
Total interest
expense
|
5,867
|
|
5,631
|
|
5,810
|
|
6,259
|
|
6,596
|
Net interest
income
|
112,749
|
|
100,265
|
|
90,623
|
|
96,656
|
|
98,419
|
Provision
for credit losses
|
7,689
|
|
2,629
|
|
(1,481)
|
|
(1,909)
|
|
(4,354)
|
Net interest income
after provision for credit losses
|
105,060
|
|
97,636
|
|
92,104
|
|
98,565
|
|
102,773
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
Loss on sale of
investments
|
(2)
|
|
(3)
|
|
(2)
|
|
(4)
|
|
(46)
|
Service charges and
fees
|
14,323
|
|
13,673
|
|
13,067
|
|
13,500
|
|
13,199
|
Trust and other
financial services income
|
6,650
|
|
7,461
|
|
7,012
|
|
6,820
|
|
7,182
|
Insurance commission
income
|
—
|
|
—
|
|
—
|
|
—
|
|
44
|
Gain/(loss) on real
estate owned, net
|
290
|
|
291
|
|
(29)
|
|
71
|
|
247
|
Income from bank-owned
life insurance
|
1,475
|
|
2,008
|
|
1,983
|
|
1,343
|
|
1,332
|
Mortgage banking
income
|
766
|
|
2,157
|
|
1,465
|
|
2,120
|
|
3,941
|
Other operating
income
|
3,301
|
|
4,861
|
|
2,244
|
|
3,192
|
|
3,287
|
Total noninterest
income
|
26,803
|
|
30,448
|
|
25,740
|
|
27,042
|
|
29,186
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
46,711
|
|
48,073
|
|
46,917
|
|
48,691
|
|
49,063
|
Premises and occupancy
costs
|
7,171
|
|
7,280
|
|
7,797
|
|
7,104
|
|
7,745
|
Office
operations
|
3,229
|
|
3,162
|
|
3,383
|
|
3,144
|
|
4,143
|
Collections
expense
|
322
|
|
403
|
|
520
|
|
602
|
|
411
|
Processing
expenses
|
13,416
|
|
12,947
|
|
12,548
|
|
13,639
|
|
13,517
|
Marketing
expenses
|
2,147
|
|
2,047
|
|
2,128
|
|
2,054
|
|
2,102
|
Federal deposit
insurance premiums
|
1,200
|
|
1,130
|
|
1,129
|
|
1,131
|
|
1,184
|
Professional
services
|
3,363
|
|
3,333
|
|
2,573
|
|
4,513
|
|
4,295
|
Amortization of
intangible assets
|
1,047
|
|
1,115
|
|
1,183
|
|
1,205
|
|
1,321
|
Real estate owned
expense
|
61
|
|
72
|
|
37
|
|
44
|
|
94
|
Merger, asset
disposition and restructuring expense
|
—
|
|
—
|
|
1,374
|
|
2,812
|
|
—
|
Other
expenses
|
3,906
|
|
5,245
|
|
2,355
|
|
1,346
|
|
2,227
|
Total noninterest
expense
|
82,573
|
|
84,807
|
|
81,944
|
|
86,285
|
|
86,102
|
Income before income
taxes
|
49,290
|
|
43,277
|
|
35,900
|
|
39,322
|
|
45,857
|
Income tax
expense
|
11,986
|
|
9,851
|
|
7,613
|
|
9,266
|
|
10,794
|
Net income
|
$
37,304
|
|
33,426
|
|
28,287
|
|
30,056
|
|
35,063
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.29
|
|
0.26
|
|
0.22
|
|
0.24
|
|
0.28
|
Diluted earnings per
share
|
$
0.29
|
|
0.26
|
|
0.22
|
|
0.24
|
|
0.27
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average equity
|
9.84 %
|
|
8.90 %
|
|
7.17 %
|
|
7.65 %
|
|
8.86 %
|
Annualized return on
average assets
|
1.05 %
|
|
0.94 %
|
|
0.80 %
|
|
0.82 %
|
|
0.97 %
|
Annualized return on
tangible common equity *
|
13.84 %
|
|
12.16 %
|
|
10.14 %
|
|
10.02 %
|
|
11.92 %
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
**
|
58.42 %
|
|
64.03 %
|
|
68.22 %
|
|
66.51 %
|
|
66.44 %
|
Annualized noninterest
expense to average assets ***
|
2.30 %
|
|
2.35 %
|
|
2.23 %
|
|
2.25 %
|
|
2.33 %
|
*
|
Excludes goodwill and
other intangible assets (non-GAAP).
|
**
|
Excludes gain on sale
of insurance business, amortization of intangible assets and
merger, asset disposition and restructuring expenses
(non-GAAP).
|
***
|
Excludes amortization
of intangible assets and merger, asset disposition and
restructuring expenses (non-GAAP).
|
Northwest
Bancshares, Inc. and Subsidiaries Consolidated
Statements of Income (Unaudited) (dollars in thousands,
except per share amounts)
|
|
|
Nine months ended
September 30,
|
|
2022
|
|
2021
|
Interest
income:
|
|
|
|
Loans
receivable
|
$
290,691
|
|
295,048
|
Mortgage-backed
securities
|
22,201
|
|
15,720
|
Taxable investment
securities
|
2,230
|
|
1,976
|
Tax-free investment
securities
|
2,066
|
|
1,797
|
FHLB stock
dividends
|
311
|
|
325
|
Interest-earning
deposits
|
3,446
|
|
727
|
Total interest
income
|
320,945
|
|
315,593
|
Interest
expense:
|
|
|
|
Deposits
|
10,249
|
|
14,827
|
Borrowed
funds
|
7,059
|
|
6,160
|
Total interest
expense
|
17,308
|
|
20,987
|
Net interest
income
|
303,637
|
|
294,606
|
Provision for credit
losses
|
8,837
|
|
(9,974)
|
Net interest income
after provision for credit losses
|
294,800
|
|
304,580
|
Noninterest
income:
|
|
|
|
Loss on sale of
investments
|
(7)
|
|
(172)
|
Service charges and
fees
|
41,063
|
|
38,337
|
Trust and other
financial services income
|
21,123
|
|
21,101
|
Insurance commission
income
|
—
|
|
3,633
|
Gain on real estate
owned, net
|
552
|
|
371
|
Income from bank-owned
life insurance
|
5,466
|
|
4,707
|
Mortgage banking
income
|
4,388
|
|
13,772
|
Gain on sale of
insurance business
|
—
|
|
25,327
|
Other operating
income
|
10,406
|
|
8,771
|
Total noninterest
income
|
82,991
|
|
115,847
|
Noninterest
expense:
|
|
|
|
Compensation and
employee benefits
|
141,701
|
|
145,196
|
Premises and occupancy
costs
|
22,248
|
|
23,969
|
Office
operations
|
9,774
|
|
10,625
|
Collections
expense
|
1,245
|
|
1,330
|
Processing
expenses
|
38,911
|
|
42,124
|
Marketing
expenses
|
6,322
|
|
6,183
|
Federal deposit
insurance premiums
|
3,459
|
|
3,844
|
Professional
services
|
9,269
|
|
13,108
|
Amortization of
intangible assets
|
3,345
|
|
4,348
|
Real estate owned
expense
|
170
|
|
254
|
Merger, asset
disposition and restructuring expense
|
1,374
|
|
641
|
Other
expenses
|
11,506
|
|
7,003
|
Total noninterest
expense
|
249,324
|
|
258,625
|
Income before income
taxes
|
128,467
|
|
161,802
|
Income tax
expense
|
29,450
|
|
37,535
|
Net income
|
$
99,017
|
|
124,267
|
|
|
|
|
Basic earnings per
share
|
$
0.78
|
|
0.98
|
Diluted earnings per
share
|
$
0.78
|
|
0.97
|
|
|
|
|
Annualized return on
average equity
|
8.61 %
|
|
10.67 %
|
Annualized return on
average assets
|
0.93 %
|
|
1.17 %
|
Annualized return on
tangible common equity *
|
12.38 %
|
|
14.24 %
|
|
|
|
|
Efficiency ratio
**
|
63.27 %
|
|
65.86 %
|
Annualized noninterest
expense to average assets ***
|
2.30 %
|
|
2.38 %
|
*
|
Excludes goodwill and
other intangible assets (non-GAAP).
|
**
|
Excludes gain on sale
of insurance business, amortization of intangible assets and
merger, asset disposition and restructuring expenses
(non-GAAP).
|
***
|
Excludes amortization
of intangible assets and merger, asset disposition and
restructuring expenses (non-GAAP).
|
Northwest
Bancshares, Inc. and Subsidiaries Asset Quality
(Unaudited) (dollars in thousands)
|
|
|
September
30,
2022
|
|
June 30,
2022
|
|
March 31,
2022
|
|
December 31,
2021
|
|
September
30,
2021
|
Nonaccrual loans
current:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
2,186
|
|
1,970
|
|
1,884
|
|
1,354
|
|
2,015
|
Home equity
loans
|
1,158
|
|
1,337
|
|
1,376
|
|
1,212
|
|
1,267
|
Consumer
loans
|
833
|
|
976
|
|
1,148
|
|
1,336
|
|
1,465
|
Commercial real estate
loans
|
56,193
|
|
60,537
|
|
79,810
|
|
106,233
|
|
111,075
|
Commercial
loans
|
1,801
|
|
5,270
|
|
6,060
|
|
6,098
|
|
17,021
|
Total nonaccrual loans
current
|
$
62,171
|
|
70,090
|
|
90,278
|
|
116,233
|
|
132,843
|
Nonaccrual loans
delinquent 30 days to 59 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
54
|
|
2
|
|
760
|
|
244
|
|
99
|
Home equity
loans
|
316
|
|
172
|
|
195
|
|
223
|
|
328
|
Consumer
loans
|
155
|
|
158
|
|
190
|
|
241
|
|
152
|
Commercial real estate
loans
|
55
|
|
911
|
|
333
|
|
239
|
|
205
|
Commercial
loans
|
237
|
|
358
|
|
4
|
|
53
|
|
102
|
Total nonaccrual loans
delinquent 30 days to 59 days
|
$
817
|
|
1,601
|
|
1,482
|
|
1,000
|
|
886
|
Nonaccrual loans
delinquent 60 days to 89 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
32
|
|
199
|
|
830
|
|
1,163
|
|
527
|
Home equity
loans
|
432
|
|
566
|
|
371
|
|
61
|
|
142
|
Consumer
loans
|
382
|
|
226
|
|
280
|
|
292
|
|
291
|
Commercial real estate
loans
|
848
|
|
630
|
|
—
|
|
364
|
|
419
|
Commercial
loans
|
132
|
|
73
|
|
—
|
|
218
|
|
170
|
Total nonaccrual loans
delinquent 60 days to 89 days
|
$
1,826
|
|
1,694
|
|
1,481
|
|
2,098
|
|
1,549
|
Nonaccrual loans
delinquent 90 days or more:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
5,544
|
|
5,445
|
|
3,976
|
|
7,641
|
|
8,069
|
Home equity
loans
|
1,779
|
|
2,081
|
|
2,968
|
|
4,262
|
|
4,745
|
Consumer
loans
|
2,031
|
|
1,942
|
|
1,782
|
|
2,069
|
|
2,184
|
Commercial real estate
loans
|
8,821
|
|
14,949
|
|
21,399
|
|
24,063
|
|
25,562
|
Commercial
loans
|
638
|
|
583
|
|
795
|
|
1,105
|
|
1,104
|
Total nonaccrual loans
delinquent 90 days or more
|
$
18,813
|
|
25,000
|
|
30,920
|
|
39,140
|
|
41,664
|
Total nonaccrual
loans
|
$
83,627
|
|
98,385
|
|
124,161
|
|
158,471
|
|
176,942
|
Total nonaccrual
loans
|
$
83,627
|
|
98,385
|
|
124,161
|
|
158,471
|
|
176,942
|
Loans 90 days past due
and still accruing
|
357
|
|
379
|
|
420
|
|
331
|
|
386
|
Nonperforming
loans
|
83,984
|
|
98,764
|
|
124,581
|
|
158,802
|
|
177,328
|
Real estate owned,
net
|
450
|
|
1,205
|
|
929
|
|
873
|
|
809
|
Nonperforming
assets
|
$
84,434
|
|
99,969
|
|
125,510
|
|
159,675
|
|
178,137
|
Nonaccrual troubled
debt restructuring *
|
$
30,406
|
|
37,647
|
|
16,015
|
|
17,216
|
|
12,858
|
Accruing troubled debt
restructuring
|
16,344
|
|
16,590
|
|
12,686
|
|
13,072
|
|
13,664
|
Total troubled debt
restructuring
|
$
46,750
|
|
54,237
|
|
28,701
|
|
30,288
|
|
26,522
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to
total loans
|
0.78 %
|
|
0.95 %
|
|
1.23 %
|
|
1.59 %
|
|
1.74 %
|
Nonperforming assets to
total assets
|
0.61 %
|
|
0.71 %
|
|
0.87 %
|
|
1.10 %
|
|
1.24 %
|
Allowance for credit
losses to total loans
|
1.02 %
|
|
0.94 %
|
|
0.98 %
|
|
1.02 %
|
|
1.08 %
|
Allowance for total
loans excluding PPP loan balances
|
1.02 %
|
|
0.95 %
|
|
0.98 %
|
|
1.03 %
|
|
1.09 %
|
Allowance for credit
losses to nonperforming loans
|
130.76 %
|
|
99.59 %
|
|
79.70 %
|
|
64.38 %
|
|
61.90 %
|
* Amounts
included in nonperforming loans above.
|
Northwest
Bancshares, Inc. and Subsidiaries Loans by Credit
Quality Indicators (Unaudited) (dollars in
thousands)
|
|
At September 30,
2022
|
|
Pass
|
|
Special
mention
*
|
|
Substandard
**
|
|
Doubtful
|
|
Loss
|
|
Loans
receivable
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
3,388,168
|
|
—
|
|
13,730
|
|
—
|
|
—
|
|
3,401,898
|
Home equity
loans
|
|
1,279,968
|
|
—
|
|
5,021
|
|
—
|
|
—
|
|
1,284,989
|
Consumer
loans
|
|
2,112,478
|
|
—
|
|
3,760
|
|
—
|
|
—
|
|
2,116,238
|
Total Personal
Banking
|
|
6,780,614
|
|
—
|
|
22,511
|
|
—
|
|
—
|
|
6,803,125
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,589,648
|
|
34,684
|
|
188,498
|
|
—
|
|
—
|
|
2,812,830
|
Commercial
loans
|
|
1,094,830
|
|
4,004
|
|
26,736
|
|
—
|
|
—
|
|
1,125,570
|
Total Commercial
Banking
|
|
3,684,478
|
|
38,688
|
|
215,234
|
|
—
|
|
—
|
|
3,938,400
|
Total loans
|
|
$ 10,465,092
|
|
38,688
|
|
237,745
|
|
—
|
|
—
|
|
10,741,525
|
At June 30,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
3,273,117
|
|
—
|
|
13,658
|
|
—
|
|
—
|
|
3,286,775
|
Home equity
loans
|
|
1,275,124
|
|
—
|
|
5,368
|
|
—
|
|
—
|
|
1,280,492
|
Consumer
loans
|
|
1,998,863
|
|
—
|
|
3,682
|
|
—
|
|
—
|
|
2,002,545
|
Total Personal
Banking
|
|
6,547,104
|
|
—
|
|
22,708
|
|
—
|
|
—
|
|
6,569,812
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,600,207
|
|
51,540
|
|
224,429
|
|
—
|
|
—
|
|
2,876,176
|
Commercial
loans
|
|
954,129
|
|
2,468
|
|
30,239
|
|
—
|
|
—
|
|
986,836
|
Total Commercial
Banking
|
|
3,554,336
|
|
54,008
|
|
254,668
|
|
—
|
|
—
|
|
3,863,012
|
Total loans
|
|
$ 10,101,440
|
|
54,008
|
|
277,376
|
|
—
|
|
—
|
|
10,432,824
|
At March 31,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
3,108,366
|
|
—
|
|
13,523
|
|
—
|
|
—
|
|
3,121,889
|
Home equity
loans
|
|
1,280,342
|
|
—
|
|
6,178
|
|
—
|
|
—
|
|
1,286,520
|
Consumer
loans
|
|
1,892,162
|
|
—
|
|
3,819
|
|
—
|
|
—
|
|
1,895,981
|
Total Personal
Banking
|
|
6,280,870
|
|
—
|
|
23,520
|
|
—
|
|
—
|
|
6,304,390
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,633,808
|
|
62,091
|
|
263,994
|
|
—
|
|
—
|
|
2,959,893
|
Commercial
loans
|
|
839,125
|
|
3,277
|
|
32,349
|
|
—
|
|
—
|
|
874,751
|
Total Commercial
Banking
|
|
3,472,933
|
|
65,368
|
|
296,343
|
|
—
|
|
—
|
|
3,834,644
|
Total loans
|
|
$
9,753,803
|
|
65,368
|
|
319,863
|
|
—
|
|
—
|
|
10,139,034
|
At December 31,
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
2,978,080
|
|
—
|
|
16,540
|
|
—
|
|
—
|
|
2,994,620
|
Home equity
loans
|
|
1,312,820
|
|
—
|
|
7,111
|
|
—
|
|
—
|
|
1,319,931
|
Consumer
loans
|
|
1,834,478
|
|
—
|
|
4,270
|
|
—
|
|
—
|
|
1,838,748
|
Total Personal
Banking
|
|
6,125,378
|
|
—
|
|
27,921
|
|
—
|
|
—
|
|
6,153,299
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,639,676
|
|
74,123
|
|
301,685
|
|
—
|
|
—
|
|
3,015,484
|
Commercial
loans
|
|
808,323
|
|
5,730
|
|
33,556
|
|
—
|
|
—
|
|
847,609
|
Total Commercial
Banking
|
|
3,447,999
|
|
79,853
|
|
335,241
|
|
—
|
|
—
|
|
3,863,093
|
Total loans
|
|
$
9,573,377
|
|
79,853
|
|
363,162
|
|
—
|
|
—
|
|
10,016,392
|
At September 30,
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
2,972,489
|
|
—
|
|
17,032
|
|
—
|
|
—
|
|
2,989,521
|
Home equity
loans
|
|
1,342,479
|
|
—
|
|
7,869
|
|
—
|
|
—
|
|
1,350,348
|
Consumer
loans
|
|
1,812,360
|
|
—
|
|
4,476
|
|
—
|
|
—
|
|
1,816,836
|
Total Personal
Banking
|
|
6,127,328
|
|
—
|
|
29,377
|
|
—
|
|
—
|
|
6,156,705
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,799,592
|
|
63,034
|
|
299,925
|
|
—
|
|
—
|
|
3,162,551
|
Commercial
loans
|
|
813,665
|
|
10,976
|
|
55,071
|
|
—
|
|
—
|
|
879,712
|
Total Commercial
Banking
|
|
3,613,257
|
|
74,010
|
|
354,996
|
|
—
|
|
—
|
|
4,042,263
|
Total loans
|
|
$
9,740,585
|
|
74,010
|
|
384,373
|
|
—
|
|
—
|
|
10,198,968
|
*
|
Includes $4.5 million,
$7.4 million, $4.4 million, $14.9 million, and $16.7 million of
acquired loans at September 30, 2022, June 30, 2022, March 31,
2022, December 31, 2021, and September 30, 2021,
respectively.
|
**
|
Includes $51.4 million,
$59.3 million, $71.9 million, $81.5 million, and $110.4 million of
acquired loans at September 30, 2022, June 30, 2022, March 31,
2022, December 31, 2021, and September 30, 2021,
respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries Loan Delinquency
(Unaudited) (dollars in thousands)
|
|
|
September
30,
2022
|
|
*
|
|
June 30,
2022
|
|
*
|
|
March 31,
2022
|
|
*
|
|
December 31,
2021
|
|
*
|
|
September
30,
2021
|
|
*
|
(Number of loans and
dollar amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 30
days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
26
|
|
$
1,052
|
|
— %
|
|
20
|
|
$ 785
|
|
— %
|
|
281
|
|
$
24,057
|
|
0.8 %
|
|
277
|
|
$
20,567
|
|
0.7 %
|
|
17
|
|
$ 765
|
|
— %
|
Home equity
loans
|
88
|
|
3,278
|
|
0.3 %
|
|
107
|
|
3,664
|
|
0.3 %
|
|
105
|
|
3,867
|
|
0.3 %
|
|
112
|
|
3,153
|
|
0.2 %
|
|
101
|
|
3,351
|
|
0.2 %
|
Consumer
loans
|
549
|
|
6,546
|
|
0.3 %
|
|
563
|
|
6,898
|
|
0.3 %
|
|
523
|
|
6,043
|
|
0.3 %
|
|
589
|
|
6,536
|
|
0.4 %
|
|
576
|
|
6,146
|
|
0.3 %
|
Commercial real estate
loans
|
13
|
|
1,332
|
|
— %
|
|
26
|
|
2,701
|
|
0.1 %
|
|
25
|
|
3,643
|
|
0.1 %
|
|
17
|
|
17,065
|
|
0.6 %
|
|
19
|
|
2,004
|
|
0.1 %
|
Commercial
loans
|
48
|
|
2,582
|
|
0.2 %
|
|
24
|
|
1,486
|
|
0.2 %
|
|
16
|
|
1,268
|
|
0.1 %
|
|
12
|
|
193
|
|
— %
|
|
10
|
|
692
|
|
0.1 %
|
Total loans delinquent
30 days to 59 days
|
724
|
|
$
14,790
|
|
0.1 %
|
|
740
|
|
$
15,534
|
|
0.1 %
|
|
950
|
|
$
38,878
|
|
0.4 %
|
|
1,007
|
|
$
47,514
|
|
0.5 %
|
|
723
|
|
$
12,958
|
|
0.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 60
days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
51
|
|
$
4,320
|
|
0.1 %
|
|
61
|
|
$
5,941
|
|
0.2 %
|
|
24
|
|
$
1,950
|
|
0.1 %
|
|
59
|
|
$
5,433
|
|
0.2 %
|
|
55
|
|
$
4,907
|
|
0.2 %
|
Home equity
loans
|
36
|
|
1,227
|
|
0.1 %
|
|
28
|
|
952
|
|
0.1 %
|
|
28
|
|
1,138
|
|
0.1 %
|
|
30
|
|
949
|
|
0.1 %
|
|
29
|
|
1,024
|
|
0.1 %
|
Consumer
loans
|
223
|
|
2,663
|
|
0.1 %
|
|
178
|
|
1,460
|
|
0.1 %
|
|
159
|
|
1,839
|
|
0.1 %
|
|
195
|
|
2,006
|
|
0.1 %
|
|
180
|
|
1,757
|
|
0.1 %
|
Commercial real estate
loans
|
13
|
|
1,741
|
|
0.1 %
|
|
9
|
|
1,472
|
|
0.1 %
|
|
1
|
|
112
|
|
— %
|
|
5
|
|
769
|
|
— %
|
|
8
|
|
1,170
|
|
— %
|
Commercial
loans
|
14
|
|
808
|
|
0.1 %
|
|
6
|
|
341
|
|
— %
|
|
3
|
|
103
|
|
— %
|
|
10
|
|
727
|
|
0.1 %
|
|
2
|
|
170
|
|
— %
|
Total loans delinquent
60 days to 89 days
|
337
|
|
$
10,759
|
|
0.1 %
|
|
282
|
|
$
10,166
|
|
0.1 %
|
|
215
|
|
$
5,142
|
|
0.1 %
|
|
299
|
|
$
9,884
|
|
0.1 %
|
|
274
|
|
$
9,028
|
|
0.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 90
days or more: **
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
64
|
|
$
5,544
|
|
0.2 %
|
|
63
|
|
$
5,445
|
|
0.2 %
|
|
47
|
|
$
3,976
|
|
0.1 %
|
|
87
|
|
$
7,641
|
|
0.3 %
|
|
95
|
|
$
8,069
|
|
0.3 %
|
Home equity
loans
|
65
|
|
1,779
|
|
0.1 %
|
|
69
|
|
2,081
|
|
0.2 %
|
|
91
|
|
2,968
|
|
0.2 %
|
|
105
|
|
4,262
|
|
0.3 %
|
|
119
|
|
4,745
|
|
0.4 %
|
Consumer
loans
|
289
|
|
2,388
|
|
0.1 %
|
|
286
|
|
2,321
|
|
0.1 %
|
|
287
|
|
2,202
|
|
0.1 %
|
|
296
|
|
2,400
|
|
0.1 %
|
|
308
|
|
2,568
|
|
0.1 %
|
Commercial real estate
loans
|
22
|
|
8,821
|
|
0.3 %
|
|
31
|
|
14,949
|
|
0.5 %
|
|
41
|
|
21,399
|
|
0.7 %
|
|
52
|
|
24,063
|
|
0.8 %
|
|
59
|
|
25,562
|
|
0.8 %
|
Commercial
loans
|
11
|
|
638
|
|
0.1 %
|
|
10
|
|
583
|
|
0.1 %
|
|
10
|
|
795
|
|
0.1 %
|
|
8
|
|
1,105
|
|
0.1 %
|
|
10
|
|
1,104
|
|
0.1 %
|
Total loans delinquent
90 days or more
|
451
|
|
$
19,170
|
|
0.2 %
|
|
459
|
|
$
25,379
|
|
0.2 %
|
|
476
|
|
$
31,340
|
|
0.3 %
|
|
548
|
|
$
39,471
|
|
0.4 %
|
|
591
|
|
$
42,048
|
|
0.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
delinquent
|
1,512
|
|
$
44,719
|
|
0.4 %
|
|
1,481
|
|
$
51,079
|
|
0.5 %
|
|
1,641
|
|
$
75,360
|
|
0.7 %
|
|
1,854
|
|
$
96,869
|
|
1.0 %
|
|
1,588
|
|
$
64,034
|
|
0.6 %
|
*
|
Represents delinquency,
in dollars, divided by the respective total amount of that type of
loan outstanding.
|
**
|
Includes purchased
credit deteriorated loans of $783,000, $6.3 million, $7.1 million,
$7.3 million, and $8.4 million at September 30, 2022, June 30,
2022, March 31, 2022, December 31, 2021, and September 30,
2021, respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries Allowance for
Credit Losses (Unaudited) (dollars in
thousands)
|
|
|
Quarter ended
|
|
September
30,
2022
|
|
June 30,
2022
|
|
March 31,
2022
|
|
December 31,
2021
|
|
September
30,
2021
|
Beginning
balance
|
$
98,355
|
|
99,295
|
|
102,241
|
|
109,767
|
|
117,330
|
Provision
|
7,689
|
|
2,629
|
|
(1,481)
|
|
(1,909)
|
|
(4,354)
|
Charge-offs residential
mortgage
|
(166)
|
|
(138)
|
|
(1,183)
|
|
(784)
|
|
(1,263)
|
Charge-offs home
equity
|
(535)
|
|
(255)
|
|
(447)
|
|
(1,299)
|
|
(1,474)
|
Charge-offs
consumer
|
(2,341)
|
|
(1,912)
|
|
(1,723)
|
|
(2,897)
|
|
(2,148)
|
Charge-offs commercial
real estate
|
(1,329)
|
|
(4,392)
|
|
(1,024)
|
|
(2,652)
|
|
(1,581)
|
Charge-offs
commercial
|
(243)
|
|
(329)
|
|
(681)
|
|
(2,586)
|
|
(412)
|
Recoveries
|
8,389
|
|
3,457
|
|
3,593
|
|
4,601
|
|
3,669
|
Ending
balance
|
$ 109,819
|
|
98,355
|
|
99,295
|
|
102,241
|
|
109,767
|
Net
(recoveries)/charge-offs to average loans, annualized
|
(0.14) %
|
|
0.14 %
|
|
0.06 %
|
|
0.22 %
|
|
0.12 %
|
|
Nine months ended
September 30,
|
|
2022
|
|
2021
|
Beginning
balance
|
$
102,241
|
|
134,427
|
Provision
|
8,837
|
|
(9,974)
|
Charge-offs residential
mortgage
|
(1,487)
|
|
(2,888)
|
Charge-offs home
equity
|
(1,237)
|
|
(2,081)
|
Charge-offs
consumer
|
(5,976)
|
|
(7,152)
|
Charge-offs commercial
real estate
|
(6,745)
|
|
(10,171)
|
Charge-offs
commercial
|
(1,253)
|
|
(1,627)
|
Recoveries
|
15,439
|
|
9,233
|
Ending
balance
|
$
109,819
|
|
109,767
|
Net charge-offs to
average loans, annualized
|
0.02 %
|
|
0.19 %
|
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,
2022
|
|
June 30,
2022
|
|
March 31,
2022
|
|
December 31,
2021
|
|
September 30,
2021
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
3,331,173
|
|
29,414
|
|
3.53 %
|
|
$
3,171,469
|
|
27,327
|
|
3.45 %
|
|
$
2,980,788
|
|
25,542
|
|
3.43 %
|
|
$
2,977,942
|
|
25,269
|
|
3.39 %
|
|
$
2,959,794
|
|
25,398
|
|
3.43 %
|
Home equity
loans
|
1,274,918
|
|
13,658
|
|
4.25 %
|
|
1,277,440
|
|
11,961
|
|
3.76 %
|
|
1,293,986
|
|
11,472
|
|
3.60 %
|
|
1,328,553
|
|
11,750
|
|
3.51 %
|
|
1,356,131
|
|
11,993
|
|
3.51 %
|
Consumer
loans
|
1,981,754
|
|
17,256
|
|
3.45 %
|
|
1,880,769
|
|
15,777
|
|
3.36 %
|
|
1,799,037
|
|
14,907
|
|
3.36 %
|
|
1,756,620
|
|
15,514
|
|
3.50 %
|
|
1,728,563
|
|
16,220
|
|
3.72 %
|
Commercial real estate
loans
|
2,842,597
|
|
34,158
|
|
4.70 %
|
|
2,915,750
|
|
31,844
|
|
4.32 %
|
|
3,000,204
|
|
29,757
|
|
3.97 %
|
|
3,113,924
|
|
34,062
|
|
4.28 %
|
|
3,205,839
|
|
35,305
|
|
4.31 %
|
Commercial
loans
|
1,050,124
|
|
12,978
|
|
4.84 %
|
|
912,454
|
|
9,090
|
|
3.94 %
|
|
824,770
|
|
6,897
|
|
3.34 %
|
|
855,998
|
|
9,154
|
|
4.18 %
|
|
975,603
|
|
9,096
|
|
3.65 %
|
Total loans receivable
(a) (b) (d)
|
10,480,566
|
|
107,464
|
|
4.07 %
|
|
10,157,882
|
|
95,999
|
|
3.79 %
|
|
9,898,785
|
|
88,575
|
|
3.63 %
|
|
10,033,037
|
|
95,749
|
|
3.79 %
|
|
10,225,930
|
|
98,012
|
|
3.80 %
|
Mortgage-backed
securities (c)
|
2,019,715
|
|
8,683
|
|
1.72 %
|
|
1,952,375
|
|
7,158
|
|
1.47 %
|
|
1,945,173
|
|
6,360
|
|
1.31 %
|
|
1,894,683
|
|
5,743
|
|
1.21 %
|
|
1,832,876
|
|
5,840
|
|
1.27 %
|
Investment securities
(c) (d)
|
388,755
|
|
1,762
|
|
1.81 %
|
|
376,935
|
|
1,590
|
|
1.69 %
|
|
373,694
|
|
1,540
|
|
1.65 %
|
|
358,558
|
|
1,535
|
|
1.71 %
|
|
348,619
|
|
1,466
|
|
1.68 %
|
FHLB stock, at
cost
|
14,028
|
|
148
|
|
4.19 %
|
|
13,428
|
|
82
|
|
2.44 %
|
|
13,870
|
|
81
|
|
2.38 %
|
|
14,459
|
|
82
|
|
2.25 %
|
|
21,607
|
|
71
|
|
1.31 %
|
Other interest-earning
deposits
|
253,192
|
|
1,295
|
|
2.00 %
|
|
846,142
|
|
1,684
|
|
0.79 %
|
|
1,218,960
|
|
467
|
|
0.15 %
|
|
1,168,449
|
|
467
|
|
0.16 %
|
|
905,130
|
|
352
|
|
0.15 %
|
Total interest-earning
assets
|
13,156,256
|
|
119,352
|
|
3.60 %
|
|
13,346,762
|
|
106,513
|
|
3.20 %
|
|
13,450,482
|
|
97,023
|
|
2.93 %
|
|
13,469,186
|
|
103,576
|
|
3.05 %
|
|
13,334,162
|
|
105,741
|
|
3.15 %
|
Noninterest-earning
assets (e)
|
896,663
|
|
|
|
|
|
909,943
|
|
|
|
|
|
973,092
|
|
|
|
|
|
1,004,905
|
|
|
|
|
|
1,074,122
|
|
|
|
|
Total assets
|
$
14,052,919
|
|
|
|
|
|
$
14,256,705
|
|
|
|
|
|
$
14,423,574
|
|
|
|
|
|
$
14,474,091
|
|
|
|
|
|
$
14,408,284
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$
2,350,248
|
|
594
|
|
0.10 %
|
|
$
2,361,919
|
|
589
|
|
0.10 %
|
|
$
2,334,494
|
|
592
|
|
0.10 %
|
|
$
2,282,606
|
|
622
|
|
0.11 %
|
|
$
2,271,365
|
|
603
|
|
0.11 %
|
Interest-bearing
demand deposits
|
2,794,338
|
|
360
|
|
0.05 %
|
|
2,857,336
|
|
310
|
|
0.04 %
|
|
2,875,430
|
|
321
|
|
0.05 %
|
|
2,933,466
|
|
411
|
|
0.06 %
|
|
2,890,905
|
|
414
|
|
0.06 %
|
Money market deposit
accounts
|
2,620,850
|
|
692
|
|
0.10 %
|
|
2,653,467
|
|
668
|
|
0.10 %
|
|
2,668,105
|
|
653
|
|
0.10 %
|
|
2,618,177
|
|
656
|
|
0.10 %
|
|
2,565,159
|
|
637
|
|
0.10 %
|
Time
deposits
|
1,110,906
|
|
1,511
|
|
0.54 %
|
|
1,220,815
|
|
1,774
|
|
0.58 %
|
|
1,292,608
|
|
2,185
|
|
0.69 %
|
|
1,356,513
|
|
2,606
|
|
0.76 %
|
|
1,423,041
|
|
2,886
|
|
0.80 %
|
Borrowed funds
(f)
|
127,073
|
|
239
|
|
0.75 %
|
|
123,749
|
|
167
|
|
0.54 %
|
|
135,289
|
|
158
|
|
0.47 %
|
|
135,038
|
|
159
|
|
0.47 %
|
|
131,199
|
|
154
|
|
0.47 %
|
Subordinated
debt
|
113,695
|
|
1,149
|
|
4.04 %
|
|
119,563
|
|
1,203
|
|
4.03 %
|
|
123,608
|
|
1,250
|
|
4.05 %
|
|
123,514
|
|
1,180
|
|
3.82 %
|
|
123,513
|
|
1,277
|
|
4.10 %
|
Junior subordinated
debentures
|
129,207
|
|
1,322
|
|
4.00 %
|
|
129,142
|
|
920
|
|
2.82 %
|
|
129,077
|
|
651
|
|
2.02 %
|
|
129,012
|
|
625
|
|
1.89 %
|
|
128,946
|
|
625
|
|
1.90 %
|
Total interest-bearing
liabilities
|
9,246,317
|
|
5,867
|
|
0.25 %
|
|
9,465,991
|
|
5,631
|
|
0.24 %
|
|
9,558,611
|
|
5,810
|
|
0.25 %
|
|
9,578,326
|
|
6,259
|
|
0.26 %
|
|
9,534,128
|
|
6,596
|
|
0.27 %
|
Noninterest-bearing
demand deposits (g)
|
3,093,490
|
|
|
|
|
|
3,090,372
|
|
|
|
|
|
3,060,698
|
|
|
|
|
|
3,093,518
|
|
|
|
|
|
3,058,819
|
|
|
|
|
Noninterest-bearing
liabilities
|
209,486
|
|
|
|
|
|
193,510
|
|
|
|
|
|
203,537
|
|
|
|
|
|
242,620
|
|
|
|
|
|
244,402
|
|
|
|
|
Total
liabilities
|
12,549,293
|
|
|
|
|
|
12,749,873
|
|
|
|
|
|
12,822,846
|
|
|
|
|
|
12,914,464
|
|
|
|
|
|
12,837,349
|
|
|
|
|
Shareholders'
equity
|
1,503,626
|
|
|
|
|
|
1,506,832
|
|
|
|
|
|
1,600,728
|
|
|
|
|
|
1,559,627
|
|
|
|
|
|
1,570,935
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
14,052,919
|
|
|
|
|
|
$
14,256,705
|
|
|
|
|
|
$
14,423,574
|
|
|
|
|
|
$
14,474,091
|
|
|
|
|
|
$
14,408,284
|
|
|
|
|
Net interest
income/Interest rate spread
|
|
|
113,485
|
|
3.35 %
|
|
|
|
100,882
|
|
2.96 %
|
|
|
|
91,213
|
|
2.68 %
|
|
|
|
97,317
|
|
2.79 %
|
|
|
|
99,145
|
|
2.87 %
|
Net interest-earning
assets/Net interest margin
|
$
3,909,939
|
|
|
|
3.42 %
|
|
$
3,880,771
|
|
|
|
3.07 %
|
|
$
3,891,871
|
|
|
|
2.75 %
|
|
$
3,890,860
|
|
|
|
2.89 %
|
|
$
3,800,034
|
|
|
|
2.97 %
|
Ratio of
interest-earning assets to interest-
bearing liabilities
|
1.42X
|
|
|
|
|
|
1.41X
|
|
|
|
|
|
1.41X
|
|
|
|
|
|
1.41X
|
|
|
|
|
|
1.40X
|
|
|
|
|
(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 0.11%, 0.11%, 0.12%, 0.14%, and 0.15%,
respectively.
|
(h)
|
Shown on a FTE basis.
GAAP basis yields for the periods indicated were: Loans — 4.05%,
3.77%, 3.61%, 3.77%, and 3.79%, respectively, Investment
securities — 1.59%, 1.48%, 1.45%, 1.48%, and 1.47%,
respectively, Interest-earning assets — 3.58%, 3.18%,
2.91%, 3.03%, and 3.13%, respectively. GAAP basis net interest rate
spreads were 3.33%, 2.94%, 2.66%, 2.77%, and 2.86%, respectively,
and GAAP basis net interest margins were 3.40%, 3.05%, 2.73%,
2.87%, and 2.95%, 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,
|
|
2022
|
|
2021
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$ 3,162,758
|
|
82,282
|
|
3.47 %
|
|
$ 2,967,248
|
|
77,373
|
|
3.48 %
|
Home equity
loans
|
1,282,045
|
|
37,443
|
|
3.90 %
|
|
1,389,367
|
|
37,039
|
|
3.55 %
|
Consumer
loans
|
1,887,843
|
|
47,588
|
|
3.37 %
|
|
1,594,834
|
|
45,341
|
|
3.79 %
|
Commercial real estate
loans
|
2,918,940
|
|
95,813
|
|
4.33 %
|
|
3,258,785
|
|
107,124
|
|
4.32 %
|
Commercial
loans
|
929,942
|
|
28,981
|
|
4.11 %
|
|
1,099,010
|
|
29,640
|
|
3.54 %
|
Loans receivable
(a) (b) (d)
|
10,181,528
|
|
292,107
|
|
3.84 %
|
|
10,309,244
|
|
296,517
|
|
3.83 %
|
Mortgage-backed
securities (c)
|
1,972,694
|
|
22,201
|
|
1.50 %
|
|
1,639,749
|
|
15,720
|
|
1.28 %
|
Investment securities
(c) (d)
|
379,850
|
|
4,923
|
|
1.73 %
|
|
348,193
|
|
4,313
|
|
1.65 %
|
FHLB stock, at
cost
|
13,776
|
|
311
|
|
3.02 %
|
|
22,174
|
|
325
|
|
1.95 %
|
Other interest-earning
deposits
|
753,482
|
|
3,447
|
|
0.60 %
|
|
838,997
|
|
727
|
|
0.11 %
|
Total interest-earning
assets
|
13,301,330
|
|
322,989
|
|
3.25 %
|
|
13,158,357
|
|
317,602
|
|
3.22 %
|
Noninterest-earning
assets (e)
|
941,947
|
|
|
|
|
|
1,094,117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
14,243,277
|
|
|
|
|
|
$
14,252,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$ 2,348,944
|
|
1,758
|
|
0.10 %
|
|
$ 2,215,553
|
|
1,818
|
|
0.11 %
|
Interest-bearing
demand deposits
|
2,842,071
|
|
1,008
|
|
0.05 %
|
|
2,838,822
|
|
1,250
|
|
0.06 %
|
Money market deposit
accounts
|
2,647,301
|
|
2,067
|
|
0.10 %
|
|
2,533,676
|
|
1,914
|
|
0.10 %
|
Time
deposits
|
1,207,444
|
|
5,416
|
|
0.60 %
|
|
1,499,583
|
|
9,845
|
|
0.87 %
|
Borrowed funds
(f)
|
131,368
|
|
563
|
|
0.57 %
|
|
135,369
|
|
458
|
|
0.45 %
|
Subordinated
debt
|
118,919
|
|
3,603
|
|
4.04 %
|
|
123,438
|
|
3,799
|
|
4.10 %
|
Junior subordinated
debentures
|
129,142
|
|
2,893
|
|
2.95 %
|
|
128,882
|
|
1,903
|
|
1.94 %
|
Total interest-bearing
liabilities
|
9,425,189
|
|
17,308
|
|
0.25 %
|
|
9,475,323
|
|
20,987
|
|
0.30 %
|
Noninterest-bearing
demand deposits (g)
|
3,081,640
|
|
|
|
|
|
2,967,672
|
|
|
|
|
Noninterest-bearing
liabilities
|
199,742
|
|
|
|
|
|
252,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
12,706,571
|
|
|
|
|
|
12,695,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
1,536,706
|
|
|
|
|
|
1,556,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
14,243,277
|
|
|
|
|
|
$
14,252,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Interest rate spread
|
|
|
305,681
|
|
3.00 %
|
|
|
|
296,615
|
|
2.92 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest-earning
assets/Net interest margin
|
$ 3,876,141
|
|
|
|
3.07 %
|
|
$ 3,683,034
|
|
|
|
3.01 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.41X
|
|
|
|
|
|
1.39X
|
|
|
|
|
(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 0.11% and 0.16%, respectively.
|
(h)
|
Shown on a FTE basis.
GAAP basis yields were: Loans — 3.82% and 3.82%, respectively;
Investment securities — 1.51% and 1.44%, respectively;
Interest-earning assets — 3.23% and 3.20%, respectively. GAAP
basis net interest rate spreads were 2.98% and 2.91%, respectively;
and GAAP basis net interest margins were 3.05% and 2.99%,
respectively.
|
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SOURCE Northwest Bancshares, Inc.