WARREN, Pa., Jan. 27, 2020
/PRNewswire/ -- Northwest Bancshares, Inc., (the "Company"),
(NasdaqGS: NWBI) announced net income for the quarter ended
December 31, 2019 of $25.6
million, or $0.24 per diluted
share. This represents a decrease of $876,000, or 3.3%, compared to the same quarter
last year when net income was $26.5
million or $0.26 per diluted
share. The annualized returns on average shareholders' equity
and average assets for the quarter ended December 31, 2019
were 7.52% and 0.97% compared to 8.44% and 1.09% for the same
quarter last year.
![Northwest Bank (PRNewsfoto/Northwest Bank) Northwest Bank (PRNewsfoto/Northwest Bank)](https://mma.prnewswire.com/media/346742/Northwest_Bank_Logo.jpg)
The Company also announced that its Board of Directors declared
a quarterly cash dividend of $0.19
per share payable on February 14, 2020 to shareholders of
record as of February 6, 2020. This is the 101st
consecutive quarter in which the Company has paid a cash dividend
and represents a 5.6% increase over the prior year. Based on
the market value of the Company's stock as of December 31,
2019, this represents an annualized dividend yield of approximately
4.57%.
In making this announcement, Ronald J.
Seiffert, Chairman, President and CEO, noted, "While the
fourth quarter was negatively impacted by a loan loss provision for
a recently classified C&I loan, costs associated with
litigation settlements as well as a continued decline in net
interest margin as expected, overall we were very pleased with our
annual 2019 results. Annual net income of $110.4 million, or $1.04 per diluted share, exceeded the prior year
net income of $105.5 million, or
$1.02 per diluted share, by
$4.9 million or almost 5.0%.
For the year, loans grew $757.2
million, or 9.4%, with approximately half of this growth
coming from the Union Community Bank acquisition and the other half
coming from internal growth. In addition, we were able to
fund this growth almost entirely with internal deposit
growth. Noninterest income experienced exceptional growth for
the year of $7.7 million, or 8.4%,
across almost all categories. Our mortgage banking operation
is beginning to contribute in a meaningful way, brokerage
investment revenue increased by over 7% and recent changes in the
fourth quarter in our fees and fee income philosophy will benefit
us going into 2020. Finally, we look forward to welcoming the
MutualBank employees and customers in April along with their
$2.1 billion balance sheet and
expected earnings accretion."
Net interest income increased by $2.1
million, or 2.4%, to $88.9
million for the quarter ended December 31, 2019, from
$86.8 million for the quarter ended
December 31, 2018, primarily due to a $5.4 million, or 5.8%, increase in interest
income on loans receivable. This increase was primarily due
to an increase of $734.0
million, or 9.2%, in the average balance of
loans. Partially offsetting this improvement was an increase
in interest expense on deposits of $3.9
million, or 43.5%, due to elevated market interest rates
when compared to the prior year, resulting in an increase in the
cost of our interest-bearing liabilities to 0.80% for the quarter
ended December 31, 2019 from 0.67% for the quarter ended
December 31, 2018. The net impact of these changes
caused the Company's net interest margin to decrease to 3.73% for
the quarter ended December 31, 2019 from 3.94% for the same
quarter last year.
The provision for loan losses increased by $4.4 million, or 116.9%, to $8.2 million for the quarter ended
December 31, 2019, from $3.8
million for the quarter ended December 31, 2018.
The provision increased in the current quarter due to the downgrade
of an $11.5 million commercial loan
resulting in a loan loss reserve on this relationship of
approximately $7.4 million.
Noninterest income increased by $5.0
million, or 21.4%, to $28.2
million for the quarter ended December 31, 2019, from
$23.2 million for the quarter ended
December 31, 2018. This increase was due to a
$1.3 million, or 10.1%, increase in
service charges and fees as a result of additional fees collected
on deposit accounts due to a recent change in fee structure, a
$1.3 million increase in mortgage
banking income as a result of expanding our secondary market sales
capabilities and a $1.0 million, or
34.6%, increase in other operating income from increases in
interest rate swap fee income. In addition, we recognized a
gain of $908,000 in the current
quarter on the sale of approximately $52.2
million of one-to-four family mortgage loans from our
portfolio. Consistent with our strategy in the third quarter
of 2019, we chose to sell these loans as they were identified as
most likely to refinance due to declining market interest rates and
we redeployed the proceeds into shorter duration consumer and
commercial loans at an equivalent yield.
Noninterest expense increased by $4.3
million, or 5.9%, to $76.6
million for the quarter ended December 31, 2019, from
$72.3 million for the quarter ended
December 31, 2018. This increase resulted from a
$2.8 million, or 7.0%, increase in
compensation and employee benefits due to both internal growth in
compensation and staff as well as the addition of Union Community
Bank ("UCB") employees. Also contributing to this increase was an
increase in other expenses of $1.2
million, or 31.5%, primarily related to an increase in
litigation accruals and an increase in acquisition expense of
$679,000 due to initial expenses
incurred as a result of the recently announced acquisition of
MutualFirst Financial, Inc. Partially offsetting this
increase was a decrease in marketing expenses of $1.3 million due primarily to our debit card
reward program being discontinued and a decrease in federal deposit
premiums of $637,000 due to an
assessment credit received during the quarter as a result of the
deposit insurance fund becoming fully funded.
Net income for the year ended December 31, 2019 was
$110.4 million, or $1.04 per diluted share. This represents an
increase of $4.9 million, or 4.7%,
compared to the year ended December 31, 2018, when net income
was $105.5 million, or $1.02 per diluted share. The annualized
returns on average shareholders' equity and average assets for the
year ended December 31, 2019 were 8.36% and 1.07% compared to
8.61% and 1.11% for the prior year. This increase in net
income was the result of an increase in net interest income after
provision of $19.5 million, or 6.1%,
and an increase in noninterest income of $7.7 million, or 8.4%. These increases were
partially offset by an increase in noninterest expense of
$20.0 million, or 7.2%.
Contributing to the additional expense is the added cost of UCB
operations, including additional compensation costs, additional
processing costs associated with our new commercial and residential
mortgage platforms as well as increased online banking usage fees,
and the acquisition costs associated with the UCB conversion in
March 2019 and the initial costs
incurred for the pending MutualFirst Financial, Inc. acquisition
scheduled to close in the second quarter of 2020.
Headquartered in Warren,
Pennsylvania, Northwest Bancshares, Inc. is the 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, employee benefits and
wealth management services, as well as the fulfillment of business
and personal insurance needs. Northwest operates 172
full-service community banking offices and nine free standing
drive-through facilities in Pennsylvania, New
York and Ohio. 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; and (7) increased risk associated with
commercial real-estate and business loans. 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)
|
|
|
December
31,
2019
|
|
September
30,
2019
|
|
December
31,
2018
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
60,846
|
|
|
107,602
|
|
|
68,789
|
|
Marketable securities
available-for-sale (amortized cost of $815,495, $801,465 and
$811,015, respectively)
|
819,901
|
|
|
807,823
|
|
|
801,450
|
|
Marketable securities
held-to-maturity (fair value of $18,223, $19,237 and $22,446,
respectively)
|
18,036
|
|
|
18,958
|
|
|
22,765
|
|
Total cash and cash
equivalents and marketable securities
|
898,783
|
|
|
934,383
|
|
|
893,004
|
|
|
|
|
|
|
|
Residential mortgage
loans held-for-sale
|
7,709
|
|
|
8,859
|
|
|
—
|
|
Residential mortgage
loans
|
2,860,418
|
|
|
2,887,274
|
|
|
2,864,470
|
|
Home equity
loans
|
1,342,918
|
|
|
1,328,173
|
|
|
1,258,422
|
|
Consumer
loans
|
1,125,132
|
|
|
1,094,293
|
|
|
859,713
|
|
Commercial real
estate loans
|
2,754,390
|
|
|
2,812,839
|
|
|
2,471,821
|
|
Commercial
loans
|
718,107
|
|
|
720,579
|
|
|
597,013
|
|
Total loans
receivable
|
8,808,674
|
|
|
8,852,017
|
|
|
8,051,439
|
|
Allowance for loan
losses
|
(57,941)
|
|
|
(52,859)
|
|
|
(55,214)
|
|
Loans receivable,
net
|
8,750,733
|
|
|
8,799,158
|
|
|
7,996,225
|
|
|
|
|
|
|
|
Federal Home Loan
Bank stock, at cost
|
14,740
|
|
|
21,401
|
|
|
15,635
|
|
Accrued interest
receivable
|
25,755
|
|
|
27,069
|
|
|
24,490
|
|
Real estate owned,
net
|
950
|
|
|
1,237
|
|
|
2,498
|
|
Premises and
equipment, net
|
147,409
|
|
|
148,796
|
|
|
143,390
|
|
Bank-owned life
insurance
|
189,091
|
|
|
187,971
|
|
|
171,079
|
|
Goodwill
|
346,103
|
|
|
344,720
|
|
|
307,420
|
|
Other intangible
assets
|
23,076
|
|
|
22,410
|
|
|
19,821
|
|
Other
assets
|
97,268
|
|
|
93,329
|
|
|
34,211
|
|
Total assets
|
$
|
10,493,908
|
|
|
10,580,474
|
|
|
9,607,773
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
$
|
1,609,653
|
|
|
1,905,650
|
|
|
1,736,156
|
|
Interest-bearing
demand deposits
|
1,944,108
|
|
|
1,678,644
|
|
|
1,455,460
|
|
Money market deposit
accounts
|
1,863,998
|
|
|
1,828,001
|
|
|
1,661,623
|
|
Savings
deposits
|
1,604,838
|
|
|
1,635,754
|
|
|
1,636,099
|
|
Time
deposits
|
1,569,410
|
|
|
1,633,451
|
|
|
1,404,841
|
|
Total
deposits
|
8,592,007
|
|
|
8,681,500
|
|
|
7,894,179
|
|
|
|
|
|
|
|
Borrowed
funds
|
246,336
|
|
|
255,257
|
|
|
234,389
|
|
Junior subordinated
debentures
|
121,800
|
|
|
121,787
|
|
|
111,213
|
|
Advances by borrowers
for taxes and insurance
|
44,556
|
|
|
24,331
|
|
|
43,298
|
|
Accrued interest
payable
|
1,142
|
|
|
1,314
|
|
|
744
|
|
Other
liabilities
|
134,782
|
|
|
144,515
|
|
|
66,312
|
|
Total
liabilities
|
9,140,623
|
|
|
9,228,704
|
|
|
8,350,135
|
|
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, 106,859,088, 106,658,067,
and 103,354,030 shares issued and outstanding,
respectively
|
1,069
|
|
|
1,067
|
|
|
1,034
|
|
Paid-in
capital
|
805,750
|
|
|
801,382
|
|
|
745,926
|
|
Retained
earnings
|
583,407
|
|
|
577,018
|
|
|
550,374
|
|
Accumulated other
comprehensive loss
|
(36,941)
|
|
|
(27,697)
|
|
|
(39,696)
|
|
Total shareholders'
equity
|
1,353,285
|
|
|
1,351,770
|
|
|
1,257,638
|
|
Total liabilities and
shareholders' equity
|
$
|
10,493,908
|
|
|
10,580,474
|
|
|
9,607,773
|
|
|
|
|
|
|
|
Equity to
assets
|
12.90
|
%
|
|
12.78
|
%
|
|
13.09
|
%
|
Tangible common equity
to assets
|
9.72
|
%
|
|
9.64
|
%
|
|
10.03
|
%
|
Book value per
share
|
$
|
12.66
|
|
|
12.67
|
|
|
12.17
|
|
Tangible book value
per share
|
$
|
9.21
|
|
|
9.23
|
|
|
9.00
|
|
Closing market price
per share
|
$
|
16.63
|
|
|
16.39
|
|
|
16.94
|
|
Full time equivalent
employees
|
2,209
|
|
|
2,218
|
|
|
2,128
|
|
Number of banking
offices
|
181
|
|
|
182
|
|
|
172
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Consolidated
Statements of Income (Unaudited)
|
(dollars in
thousands, except per share amounts)
|
|
|
Quarter ended
|
|
December 31,
2019
|
|
September 30,
2019
|
|
June
30,
2019
|
|
March 31,
2019
|
|
December 31,
2018
|
|
|
|
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$
|
97,866
|
|
|
101,091
|
|
|
100,917
|
|
|
94,935
|
|
|
92,512
|
|
Mortgage-backed
securities
|
4,237
|
|
|
4,188
|
|
|
4,280
|
|
|
3,965
|
|
|
3,942
|
|
Taxable investment
securities
|
683
|
|
|
884
|
|
|
898
|
|
|
936
|
|
|
924
|
|
Tax-free investment
securities
|
201
|
|
|
224
|
|
|
237
|
|
|
182
|
|
|
170
|
|
FHLB
dividends
|
262
|
|
|
307
|
|
|
316
|
|
|
171
|
|
|
151
|
|
Interest-earning
deposits
|
169
|
|
|
172
|
|
|
159
|
|
|
100
|
|
|
69
|
|
Total interest
income
|
103,418
|
|
|
106,866
|
|
|
106,807
|
|
|
100,289
|
|
|
97,768
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
Deposits
|
12,893
|
|
|
13,694
|
|
|
12,484
|
|
|
10,145
|
|
|
8,985
|
|
Borrowed
funds
|
1,580
|
|
|
2,236
|
|
|
1,720
|
|
|
2,162
|
|
|
1,952
|
|
Total interest
expense
|
14,473
|
|
|
15,930
|
|
|
14,204
|
|
|
12,307
|
|
|
10,937
|
|
Net interest
income
|
88,945
|
|
|
90,936
|
|
|
92,603
|
|
|
87,982
|
|
|
86,831
|
|
Provision for loan losses
|
8,223
|
|
|
3,302
|
|
|
4,667
|
|
|
6,467
|
|
|
3,792
|
|
Net interest income
after provision for loan losses
|
80,722
|
|
|
87,634
|
|
|
87,936
|
|
|
81,515
|
|
|
83,039
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
Gain/(loss) on sale of
investments
|
27
|
|
|
—
|
|
|
29
|
|
|
(6)
|
|
|
4
|
|
Gain on sale of
loans
|
908
|
|
|
826
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Service charges and
fees
|
14,125
|
|
|
13,558
|
|
|
13,339
|
|
|
12,043
|
|
|
12,827
|
|
Trust and other
financial services income
|
4,517
|
|
|
4,609
|
|
|
4,444
|
|
|
4,195
|
|
|
4,246
|
|
Insurance commission
income
|
1,858
|
|
|
1,887
|
|
|
2,145
|
|
|
2,178
|
|
|
1,906
|
|
Gain/(loss) on real
estate owned, net
|
86
|
|
|
(227)
|
|
|
91
|
|
|
(3)
|
|
|
(14)
|
|
Income from bank owned
life insurance
|
1,121
|
|
|
1,095
|
|
|
1,197
|
|
|
1,005
|
|
|
1,038
|
|
Mortgage banking
income
|
1,494
|
|
|
1,921
|
|
|
188
|
|
|
216
|
|
|
213
|
|
Other operating
income
|
4,077
|
|
|
2,500
|
|
|
1,930
|
|
|
2,034
|
|
|
3,028
|
|
Total noninterest
income
|
28,213
|
|
|
26,169
|
|
|
23,363
|
|
|
21,662
|
|
|
23,248
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
42,074
|
|
|
40,816
|
|
|
42,008
|
|
|
38,188
|
|
|
39,319
|
|
Premises and
occupancy costs
|
7,051
|
|
|
7,061
|
|
|
7,387
|
|
|
7,218
|
|
|
6,567
|
|
Office
operations
|
4,097
|
|
|
3,197
|
|
|
3,708
|
|
|
3,131
|
|
|
3,455
|
|
Collections
expense
|
566
|
|
|
747
|
|
|
939
|
|
|
308
|
|
|
780
|
|
Processing
expenses
|
10,263
|
|
|
11,122
|
|
|
10,634
|
|
|
10,434
|
|
|
10,160
|
|
Marketing
expenses
|
1,010
|
|
|
1,373
|
|
|
2,729
|
|
|
1,886
|
|
|
2,331
|
|
Federal deposit
insurance premiums
|
—
|
|
|
(702)
|
|
|
681
|
|
|
706
|
|
|
637
|
|
Professional
services
|
3,533
|
|
|
3,032
|
|
|
3,198
|
|
|
2,524
|
|
|
3,134
|
|
Amortization of
intangible assets
|
1,634
|
|
|
1,702
|
|
|
1,760
|
|
|
1,447
|
|
|
1,346
|
|
Real estate owned
expense
|
72
|
|
|
119
|
|
|
128
|
|
|
159
|
|
|
187
|
|
Restructuring/acquisition expense
|
1,114
|
|
|
23
|
|
|
1,105
|
|
|
1,926
|
|
|
435
|
|
Other
expenses
|
5,157
|
|
|
2,106
|
|
|
3,235
|
|
|
3,497
|
|
|
3,922
|
|
Total noninterest
expense
|
76,571
|
|
|
70,596
|
|
|
77,512
|
|
|
71,424
|
|
|
72,273
|
|
Income before income
taxes
|
32,364
|
|
|
43,207
|
|
|
33,787
|
|
|
31,753
|
|
|
34,014
|
|
Income tax
expense
|
6,773
|
|
|
9,793
|
|
|
7,404
|
|
|
6,709
|
|
|
7,547
|
|
Net income
|
$
|
25,591
|
|
|
33,414
|
|
|
26,383
|
|
|
25,044
|
|
|
26,467
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.24
|
|
|
0.32
|
|
|
0.25
|
|
|
0.24
|
|
|
0.26
|
|
Diluted earnings per
share
|
$
|
0.24
|
|
|
0.31
|
|
|
0.25
|
|
|
0.24
|
|
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
105,627,194
|
|
|
105,517,707
|
|
|
105,233,635
|
|
|
103,101,789
|
|
|
102,479,086
|
|
Weighted average
common shares outstanding - diluted
|
106,306,615
|
|
|
106,270,544
|
|
|
106,258,215
|
|
|
104,496,592
|
|
|
103,749,383
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average equity
|
7.52
|
%
|
|
9.90
|
%
|
|
8.01
|
%
|
|
7.96
|
%
|
|
8.44
|
%
|
Annualized return on
average assets
|
0.97
|
%
|
|
1.25
|
%
|
|
1.02
|
%
|
|
1.03
|
%
|
|
1.09
|
%
|
Annualized return on
tangible common equity**
|
10.32
|
%
|
|
13.46
|
%
|
|
10.97
|
%
|
|
10.74
|
%
|
|
11.29
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
*
|
63.01
|
%
|
|
58.81
|
%
|
|
64.37
|
%
|
|
62.07
|
%
|
|
64.04
|
%
|
Annualized
noninterest expense to average assets *
|
2.80
|
%
|
|
2.59
|
%
|
|
2.88
|
%
|
|
2.79
|
%
|
|
2.91
|
%
|
|
|
*
|
Excludes
restructuring/acquisition expenses and amortization of intangible
assets (non-GAAP).
|
**
|
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)
|
|
|
Year ended
December 31,
|
|
2019
|
|
2018
|
Interest
income:
|
|
|
|
Loans
receivable
|
$
|
394,809
|
|
|
356,571
|
|
Mortgage-backed
securities
|
16,670
|
|
|
13,781
|
|
Taxable investment
securities
|
3,401
|
|
|
3,064
|
|
Tax-free investment
securities
|
844
|
|
|
1,078
|
|
FHLB
dividends
|
1,056
|
|
|
452
|
|
Interest-earning
deposits
|
600
|
|
|
835
|
|
Total interest
income
|
417,380
|
|
|
375,781
|
|
Interest
expense:
|
|
|
|
Deposits
|
49,216
|
|
|
30,985
|
|
Borrowed
funds
|
7,698
|
|
|
6,155
|
|
Total interest
expense
|
56,914
|
|
|
37,140
|
|
Net interest
income
|
360,466
|
|
|
338,641
|
|
Provision for loan losses
|
22,659
|
|
|
20,332
|
|
Net interest income
after provision for loan losses
|
337,807
|
|
|
318,309
|
|
Noninterest
income:
|
|
|
|
Gain on sale of
investments
|
50
|
|
|
157
|
|
Gain on sale of
loans
|
1,734
|
|
|
—
|
|
Service charges and
fees
|
53,065
|
|
|
50,792
|
|
Trust and other
financial services income
|
17,765
|
|
|
16,581
|
|
Insurance commission
income
|
8,068
|
|
|
8,791
|
|
Loss on real estate
owned, net
|
(53)
|
|
|
(631)
|
|
Income from bank owned
life insurance
|
4,418
|
|
|
5,821
|
|
Mortgage banking
income
|
3,819
|
|
|
596
|
|
Other operating
income
|
10,541
|
|
|
9,595
|
|
Total noninterest
income
|
99,407
|
|
|
91,702
|
|
Noninterest
expense:
|
|
|
|
Compensation and
employee benefits
|
163,086
|
|
|
152,395
|
|
Premises and occupancy
costs
|
28,717
|
|
|
27,519
|
|
Office
operations
|
14,133
|
|
|
14,139
|
|
Collections
expense
|
2,560
|
|
|
2,209
|
|
Processing
expenses
|
42,453
|
|
|
39,046
|
|
Marketing
expenses
|
6,998
|
|
|
8,434
|
|
Federal deposit
insurance premiums
|
685
|
|
|
2,746
|
|
Professional
services
|
12,287
|
|
|
10,598
|
|
Amortization of
intangible assets
|
6,543
|
|
|
5,848
|
|
Real estate owned
expense
|
478
|
|
|
817
|
|
Restructuring/acquisition expense
|
4,168
|
|
|
1,014
|
|
Other
expenses
|
13,995
|
|
|
11,333
|
|
Total noninterest
expense
|
296,103
|
|
|
276,098
|
|
Income before income
taxes
|
141,111
|
|
|
133,913
|
|
Income tax
expense
|
30,679
|
|
|
28,422
|
|
Net income
|
$
|
110,432
|
|
|
105,491
|
|
|
|
|
|
Basic earnings per
share
|
$
|
1.05
|
|
|
1.03
|
|
Diluted earnings per
share
|
$
|
1.04
|
|
|
1.02
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
104,878,774
|
|
102,073,888
|
Weighted average
common shares outstanding - diluted
|
105,839,149
|
|
103,565,901
|
|
|
|
|
Return on average
equity
|
8.36
|
%
|
|
8.61
|
%
|
Return on average
assets
|
1.07
|
%
|
|
1.11
|
%
|
Return on tangible
common equity**
|
11.22
|
%
|
|
11.34
|
%
|
|
|
|
|
Efficiency ratio
*
|
62.06
|
%
|
|
62.56
|
%
|
Annualized
noninterest expense to average assets *
|
2.76
|
%
|
|
2.83
|
%
|
|
|
*
|
Excludes
restructuring/acquisition expenses and amortization of intangible
assets (non-GAAP).
|
**
|
Excludes goodwill and
other intangible assets (non-GAAP).
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Asset quality
(Unaudited)
|
(dollars in
thousands)
|
|
|
December
31,
2019
|
|
September
30,
2019
|
|
June
30,
2019
|
|
March
31,
2019
|
|
December
31,
2018
|
Nonaccrual loans
current:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
72
|
|
|
676
|
|
|
432
|
|
|
124
|
|
|
264
|
|
Home equity
loans
|
197
|
|
|
607
|
|
|
475
|
|
|
643
|
|
|
437
|
|
Consumer
loans
|
78
|
|
|
68
|
|
|
94
|
|
|
76
|
|
|
196
|
|
Commercial real estate
loans
|
9,241
|
|
|
7,674
|
|
|
12,605
|
|
|
10,520
|
|
|
9,947
|
|
Commercial
loans
|
3,424
|
|
|
3,777
|
|
|
5,666
|
|
|
4,277
|
|
|
4,736
|
|
Total nonaccrual
loans current
|
$
|
13,012
|
|
|
12,802
|
|
|
19,272
|
|
|
15,640
|
|
|
15,580
|
|
Nonaccrual loans
delinquent 30 days to 59 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
674
|
|
|
40
|
|
|
13
|
|
|
824
|
|
|
1,358
|
|
Home equity
loans
|
224
|
|
|
102
|
|
|
418
|
|
|
160
|
|
|
266
|
|
Consumer
loans
|
121
|
|
|
246
|
|
|
172
|
|
|
154
|
|
|
294
|
|
Commercial real estate
loans
|
196
|
|
|
925
|
|
|
469
|
|
|
2,642
|
|
|
219
|
|
Commercial
loans
|
55
|
|
|
44
|
|
|
45
|
|
|
321
|
|
|
23
|
|
Total nonaccrual
loans delinquent 30 days to 59 days
|
$
|
1,270
|
|
|
1,357
|
|
|
1,117
|
|
|
4,101
|
|
|
2,160
|
|
Nonaccrual loans
delinquent 60 days to 89 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
1,048
|
|
|
979
|
|
|
910
|
|
|
1,323
|
|
|
1,262
|
|
Home equity
loans
|
689
|
|
|
436
|
|
|
717
|
|
|
954
|
|
|
376
|
|
Consumer
loans
|
417
|
|
|
426
|
|
|
322
|
|
|
683
|
|
|
582
|
|
Commercial real estate
loans
|
413
|
|
|
536
|
|
|
1,426
|
|
|
3,588
|
|
|
1,260
|
|
Commercial
loans
|
341
|
|
|
—
|
|
|
780
|
|
|
397
|
|
|
332
|
|
Total nonaccrual
loans delinquent 60 days to 89 days
|
$
|
2,908
|
|
|
2,377
|
|
|
4,155
|
|
|
6,945
|
|
|
3,812
|
|
Nonaccrual loans
delinquent 90 days or more:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
12,682
|
|
|
11,722
|
|
|
10,617
|
|
|
10,781
|
|
|
12,965
|
|
Home equity
loans
|
5,635
|
|
|
5,966
|
|
|
5,591
|
|
|
5,542
|
|
|
5,996
|
|
Consumer finance
loans
|
1
|
|
|
1
|
|
|
10
|
|
|
—
|
|
|
22
|
|
Consumer
loans
|
3,609
|
|
|
3,399
|
|
|
2,892
|
|
|
3,215
|
|
|
3,228
|
|
Commercial real estate
loans
|
25,014
|
|
|
22,292
|
|
|
21,123
|
|
|
24,528
|
|
|
25,509
|
|
Commercial
loans
|
4,739
|
|
|
5,741
|
|
|
2,920
|
|
|
2,027
|
|
|
3,010
|
|
Total nonaccrual
loans delinquent 90 days or more
|
$
|
51,680
|
|
|
49,121
|
|
|
43,153
|
|
|
46,093
|
|
|
50,730
|
|
Total nonaccrual
loans
|
$
|
68,870
|
|
|
65,657
|
|
|
67,697
|
|
|
72,779
|
|
|
72,282
|
|
Total nonaccrual
loans
|
$
|
68,870
|
|
|
65,657
|
|
|
67,697
|
|
|
72,779
|
|
|
72,282
|
|
Loans 90 days past
maturity and still accruing
|
32
|
|
|
85
|
|
|
55
|
|
|
166
|
|
|
166
|
|
Nonperforming
loans
|
68,902
|
|
|
65,742
|
|
|
67,752
|
|
|
72,945
|
|
|
72,448
|
|
Real estate owned,
net
|
950
|
|
|
1,237
|
|
|
2,070
|
|
|
2,345
|
|
|
2,498
|
|
Nonperforming
assets
|
$
|
69,852
|
|
|
66,979
|
|
|
69,822
|
|
|
75,290
|
|
|
74,946
|
|
Nonaccrual troubled
debt restructuring *
|
$
|
9,043
|
|
|
9,138
|
|
|
13,375
|
|
|
14,951
|
|
|
15,306
|
|
Accruing troubled
debt restructuring
|
22,956
|
|
|
21,162
|
|
|
17,894
|
|
|
17,861
|
|
|
18,302
|
|
Total troubled debt
restructuring
|
$
|
31,999
|
|
|
30,300
|
|
|
31,269
|
|
|
32,812
|
|
|
33,608
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to total loans
|
0.78
|
%
|
|
0.74
|
%
|
|
0.78
|
%
|
|
0.85
|
%
|
|
0.90
|
%
|
Nonperforming assets
to total assets
|
0.67
|
%
|
|
0.63
|
%
|
|
0.66
|
%
|
|
0.73
|
%
|
|
0.78
|
%
|
Allowance for loan
losses to total loans
|
0.66
|
%
|
|
0.60
|
%
|
|
0.61
|
%
|
|
0.65
|
%
|
|
0.69
|
%
|
Allowance for loan
losses to nonperforming loans
|
84.09
|
%
|
|
80.40
|
%
|
|
78.38
|
%
|
|
76.39
|
%
|
|
76.21
|
%
|
|
|
*
|
Amounts included in
nonperforming loans above.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Loans by credit
quality indicators (Unaudited)
|
(dollars in
thousands)
|
|
At December 31,
2019
|
|
Pass
|
|
Special mention*
|
|
Substandard**
|
|
Doubtful
|
|
Loss
|
|
Loans
receivable
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,858,582
|
|
—
|
|
9,545
|
|
—
|
|
—
|
|
2,868,127
|
Home equity
loans
|
|
1,336,111
|
|
—
|
|
6,807
|
|
—
|
|
—
|
|
1,342,918
|
Consumer
loans
|
|
1,120,732
|
|
—
|
|
4,400
|
|
—
|
|
—
|
|
1,125,132
|
Total Personal
Banking
|
|
5,315,425
|
|
—
|
|
20,752
|
|
—
|
|
—
|
|
5,336,177
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,538,816
|
|
80,570
|
|
135,004
|
|
—
|
|
—
|
|
2,754,390
|
Commercial
loans
|
|
616,983
|
|
42,380
|
|
58,744
|
|
—
|
|
—
|
|
718,107
|
Total Commercial
Banking
|
|
3,155,799
|
|
122,950
|
|
193,748
|
|
—
|
|
—
|
|
3,472,497
|
Total
loans
|
|
$
|
8,471,224
|
|
122,950
|
|
214,500
|
|
—
|
|
—
|
|
8,808,674
|
At September 30,
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,887,077
|
|
—
|
|
9,056
|
|
—
|
|
—
|
|
2,896,133
|
Home equity
loans
|
|
1,320,930
|
|
—
|
|
7,243
|
|
—
|
|
—
|
|
1,328,173
|
Consumer
loans
|
|
1,090,030
|
|
—
|
|
4,263
|
|
—
|
|
—
|
|
1,094,293
|
Total Personal
Banking
|
|
5,298,037
|
|
—
|
|
20,562
|
|
—
|
|
—
|
|
5,318,599
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,601,025
|
|
69,380
|
|
142,253
|
|
181
|
|
—
|
|
2,812,839
|
Commercial
loans
|
|
639,998
|
|
37,666
|
|
42,800
|
|
115
|
|
—
|
|
720,579
|
Total Commercial
Banking
|
|
3,241,023
|
|
107,046
|
|
185,053
|
|
296
|
|
—
|
|
3,533,418
|
Total
loans
|
|
$
|
8,539,060
|
|
107,046
|
|
205,615
|
|
296
|
|
—
|
|
8,852,017
|
At June 30,
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,890,472
|
|
—
|
|
8,692
|
|
—
|
|
—
|
|
2,899,164
|
Home equity
loans
|
|
1,307,887
|
|
—
|
|
7,060
|
|
—
|
|
—
|
|
1,314,947
|
Consumer
loans
|
|
1,007,813
|
|
—
|
|
3,611
|
|
—
|
|
—
|
|
1,011,424
|
Total Personal
Banking
|
|
5,206,172
|
|
—
|
|
19,363
|
|
—
|
|
—
|
|
5,225,535
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,586,013
|
|
86,434
|
|
135,525
|
|
181
|
|
—
|
|
2,808,153
|
Commercial
loans
|
|
621,889
|
|
38,182
|
|
42,141
|
|
982
|
|
—
|
|
703,194
|
Total Commercial
Banking
|
|
3,207,902
|
|
124,616
|
|
177,666
|
|
1,163
|
|
—
|
|
3,511,347
|
Total
loans
|
|
$
|
8,414,074
|
|
124,616
|
|
197,029
|
|
1,163
|
|
—
|
|
8,736,882
|
At March 31,
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,858,007
|
|
—
|
|
9,154
|
|
—
|
|
—
|
|
2,867,161
|
Home equity
loans
|
|
1,317,323
|
|
—
|
|
7,082
|
|
—
|
|
—
|
|
1,324,405
|
Consumer
loans
|
|
926,832
|
|
—
|
|
4,230
|
|
—
|
|
—
|
|
931,062
|
Total Personal
Banking
|
|
5,102,162
|
|
—
|
|
20,466
|
|
—
|
|
—
|
|
5,122,628
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,577,176
|
|
87,053
|
|
135,080
|
|
—
|
|
—
|
|
2,799,309
|
Commercial
loans
|
|
573,160
|
|
34,610
|
|
40,168
|
|
—
|
|
—
|
|
647,938
|
Total Commercial
Banking
|
|
3,150,336
|
|
121,663
|
|
175,248
|
|
—
|
|
—
|
|
3,447,247
|
Total
loans
|
|
$
|
8,252,498
|
|
121,663
|
|
195,714
|
|
—
|
|
—
|
|
8,569,875
|
At December 31,
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,853,460
|
|
—
|
|
11,010
|
|
—
|
|
—
|
|
2,864,470
|
Home equity
loans
|
|
1,251,518
|
|
—
|
|
6,904
|
|
—
|
|
—
|
|
1,258,422
|
Consumer
loans
|
|
855,277
|
|
—
|
|
4,436
|
|
—
|
|
—
|
|
859,713
|
Total Personal
Banking
|
|
4,960,255
|
|
—
|
|
22,350
|
|
—
|
|
—
|
|
4,982,605
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
—
|
|
|
Commercial real
estate loans
|
|
2,254,350
|
|
94,688
|
|
122,783
|
|
—
|
|
—
|
|
2,471,821
|
Commercial
loans
|
|
538,762
|
|
19,281
|
|
38,970
|
|
—
|
|
—
|
|
597,013
|
Total Commercial
Banking
|
|
2,793,112
|
|
113,969
|
|
161,753
|
|
—
|
|
—
|
|
3,068,834
|
Total
loans
|
|
$
|
7,753,367
|
|
113,969
|
|
184,103
|
|
—
|
|
—
|
|
8,051,439
|
|
|
*
|
Includes $10.3
million, $8.7 million, $8.1 million, $3.4 million, and $7.1 million
of acquired loans at December 31, 2019, September 30,
2019, June 30, 2019, March 31, 2019, and
December 31, 2018, respectively.
|
**
|
Includes $53.1
million, $46.6 million, $38.6 million, $37.8 million, and $39.3
million of acquired loans at December 31, 2019,
September 30, 2019, June 30, 2019, March 31, 2019,
and December 31, 2018, respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Loan delinquency
(Unaudited)
|
(dollars in
thousands)
|
|
|
|
December
31,
2019
|
|
*
|
|
September 30,
2019
|
|
*
|
|
June 30,
2019
|
|
*
|
|
March
31,
2019
|
|
*
|
|
December
31,
2018
|
|
*
|
(Number of loans and
dollar amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 30
days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
292
|
|
|
$
|
23,296
|
|
|
0.8
|
%
|
|
21
|
|
|
$
|
1,236
|
|
|
—
|
%
|
|
30
|
|
|
$
|
1,629
|
|
|
0.1
|
%
|
|
311
|
|
|
$
|
28,009
|
|
|
1.0
|
%
|
|
333
|
|
|
$
|
27,777
|
|
|
1.0
|
%
|
Home equity
loans
|
|
173
|
|
|
6,469
|
|
|
0.5
|
%
|
|
149
|
|
|
4,774
|
|
|
0.4
|
%
|
|
148
|
|
|
4,573
|
|
|
0.3
|
%
|
|
195
|
|
|
7,626
|
|
|
0.6
|
%
|
|
233
|
|
|
8,649
|
|
|
0.7
|
%
|
Consumer finance
loans
|
|
32
|
|
|
63
|
|
|
12.4
|
%
|
|
43
|
|
|
98
|
|
|
11.2
|
%
|
|
75
|
|
|
130
|
|
|
9.0
|
%
|
|
128
|
|
|
295
|
|
|
12.9
|
%
|
|
327
|
|
|
661
|
|
|
17.3
|
%
|
Consumer
loans
|
|
928
|
|
|
9,145
|
|
|
0.8
|
%
|
|
821
|
|
|
7,499
|
|
|
0.7
|
%
|
|
781
|
|
|
7,500
|
|
|
0.7
|
%
|
|
777
|
|
|
7,228
|
|
|
0.8
|
%
|
|
1,073
|
|
|
9,447
|
|
|
1.1
|
%
|
Commercial real
estate loans
|
|
43
|
|
|
7,921
|
|
|
0.3
|
%
|
|
27
|
|
|
5,308
|
|
|
0.2
|
%
|
|
31
|
|
|
2,418
|
|
|
0.1
|
%
|
|
48
|
|
|
28,965
|
|
|
1.0
|
%
|
|
37
|
|
|
5,503
|
|
|
0.2
|
%
|
Commercial
loans
|
|
32
|
|
|
1,187
|
|
|
0.2
|
%
|
|
20
|
|
|
362
|
|
|
0.1
|
%
|
|
14
|
|
|
666
|
|
|
0.1
|
%
|
|
30
|
|
|
3,359
|
|
|
0.5
|
%
|
|
21
|
|
|
973
|
|
|
0.2
|
%
|
Total loans
delinquent 30 days to 59 days
|
|
1,500
|
|
|
$
|
48,081
|
|
|
0.5
|
%
|
|
1,081
|
|
|
$
|
19,277
|
|
|
0.2
|
%
|
|
1,079
|
|
|
$
|
16,916
|
|
|
0.2
|
%
|
|
1,489
|
|
|
$
|
75,482
|
|
|
0.9
|
%
|
|
2,024
|
|
|
$
|
53,010
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 60
days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
67
|
|
|
$
|
5,693
|
|
|
0.2
|
%
|
|
95
|
|
|
$
|
5,320
|
|
|
0.2
|
%
|
|
78
|
|
|
$
|
6,264
|
|
|
0.2
|
%
|
|
29
|
|
|
$
|
2,602
|
|
|
0.1
|
%
|
|
71
|
|
|
$
|
6,425
|
|
|
0.2
|
%
|
Home equity
loans
|
|
66
|
|
|
2,405
|
|
|
0.2
|
%
|
|
66
|
|
|
2,103
|
|
|
0.2
|
%
|
|
59
|
|
|
2,319
|
|
|
0.2
|
%
|
|
53
|
|
|
2,544
|
|
|
0.2
|
%
|
|
63
|
|
|
2,065
|
|
|
0.2
|
%
|
Consumer finance
loans
|
|
16
|
|
|
35
|
|
|
6.8
|
%
|
|
21
|
|
|
43
|
|
|
4.9
|
%
|
|
25
|
|
|
44
|
|
|
3.0
|
%
|
|
28
|
|
|
47
|
|
|
2.1
|
%
|
|
86
|
|
|
172
|
|
|
4.5
|
%
|
Consumer
loans
|
|
379
|
|
|
3,267
|
|
|
0.3
|
%
|
|
267
|
|
|
2,589
|
|
|
0.2
|
%
|
|
313
|
|
|
2,853
|
|
|
0.3
|
%
|
|
271
|
|
|
2,130
|
|
|
0.2
|
%
|
|
389
|
|
|
3,042
|
|
|
0.4
|
%
|
Commercial real
estate loans
|
|
19
|
|
|
1,690
|
|
|
0.1
|
%
|
|
15
|
|
|
1,893
|
|
|
0.1
|
%
|
|
16
|
|
|
2,617
|
|
|
0.1
|
%
|
|
17
|
|
|
4,064
|
|
|
0.1
|
%
|
|
24
|
|
|
5,387
|
|
|
0.2
|
%
|
Commercial
loans
|
|
17
|
|
|
6,403
|
|
|
0.9
|
%
|
|
10
|
|
|
589
|
|
|
0.1
|
%
|
|
16
|
|
|
1,725
|
|
|
0.2
|
%
|
|
7
|
|
|
738
|
|
|
0.1
|
%
|
|
8
|
|
|
560
|
|
|
0.1
|
%
|
Total loans
delinquent 60 days to 89 days
|
|
564
|
|
|
$
|
19,493
|
|
|
0.2
|
%
|
|
474
|
|
|
$
|
12,537
|
|
|
0.1
|
%
|
|
507
|
|
|
$
|
15,822
|
|
|
0.2
|
%
|
|
405
|
|
|
$
|
12,125
|
|
|
0.2
|
%
|
|
641
|
|
|
$
|
17,651
|
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 90
days or more: **
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
141
|
|
|
$
|
12,775
|
|
|
0.4
|
%
|
|
138
|
|
|
$
|
11,816
|
|
|
0.4
|
%
|
|
129
|
|
|
$
|
10,800
|
|
|
0.4
|
%
|
|
113
|
|
|
$
|
10,801
|
|
|
0.4
|
%
|
|
145
|
|
|
$
|
12,985
|
|
|
0.5
|
%
|
Home equity
loans
|
|
159
|
|
|
5,688
|
|
|
0.4
|
%
|
|
157
|
|
|
5,966
|
|
|
0.4
|
%
|
|
136
|
|
|
5,591
|
|
|
0.4
|
%
|
|
155
|
|
|
5,542
|
|
|
0.4
|
%
|
|
161
|
|
|
6,037
|
|
|
0.5
|
%
|
Consumer finance
loans
|
|
8
|
|
|
1
|
|
|
0.2
|
%
|
|
9
|
|
|
1
|
|
|
0.1
|
%
|
|
5
|
|
|
10
|
|
|
0.7
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
6
|
|
|
21
|
|
|
0.6
|
%
|
Consumer
loans
|
|
582
|
|
|
3,610
|
|
|
0.3
|
%
|
|
389
|
|
|
3,400
|
|
|
0.3
|
%
|
|
705
|
|
|
2,898
|
|
|
0.3
|
%
|
|
764
|
|
|
3,221
|
|
|
0.3
|
%
|
|
432
|
|
|
3,233
|
|
|
0.4
|
%
|
Commercial real
estate loans
|
|
129
|
|
|
25,014
|
|
|
0.9
|
%
|
|
118
|
|
|
22,292
|
|
|
0.8
|
%
|
|
118
|
|
|
21,123
|
|
|
0.7
|
%
|
|
125
|
|
|
24,589
|
|
|
0.9
|
%
|
|
128
|
|
|
25,587
|
|
|
1.0
|
%
|
Commercial
loans
|
|
37
|
|
|
4,739
|
|
|
0.7
|
%
|
|
40
|
|
|
5,741
|
|
|
0.8
|
%
|
|
25
|
|
|
2,920
|
|
|
0.4
|
%
|
|
23
|
|
|
2,027
|
|
|
0.3
|
%
|
|
29
|
|
|
3,010
|
|
|
0.5
|
%
|
Total loans
delinquent 90 days or more
|
|
1,056
|
|
|
$
|
51,827
|
|
|
0.6
|
%
|
|
851
|
|
|
$
|
49,216
|
|
|
0.6
|
%
|
|
1,118
|
|
|
$
|
43,342
|
|
|
0.5
|
%
|
|
1,180
|
|
|
$
|
46,180
|
|
|
0.6
|
%
|
|
901
|
|
|
$
|
50,873
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
delinquent
|
|
3,120
|
|
|
$
|
119,401
|
|
|
1.4
|
%
|
|
2,406
|
|
|
$
|
81,030
|
|
|
0.9
|
%
|
|
2,704
|
|
|
$
|
76,080
|
|
|
0.9
|
%
|
|
3,074
|
|
|
$
|
133,787
|
|
|
1.6
|
%
|
|
3,566
|
|
|
$
|
121,534
|
|
|
1.5
|
%
|
|
|
*
|
Represents
delinquency, in dollars, divided by the respective total amount of
that type of loan outstanding.
|
**
|
Includes purchased
credit impaired loans of $147,000, $95,000, $190,000, $87,000, and
$145,000 at December 31, 2019, September 30, 2019,
June 30, 2019, March 31, 2019, and December 31,
2018, respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Allowance for loan
losses (Unaudited)
|
(dollars in
thousands)
|
|
|
Quarter ended
|
|
December
31,
2019
|
|
September
30,
2019
|
|
June
30,
2019
|
|
March
31,
2019
|
|
December
31,
2018
|
Beginning
balance
|
$
|
52,859
|
|
|
53,107
|
|
|
55,721
|
|
|
55,214
|
|
|
55,975
|
|
Provision
|
8,223
|
|
|
3,302
|
|
|
4,667
|
|
|
6,467
|
|
|
3,792
|
|
Charge-offs
residential mortgage
|
(222)
|
|
|
(190)
|
|
|
(397)
|
|
|
(357)
|
|
|
(375)
|
|
Charge-offs home
equity
|
(113)
|
|
|
(466)
|
|
|
(389)
|
|
|
(153)
|
|
|
(341)
|
|
Charge-offs consumer
finance
|
(24)
|
|
|
(59)
|
|
|
(58)
|
|
|
(179)
|
|
|
(329)
|
|
Charge-offs
consumer
|
(3,118)
|
|
|
(3,019)
|
|
|
(2,508)
|
|
|
(2,842)
|
|
|
(3,751)
|
|
Charge-offs
commercial real estate
|
(107)
|
|
|
(389)
|
|
|
(4,367)
|
|
|
(604)
|
|
|
(1,538)
|
|
Charge-offs
commercial
|
(1,143)
|
|
|
(1,151)
|
|
|
(1,087)
|
|
|
(3,270)
|
|
|
(824)
|
|
Recoveries
|
1,586
|
|
|
1,724
|
|
|
1,525
|
|
|
1,445
|
|
|
2,605
|
|
Ending
balance
|
$
|
57,941
|
|
|
52,859
|
|
|
53,107
|
|
|
55,721
|
|
|
55,214
|
|
Net charge-offs to
average loans, annualized
|
0.14
|
%
|
|
0.16
|
%
|
|
0.34
|
%
|
|
0.29
|
%
|
|
0.23
|
%
|
|
Year ended
December 31,
|
|
2019
|
|
2018
|
Beginning
balance
|
$
|
55,214
|
|
|
56,795
|
|
Provision
|
22,659
|
|
|
20,332
|
|
Charge-offs
residential mortgage
|
(1,166)
|
|
|
(1,179)
|
|
Charge-offs home
equity
|
(1,121)
|
|
|
(1,785)
|
|
Charge-offs consumer
finance
|
(320)
|
|
|
(2,813)
|
|
Charge-offs
consumer
|
(11,487)
|
|
|
(13,152)
|
|
Charge-offs
commercial real estate
|
(5,467)
|
|
|
(7,387)
|
|
Charge-offs
commercial
|
(6,651)
|
|
|
(3,325)
|
|
Recoveries
|
6,280
|
|
|
7,728
|
|
Ending
balance
|
$
|
57,941
|
|
|
55,214
|
|
Net charge-offs to
average loans
|
0.23
|
%
|
|
0.28
|
%
|
|
December 31,
2019
|
|
Originated
loans
|
|
Acquired
loans
|
|
Total
loans
|
|
Balance
|
|
Reserve
|
|
Balance
|
|
Reserve
|
|
Balance
|
|
Reserve
|
Residential mortgage
loans
|
$
|
2,785,189
|
|
2,463
|
|
82,938
|
|
111
|
|
2,868,127
|
|
2,574
|
Home equity
loans
|
1,099,514
|
|
2,830
|
|
243,404
|
|
359
|
|
1,342,918
|
|
3,189
|
Consumer finance
loans
|
509
|
|
76
|
|
—
|
|
—
|
|
509
|
|
76
|
Consumer
loans
|
1,088,638
|
|
11,979
|
|
35,985
|
|
538
|
|
1,124,623
|
|
12,517
|
Personal Banking
Loans
|
4,973,850
|
|
17,348
|
|
362,327
|
|
1,008
|
|
5,336,177
|
|
18,356
|
Commercial real
estate loans
|
2,349,048
|
|
17,292
|
|
405,342
|
|
4,296
|
|
2,754,390
|
|
21,588
|
Commercial
loans
|
664,159
|
|
16,799
|
|
53,948
|
|
1,198
|
|
718,107
|
|
17,997
|
Commercial Banking
Loans
|
3,013,207
|
|
34,091
|
|
459,290
|
|
5,494
|
|
3,472,497
|
|
39,585
|
Total
Loans
|
$
|
7,987,057
|
|
51,439
|
|
821,617
|
|
6,502
|
|
8,808,674
|
|
57,941
|
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
|
|
December 31,
2019
|
|
September 30,
2019
|
|
June 30,
2019
|
|
March 31,
2019
|
|
December 31,
2018
|
|
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
|
$
|
2,847,932
|
|
|
28,011
|
|
|
3.93
|
%
|
|
$
|
2,894,716
|
|
|
28,991
|
|
|
4.01
|
%
|
|
$
|
2,857,425
|
|
|
29,300
|
|
|
4.10
|
%
|
|
$
|
2,842,556
|
|
|
29,282
|
|
|
4.12
|
%
|
|
$
|
2,837,220
|
|
|
28,794
|
|
|
4.06
|
%
|
Home equity
loans
|
1,333,748
|
|
|
15,354
|
|
|
4.57
|
%
|
|
1,316,033
|
|
|
16,131
|
|
|
4.86
|
%
|
|
1,319,056
|
|
|
17,717
|
|
|
5.39
|
%
|
|
1,265,974
|
|
|
16,048
|
|
|
5.14
|
%
|
|
1,264,169
|
|
|
15,788
|
|
|
4.95
|
%
|
Consumer finance
loans
|
668
|
|
|
32
|
|
|
19.16
|
%
|
|
1,128
|
|
|
55
|
|
|
19.50
|
%
|
|
1,826
|
|
|
87
|
|
|
19.06
|
%
|
|
2,999
|
|
|
139
|
|
|
18.54
|
%
|
|
4,751
|
|
|
220
|
|
|
18.52
|
%
|
Consumer
loans
|
1,072,897
|
|
|
11,984
|
|
|
4.43
|
%
|
|
1,027,451
|
|
|
11,861
|
|
|
4.58
|
%
|
|
943,254
|
|
|
10,649
|
|
|
4.53
|
%
|
|
869,536
|
|
|
10,052
|
|
|
4.69
|
%
|
|
791,685
|
|
|
9,365
|
|
|
4.69
|
%
|
Commercial real
estate loans
|
2,741,687
|
|
|
32,985
|
|
|
4.71
|
%
|
|
2,796,351
|
|
|
34,441
|
|
|
4.82
|
%
|
|
2,801,953
|
|
|
35,537
|
|
|
5.02
|
%
|
|
2,560,408
|
|
|
30,767
|
|
|
4.81
|
%
|
|
2,492,331
|
|
|
29,991
|
|
|
4.71
|
%
|
Commercial
loans
|
717,438
|
|
|
9,841
|
|
|
5.37
|
%
|
|
710,847
|
|
|
9,949
|
|
|
5.48
|
%
|
|
670,613
|
|
|
7,966
|
|
|
4.70
|
%
|
|
615,090
|
|
|
8,967
|
|
|
5.83
|
%
|
|
590,195
|
|
|
8,666
|
|
|
5.75
|
%
|
Total loans
receivable (a) (b) (d)
|
8,714,370
|
|
|
98,207
|
|
|
4.47
|
%
|
|
8,746,526
|
|
|
101,428
|
|
|
4.60
|
%
|
|
8,594,127
|
|
|
101,256
|
|
|
4.73
|
%
|
|
8,156,563
|
|
|
95,255
|
|
|
4.74
|
%
|
|
7,980,351
|
|
|
92,824
|
|
|
4.61
|
%
|
Mortgage-backed
securities (c)
|
667,910
|
|
|
4,237
|
|
|
2.54
|
%
|
|
641,085
|
|
|
4,188
|
|
|
2.61
|
%
|
|
644,887
|
|
|
4,280
|
|
|
2.65
|
%
|
|
604,463
|
|
|
3,965
|
|
|
2.62
|
%
|
|
619,105
|
|
|
3,942
|
|
|
2.55
|
%
|
Investment securities
(c) (d)
|
151,289
|
|
|
938
|
|
|
2.48
|
%
|
|
218,753
|
|
|
1,168
|
|
|
2.14
|
%
|
|
226,325
|
|
|
1,198
|
|
|
2.12
|
%
|
|
227,312
|
|
|
1,167
|
|
|
2.05
|
%
|
|
227,813
|
|
|
1,140
|
|
|
2.00
|
%
|
FHLB stock, at
cost
|
13,400
|
|
|
262
|
|
|
7.76
|
%
|
|
16,302
|
|
|
307
|
|
|
7.47
|
%
|
|
16,117
|
|
|
316
|
|
|
7.86
|
%
|
|
16,098
|
|
|
171
|
|
|
4.31
|
%
|
|
14,372
|
|
|
151
|
|
|
4.17
|
%
|
Other
interest-earning deposits
|
31,624
|
|
|
169
|
|
|
2.09
|
%
|
|
28,832
|
|
|
172
|
|
|
2.33
|
%
|
|
20,983
|
|
|
159
|
|
|
3.00
|
%
|
|
14,136
|
|
|
100
|
|
|
2.83
|
%
|
|
10,454
|
|
|
68
|
|
|
2.55
|
%
|
Total
interest-earning assets
|
9,578,593
|
|
|
103,813
|
|
|
4.30
|
%
|
|
9,651,498
|
|
|
107,263
|
|
|
4.41
|
%
|
|
9,502,439
|
|
|
107,209
|
|
|
4.53
|
%
|
|
9,018,572
|
|
|
100,658
|
|
|
4.53
|
%
|
|
8,852,095
|
|
|
98,125
|
|
|
4.40
|
%
|
Noninterest earning
assets (e)
|
869,117
|
|
|
|
|
|
|
916,781
|
|
|
|
|
|
|
910,225
|
|
|
|
|
|
|
868,843
|
|
|
|
|
|
|
743,262
|
|
|
|
|
|
Total
assets
|
$
|
10,447,710
|
|
|
|
|
|
|
$
|
10,568,279
|
|
|
|
|
|
|
$
|
10,412,664
|
|
|
|
|
|
|
$
|
9,887,415
|
|
|
|
|
|
|
$
|
9,595,357
|
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$
|
1,615,996
|
|
|
792
|
|
|
0.19
|
%
|
|
$
|
1,658,670
|
|
|
788
|
|
|
0.19
|
%
|
|
$
|
1,696,715
|
|
|
777
|
|
|
0.18
|
%
|
|
$
|
1,650,947
|
|
|
758
|
|
|
0.19
|
%
|
|
$
|
1,637,400
|
|
|
758
|
|
|
0.18
|
%
|
Interest-bearing
demand deposits
|
1,769,623
|
|
|
1,570
|
|
|
0.35
|
%
|
|
1,655,952
|
|
|
1,711
|
|
|
0.41
|
%
|
|
1,674,779
|
|
|
1,569
|
|
|
0.38
|
%
|
|
1,452,963
|
|
|
1,162
|
|
|
0.32
|
%
|
|
1,442,587
|
|
|
1,066
|
|
|
0.29
|
%
|
Money market deposit
accounts
|
1,845,535
|
|
|
3,226
|
|
|
0.69
|
%
|
|
1,798,175
|
|
|
3,772
|
|
|
0.83
|
%
|
|
1,776,558
|
|
|
3,433
|
|
|
0.78
|
%
|
|
1,693,626
|
|
|
2,579
|
|
|
0.62
|
%
|
|
1,678,664
|
|
|
1,910
|
|
|
0.45
|
%
|
Time
deposits
|
1,607,992
|
|
|
7,305
|
|
|
1.80
|
%
|
|
1,618,591
|
|
|
7,423
|
|
|
1.82
|
%
|
|
1,561,034
|
|
|
6,705
|
|
|
1.72
|
%
|
|
1,432,679
|
|
|
5,646
|
|
|
1.60
|
%
|
|
1,401,352
|
|
|
5,251
|
|
|
1.49
|
%
|
Borrowed funds
(f)
|
177,670
|
|
|
444
|
|
|
0.99
|
%
|
|
243,960
|
|
|
1,002
|
|
|
1.63
|
%
|
|
147,119
|
|
|
413
|
|
|
1.13
|
%
|
|
257,550
|
|
|
1,006
|
|
|
1.58
|
%
|
|
216,975
|
|
|
782
|
|
|
1.43
|
%
|
Junior subordinated
debentures
|
121,796
|
|
|
1,136
|
|
|
3.65
|
%
|
|
121,767
|
|
|
1,235
|
|
|
3.97
|
%
|
|
121,757
|
|
|
1,307
|
|
|
4.25
|
%
|
|
114,727
|
|
|
1,156
|
|
|
4.03
|
%
|
|
111,213
|
|
|
1,170
|
|
|
4.12
|
%
|
Total
interest-bearing liabilities
|
7,138,612
|
|
|
14,473
|
|
|
0.80
|
%
|
|
7,097,115
|
|
|
15,931
|
|
|
0.89
|
%
|
|
6,977,962
|
|
|
14,204
|
|
|
0.82
|
%
|
|
6,602,492
|
|
|
12,307
|
|
|
0.76
|
%
|
|
6,488,191
|
|
|
10,937
|
|
|
0.67
|
%
|
Noninterest-bearing
demand deposits (g)
|
1,800,861
|
|
|
|
|
|
|
1,915,392
|
|
|
|
|
|
|
1,888,697
|
|
|
|
|
|
|
1,785,158
|
|
|
|
|
|
|
1,750,253
|
|
|
|
|
|
Noninterest bearing
liabilities
|
158,434
|
|
|
|
|
|
|
216,433
|
|
|
|
|
|
|
225,623
|
|
|
|
|
|
|
223,480
|
|
|
|
|
|
|
112,349
|
|
|
|
|
|
Total
liabilities
|
9,097,907
|
|
|
|
|
|
|
9,228,940
|
|
|
|
|
|
|
9,092,282
|
|
|
|
|
|
|
8,611,130
|
|
|
|
|
|
|
8,350,793
|
|
|
|
|
|
Shareholders'
equity
|
1,349,803
|
|
|
|
|
|
|
1,339,339
|
|
|
|
|
|
|
1,320,382
|
|
|
|
|
|
|
1,276,285
|
|
|
|
|
|
|
1,244,564
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
10,447,710
|
|
|
|
|
|
|
$
|
10,568,279
|
|
|
|
|
|
|
$
|
10,412,664
|
|
|
|
|
|
|
$
|
9,887,415
|
|
|
|
|
|
|
$
|
9,595,357
|
|
|
|
|
|
Net interest
income/Interest rate spread
|
|
|
89,340
|
|
|
3.50
|
%
|
|
|
|
91,332
|
|
|
3.52
|
%
|
|
|
|
93,005
|
|
|
3.71
|
%
|
|
|
|
88,351
|
|
|
3.77
|
%
|
|
|
|
87,188
|
|
|
3.73
|
%
|
Net interest-earning
assets/Net interest margin
|
$
|
2,439,981
|
|
|
|
|
3.73
|
%
|
|
$
|
2,554,383
|
|
|
|
|
3.79
|
%
|
|
$
|
2,524,477
|
|
|
|
|
3.91
|
%
|
|
$
|
2,416,080
|
|
|
|
|
3.97
|
%
|
|
$
|
2,363,904
|
|
|
|
|
3.94
|
%
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.34X
|
|
|
|
|
|
|
1.36X
|
|
|
|
|
|
|
1.36X
|
|
|
|
|
|
|
1.37X
|
|
|
|
|
|
|
1.36X
|
|
|
|
|
|
|
|
(a)
|
Average gross loans
receivable includes loans held as available-for-sale and loans
placed on nonaccrual status.
|
(b)
|
Interest income
includes accretion/amortization of deferred loan fees/expenses,
which was not material.
|
(c)
|
Average balances do
not include the effect of unrealized gains or losses on securities
held as available-for-sale.
|
(d)
|
Interest income on
tax-free investment securities and tax-free loans are presented on
a fully taxable equivalent ("FTE") basis.
|
(e)
|
Average balances
include the effect of unrealized gains or losses on securities held
as available-for-sale.
|
(f)
|
Average balances
include FHLB borrowings and collateralized borrowings.
|
(g)
|
Average cost of
deposits were 0.59%, 0.63%, 0.58%, 0.51%, and 0.45%,
respectively.
|
(h)
|
Shown on a FTE basis.
GAAP basis yields for the periods indicated were — Loans: 4.46%,
4.59%, 4.71%, 4.72%, and 4.60%, respectively, Investment
securities: 2.34%, 2.03%, 2.01%, 1.97%, and 1.92%,
respectively, Interest-earning assets: 4.28%, 4.39%, 4.51%,
4.51%, and 4.38%, respectively. GAAP basis net interest rate
spreads were 3.48%, 3.50%, 3.69%, 3.75%, and 3.71%, respectively,
and GAAP basis net interest margins were 3.71%, 3.77%, 3.90%,
3.96%, and 3.92%, respectively.
|
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.
|
|
|
Year ended
December 31,
|
|
2019
|
|
2018
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
2,860,765
|
|
|
115,583
|
|
|
4.04
|
%
|
|
$
|
2,789,990
|
|
|
113,379
|
|
|
4.06
|
%
|
Home equity
loans
|
1,308,908
|
|
|
64,222
|
|
|
4.91
|
%
|
|
1,279,087
|
|
|
61,405
|
|
|
4.80
|
%
|
Consumer finance
loans
|
1,648
|
|
|
314
|
|
|
19.05
|
%
|
|
9,367
|
|
|
1,847
|
|
|
19.72
|
%
|
Consumer
loans
|
978,975
|
|
|
44,545
|
|
|
4.55
|
%
|
|
697,722
|
|
|
33,153
|
|
|
4.75
|
%
|
Commercial real
estate loans
|
2,725,792
|
|
|
132,915
|
|
|
4.81
|
%
|
|
2,505,701
|
|
|
116,180
|
|
|
4.57
|
%
|
Commercial
loans
|
678,866
|
|
|
38,565
|
|
|
5.60
|
%
|
|
602,077
|
|
|
31,939
|
|
|
5.23
|
%
|
Loans receivable
(a) (b) (d)
|
8,554,954
|
|
|
396,144
|
|
|
4.63
|
%
|
|
7,883,944
|
|
|
357,903
|
|
|
4.54
|
%
|
Mortgage-backed
securities (c)
|
639,764
|
|
|
16,670
|
|
|
2.61
|
%
|
|
586,613
|
|
|
13,781
|
|
|
2.35
|
%
|
Investment securities
(c) (d)
|
205,757
|
|
|
4,470
|
|
|
2.17
|
%
|
|
240,989
|
|
|
4,429
|
|
|
1.84
|
%
|
FHLB stock
|
14,477
|
|
|
1,056
|
|
|
7.29
|
%
|
|
10,354
|
|
|
452
|
|
|
4.37
|
%
|
Other
interest-earning deposits
|
23,305
|
|
|
600
|
|
|
2.54
|
%
|
|
41,079
|
|
|
835
|
|
|
2.00
|
%
|
Total
interest-earning assets
|
9,438,257
|
|
|
418,940
|
|
|
4.44
|
%
|
|
8,762,979
|
|
|
377,400
|
|
|
4.30
|
%
|
Noninterest earning
assets (e)
|
890,760
|
|
|
|
|
|
|
752,007
|
|
|
|
|
|
Total
assets
|
$
|
10,329,017
|
|
|
|
|
|
|
$
|
9,514,986
|
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$
|
1,655,495
|
|
|
3,115
|
|
|
0.19
|
%
|
|
$
|
1,669,930
|
|
|
3,064
|
|
|
0.18
|
%
|
Interest-bearing
demand deposits
|
1,651,393
|
|
|
6,012
|
|
|
0.36
|
%
|
|
1,447,809
|
|
|
3,607
|
|
|
0.25
|
%
|
Money market deposit
accounts
|
1,778,661
|
|
|
13,010
|
|
|
0.73
|
%
|
|
1,690,481
|
|
|
5,740
|
|
|
0.34
|
%
|
Time
deposits
|
1,555,726
|
|
|
27,079
|
|
|
1.74
|
%
|
|
1,415,187
|
|
|
18,574
|
|
|
1.31
|
%
|
Borrowed funds
(f)
|
206,458
|
|
|
2,865
|
|
|
1.39
|
%
|
|
146,220
|
|
|
1,194
|
|
|
0.82
|
%
|
Junior subordinated
debentures
|
120,012
|
|
|
4,833
|
|
|
3.97
|
%
|
|
111,213
|
|
|
4,961
|
|
|
4.40
|
%
|
Total
interest-bearing liabilities
|
6,967,745
|
|
|
56,914
|
|
|
0.82
|
%
|
|
6,480,840
|
|
|
37,140
|
|
|
0.57
|
%
|
Noninterest-bearing
demand deposits (g)
|
1,835,622
|
|
|
|
|
|
|
1,710,841
|
|
|
|
|
|
Noninterest bearing
liabilities
|
204,198
|
|
|
|
|
|
|
98,550
|
|
|
|
|
|
Total
liabilities
|
9,007,565
|
|
|
|
|
|
|
8,290,231
|
|
|
|
|
|
Shareholders'
equity
|
1,321,452
|
|
|
|
|
|
|
1,224,755
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
10,329,017
|
|
|
|
|
|
|
$
|
9,514,986
|
|
|
|
|
|
Net interest
income/Interest rate spread
|
|
|
362,026
|
|
|
3.62
|
%
|
|
|
|
340,260
|
|
|
3.73
|
%
|
Net interest-earning
assets/Net interest margin
|
$
|
2,470,512
|
|
|
|
|
3.84
|
%
|
|
$
|
2,282,139
|
|
|
|
|
3.88
|
%
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.35X
|
|
|
|
|
|
|
1.35X
|
|
|
|
|
|
|
|
(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 basis.
|
(e)
|
Average balances
include the effect of unrealized gains or losses on securities held
as available-for-sale.
|
(f)
|
Average balances
include FHLB borrowings and collateralized borrowings.
|
(g)
|
Average cost of
deposits were 0.58% and 0.39%, respectively.
|
(h)
|
Shown on a FTE basis.
GAAP basis yields for the periods indicated were — Loans:
4.61% and 4.52%, respectively, Investment securities: 2.06%
and 1.72%, respectively, Interest-earning assets: 4.42% and
4.29%, respectively. GAAP basis net interest rate spreads were
3.61% and 3.72%, respectively, and GAAP basis net interest margins
were 3.82% and 3.86%, respectively.
|
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SOURCE Northwest Bancshares, Inc.