COLUMBUS, Ohio, July 25,
2022 /PRNewswire/ -- Northwest Bancshares, Inc., (the
"Company"), (NasdaqGS: NWBI) announced net income for the quarter
ended June 30, 2022 of $33.4 million, or $0.26 per diluted share. This represents a
decrease of $15.5 million, or 31.7%,
compared to the same quarter last year, when net income was
$49.0 million, or $0.38 per diluted share. The annualized
returns on average shareholders' equity and average assets for the
quarter ended June 30, 2022 were
8.90% and 0.94% compared to 12.58% and 1.37% for the same quarter
last year. Prior year earnings were enhanced by a $25.3 million pre-tax gain on the sale of the
Northwest insurance line of business.
The Company also announced that its Board of Directors declared
a quarterly cash dividend of $0.20
per share payable on August 15, 2022
to shareholders of record as of August 4,
2022. This is the 111th consecutive quarter in which the
Company has paid a cash dividend. Based on the market value of the
Company's common stock as of June 30,
2022, this represents an annualized dividend yield of
approximately 6.0%.
During the second quarter, the Company announced the unfortunate
passing of Chairman, President, and Chief Executive Officer,
Ronald J. Seiffert, from natural
causes. Subsequently, as announced on May
25, 2022, the Northwest Bancshares and Northwest Bank Boards
of Directors named the Company's Chief Financial Officer,
William W. Harvey Jr,. as interim
President and Chief Executive Officer and the Company's Lead
Director, Timothy B. Fannin, as
interim Chairman of the Board.
Mr. Harvey commented, "Everyone in the Northwest family is
deeply saddened by the unexpected passing of Ron. Ron was such a
strong leader during his time at Northwest and he positioned us
well for the future. We are committed to carrying out his vision
and strategic direction for the company."
In relation to the quarterly results, Mr. Harvey noted, "We are
pleased with the loan growth momentum generated during the quarter
with organic loan growth of approximately $200.0 million, or almost 2.0%, augmented by the
purchase of a $50.0 million
one-to-four family jumbo mortgage loan portfolio and a $43.0 million small business equipment finance
pool. Also, during the quarter our net interest margin
expanded by 32bp as a result of both an increase in market interest
rates and the deployment of excess liquidity into higher yielding
interest-earning assets."
Mr. Harvey continued, "Asset quality metrics continue to improve
with nonperforming and classified assets dropping to $100.0 million and $277.4
million, respectively, and total delinquency and net
charge-offs falling to pre-pandemic levels. Outside of an increase
in other noninterest expense related primarily to an additional
$3.4 million reserve for unfunded
loan commitments, we continue to see a favorable trend in expense
management over the past five quarters."
Net interest income increased by $4.5
million, or 4.7%, to $100.3
million for the quarter ended June
30, 2022, from $95.7 million
for the quarter ended June 30, 2021,
due primarily to a $1.5 million
increase in both interest income on mortgage-backed securities and
interest income on interest-earning deposits. The increase in
interest income on mortgage-backed securities was due to an
increase of $196.1 million, or 11.2%,
in the average balance of mortgage-backed securities in addition to
an increase in the yield on mortgage-backed securities to 1.47% for
the quarter ended June 30, 2022 from
1.29% for the quarter ended June 30,
2021. The increase in interest income on
interest-earning deposits was due to an increase of $35.4 million, or 4.4%, in the average balance of
interest-earning deposits in addition to an increase in the yield
on interest-earning deposits to 0.79% for the quarter ended
June 30, 2022 from 0.09% for the
quarter ended June 30, 2021. Also
contributing to the increase in net interest income was a decrease
in interest expense on deposits of $1.4
million, or 30.0%, primarily due to a decrease in our cost
of our interest-bearing liabilities to 0.24% for the quarter ended
June 30, 2022, from 0.29% for the
quarter ended June 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 3.07% for the
quarter ended June 30, 2022, from
2.91% for the same quarter last year.
The Company continued to experience improvement in asset quality
as classified loans decreased by $175.7
million, or 38.8%, to $277.4
million, or 2.7% of total loans, at June 30, 2022, from $453.1
million, or 4.4% of total loans, at June 30, 2021. Total delinquent loans also
decreased to $51.1 million, or 0.49%
of loans receivable, at June 30, 2022
from $68.9 million, or 0.70% of loans
receivable, at June 30, 2021. In
addition, annualized net charge-offs were 0.14% during the current
quarter compared to 0.26% during the same quarter last year. As the
result, the provision for credit losses during the current quarter
remained historically low at just $2.6
million.
Noninterest income decreased by $24.3
million, or 44.3%, to $30.4
million for the quarter ended June
30, 2022, from $54.7 million
for the quarter ended June 30, 2021.
This decrease was primarily due to the sale of our insurance
business in the second quarter of 2021, for a pre-tax gain of
$25.3 million, which also resulted in
a decrease in insurance commission income of $1.0 million, or 100.0% from the quarter ended
June 30, 2021. In addition, mortgage
banking income decreased by $1.7
million, or 43.4%, to $2.2
million for the quarter ended June
30, 2022 from $3.8 million for
the quarter ended June 30, 2021. This
decrease reflects the impact of less favorable pricing in the
secondary market, due primarily to the volatile interest rate
environment. Offsetting these decreases was an increase in other
operating income of $2.2 million, or
83.6%, to $4.9 million for the
quarter ended June 30, 2022 from
$2.6 million for the quarter ended
June 30, 2021 due to an increase in
swap fee income as well as a gain of approximately $1.0 million from the sale of branch buildings
associated with the previously announced consolidation of 20 branch
office facilities.
Noninterest expense decreased by $1.5
million, or 1.8%, to $84.8
million for the quarter ended June
30, 2022 from $86.3 million
for the quarter ended June 30, 2021.
This decrease primarily resulted from a $2.2
million, or 14.5%, decrease in processing expense to
$12.9 million for the quarter ended
June 30, 2022 from $15.2 million for the quarter ended June 30, 2021 due to the investment in our
technology and infrastructure during the prior year. Also
contributing to this favorable variance was an $898,000, or 21.2%, decrease in professional
services to $3.3 million for the
quarter ended June 30, 2022 from
$4.2 million for the quarter ended
June 30, 2021 due to the use of
third-party experts to assist with our digital strategy rollout in
the prior year. Compensation and employee benefits also
decreased by $821,000, or 1.7%, to
$48.1 million for the quarter ended
June 30, 2022 from $48.9 million for the quarter ended June 30, 2021, despite recognizing approximately
$1.4 million of additional expenses
related to the acceleration of compensation and stock benefits upon
Mr. Seiffert's passing. The decrease in compensation and employee
benefits was driven primarily by the branch consolidations
completed in April. Partially offsetting these decreases was
an increase in other expenses of $3.8
million to $5.2 million for
the quarter ended June 30, 2022 from
$1.4 million for the quarter ended
June 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 decreased by $5.3 million, or 34.9%, to $9.9 million for the quarter ended June 30, 2022, from $15.1
million for the quarter ended June
30, 2021, due primarily to a decrease 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 employee
benefits and wealth management services. As of June 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 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)
|
|
|
June 30,
2022
|
|
December 31,
2021
|
|
June 30,
2021
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
504,532
|
|
1,279,259
|
|
857,152
|
Marketable securities available-for-sale (amortized cost of $1,516,743, $1,565,002 and $1,593,813,
respectively)
|
1,364,743
|
|
1,548,592
|
|
1,599,024
|
Marketable securities held-to-maturity
(fair value of $835,565, $751,513 and $632,620,
respectively)
|
923,180
|
|
768,154
|
|
639,424
|
Total cash
and cash equivalents and marketable securities
|
2,792,455
|
|
3,596,005
|
|
3,095,600
|
|
|
|
|
|
|
Residential mortgage
loans held-for-sale
|
31,153
|
|
25,056
|
|
29,055
|
Residential mortgage loans
|
3,255,622
|
|
2,969,564
|
|
2,925,496
|
Home equity
loans
|
1,280,492
|
|
1,319,931
|
|
1,376,228
|
Consumer loans
|
2,002,545
|
|
1,838,748
|
|
1,745,231
|
Commercial real
estate loans
|
2,876,176
|
|
3,015,484
|
|
3,215,189
|
Commercial
loans
|
986,836
|
|
847,609
|
|
1,018,781
|
Total
loans receivable
|
10,432,824
|
|
10,016,392
|
|
10,309,980
|
Allowance for credit losses
|
(98,355)
|
|
(102,241)
|
|
(117,330)
|
Loans receivable,
net
|
10,334,469
|
|
9,914,151
|
|
10,192,650
|
|
|
|
|
|
|
FHLB
stock, at cost
|
13,362
|
|
14,184
|
|
23,287
|
Accrued interest receivable
|
27,708
|
|
25,599
|
|
27,585
|
Real estate owned,
net
|
1,205
|
|
873
|
|
1,353
|
Premises and equipment, net
|
146,869
|
|
156,524
|
|
156,076
|
Bank-owned life
insurance
|
254,109
|
|
256,213
|
|
253,539
|
Goodwill
|
380,997
|
|
380,997
|
|
380,997
|
Other
intangible assets, net
|
10,538
|
|
12,836
|
|
15,362
|
Other assets
|
192,983
|
|
144,126
|
|
151,607
|
Total
assets
|
$
14,154,695
|
|
14,501,508
|
|
14,298,056
|
Liabilities and shareholders' equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Noninterest-bearing demand deposits
|
$ 3,058,249
|
|
3,099,526
|
|
3,002,632
|
Interest-bearing demand deposits
|
2,858,691
|
|
2,940,442
|
|
2,824,219
|
Money
market deposit accounts
|
2,631,712
|
|
2,629,882
|
|
2,538,607
|
Savings deposits
|
2,362,725
|
|
2,303,760
|
|
2,262,152
|
Time
deposits
|
1,155,878
|
|
1,327,555
|
|
1,463,098
|
Total deposits
|
12,067,255
|
|
12,301,165
|
|
12,090,708
|
|
|
|
|
|
|
Borrowed funds
|
130,490
|
|
139,093
|
|
133,876
|
Subordinated debt
|
113,666
|
|
123,575
|
|
123,501
|
Junior
subordinated debentures
|
129,184
|
|
129,054
|
|
128,924
|
Advances by
borrowers for taxes and insurance
|
55,622
|
|
44,582
|
|
53,608
|
Accrued interest payable
|
1,725
|
|
1,804
|
|
1,820
|
Other
liabilities
|
162,214
|
|
178,664
|
|
190,258
|
Total
liabilities
|
12,660,156
|
|
12,917,937
|
|
12,722,695
|
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, 126,881,766, 126,612,183 and
127,907,885 shares issued and outstanding, respectively
|
1,269
|
|
1,266
|
|
1,279
|
Additional paid-in
capital
|
1,015,349
|
|
1,010,405
|
|
1,025,174
|
Retained
earnings
|
620,551
|
|
609,529
|
|
595,100
|
Accumulated other comprehensive
loss
|
(142,630)
|
|
(37,629)
|
|
(46,192)
|
Total
shareholders' equity
|
1,494,539
|
|
1,583,571
|
|
1,575,361
|
Total
liabilities and shareholders' equity
|
$
14,154,695
|
|
14,501,508
|
|
14,298,056
|
|
|
|
|
|
|
Equity to assets
|
10.56 %
|
|
10.92 %
|
|
11.02 %
|
Tangible common equity to assets*
|
8.01 %
|
|
8.43 %
|
|
8.48 %
|
Book value per share
|
$
11.78
|
|
12.51
|
|
12.32
|
Tangible book value per share*
|
$
8.69
|
|
9.40
|
|
9.22
|
Closing market price per share
|
$
12.80
|
|
14.16
|
|
13.64
|
Full time equivalent employees
|
2,188
|
|
2,332
|
|
2.393
|
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
|
|
June 30,
2022
|
|
March 31,
2022
|
|
December 31,
2021
|
|
September
30,
2021
|
|
June 30,
2021
|
|
|
|
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$
95,574
|
|
88,174
|
|
95,295
|
|
97,475
|
|
95,255
|
Mortgage-backed
securities
|
7,158
|
|
6,360
|
|
5,743
|
|
5,840
|
|
5,680
|
Taxable investment
securities
|
715
|
|
677
|
|
640
|
|
649
|
|
693
|
Tax-free investment
securities
|
683
|
|
674
|
|
688
|
|
628
|
|
594
|
FHLB stock
dividends
|
82
|
|
81
|
|
82
|
|
71
|
|
138
|
Interest-earning
deposits
|
1,684
|
|
467
|
|
467
|
|
352
|
|
192
|
Total interest
income
|
105,896
|
|
96,433
|
|
102,915
|
|
105,015
|
|
102,552
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
Deposits
|
3,341
|
|
3,751
|
|
4,295
|
|
4,540
|
|
4,773
|
Borrowed
funds
|
2,290
|
|
2,059
|
|
1,964
|
|
2,056
|
|
2,050
|
Total interest
expense
|
5,631
|
|
5,810
|
|
6,259
|
|
6,596
|
|
6,823
|
Net interest
income
|
100,265
|
|
90,623
|
|
96,656
|
|
98,419
|
|
95,729
|
Provision
for credit losses
|
2,629
|
|
(1,481)
|
|
(1,909)
|
|
(4,354)
|
|
—
|
Net interest income
after provision for credit losses
|
97,636
|
|
92,104
|
|
98,565
|
|
102,773
|
|
95,729
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
Loss on sale of
investments
|
(3)
|
|
(2)
|
|
(4)
|
|
(46)
|
|
(105)
|
Service charges and
fees
|
13,673
|
|
13,067
|
|
13,500
|
|
13,199
|
|
12,744
|
Trust and other
financial services income
|
7,461
|
|
7,012
|
|
6,820
|
|
7,182
|
|
7,435
|
Insurance commission
income
|
—
|
|
—
|
|
—
|
|
44
|
|
1,043
|
Gain/(loss) on real
estate owned, net
|
291
|
|
(29)
|
|
71
|
|
247
|
|
166
|
Income from bank-owned
life insurance
|
2,008
|
|
1,983
|
|
1,343
|
|
1,332
|
|
1,639
|
Mortgage banking
income
|
2,157
|
|
1,465
|
|
2,120
|
|
3,941
|
|
3,811
|
Gain on sale of
insurance business
|
—
|
|
—
|
|
—
|
|
—
|
|
25,327
|
Other operating
income
|
4,861
|
|
2,244
|
|
3,192
|
|
3,287
|
|
2,648
|
Total noninterest
income
|
30,448
|
|
25,740
|
|
27,042
|
|
29,186
|
|
54,708
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
48,073
|
|
46,917
|
|
48,691
|
|
49,063
|
|
48,894
|
Premises and occupancy
costs
|
7,280
|
|
7,797
|
|
7,104
|
|
7,745
|
|
7,410
|
Office
operations
|
3,162
|
|
3,383
|
|
3,144
|
|
4,143
|
|
3,317
|
Collections
expense
|
403
|
|
520
|
|
602
|
|
411
|
|
303
|
Processing
expenses
|
12,947
|
|
12,548
|
|
13,639
|
|
13,517
|
|
15,151
|
Marketing
expenses
|
2,047
|
|
2,128
|
|
2,054
|
|
2,102
|
|
2,101
|
Federal deposit
insurance premiums
|
1,130
|
|
1,129
|
|
1,131
|
|
1,184
|
|
1,353
|
Professional
services
|
3,333
|
|
2,573
|
|
4,513
|
|
4,295
|
|
4,231
|
Amortization of
intangible assets
|
1,115
|
|
1,183
|
|
1,205
|
|
1,321
|
|
1,433
|
Real estate owned
expense
|
72
|
|
37
|
|
44
|
|
94
|
|
85
|
Merger, asset
disposition and restructuring expense
|
—
|
|
1,374
|
|
2,812
|
|
—
|
|
632
|
Other
expenses
|
5,245
|
|
2,355
|
|
1,346
|
|
2,227
|
|
1,422
|
Total noninterest
expense
|
84,807
|
|
81,944
|
|
86,285
|
|
86,102
|
|
86,332
|
Income before income
taxes
|
43,277
|
|
35,900
|
|
39,322
|
|
45,857
|
|
64,105
|
Income tax
expense
|
9,851
|
|
7,613
|
|
9,266
|
|
10,794
|
|
15,138
|
Net income
|
$
33,426
|
|
28,287
|
|
30,056
|
|
35,063
|
|
48,967
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.26
|
|
0.22
|
|
0.24
|
|
0.28
|
|
0.38
|
Diluted earnings per
share
|
$
0.26
|
|
0.22
|
|
0.24
|
|
0.27
|
|
0.38
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average equity
|
8.90 %
|
|
7.17 %
|
|
7.65 %
|
|
8.86 %
|
|
12.58 %
|
Annualized return on
average assets
|
0.94 %
|
|
0.80 %
|
|
0.82 %
|
|
0.97 %
|
|
1.37 %
|
Annualized return on
tangible common equity *
|
12.16 %
|
|
10.14 %
|
|
10.02 %
|
|
11.92 %
|
|
16.66 %
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
**
|
64.03 %
|
|
68.22 %
|
|
66.51 %
|
|
66.44 %
|
|
67.35 %
|
Annualized noninterest
expense to average assets ***
|
2.35 %
|
|
2.23 %
|
|
2.25 %
|
|
2.33 %
|
|
2.35 %
|
* 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)
|
|
|
Six months ended
June 30,
|
|
2022
|
|
2021
|
Interest
income:
|
|
|
|
Loans
receivable
|
$
183,748
|
|
197,573
|
Mortgage-backed
securities
|
13,518
|
|
9,880
|
Taxable investment
securities
|
1,392
|
|
1,327
|
Tax-free investment
securities
|
1,357
|
|
1,169
|
FHLB stock
dividends
|
163
|
|
254
|
Interest-earning
deposits
|
2,151
|
|
375
|
Total interest
income
|
202,329
|
|
210,578
|
Interest
expense:
|
|
|
|
Deposits
|
7,092
|
|
10,287
|
Borrowed
funds
|
4,349
|
|
4,104
|
Total interest
expense
|
11,441
|
|
14,391
|
Net interest
income
|
190,888
|
|
196,187
|
Provision for credit
losses
|
1,148
|
|
(5,620)
|
Net interest income
after provision for credit losses
|
189,740
|
|
201,807
|
Noninterest
income:
|
|
|
|
Loss on sale of
investments
|
(5)
|
|
(126)
|
Service charges and
fees
|
26,740
|
|
25,138
|
Trust and other
financial services income
|
14,473
|
|
13,919
|
Insurance commission
income
|
—
|
|
3,589
|
Gain on real estate
owned, net
|
262
|
|
124
|
Income from bank-owned
life insurance
|
3,991
|
|
3,375
|
Mortgage banking
income
|
3,622
|
|
9,831
|
Gain on sale of
insurance business
|
—
|
|
25,327
|
Other operating
income
|
7,105
|
|
5,484
|
Total noninterest
income
|
56,188
|
|
86,661
|
Noninterest
expense:
|
|
|
|
Compensation and
employee benefits
|
94,990
|
|
96,133
|
Premises and occupancy
costs
|
15,077
|
|
16,224
|
Office
operations
|
6,545
|
|
6,482
|
Collections
expense
|
923
|
|
919
|
Processing
expenses
|
25,495
|
|
28,607
|
Marketing
expenses
|
4,175
|
|
4,081
|
Federal deposit
insurance premiums
|
2,259
|
|
2,660
|
Professional
services
|
5,906
|
|
8,813
|
Amortization of
intangible assets
|
2,298
|
|
3,027
|
Real estate owned
expense
|
109
|
|
160
|
Merger, asset
disposition and restructuring expense
|
1,374
|
|
641
|
Other
expenses
|
7,600
|
|
4,776
|
Total noninterest
expense
|
166,751
|
|
172,523
|
Income before income
taxes
|
79,177
|
|
115,945
|
Income tax
expense
|
17,464
|
|
26,741
|
Net income
|
$
61,713
|
|
89,204
|
|
|
|
|
Basic earnings per
share
|
$
0.49
|
|
0.70
|
Diluted earnings per
share
|
$
0.49
|
|
0.70
|
|
|
|
|
Annualized return on
average equity
|
8.01 %
|
|
11.61 %
|
Annualized return on
average assets
|
0.87 %
|
|
1.27 %
|
Annualized return on
tangible common equity *
|
11.28 %
|
|
15.26 %
|
|
|
|
|
Efficiency ratio
**
|
66.00 %
|
|
65.57 %
|
Annualized noninterest
expense to average assets ***
|
2.29 %
|
|
2.40 %
|
* 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)
|
|
|
June 30,
2022
|
|
March 31,
2022
|
|
December 31,
2021
|
|
September
30,
2021
|
|
June 30,
2021
|
Nonaccrual loans
current:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
1,970
|
|
1,884
|
|
1,354
|
|
2,015
|
|
189
|
Home equity
loans
|
1,337
|
|
1,376
|
|
1,212
|
|
1,267
|
|
170
|
Consumer
loans
|
976
|
|
1,148
|
|
1,336
|
|
1,465
|
|
188
|
Commercial real estate
loans
|
60,537
|
|
79,810
|
|
106,233
|
|
111,075
|
|
138,820
|
Commercial
loans
|
5,270
|
|
6,060
|
|
6,098
|
|
17,021
|
|
17,545
|
Total nonaccrual loans
current
|
$
70,090
|
|
90,278
|
|
116,233
|
|
132,843
|
|
156,912
|
Nonaccrual loans
delinquent 30 days to 59 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
2
|
|
760
|
|
244
|
|
99
|
|
68
|
Home equity
loans
|
172
|
|
195
|
|
223
|
|
328
|
|
229
|
Consumer
loans
|
158
|
|
190
|
|
241
|
|
152
|
|
230
|
Commercial real estate
loans
|
911
|
|
333
|
|
239
|
|
205
|
|
1,589
|
Commercial
loans
|
358
|
|
4
|
|
53
|
|
102
|
|
406
|
Total nonaccrual loans
delinquent 30 days to 59 days
|
$
1,601
|
|
1,482
|
|
1,000
|
|
886
|
|
2,522
|
Nonaccrual loans
delinquent 60 days to 89 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
199
|
|
830
|
|
1,163
|
|
527
|
|
207
|
Home equity
loans
|
566
|
|
371
|
|
61
|
|
142
|
|
310
|
Consumer
loans
|
226
|
|
280
|
|
292
|
|
291
|
|
297
|
Commercial real estate
loans
|
630
|
|
—
|
|
364
|
|
419
|
|
198
|
Commercial
loans
|
73
|
|
—
|
|
218
|
|
170
|
|
21
|
Total nonaccrual loans
delinquent 60 days to 89 days
|
$
1,694
|
|
1,481
|
|
2,098
|
|
1,549
|
|
1,033
|
Nonaccrual loans
delinquent 90 days or more:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
5,445
|
|
3,976
|
|
7,641
|
|
8,069
|
|
10,007
|
Home equity
loans
|
2,081
|
|
2,968
|
|
4,262
|
|
4,745
|
|
6,256
|
Consumer
loans
|
1,942
|
|
1,782
|
|
2,069
|
|
2,184
|
|
2,341
|
Commercial real estate
loans
|
14,949
|
|
21,399
|
|
24,063
|
|
25,562
|
|
23,564
|
Commercial
loans
|
583
|
|
795
|
|
1,105
|
|
1,104
|
|
4,126
|
Total nonaccrual loans
delinquent 90 days or more
|
$
25,000
|
|
30,920
|
|
39,140
|
|
41,664
|
|
46,294
|
Total nonaccrual
loans
|
$
98,385
|
|
124,161
|
|
158,471
|
|
176,942
|
|
206,761
|
Total nonaccrual
loans
|
$
98,385
|
|
124,161
|
|
158,471
|
|
176,942
|
|
206,761
|
Loans 90 days past due
and still accruing
|
379
|
|
420
|
|
331
|
|
386
|
|
302
|
Nonperforming
loans
|
98,764
|
|
124,581
|
|
158,802
|
|
177,328
|
|
207,063
|
Real estate owned,
net
|
1,205
|
|
929
|
|
873
|
|
809
|
|
1,353
|
Nonperforming
assets
|
$
99,969
|
|
125,510
|
|
159,675
|
|
178,137
|
|
208,416
|
Nonaccrual troubled
debt restructuring *
|
$
37,647
|
|
16,015
|
|
17,216
|
|
12,858
|
|
8,951
|
Accruing troubled debt
restructuring
|
16,590
|
|
12,686
|
|
13,072
|
|
13,664
|
|
18,480
|
Total troubled debt
restructuring
|
$
54,237
|
|
28,701
|
|
30,288
|
|
26,522
|
|
27,431
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to
total loans
|
0.95 %
|
|
1.23 %
|
|
1.59 %
|
|
1.74 %
|
|
2.01 %
|
Nonperforming assets to
total assets
|
0.71 %
|
|
0.87 %
|
|
1.10 %
|
|
1.24 %
|
|
1.46 %
|
Allowance for credit
losses to total loans
|
0.94 %
|
|
0.98 %
|
|
1.02 %
|
|
1.08 %
|
|
1.14 %
|
Allowance for total
loans excluding PPP loan balances
|
0.95 %
|
|
0.98 %
|
|
1.03 %
|
|
1.09 %
|
|
1.17 %
|
Allowance for credit
losses to nonperforming loans
|
99.59 %
|
|
79.70 %
|
|
64.38 %
|
|
61.90 %
|
|
56.66 %
|
* Amounts
included in nonperforming loans above.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Loans by Credit
Quality Indicators (Unaudited)
|
(dollars in
thousands)
|
|
At June 30,
2022
|
|
Pass
|
|
Special
mention
*
|
|
Substandard
**
|
|
Doubtful
|
|
Loss
|
|
Loans
receivable
|
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
|
At June 30,
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
2,937,418
|
|
—
|
|
17,133
|
|
—
|
|
—
|
|
2,954,551
|
Home equity
loans
|
|
1,367,765
|
|
—
|
|
8,463
|
|
—
|
|
—
|
|
1,376,228
|
Consumer
loans
|
|
1,741,872
|
|
—
|
|
3,359
|
|
—
|
|
—
|
|
1,745,231
|
Total Personal
Banking
|
|
6,047,055
|
|
—
|
|
28,955
|
|
—
|
|
—
|
|
6,076,010
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,781,734
|
|
73,167
|
|
360,288
|
|
—
|
|
—
|
|
3,215,189
|
Commercial
loans
|
|
943,665
|
|
11,266
|
|
63,850
|
|
—
|
|
—
|
|
1,018,781
|
Total Commercial
Banking
|
|
3,725,399
|
|
84,433
|
|
424,138
|
|
—
|
|
—
|
|
4,233,970
|
Total loans
|
|
$
9,772,454
|
|
84,433
|
|
453,093
|
|
—
|
|
—
|
|
10,309,980
|
* Includes $7.4
million, $4.4 million, $14.9 million, $16.7 million, and $16.7
million of acquired loans at June 30, 2022, March 31,
2022, December 31, 2021, September 30, 2021, and
June 30, 2021, respectively.
|
** Includes $59.3
million, $71.9 million, $81.5 million, $110.4 million, and $122.5
million of acquired loans at June 30, 2022, March 31,
2022, December 31, 2021, September 30, 2021, and
June 30, 2021, respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Loan Delinquency
(Unaudited)
|
(dollars in
thousands)
|
|
|
June 30,
2022
|
|
*
|
|
March 31,
2022
|
|
*
|
|
December 31,
2021
|
|
*
|
|
September
30,
2021
|
|
*
|
|
June 30,
2021
|
|
*
|
(Number of loans and
dollar amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 30
days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
20
|
|
$ 785
|
|
— %
|
|
281
|
|
$
24,057
|
|
0.8 %
|
|
277
|
|
$
20,567
|
|
0.7 %
|
|
17
|
|
$ 765
|
|
— %
|
|
13
|
|
$ 606
|
|
— %
|
Home equity
loans
|
107
|
|
3,664
|
|
0.3 %
|
|
105
|
|
3,867
|
|
0.3 %
|
|
112
|
|
3,153
|
|
0.2 %
|
|
101
|
|
3,351
|
|
0.2 %
|
|
91
|
|
3,677
|
|
0.3 %
|
Consumer
loans
|
563
|
|
6,898
|
|
0.3 %
|
|
523
|
|
6,043
|
|
0.3 %
|
|
589
|
|
6,536
|
|
0.4 %
|
|
576
|
|
6,146
|
|
0.3 %
|
|
532
|
|
5,571
|
|
0.3 %
|
Commercial real estate
loans
|
26
|
|
2,701
|
|
0.1 %
|
|
25
|
|
3,643
|
|
0.1 %
|
|
17
|
|
17,065
|
|
0.6 %
|
|
19
|
|
2,004
|
|
0.1 %
|
|
13
|
|
2,857
|
|
0.1 %
|
Commercial
loans
|
24
|
|
1,486
|
|
0.2 %
|
|
16
|
|
1,268
|
|
0.1 %
|
|
12
|
|
193
|
|
— %
|
|
10
|
|
692
|
|
0.1 %
|
|
15
|
|
686
|
|
0.1 %
|
Total loans delinquent
30 days to 59 days
|
740
|
|
$
15,534
|
|
0.1 %
|
|
950
|
|
$
38,878
|
|
0.4 %
|
|
1,007
|
|
$
47,514
|
|
0.5 %
|
|
723
|
|
$
12,958
|
|
0.1 %
|
|
664
|
|
$
13,397
|
|
0.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 60
days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
61
|
|
$
5,941
|
|
0.2 %
|
|
24
|
|
$
1,950
|
|
0.1 %
|
|
59
|
|
$
5,433
|
|
0.2 %
|
|
55
|
|
$
4,907
|
|
0.2 %
|
|
58
|
|
$
4,051
|
|
0.1 %
|
Home equity
loans
|
28
|
|
952
|
|
0.1 %
|
|
28
|
|
1,138
|
|
0.1 %
|
|
30
|
|
949
|
|
0.1 %
|
|
29
|
|
1,024
|
|
0.1 %
|
|
36
|
|
1,502
|
|
0.1 %
|
Consumer
loans
|
178
|
|
1,460
|
|
0.1 %
|
|
159
|
|
1,839
|
|
0.1 %
|
|
195
|
|
2,006
|
|
0.1 %
|
|
180
|
|
1,757
|
|
0.1 %
|
|
181
|
|
1,988
|
|
0.1 %
|
Commercial real estate
loans
|
9
|
|
1,472
|
|
0.1 %
|
|
1
|
|
112
|
|
— %
|
|
5
|
|
769
|
|
— %
|
|
8
|
|
1,170
|
|
— %
|
|
9
|
|
1,335
|
|
— %
|
Commercial
loans
|
6
|
|
341
|
|
— %
|
|
3
|
|
103
|
|
— %
|
|
10
|
|
727
|
|
0.1 %
|
|
2
|
|
170
|
|
— %
|
|
2
|
|
27
|
|
— %
|
Total loans delinquent
60 days to 89 days
|
282
|
|
$
10,166
|
|
0.1 %
|
|
215
|
|
$
5,142
|
|
0.1 %
|
|
299
|
|
$
9,884
|
|
0.1 %
|
|
274
|
|
$
9,028
|
|
0.1 %
|
|
286
|
|
$
8,903
|
|
0.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 90
days or more: **
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
63
|
|
$
5,445
|
|
0.2 %
|
|
47
|
|
$
3,976
|
|
0.1 %
|
|
87
|
|
$
7,641
|
|
0.3 %
|
|
95
|
|
$
8,069
|
|
0.3 %
|
|
115
|
|
$
10,007
|
|
0.3 %
|
Home equity
loans
|
69
|
|
2,081
|
|
0.2 %
|
|
91
|
|
2,968
|
|
0.2 %
|
|
105
|
|
4,262
|
|
0.3 %
|
|
119
|
|
4,745
|
|
0.4 %
|
|
146
|
|
6,256
|
|
0.5 %
|
Consumer
loans
|
286
|
|
2,321
|
|
0.1 %
|
|
287
|
|
2,202
|
|
0.1 %
|
|
296
|
|
2,400
|
|
0.1 %
|
|
308
|
|
2,568
|
|
0.1 %
|
|
356
|
|
2,643
|
|
0.2 %
|
Commercial real estate
loans
|
31
|
|
14,949
|
|
0.5 %
|
|
41
|
|
21,399
|
|
0.7 %
|
|
52
|
|
24,063
|
|
0.8 %
|
|
59
|
|
25,562
|
|
0.8 %
|
|
83
|
|
23,564
|
|
0.7 %
|
Commercial
loans
|
10
|
|
583
|
|
0.1 %
|
|
10
|
|
795
|
|
0.1 %
|
|
8
|
|
1,105
|
|
0.1 %
|
|
10
|
|
1,104
|
|
0.1 %
|
|
18
|
|
4,126
|
|
0.4 %
|
Total loans delinquent
90 days or more
|
459
|
|
$
25,379
|
|
0.2 %
|
|
476
|
|
$
31,340
|
|
0.3 %
|
|
548
|
|
$
39,471
|
|
0.4 %
|
|
591
|
|
$
42,048
|
|
0.4 %
|
|
718
|
|
$
46,596
|
|
0.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
delinquent
|
1,481
|
|
$
51,079
|
|
0.5 %
|
|
1,641
|
|
$
75,360
|
|
0.7 %
|
|
1,854
|
|
$
96,869
|
|
1.0 %
|
|
1,588
|
|
$
64,034
|
|
0.6 %
|
|
1,668
|
|
$
68,896
|
|
0.7 %
|
* Represents
delinquency, in dollars, divided by the respective total amount of
that type of loan outstanding.
|
** Includes
purchased credit deteriorated loans of $6.3 million,
$7.1 million, $7.3 million, $8.4 million, and
$10.3 million at June 30, 2022, March 31, 2022,
December 31, 2021, September 30, 2021, and June 30,
2021, respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Allowance for Credit
Losses (Unaudited)
|
(dollars in
thousands)
|
|
|
Quarter ended
|
|
June 30,
2022
|
|
March 31,
2022
|
|
December 31,
2021
|
|
September
30,
2021
|
|
June 30,
2021
|
Beginning
balance
|
$
99,295
|
|
102,241
|
|
109,767
|
|
117,330
|
|
123,997
|
Provision
|
2,629
|
|
(1,481)
|
|
(1,909)
|
|
(4,354)
|
|
—
|
Charge-offs residential
mortgage
|
(138)
|
|
(1,183)
|
|
(784)
|
|
(1,263)
|
|
(770)
|
Charge-offs home
equity
|
(255)
|
|
(447)
|
|
(1,299)
|
|
(1,474)
|
|
(379)
|
Charge-offs
consumer
|
(1,912)
|
|
(1,723)
|
|
(2,897)
|
|
(2,148)
|
|
(2,401)
|
Charge-offs commercial
real estate
|
(4,392)
|
|
(1,024)
|
|
(2,652)
|
|
(1,581)
|
|
(3,964)
|
Charge-offs
commercial
|
(329)
|
|
(681)
|
|
(2,586)
|
|
(412)
|
|
(1,161)
|
Recoveries
|
3,457
|
|
3,593
|
|
4,601
|
|
3,669
|
|
2,008
|
Ending
balance
|
$
98,355
|
|
99,295
|
|
102,241
|
|
109,767
|
|
117,330
|
Net charge-offs to
average loans, annualized
|
0.14 %
|
|
0.06 %
|
|
0.22 %
|
|
0.12 %
|
|
0.26 %
|
|
Six months ended
June 30,
|
|
2022
|
|
2021
|
Beginning balance
|
$
102,241
|
|
134,427
|
Provision
|
1,148
|
|
(5,620)
|
Charge-offs residential
mortgage
|
(1,321)
|
|
(1,625)
|
Charge-offs home
equity
|
(702)
|
|
(607)
|
Charge-offs
consumer
|
(3,635)
|
|
(5,004)
|
Charge-offs commercial
real estate
|
(5,416)
|
|
(8,590)
|
Charge-offs
commercial
|
(1,010)
|
|
(1,215)
|
Recoveries
|
7,050
|
|
5,564
|
Ending
balance
|
$
98,355
|
|
117,330
|
Net charge-offs to
average loans, annualized
|
0.10 %
|
|
0.22 %
|
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
|
|
June 30,
2022
|
|
March 31,
2022
|
|
December 31,
2021
|
|
September 30,
2021
|
|
June 30,
2021
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (i)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (i)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (i)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (i)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (i)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
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 %
|
|
$
2,935,034
|
|
25,609
|
|
3.49 %
|
Home equity
loans
|
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 %
|
|
1,380,794
|
|
12,232
|
|
3.55 %
|
Consumer
loans
|
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 %
|
|
1,589,739
|
|
14,555
|
|
3.67 %
|
Commercial real estate
loans
|
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 %
|
|
3,257,810
|
|
33,349
|
|
4.05 %
|
Commercial
loans
|
912,454
|
|
9,090
|
|
3.94 %
|
|
824,770
|
|
6,897
|
|
3.34 %
|
|
855,998
|
|
9,154
|
|
4.18 %
|
|
975,603
|
|
9,096
|
|
3.65 %
|
|
1,133,969
|
|
9,978
|
|
3.48 %
|
Total loans receivable
(a) (b) (d)
|
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 %
|
|
10,297,346
|
|
95,723
|
|
3.73 %
|
Mortgage-backed
securities (c)
|
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 %
|
|
1,756,227
|
|
5,680
|
|
1.29 %
|
Investment securities
(c) (d)
|
376,935
|
|
1,590
|
|
1.69 %
|
|
373,694
|
|
1,540
|
|
1.65 %
|
|
358,558
|
|
1,535
|
|
1.71 %
|
|
348,619
|
|
1,466
|
|
1.68 %
|
|
364,414
|
|
1,466
|
|
1.61 %
|
FHLB stock, at
cost
|
13,428
|
|
82
|
|
2.44 %
|
|
13,870
|
|
81
|
|
2.38 %
|
|
14,459
|
|
82
|
|
2.25 %
|
|
21,607
|
|
71
|
|
1.31 %
|
|
23,107
|
|
138
|
|
2.40 %
|
Other interest-earning
deposits
|
846,142
|
|
1,684
|
|
0.79 %
|
|
1,218,960
|
|
467
|
|
0.15 %
|
|
1,168,449
|
|
467
|
|
0.16 %
|
|
905,130
|
|
352
|
|
0.15 %
|
|
810,741
|
|
192
|
|
0.09 %
|
Total interest-earning
assets
|
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 %
|
|
13,251,835
|
|
103,199
|
|
3.12 %
|
Noninterest-earning
assets (e)
|
909,943
|
|
|
|
|
|
973,092
|
|
|
|
|
|
1,004,905
|
|
|
|
|
|
1,074,122
|
|
|
|
|
|
1,104,924
|
|
|
|
|
Total assets
|
$
14,256,705
|
|
|
|
|
|
$
14,423,574
|
|
|
|
|
|
$
14,474,091
|
|
|
|
|
|
$
14,408,284
|
|
|
|
|
|
$
14,356,759
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$
2,361,919
|
|
589
|
|
0.10 %
|
|
$
2,334,494
|
|
592
|
|
0.10 %
|
|
$
2,282,606
|
|
622
|
|
0.11 %
|
|
$
2,271,365
|
|
603
|
|
0.11 %
|
|
$
2,255,578
|
|
590
|
|
0.10 %
|
Interest-bearing
demand deposits
|
2,857,336
|
|
310
|
|
0.04 %
|
|
2,875,430
|
|
321
|
|
0.05 %
|
|
2,933,466
|
|
411
|
|
0.06 %
|
|
2,890,905
|
|
414
|
|
0.06 %
|
|
2,840,949
|
|
407
|
|
0.06 %
|
Money market deposit
accounts
|
2,653,467
|
|
668
|
|
0.10 %
|
|
2,668,105
|
|
653
|
|
0.10 %
|
|
2,618,177
|
|
656
|
|
0.10 %
|
|
2,565,159
|
|
637
|
|
0.10 %
|
|
2,537,629
|
|
621
|
|
0.10 %
|
Time
deposits
|
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 %
|
|
1,493,947
|
|
3,155
|
|
0.85 %
|
Borrowed funds
(f)
|
123,749
|
|
167
|
|
0.54 %
|
|
135,289
|
|
158
|
|
0.47 %
|
|
135,038
|
|
159
|
|
0.47 %
|
|
131,199
|
|
154
|
|
0.47 %
|
|
131,240
|
|
150
|
|
0.46 %
|
Subordinated debt
(g)
|
119,563
|
|
1,203
|
|
4.03 %
|
|
123,608
|
|
1,250
|
|
4.05 %
|
|
123,514
|
|
1,180
|
|
3.82 %
|
|
123,513
|
|
1,277
|
|
4.10 %
|
|
123,443
|
|
1,264
|
|
4.11 %
|
Junior subordinated
debentures
|
129,142
|
|
920
|
|
2.82 %
|
|
129,077
|
|
651
|
|
2.02 %
|
|
129,012
|
|
625
|
|
1.89 %
|
|
128,946
|
|
625
|
|
1.90 %
|
|
128,882
|
|
636
|
|
1.95 %
|
Total interest-bearing
liabilities
|
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 %
|
|
9,511,668
|
|
6,823
|
|
0.29 %
|
Noninterest-bearing
demand deposits (h)
|
3,090,372
|
|
|
|
|
|
3,060,698
|
|
|
|
|
|
3,093,518
|
|
|
|
|
|
3,058,819
|
|
|
|
|
|
3,036,202
|
|
|
|
|
Noninterest-bearing
liabilities
|
193,510
|
|
|
|
|
|
203,537
|
|
|
|
|
|
242,620
|
|
|
|
|
|
244,402
|
|
|
|
|
|
247,930
|
|
|
|
|
Total
liabilities
|
12,749,873
|
|
|
|
|
|
12,822,846
|
|
|
|
|
|
12,914,464
|
|
|
|
|
|
12,837,349
|
|
|
|
|
|
12,795,800
|
|
|
|
|
Shareholders'
equity
|
1,506,832
|
|
|
|
|
|
1,600,728
|
|
|
|
|
|
1,559,627
|
|
|
|
|
|
1,570,935
|
|
|
|
|
|
1,560,959
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
14,256,705
|
|
|
|
|
|
$
14,423,574
|
|
|
|
|
|
$
14,474,091
|
|
|
|
|
|
$
14,408,284
|
|
|
|
|
|
$
14,356,759
|
|
|
|
|
Net interest
income/Interest rate spread
|
|
|
100,882
|
|
2.96 %
|
|
|
|
91,213
|
|
2.68 %
|
|
|
|
97,317
|
|
2.79 %
|
|
|
|
99,145
|
|
2.87 %
|
|
|
|
96,376
|
|
2.84 %
|
Net interest-earning
assets/Net interest margin
|
$
3,880,771
|
|
|
|
3.07 %
|
|
$
3,891,871
|
|
|
|
2.75 %
|
|
$
3,890,860
|
|
|
|
2.89 %
|
|
$
3,800,034
|
|
|
|
2.97 %
|
|
$
3,740,167
|
|
|
|
2.91 %
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.41X
|
|
|
|
|
|
1.41X
|
|
|
|
|
|
1.41X
|
|
|
|
|
|
1.40X
|
|
|
|
|
|
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 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)
|
On September 9, 2020,
the Company issued $125.0 million of 4.00% fixed-to-floating rate
subordinated notes with a maturity of September 15,
2030.
|
(h)
|
Average cost of
deposits were 0.11%, 0.12%, 0.14%, 0.15%, and 0.16%,
respectively.
|
(i)
|
Shown on a FTE basis.
GAAP basis yields for the periods indicated were: Loans — 3.77%,
3.61%, 3.77%, 3.79%, and 3.71%, respectively, Investment securities
— 1.48%, 1.45%, 1.48%, 1.47%, and 1.41%, respectively,
Interest-earning assets — 3.18%, 2.91%, 3.03%, 3.13%, and 3.10%,
respectively. GAAP basis net interest rate spreads were 2.94%,
2.66%, 2.77%, 2.86%, and 2.82%, respectively, and GAAP basis net
interest margins were 3.05%, 2.73%, 2.87%, 2.95%, and 2.89%,
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.
|
|
Six months ended
June 30,
|
|
2022
|
|
2021
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (i)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (i)
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$ 3,077,155
|
|
52,868
|
|
3.44 %
|
|
$ 2,971,037
|
|
51,975
|
|
3.50 %
|
Home equity
loans
|
1,285,668
|
|
23,433
|
|
3.68 %
|
|
1,406,260
|
|
25,046
|
|
3.57 %
|
Consumer
loans
|
1,840,110
|
|
30,684
|
|
3.36 %
|
|
1,526,861
|
|
29,121
|
|
3.82 %
|
Commercial real estate
loans
|
2,957,744
|
|
61,601
|
|
4.14 %
|
|
3,285,696
|
|
71,820
|
|
4.32 %
|
Commercial
loans
|
868,854
|
|
15,987
|
|
3.66 %
|
|
1,161,736
|
|
20,543
|
|
3.50 %
|
Loans receivable
(a) (b) (d)
|
10,029,531
|
|
184,573
|
|
3.71 %
|
|
10,351,590
|
|
198,505
|
|
3.85 %
|
Mortgage-backed
securities (c)
|
1,948,794
|
|
13,518
|
|
1.39 %
|
|
1,541,585
|
|
9,880
|
|
1.28 %
|
Investment securities
(c) (d)
|
375,323
|
|
3,130
|
|
1.67 %
|
|
347,977
|
|
2,847
|
|
1.64 %
|
FHLB stock, at
cost
|
13,648
|
|
163
|
|
2.41 %
|
|
22,462
|
|
254
|
|
2.27 %
|
Other interest-earning
deposits
|
1,003,627
|
|
2,151
|
|
0.43 %
|
|
805,930
|
|
375
|
|
0.09 %
|
Total interest-earning
assets
|
13,370,923
|
|
203,535
|
|
3.07 %
|
|
13,069,544
|
|
211,861
|
|
3.25 %
|
Noninterest-earning
assets (e)
|
969,111
|
|
|
|
|
|
1,103,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
14,340,034
|
|
|
|
|
|
$
14,173,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$ 2,348,282
|
|
1,181
|
|
0.10 %
|
|
$ 2,187,184
|
|
1,215
|
|
0.11 %
|
Interest-bearing
demand deposits
|
2,866,333
|
|
631
|
|
0.04 %
|
|
2,812,348
|
|
836
|
|
0.06 %
|
Money market deposit
accounts
|
2,660,745
|
|
1,321
|
|
0.10 %
|
|
2,517,673
|
|
1,278
|
|
0.10 %
|
Time
deposits
|
1,256,513
|
|
3,959
|
|
0.64 %
|
|
1,538,489
|
|
6,959
|
|
0.91 %
|
Borrowed funds
(f)
|
129,487
|
|
324
|
|
0.50 %
|
|
137,488
|
|
303
|
|
0.44 %
|
Subordinated debt
(g)
|
121,574
|
|
2,454
|
|
4.04 %
|
|
123,400
|
|
2,522
|
|
4.10 %
|
Junior subordinated
debentures
|
129,109
|
|
1,571
|
|
2.42 %
|
|
128,850
|
|
1,278
|
|
1.96 %
|
Total interest-bearing
liabilities
|
9,512,043
|
|
11,441
|
|
0.24 %
|
|
9,445,432
|
|
14,391
|
|
0.31 %
|
Noninterest-bearing
demand deposits (h)
|
3,075,617
|
|
|
|
|
|
2,921,343
|
|
|
|
|
Noninterest-bearing
liabilities
|
198,854
|
|
|
|
|
|
256,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
12,786,514
|
|
|
|
|
|
12,623,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
1,553,520
|
|
|
|
|
|
1,549,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
14,340,034
|
|
|
|
|
|
$
14,173,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Interest rate spread
|
|
|
192,094
|
|
2.83 %
|
|
|
|
197,470
|
|
2.94 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest-earning
assets/Net interest margin
|
$ 3,858,880
|
|
|
|
2.87 %
|
|
$ 3,624,112
|
|
|
|
3.02 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.41X
|
|
|
|
|
|
1.38X
|
|
|
|
|
|
|
(a)
|
Average gross loans
receivable includes loans held as available-for-sale and loans
placed on nonaccrual status.
|
(b)
|
Interest income
includes accretion/amortization of deferred loan fees/expenses,
which were not material.
|
(c)
|
Average balances
do not include the effect of unrealized gains or losses on
securities held as available-for-sale.
|
(d)
|
Interest income on
tax-free investment securities and tax-free loans are presented on
a fully taxable equivalent ("FTE") basis.
|
(e)
|
Average balances
include the effect of unrealized gains or losses on securities held
as available-for-sale.
|
(f)
|
Average balances
include FHLB borrowings and collateralized borrowings.
|
(g)
|
On September 9, 2020,
the Company issued $125.0 million of 4.00% fixed-to-floating rate
subordinated notes with a maturity of September 15,
2030.
|
(h)
|
Average cost of
deposits were 0.12% and 0.17%, respectively.
|
(i)
|
Shown on a FTE basis.
GAAP basis yields were: Loans — 3.69% and 3.83%, respectively;
Investment securities — 1.46% and 1.43%, respectively;
Interest-earning assets — 3.05% and 3.23%, respectively. GAAP basis
net interest rate spreads were 2.81% and 2.92%, respectively; and
GAAP basis net interest margins were 2.86% and 3.00%,
respectively.
|
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SOURCE Northwest Bancshares, Inc.