WARREN, Pa., April 27,
2020 /PRNewswire/ -- Northwest Bancshares, Inc., (the
"Company"), (NasdaqGS: NWBI) announced net income for the quarter
ended March 31, 2020 of $7.9
million, or $0.07 per diluted
share. This represents a decrease of $17.1 million, or 68.3%, compared to the same
quarter last year when net income was $25.0
million or $0.24 per diluted
share. The annualized returns on average shareholders' equity
and average assets for the quarter ended March 31, 2020 were
2.37% and 0.30% compared to 7.96% and 1.03% for the same quarter
last year.
The Company also announced that its Board of Directors declared
a quarterly cash dividend of $0.19
per share payable on May 15, 2020 to shareholders of record as
of May 7, 2020. This is the 102nd consecutive
quarter in which the Company has paid a cash dividend. Based
on the market value of the Company's stock as of March 31,
2020, this represents an annualized dividend yield of approximately
6.57%.
In making this announcement, Ronald J.
Seiffert, Chairman, President and CEO, noted, "It goes
without saying that we are operating in unprecedented times that
were impossible to predict just two months ago. Similar to
all individuals and businesses, we are trying to react to the daily
challenges driven by the pandemic, the government mandates and the
recommendations of healthcare professionals while balancing the
needs and expectations of our families, employees, customers,
communities and shareholders. To that end, we have taken
every measure and precaution to protect our employees while
continuing to service our customers. At the same time, we are being
very mindful of the fiduciary responsibility that we have to our
shareholders."
Employees and Families - First, we have made a commitment
to our employees, our most important and valuable asset, that we
will continue to provide full pay and benefits throughout this
crisis. With the many stressors and distractions that they
face on a daily basis, we want our employees to focus on servicing
our customers without worrying about their own financial
situation.
We have limited our branch service model to drive-through only
in order to reduce direct contact between our employees and
customers. Our customers may also schedule a meeting within the
office through our online/website portal or take advantage of the
significant investment that we have made in technology through use
of our alternative delivery channels. We have also closed a
number of our offices that do not have drive-through capabilities
and have reduced the number of employees servicing each office so
that their hours can be reduced to accommodate their obligations at
home.
In addition to the above, we have provided gloves, masks and
protective goggles to our front-line employees and we are currently
installing teller shields in all of our offices for added
precaution when branches re-open and lobby traffic resumes.
Finally, we have established remote capabilities for our trust,
brokerage, insurance, and lending representatives to work from
home. Approximately 75% of our back-office and regional headquarter
personnel are working virtually as well.
Customers - In order to provide relief to our customers
in these unprecedented times, we have provided a number of fee
concessions and changes to our lending programs. For example,
we have waived minimum deposit balance fees, ATM fees and time
deposit early withdrawal fees to ease customer access to their
funds. In addition, we have approved over 4,500 requests for
loan payment deferrals representing almost $1.0 billion in loan obligations.
Communities and businesses - Through the tireless efforts
of our dedicated employees, we quickly established a system and
process to accept over 3,500 Payroll Protection Program (PPP) loan
applications for $430 million, of
which approximately 30% were accepted by the SBA before the current
program funding was exhausted. We also stand ready to submit
the remaining applications to the SBA and to implement the Main
Street loan program once the rules are published and
implemented.
Shareholders - While earnings were greatly impacted in
the first quarter due to CECL and the potential impact of COVID-19,
we are well positioned to weather this storm similar to our
financial condition during the great recession in 2008. We
are addressing this crisis from a position of strength. Our
capital position is robust with our common equity tier 1 capital at
$1.113 billion or 13.3%, total
delinquencies are low at $139.9
million, or 1.6% of total loans, and real estate owned
balances continue to be at historically low levels at approximately
$1.0 million. Our liquidity position
is ample with 10% of our on-balance sheet assets in cash and
investments of which 95% of our investments are backed by
GSE's. In addition, we have over $3.0
billion of borrowing capacity with the FHLB of Pittsburgh.
Mr. Seiffert continued, "Despite the adversity caused by
COVID-19, our team was able to successfully close and convert the
merger with MutualBank this past weekend. We are so happy to
welcome 348 new employees into the Northwest family and look
forward to servicing 70,333 more households from our 36
full-service offices in Indiana.
Mr. Seiffert concluded, "I am so very proud of our employees,
management team and our Board of Directors who have all risen to
the occasion during these extremely challenging times and have
stood tall in the face of adversity to service our customers and
communities."
Net interest income decreased by $754,000, or 0.9%, to $87.2 million for the quarter ended
March 31, 2020, from $88.0
million for the quarter ended March 31, 2019, primarily
due to a $1.3 million, or 12.4%,
increase in interest expense on deposits. This
increase was primarily due to an increase of $746.9 million in the average balance of
interest-bearing deposits. Partially offsetting this decrease
was a $415,000, or 19.2%, decrease in
interest expense on borrowed funds due to a decline in market
interest rates when compared to the prior year. The net
impact of these changes caused the Company's net interest margin to
decrease to 3.66% for the quarter ended March 31, 2020 from
3.97% for the same quarter last year.
The provision for loan losses increased by $21.2 million, or 327.4%, to $27.6 million for the quarter ended
March 31, 2020, from $6.5
million for the quarter ended March 31, 2019.
During the current quarter, the Company adopted ASU 2016-13,
referred to as Current Expected Credit Losses ("CECL"), which
requires that all financial assets measured at amortized cost be
presented at the net amount expected to be collected inclusive of
the entity's current estimate of all lifetime expected credit
losses. Due to the adoption of CECL, our allowance for loan
losses, reserve for unfunded commitments and equity were negatively
impacted by $10.8 million,
$2.3 million and $9.6 million, respectively. In addition,
the estimated economic impact of COVID-19 caused us to increase our
provision expense for the quarter by approximately $23 million.
Noninterest income increased by $6.3
million, or 29.1%, to $28.0
million for the quarter ended March 31, 2020, from
$21.7 million for the quarter ended
March 31, 2019. This increase was primarily due to a
$3.1 million, or 25.5%, increase in
service charges and fees due to a change in fee structure initiated
in the fourth quarter of 2019. We also recognized a gain of
$1.3 million in the current quarter
on the sale of approximately $49.5
million of one- to four-family mortgage loans from our
portfolio. 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. Also
contributing to the increase was an increase in our mortgage
banking income of almost $1.0 million
due to continued efforts to expand our secondary market sales
capabilities. In addition, there was an increase in trust and
other financial services income of $806,000, or 19.2%, primarily due to new
brokerage production.
Noninterest expense increased by $7.2
million, or 10.1%, to $78.6
million for the quarter ended March 31, 2020, from
$71.4 million for the quarter ended
March 31, 2019. This increase resulted primarily from a
$4.6 million, or 11.9%, increase in
compensation and employee benefits due to both internal growth in
compensation and staff as well as the addition of Union Community
Bank employees at the beginning of March last
year. In addition, acquisition expense increased by
$532,000, or 27.6%, due to expenses
incurred to date as a result of the acquisition of MutualFirst
Financial, Inc. and processing expenses increased by $708,000, or 6.8%, as we continue to invest in
technology and infrastructure. Partially offsetting this
increase was a decrease in federal deposit insurance premiums of
$706,000 due to the usage of the
remaining assessment credit received during the quarter as a result
of the deposit insurance fund becoming fully funded.
The provision for income taxes decreased by $5.7 million, or 84.8%, to $1.0 million for the quarter ended March 31,
2020, from $6.7 million for the
quarter ended March 31, 2019. This decrease was due
primarily to the decrease in net income before taxes by
$22.8 million, or 71.8%. In
addition, due to the expansion of net operating loss carryback
capabilities, a $764,000 benefit was
recognized in order to increase the deferred tax asset associated
with carrying back losses acquired through prior mergers to years
with higher statutory income tax rates.
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. As of March 31, 2020, Northwest
operated 170 full-service community banking offices and eight 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; (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)
|
|
|
March 31,
2020
|
|
December 31,
2019
|
|
March 31,
2019
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
276,454
|
|
|
60,846
|
|
|
92,923
|
|
Marketable securities
available-for-sale (amortized cost of $749,703, $815,495 and
$845,989, respectively)
|
765,579
|
|
|
819,901
|
|
|
842,657
|
|
Marketable securities
held-to-maturity (fair value of $17,968, $18,223 and $21,597,
respectively)
|
17,208
|
|
|
18,036
|
|
|
21,671
|
|
Total cash and cash
equivalents and marketable securities
|
1,059,241
|
|
|
898,783
|
|
|
957,251
|
|
|
|
|
|
|
|
Residential mortgage
loans held-for-sale
|
6,426
|
|
|
7,709
|
|
|
—
|
|
Residential mortgage
loans
|
2,831,860
|
|
|
2,860,418
|
|
|
2,867,161
|
|
Home equity
loans
|
1,353,263
|
|
|
1,342,918
|
|
|
1,324,405
|
|
Consumer
loans
|
1,178,055
|
|
|
1,125,132
|
|
|
931,062
|
|
Commercial real
estate loans
|
2,755,468
|
|
|
2,754,390
|
|
|
2,799,309
|
|
Commercial
loans
|
711,802
|
|
|
718,107
|
|
|
647,938
|
|
Total loans
receivable
|
8,836,874
|
|
|
8,808,674
|
|
|
8,569,875
|
|
Allowance for loan
losses
|
(92,897)
|
|
|
(57,941)
|
|
|
(55,721)
|
|
Loans receivable,
net
|
8,743,977
|
|
|
8,750,733
|
|
|
8,514,154
|
|
|
|
|
|
|
|
Federal Home Loan
Bank stock, at cost
|
13,131
|
|
|
14,740
|
|
|
12,533
|
|
Accrued interest
receivable
|
25,531
|
|
|
25,755
|
|
|
28,107
|
|
Real estate owned,
net
|
1,075
|
|
|
950
|
|
|
2,345
|
|
Premises and
equipment, net
|
147,427
|
|
|
147,409
|
|
|
149,623
|
|
Bank-owned life
insurance
|
190,127
|
|
|
189,091
|
|
|
186,251
|
|
Goodwill
|
346,103
|
|
|
346,103
|
|
|
344,720
|
|
Other intangible
assets
|
21,425
|
|
|
23,076
|
|
|
25,872
|
|
Other
assets
|
133,159
|
|
|
97,268
|
|
|
76,232
|
|
Total
assets
|
$
|
10,681,196
|
|
|
10,493,908
|
|
|
10,297,088
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
$
|
1,736,622
|
|
|
1,609,653
|
|
|
1,992,126
|
|
Interest-bearing
demand deposits
|
1,975,830
|
|
|
1,944,108
|
|
|
1,583,049
|
|
Money market deposit
accounts
|
1,946,113
|
|
|
1,863,998
|
|
|
1,778,806
|
|
Savings
deposits
|
1,640,414
|
|
|
1,604,838
|
|
|
1,711,216
|
|
Time
deposits
|
1,493,756
|
|
|
1,569,410
|
|
|
1,527,327
|
|
Total
deposits
|
8,792,735
|
|
|
8,592,007
|
|
|
8,592,524
|
|
|
|
|
|
|
|
Borrowed
funds
|
191,599
|
|
|
246,336
|
|
|
114,081
|
|
Junior subordinated
debentures
|
121,813
|
|
|
121,800
|
|
|
121,757
|
|
Advances by borrowers
for taxes and insurance
|
47,154
|
|
|
44,556
|
|
|
44,905
|
|
Accrued interest
payable
|
834
|
|
|
1,142
|
|
|
1,111
|
|
Other
liabilities
|
185,269
|
|
|
134,782
|
|
|
106,434
|
|
Total
liabilities
|
9,339,404
|
|
|
9,140,623
|
|
|
8,980,812
|
|
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, 106,933,483, 106,859,088,
and
106,220,030 shares issued and outstanding, respectively
|
1,069
|
|
|
1,069
|
|
|
1,062
|
|
Paid-in
capital
|
808,250
|
|
|
805,750
|
|
|
795,044
|
|
Retained
earnings
|
561,380
|
|
|
583,407
|
|
|
555,205
|
|
Accumulated other
comprehensive loss
|
(28,907)
|
|
|
(36,941)
|
|
|
(35,035)
|
|
Total shareholders'
equity
|
1,341,792
|
|
|
1,353,285
|
|
|
1,316,276
|
|
Total liabilities and
shareholders' equity
|
$
|
10,681,196
|
|
|
10,493,908
|
|
|
10,297,088
|
|
|
|
|
|
|
|
Equity to
assets
|
12.56
|
%
|
|
12.90
|
%
|
|
12.78
|
%
|
Tangible common
equity to assets
|
9.45
|
%
|
|
9.72
|
%
|
|
9.53
|
%
|
Book value per
share
|
$
|
12.55
|
|
|
12.66
|
|
|
12.39
|
|
Tangible book value
per share
|
$
|
9.11
|
|
|
9.21
|
|
|
8.90
|
|
Closing market price
per share
|
$
|
11.57
|
|
|
16.63
|
|
|
16.97
|
|
Full time equivalent
employees
|
2,223
|
|
|
2,209
|
|
|
2,205
|
|
Number of banking
offices
|
178
|
|
|
181
|
|
|
182
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Consolidated
Statements of Income (Unaudited)
|
(dollars in
thousands, except per share amounts)
|
|
|
Quarter ended
|
|
March 31,
2020
|
|
December 31,
2019
|
|
September
30, 2019
|
|
June 30,
2019
|
|
March 31,
2019
|
|
|
|
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$
|
94,973
|
|
|
97,866
|
|
|
101,091
|
|
|
100,917
|
|
|
94,935
|
|
Mortgage-backed
securities
|
4,175
|
|
|
4,237
|
|
|
4,188
|
|
|
4,280
|
|
|
3,965
|
|
Taxable investment
securities
|
648
|
|
|
683
|
|
|
884
|
|
|
898
|
|
|
936
|
|
Tax-free investment
securities
|
185
|
|
|
201
|
|
|
224
|
|
|
237
|
|
|
182
|
|
FHLB
dividends
|
262
|
|
|
262
|
|
|
307
|
|
|
316
|
|
|
171
|
|
Interest-earning
deposits
|
135
|
|
|
169
|
|
|
172
|
|
|
159
|
|
|
100
|
|
Total interest
income
|
100,378
|
|
|
103,418
|
|
|
106,866
|
|
|
106,807
|
|
|
100,289
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
Deposits
|
11,403
|
|
|
12,893
|
|
|
13,694
|
|
|
12,484
|
|
|
10,145
|
|
Borrowed
funds
|
1,747
|
|
|
1,580
|
|
|
2,236
|
|
|
1,720
|
|
|
2,162
|
|
Total interest
expense
|
13,150
|
|
|
14,473
|
|
|
15,930
|
|
|
14,204
|
|
|
12,307
|
|
Net interest
income
|
87,228
|
|
|
88,945
|
|
|
90,936
|
|
|
92,603
|
|
|
87,982
|
|
Provision for loan losses
|
27,637
|
|
|
8,223
|
|
|
3,302
|
|
|
4,667
|
|
|
6,467
|
|
Net interest income
after provision for loan losses
|
59,591
|
|
|
80,722
|
|
|
87,634
|
|
|
87,936
|
|
|
81,515
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
Gain/(loss) on sale
of investments
|
181
|
|
|
27
|
|
|
—
|
|
|
29
|
|
|
(6)
|
|
Gain on sale of
loans
|
1,302
|
|
|
908
|
|
|
826
|
|
|
—
|
|
|
—
|
|
Service charges and
fees
|
15,116
|
|
|
14,125
|
|
|
13,558
|
|
|
13,339
|
|
|
12,043
|
|
Trust and other
financial services income
|
5,001
|
|
|
4,517
|
|
|
4,609
|
|
|
4,444
|
|
|
4,195
|
|
Insurance commission
income
|
2,372
|
|
|
1,858
|
|
|
1,887
|
|
|
2,145
|
|
|
2,178
|
|
Gain/(loss) on real
estate owned, net
|
(91)
|
|
|
86
|
|
|
(227)
|
|
|
91
|
|
|
(3)
|
|
Income from
bank-owned life insurance
|
1,035
|
|
|
1,121
|
|
|
1,095
|
|
|
1,197
|
|
|
1,005
|
|
Mortgage banking
income
|
1,194
|
|
|
1,494
|
|
|
1,921
|
|
|
188
|
|
|
216
|
|
Other operating
income
|
1,866
|
|
|
4,077
|
|
|
2,500
|
|
|
1,930
|
|
|
2,034
|
|
Total noninterest
income
|
27,976
|
|
|
28,213
|
|
|
26,169
|
|
|
23,363
|
|
|
21,662
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
42,746
|
|
|
42,074
|
|
|
40,816
|
|
|
42,008
|
|
|
38,188
|
|
Premises and
occupancy costs
|
7,471
|
|
|
7,051
|
|
|
7,061
|
|
|
7,387
|
|
|
7,218
|
|
Office
operations
|
3,382
|
|
|
4,097
|
|
|
3,197
|
|
|
3,708
|
|
|
3,131
|
|
Collections
expense
|
474
|
|
|
566
|
|
|
747
|
|
|
939
|
|
|
308
|
|
Processing
expenses
|
11,142
|
|
|
10,263
|
|
|
11,122
|
|
|
10,634
|
|
|
10,434
|
|
Marketing
expenses
|
1,507
|
|
|
1,010
|
|
|
1,373
|
|
|
2,729
|
|
|
1,886
|
|
Federal deposit
insurance premiums
|
—
|
|
|
—
|
|
|
(702)
|
|
|
681
|
|
|
706
|
|
Professional
services
|
2,812
|
|
|
3,533
|
|
|
3,032
|
|
|
3,198
|
|
|
2,524
|
|
Amortization of
intangible assets
|
1,651
|
|
|
1,634
|
|
|
1,702
|
|
|
1,760
|
|
|
1,447
|
|
Real estate owned
expense
|
95
|
|
|
72
|
|
|
119
|
|
|
128
|
|
|
159
|
|
Restructuring/acquisition expense
|
2,458
|
|
|
1,114
|
|
|
23
|
|
|
1,105
|
|
|
1,926
|
|
Other
expenses
|
4,873
|
|
|
5,157
|
|
|
2,106
|
|
|
3,235
|
|
|
3,497
|
|
Total noninterest
expense
|
78,611
|
|
|
76,571
|
|
|
70,596
|
|
|
77,512
|
|
|
71,424
|
|
Income before income
taxes
|
8,956
|
|
|
32,364
|
|
|
43,207
|
|
|
33,787
|
|
|
31,753
|
|
Income tax
expense
|
1,017
|
|
|
6,773
|
|
|
9,793
|
|
|
7,404
|
|
|
6,709
|
|
Net income
|
$
|
7,939
|
|
|
25,591
|
|
|
33,414
|
|
|
26,383
|
|
|
25,044
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.08
|
|
|
0.24
|
|
|
0.32
|
|
|
0.25
|
|
|
0.24
|
|
Diluted earnings per
share
|
$
|
0.07
|
|
|
0.24
|
|
|
0.31
|
|
|
0.25
|
|
|
0.24
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
105,882,553
|
|
|
105,627,194
|
|
|
105,517,707
|
|
|
105,233,635
|
|
|
103,101,789
|
|
Weighted average
common shares outstanding - diluted
|
106,148,247
|
|
|
106,306,615
|
|
|
106,270,544
|
|
|
106,258,215
|
|
|
104,496,592
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average equity
|
2.37
|
%
|
|
7.52
|
%
|
|
9.90
|
%
|
|
8.01
|
%
|
|
7.96
|
%
|
Annualized return on
average assets
|
0.30
|
%
|
|
0.97
|
%
|
|
1.25
|
%
|
|
1.02
|
%
|
|
1.03
|
%
|
Annualized return on
tangible common equity **
|
3.28
|
%
|
|
10.32
|
%
|
|
13.46
|
%
|
|
10.97
|
%
|
|
10.74
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
*
|
64.67
|
%
|
|
63.01
|
%
|
|
58.81
|
%
|
|
64.37
|
%
|
|
62.07
|
%
|
Annualized
noninterest expense to average assets *
|
2.83
|
%
|
|
2.80
|
%
|
|
2.59
|
%
|
|
2.88
|
%
|
|
2.79
|
%
|
|
*
Excludes restructuring/acquisition expenses and amortization of
intangible assets (non-GAAP).
|
**
Excludes goodwill and other intangible assets
(non-GAAP).
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Regulatory capital
requirements (Unaudited)
|
(dollars in
thousands)
|
|
|
At March 31,
2020
|
|
Actual
|
|
Minimum capital
requirements
(1)
|
|
Well capitalized
requirements
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
Total capital (to
risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc.
|
$
|
1,314,848
|
|
|
15.680
|
%
|
|
$
|
880,472
|
|
|
10.500
|
%
|
|
$
|
838,545
|
|
|
10.000
|
%
|
Northwest
Bank
|
1,185,210
|
|
|
14.148
|
%
|
|
879,618
|
|
|
10.500
|
%
|
|
837,732
|
|
|
10.000
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital (to
risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc.
|
1,231,345
|
|
|
14.684
|
%
|
|
712,763
|
|
|
8.500
|
%
|
|
670,836
|
|
|
8.000
|
%
|
Northwest
Bank
|
1,097,002
|
|
|
13.095
|
%
|
|
712,072
|
|
|
8.500
|
%
|
|
670,185
|
|
|
8.000
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
CET 1 capital (to
risk weighted assets)
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc.
|
1,113,211
|
|
|
13.276
|
%
|
|
586,982
|
|
|
7.000
|
%
|
|
545,054
|
|
|
6.500
|
%
|
Northwest
Bank
|
1,097,002
|
|
|
13.095
|
%
|
|
586,412
|
|
|
7.000
|
%
|
|
544,525
|
|
|
6.500
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital
(leverage) (to average assets)
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc.
|
1,231,345
|
|
|
11.675
|
%
|
|
421,871
|
|
|
4.000
|
%
|
|
527,338
|
|
|
5.000
|
%
|
Northwest
Bank
|
1,097,002
|
|
|
10.550
|
%
|
|
415,919
|
|
|
4.000
|
%
|
|
519,899
|
|
|
5.000
|
%
|
|
(1)
|
Amounts and ratios
include the fully phased in capital conservation buffer of 2.5%
with the exception of Tier 1 capital to average assets. For further
information related to the capital conservation buffer, see "Item
1. Business - Supervision and Regulation" of our 2019 Annual Report
on Form 10-K.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Marketable
securities (Unaudited)
|
(dollars in
thousands)
|
|
|
|
March 31,
2020
|
Marketable securities
available-for-sale
|
|
Amortized
cost
|
|
Gross
unrealized
holding
gains
|
|
Gross
unrealized
holding
losses
|
|
Fair
value
|
Debt
issued by government sponsored enterprises:
|
|
|
|
|
|
|
|
|
Due in
less than one year
|
|
$
|
50,761
|
|
|
475
|
|
|
—
|
|
|
51,236
|
|
Due in
one year through five years
|
|
25,227
|
|
|
284
|
|
|
—
|
|
|
25,511
|
|
Due in
five years through ten years
|
|
3,411
|
|
|
114
|
|
|
(103)
|
|
|
3,422
|
|
|
|
|
|
|
|
|
|
|
Municipal securities:
|
|
|
|
|
|
|
|
|
Due in
less than one year
|
|
812
|
|
|
3
|
|
|
—
|
|
|
815
|
|
Due in
one year through five years
|
|
2,897
|
|
|
68
|
|
|
—
|
|
|
2,965
|
|
Due in
five years through ten years
|
|
8,903
|
|
|
178
|
|
|
—
|
|
|
9,081
|
|
Due
after ten years
|
|
31,400
|
|
|
436
|
|
|
—
|
|
|
31,836
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
Fixed
rate pass-through
|
|
130,729
|
|
|
4,453
|
|
|
(10)
|
|
|
135,172
|
|
Variable
rate pass-through
|
|
18,025
|
|
|
403
|
|
|
(8)
|
|
|
18,420
|
|
Fixed
rate agency CMOs
|
|
423,625
|
|
|
10,447
|
|
|
(60)
|
|
|
434,012
|
|
Variable
rate agency CMOs
|
|
53,913
|
|
|
62
|
|
|
(866)
|
|
|
53,109
|
|
Total
residential mortgage-backed securities
|
|
626,292
|
|
|
15,365
|
|
|
(944)
|
|
|
640,713
|
|
Total
marketable securities available-for-sale
|
|
$
|
749,703
|
|
|
16,923
|
|
|
(1,047)
|
|
|
765,579
|
|
|
|
|
|
|
|
|
|
|
Marketable securities
held-to-maturity
|
|
|
|
|
|
|
|
|
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
|
Fixed
rate pass-through
|
|
$
|
2,096
|
|
|
113
|
|
|
—
|
|
|
2,209
|
|
Variable
rate pass-through
|
|
1,119
|
|
|
15
|
|
|
—
|
|
|
1,134
|
|
Fixed
rate agency CMOs
|
|
13,389
|
|
|
639
|
|
|
—
|
|
|
14,028
|
|
Variable
rate agency CMOs
|
|
604
|
|
|
1
|
|
|
(8)
|
|
|
597
|
|
Total
residential mortgage-backed securities
|
|
17,208
|
|
|
768
|
|
|
(8)
|
|
|
17,968
|
|
Total
marketable securities held-to-maturity
|
|
$
|
17,208
|
|
|
768
|
|
|
(8)
|
|
|
17,968
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Borrowed funds
(Unaudited)
|
(dollars in
thousands)
|
|
|
March 31,
2020
|
|
Amount
|
|
Average
rate
|
Term notes payable to
the FHLB of Pittsburgh:
|
|
|
|
Due within one
year
|
$
|
100,000
|
|
|
0.74% *
|
Total term notes
payable to FHLB of Pittsburgh
|
100,000
|
|
|
|
Collateralized
borrowings, due within one year
|
91,599
|
|
|
|
0.30%
|
Total borrowed funds
**
|
$
|
191,599
|
|
|
|
|
* Represents four fixed rate
advances: $30.0 million at 0.91% maturing June 16, 2020; $25.0
million at 0.70% maturing June 22, 2020; $25.0 million at
0.70% maturing June 22, 2020; and $20.0 million at 0.59%
maturing June 26, 2020.
|
** As of
March 31, 2020, the Company had $3.3 billion of additional
borrowing capacity available with the Federal Home Loan Bank of
Pittsburgh, including a $250.0 million overnight line of credit,
which had no balance, as well as $36.6 million of borrowing
capacity available with the Federal Reserve Bank and $110.0 million
with three correspondent banks.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Asset quality
(Unaudited)
|
(dollars in
thousands)
|
|
|
March 31,
2020
|
|
December 31,
2019
|
|
September 30,
2019
|
|
June 30,
2019
|
|
March 31,
2019
|
Nonaccrual loans
current:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
285
|
|
|
72
|
|
|
676
|
|
|
432
|
|
|
124
|
|
Home equity
loans
|
592
|
|
|
197
|
|
|
607
|
|
|
475
|
|
|
643
|
|
Consumer
loans
|
77
|
|
|
78
|
|
|
68
|
|
|
94
|
|
|
76
|
|
Commercial real
estate loans
|
14,337
|
|
|
9,241
|
|
|
7,674
|
|
|
12,605
|
|
|
10,520
|
|
Commercial
loans
|
3,514
|
|
|
3,424
|
|
|
3,777
|
|
|
5,666
|
|
|
4,277
|
|
Total nonaccrual
loans current
|
$
|
18,805
|
|
|
13,012
|
|
|
12,802
|
|
|
19,272
|
|
|
15,640
|
|
Nonaccrual loans
delinquent 30 days to 59 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
691
|
|
|
674
|
|
|
40
|
|
|
13
|
|
|
824
|
|
Home equity
loans
|
159
|
|
|
224
|
|
|
102
|
|
|
418
|
|
|
160
|
|
Consumer
loans
|
143
|
|
|
121
|
|
|
246
|
|
|
172
|
|
|
154
|
|
Commercial real
estate loans
|
496
|
|
|
196
|
|
|
925
|
|
|
469
|
|
|
2,642
|
|
Commercial
loans
|
—
|
|
|
55
|
|
|
44
|
|
|
45
|
|
|
321
|
|
Total nonaccrual
loans delinquent 30 days to 59 days
|
$
|
1,489
|
|
|
1,270
|
|
|
1,357
|
|
|
1,117
|
|
|
4,101
|
|
Nonaccrual loans
delinquent 60 days to 89 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
218
|
|
|
1,048
|
|
|
979
|
|
|
910
|
|
|
1,323
|
|
Home equity
loans
|
539
|
|
|
689
|
|
|
436
|
|
|
717
|
|
|
954
|
|
Consumer
loans
|
488
|
|
|
417
|
|
|
426
|
|
|
322
|
|
|
683
|
|
Commercial real
estate loans
|
2,096
|
|
|
413
|
|
|
536
|
|
|
1,426
|
|
|
3,588
|
|
Commercial
loans
|
37
|
|
|
341
|
|
|
—
|
|
|
780
|
|
|
397
|
|
Total nonaccrual
loans delinquent 60 days to 89 days
|
$
|
3,378
|
|
|
2,908
|
|
|
2,377
|
|
|
4,155
|
|
|
6,945
|
|
Nonaccrual loans
delinquent 90 days or more:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
10,457
|
|
|
12,682
|
|
|
11,722
|
|
|
10,617
|
|
|
10,781
|
|
Home equity
loans
|
5,816
|
|
|
5,635
|
|
|
5,966
|
|
|
5,591
|
|
|
5,542
|
|
Consumer
loans
|
3,459
|
|
|
3,610
|
|
|
3,400
|
|
|
2,902
|
|
|
3,215
|
|
Commercial real
estate loans
|
25,342
|
|
|
25,014
|
|
|
22,292
|
|
|
21,123
|
|
|
24,528
|
|
Commercial
loans
|
16,685
|
|
|
4,739
|
|
|
5,741
|
|
|
2,920
|
|
|
2,027
|
|
Total nonaccrual
loans delinquent 90 days or more
|
$
|
61,759
|
|
|
51,680
|
|
|
49,121
|
|
|
43,153
|
|
|
46,093
|
|
Total nonaccrual
loans
|
$
|
85,431
|
|
|
68,870
|
|
|
65,657
|
|
|
67,697
|
|
|
72,779
|
|
Total nonaccrual
loans
|
$
|
85,431
|
|
|
68,870
|
|
|
65,657
|
|
|
67,697
|
|
|
72,779
|
|
Loans 90 days past
maturity and still accruing
|
31
|
|
|
32
|
|
|
85
|
|
|
55
|
|
|
166
|
|
Nonperforming
loans
|
85,462
|
|
|
68,902
|
|
|
65,742
|
|
|
67,752
|
|
|
72,945
|
|
Real estate owned,
net
|
1,075
|
|
|
950
|
|
|
1,237
|
|
|
2,070
|
|
|
2,345
|
|
Nonperforming
assets
|
$
|
86,537
|
|
|
69,852
|
|
|
66,979
|
|
|
69,822
|
|
|
75,290
|
|
Nonaccrual troubled
debt restructuring *
|
$
|
17,375
|
|
|
9,043
|
|
|
9,138
|
|
|
13,375
|
|
|
14,951
|
|
Accruing troubled
debt restructuring
|
15,977
|
|
|
22,956
|
|
|
21,162
|
|
|
17,894
|
|
|
17,861
|
|
Total troubled debt
restructuring
|
$
|
33,352
|
|
|
31,999
|
|
|
30,300
|
|
|
31,269
|
|
|
32,812
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to total loans
|
0.97
|
%
|
|
0.78
|
%
|
|
0.74
|
%
|
|
0.78
|
%
|
|
0.85
|
%
|
Nonperforming assets
to total assets
|
0.81
|
%
|
|
0.67
|
%
|
|
0.63
|
%
|
|
0.66
|
%
|
|
0.73
|
%
|
Allowance for loan
losses to total loans
|
1.05
|
%
|
|
0.66
|
%
|
|
0.60
|
%
|
|
0.61
|
%
|
|
0.65
|
%
|
Allowance for loan
losses to nonperforming loans
|
108.70
|
%
|
|
84.09
|
%
|
|
80.40
|
%
|
|
78.38
|
%
|
|
76.39
|
%
|
|
*
Amounts included in nonperforming loans above.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Loans by credit
quality indicators (Unaudited)
|
(dollars in
thousands)
|
|
At March 31,
2020
|
|
Pass
|
|
Special
mention *
|
|
Substandard
**
|
|
Doubtful
|
|
Loss
|
|
Loans
receivable
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,830,596
|
|
|
—
|
|
|
7,690
|
|
|
—
|
|
|
—
|
|
|
2,838,286
|
|
Home equity
loans
|
|
1,345,052
|
|
|
—
|
|
|
8,211
|
|
|
—
|
|
|
—
|
|
|
1,353,263
|
|
Consumer
loans
|
|
1,174,067
|
|
|
—
|
|
|
3,988
|
|
|
—
|
|
|
—
|
|
|
1,178,055
|
|
Total Personal
Banking
|
|
5,349,715
|
|
|
—
|
|
|
19,889
|
|
|
—
|
|
|
—
|
|
|
5,369,604
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,537,736
|
|
|
73,967
|
|
|
143,765
|
|
|
—
|
|
|
—
|
|
|
2,755,468
|
|
Commercial
loans
|
|
618,267
|
|
|
43,071
|
|
|
50,464
|
|
|
—
|
|
|
—
|
|
|
711,802
|
|
Total Commercial
Banking
|
|
3,156,003
|
|
|
117,038
|
|
|
194,229
|
|
|
—
|
|
|
—
|
|
|
3,467,270
|
|
Total
loans
|
|
$
|
8,505,718
|
|
|
117,038
|
|
|
214,118
|
|
|
—
|
|
|
—
|
|
|
8,836,874
|
|
At December 31,
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
*
Includes $13.1 million, $10.3 million, $8.7 million, $8.1 million,
and $3.4 million of acquired loans at March 31, 2020,
December 31, 2019, September 30, 2019, December 31,
2019, and March 31, 2019, respectively.
|
** Includes
$56.8 million, $53.1 million, $46.6 million, $38.6 million, and
$37.8 million of acquired loans at March 31, 2020,
December 31, 2019, September 30, 2019, December 31,
2019, and March 31, 2019, respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Loan delinquency
(Unaudited)
|
(dollars in
thousands)
|
|
|
|
March 31,
2020
|
|
*
|
|
December 31,
2019
|
|
*
|
|
September 30,
2019
|
|
*
|
|
June 30,
2019
|
|
*
|
|
March 31,
2019
|
|
*
|
(Number of loans and
dollar amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 30
days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
358
|
|
|
$
|
32,755
|
|
|
1.2
|
%
|
|
292
|
|
|
$
|
23,296
|
|
|
0.8
|
%
|
|
21
|
|
|
$
|
1,236
|
|
|
—
|
%
|
|
30
|
|
|
$
|
1,629
|
|
|
0.1
|
%
|
|
311
|
|
|
$
|
28,009
|
|
|
1.0
|
%
|
Home equity
loans
|
|
190
|
|
|
7,061
|
|
|
0.5
|
%
|
|
173
|
|
|
6,469
|
|
|
0.5
|
%
|
|
149
|
|
|
4,774
|
|
|
0.4
|
%
|
|
148
|
|
|
4,573
|
|
|
0.3
|
%
|
|
195
|
|
|
7,626
|
|
|
0.6
|
%
|
Consumer
loans
|
|
953
|
|
|
8,774
|
|
|
0.7
|
%
|
|
960
|
|
|
9,208
|
|
|
0.8
|
%
|
|
864
|
|
|
7,597
|
|
|
0.7
|
%
|
|
856
|
|
|
7,630
|
|
|
0.7
|
%
|
|
905
|
|
|
7,523
|
|
|
0.8
|
%
|
Commercial real
estate loans
|
|
58
|
|
|
12,895
|
|
|
0.5
|
%
|
|
43
|
|
|
7,921
|
|
|
0.3
|
%
|
|
27
|
|
|
5,308
|
|
|
0.2
|
%
|
|
31
|
|
|
2,418
|
|
|
0.1
|
%
|
|
48
|
|
|
28,965
|
|
|
1.0
|
%
|
Commercial
loans
|
|
35
|
|
|
7,545
|
|
|
1.1
|
%
|
|
32
|
|
|
1,187
|
|
|
0.2
|
%
|
|
20
|
|
|
362
|
|
|
0.1
|
%
|
|
14
|
|
|
666
|
|
|
0.1
|
%
|
|
30
|
|
|
3,359
|
|
|
0.5
|
%
|
Total loans
delinquent 30 days to 59 days
|
|
1,594
|
|
|
$
|
69,030
|
|
|
0.8
|
%
|
|
1,500
|
|
|
$
|
48,081
|
|
|
0.5
|
%
|
|
1,081
|
|
|
$
|
19,277
|
|
|
0.2
|
%
|
|
1,079
|
|
|
$
|
16,916
|
|
|
0.2
|
%
|
|
1,489
|
|
|
$
|
75,482
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 60
days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
11
|
|
|
$
|
511
|
|
|
—
|
%
|
|
67
|
|
|
$
|
5,693
|
|
|
0.2
|
%
|
|
95
|
|
|
$
|
5,320
|
|
|
0.2
|
%
|
|
78
|
|
|
$
|
6,264
|
|
|
0.2
|
%
|
|
29
|
|
|
$
|
2,602
|
|
|
0.1
|
%
|
Home equity
loans
|
|
65
|
|
|
2,652
|
|
|
0.2
|
%
|
|
66
|
|
|
2,405
|
|
|
0.2
|
%
|
|
66
|
|
|
2,103
|
|
|
0.2
|
%
|
|
59
|
|
|
2,319
|
|
|
0.2
|
%
|
|
53
|
|
|
2,544
|
|
|
0.2
|
%
|
Consumer
loans
|
|
265
|
|
|
2,610
|
|
|
0.2
|
%
|
|
395
|
|
|
3,302
|
|
|
0.3
|
%
|
|
288
|
|
|
2,632
|
|
|
0.2
|
%
|
|
338
|
|
|
2,897
|
|
|
0.3
|
%
|
|
299
|
|
|
2,177
|
|
|
0.2
|
%
|
Commercial real
estate loans
|
|
12
|
|
|
2,981
|
|
|
0.1
|
%
|
|
19
|
|
|
1,690
|
|
|
0.1
|
%
|
|
15
|
|
|
1,893
|
|
|
0.1
|
%
|
|
16
|
|
|
2,617
|
|
|
0.1
|
%
|
|
17
|
|
|
4,064
|
|
|
0.1
|
%
|
Commercial
loans
|
|
10
|
|
|
309
|
|
|
—
|
%
|
|
17
|
|
|
6,403
|
|
|
0.9
|
%
|
|
10
|
|
|
589
|
|
|
0.1
|
%
|
|
16
|
|
|
1,725
|
|
|
0.2
|
%
|
|
7
|
|
|
738
|
|
|
0.1
|
%
|
Total loans
delinquent 60 days to 89 days
|
|
363
|
|
|
$
|
9,063
|
|
|
0.1
|
%
|
|
564
|
|
|
$
|
19,493
|
|
|
0.2
|
%
|
|
474
|
|
|
$
|
12,537
|
|
|
0.1
|
%
|
|
507
|
|
|
$
|
15,822
|
|
|
0.2
|
%
|
|
405
|
|
|
$
|
12,125
|
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 90
days or more: **
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
129
|
|
|
$
|
10,457
|
|
|
0.4
|
%
|
|
141
|
|
|
$
|
12,775
|
|
|
0.4
|
%
|
|
138
|
|
|
$
|
11,816
|
|
|
0.4
|
%
|
|
129
|
|
|
$
|
10,800
|
|
|
0.4
|
%
|
|
113
|
|
|
$
|
10,801
|
|
|
0.4
|
%
|
Home equity
loans
|
|
152
|
|
|
5,816
|
|
|
0.4
|
%
|
|
159
|
|
|
5,688
|
|
|
0.4
|
%
|
|
157
|
|
|
5,966
|
|
|
0.4
|
%
|
|
136
|
|
|
5,591
|
|
|
0.4
|
%
|
|
155
|
|
|
5,542
|
|
|
0.4
|
%
|
Consumer
loans
|
|
445
|
|
|
3,459
|
|
|
0.3
|
%
|
|
590
|
|
|
3,611
|
|
|
0.3
|
%
|
|
398
|
|
|
3,401
|
|
|
0.3
|
%
|
|
710
|
|
|
2,908
|
|
|
0.3
|
%
|
|
764
|
|
|
3,221
|
|
|
0.3
|
%
|
Commercial real
estate loans
|
|
139
|
|
|
25,342
|
|
|
0.9
|
%
|
|
129
|
|
|
25,014
|
|
|
0.9
|
%
|
|
118
|
|
|
22,292
|
|
|
0.8
|
%
|
|
118
|
|
|
21,123
|
|
|
0.7
|
%
|
|
125
|
|
|
24,589
|
|
|
0.9
|
%
|
Commercial
loans
|
|
51
|
|
|
16,685
|
|
|
2.3
|
%
|
|
37
|
|
|
4,739
|
|
|
0.7
|
%
|
|
40
|
|
|
5,741
|
|
|
0.8
|
%
|
|
25
|
|
|
2,920
|
|
|
0.4
|
%
|
|
23
|
|
|
2,027
|
|
|
0.3
|
%
|
Total loans
delinquent 90 days or more
|
|
916
|
|
|
$
|
61,759
|
|
|
0.7
|
%
|
|
1,056
|
|
|
$
|
51,827
|
|
|
0.6
|
%
|
|
851
|
|
|
$
|
49,216
|
|
|
0.6
|
%
|
|
1,118
|
|
|
$
|
43,342
|
|
|
0.5
|
%
|
|
1,180
|
|
|
$
|
46,180
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
delinquent
|
|
2,873
|
|
|
$
|
139,852
|
|
|
1.6
|
%
|
|
3,120
|
|
|
$
|
119,401
|
|
|
1.4
|
%
|
|
2,406
|
|
|
$
|
81,030
|
|
|
0.9
|
%
|
|
2,704
|
|
|
$
|
76,080
|
|
|
0.9
|
%
|
|
3,074
|
|
|
$
|
133,787
|
|
|
1.6
|
%
|
|
*
Represents delinquency, in dollars, divided by the respective total
amount of that type of loan outstanding.
|
** Includes
purchased credit deteriorated loans of $298,000 at March 31,
2020, and purchased credit impaired loans of $147,000, $95,000,
$190,000, and $87,000 at December 31, 2019, September 30,
2019, June 30, 2019, and March 31, 2019,
respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Analysis of loan
portfolio by loan sector (Unaudited)
|
(dollars in
thousands)
|
Loans
outstanding
|
|
At March 31,
2020
|
|
30-59 days
delinquent
|
|
*
|
|
60-89 days
delinquent
|
|
*
|
|
90 days or
greater delinquent
|
|
*
|
|
Total
delinquent
|
|
*
|
|
Current
|
|
*
|
|
Total loans
receivable
|
|
*
|
Restaurants/bars
|
|
$
|
47
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
116
|
|
|
—
|
%
|
|
$
|
163
|
|
|
—
|
%
|
|
$
|
46,058
|
|
|
0.5
|
%
|
|
$
|
46,221
|
|
|
0.5
|
%
|
Hotels/hospitality
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
183,697
|
|
|
2.1
|
%
|
|
183,697
|
|
|
2.1
|
%
|
Gyms and
fitness
|
|
109
|
|
|
—
|
%
|
|
59
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
168
|
|
|
—
|
%
|
|
3,931
|
|
|
—
|
%
|
|
4,099
|
|
|
—
|
%
|
Transportation
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
5,094
|
|
|
0.1
|
%
|
|
5,094
|
|
|
0.1
|
%
|
|
11,145
|
|
|
0.1
|
%
|
|
16,239
|
|
|
0.2
|
%
|
Oil and
gas
|
|
130
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
1,781
|
|
|
—
|
%
|
|
1,911
|
|
|
—
|
%
|
|
22,091
|
|
|
0.2
|
%
|
|
24,002
|
|
|
0.3
|
%
|
Residential care
facilities
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
192,264
|
|
|
2.2
|
%
|
|
192,264
|
|
|
2.2
|
%
|
Education
|
|
4,151
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
506
|
|
|
—
|
%
|
|
4,657
|
|
|
—
|
%
|
|
35,751
|
|
|
0.4
|
%
|
|
40,408
|
|
|
0.4
|
%
|
All other
sectors
|
|
64,593
|
|
|
0.8
|
%
|
|
9,004
|
|
|
0.1
|
%
|
|
54,262
|
|
|
0.6
|
%
|
|
127,859
|
|
|
1.5
|
%
|
|
8,202,085
|
|
|
92.8
|
%
|
|
8,329,944
|
|
|
94.3
|
%
|
Total
loans
|
|
$
|
69,030
|
|
|
0.8
|
%
|
|
$
|
9,063
|
|
|
0.1
|
%
|
|
$
|
61,759
|
|
|
0.7
|
%
|
|
$
|
139,852
|
|
|
1.6
|
%
|
|
$
|
8,697,022
|
|
|
98.4
|
%
|
|
$
|
8,836,874
|
|
|
100.0
|
%
|
|
*
Percent of total loans outstanding.
|
Loan
deferrals
|
|
At March 31,
2020
|
|
# of
Loans
|
|
Outstanding
principal
balance
|
Residential mortgage
loans
|
|
640
|
|
$
|
96,839
|
|
Home equity
loans
|
|
533
|
|
33,521
|
|
Consumer
loans
|
|
1,803
|
|
33,443
|
|
Commercial real
estate loans
|
|
1,041
|
|
736,688
|
|
Commercial
loans
|
|
542
|
|
85,483
|
|
Total
loans *
|
|
4,559
|
|
$
|
985,974
|
|
|
*
Represents loans that entered into an optional 90 day deferral
period offered by the Company to aid customers during the COVID-19
pandemic. The loan balances reflected are as of March 31,
2020, however, the approval of the deferral occurred during the
month of April 2020.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Allowance for loan
losses (Unaudited)
|
(dollars in
thousands)
|
|
|
Quarter ended
|
|
March 31,
2020
|
|
December 31,
2019
|
|
September 30,
2019
|
|
June 30,
2019
|
|
March 31,
2019
|
Beginning
balance
|
$
|
57,941
|
|
|
52,859
|
|
|
53,107
|
|
|
55,721
|
|
|
55,214
|
|
CECL
adoption
|
10,792
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Provision
|
27,637
|
|
|
8,223
|
|
|
3,302
|
|
|
4,667
|
|
|
6,467
|
|
Charge-offs
residential mortgage
|
(343)
|
|
|
(222)
|
|
|
(190)
|
|
|
(397)
|
|
|
(357)
|
|
Charge-offs home
equity
|
(289)
|
|
|
(113)
|
|
|
(466)
|
|
|
(389)
|
|
|
(153)
|
|
Charge-offs
consumer
|
(3,488)
|
|
|
(3,142)
|
|
|
(3,078)
|
|
|
(2,566)
|
|
|
(3,021)
|
|
Charge-offs
commercial real estate
|
(331)
|
|
|
(107)
|
|
|
(389)
|
|
|
(4,367)
|
|
|
(604)
|
|
Charge-offs
commercial
|
(815)
|
|
|
(1,143)
|
|
|
(1,151)
|
|
|
(1,087)
|
|
|
(3,270)
|
|
Recoveries
|
1,793
|
|
|
1,586
|
|
|
1,724
|
|
|
1,525
|
|
|
1,445
|
|
Ending
balance
|
$
|
92,897
|
|
|
57,941
|
|
|
52,859
|
|
|
53,107
|
|
|
55,721
|
|
Net charge-offs to
average loans, annualized
|
0.16
|
%
|
|
0.14
|
%
|
|
0.16
|
%
|
|
0.34
|
%
|
|
0.29
|
%
|
|
March 31,
2020
|
|
Originated
loans
|
|
Acquired
loans
|
|
Total
loans
|
|
Balance
|
|
Reserve
|
|
Balance
|
|
Reserve
|
|
Balance
|
|
Reserve
|
Residential mortgage
loans
|
$
|
2,762,248
|
|
|
10,299
|
|
|
76,038
|
|
|
374
|
|
|
2,838,286
|
|
|
10,673
|
|
Home equity
loans
|
1,121,979
|
|
|
8,497
|
|
|
231,284
|
|
|
1,288
|
|
|
1,353,263
|
|
|
9,785
|
|
Consumer
loans
|
1,163,689
|
|
|
16,962
|
|
|
14,366
|
|
|
198
|
|
|
1,178,055
|
|
|
17,160
|
|
Personal Banking
Loans
|
5,047,916
|
|
|
35,758
|
|
|
321,688
|
|
|
1,860
|
|
|
5,369,604
|
|
|
37,618
|
|
Commercial real
estate loans
|
2,374,451
|
|
|
30,628
|
|
|
381,017
|
|
|
7,128
|
|
|
2,755,468
|
|
|
37,756
|
|
Commercial
loans
|
658,161
|
|
|
16,045
|
|
|
53,641
|
|
|
1,478
|
|
|
711,802
|
|
|
17,523
|
|
Commercial Banking
Loans
|
3,032,612
|
|
|
46,673
|
|
|
434,658
|
|
|
8,606
|
|
|
3,467,270
|
|
|
55,279
|
|
Total
Loans
|
$
|
8,080,528
|
|
|
82,431
|
|
|
756,346
|
|
|
10,466
|
|
|
8,836,874
|
|
|
92,897
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Average balance
sheet (Unaudited)
|
(dollars in
thousands)
|
|
The following table
sets forth certain information relating to the Company's average
balance sheet and reflects the average yield on assets and average
cost of liabilities for the periods indicated. Such yields
and costs are derived by dividing income or expense by the average
balance of assets or liabilities, respectively, for the periods
presented. Average balances are calculated using daily
averages.
|
|
|
Quarter ended
|
|
March 31,
2020
|
|
December 31,
2019
|
|
September 30,
2019
|
|
June 30,
2019
|
|
March 31,
2019
|
|
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
|
$
|
2,845,483
|
|
|
28,062
|
|
|
3.94
|
%
|
|
$
|
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
|
%
|
Home equity
loans
|
1,345,059
|
|
|
14,801
|
|
|
4.43
|
%
|
|
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
|
%
|
Consumer
loans
|
1,123,336
|
|
|
12,160
|
|
|
4.35
|
%
|
|
1,073,565
|
|
|
12,016
|
|
|
4.44
|
%
|
|
1,028,579
|
|
|
11,916
|
|
|
4.60
|
%
|
|
945,080
|
|
|
10,736
|
|
|
4.57
|
%
|
|
872,535
|
|
|
10,191
|
|
|
4.74
|
%
|
Commercial real
estate loans
|
2,747,419
|
|
|
31,437
|
|
|
4.53
|
%
|
|
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
|
%
|
Commercial
loans
|
712,621
|
|
|
8,856
|
|
|
4.92
|
%
|
|
717,438
|
|
|
9,841
|
|
|
5.37
|
%
|
|
710,847
|
|
|
9,949
|
|
|
5.48
|
%
|
|
670,613
|
|
|
7,966
|
|
|
4.70
|
%
|
|
615,090
|
|
|
8,967
|
|
|
5.83
|
%
|
Total loans
receivable (a) (b) (d)
|
8,773,918
|
|
|
95,316
|
|
|
4.37
|
%
|
|
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
|
%
|
Mortgage-backed
securities (c)
|
668,470
|
|
|
4,175
|
|
|
2.50
|
%
|
|
667,910
|
|
|
4,237
|
|
|
2.54
|
%
|
|
641,085
|
|
|
4,188
|
|
|
2.61
|
%
|
|
644,887
|
|
|
4,280
|
|
|
2.65
|
%
|
|
604,463
|
|
|
3,965
|
|
|
2.62
|
%
|
Investment securities
(c) (d)
|
144,152
|
|
|
881
|
|
|
2.44
|
%
|
|
151,289
|
|
|
938
|
|
|
2.48
|
%
|
|
218,753
|
|
|
1,168
|
|
|
2.14
|
%
|
|
226,325
|
|
|
1,198
|
|
|
2.12
|
%
|
|
227,312
|
|
|
1,167
|
|
|
2.05
|
%
|
FHLB stock, at
cost
|
15,931
|
|
|
262
|
|
|
6.61
|
%
|
|
13,400
|
|
|
262
|
|
|
7.76
|
%
|
|
16,302
|
|
|
307
|
|
|
7.47
|
%
|
|
16,117
|
|
|
316
|
|
|
7.86
|
%
|
|
16,098
|
|
|
171
|
|
|
4.31
|
%
|
Other
interest-earning deposits
|
34,697
|
|
|
135
|
|
|
1.54
|
%
|
|
31,624
|
|
|
169
|
|
|
2.09
|
%
|
|
28,832
|
|
|
172
|
|
|
2.33
|
%
|
|
20,983
|
|
|
159
|
|
|
3.00
|
%
|
|
14,136
|
|
|
100
|
|
|
2.83
|
%
|
Total
interest-earning assets
|
9,637,168
|
|
|
100,769
|
|
|
4.21
|
%
|
|
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
|
%
|
Noninterest earning
assets (e)
|
960,303
|
|
|
|
|
|
|
869,117
|
|
|
|
|
|
|
916,781
|
|
|
|
|
|
|
910,225
|
|
|
|
|
|
|
868,843
|
|
|
|
|
|
Total
assets
|
$
|
10,597,471
|
|
|
|
|
|
|
$
|
10,447,710
|
|
|
|
|
|
|
$
|
10,568,279
|
|
|
|
|
|
|
$
|
10,412,664
|
|
|
|
|
|
|
$
|
9,887,415
|
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$
|
1,611,111
|
|
|
727
|
|
|
0.18
|
%
|
|
$
|
1,615,996
|
|
|
792
|
|
|
0.19
|
%
|
|
$
|
1,658,670
|
|
|
788
|
|
|
0.19
|
%
|
|
$
|
1,696,715
|
|
|
777
|
|
|
0.18
|
%
|
|
$
|
1,650,947
|
|
|
758
|
|
|
0.19
|
%
|
Interest-bearing
demand deposits
|
1,915,871
|
|
|
1,307
|
|
|
0.27
|
%
|
|
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
|
%
|
Money market deposit
accounts
|
1,921,243
|
|
|
3,088
|
|
|
0.65
|
%
|
|
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
|
%
|
Time
deposits
|
1,528,891
|
|
|
6,281
|
|
|
1.65
|
%
|
|
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
|
%
|
Borrowed funds
(f)
|
240,118
|
|
|
709
|
|
|
1.19
|
%
|
|
177,670
|
|
|
444
|
|
|
0.99
|
%
|
|
243,960
|
|
|
1,002
|
|
|
1.63
|
%
|
|
147,119
|
|
|
413
|
|
|
1.13
|
%
|
|
257,550
|
|
|
1,006
|
|
|
1.58
|
%
|
Junior subordinated
debentures
|
121,809
|
|
|
1,038
|
|
|
3.37
|
%
|
|
121,796
|
|
|
1,136
|
|
|
3.65
|
%
|
|
121,767
|
|
|
1,235
|
|
|
3.97
|
%
|
|
121,757
|
|
|
1,307
|
|
|
4.25
|
%
|
|
114,727
|
|
|
1,156
|
|
|
4.03
|
%
|
Total
interest-bearing liabilities
|
7,339,043
|
|
|
13,150
|
|
|
0.72
|
%
|
|
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
|
%
|
Noninterest-bearing
demand deposits (g)
|
1,640,180
|
|
|
|
|
|
|
1,800,861
|
|
|
|
|
|
|
1,915,392
|
|
|
|
|
|
|
1,888,697
|
|
|
|
|
|
|
1,785,158
|
|
|
|
|
|
Noninterest bearing
liabilities
|
268,139
|
|
|
|
|
|
|
158,434
|
|
|
|
|
|
|
216,433
|
|
|
|
|
|
|
225,623
|
|
|
|
|
|
|
223,480
|
|
|
|
|
|
Total
liabilities
|
9,247,362
|
|
|
|
|
|
|
9,097,907
|
|
|
|
|
|
|
9,228,940
|
|
|
|
|
|
|
9,092,282
|
|
|
|
|
|
|
8,611,130
|
|
|
|
|
|
Shareholders'
equity
|
1,350,109
|
|
|
|
|
|
|
1,349,803
|
|
|
|
|
|
|
1,339,339
|
|
|
|
|
|
|
1,320,382
|
|
|
|
|
|
|
1,276,285
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
10,597,471
|
|
|
|
|
|
|
$
|
10,447,710
|
|
|
|
|
|
|
$
|
10,568,279
|
|
|
|
|
|
|
$
|
10,412,664
|
|
|
|
|
|
|
$
|
9,887,415
|
|
|
|
|
|
Net interest
income/Interest rate spread
|
|
|
87,619
|
|
|
3.48
|
%
|
|
|
|
89,340
|
|
|
3.50
|
%
|
|
|
|
91,332
|
|
|
3.52
|
%
|
|
|
|
93,005
|
|
|
3.71
|
%
|
|
|
|
88,351
|
|
|
3.77
|
%
|
Net interest-earning
assets/Net interest margin
|
$
|
2,298,125
|
|
|
|
|
3.66
|
%
|
|
$
|
2,439,981
|
|
|
|
|
3.73
|
%
|
|
$
|
2,554,383
|
|
|
|
|
3.79
|
%
|
|
$
|
2,524,477
|
|
|
|
|
3.91
|
%
|
|
$
|
2,416,080
|
|
|
|
|
3.97
|
%
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.31X
|
|
|
|
|
|
|
1.34X
|
|
|
|
|
|
|
1.36X
|
|
|
|
|
|
|
1.36X
|
|
|
|
|
|
|
1.37X
|
|
|
|
|
|
|
(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 0.53%, 0.59%, 0.63%, 0.58%, and 0.51%,
respectively.
|
(h)
|
Shown on a FTE basis.
GAAP basis yields for the periods indicated were: Loans - 4.35%,
4.46%, 4.59%, 4.71%, and 4.72%, respectively, Investment
securities - 2.31%, 2.34%, 2.03%, 2.01%, and 1.97%,
respectively, Interest-earning assets - 4.19%, 4.28%, 4.39%,
4.51%, and 4.51%, respectively. GAAP basis net interest rate
spreads were 3.47%, 3.48%, 3.50%, 3.69%, and 3.75%, respectively,
and GAAP basis net interest margins were 3.64%, 3.71%, 3.77%,
3.90%, and 3.96%, respectively.
|
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SOURCE Northwest Bank