WARREN, Pa., April 26,
2021 /PRNewswire/ -- Northwest Bancshares, Inc. (the
"Company") (NasdaqGS: NWBI) announced net income for the quarter
ended March 31, 2021 of $40.2
million, or $0.32 per diluted
share. This represents an increase of $32.3 million compared to the same quarter last
year when net income was $7.9
million, or $0.07 per diluted
share. The annualized returns on average shareholders' equity
and average assets for the quarter ended March 31, 2021 were
10.61% and 1.17% compared to 2.37% and 0.30% for the same quarter
last year.
The Company also announced that its Board of Directors increased
the quarterly cash dividend by 5.3% to $0.20 per share payable on May 17, 2021 to
shareholders of record as of May 6, 2021. This is the
106th consecutive quarter in which the Company has paid a cash
dividend. Based on the market value of the Company's common
stock as of March 31, 2021, this represents an annualized
dividend yield of approximately 5.5%.
In making this announcement, Ronald J.
Seiffert, Chairman, President and CEO, noted, "We are
extremely pleased with the current quarter results beginning once
again with strong fee income led by our mortgage banking
operations. We are also delighted to report that our credit
loss provision decreased significantly from prior year and prior
quarter as we continue to see economic forecasts improve.
From a credit quality perspective, delinquencies continue to be
well maintained while payment deferrals on loans declined to just
$53.8 million, or 0.5% of the loan
portfolio, at March 31, 2021 as
compared to $129.9 million at
December 31, 2020. Despite the
increase in nonperforming loans, or loans for which the accrual of
interest has ceased, by $120.7
million during the quarter, classified loans declined from
the December quarter by $21.6
million, or 4.4%, indicating that these potential problem
loans had already previously been identified and an adequate
reserve has already been allocated."
Mr. Seiffert continued, "During the first quarter, we also
announced the divestiture of our insurance business to a very
qualified and compassionate buyer in USI Insurance Services. As we
assessed this business line for the past several years, it became
clear that we were not going to be able to scale this business line
in a meaningful way and that our resources and capital are better
spent on our core banking businesses. The sale is expected to
close during the second quarter."
Net interest income increased by $13.2
million, or 15.2%, to $100.5
million for the quarter ended March 31, 2021, from
$87.2 million for the quarter ended
March 31, 2020, largely due to a $7.3
million, or 7.7%, increase in interest income on loans
receivable. This increase in interest income on loans was
mainly due to an increase of $1.633
billion, or 18.6%, in the average balance of loans,
primarily as a result of the acquisition of MutualBank during the
second quarter of 2020. Also contributing to this increase in
net interest income was a decrease of $5.9
million, or 51.6%, in interest expense on deposits due to a
decline in market interest rates when compared to the prior year,
resulting in a decrease in the cost of our interest-bearing
liabilities to 0.33% for the quarter ended March 31, 2021 from
0.72% for the quarter ended March 31, 2020. Despite the
overall increase in net interest income, net interest margin
decreased to 3.18% for the quarter ended March 31, 2021 from
3.66% for the same quarter last year as interest earning asset
yields decreased to 3.42% for the quarter ended March 31, 2021
from 4.21% for the quarter ended March 31, 2020. Contributing
to the overall decline in average asset yield was the increase in
average cash balances of $766.4
million, earning just 0.09%, due to deposit growth
associated with Payroll Protection Program ("PPP") loan funds and
consumer stimulus checks, as well as the overall decrease in market
interest rates beginning with the decrease in the targeted federal
funds rate of 1.25% by the Federal Reserve in March of 2020.
The provision for credit losses decreased by $33.3 million due to a current period credit of
$5.6 million for the quarter ended
March 31, 2021, compared to a provision expense of
$27.6 million for the quarter ended
March 31, 2020 because of a release in the allowance for
credit losses due to continued improvements in economic
forecasts. Total classified loans increased by $253.6 million to $467.7
million, or 4.51% of total loans, at March 31, 2021
from $214.1 million, or 2.42% of
total loans, as of March 31, 2020. This increase was
primarily due to the downgrade of commercial loans in certain
industries impacted by COVID-19.
Noninterest income increased by $4.0
million, or 14.2%, to $32.0
million for the quarter ended March 31, 2021, from
$28.0 million for the quarter ended
March 31, 2020. This increase was primarily due to the
increase in mortgage banking income of $4.8
million to $6.0 million for
the quarter ended March 31, 2021 from $1.2 million for the quarter ended March 31,
2020. This increase was due to continued efforts to expand our
secondary market sales capabilities over the last year, as well as
an interest rate environment conducive to refinance activity and
attractive secondary market pricing. In addition, trust and other
financial services income increased $1.5
million, or 29.7%, as a result of additional fee income from
the MutualBank acquisition. Slightly offsetting these increases was
a decrease in service charges and fees of $2.7 million, or 18.0%, due to the impact of the
Durbin amendment on our interchange fees which came into effect in
the second half of 2020.
Noninterest expense increased by $7.6
million, or 9.6%, to $86.2
million for the quarter ended March 31, 2021, from
$78.6 million for the quarter ended
March 31, 2020. This increase resulted primarily from an
increase of $4.5 million, or 10.5%,
in compensation and employee benefits due primarily to the addition
of MutualBank employees during the second quarter of 2020.
Also contributing to this increase was an increase of $2.3 million, or 20.8%, in processing expenses as
we continue to invest in technology and infrastructure and as
activity-driven utilization fees for online and mobile banking has
increased. Professional services expense increased
$1.8 million, or 62.9%, due to the
utilization of third-party experts to recruit talent and assist
with our digital strategy rollout. Premises and occupancy costs
increased $1.3 million, or 18.0%,
over the prior year due primarily to additional snow removal costs.
Lastly, Federal Deposit Insurance Corporation ("FDIC") insurance
premiums increased $1.3 million due
to assessment credits received in the previous year.
The provision for income taxes increased by $10.6 million to $11.6
million for the quarter ended March 31, 2021, from
$1.0 million for the quarter ended
March 31, 2020 due to higher income before income taxes.
Northwest Bancshares, Inc. is the holding company of Northwest
Bank, which is headquartered in Warren, Pennsylvania. Founded in 1896,
Northwest Bank is a full-service financial institution offering a
complete line of business and personal banking products, as well as
employee benefits and wealth management services. As of
March 31, 2021, Northwest operated 162 full-service community
banking offices and eight free standing drive-through facilities in
Pennsylvania, New York, Ohio and Indiana. Northwest Bancshares,
Inc.'s common stock is listed on the NASDAQ Global Select Market
("NWBI"). Additional information regarding Northwest Bancshares,
Inc. and Northwest Bank can be accessed on-line at
www.northwest.com.
Forward-Looking Statements - This release may contain
forward-looking statements with respect to the financial condition
and results of operations of Northwest Bancshares, Inc. including,
without limitations, statements relating to the earnings outlook of
the Company. These forward-looking statements involve certain risks
and uncertainties. Factors that may cause actual results to differ
materially from those contemplated by such forward-looking
statements, include among others, the following possibilities: (1)
changes in the interest rate environment; (2) competitive pressure
among financial services companies; (3) general economic conditions
including an increase in non-performing loans; (4) changes in
legislation or regulatory requirements; (5) difficulties in
continuing to improve operating efficiencies; (6) difficulties in
the integration of acquired businesses or the ability to complete
sales transactions; (7) increased risk associated with commercial
real-estate and business loans; and (8) the effect of any pandemic,
including COVID-19, war or act of terrorism. Management has
no obligation to revise or update these forward-looking statements
to reflect events or circumstances that arise after the date of
this release.
Northwest
Bancshares, Inc. and Subsidiaries Consolidated
Statements of Financial Condition (Unaudited) (dollars in
thousands, except per share amounts)
|
|
|
March 31,
2021
|
|
December
31,
2020
|
|
March 31,
2020
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
979,290
|
|
|
736,277
|
|
|
276,454
|
|
Marketable securities
available-for-sale (amortized cost of $1,430,352, $1,375,685 and
$749,703, respectively)
|
1,430,131
|
|
|
1,398,941
|
|
|
765,579
|
|
Marketable securities
held-to-maturity (fair value of $593,232, $179,666 and $17,968,
respectively)
|
604,284
|
|
|
178,887
|
|
|
17,208
|
|
Total cash and cash
equivalents and marketable securities
|
3,013,705
|
|
|
2,314,105
|
|
|
1,059,241
|
|
|
|
|
|
|
|
Residential mortgage
loans held-for-sale
|
46,270
|
|
|
58,786
|
|
|
6,426
|
|
Residential mortgage
loans
|
2,925,408
|
|
|
3,009,335
|
|
|
2,831,860
|
|
Home equity
loans
|
1,407,524
|
|
|
1,467,736
|
|
|
1,353,263
|
|
Consumer
loans
|
1,554,355
|
|
|
1,507,993
|
|
|
1,178,055
|
|
Commercial real
estate loans
|
3,289,436
|
|
|
3,345,889
|
|
|
2,755,468
|
|
Commercial
loans
|
1,145,047
|
|
|
1,191,110
|
|
|
711,802
|
|
Total loans
receivable
|
10,368,040
|
|
|
10,580,849
|
|
|
8,836,874
|
|
Allowance for credit
losses
|
(123,997)
|
|
|
(134,427)
|
|
|
(92,897)
|
|
Loans receivable,
net
|
10,244,043
|
|
|
10,446,422
|
|
|
8,743,977
|
|
|
|
|
|
|
|
FHLB stock, at
cost
|
21,861
|
|
|
21,748
|
|
|
13,131
|
|
Accrued interest
receivable
|
28,732
|
|
|
35,554
|
|
|
25,531
|
|
Real estate owned,
net
|
1,738
|
|
|
2,232
|
|
|
1,075
|
|
Premises and
equipment, net
|
158,784
|
|
|
161,538
|
|
|
147,427
|
|
Bank-owned life
insurance
|
252,599
|
|
|
253,951
|
|
|
190,127
|
|
Goodwill
|
382,356
|
|
|
382,279
|
|
|
346,103
|
|
Other intangible
assets, net
|
18,342
|
|
|
19,936
|
|
|
21,425
|
|
Other
assets
|
148,196
|
|
|
168,503
|
|
|
133,159
|
|
Total
assets
|
$
|
14,270,356
|
|
|
13,806,268
|
|
|
10,681,196
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
$
|
3,000,019
|
|
|
2,716,224
|
|
|
1,736,622
|
|
Interest-bearing
demand deposits
|
2,826,461
|
|
|
2,755,950
|
|
|
1,975,830
|
|
Money market deposit
accounts
|
2,521,881
|
|
|
2,437,539
|
|
|
1,946,113
|
|
Savings
deposits
|
2,229,214
|
|
|
2,047,424
|
|
|
1,640,414
|
|
Time
deposits
|
1,535,519
|
|
|
1,642,096
|
|
|
1,493,756
|
|
Total
deposits
|
12,113,094
|
|
|
11,599,233
|
|
|
8,792,735
|
|
|
|
|
|
|
|
Borrowed
funds
|
253,617
|
|
|
283,044
|
|
|
191,599
|
|
Junior subordinated
debentures
|
128,859
|
|
|
128,794
|
|
|
121,813
|
|
Advances by borrowers
for taxes and insurance
|
44,024
|
|
|
45,230
|
|
|
47,154
|
|
Accrued interest
payable
|
659
|
|
|
2,054
|
|
|
834
|
|
Other
liabilities
|
189,109
|
|
|
209,210
|
|
|
185,269
|
|
Total
liabilities
|
12,729,362
|
|
|
12,267,565
|
|
|
9,339,404
|
|
Shareholders'
equity
|
|
|
|
|
|
Preferred stock,
$0.01 par value: 50,000,000 shares authorized, no shares
issued
|
—
|
|
|
—
|
|
|
—
|
|
Common stock, $0.01
par value: 500,000,000 shares authorized, 127,222,648, 127,019,452,
and 106,933,483 shares issued and outstanding,
respectively
|
1,272
|
|
|
1,270
|
|
|
1,069
|
|
Additional paid-in
capital
|
1,018,822
|
|
|
1,015,502
|
|
|
808,250
|
|
Retained
earnings
|
571,612
|
|
|
555,480
|
|
|
561,380
|
|
Accumulated other
comprehensive loss
|
(50,712)
|
|
|
(33,549)
|
|
|
(28,907)
|
|
Total shareholders'
equity
|
1,540,994
|
|
|
1,538,703
|
|
|
1,341,792
|
|
Total liabilities and
shareholders' equity
|
$
|
14,270,356
|
|
|
13,806,268
|
|
|
10,681,196
|
|
|
|
|
|
|
|
Equity to
assets
|
10.80
|
%
|
|
11.14
|
%
|
|
12.56
|
%
|
Tangible common equity
to assets*
|
8.22
|
%
|
|
8.48
|
%
|
|
9.45
|
%
|
Book value per
share
|
$
|
12.11
|
|
|
12.11
|
|
|
12.55
|
|
Tangible book value
per share*
|
$
|
8.96
|
|
|
8.95
|
|
|
9.11
|
|
Closing market price
per share
|
$
|
14.45
|
|
|
12.74
|
|
|
11.57
|
|
Full time equivalent
employees
|
2,443
|
|
|
2,421
|
|
|
2,223
|
|
Number of banking
offices
|
170
|
|
|
170
|
|
|
178
|
|
|
*
Excludes goodwill and other intangible assets
(non-GAAP).
|
Northwest
Bancshares, Inc. and Subsidiaries Consolidated
Statements of Income/(Loss) (Unaudited) (dollars in
thousands, except per share amounts)
|
|
|
Quarter ended
|
|
March 31,
2021
|
|
December
31,
2020
|
|
September
30,
2020
|
|
June 30,
2020
|
|
March 31,
2020
|
|
|
|
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$
|
102,318
|
|
|
105,681
|
|
|
107,241
|
|
|
103,012
|
|
|
94,973
|
|
Mortgage-backed
securities
|
4,200
|
|
|
4,551
|
|
|
4,652
|
|
|
4,038
|
|
|
4,175
|
|
Taxable investment
securities
|
634
|
|
|
471
|
|
|
427
|
|
|
439
|
|
|
648
|
|
Tax-free investment
securities
|
575
|
|
|
656
|
|
|
655
|
|
|
564
|
|
|
185
|
|
FHLB stock
dividends
|
116
|
|
|
192
|
|
|
218
|
|
|
309
|
|
|
262
|
|
Interest-earning
deposits
|
183
|
|
|
178
|
|
|
221
|
|
|
185
|
|
|
135
|
|
Total interest
income
|
108,026
|
|
|
111,729
|
|
|
113,414
|
|
|
108,547
|
|
|
100,378
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
Deposits
|
5,514
|
|
|
6,714
|
|
|
8,443
|
|
|
9,336
|
|
|
11,403
|
|
Borrowed
funds
|
2,054
|
|
|
2,127
|
|
|
1,437
|
|
|
1,133
|
|
|
1,747
|
|
Total interest
expense
|
7,568
|
|
|
8,841
|
|
|
9,880
|
|
|
10,469
|
|
|
13,150
|
|
Net interest
income
|
100,458
|
|
|
102,888
|
|
|
103,534
|
|
|
98,078
|
|
|
87,228
|
|
Provision for credit losses
|
(5,620)
|
|
|
(2,230)
|
|
|
6,818
|
|
|
51,750
|
|
|
27,637
|
|
Net interest income
after provision for credit losses
|
106,078
|
|
|
105,118
|
|
|
96,716
|
|
|
46,328
|
|
|
59,591
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
Gain/(loss) on sale of
investments
|
(21)
|
|
|
75
|
|
|
(12)
|
|
|
(8)
|
|
|
181
|
|
Gain on sale of
loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,302
|
|
Service charges and
fees
|
12,394
|
|
|
13,074
|
|
|
14,354
|
|
|
13,069
|
|
|
15,116
|
|
Trust and other
financial services income
|
6,484
|
|
|
5,722
|
|
|
5,376
|
|
|
4,823
|
|
|
5,001
|
|
Insurance commission
income
|
2,546
|
|
|
2,034
|
|
|
2,331
|
|
|
2,395
|
|
|
2,372
|
|
Gain/(loss) on real
estate owned, net
|
(42)
|
|
|
114
|
|
|
(32)
|
|
|
(97)
|
|
|
(91)
|
|
Income from bank-owned
life insurance
|
1,736
|
|
|
1,330
|
|
|
1,576
|
|
|
1,248
|
|
|
1,036
|
|
Mortgage banking
income
|
6,020
|
|
|
7,120
|
|
|
11,055
|
|
|
12,022
|
|
|
1,194
|
|
Other operating
income
|
2,836
|
|
|
2,654
|
|
|
2,022
|
|
|
2,044
|
|
|
1,865
|
|
Total noninterest
income
|
31,953
|
|
|
32,123
|
|
|
36,670
|
|
|
35,496
|
|
|
27,976
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
47,239
|
|
|
48,209
|
|
|
47,371
|
|
|
40,049
|
|
|
42,746
|
|
Premises and occupancy
costs
|
8,814
|
|
|
7,614
|
|
|
8,342
|
|
|
7,195
|
|
|
7,471
|
|
Office
operations
|
3,165
|
|
|
4,009
|
|
|
4,626
|
|
|
3,711
|
|
|
3,382
|
|
Collections
expense
|
616
|
|
|
893
|
|
|
1,264
|
|
|
644
|
|
|
474
|
|
Processing
expenses
|
13,456
|
|
|
12,186
|
|
|
15,042
|
|
|
11,680
|
|
|
11,142
|
|
Marketing
expenses
|
1,980
|
|
|
1,994
|
|
|
2,147
|
|
|
2,047
|
|
|
1,507
|
|
Federal deposit
insurance premiums
|
1,307
|
|
|
1,651
|
|
|
1,498
|
|
|
1,618
|
|
|
—
|
|
Professional
services
|
4,582
|
|
|
3,599
|
|
|
3,246
|
|
|
2,825
|
|
|
2,812
|
|
Amortization of
intangible assets
|
1,594
|
|
|
1,664
|
|
|
1,781
|
|
|
1,760
|
|
|
1,651
|
|
Real estate owned
expense
|
75
|
|
|
64
|
|
|
111
|
|
|
89
|
|
|
95
|
|
Merger/asset
disposition expense
|
9
|
|
|
7,238
|
|
|
1,414
|
|
|
9,679
|
|
|
2,458
|
|
Other
expenses
|
3,354
|
|
|
3,728
|
|
|
27
|
|
|
7,866
|
|
|
4,873
|
|
Total noninterest
expense
|
86,191
|
|
|
92,849
|
|
|
86,869
|
|
|
89,163
|
|
|
78,611
|
|
Income/(loss) before
income taxes
|
51,840
|
|
|
44,392
|
|
|
46,517
|
|
|
(7,339)
|
|
|
8,956
|
|
Income tax
expense/(benefit)
|
11,603
|
|
|
9,327
|
|
|
8,467
|
|
|
(1,139)
|
|
|
1,017
|
|
Net
income/(loss)
|
$
|
40,237
|
|
|
35,065
|
|
|
38,050
|
|
|
(6,200)
|
|
|
7,939
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings/(loss)
per share
|
$
|
0.32
|
|
|
0.28
|
|
|
0.30
|
|
|
(0.05)
|
|
|
0.08
|
|
Diluted
earnings/(loss) per share
|
$
|
0.32
|
|
|
0.28
|
|
|
0.30
|
|
|
(0.05)
|
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
126,182,409
|
|
|
126,713,429
|
|
|
126,855,810
|
|
|
121,480,563
|
|
|
105,882,553
|
|
Weighted average
common shares outstanding - diluted
|
126,700,024
|
|
|
126,728,602
|
|
|
126,855,810
|
|
|
121,480,563
|
|
|
106,148,247
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average equity
|
10.61
|
%
|
|
9.00
|
%
|
|
9.82
|
%
|
|
(1.63)
|
%
|
|
2.37
|
%
|
Annualized return on
average assets
|
1.17
|
%
|
|
1.01
|
%
|
|
1.09
|
%
|
|
(0.18)
|
%
|
|
0.30
|
%
|
Annualized return on
tangible common equity **
|
14.31
|
%
|
|
12.27
|
%
|
|
13.28
|
%
|
|
(2.22)
|
%
|
|
3.28
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
*
|
63.88
|
%
|
|
62.18
|
%
|
|
59.68
|
%
|
|
58.19
|
%
|
|
64.67
|
%
|
Annualized
noninterest expense to average assets *
|
2.45
|
%
|
|
2.42
|
%
|
|
2.39
|
%
|
|
2.30
|
%
|
|
2.83
|
%
|
|
*
Excludes merger/asset disposition 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)
|
|
|
March
31, 2021
|
|
December
31, 2020
|
|
September
30, 2020
|
|
June
30, 2020
|
|
March
31, 2020
|
Nonaccrual loans
current:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
164
|
|
|
21
|
|
|
1,128
|
|
|
413
|
|
|
285
|
|
Home equity
loans
|
268
|
|
|
154
|
|
|
366
|
|
|
481
|
|
|
592
|
|
Consumer
loans
|
225
|
|
|
207
|
|
|
234
|
|
|
214
|
|
|
77
|
|
Commercial real estate
loans
|
146,304
|
|
|
20,317
|
|
|
22,610
|
|
|
30,677
|
|
|
14,337
|
|
Commercial
loans
|
6,361
|
|
|
16,027
|
|
|
6,488
|
|
|
6,551
|
|
|
3,514
|
|
Total nonaccrual
loans current
|
$
|
153,322
|
|
|
36,726
|
|
|
30,826
|
|
|
38,336
|
|
|
18,805
|
|
Nonaccrual loans
delinquent 30 days to 59 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
1,261
|
|
|
647
|
|
|
60
|
|
|
61
|
|
|
691
|
|
Home equity
loans
|
340
|
|
|
338
|
|
|
445
|
|
|
247
|
|
|
159
|
|
Consumer
loans
|
254
|
|
|
301
|
|
|
230
|
|
|
335
|
|
|
143
|
|
Commercial real estate
loans
|
965
|
|
|
1,416
|
|
|
692
|
|
|
2,372
|
|
|
496
|
|
Commercial
loans
|
1,538
|
|
|
87
|
|
|
57
|
|
|
—
|
|
|
—
|
|
Total nonaccrual
loans delinquent 30 days to 59 days
|
$
|
4,358
|
|
|
2,789
|
|
|
1,484
|
|
|
3,015
|
|
|
1,489
|
|
Nonaccrual loans
delinquent 60 days to 89 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
813
|
|
|
767
|
|
|
576
|
|
|
1,013
|
|
|
218
|
|
Home equity
loans
|
417
|
|
|
190
|
|
|
618
|
|
|
960
|
|
|
539
|
|
Consumer
loans
|
649
|
|
|
583
|
|
|
781
|
|
|
666
|
|
|
488
|
|
Commercial real estate
loans
|
1,877
|
|
|
714
|
|
|
2,745
|
|
|
163
|
|
|
2,096
|
|
Commercial
loans
|
7,919
|
|
|
48
|
|
|
15
|
|
|
768
|
|
|
37
|
|
Total nonaccrual
loans delinquent 60 days to 89 days
|
$
|
11,675
|
|
|
2,302
|
|
|
4,735
|
|
|
3,570
|
|
|
3,378
|
|
Nonaccrual loans
delinquent 90 days or more:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
9,333
|
|
|
14,489
|
|
|
14,750
|
|
|
15,369
|
|
|
10,457
|
|
Home equity
loans
|
7,044
|
|
|
8,441
|
|
|
7,845
|
|
|
7,060
|
|
|
5,816
|
|
Consumer
loans
|
3,625
|
|
|
5,473
|
|
|
5,352
|
|
|
6,896
|
|
|
3,459
|
|
Commercial real estate
loans
|
29,737
|
|
|
25,287
|
|
|
35,496
|
|
|
29,729
|
|
|
25,342
|
|
Commercial
loans
|
4,860
|
|
|
7,325
|
|
|
6,310
|
|
|
11,535
|
|
|
16,685
|
|
Total nonaccrual
loans delinquent 90 days or more
|
$
|
54,599
|
|
|
61,015
|
|
|
69,753
|
|
|
70,589
|
|
|
61,759
|
|
Total nonaccrual
loans
|
$
|
223,954
|
|
|
102,832
|
|
|
106,798
|
|
|
115,510
|
|
|
85,431
|
|
Total nonaccrual
loans
|
$
|
223,954
|
|
|
102,832
|
|
|
106,798
|
|
|
115,510
|
|
|
85,431
|
|
Loans 90 days past
due and still accruing
|
197
|
|
|
585
|
|
|
495
|
|
|
77
|
|
|
31
|
|
Nonperforming
loans
|
224,151
|
|
|
103,417
|
|
|
107,293
|
|
|
115,587
|
|
|
85,462
|
|
Real estate owned,
net
|
1,738
|
|
|
2,232
|
|
|
2,575
|
|
|
1,897
|
|
|
1,075
|
|
Nonperforming
assets
|
$
|
225,889
|
|
|
105,649
|
|
|
109,868
|
|
|
117,484
|
|
|
86,537
|
|
Nonaccrual troubled
debt restructuring *
|
$
|
7,390
|
|
|
10,704
|
|
|
17,120
|
|
|
17,562
|
|
|
17,375
|
|
Accruing troubled
debt restructuring
|
20,120
|
|
|
21,431
|
|
|
17,684
|
|
|
17,888
|
|
|
15,977
|
|
Total troubled debt
restructuring
|
$
|
27,510
|
|
|
32,135
|
|
|
34,804
|
|
|
35,450
|
|
|
33,352
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to total loans
|
2.16
|
%
|
|
0.98
|
%
|
|
1.00
|
%
|
|
1.06
|
%
|
|
0.97
|
%
|
Nonperforming assets
to total assets
|
1.58
|
%
|
|
0.77
|
%
|
|
0.80
|
%
|
|
0.85
|
%
|
|
0.81
|
%
|
Allowance for credit
losses to total loans
|
1.20
|
%
|
|
1.27
|
%
|
|
1.30
|
%
|
|
1.29
|
%
|
|
1.05
|
%
|
Allowance for total
loans excluding PPP loan balances
|
1.24
|
%
|
|
1.32
|
%
|
|
1.36
|
%
|
|
1.36
|
%
|
|
N/A
|
Allowance for credit
losses to nonperforming loans
|
55.32
|
%
|
|
129.99
|
%
|
|
130.68
|
%
|
|
121.63
|
%
|
|
108.70
|
%
|
|
*
Amounts included in nonperforming loans above.
|
Northwest
Bancshares, Inc. and Subsidiaries Loans by Credit
Quality Indicators (Unaudited) (dollars in
thousands)
|
|
At March 31,
2021
|
|
Pass
|
|
Special mention *
|
|
Substandard **
|
|
Doubtful ***
|
|
Loss
|
|
Loans receivable
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,950,103
|
|
|
—
|
|
|
21,575
|
|
|
—
|
|
|
—
|
|
|
2,971,678
|
|
Home equity
loans
|
|
1,396,757
|
|
|
—
|
|
|
10,767
|
|
|
—
|
|
|
—
|
|
|
1,407,524
|
|
Consumer
loans
|
|
1,547,502
|
|
|
—
|
|
|
6,853
|
|
|
—
|
|
|
—
|
|
|
1,554,355
|
|
Total Personal
Banking
|
|
5,894,362
|
|
|
—
|
|
|
39,195
|
|
|
—
|
|
|
—
|
|
|
5,933,557
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,801,082
|
|
|
120,345
|
|
|
368,009
|
|
|
—
|
|
|
—
|
|
|
3,289,436
|
|
Commercial
loans
|
|
1,061,884
|
|
|
22,623
|
|
|
60,540
|
|
|
—
|
|
|
—
|
|
|
1,145,047
|
|
Total Commercial
Banking
|
|
3,862,966
|
|
|
142,968
|
|
|
428,549
|
|
|
—
|
|
|
—
|
|
|
4,434,483
|
|
Total
loans
|
|
$
|
9,757,328
|
|
|
142,968
|
|
|
467,744
|
|
|
—
|
|
|
—
|
|
|
10,368,040
|
|
At December 31,
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
3,042,544
|
|
|
—
|
|
|
25,577
|
|
|
—
|
|
|
—
|
|
|
3,068,121
|
|
Home equity
loans
|
|
1,455,474
|
|
|
—
|
|
|
12,262
|
|
|
—
|
|
|
—
|
|
|
1,467,736
|
|
Consumer
loans
|
|
1,499,004
|
|
|
—
|
|
|
8,989
|
|
|
—
|
|
|
—
|
|
|
1,507,993
|
|
Total Personal
Banking
|
|
5,997,022
|
|
|
—
|
|
|
46,828
|
|
|
—
|
|
|
—
|
|
|
6,043,850
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,852,705
|
|
|
108,021
|
|
|
385,163
|
|
|
—
|
|
|
—
|
|
|
3,345,889
|
|
Commercial
loans
|
|
1,092,498
|
|
|
41,278
|
|
|
57,334
|
|
|
—
|
|
|
—
|
|
|
1,191,110
|
|
Total Commercial
Banking
|
|
3,945,203
|
|
|
149,299
|
|
|
442,497
|
|
|
—
|
|
|
—
|
|
|
4,536,999
|
|
Total
loans
|
|
$
|
9,942,225
|
|
|
149,299
|
|
|
489,325
|
|
|
—
|
|
|
—
|
|
|
10,580,849
|
|
At September 30,
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
3,117,442
|
|
|
—
|
|
|
25,927
|
|
|
—
|
|
|
—
|
|
|
3,143,369
|
|
Home equity
loans
|
|
1,471,919
|
|
|
—
|
|
|
12,446
|
|
|
—
|
|
|
—
|
|
|
1,484,365
|
|
Consumer
loans
|
|
1,478,109
|
|
|
—
|
|
|
8,974
|
|
|
—
|
|
|
—
|
|
|
1,487,083
|
|
Total Personal
Banking
|
|
6,067,470
|
|
|
—
|
|
|
47,347
|
|
|
—
|
|
|
—
|
|
|
6,114,817
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,850,611
|
|
|
110,073
|
|
|
359,059
|
|
|
—
|
|
|
—
|
|
|
3,319,743
|
|
Commercial
loans
|
|
1,255,255
|
|
|
40,631
|
|
|
51,406
|
|
|
—
|
|
|
—
|
|
|
1,347,292
|
|
Total Commercial
Banking
|
|
4,105,866
|
|
|
150,704
|
|
|
410,465
|
|
|
—
|
|
|
—
|
|
|
4,667,035
|
|
Total
loans
|
|
$
|
10,173,336
|
|
|
150,704
|
|
|
457,812
|
|
|
—
|
|
|
—
|
|
|
10,781,852
|
|
At June 30,
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
3,196,304
|
|
|
—
|
|
|
26,451
|
|
|
—
|
|
|
—
|
|
|
3,222,755
|
|
Home equity
loans
|
|
1,438,339
|
|
|
—
|
|
|
12,031
|
|
|
—
|
|
|
—
|
|
|
1,450,370
|
|
Consumer
loans
|
|
1,508,129
|
|
|
—
|
|
|
9,990
|
|
|
—
|
|
|
—
|
|
|
1,518,119
|
|
Total Personal
Banking
|
|
6,142,772
|
|
|
—
|
|
|
48,472
|
|
|
—
|
|
|
—
|
|
|
6,191,244
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
3,034,984
|
|
|
72,755
|
|
|
199,993
|
|
|
1,092
|
|
|
—
|
|
|
3,308,824
|
|
Commercial
loans
|
|
1,270,279
|
|
|
41,458
|
|
|
42,692
|
|
|
4,290
|
|
|
—
|
|
|
1,358,719
|
|
Total Commercial
Banking
|
|
4,305,263
|
|
|
114,213
|
|
|
242,685
|
|
|
5,382
|
|
|
—
|
|
|
4,667,543
|
|
Total
loans
|
|
$
|
10,448,035
|
|
|
114,213
|
|
|
291,157
|
|
|
5,382
|
|
|
—
|
|
|
10,858,787
|
|
At March 31,
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
*
|
Includes $26.4
million, $31.3 million, $34.7 million, $37.4 million, and $13.1
million of acquired loans at March 31, 2021, December 31,
2020, September 30, 2020, June 30, 2020, and March 31,
2020, respectively.
|
**
|
Includes $143.2
million, $153.2 million, $129.2 million, $108.2 million, and $56.8
million of acquired loans at March 31, 2021, December 31,
2020, September 30, 2020, June 30, 2020, and March 31,
2020, respectively.
|
***
|
Includes $1.1 million
of acquired loans at June 30, 2020.
|
Northwest
Bancshares, Inc. and Subsidiaries Loan Delinquency
(Unaudited)
(dollars in thousands)
|
|
|
March
31, 2021
|
|
*
|
|
December
31, 2020
|
|
*
|
|
September
30, 2020
|
|
*
|
|
June 30,
2020
|
|
*
|
|
March 31,
2020
|
|
*
|
(Number of loans and
dollar amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 30
days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
248
|
|
|
$
|
22,236
|
|
|
0.7
|
%
|
|
315
|
|
|
$
|
28,797
|
|
|
0.9
|
%
|
|
17
|
|
|
$
|
736
|
|
|
—
|
%
|
|
15
|
|
|
$
|
629
|
|
|
—
|
%
|
|
358
|
|
|
$
|
32,755
|
|
|
1.2
|
%
|
Home equity
loans
|
84
|
|
|
3,334
|
|
|
0.2
|
%
|
|
138
|
|
|
4,763
|
|
|
0.3
|
%
|
|
129
|
|
|
4,984
|
|
|
0.3
|
%
|
|
118
|
|
|
4,569
|
|
|
0.3
|
%
|
|
190
|
|
|
7,061
|
|
|
0.5
|
%
|
Consumer
loans
|
535
|
|
|
5,732
|
|
|
0.4
|
%
|
|
1,279
|
|
|
10,574
|
|
|
0.7
|
%
|
|
1,078
|
|
|
8,586
|
|
|
0.6
|
%
|
|
629
|
|
|
7,199
|
|
|
0.5
|
%
|
|
953
|
|
|
8,774
|
|
|
0.7
|
%
|
Commercial real estate
loans
|
33
|
|
|
12,240
|
|
|
0.4
|
%
|
|
43
|
|
|
10,923
|
|
|
0.3
|
%
|
|
28
|
|
|
5,090
|
|
|
0.2
|
%
|
|
46
|
|
|
14,177
|
|
|
0.4
|
%
|
|
58
|
|
|
12,895
|
|
|
0.5
|
%
|
Commercial
loans
|
16
|
|
|
3,032
|
|
|
0.3
|
%
|
|
37
|
|
|
6,405
|
|
|
0.5
|
%
|
|
19
|
|
|
1,797
|
|
|
0.1
|
%
|
|
12
|
|
|
1,242
|
|
|
0.1
|
%
|
|
35
|
|
|
7,545
|
|
|
1.1
|
%
|
Total loans
delinquent 30 days to 59 days
|
916
|
|
|
$
|
46,574
|
|
|
0.4
|
%
|
|
1,812
|
|
|
$
|
61,462
|
|
|
0.6
|
%
|
|
1,271
|
|
|
$
|
21,193
|
|
|
0.2
|
%
|
|
820
|
|
|
$
|
27,816
|
|
|
0.3
|
%
|
|
1,594
|
|
|
$
|
69,030
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 60
days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
26
|
|
|
$
|
2,062
|
|
|
0.1
|
%
|
|
84
|
|
|
$
|
5,083
|
|
|
0.2
|
%
|
|
65
|
|
|
$
|
4,788
|
|
|
0.2
|
%
|
|
64
|
|
|
$
|
5,364
|
|
|
0.2
|
%
|
|
11
|
|
|
$
|
511
|
|
|
—
|
%
|
Home equity
loans
|
31
|
|
|
953
|
|
|
0.1
|
%
|
|
47
|
|
|
1,656
|
|
|
0.1
|
%
|
|
56
|
|
|
1,860
|
|
|
0.1
|
%
|
|
59
|
|
|
2,326
|
|
|
0.2
|
%
|
|
65
|
|
|
2,652
|
|
|
0.2
|
%
|
Consumer
loans
|
169
|
|
|
1,868
|
|
|
0.1
|
%
|
|
322
|
|
|
2,742
|
|
|
0.2
|
%
|
|
323
|
|
|
3,049
|
|
|
0.2
|
%
|
|
258
|
|
|
2,916
|
|
|
0.2
|
%
|
|
265
|
|
|
2,610
|
|
|
0.2
|
%
|
Commercial real estate
loans
|
14
|
|
|
7,609
|
|
|
0.2
|
%
|
|
11
|
|
|
1,615
|
|
|
—
|
%
|
|
14
|
|
|
4,212
|
|
|
0.1
|
%
|
|
18
|
|
|
3,913
|
|
|
0.1
|
%
|
|
12
|
|
|
2,981
|
|
|
0.1
|
%
|
Commercial
loans
|
12
|
|
|
8,979
|
|
|
0.8
|
%
|
|
10
|
|
|
864
|
|
|
0.1
|
%
|
|
7
|
|
|
357
|
|
|
—
|
%
|
|
15
|
|
|
1,151
|
|
|
0.1
|
%
|
|
10
|
|
|
309
|
|
|
—
|
%
|
Total loans
delinquent 60 days to 89 days
|
252
|
|
|
$
|
21,471
|
|
|
0.2
|
%
|
|
474
|
|
|
$
|
11,960
|
|
|
0.1
|
%
|
|
465
|
|
|
$
|
14,266
|
|
|
0.1
|
%
|
|
414
|
|
|
$
|
15,670
|
|
|
0.1
|
%
|
|
363
|
|
|
$
|
9,063
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 90
days or more: **
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
121
|
|
|
$
|
9,333
|
|
|
0.3
|
%
|
|
168
|
|
|
$
|
14,489
|
|
|
0.5
|
%
|
|
168
|
|
|
$
|
14,750
|
|
|
0.5
|
%
|
|
185
|
|
|
$
|
15,369
|
|
|
0.5
|
%
|
|
129
|
|
|
$
|
10,457
|
|
|
0.4
|
%
|
Home equity
loans
|
176
|
|
|
7,044
|
|
|
0.5
|
%
|
|
207
|
|
|
8,441
|
|
|
0.6
|
%
|
|
193
|
|
|
7,845
|
|
|
0.5
|
%
|
|
182
|
|
|
7,060
|
|
|
0.5
|
%
|
|
152
|
|
|
5,816
|
|
|
0.4
|
%
|
Consumer
loans
|
454
|
|
|
3,822
|
|
|
0.2
|
%
|
|
720
|
|
|
6,058
|
|
|
0.4
|
%
|
|
696
|
|
|
5,847
|
|
|
0.4
|
%
|
|
709
|
|
|
6,896
|
|
|
0.5
|
%
|
|
445
|
|
|
3,459
|
|
|
0.3
|
%
|
Commercial real estate
loans
|
113
|
|
|
29,737
|
|
|
0.9
|
%
|
|
119
|
|
|
25,287
|
|
|
0.8
|
%
|
|
136
|
|
|
35,496
|
|
|
1.1
|
%
|
|
149
|
|
|
29,729
|
|
|
0.9
|
%
|
|
139
|
|
|
25,342
|
|
|
0.9
|
%
|
Commercial
loans
|
31
|
|
|
4,860
|
|
|
0.4
|
%
|
|
37
|
|
|
7,325
|
|
|
0.6
|
%
|
|
34
|
|
|
6,310
|
|
|
0.5
|
%
|
|
47
|
|
|
11,535
|
|
|
0.8
|
%
|
|
51
|
|
|
16,685
|
|
|
0.2
|
%
|
Total loans
delinquent 90 days or more
|
895
|
|
|
$
|
54,796
|
|
|
0.5
|
%
|
|
1,251
|
|
|
$
|
61,600
|
|
|
0.6
|
%
|
|
1,227
|
|
|
$
|
70,248
|
|
|
0.7
|
%
|
|
1,272
|
|
|
$
|
70,589
|
|
|
0.7
|
%
|
|
916
|
|
|
$
|
61,759
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
delinquent
|
2,063
|
|
|
$
|
122,841
|
|
|
1.2
|
%
|
|
3,537
|
|
|
$
|
135,022
|
|
|
1.3
|
%
|
|
2,963
|
|
|
$
|
105,707
|
|
|
1.0
|
%
|
|
2,506
|
|
|
$
|
114,075
|
|
|
1.1
|
%
|
|
2,873
|
|
|
$
|
139,852
|
|
|
1.6
|
%
|
|
|
*
|
Represents
delinquency, in dollars, divided by the respective total amount of
that type of loan outstanding.
|
**
|
Includes purchased
credit deteriorated loans of $12.7 million, $6.6 million,
$20.3 million, $18.0 million, and $298,000 at
March 31, 2021, December 31, 2020, September 30, 2020,
June 30, 2020, and March 31, 2020,
respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries Analysis of Loan
Portfolio by Loan Sector (Unaudited) (dollars in
thousands)
|
|
Loans
outstanding The following table
provides delinquency information for various loan sectors in our
portfolio that are potentially vulnerable to the COVID-19 pandemic
impacts at March 31, 2021:
|
|
At March 31,
2021
|
30-59
days
delinquent
|
|
*
|
|
60-89
days
delinquent
|
|
*
|
|
90
days
or
greater
delinquent
|
|
*
|
|
Total
delinquent
|
|
*
|
|
Current
|
|
*
|
|
Total
loans
receivable
|
|
*
|
Restaurants/bars
|
$
|
310
|
|
|
—
|
%
|
|
$
|
355
|
|
|
—
|
%
|
|
$
|
759
|
|
|
—
|
%
|
|
$
|
1,424
|
|
|
—
|
%
|
|
$
|
103,097
|
|
|
1.0
|
%
|
|
$
|
104,521
|
|
|
1.0
|
%
|
Hotels/hospitality
|
4,285
|
|
|
—
|
%
|
|
367
|
|
|
—
|
%
|
|
7,963
|
|
|
0.1
|
%
|
|
12,615
|
|
|
0.1
|
%
|
|
166,694
|
|
|
1.6
|
%
|
|
179,309
|
|
|
1.7
|
%
|
Gyms and
fitness
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
4,590
|
|
|
—
|
%
|
|
4,590
|
|
|
—
|
%
|
Transportation
|
275
|
|
|
—
|
%
|
|
14
|
|
|
—
|
%
|
|
296
|
|
|
—
|
%
|
|
585
|
|
|
—
|
%
|
|
70,994
|
|
|
0.7
|
%
|
|
71,579
|
|
|
0.7
|
%
|
Oil and
gas
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
9,200
|
|
|
0.1
|
%
|
|
9,200
|
|
|
0.1
|
%
|
Residential care
facilities
|
1,250
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
1,250
|
|
|
—
|
%
|
|
246,561
|
|
|
2.4
|
%
|
|
247,811
|
|
|
2.4
|
%
|
Retail
buildings
|
1,692
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
938
|
|
|
—
|
%
|
|
2,630
|
|
|
—
|
%
|
|
445,102
|
|
|
4.3
|
%
|
|
447,732
|
|
|
4.3
|
%
|
Education/student
housing
|
—
|
|
|
—
|
%
|
|
1,389
|
|
|
—
|
%
|
|
441
|
|
|
—
|
%
|
|
1,830
|
|
|
—
|
%
|
|
138,536
|
|
|
1.3
|
%
|
|
140,366
|
|
|
1.4
|
%
|
Construction/development:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education/student housing
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
53,903
|
|
|
0.5
|
%
|
|
53,903
|
|
|
0.5
|
%
|
Hotels/hospitality
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
25,639
|
|
|
0.2
|
%
|
|
25,639
|
|
|
0.2
|
%
|
Residential care facilities
|
3,450
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
3,450
|
|
|
—
|
%
|
|
30,144
|
|
|
0.3
|
%
|
|
33,594
|
|
|
0.3
|
%
|
All
other construction/development
|
319
|
|
|
—
|
%
|
|
804
|
|
|
—
|
%
|
|
4,193
|
|
|
—
|
%
|
|
5,316
|
|
|
0.1
|
%
|
|
178,109
|
|
|
1.7
|
%
|
|
183,425
|
|
|
1.8
|
%
|
All other
sectors
|
34,993
|
|
|
0.3
|
%
|
|
18,542
|
|
|
0.2
|
%
|
|
40,206
|
|
|
0.4
|
%
|
|
93,741
|
|
|
0.9
|
%
|
|
8,772,630
|
|
|
84.6
|
%
|
|
8,866,371
|
|
|
85.5
|
%
|
Total
loans
|
$
|
46,574
|
|
|
0.4
|
%
|
|
$
|
21,471
|
|
|
0.2
|
%
|
|
$
|
54,796
|
|
|
0.5
|
%
|
|
$
|
122,841
|
|
|
1.2
|
%
|
|
$
|
10,245,199
|
|
|
98.8
|
%
|
|
$
|
10,368,040
|
|
|
100.0
|
%
|
|
* Percent of total loans
outstanding.
|
|
Loan
deferrals The following table
represents loans that entered into and are currently in a deferment
offered by the Company to aid customers in the COVID-19 pandemic as
of March 31, 2021.
|
|
|
|
Balance as
of
December 31,
2020
|
|
Loans returned to
full payment status, net of payments
|
|
New loans entered
into
a
deferral
|
|
Balance as
of
March 31,
2021
|
|
|
Number of
loans
|
|
Outstanding
principal balance
|
|
*
|
|
Number of
loans
|
|
Outstanding
principal balance
|
|
Number of
loans
|
|
Outstanding
principal balance
|
|
Number of
loans
|
|
Outstanding
principal balance
|
|
*
|
Residential mortgage
loans
|
|
43
|
|
$
|
6,442
|
|
|
0.2
|
%
|
|
42
|
|
|
$
|
6,119
|
|
|
29
|
|
|
$
|
4,484
|
|
|
30
|
|
|
$
|
4,807
|
|
|
0.2
|
%
|
Home equity
loans
|
|
41
|
|
2,615
|
|
|
0.2
|
%
|
|
40
|
|
|
2,560
|
|
|
21
|
|
|
1,096
|
|
|
22
|
|
|
1,151
|
|
|
0.1
|
%
|
Consumer
loans
|
|
83
|
|
1,299
|
|
|
0.1
|
%
|
|
83
|
|
|
1,299
|
|
|
21
|
|
|
546
|
|
|
21
|
|
|
546
|
|
|
—
|
%
|
Commercial real
estate loans
|
|
34
|
|
118,212
|
|
|
3.5
|
%
|
|
29
|
|
|
80,666
|
|
|
20
|
|
|
6,068
|
|
|
25
|
|
|
43,614
|
|
|
1.3
|
%
|
Commercial
loans
|
|
22
|
|
1,332
|
|
|
0.1
|
%
|
|
21
|
|
|
1,301
|
|
|
59
|
|
|
3,633
|
|
|
60
|
|
|
3,664
|
|
|
0.3
|
%
|
Total
loans
|
|
223
|
|
$
|
129,900
|
|
|
1.2
|
%
|
|
215
|
|
|
$
|
91,945
|
|
|
150
|
|
|
$
|
15,827
|
|
|
158
|
|
|
$
|
53,782
|
**
|
|
0.5
|
%
|
|
* Percent of total loans
outstanding by the respective total amount of that type of
loan.
|
** As of
March 31, 2021, $53.6 million of loan deferrals expire in Q2
2021 and $150,000 of loan deferrals expire in Q3 2021. Of the
$53.8 total loan deferrals, $37.1 million are in the hospitality
industry.
|
Northwest
Bancshares, Inc. and Subsidiaries Allowance for
Credit Losses (Unaudited) (dollars in
thousands)
|
|
|
Quarter ended
|
|
March 31,
2021
|
|
December
31,
2020
|
|
September
30,
2020
|
|
June 30,
2020
|
|
March 31,
2020
|
Beginning
balance
|
$
|
134,427
|
|
|
140,209
|
|
|
140,586
|
|
|
92,897
|
|
|
57,941
|
|
CECL
adoption
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,792
|
|
Initial allowance on
loans purchased with credit deterioration
|
—
|
|
|
—
|
|
|
—
|
|
|
8,845
|
|
|
—
|
|
Provision
|
(5,620)
|
|
|
(2,230)
|
|
|
6,818
|
|
|
51,750
|
|
|
27,637
|
|
Charge-offs
residential mortgage
|
(855)
|
|
|
(407)
|
|
|
(129)
|
|
|
(38)
|
|
|
(343)
|
|
Charge-offs home
equity
|
(228)
|
|
|
(58)
|
|
|
(88)
|
|
|
(173)
|
|
|
(289)
|
|
Charge-offs
consumer
|
(2,603)
|
|
|
(2,623)
|
|
|
(3,356)
|
|
|
(3,191)
|
|
|
(3,488)
|
|
Charge-offs
commercial real estate
|
(4,626)
|
|
|
(2,770)
|
|
|
(532)
|
|
|
(690)
|
|
|
(331)
|
|
Charge-offs
commercial
|
(54)
|
|
|
(156)
|
|
|
(4,892)
|
|
|
(10,349)
|
|
|
(815)
|
|
Recoveries
|
3,556
|
|
|
2,462
|
|
|
1,802
|
|
|
1,535
|
|
|
1,793
|
|
Ending
balance
|
$
|
123,997
|
|
|
134,427
|
|
|
140,209
|
|
|
140,586
|
|
|
92,897
|
|
Net charge-offs to
average loans, annualized
|
0.19
|
%
|
|
0.13
|
%
|
|
0.27
|
%
|
|
0.51
|
%
|
|
0.16
|
%
|
|
March 31,
2021
|
|
Originated
loans
|
|
Acquired
loans
|
|
Total
loans
|
|
Balance
|
|
Reserve
|
|
Balance
|
|
Reserve
|
|
Balance
|
|
Reserve
|
Residential mortgage
loans
|
$
|
2,693,075
|
|
|
5,117
|
|
|
278,603
|
|
|
744
|
|
|
2,971,678
|
|
|
5,861
|
|
Home equity
loans
|
1,138,718
|
|
|
3,984
|
|
|
268,806
|
|
|
1,257
|
|
|
1,407,524
|
|
|
5,241
|
|
Consumer
loans
|
1,351,401
|
|
|
15,026
|
|
|
202,954
|
|
|
2,425
|
|
|
1,554,355
|
|
|
17,451
|
|
Personal Banking
Loans
|
5,183,194
|
|
|
24,127
|
|
|
750,363
|
|
|
4,426
|
|
|
5,933,557
|
|
|
28,553
|
|
Commercial real
estate loans
|
2,568,567
|
|
|
60,874
|
|
|
720,869
|
|
|
16,085
|
|
|
3,289,436
|
|
|
76,959
|
|
Commercial
loans
|
1,011,722
|
|
|
10,571
|
|
|
133,325
|
|
|
7,914
|
|
|
1,145,047
|
|
|
18,485
|
|
Commercial Banking
Loans
|
3,580,289
|
|
|
71,445
|
|
|
854,194
|
|
|
23,999
|
|
|
4,434,483
|
|
|
95,444
|
|
Total
Loans
|
$
|
8,763,483
|
|
|
95,572
|
|
|
1,604,557
|
|
|
28,425
|
|
|
10,368,040
|
|
|
123,997
|
|
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,
2021
|
|
December 31,
2020
|
|
September 30,
2020
|
|
June 30,
2020
|
|
March 31,
2020
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
3,007,439
|
|
|
26,366
|
|
|
3.51
|
%
|
|
$
|
3,089,916
|
|
|
27,503
|
|
|
3.56
|
%
|
|
$
|
3,176,436
|
|
|
28,769
|
|
|
3.62
|
%
|
|
$
|
3,092,392
|
|
|
29,019
|
|
|
3.75
|
%
|
|
$
|
2,845,483
|
|
|
28,062
|
|
|
3.94
|
%
|
Home equity
loans
|
1,432,009
|
|
|
12,815
|
|
|
3.63
|
%
|
|
1,472,527
|
|
|
13,535
|
|
|
3.66
|
%
|
|
1,479,429
|
|
|
13,732
|
|
|
3.69
|
%
|
|
1,415,091
|
|
|
13,806
|
|
|
3.92
|
%
|
|
1,345,059
|
|
|
14,801
|
|
|
4.43
|
%
|
Consumer
loans
|
1,463,284
|
|
|
14,566
|
|
|
4.04
|
%
|
|
1,444,860
|
|
|
15,874
|
|
|
4.37
|
%
|
|
1,437,828
|
|
|
15,851
|
|
|
4.39
|
%
|
|
1,375,130
|
|
|
14,993
|
|
|
4.39
|
%
|
|
1,123,336
|
|
|
12,160
|
|
|
4.35
|
%
|
Commercial real estate
loans
|
3,313,892
|
|
|
38,471
|
|
|
4.64
|
%
|
|
3,317,418
|
|
|
37,965
|
|
|
4.48
|
%
|
|
3,306,386
|
|
|
36,887
|
|
|
4.37
|
%
|
|
3,156,749
|
|
|
34,595
|
|
|
4.34
|
%
|
|
2,747,419
|
|
|
31,437
|
|
|
4.53
|
%
|
Commercial
loans
|
1,189,812
|
|
|
10,566
|
|
|
3.55
|
%
|
|
1,325,047
|
|
|
11,414
|
|
|
3.37
|
%
|
|
1,377,223
|
|
|
12,603
|
|
|
3.58
|
%
|
|
1,161,228
|
|
|
11,269
|
|
|
3.84
|
%
|
|
712,621
|
|
|
8,856
|
|
|
4.92
|
%
|
Total loans receivable
(a) (b) (d)
|
10,406,436
|
|
|
102,784
|
|
|
4.01
|
%
|
|
10,649,768
|
|
|
106,291
|
|
|
3.97
|
%
|
|
10,777,302
|
|
|
107,842
|
|
|
3.98
|
%
|
|
10,200,590
|
|
|
103,682
|
|
|
4.09
|
%
|
|
8,773,918
|
|
|
95,316
|
|
|
4.37
|
%
|
Mortgage-backed
securities (c)
|
1,324,558
|
|
|
4,200
|
|
|
1.27
|
%
|
|
1,166,739
|
|
|
4,551
|
|
|
1.56
|
%
|
|
1,004,803
|
|
|
4,651
|
|
|
1.85
|
%
|
|
714,657
|
|
|
4,038
|
|
|
2.26
|
%
|
|
668,470
|
|
|
4,175
|
|
|
2.50
|
%
|
Investment securities
(c) (d)
|
331,358
|
|
|
1,381
|
|
|
1.67
|
%
|
|
252,898
|
|
|
1,380
|
|
|
2.18
|
%
|
|
216,081
|
|
|
1,336
|
|
|
2.47
|
%
|
|
170,309
|
|
|
1,244
|
|
|
2.92
|
%
|
|
144,152
|
|
|
881
|
|
|
2.44
|
%
|
FHLB stock, at
cost
|
21,811
|
|
|
116
|
|
|
2.17
|
%
|
|
23,346
|
|
|
192
|
|
|
3.27
|
%
|
|
25,595
|
|
|
218
|
|
|
3.39
|
%
|
|
22,192
|
|
|
309
|
|
|
5.60
|
%
|
|
15,931
|
|
|
262
|
|
|
6.61
|
%
|
Other interest-earning
deposits
|
801,119
|
|
|
183
|
|
|
0.09
|
%
|
|
632,494
|
|
|
178
|
|
|
0.11
|
%
|
|
791,601
|
|
|
221
|
|
|
0.11
|
%
|
|
623,870
|
|
|
185
|
|
|
0.12
|
%
|
|
34,697
|
|
|
135
|
|
|
1.54
|
%
|
Total
interest-earning assets
|
12,885,282
|
|
|
108,664
|
|
|
3.42
|
%
|
|
12,725,245
|
|
|
112,592
|
|
|
3.52
|
%
|
|
12,815,382
|
|
|
114,268
|
|
|
3.55
|
%
|
|
11,731,618
|
|
|
109,458
|
|
|
3.75
|
%
|
|
9,637,168
|
|
|
100,769
|
|
|
4.21
|
%
|
Noninterest-earning
assets (e)
|
1,102,477
|
|
|
|
|
|
|
1,066,609
|
|
|
|
|
|
|
1,088,273
|
|
|
|
|
|
|
1,858,513
|
|
|
|
|
|
|
960,303
|
|
|
|
|
|
Total
assets
|
$
|
13,987,759
|
|
|
|
|
|
|
$
|
13,791,854
|
|
|
|
|
|
|
$
|
13,903,655
|
|
|
|
|
|
|
$
|
13,590,131
|
|
|
|
|
|
|
$
|
10,597,471
|
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$
|
2,118,030
|
|
|
625
|
|
|
0.12
|
%
|
|
$
|
2,028,155
|
|
|
617
|
|
|
0.12
|
%
|
|
$
|
2,015,604
|
|
|
648
|
|
|
0.13
|
%
|
|
$
|
1,884,202
|
|
|
648
|
|
|
0.14
|
%
|
|
$
|
1,611,111
|
|
|
727
|
|
|
0.18
|
%
|
Interest-bearing
demand deposits
|
2,783,429
|
|
|
429
|
|
|
0.06
|
%
|
|
2,699,515
|
|
|
476
|
|
|
0.07
|
%
|
|
2,680,591
|
|
|
763
|
|
|
0.11
|
%
|
|
2,428,060
|
|
|
812
|
|
|
0.13
|
%
|
|
1,915,871
|
|
|
1,307
|
|
|
0.27
|
%
|
Money market deposit
accounts
|
2,497,495
|
|
|
657
|
|
|
0.11
|
%
|
|
2,426,513
|
|
|
960
|
|
|
0.16
|
%
|
|
2,347,097
|
|
|
1,347
|
|
|
0.23
|
%
|
|
2,204,810
|
|
|
1,600
|
|
|
0.29
|
%
|
|
1,921,243
|
|
|
3,088
|
|
|
0.65
|
%
|
Time
deposits
|
1,583,525
|
|
|
3,803
|
|
|
0.97
|
%
|
|
1,676,094
|
|
|
4,660
|
|
|
1.11
|
%
|
|
1,782,350
|
|
|
5,685
|
|
|
1.27
|
%
|
|
1,761,260
|
|
|
6,276
|
|
|
1.43
|
%
|
|
1,528,891
|
|
|
6,281
|
|
|
1.65
|
%
|
Borrowed funds
(f)
|
267,163
|
|
|
1,412
|
|
|
2.14
|
%
|
|
352,392
|
|
|
1,469
|
|
|
1.66
|
%
|
|
420,715
|
|
|
717
|
|
|
0.68
|
%
|
|
371,700
|
|
|
296
|
|
|
0.32
|
%
|
|
240,118
|
|
|
709
|
|
|
1.19
|
%
|
Junior subordinated
debentures
|
128,817
|
|
|
642
|
|
|
1.99
|
%
|
|
128,752
|
|
|
659
|
|
|
2.00
|
%
|
|
128,658
|
|
|
720
|
|
|
2.19
|
%
|
|
127,472
|
|
|
837
|
|
|
2.60
|
%
|
|
121,809
|
|
|
1,038
|
|
|
3.37
|
%
|
Total
interest-bearing liabilities
|
9,378,459
|
|
|
7,568
|
|
|
0.33
|
%
|
|
9,311,421
|
|
|
8,841
|
|
|
0.38
|
%
|
|
9,375,015
|
|
|
9,880
|
|
|
0.42
|
%
|
|
8,777,504
|
|
|
10,469
|
|
|
0.48
|
%
|
|
7,339,043
|
|
|
13,150
|
|
|
0.72
|
%
|
Noninterest-bearing
demand deposits (g)
|
2,805,206
|
|
|
|
|
|
|
2,675,986
|
|
|
|
|
|
|
2,703,266
|
|
|
|
|
|
|
2,401,368
|
|
|
|
|
|
|
1,640,180
|
|
|
|
|
|
Noninterest-bearing
liabilities
|
265,667
|
|
|
|
|
|
|
253,966
|
|
|
|
|
|
|
284,440
|
|
|
|
|
|
|
882,391
|
|
|
|
|
|
|
268,139
|
|
|
|
|
|
Total
liabilities
|
12,449,332
|
|
|
|
|
|
|
12,241,373
|
|
|
|
|
|
|
12,362,721
|
|
|
|
|
|
|
12,061,263
|
|
|
|
|
|
|
9,247,362
|
|
|
|
|
|
Shareholders'
equity
|
1,538,427
|
|
|
|
|
|
|
1,550,481
|
|
|
|
|
|
|
1,540,934
|
|
|
|
|
|
|
1,528,868
|
|
|
|
|
|
|
1,350,109
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
13,987,759
|
|
|
|
|
|
|
$
|
13,791,854
|
|
|
|
|
|
|
$
|
13,903,655
|
|
|
|
|
|
|
$
|
13,590,131
|
|
|
|
|
|
|
$
|
10,597,471
|
|
|
|
|
|
Net interest
income/Interest rate spread
|
|
|
101,096
|
|
|
3.09
|
%
|
|
|
|
103,751
|
|
|
3.14
|
%
|
|
|
|
104,388
|
|
|
3.13
|
%
|
|
|
|
98,989
|
|
|
3.27
|
%
|
|
|
|
87,619
|
|
|
3.48
|
%
|
Net interest-earning
assets/Net interest margin
|
$
|
3,506,823
|
|
|
|
|
3.18
|
%
|
|
$
|
3,413,824
|
|
|
|
|
3.26
|
%
|
|
$
|
3,440,367
|
|
|
|
|
3.26
|
%
|
|
$
|
2,954,114
|
|
|
|
|
3.38
|
%
|
|
$
|
2,298,125
|
|
|
|
|
3.66
|
%
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.37X
|
|
|
|
|
|
1.37X
|
|
|
|
|
|
1.37X
|
|
|
|
|
|
1.34X
|
|
|
|
|
|
1.31X
|
|
|
|
|
|
|
(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, collateralized borrowings and subordinated
debt.
|
(g)
|
Average cost of
deposits were 0.19%, 0.23%, 0.29%, 0.35%, and 0.53%,
respectively.
|
(h)
|
Shown on a FTE basis.
GAAP basis yields for the periods indicated were: Loans - 3.99%,
3.94%, 3.96%, 4.06%, and 4.35%, respectively, Investment
securities - 1.46%, 1.78%, 2.00%, 2.36%, and 2.31%,
respectively, Interest-earning assets - 3.40%, 3.48%, 3.52%,
3.72%, and 4.19%, respectively. GAAP basis net interest rate
spreads were 3.07%, 3.11%, 3.10%, 3.24%, and 3.47%, respectively,
and GAAP basis net interest margins were 3.16%, 3.23%, 3.23%,
3.34%, and 3.64%, respectively.
|
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SOURCE Northwest Bancshares, Inc.