118th consecutive quarterly
dividend of $0.20 per share
declared.
COLUMBUS, Ohio, April 22,
2024 /PRNewswire/ -- Northwest Bancshares, Inc., (the
"Company"), (NasdaqGS: NWBI) announced net income for the quarter
ended March 31, 2024 of $29
million, or $0.23 per diluted
share. This represents a decrease of $5
million, or 13%, compared to the same quarter last year,
when net income was $34 million, or
$0.26 per diluted share. The
annualized returns on average shareholders' equity and average
assets for the quarter ended March 31, 2024 were 7.57% and
0.81% compared to 9.11% and 0.97% for the same quarter last
year.
The Company also announced that its Board of Directors declared
a quarterly cash dividend of $0.20
per share payable on May 15, 2024 to shareholders of
record as of May 2, 2024. This is the 118th consecutive
quarter in which the Company has paid a cash dividend. Based on the
market value of the Company's common stock as of March 31,
2024, this represents an annualized dividend yield of approximately
6.9%.
The Company is announcing its intentions to pursue a limited,
strategic repositioning of the securities portfolio to optimize its
balance sheet by liquidating lower-yielding securities in an effort
to generate additional future earnings. This initiative will be
accomplished through the sale of up to 15% of the Company's
investment securities portfolio. The securities losses recognized
will be limited to $40 million,
equivalent to approximately $30
million after tax. The Company expects a yield pickup of
375-400 basis points from the repositioning and will look to manage
the payback period so that it will be approximately three years.
The characteristics of investment securities to be sold have an
average yield less than 2.00% with a remaining maturity of greater
than four years. The proceeds will be used to reduce borrowings in
the short term while also opportunistically reinvesting into
securities with similar risk, maturity and duration
characteristics.
Louis J. Torchio, President and
CEO, added, "As part of the Company's ongoing efforts to enhance
future profitability, we have proactively chosen to reposition our
securities portfolio. By executing this strategic securities
transaction, we will significantly improve the Company's future
earnings potential while simultaneously maintaining our robust
capital levels and liquidity. This strategic move aligns with our
commitment to long-term financial stability and growth, ensuring
that we are well-positioned to capitalize on future opportunities
and navigate any potential challenges in the market."
"In addition, we are proud of our first quarter earnings, which
demonstrate our focus and commitment to achieving solid results in
a challenging environment. Our strong performance is a testament to
our robust business model, dedicated team, and the trust of our
customers," added Mr. Torchio. "Despite industry headwinds, we have
emerged stronger by staying true to our core values, prioritizing
growth and transformation, and maintaining a customer-centric
approach. Our first quarter results provide a solid foundation for
continued growth. We are grateful for the support of our employees,
customers, partners, and shareholders. Together, we will continue
driving success and shape the future of our organization."
Balance Sheet Highlights
|
Quarter
ended
|
|
|
|
|
|
March 31,
2024
|
|
March 31,
2023
|
|
Dollar
change
|
|
Percent
change
|
|
Average loans
receivable
|
$
11,345,308
|
|
10,887,132
|
|
458,176
|
|
4.2 %
|
|
Average
investments
|
2,051,058
|
|
2,294,393
|
|
(243,335)
|
|
(10.6) %
|
|
Average
deposits
|
11,887,954
|
|
11,404,035
|
|
483,919
|
|
4.2 %
|
|
Average borrowed
funds
|
469,697
|
|
740,218
|
|
(270,521)
|
|
(36.5) %
|
- Average loans receivable increased 4% from the quarter ended
March 31, 2023 driven by commercial
loans, which grew by $553 million as
we have continued to build-out our commercial lending
verticals.
- Average investments declined 11% from the quarter ended
March 31, 2023. The decline in
investments was driven by the sale of investment securities during
the prior year.
- Average deposits grew 4% from the quarter ended March 31, 2023 driven by a $1.404 billion increase in our average time
deposits as we continued competitively positioning our deposit
products. 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 quarter ending March 31,
2023, average borrowings saw a significant 37% reduction,
primarily attributable to the strategic pay down of wholesale
borrowings. This decrease was made possible by a substantial
increase in cash reserves, resulting from a notable rise in the
average balance of deposits.
Income Statement Highlights
|
Quarter
ended
|
|
|
|
|
|
March 31,
2024
|
|
March 31,
2023
|
|
Dollar
change
|
|
Percent
change
|
|
Interest
income
|
$
160,239
|
|
134,940
|
|
25,299
|
|
18.7 %
|
|
Interest
expense
|
57,001
|
|
22,476
|
|
34,525
|
|
153.6 %
|
|
Net interest
income
|
$
103,238
|
|
112,464
|
|
(9,226)
|
|
(8.2) %
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.10 %
|
|
3.46 %
|
|
N/A
|
|
|
Net interest income decreased 8%, and net interest margin
decreased to 3.10% from the quarter ended March 31, 2023. This decrease in net
interest income resulted primarily from:
- A $25 million increase in
interest income as cash and marketable securities were redeployed
into higher yielding loans, which, along with higher market
interest rates, caused the yield on loans to improve to 5.33% for
the quarter ended March 31, 2024 from
4.63% for the quarter ended March 31,
2023.
- A $35 million increase in
interest expense as the result of higher costs of deposits and
borrowings due to the higher interest rate environment and
competitive pressure for liquidity. The cost of interest-bearing
liabilities increased to 2.28% for the quarter ended March 31, 2024 from 0.96% for the quarter ended
March 31, 2023.
|
Quarter
ended
|
|
|
|
|
|
March 31,
2024
|
|
March 31,
2023
|
|
Dollar
change
|
|
Percent
change
|
|
Provision for credit
losses - loans
|
$
4,234
|
|
4,870
|
|
(636)
|
|
(13.1) %
|
|
Provision for credit
losses - unfunded commitments
|
(799)
|
|
126
|
|
(925)
|
|
(734.1) %
|
|
Total provision for
credit losses expense
|
$
3,435
|
|
4,996
|
|
(1,561)
|
|
(31.2) %
|
The provision for credit losses decreased by 31% from the
quarter ended March 31, 2023
primarily driven by a decline in our reserves for unfunded
commitments in the current period based on the timing of
origination and funding of commercial construction loans and lines
of credit coupled with improvements in the economic forecasts.
Additionally, the Company continued to experience low levels of
classified loans with a slight increase to $229 million or 1.99% of total loans at
March 31, 2024 from $209 million, or 1.88% of total loans, at
March 31, 2023.
|
Quarter
ended
|
|
|
|
|
|
March 31,
2024
|
|
March 31,
2023
|
|
Dollar
change
|
|
Percent
change
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
Gain on sale of SBA
loans
|
$
873
|
|
279
|
|
594
|
|
212.9 %
|
|
Service charges and
fees
|
15,523
|
|
13,189
|
|
2,334
|
|
17.7 %
|
|
Trust and other
financial services income
|
7,127
|
|
6,449
|
|
678
|
|
10.5 %
|
|
Gain on real estate
owned, net
|
57
|
|
108
|
|
(51)
|
|
(47.2) %
|
|
Income from bank-owned
life insurance
|
1,502
|
|
1,269
|
|
233
|
|
18.4 %
|
|
Mortgage banking
income
|
452
|
|
524
|
|
(72)
|
|
(13.7) %
|
|
Other operating
income
|
2,429
|
|
2,151
|
|
278
|
|
12.9 %
|
|
Total noninterest
income
|
$
27,963
|
|
23,969
|
|
3,994
|
|
16.7 %
|
Noninterest income increased 17% from the quarter ended
March 31, 2023. This increase was primarily due to an increase
in service charges and fees driven by deposit-related fees based on
customer activity as well as commercial loans fees, gain on sale of
SBA loans, and improvements in trust and other financial services
income.
|
Quarter
ended
|
|
|
|
|
|
March 31,
2024
|
|
March 31,
2023
|
|
Dollar
change
|
|
Percent
change
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
Personnel
expense
|
$
51,540
|
|
46,604
|
|
4,936
|
|
10.6 %
|
|
Non personnel
expense
|
38,484
|
|
40,846
|
|
(2,362)
|
|
(5.8) %
|
|
Total noninterest
expense
|
$
90,024
|
|
87,450
|
|
2,574
|
|
2.9 %
|
Noninterest expense increased 3% from the quarter ended
March 31, 2023. This increase primarily resulted from a rise
in personnel expense driven by the build-out of the commercial
business and related credit, risk management and internal audit
support functions over the past year. This was offset by a decrease
in non-personnel expense related to a decline in merger, asset
disposition and restructuring expense due to the severance and
fixed asset charges related to the branch optimization and
personnel reduction announced during the fourth quarter of 2022 as
well as improvements in marketing expense and professional services
expense.
The provision for income taxes decreased by $1.7 million, or 17%, to $8.6 million for the quarter ended March 31,
2024 from $10.3 million for the
quarter ended March 31, 2023 due primarily to lower income
before income taxes.
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 March 31, 2024, Northwest operated
134 full-service branches 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; (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, 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)
|
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
119,319
|
|
122,260
|
|
96,497
|
|
Marketable securities
available-for-sale (amortized cost of $1,298,108, $1,240,003 and
$1,402,805,
respectively)
|
1,094,009
|
|
1,043,359
|
|
1,205,510
|
|
Marketable securities
held-to-maturity (fair value of $680,353, $699,506 and $750,345,
respectively)
|
801,107
|
|
814,839
|
|
866,022
|
|
Total cash and cash
equivalents and marketable securities
|
2,014,435
|
|
1,980,458
|
|
2,168,029
|
|
|
|
|
|
|
|
Loans
held-for-sale
|
8,082
|
|
8,768
|
|
7,006
|
|
Residential mortgage
loans
|
3,374,980
|
|
3,419,417
|
|
3,499,078
|
|
Home equity
loans
|
1,196,607
|
|
1,227,858
|
|
1,281,546
|
|
Consumer
loans
|
2,118,367
|
|
2,126,027
|
|
2,232,133
|
|
Commercial real estate
loans
|
3,028,314
|
|
2,974,010
|
|
2,826,485
|
|
Commercial
loans
|
1,774,896
|
|
1,658,729
|
|
1,246,023
|
|
Total loans
receivable
|
11,501,246
|
|
11,414,809
|
|
11,092,271
|
|
Allowance for credit
losses
|
(124,897)
|
|
(125,243)
|
|
(121,257)
|
|
Loans receivable,
net
|
11,376,349
|
|
11,289,566
|
|
10,971,014
|
|
|
|
|
|
|
|
FHLB stock, at
cost
|
30,811
|
|
30,146
|
|
41,519
|
|
Accrued interest
receivable
|
50,680
|
|
47,353
|
|
36,177
|
|
Real estate owned,
net
|
50
|
|
104
|
|
524
|
|
Premises and equipment,
net
|
130,565
|
|
138,838
|
|
140,301
|
|
Bank-owned life
insurance
|
252,842
|
|
251,895
|
|
256,310
|
|
Goodwill
|
380,997
|
|
380,997
|
|
380,997
|
|
Other intangible
assets, net
|
4,589
|
|
5,290
|
|
7,651
|
|
Other assets
|
268,945
|
|
294,458
|
|
191,294
|
|
Total
assets
|
$
14,510,263
|
|
14,419,105
|
|
14,193,816
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
$ 2,618,379
|
|
2,669,023
|
|
2,896,092
|
|
Interest-bearing demand
deposits
|
2,557,866
|
|
2,634,546
|
|
2,541,503
|
|
Money market deposit
accounts
|
1,952,537
|
|
1,968,218
|
|
2,328,050
|
|
Savings
deposits
|
2,156,048
|
|
2,105,234
|
|
2,194,743
|
|
Time
deposits
|
2,786,814
|
|
2,602,881
|
|
1,576,791
|
|
Total
deposits
|
12,071,644
|
|
11,979,902
|
|
11,537,179
|
|
|
|
|
|
|
|
Borrowed
funds
|
400,783
|
|
398,895
|
|
688,641
|
|
Subordinated
debt
|
114,276
|
|
114,189
|
|
113,927
|
|
Junior subordinated
debentures
|
129,639
|
|
129,574
|
|
129,379
|
|
Advances by borrowers
for taxes and insurance
|
46,970
|
|
45,253
|
|
49,893
|
|
Accrued interest
payable
|
17,395
|
|
13,669
|
|
2,236
|
|
Other
liabilities
|
177,107
|
|
186,306
|
|
159,286
|
|
Total
liabilities
|
12,957,814
|
|
12,867,788
|
|
12,680,541
|
|
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, 127,253,189, 127,110,453
and
127,065,400 shares
issued and outstanding, respectively
|
1,273
|
|
1,271
|
|
1,271
|
|
Additional paid-in
capital
|
1,026,173
|
|
1,024,852
|
|
1,020,855
|
|
Retained
earnings
|
678,427
|
|
674,686
|
|
649,672
|
|
Accumulated other
comprehensive loss
|
(153,424)
|
|
(149,492)
|
|
(158,523)
|
|
Total shareholders'
equity
|
1,552,449
|
|
1,551,317
|
|
1,513,275
|
|
Total liabilities and
shareholders' equity
|
$
14,510,263
|
|
14,419,105
|
|
14,193,816
|
|
|
|
|
|
|
|
Equity to
assets
|
10.70 %
|
|
10.76 %
|
|
10.66 %
|
|
Tangible common equity
to assets*
|
8.26 %
|
|
8.30 %
|
|
8.15 %
|
|
Book value per
share
|
$
12.20
|
|
12.20
|
|
11.91
|
|
Tangible book value
per share*
|
$
9.17
|
|
9.17
|
|
8.85
|
|
Closing market price
per share
|
$
11.65
|
|
12.48
|
|
12.03
|
|
Full time equivalent
employees
|
2,060
|
|
2,098
|
|
2,066
|
|
Number of banking
offices
|
142
|
|
142
|
|
150
|
|
|
|
*
|
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
|
|
March 31,
2024
|
|
December 31,
2023
|
|
September 30,
2023
|
|
June 30,
2023
|
|
March 31,
2023
|
|
|
|
|
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$ 149,571
|
|
146,523
|
|
140,667
|
|
132,724
|
|
123,745
|
|
Mortgage-backed
securities
|
7,944
|
|
7,951
|
|
8,072
|
|
8,326
|
|
8,537
|
|
Taxable investment
securities
|
794
|
|
786
|
|
786
|
|
841
|
|
845
|
|
Tax-free investment
securities
|
491
|
|
492
|
|
491
|
|
667
|
|
700
|
|
FHLB stock
dividends
|
607
|
|
666
|
|
668
|
|
844
|
|
690
|
|
Interest-earning
deposits
|
832
|
|
970
|
|
914
|
|
594
|
|
423
|
|
Total interest
income
|
160,239
|
|
157,388
|
|
151,598
|
|
143,996
|
|
134,940
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
47,686
|
|
40,600
|
|
31,688
|
|
21,817
|
|
11,238
|
|
Borrowed
funds
|
9,315
|
|
10,486
|
|
11,542
|
|
13,630
|
|
11,238
|
|
Total interest
expense
|
57,001
|
|
51,086
|
|
43,230
|
|
35,447
|
|
22,476
|
|
Net interest
income
|
103,238
|
|
106,302
|
|
108,368
|
|
108,549
|
|
112,464
|
|
Provision for credit
losses - loans
|
4,234
|
|
3,801
|
|
3,983
|
|
6,010
|
|
4,870
|
|
Provision for credit
losses - unfunded commitments
|
(799)
|
|
4,145
|
|
(2,981)
|
|
2,920
|
|
126
|
|
Net interest income
after provision for credit losses
|
99,803
|
|
98,356
|
|
107,366
|
|
99,619
|
|
107,468
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of
investments
|
—
|
|
(1)
|
|
—
|
|
(8,306)
|
|
—
|
|
Gain on sale of
mortgage servicing rights
|
—
|
|
—
|
|
—
|
|
8,305
|
|
—
|
|
Gain on sale of SBA
loans
|
873
|
|
388
|
|
301
|
|
832
|
|
279
|
|
Gain on sale of
loans
|
—
|
|
726
|
|
—
|
|
—
|
|
—
|
|
Service charges and
fees
|
15,523
|
|
15,922
|
|
15,270
|
|
14,833
|
|
13,189
|
|
Trust and other
financial services income
|
7,127
|
|
6,884
|
|
7,085
|
|
6,866
|
|
6,449
|
|
Gain on real estate
owned, net
|
57
|
|
1,084
|
|
29
|
|
785
|
|
108
|
|
Income from bank-owned
life insurance
|
1,502
|
|
1,454
|
|
4,561
|
|
1,304
|
|
1,269
|
|
Mortgage banking
income
|
452
|
|
247
|
|
632
|
|
1,028
|
|
524
|
|
Other operating
income
|
2,429
|
|
2,465
|
|
3,010
|
|
4,150
|
|
2,151
|
|
Total noninterest
income
|
27,963
|
|
29,169
|
|
30,888
|
|
29,797
|
|
23,969
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
51,540
|
|
50,194
|
|
51,243
|
|
47,650
|
|
46,604
|
|
Premises and occupancy
costs
|
7,627
|
|
7,049
|
|
7,052
|
|
7,579
|
|
7,471
|
|
Office
operations
|
2,767
|
|
3,747
|
|
3,398
|
|
2,800
|
|
3,010
|
|
Collections
expense
|
336
|
|
328
|
|
551
|
|
429
|
|
387
|
|
Processing
expenses
|
14,725
|
|
15,017
|
|
14,672
|
|
14,648
|
|
14,350
|
|
Marketing
expenses
|
2,149
|
|
1,317
|
|
2,379
|
|
2,856
|
|
2,892
|
|
Federal deposit
insurance premiums
|
3,023
|
|
2,643
|
|
2,341
|
|
2,064
|
|
2,223
|
|
Professional
services
|
4,065
|
|
6,255
|
|
3,002
|
|
3,804
|
|
4,758
|
|
Amortization of
intangible assets
|
701
|
|
724
|
|
795
|
|
842
|
|
909
|
|
Real estate owned
expense
|
66
|
|
51
|
|
141
|
|
83
|
|
181
|
|
Merger, asset
disposition and restructuring expense
|
955
|
|
2,354
|
|
—
|
|
1,593
|
|
2,802
|
|
Other
expenses
|
2,070
|
|
997
|
|
1,996
|
|
1,510
|
|
1,863
|
|
Total noninterest
expense
|
90,024
|
|
90,676
|
|
87,570
|
|
85,858
|
|
87,450
|
|
Income before income
taxes
|
37,742
|
|
36,849
|
|
50,684
|
|
43,558
|
|
43,987
|
|
Income tax
expense
|
8,579
|
|
7,835
|
|
11,464
|
|
10,514
|
|
10,308
|
|
Net income
|
$
29,163
|
|
29,014
|
|
39,220
|
|
33,044
|
|
33,679
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.23
|
|
0.23
|
|
0.31
|
|
0.26
|
|
0.27
|
|
Diluted earnings per
share
|
$
0.23
|
|
0.23
|
|
0.31
|
|
0.26
|
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average equity
|
7.57 %
|
|
7.64 %
|
|
10.27 %
|
|
8.72 %
|
|
9.11 %
|
|
Annualized return on
average assets
|
0.81 %
|
|
0.80 %
|
|
1.08 %
|
|
0.93 %
|
|
0.97 %
|
|
Annualized return on
average tangible common equity *
|
10.08 %
|
|
10.28 %
|
|
13.80 %
|
|
11.71 %
|
|
12.31 %
|
|
Efficiency
ratio
|
68.62 %
|
|
66.93 %
|
|
62.88 %
|
|
62.06 %
|
|
64.10 %
|
|
Efficiency ratio,
excluding certain items **
|
67.35 %
|
|
64.66 %
|
|
62.31 %
|
|
60.30 %
|
|
61.38 %
|
|
Annualized noninterest
expense to average assets
|
2.51 %
|
|
2.51 %
|
|
2.42 %
|
|
2.42 %
|
|
2.51 %
|
|
Annualized noninterest
expense to average assets, excluding certain items**
|
2.47 %
|
|
2.43 %
|
|
2.39 %
|
|
2.35 %
|
|
2.40 %
|
|
|
|
*
|
Excludes goodwill and
other intangible assets (non-GAAP). See reconciliation of
non-GAAP financial measures for additional information relating to
these items.
|
|
**
|
Excludes 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 March
31,
|
|
2024
|
|
2023
|
|
Reconciliation of net
income to adjusted net operating income:
|
|
|
|
|
Net income
(GAAP)
|
$
29,163
|
|
33,679
|
|
Non-GAAP
adjustments
|
|
|
|
|
Add: merger,
asset disposition and restructuring expense
|
955
|
|
2,802
|
|
Less: tax
benefit of merger, asset disposition and restructuring
expense
|
(267)
|
|
(785)
|
|
Adjusted net operating
income (non-GAAP)
|
$
29,851
|
|
35,696
|
|
Diluted earnings
per share (GAAP)
|
$
0.23
|
|
0.26
|
|
Diluted adjusted
operating earnings per share (non-GAAP)
|
$
0.23
|
|
0.28
|
|
|
|
|
|
Average
equity
|
$ 1,549,870
|
|
1,498,825
|
|
Average
assets
|
14,408,612
|
|
14,121,496
|
|
Annualized return on
average equity (GAAP)
|
7.57 %
|
|
9.11 %
|
|
Annualized return on
average assets (GAAP)
|
0.81 %
|
|
0.97 %
|
|
Annualized return on
average equity, excluding merger, asset disposition and
restructuring expense, net of tax (non-GAAP)
|
7.75 %
|
|
9.66 %
|
|
Annualized return on
average assets, excluding merger, asset disposition and
restructuring expense, net of tax (non-GAAP)
|
0.83 %
|
|
1.03 %
|
|
|
|
|
|
|
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.
|
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Tangible common
equity to assets
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
1,552,449
|
|
1,551,317
|
|
1,513,275
|
|
Less: goodwill
and intangible assets
|
(385,586)
|
|
(386,287)
|
|
(388,648)
|
|
Tangible common
equity
|
$
1,166,863
|
|
1,165,030
|
|
1,124,627
|
|
|
|
|
|
|
|
Total assets
|
$ 14,510,263
|
|
14,419,105
|
|
14,193,816
|
|
Less: goodwill and
intangible assets
|
(385,586)
|
|
(386,287)
|
|
(388,648)
|
|
Tangible
assets
|
$ 14,124,677
|
|
14,032,818
|
|
13,805,168
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
8.26 %
|
|
8.30 %
|
|
8.15 %
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets, including unrealized losses on
held-to-maturity investments
|
|
|
|
|
|
|
Tangible common
equity
|
$
1,166,863
|
|
1,165,030
|
|
1,124,627
|
|
Less: unrealized
losses on held to maturity investments
|
(120,754)
|
|
(115,334)
|
|
(115,677)
|
|
Add: deferred taxes on
unrealized losses on held to maturity investments
|
33,811
|
|
32,294
|
|
32,390
|
|
Tangible common equity,
including unrealized losses on held-to-maturity
investments
|
$
1,079,920
|
|
1,081,990
|
|
1,041,340
|
|
|
|
|
|
|
|
Tangible
assets
|
$ 14,124,677
|
|
14,032,818
|
|
13,805,168
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets, including unrealized losses on held-to-maturity
investments
|
7.65 %
|
|
7.71 %
|
|
7.54 %
|
|
|
|
|
|
|
|
Tangible book value
per share
|
|
|
|
|
|
|
Tangible common
equity
|
$
1,166,863
|
|
1,165,030
|
|
1,124,627
|
|
Common shares
outstanding
|
127,253,189
|
|
127,110,453
|
|
127,065,400
|
|
Tangible book value per
share
|
9.17
|
|
9.17
|
|
8.85
|
|
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
|
|
March 31,
2024
|
|
December 31,
2023
|
|
September
30,
2023
|
|
June 30,
2023
|
|
March 31,
2023
|
|
|
|
|
|
|
Annualized return on
average tangible common equity
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
29,163
|
|
29,014
|
|
39,220
|
|
33,044
|
|
33,679
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity
|
1,549,870
|
|
1,506,895
|
|
1,515,287
|
|
1,519,990
|
|
1,498,825
|
|
Less: average
goodwill and intangible assets
|
(386,038)
|
|
(386,761)
|
|
(387,523)
|
|
(388,354)
|
|
(389,236)
|
|
Average tangible common
equity
|
$
1,163,832
|
|
1,120,134
|
|
1,127,764
|
|
1,131,636
|
|
1,109,589
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average tangible common equity
|
10.08 %
|
|
10.28 %
|
|
13.80 %
|
|
11.71 %
|
|
12.31 %
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio,
excluding amortization and merger, asset disposition and
restructuring expenses
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
$
90,024
|
|
90,676
|
|
87,570
|
|
85,858
|
|
87,450
|
|
Less:
amortization expense
|
(701)
|
|
(724)
|
|
(795)
|
|
(842)
|
|
(909)
|
|
Less: merger,
asset disposition and restructuring expenses
|
(955)
|
|
(2,354)
|
|
—
|
|
(1,593)
|
|
(2,802)
|
|
Non-interest expense,
excluding amortization and merger, assets disposition and
restructuring expenses
|
$
88,368
|
|
87,598
|
|
86,775
|
|
83,423
|
|
83,739
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$ 103,238
|
|
106,302
|
|
108,368
|
|
108,549
|
|
112,464
|
|
Non-interest
income
|
27,963
|
|
29,169
|
|
30,888
|
|
29,797
|
|
23,969
|
|
Net interest income
plus non-interest income
|
$ 131,201
|
|
135,471
|
|
139,256
|
|
138,346
|
|
136,433
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio,
excluding amortization and merger, asset disposition and
restructuring expenses
|
67.35 %
|
|
64.66 %
|
|
62.31 %
|
|
60.30 %
|
|
61.38 %
|
|
|
|
|
|
|
|
|
|
|
|
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
|
$
88,368
|
|
87,598
|
|
86,775
|
|
83,423
|
|
83,739
|
|
Average
assets
|
14,408,612
|
|
14,329,020
|
|
14,379,323
|
|
14,245,917
|
|
14,121,496
|
|
Annualized non-interest
expense to average assets, excluding amortization and merger, asset
disposition
and restructuring expense
|
2.47 %
|
|
2.43 %
|
|
2.39 %
|
|
2.35 %
|
|
2.40 %
|
|
|
|
*
|
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. 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 March 31,
2024
|
|
Balance
|
|
Percent of
total deposits
|
|
Number of
relationships
|
|
Uninsured deposits per
the Call Report (1)
|
$
2,806,650
|
|
23.25 %
|
|
4,965
|
|
Less intercompany
deposit accounts
|
1,019,792
|
|
8.45 %
|
|
12
|
|
Less collateralized
deposit accounts
|
408,083
|
|
3.38 %
|
|
255
|
|
Uninsured deposits
excluding intercompany and collateralized accounts
|
$
1,378,775
|
|
11.42 %
|
|
4,698
|
|
|
|
(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 $19.2 million, or 0.16% of
total deposits, as of March 31, 2024. Our top ten largest
uninsured depositors, excluding intercompany and collateralized
deposit accounts, had an aggregate uninsured deposit balance of
$103.0 million, or 0.85% of total deposits, as of March 31,
2024. The average uninsured deposit account balance, excluding
intercompany and collateralized accounts, was $293,000 as of
March 31, 2024.
|
|
|
The following table provides additional
details for the Company's deposit portfolio:
|
|
|
As of March 31,
2024
|
|
Balance
|
|
Percent of
total deposits
|
|
Number of
accounts
|
|
Personal noninterest
bearing demand deposits
|
$
1,369,294
|
|
11.34 %
|
|
287,824
|
|
Business noninterest
bearing demand deposits
|
1,249,085
|
|
10.35
|
|
43,868
|
|
Personal
interest-bearing demand deposits
|
1,427,140
|
|
11.82
|
|
57,909
|
|
Business
interest-bearing demand deposits
|
1,130,726
|
|
9.37
|
|
7,921
|
|
Personal money market
deposits
|
1,393,532
|
|
11.54
|
|
25,156
|
|
Business money market
deposits
|
559,005
|
|
4.63
|
|
2,805
|
|
Savings
deposits
|
2,156,048
|
|
17.86
|
|
194,542
|
|
Time
deposits
|
2,786,814
|
|
23.09
|
|
79,611
|
|
Total
deposits
|
$
12,071,644
|
|
100.00 %
|
|
699,636
|
|
Our average deposit account balance as
of March 31, 2024 was $17,000. The Company's insured cash
sweep deposit balance was $393.2 million as of March 31,
2024.
|
|
|
The following table provides additional
details regarding the Company's deposit portfolio over
time:
|
|
|
9/30/2022
|
|
12/31/2022
|
|
3/31/2023
|
|
6/30/2023
|
|
9/30/2023
|
|
12/31/2023
|
|
3/31/2024
|
|
Personal noninterest
bearing demand deposits
|
$
1,413,781
|
|
1,412,227
|
|
1,428,232
|
|
1,397,167
|
|
1,375,144
|
|
1,357,875
|
|
1,369,294
|
|
Business noninterest
bearing demand deposits
|
1,680,339
|
|
1,581,016
|
|
1,467,860
|
|
1,423,396
|
|
1,399,147
|
|
1,311,148
|
|
1,249,085
|
|
Personal
interest-bearing demand deposits
|
1,742,173
|
|
1,718,806
|
|
1,627,546
|
|
1,535,254
|
|
1,477,617
|
|
1,464,058
|
|
1,427,140
|
|
Business
interest-bearing demand deposits
|
498,937
|
|
499,059
|
|
466,105
|
|
624,252
|
|
689,914
|
|
812,433
|
|
805,069
|
|
Municipal demand
deposits
|
571,620
|
|
468,566
|
|
447,852
|
|
418,147
|
|
430,549
|
|
358,055
|
|
325,657
|
|
Personal money market
deposits
|
1,949,379
|
|
1,832,583
|
|
1,626,614
|
|
1,511,652
|
|
1,463,689
|
|
1,435,939
|
|
1,393,532
|
|
Business money market
deposits
|
627,634
|
|
624,986
|
|
701,436
|
|
642,601
|
|
579,124
|
|
532,279
|
|
559,005
|
|
Savings
deposits
|
2,327,419
|
|
2,275,020
|
|
2,194,743
|
|
2,120,215
|
|
2,116,360
|
|
2,105,234
|
|
2,156,048
|
|
Time
deposits
|
1,067,110
|
|
1,052,285
|
|
1,576,791
|
|
1,989,711
|
|
2,258,338
|
|
2,602,881
|
|
2,786,814
|
|
Total
deposits
|
$
11,878,392
|
|
11,464,548
|
|
11,537,179
|
|
11,662,395
|
|
11,789,882
|
|
11,979,902
|
|
12,071,644
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Regulatory Capital
Requirements (Unaudited)
(dollars in
thousands)
|
|
|
At March 31,
2024
|
|
Actual
|
|
Minimum capital
requirements
(1)
|
|
Well capitalized
requirements
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Total capital (to risk
weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc.
|
$ 1,805,374
|
|
15.951 %
|
|
$ 1,188,406
|
|
10.500 %
|
|
$ 1,131,815
|
|
10.000 %
|
|
Northwest
Bank
|
1,529,840
|
|
13.529 %
|
|
1,187,335
|
|
10.500 %
|
|
1,130,795
|
|
10.000 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (to risk
weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc.
|
1,555,043
|
|
13.739 %
|
|
962,043
|
|
8.500 %
|
|
905,452
|
|
8.000 %
|
|
Northwest
Bank
|
1,393,786
|
|
12.326 %
|
|
961,176
|
|
8.500 %
|
|
904,636
|
|
8.000 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1
capital (to risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc.
|
1,429,393
|
|
12.629 %
|
|
792,270
|
|
7.000 %
|
|
735,680
|
|
6.500 %
|
|
Northwest
Bank
|
1,393,786
|
|
12.326 %
|
|
791,557
|
|
7.000 %
|
|
735,017
|
|
6.500 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital
(leverage) (to average assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc.
|
1,555,043
|
|
10.828 %
|
|
574,453
|
|
4.000 %
|
|
718,066
|
|
5.000 %
|
|
Northwest
Bank
|
1,393,786
|
|
9.712 %
|
|
574,060
|
|
4.000 %
|
|
717,575
|
|
5.000 %
|
|
|
|
(1)
|
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)
|
|
|
|
March 31,
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
one year through five years
|
|
$
20,000
|
|
—
|
|
(1,204)
|
|
18,796
|
|
2.65
|
|
Due after
ten years
|
|
48,182
|
|
—
|
|
(10,260)
|
|
37,922
|
|
6.13
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
issued by government sponsored enterprises:
|
|
|
|
|
|
|
|
|
|
|
|
Due after
one year through five years
|
|
45,987
|
|
—
|
|
(5,819)
|
|
40,168
|
|
4.11
|
|
Due after
five years through ten years
|
|
360
|
|
—
|
|
(9)
|
|
351
|
|
1.73
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
securities:
|
|
|
|
|
|
|
|
|
|
|
|
Due after
one year through five years
|
|
4,279
|
|
14
|
|
(426)
|
|
3,867
|
|
3.79
|
|
Due after
five years through ten years
|
|
27,921
|
|
47
|
|
(1,886)
|
|
26,082
|
|
6.68
|
|
Due after
ten years
|
|
53,464
|
|
—
|
|
(9,142)
|
|
44,322
|
|
10.81
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
debt issues:
|
|
|
|
|
|
|
|
|
|
|
|
Due after
five years through ten years
|
|
8,467
|
|
—
|
|
(833)
|
|
7,634
|
|
5.14
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed agency securities:
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
rate pass-through
|
|
232,854
|
|
93
|
|
(26,711)
|
|
206,236
|
|
6.55
|
|
Variable
rate pass-through
|
|
6,738
|
|
12
|
|
(69)
|
|
6,681
|
|
3.82
|
|
Fixed
rate agency CMOs
|
|
776,087
|
|
—
|
|
(147,127)
|
|
628,960
|
|
5.30
|
|
Variable
rate agency CMOs
|
|
73,769
|
|
35
|
|
(814)
|
|
72,990
|
|
5.01
|
|
Total
residential mortgage-backed agency securities
|
|
1,089,448
|
|
140
|
|
(174,721)
|
|
914,867
|
|
5.55
|
|
Total
marketable securities available-for-sale
|
|
$
1,298,108
|
|
201
|
|
(204,300)
|
|
1,094,009
|
|
5.69
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities
held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
Government
sponsored
|
|
|
|
|
|
|
|
|
|
|
|
Due after one year
through five years
|
|
$
89,472
|
|
—
|
|
(11,232)
|
|
78,240
|
|
3.89
|
|
Due after five years
through ten years
|
|
34,987
|
|
—
|
|
(5,877)
|
|
29,110
|
|
5.31
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed agency securities:
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
rate pass-through
|
|
144,158
|
|
—
|
|
(21,062)
|
|
123,096
|
|
5.06
|
|
Variable
rate pass-through
|
|
432
|
|
1
|
|
—
|
|
433
|
|
4.39
|
|
Fixed
rate agency CMOs
|
|
531,529
|
|
—
|
|
(82,578)
|
|
448,951
|
|
6.81
|
|
Variable
rate agency CMOs
|
|
529
|
|
—
|
|
(6)
|
|
523
|
|
4.96
|
|
Total
residential mortgage-backed agency securities
|
|
676,648
|
|
1
|
|
(103,646)
|
|
573,003
|
|
6.44
|
|
Total
marketable securities held-to-maturity
|
|
$
801,107
|
|
1
|
|
(120,755)
|
|
680,353
|
|
6.10
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Borrowed Funds
(Unaudited)
(dollars in
thousands)
|
|
|
March 31,
2024
|
|
Amount
|
|
Average
rate
|
|
Term notes payable to
the FHLB of Pittsburgh, due within one year
|
$
275,000
|
|
5.65 %
|
|
Notes payable to the
FHLB of Pittsburgh, due within one year
|
55,600
|
|
5.67 %
|
|
Total term notes
payable to the FHLB
|
330,600
|
|
5.66 %
|
|
|
|
|
|
Collateralized
borrowings, due within one year
|
29,882
|
|
1.62 %
|
|
Collateral received,
due within one year
|
40,301
|
|
5.08 %
|
|
Subordinated
debentures, net of issuance costs
|
114,276
|
|
4.28 %
|
|
Junior subordinated
debentures
|
129,639
|
|
7.61 %
|
|
Total borrowed funds
*
|
$
644,698
|
|
5.58 %
|
|
|
|
*
|
As of March 31, 2024,
the Company had $3.3 billion of additional borrowing capacity
available with the FHLB of Pittsburgh, including a $250.0
million overnight line of credit, which had a $55.6 million drawn
balance, as well as $264.1 million of borrowing capacity available
with the Federal Reserve Bank and $105.0 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
March 31, 2024:
|
|
|
|
March 31,
2024
|
|
Property
type
|
|
Percent of
portfolio
|
|
5 or more unit
dwelling
|
|
15.2 %
|
|
Nursing home
|
|
12.8
|
|
Retail
building
|
|
11.8
|
|
Commercial office
building - non-owner occupied
|
|
9.1
|
|
Manufacturing &
industrial building
|
|
5.0
|
|
Residential acquisition
& development - 1-4 family, townhouses and
apartments
|
|
4.3
|
|
Multi-use building -
commercial, retail and residential
|
|
4.1
|
|
Warehouse/storage
building
|
|
3.9
|
|
Multi-use building -
office and warehouse
|
|
3.3
|
|
Commercial office
building - owner occupied
|
|
3.3
|
|
Other medical
facility
|
|
3.1
|
|
Single family
dwelling
|
|
2.7
|
|
Student
housing
|
|
2.2
|
|
Hotel/motel
|
|
2.1
|
|
Agricultural real
estate
|
|
2.0
|
|
2-4 family
|
|
2.0
|
|
All other
|
|
13.1
|
|
Total
|
|
100.0 %
|
|
|
The following table describes the
collateral of our commercial real estate portfolio by state at
March 31, 2024:
|
|
|
|
March 31,
2024
|
|
State
|
|
Percent of
portfolio
|
|
New York
|
|
33.0 %
|
|
Pennsylvania
|
|
30.2
|
|
Ohio
|
|
20.3
|
|
Indiana
|
|
8.1
|
|
All other
|
|
8.4
|
|
Total
|
|
100.0 %
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Asset Quality
(Unaudited)
(dollars in
thousands)
|
|
|
March 31,
2024
|
|
December 31,
2023
|
|
September
30,
2023
|
|
June 30,
2023
|
|
March 31,
2023
|
|
Nonaccrual loans
current:
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
1,351
|
|
959
|
|
1,951
|
|
1,559
|
|
1,423
|
|
Home equity
loans
|
974
|
|
871
|
|
947
|
|
1,089
|
|
1,084
|
|
Consumer
loans
|
1,295
|
|
1,051
|
|
1,049
|
|
1,009
|
|
911
|
|
Commercial real estate
loans
|
66,895
|
|
64,603
|
|
44,639
|
|
48,468
|
|
50,045
|
|
Commercial
loans
|
934
|
|
1,182
|
|
1,369
|
|
995
|
|
1,468
|
|
Total nonaccrual loans
current
|
$
71,449
|
|
68,666
|
|
49,955
|
|
53,120
|
|
54,931
|
|
Nonaccrual loans
delinquent 30 days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
1,454
|
|
933
|
|
48
|
|
49
|
|
688
|
|
Home equity
loans
|
125
|
|
174
|
|
92
|
|
37
|
|
18
|
|
Consumer
loans
|
294
|
|
225
|
|
274
|
|
309
|
|
223
|
|
Commercial real estate
loans
|
574
|
|
51
|
|
1,913
|
|
1,697
|
|
1,900
|
|
Commercial
loans
|
161
|
|
139
|
|
90
|
|
855
|
|
341
|
|
Total nonaccrual loans
delinquent 30 days to 59 days
|
$
2,608
|
|
1,522
|
|
2,417
|
|
2,947
|
|
3,170
|
|
Nonaccrual loans
delinquent 60 days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
—
|
|
511
|
|
66
|
|
185
|
|
919
|
|
Home equity
loans
|
488
|
|
347
|
|
319
|
|
363
|
|
338
|
|
Consumer
loans
|
381
|
|
557
|
|
312
|
|
360
|
|
340
|
|
Commercial real estate
loans
|
52
|
|
831
|
|
212
|
|
210
|
|
1,355
|
|
Commercial
loans
|
201
|
|
56
|
|
291
|
|
245
|
|
126
|
|
Total nonaccrual loans
delinquent 60 days to 89 days
|
$
1,122
|
|
2,302
|
|
1,200
|
|
1,363
|
|
3,078
|
|
Nonaccrual loans
delinquent 90 days or more:
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
4,304
|
|
6,324
|
|
7,695
|
|
6,290
|
|
3,300
|
|
Home equity
loans
|
2,822
|
|
3,100
|
|
2,073
|
|
1,965
|
|
2,190
|
|
Consumer
loans
|
2,659
|
|
3,212
|
|
2,463
|
|
2,033
|
|
2,791
|
|
Commercial real estate
loans
|
6,931
|
|
6,488
|
|
8,416
|
|
8,575
|
|
8,010
|
|
Commercial
loans
|
3,165
|
|
2,770
|
|
2,435
|
|
2,296
|
|
1,139
|
|
Total nonaccrual loans
delinquent 90 days or more
|
$
19,881
|
|
21,894
|
|
23,082
|
|
21,159
|
|
17,430
|
|
Total nonaccrual
loans
|
$
95,060
|
|
94,384
|
|
76,654
|
|
78,589
|
|
78,609
|
|
Total nonaccrual
loans
|
$
95,060
|
|
94,384
|
|
76,654
|
|
78,589
|
|
78,609
|
|
Loans 90 days past due
and still accruing
|
2,452
|
|
2,698
|
|
728
|
|
532
|
|
652
|
|
Nonperforming
loans
|
97,512
|
|
97,082
|
|
77,382
|
|
79,121
|
|
79,261
|
|
Real estate owned,
net
|
50
|
|
104
|
|
363
|
|
371
|
|
524
|
|
Nonperforming
assets
|
$
97,562
|
|
97,186
|
|
77,745
|
|
79,492
|
|
79,785
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to
total loans
|
0.85 %
|
|
0.85 %
|
|
0.68 %
|
|
0.70 %
|
|
0.71 %
|
|
Nonperforming assets to
total assets
|
0.67 %
|
|
0.67 %
|
|
0.54 %
|
|
0.56 %
|
|
0.56 %
|
|
Allowance for credit
losses to total loans
|
1.09 %
|
|
1.10 %
|
|
1.10 %
|
|
1.10 %
|
|
1.09 %
|
|
Allowance for credit
losses to nonperforming loans
|
128.08 %
|
|
129.01 %
|
|
161.33 %
|
|
157.26 %
|
|
152.98 %
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Loans by Credit
Quality Indicators (Unaudited)
(dollars in
thousands)
|
|
|
At March 31,
2024
|
|
Pass
|
|
Special
mention
*
|
|
Substandard
**
|
|
Doubtful
|
|
Loss
|
|
Loans
receivable
|
|
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
|
|
At June 30,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage loans
|
|
$
3,483,098
|
|
—
|
|
12,059
|
|
—
|
|
—
|
|
3,495,157
|
|
Home equity
loans
|
|
1,272,363
|
|
—
|
|
3,699
|
|
—
|
|
—
|
|
1,276,062
|
|
Consumer
loans
|
|
2,196,938
|
|
—
|
|
4,124
|
|
—
|
|
—
|
|
2,201,062
|
|
Total Personal
Banking
|
|
6,952,399
|
|
—
|
|
19,882
|
|
—
|
|
—
|
|
6,972,281
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,649,535
|
|
74,170
|
|
171,519
|
|
—
|
|
—
|
|
2,895,224
|
|
Commercial
loans
|
|
1,377,981
|
|
3,040
|
|
22,705
|
|
—
|
|
—
|
|
1,403,726
|
|
Total Commercial
Banking
|
|
4,027,516
|
|
77,210
|
|
194,224
|
|
—
|
|
—
|
|
4,298,950
|
|
Total loans
|
|
$ 10,979,915
|
|
77,210
|
|
214,106
|
|
—
|
|
—
|
|
11,271,231
|
|
At March 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage loans
|
|
$
3,499,135
|
|
—
|
|
6,330
|
|
—
|
|
—
|
|
3,505,465
|
|
Home equity
loans
|
|
1,277,915
|
|
—
|
|
3,631
|
|
—
|
|
—
|
|
1,281,546
|
|
Consumer
loans
|
|
2,227,379
|
|
—
|
|
4,754
|
|
—
|
|
—
|
|
2,232,133
|
|
Total Personal
Banking
|
|
7,004,429
|
|
—
|
|
14,715
|
|
—
|
|
—
|
|
7,019,144
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,585,676
|
|
69,837
|
|
171,591
|
|
—
|
|
—
|
|
2,827,104
|
|
Commercial
loans
|
|
1,217,344
|
|
6,381
|
|
22,298
|
|
—
|
|
—
|
|
1,246,023
|
|
Total Commercial
Banking
|
|
3,803,020
|
|
76,218
|
|
193,889
|
|
—
|
|
—
|
|
4,073,127
|
|
Total loans
|
|
$ 10,807,449
|
|
76,218
|
|
208,604
|
|
—
|
|
—
|
|
11,092,271
|
|
|
|
*
|
Includes $2.4 million,
$7.8 million, $6.9 million, $4.9 million, and $7.4 million of
acquired loans at March 31, 2024, December 31, 2023, September 30,
2023, June 30, 2023, and March 31, 2023, respectively.
|
|
**
|
Includes $27.2 million,
$20.3 million, $28.9 million, $31.2 million, and $31.9 million of
acquired loans at March 31, 2024, December 31, 2023, September 30,
2023, June 30, 2023, and March 31, 2023, respectively.
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Loan Delinquency
(Unaudited)
(dollars in
thousands)
|
|
|
March 31,
2024
|
|
*
|
|
December 31,
2023
|
|
*
|
|
September
30,
2023
|
|
*
|
|
June 30,
2023
|
|
*
|
|
March 31,
2023
|
|
*
|
|
(Number of loans and
dollar amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 30
days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
351
|
|
$
38,502
|
|
1.1 %
|
|
307
|
|
$
30,041
|
|
0.9 %
|
|
6
|
|
$ 573
|
|
— %
|
|
14
|
|
$ 627
|
|
— %
|
|
259
|
|
$
26,992
|
|
0.8 %
|
|
Home equity
loans
|
113
|
|
4,608
|
|
0.4 %
|
|
121
|
|
5,761
|
|
0.5 %
|
|
112
|
|
4,707
|
|
0.4 %
|
|
92
|
|
3,395
|
|
0.3 %
|
|
111
|
|
4,235
|
|
0.3 %
|
|
Consumer
loans
|
737
|
|
9,911
|
|
0.5 %
|
|
896
|
|
11,211
|
|
0.5 %
|
|
733
|
|
9,874
|
|
0.5 %
|
|
602
|
|
7,955
|
|
0.4 %
|
|
587
|
|
6,930
|
|
0.3 %
|
|
Commercial real estate
loans
|
25
|
|
6,396
|
|
0.2 %
|
|
23
|
|
3,204
|
|
0.1 %
|
|
22
|
|
3,411
|
|
0.1 %
|
|
13
|
|
2,710
|
|
0.1 %
|
|
23
|
|
4,834
|
|
0.2 %
|
|
Commercial
loans
|
62
|
|
3,091
|
|
0.2 %
|
|
59
|
|
4,196
|
|
0.3 %
|
|
52
|
|
2,847
|
|
0.2 %
|
|
38
|
|
15,658
|
|
1.1 %
|
|
46
|
|
4,253
|
|
0.3 %
|
|
Total loans delinquent
30 days to 59 days
|
1,288
|
|
$
62,508
|
|
0.5 %
|
|
1,406
|
|
$
54,413
|
|
0.5 %
|
|
925
|
|
$
21,412
|
|
0.2 %
|
|
759
|
|
$
30,345
|
|
0.3 %
|
|
1,026
|
|
$
47,244
|
|
0.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 60
days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
3
|
|
$
70
|
|
— %
|
|
69
|
|
$
7,796
|
|
0.2 %
|
|
56
|
|
$
5,395
|
|
0.2 %
|
|
52
|
|
$
3,521
|
|
0.1 %
|
|
23
|
|
$
1,922
|
|
0.1 %
|
|
Home equity
loans
|
26
|
|
761
|
|
0.1 %
|
|
37
|
|
982
|
|
0.1 %
|
|
40
|
|
1,341
|
|
0.1 %
|
|
31
|
|
1,614
|
|
0.1 %
|
|
31
|
|
1,061
|
|
0.1 %
|
|
Consumer
loans
|
231
|
|
2,545
|
|
0.1 %
|
|
322
|
|
3,754
|
|
0.2 %
|
|
236
|
|
2,707
|
|
0.1 %
|
|
250
|
|
2,584
|
|
0.1 %
|
|
185
|
|
2,083
|
|
0.1 %
|
|
Commercial real estate
loans
|
5
|
|
807
|
|
— %
|
|
9
|
|
1,031
|
|
— %
|
|
13
|
|
1,588
|
|
0.1 %
|
|
12
|
|
1,288
|
|
— %
|
|
17
|
|
1,949
|
|
0.1 %
|
|
Commercial
loans
|
27
|
|
1,284
|
|
0.1 %
|
|
16
|
|
703
|
|
— %
|
|
15
|
|
981
|
|
0.1 %
|
|
23
|
|
11,092
|
|
0.8 %
|
|
19
|
|
1,088
|
|
0.1 %
|
|
Total loans delinquent
60 days to 89 days
|
292
|
|
$
5,467
|
|
— %
|
|
453
|
|
$
14,266
|
|
0.1 %
|
|
360
|
|
$
12,012
|
|
0.1 %
|
|
368
|
|
$
20,099
|
|
0.2 %
|
|
275
|
|
$
8,103
|
|
0.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 90
days or more: **
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
50
|
|
$
5,813
|
|
0.2 %
|
|
70
|
|
$
7,995
|
|
0.2 %
|
|
79
|
|
$
7,695
|
|
0.2 %
|
|
63
|
|
$
6,290
|
|
0.2 %
|
|
39
|
|
$
3,300
|
|
0.1 %
|
|
Home equity
loans
|
71
|
|
2,823
|
|
0.2 %
|
|
81
|
|
3,126
|
|
0.3 %
|
|
73
|
|
2,206
|
|
0.2 %
|
|
68
|
|
1,965
|
|
0.2 %
|
|
65
|
|
2,190
|
|
0.2 %
|
|
Consumer
loans
|
398
|
|
3,345
|
|
0.2 %
|
|
440
|
|
3,978
|
|
0.2 %
|
|
357
|
|
3,020
|
|
0.1 %
|
|
314
|
|
2,447
|
|
0.1 %
|
|
313
|
|
3,279
|
|
0.1 %
|
|
Commercial real estate
loans
|
22
|
|
6,931
|
|
0.2 %
|
|
27
|
|
6,712
|
|
0.2 %
|
|
27
|
|
8,416
|
|
0.3 %
|
|
20
|
|
8,575
|
|
0.3 %
|
|
18
|
|
8,010
|
|
0.3 %
|
|
Commercial
loans
|
62
|
|
3,421
|
|
0.2 %
|
|
53
|
|
2,780
|
|
0.2 %
|
|
39
|
|
2,472
|
|
0.2 %
|
|
38
|
|
2,414
|
|
0.2 %
|
|
24
|
|
1,302
|
|
0.1 %
|
|
Total loans delinquent
90 days or more
|
603
|
|
$
22,333
|
|
0.2 %
|
|
671
|
|
$
24,591
|
|
0.2 %
|
|
575
|
|
$
23,809
|
|
0.2 %
|
|
503
|
|
$
21,691
|
|
0.2 %
|
|
459
|
|
$
18,081
|
|
0.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
delinquent
|
2,183
|
|
$
90,308
|
|
0.8 %
|
|
2,530
|
|
$
93,270
|
|
0.8 %
|
|
1,860
|
|
$
57,233
|
|
0.5 %
|
|
1,630
|
|
$
72,135
|
|
0.6 %
|
|
1,760
|
|
$
73,428
|
|
0.7 %
|
|
|
|
*
|
Represents delinquency,
in dollars, divided by the respective total amount of that type of
loan outstanding.
|
|
**
|
Includes purchased
credit deteriorated loans of $446,000, $646,000, $1.4 million,
$605,000, and $331,000 at March 31, 2024, December 31, 2023,
September 30, 2023, June 30, 2023, and March 31, 2023,
respectively.
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Allowance for Credit
Losses (Unaudited)
(dollars in
thousands)
|
|
|
Quarter ended
|
|
March 31,
2024
|
|
December 31,
2023
|
|
September
30,
2023
|
|
June 30,
2023
|
|
March 31,
2023
|
|
Beginning
balance
|
$ 125,243
|
|
124,841
|
|
124,423
|
|
121,257
|
|
118,036
|
|
ASU 2022-02
Adoption
|
—
|
|
—
|
|
—
|
|
—
|
|
426
|
|
Provision
|
4,234
|
|
3,801
|
|
3,983
|
|
6,010
|
|
4,870
|
|
Charge-offs residential
mortgage
|
(162)
|
|
(266)
|
|
(171)
|
|
(545)
|
|
(207)
|
|
Charge-offs home
equity
|
(412)
|
|
(133)
|
|
(320)
|
|
(235)
|
|
(164)
|
|
Charge-offs
consumer
|
(4,573)
|
|
(3,860)
|
|
(3,085)
|
|
(2,772)
|
|
(2,734)
|
|
Charge-offs commercial
real estate
|
(349)
|
|
(742)
|
|
(484)
|
|
(483)
|
|
(657)
|
|
Charge-offs
commercial
|
(1,163)
|
|
(806)
|
|
(1,286)
|
|
(1,209)
|
|
(865)
|
|
Recoveries
|
2,079
|
|
2,408
|
|
1,781
|
|
2,400
|
|
2,552
|
|
Ending
balance
|
$ 124,897
|
|
125,243
|
|
124,841
|
|
124,423
|
|
121,257
|
|
Net charge-offs to
average loans, annualized
|
0.16 %
|
|
0.12 %
|
|
0.13 %
|
|
0.10 %
|
|
0.08 %
|
|
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
|
|
March 31,
2024
|
|
December 31,
2023
|
|
September 30,
2023
|
|
June 30,
2023
|
|
March 31,
2023
|
|
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
|
$
3,392,524
|
|
32,674
|
|
3.85 %
|
|
$
3,442,308
|
|
32,739
|
|
3.80 %
|
|
$
3,476,446
|
|
32,596
|
|
3.75 %
|
|
$
3,485,517
|
|
32,485
|
|
3.73 %
|
|
$
3,493,617
|
|
32,009
|
|
3.66 %
|
|
Home equity
loans
|
1,205,273
|
|
17,294
|
|
5.77 %
|
|
1,238,420
|
|
17,590
|
|
5.64 %
|
|
1,264,134
|
|
17,435
|
|
5.47 %
|
|
1,273,298
|
|
16,898
|
|
5.32 %
|
|
1,284,425
|
|
16,134
|
|
5.09 %
|
|
Consumer
loans
|
2,033,620
|
|
25,033
|
|
4.95 %
|
|
2,055,783
|
|
24,667
|
|
4.76 %
|
|
2,092,023
|
|
23,521
|
|
4.46 %
|
|
2,143,804
|
|
22,662
|
|
4.24 %
|
|
2,123,672
|
|
20,794
|
|
3.97 %
|
|
Commercial real
estate loans
|
2,999,224
|
|
43,425
|
|
5.73 %
|
|
2,950,589
|
|
43,337
|
|
5.75 %
|
|
2,911,145
|
|
41,611
|
|
5.59 %
|
|
2,836,443
|
|
38,426
|
|
5.36 %
|
|
2,824,120
|
|
37,031
|
|
5.24 %
|
|
Commercial
loans
|
1,714,667
|
|
31,857
|
|
7.35 %
|
|
1,564,617
|
|
28,801
|
|
7.20 %
|
|
1,447,211
|
|
26,239
|
|
7.09 %
|
|
1,326,598
|
|
22,872
|
|
6.82 %
|
|
1,161,298
|
|
18,353
|
|
6.32 %
|
|
Total loans receivable
(a) (b) (d)
|
11,345,308
|
|
150,283
|
|
5.33 %
|
|
11,251,717
|
|
147,134
|
|
5.19 %
|
|
11,190,959
|
|
141,402
|
|
5.01 %
|
|
11,065,660
|
|
133,343
|
|
4.83 %
|
|
10,887,132
|
|
124,321
|
|
4.63 %
|
|
Mortgage-backed
securities (c)
|
1,717,306
|
|
7,944
|
|
1.85 %
|
|
1,741,687
|
|
7,951
|
|
1.83 %
|
|
1,781,010
|
|
8,072
|
|
1.81 %
|
|
1,859,427
|
|
8,326
|
|
1.79 %
|
|
1,909,676
|
|
8,537
|
|
1.79 %
|
|
Investment securities
(c) (d)
|
333,752
|
|
1,430
|
|
1.71 %
|
|
335,121
|
|
1,425
|
|
1.70 %
|
|
336,125
|
|
1,431
|
|
1.70 %
|
|
374,560
|
|
1,715
|
|
1.83 %
|
|
384,717
|
|
1,761
|
|
1.83 %
|
|
FHLB stock, at
cost
|
32,249
|
|
607
|
|
7.57 %
|
|
35,082
|
|
665
|
|
7.52 %
|
|
37,722
|
|
668
|
|
7.03 %
|
|
45,505
|
|
844
|
|
7.44 %
|
|
39,631
|
|
690
|
|
7.06 %
|
|
Other interest-earning
deposits
|
61,666
|
|
832
|
|
5.34 %
|
|
71,987
|
|
970
|
|
5.27 %
|
|
67,143
|
|
915
|
|
5.33 %
|
|
46,536
|
|
594
|
|
5.05 %
|
|
38,324
|
|
423
|
|
4.41 %
|
|
Total interest-earning
assets
|
13,490,281
|
|
161,096
|
|
4.80 %
|
|
13,435,594
|
|
158,145
|
|
4.67 %
|
|
13,412,959
|
|
152,488
|
|
4.51 %
|
|
13,391,688
|
|
144,822
|
|
4.34 %
|
|
13,259,480
|
|
135,732
|
|
4.15 %
|
|
Noninterest-earning
assets (e)
|
918,331
|
|
|
|
|
|
893,426
|
|
|
|
|
|
966,364
|
|
|
|
|
|
854,229
|
|
|
|
|
|
862,016
|
|
|
|
|
|
Total assets
|
$
14,408,612
|
|
|
|
|
|
$
14,329,020
|
|
|
|
|
|
$
14,379,323
|
|
|
|
|
|
$
14,245,917
|
|
|
|
|
|
$
14,121,496
|
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings deposits
(g)
|
$
2,122,035
|
|
5,036
|
|
0.95 %
|
|
$
2,102,320
|
|
4,045
|
|
0.76 %
|
|
$
2,116,759
|
|
2,695
|
|
0.51 %
|
|
$
2,142,941
|
|
1,393
|
|
0.26 %
|
|
$
2,198,988
|
|
690
|
|
0.13 %
|
|
Interest-bearing
demand deposits (g)
|
2,538,823
|
|
5,402
|
|
0.86 %
|
|
2,573,634
|
|
4,921
|
|
0.76 %
|
|
2,569,229
|
|
4,086
|
|
0.63 %
|
|
2,469,666
|
|
1,648
|
|
0.27 %
|
|
2,612,883
|
|
951
|
|
0.15 %
|
|
Money market
deposit accounts (g)
|
1,961,332
|
|
7,913
|
|
1.62 %
|
|
1,997,116
|
|
7,446
|
|
1.48 %
|
|
2,112,228
|
|
6,772
|
|
1.27 %
|
|
2,221,713
|
|
6,113
|
|
1.10 %
|
|
2,408,582
|
|
4,403
|
|
0.74 %
|
|
Time deposits
(g)
|
2,697,983
|
|
29,335
|
|
4.37 %
|
|
2,447,335
|
|
24,187
|
|
3.92 %
|
|
2,164,559
|
|
18,136
|
|
3.32 %
|
|
1,765,454
|
|
12,663
|
|
2.88 %
|
|
1,293,609
|
|
5,194
|
|
1.63 %
|
|
Borrowed funds
(f)
|
469,697
|
|
5,708
|
|
4.89 %
|
|
548,089
|
|
6,826
|
|
4.94 %
|
|
643,518
|
|
7,937
|
|
4.89 %
|
|
837,358
|
|
10,202
|
|
4.89 %
|
|
740,218
|
|
7,938
|
|
4.35 %
|
|
Subordinated
debt
|
114,225
|
|
1,148
|
|
4.02 %
|
|
114,134
|
|
1,148
|
|
4.02 %
|
|
114,045
|
|
1,148
|
|
4.03 %
|
|
113,958
|
|
1,148
|
|
4.03 %
|
|
113,870
|
|
1,148
|
|
4.03 %
|
|
Junior
subordinated debentures
|
129,597
|
|
2,459
|
|
7.51 %
|
|
129,532
|
|
2,512
|
|
7.59 %
|
|
129,466
|
|
2,456
|
|
7.42 %
|
|
129,401
|
|
2,280
|
|
6.97 %
|
|
129,335
|
|
2,152
|
|
6.66 %
|
|
Total interest-bearing
liabilities
|
10,033,692
|
|
57,001
|
|
2.28 %
|
|
9,912,160
|
|
51,085
|
|
2.04 %
|
|
9,849,804
|
|
43,230
|
|
1.74 %
|
|
9,680,491
|
|
35,447
|
|
1.47 %
|
|
9,497,485
|
|
22,476
|
|
0.96 %
|
|
Noninterest-bearing
demand deposits (g)
|
2,567,781
|
|
|
|
|
|
2,675,788
|
|
|
|
|
|
2,757,091
|
|
|
|
|
|
2,820,928
|
|
|
|
|
|
2,889,973
|
|
|
|
|
|
Noninterest-bearing
liabilities
|
257,269
|
|
|
|
|
|
234,177
|
|
|
|
|
|
257,141
|
|
|
|
|
|
224,508
|
|
|
|
|
|
235,213
|
|
|
|
|
|
Total
liabilities
|
12,858,742
|
|
|
|
|
|
12,822,125
|
|
|
|
|
|
12,864,036
|
|
|
|
|
|
12,725,927
|
|
|
|
|
|
12,622,671
|
|
|
|
|
|
Shareholders'
equity
|
1,549,870
|
|
|
|
|
|
1,506,895
|
|
|
|
|
|
1,515,287
|
|
|
|
|
|
1,519,990
|
|
|
|
|
|
1,498,825
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
14,408,612
|
|
|
|
|
|
$
14,329,020
|
|
|
|
|
|
$
14,379,323
|
|
|
|
|
|
$
14,245,917
|
|
|
|
|
|
$
14,121,496
|
|
|
|
|
|
Net interest
income/Interest rate spread
|
|
|
104,095
|
|
2.52 %
|
|
|
|
107,060
|
|
2.63 %
|
|
|
|
109,258
|
|
2.77 %
|
|
|
|
109,375
|
|
2.87 %
|
|
|
|
113,256
|
|
3.19 %
|
|
Net interest-earning
assets/Net interest margin
|
$
3,456,589
|
|
|
|
3.10 %
|
|
$
3,523,434
|
|
|
|
3.16 %
|
|
$
3,563,155
|
|
|
|
3.23 %
|
|
$
3,711,197
|
|
|
|
3.28 %
|
|
$
3,761,995
|
|
|
|
3.46 %
|
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.34X
|
|
|
|
|
|
1.36X
|
|
|
|
|
|
1.36X
|
|
|
|
|
|
1.38X
|
|
|
|
|
|
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 1.61%, 1.37%, 1.07%, 0.77%, and 0.40%, respectively,
and average cost of Interest-bearing deposits were 2.06%, 1.77%,
1.40%, 1.02%, and 0.54%, respectively.
|
|
(h)
|
Shown on a FTE basis.
GAAP basis yields for the periods indicated were: Loans — 5.30%,
5.17%, 4.99%, 4.81%, and 4.61%, respectively, Investment
securities — 1.54%, 1.52%, 1.52%, 1.61%, and 1.61%,
respectively, Interest-earning assets — 4.78%, 4.65%,
4.48%, 4.31%, and 4.13%, respectively. GAAP basis net interest rate
spreads were 2.49%, 2.60%, 2.74%, 2.84%, and 3.17%, respectively,
and GAAP basis net interest margins were 3.08%, 3.14%, 3.21%,
3.25%, and 3.44%, respectively.
|
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SOURCE Northwest Bancshares, Inc.