WARREN, Pa., Oct. 25 /PRNewswire-FirstCall/ -- Northwest
Bancshares, Inc. (Nasdaq: NWBI) announced net income for the
quarter ended September 30, 2010 of
$15.5 million, or $0.14 per diluted share. This represents an
increase of $3.4 million over the
same quarter last year when net income was $12.1 million, or $0.11 per diluted share, and a decrease of
$650,000 compared to the quarter
ended June 30, 2010 when net income
was $16.1 million, or $0.15 per diluted share. The annualized
returns on average shareholders’ equity and average assets for the
current quarter were 4.72% and 0.76% compared to 7.48% and 0.68%
for the same quarter last year and 4.95% and 0.79% for the quarter
ended June 30, 2010.
The Company also announced that its Board of Directors declared
a quarterly cash dividend of $0.10
per share payable on November 18,
2010, to shareholders of record as of November 4, 2010. This represents the 64th
consecutive quarter in which the Company has paid a cash dividend.
In making this announcement, William J.
Wagner, President and CEO, noted, “We are pleased to report
another quarter of solid earnings despite the challenges of the
current economic and interest rate environment. During the
quarter, our net interest margin improved to 3.63% from 3.47% for
the prior quarter and 3.54% for the same quarter last year.
Other components of income remained relatively stable and our
earnings were fairly consistent with the previous quarter.
Our financial division was successful in restructuring
$695.0 million of FHLB borrowings,
extending the average maturities of these borrowings by almost four
years, while reducing interest cost by approximately $1.0 million annually. Finally, we
experienced strong lending and deposit growth. Loans
increased by $47.6 million for the
quarter and $293.0 million
year-to-date while deposits increased $40.0
million for the quarter and $144.5
million year-to-date. Most encouraging was our growth
in non-interest bearing checking accounts of $21.0 million for the quarter and $68.5 million year-to-date.”
Net interest income increased by $9.9
million, or 17.3%, to $66.7
million for the quarter ended September 30, 2010, from $56.8 million for the quarter ended September 30, 2009, which was primarily
attributable to an increase in interest income from loans
receivable and a decrease in the cost of deposits. Interest
income on loans receivable increased by $3.7
million, or 4.7%, to $83.4
million as the Company’s average outstanding loans increased
by $400.8 million, or 7.8%.
Interest expense on deposits decreased by $5.7 million, or 24.3%, to $17.8 million as a result of a decrease in market
interest rates and a continued change in the mix of deposits as
lower-cost transaction accounts grew more rapidly than other types
of deposits.
The provision for loan losses increased by $41,000, or 0.4%, to $9.9
million for the quarter ended September 30, 2010, from $9.8 million a year ago. As of September 30, 2010, the allowance for loan losses
was $77.2 million, or 1.38% of total
loans, compared to $67.8 million, or
1.32% of total loans, as of September 30,
2009. Loans 90 days or more delinquent were
$103.5 million as of September 30, 2010, compared to $117.1 million as of September 30, 2009.
Noninterest income decreased by $157,000, or 1.1%, to $13.8 million for the quarter ended September 30, 2010, from $14.0 million for the quarter ended September 30, 2009. The Company recorded
other-than-temporary impairment on investment securities of
$392,000 for the quarter ended
September 30, 2010 compared to
$891,000 for the comparable quarter
in 2009 as the fair value of the investment portfolio has increased
over the past year. Mortgage banking income decreased from
$1.3 million last year, to
$752,000 for the quarter ended
September 30, 2010 as a result of the
Company significantly decreasing the percentage of mortgage loans
that were sold into the secondary market. Service charges and
fees increased by $938,000, or 10.6%,
to $9.8 million for the quarter ended
September 30, 2010 primarily as a
result of loan production and an increase in the types of deposit
accounts which typically generate fees. Also making a
positive contribution to noninterest income was insurance
commission income which increased by $662,000, or 90.6%, to $1.4 million for the quarter ended September 30, 2010 due to the acquisition of
Veracity Benefits Design, Inc., an employee benefits firm
specializing in services to employer and employee groups.
Partially offsetting these increases was a write-down of real
estate owned, which increased to $2.0
million for the quarter ended September 30, 2010, from $62,000 for the quarter ended September 30, 2009. This increase was
primarily the result of a write-down on a parcel of property
located in south Florida due to
further deterioration of the market value of the property.
Noninterest expense increased by $4.0
million, or 9.0%, to $49.0
million for the quarter ended September 30, 2010, from $45.0 million in the prior year. This
increase is primarily a result of increases in compensation and
employee benefits, office operations, processing expenses and
professional services. Compensation and employee benefits
expenses increased by $1.3 million,
or 5.5%, to $24.6 million for the
quarter ended September 30, 2010.
This increase is primarily attributable to an increase in
health insurance expense and the expense of the employee stock
ownership plan. Office operations expense increased by
$1.2 million, to $4.5 million for the quarter ended September 30, 2010. This increase was
entirely due to a large check kiting fraud. Processing
expenses increased by $642,000, to
$5.9 million for the quarter ended
September 30, 2010. This
increase is primarily due to the additional costs associated with
annual software maintenance and software license fees.
Professional services increased by $458,000, to $1.1
million for the quarter ended September 30, 2010. This increase is
primarily a result of additional consulting fees related to bank
compliance programs and fees associated with the restructuring of
our FHLB borrowings.
Net income for the nine-month period ended September 30, 2010 of $44.8 million, or $0.41 per diluted share, represents an increase
of $13.2 million, or 41.5% compared
to net income of $31.6 million, or
$0.29 per diluted share, for the
nine-month period ended September 30,
2009. The annualized returns on average shareholders’
equity and average assets were 4.57% and 0.74%, respectively, for
the current nine-month period compared to 6.68% and 0.60%,
respectively, in the prior year.
Founded in 1896 and headquartered in Warren, Pennsylvania, Northwest Bancshares,
Inc., through its subsidiary Northwest Savings Bank, currently
operates 171 community banking locations in Pennsylvania, New
York, Ohio, Maryland and Florida. Northwest Savings Bank is a
full-service financial institution offering a complete line of
retail and business banking products as well as investment
management and trust services. The Company also operates 52
consumer finance offices in Pennsylvania through its subsidiary, Northwest
Consumer Discount Company. Northwest Bancshares, Inc.’s stock
is listed on the NASDAQ Global Select Market. Additional
information regarding Northwest Bancshares, Inc. can be accessed
on-line at www.northwestsavingsbank.com.
Forward-Looking Statements - This press 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 that could result
from an economic downturn; (4) changes in legislation or regulatory
requirements; (5) difficulties in continuing to improve operating
efficiencies; (6) difficulties in the integration of acquired
businesses; and (7) increased risk associated with an increase in
commercial real-estate and business loans and non-performing loans.
Management has no obligation to revise or update these
forward-looking statements to reflect events or circumstances that
arise after the date of this release.
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Consolidated
Statements of Financial Condition
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
Assets
|
2010
|
|
2009
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
113,477
|
|
69,265
|
|
Interest-earning deposits in
other financial institutions
|
561,634
|
|
1,037,893
|
|
Federal funds sold and other
short-term investments
|
632
|
|
632
|
|
Marketable securities
available-for-sale (amortized cost of $862,747 and
$1,059,177)
|
884,158
|
|
1,067,089
|
|
Marketable securities
held-to-maturity (fair value of $409,784 and $0)
|
399,324
|
|
-
|
|
|
Total cash, interest-earning
deposits and marketable securities
|
1,959,225
|
|
2,174,879
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale
|
18,020
|
|
1,164
|
|
Mortgage loans - one- to four-
family
|
2,451,848
|
|
2,334,538
|
|
Home equity loans and lines of
credit
|
1,102,252
|
|
1,067,584
|
|
Consumer loans
|
|
263,717
|
|
286,292
|
|
Commercial real estate
loans
|
1,356,051
|
|
1,238,217
|
|
Commercial business
loans
|
400,574
|
|
371,670
|
|
|
Total loans
receivable
|
5,592,462
|
|
5,299,465
|
|
Allowance for loan
losses
|
(77,245)
|
|
(70,403)
|
|
|
Loans receivable, net
|
5,515,217
|
|
5,229,062
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank stock, at
cost
|
63,242
|
|
63,242
|
|
Accrued interest
receivable
|
27,590
|
|
25,780
|
|
Real estate owned,
net
|
22,998
|
|
20,257
|
|
Premises and Equipment,
net
|
126,999
|
|
124,316
|
|
Bank owned life
insurance
|
131,009
|
|
128,270
|
|
Goodwill
|
|
|
|
171,682
|
|
171,363
|
|
Other intangible
assets
|
4,419
|
|
4,678
|
|
Other assets
|
|
|
120,404
|
|
83,451
|
|
|
Total assets
|
|
$
8,142,785
|
|
8,025,298
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and Shareholders' equity
|
|
|
|
|
Liabilities
|
|
|
|
|
Noninterest-bearing demand
deposits
|
$
555,491
|
|
487,036
|
|
Interest-bearing demand
deposits
|
783,749
|
|
768,110
|
|
Savings deposits
|
|
1,977,249
|
|
1,744,537
|
|
Time deposits
|
|
|
2,452,451
|
|
2,624,741
|
|
|
Total deposits
|
5,768,940
|
|
5,624,424
|
|
Borrowed funds
|
|
876,068
|
|
897,326
|
|
Advances by borrowers for taxes
and insurance
|
12,698
|
|
22,034
|
|
Accrued interest
payable
|
1,725
|
|
4,493
|
|
Other liabilities
|
|
|
65,038
|
|
57,412
|
|
Junior subordinated
debentures
|
103,094
|
|
103,094
|
|
|
Total liabilities
|
|
6,827,563
|
|
6,708,783
|
|
|
|
|
|
|
|
|
|
|
|
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, 110,806,418 shares
|
|
|
|
|
|
and 110,641,858 shares issued,
respectively
|
1,108
|
|
1,106
|
|
Paid-in-capital
|
|
|
829,929
|
|
828,195
|
|
Retained earnings
|
520,419
|
|
508,842
|
|
Unallocated common stock of
Employee Stock Ownership Plan
|
(28,851)
|
|
(11,651)
|
|
Accumulated other comprehensive
loss
|
(7,383)
|
|
(9,977)
|
|
|
Total shareholders'
equity
|
1,315,222
|
|
1,316,515
|
|
|
Total liabilities and
shareholders' equity
|
$
8,142,785
|
|
8,025,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets
|
16.15%
|
|
16.40%
|
|
|
|
|
|
|
Tangible common equity to
assets
|
14.30%
|
|
14.53%
|
|
|
|
|
|
|
Book value per share
|
$11.87
|
|
$11.90
|
|
|
|
|
|
|
Tangible book value per
share
|
$10.28
|
|
$10.31
|
|
|
|
|
|
|
Closing market price per
share
|
$11.18
|
|
$11.27
|
|
|
|
|
|
|
Full time equivalent
employees
|
1,879
|
|
1,867
|
|
|
|
|
|
|
Number of banking
offices
|
171
|
|
171
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Consolidated
Statements of Income - Unaudited
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
Interest income:
|
|
|
|
|
|
|
|
Loans receivable
|
83,372
|
|
79,637
|
|
81,734
|
|
|
Mortgage-backed
securities
|
6,534
|
|
6,580
|
|
6,706
|
|
|
Taxable investment
securities
|
489
|
|
1,242
|
|
599
|
|
|
Tax-free investment
securities
|
3,090
|
|
2,716
|
|
2,853
|
|
|
Interest-earning
deposits
|
524
|
|
253
|
|
512
|
|
|
|
Total interest income
|
94,009
|
|
90,428
|
|
92,404
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
Deposits
|
17,772
|
|
23,472
|
|
18,973
|
|
|
Borrowed funds
|
9,587
|
|
10,114
|
|
9,704
|
|
|
|
Total interest
expense
|
27,359
|
|
33,586
|
|
28,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
66,650
|
|
56,842
|
|
63,727
|
|
Provision for loan
losses
|
9,871
|
|
9,830
|
|
7,896
|
|
|
|
Net interest income after
provision
|
|
|
|
|
|
|
|
|
for loan losses
|
56,779
|
|
47,012
|
|
55,831
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
|
|
Impairment losses on
securities
|
(1,830)
|
|
(3,727)
|
|
(1,824)
|
|
|
Noncredit related losses on
securities not expected
|
|
|
|
|
|
|
|
|
to be sold (recognized in other
comprehensive income)
|
1,438
|
|
2,836
|
|
1,606
|
|
|
Net impairment losses
|
(392)
|
|
(891)
|
|
(218)
|
|
|
Gain on sale of investments,
net
|
17
|
|
97
|
|
94
|
|
|
Service charges and
fees
|
9,821
|
|
8,883
|
|
9,902
|
|
|
Trust and other financial
services income
|
1,600
|
|
1,496
|
|
1,912
|
|
|
Insurance commission
income
|
1,393
|
|
731
|
|
1,293
|
|
|
Loss on real estate owned,
net
|
(2,014)
|
|
(62)
|
|
(255)
|
|
|
Income from bank owned life
insurance
|
1,212
|
|
1,208
|
|
1,474
|
|
|
Mortgage banking
income
|
752
|
|
1,328
|
|
29
|
|
|
Other operating
income
|
1,439
|
|
1,195
|
|
1,314
|
|
|
|
Total noninterest
income
|
13,828
|
|
13,985
|
|
15,545
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
Compensation and employee
benefits
|
24,565
|
|
23,292
|
|
24,960
|
|
|
Premises and occupancy
costs
|
5,648
|
|
5,319
|
|
5,340
|
|
|
Office operations
|
4,460
|
|
3,270
|
|
2,934
|
|
|
Processing expenses
|
5,863
|
|
5,221
|
|
5,552
|
|
|
Marketing expenses
|
2,208
|
|
2,102
|
|
3,294
|
|
|
Federal deposit insurance
premiums
|
2,424
|
|
2,381
|
|
2,148
|
|
|
Professional services
|
1,126
|
|
668
|
|
583
|
|
|
Amortization of intangible
assets
|
725
|
|
701
|
|
759
|
|
|
Real estate owned
expense
|
654
|
|
838
|
|
712
|
|
|
Other expense
|
1,375
|
|
1,195
|
|
1,875
|
|
|
|
Total noninterest
expense
|
49,048
|
|
44,987
|
|
48,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
21,559
|
|
16,010
|
|
23,219
|
|
|
Income tax expense
|
6,068
|
|
3,956
|
|
7,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
15,491
|
|
12,054
|
|
16,141
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.14
|
|
$
0.11
|
*
|
$
0.15
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
0.14
|
|
$
0.11
|
*
|
$
0.15
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average
equity
|
4.72%
|
|
7.48%
|
|
4.95%
|
|
Annualized return on average
assets
|
0.76%
|
|
0.68%
|
|
0.79%
|
|
|
|
|
|
|
|
|
|
|
|
Basic common shares
outstanding
|
108,340,566
|
|
109,056,008
|
*
|
108,227,678
|
|
Diluted common shares
outstanding
|
108,914,069
|
|
109,505,921
|
*
|
108,960,333
|
|
|
|
|
|
|
|
|
|
|
|
* - Adjusted
for 2.25 to 1 exchange
ratio.
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
|
Consolidated
Statements of Income - Unaudited
|
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
|
|
|
|
|
September
30,
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
Interest income:
|
|
|
|
|
|
|
Loans receivable
|
245,852
|
|
240,400
|
|
|
|
Mortgage-backed
securities
|
19,385
|
|
20,858
|
|
|
|
Taxable investment
securities
|
2,086
|
|
4,138
|
|
|
|
Tax-free investment
securities
|
8,627
|
|
8,376
|
|
|
|
Interest-earning
deposits
|
1,601
|
|
415
|
|
|
|
|
Total interest income
|
277,551
|
|
274,187
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
Deposits
|
58,149
|
|
72,555
|
|
|
|
Borrowed funds
|
28,991
|
|
30,418
|
|
|
|
|
Total interest
expense
|
87,140
|
|
102,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
190,411
|
|
171,214
|
|
|
Provision for loan
losses
|
26,568
|
|
27,347
|
|
|
|
|
Net interest income after
provision
|
|
|
|
|
|
|
|
for loan losses
|
163,843
|
|
143,867
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
|
Impairment losses on
securities
|
(1,994)
|
|
(12,417)
|
|
|
|
Noncredit related losses on
securities not expected
|
|
|
|
|
|
|
|
to be sold (recognized in other
comprehensive income)
|
1,287
|
|
7,236
|
|
|
|
Net impairment losses
|
(707)
|
|
(5,181)
|
|
|
|
Gain on sale of investments,
net
|
2,194
|
|
377
|
|
|
|
Service charges and
fees
|
28,625
|
|
24,867
|
|
|
|
Trust and other financial
services income
|
5,345
|
|
4,349
|
|
|
|
Insurance commission
income
|
3,828
|
|
2,039
|
|
|
|
Loss on real estate owned,
net
|
(2,293)
|
|
(3,934)
|
|
|
|
Income from bank owned life
insurance
|
3,852
|
|
3,596
|
|
|
|
Mortgage banking
income
|
773
|
|
6,442
|
|
|
|
Other operating
income
|
3,613
|
|
2,886
|
|
|
|
|
Total noninterest
income
|
45,230
|
|
35,441
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
Compensation and employee
benefits
|
75,381
|
|
69,957
|
|
|
|
Premises and occupancy
costs
|
16,990
|
|
16,521
|
|
|
|
Office operations
|
10,631
|
|
9,575
|
|
|
|
Processing expenses
|
17,111
|
|
15,483
|
|
|
|
Marketing expenses
|
6,945
|
|
5,046
|
|
|
|
Federal deposit insurance
premiums
|
6,720
|
|
6,161
|
|
|
|
FDIC Special
Assessment
|
-
|
|
3,288
|
|
|
|
Professional services
|
2,437
|
|
1,899
|
|
|
|
Amortization of intangible
assets
|
2,266
|
|
2,371
|
|
|
|
Real estate owned
expense
|
2,265
|
|
1,770
|
|
|
|
Other expense
|
5,063
|
|
4,186
|
|
|
|
|
Total noninterest
expense
|
145,809
|
|
136,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
63,264
|
|
43,051
|
|
|
|
Income tax expense
|
18,479
|
|
11,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
44,785
|
|
31,647
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.41
|
|
$
0.29
|
*
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
0.41
|
|
$
0.29
|
*
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average
equity
|
4.57%
|
|
6.68%
|
|
|
Annualized return on average
assets
|
0.74%
|
|
0.60%
|
|
|
|
|
|
|
|
|
|
|
|
Basic common shares
outstanding
|
108,299,515
|
|
109,007,874
|
*
|
|
Diluted common shares
outstanding
|
108,959,585
|
|
109,338,435
|
*
|
|
|
|
|
|
|
|
|
|
|
* - Adjusted
for 2.25 to 1 exchange
ratio.
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Supplementary data -
unaudited
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
Allowance for loan
losses
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
$ 75,417
|
|
66,777
|
|
70,403
|
|
54,929
|
|
|
Provision
|
9,871
|
|
9,830
|
|
26,568
|
|
27,347
|
|
|
Charge-offs mortgage
|
(682)
|
|
(417)
|
|
(1,947)
|
|
(1,300)
|
|
|
Charge-offs consumer
|
(3,040)
|
|
(1,679)
|
|
(7,705)
|
|
(4,515)
|
|
|
Charge-offs
commercial
|
(4,811)
|
|
(7,176)
|
|
(11,563)
|
|
(9,701)
|
|
|
Recoveries
|
490
|
|
440
|
|
1,489
|
|
1,015
|
|
|
Ending balance
|
$
77,245
|
|
67,775
|
|
77,245
|
|
67,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average
loans, annualized
|
0.58%
|
|
0.68%
|
|
0.48%
|
|
0.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2010
|
|
2009
|
|
2009
|
|
2008
|
|
Nonperforming loans
|
$ 151,217
|
|
117,138
|
|
124,626
|
|
99,203
|
|
Real estate owned,
net
|
22,998
|
|
19,838
|
|
20,257
|
|
16,844
|
|
Nonperforming assets
|
$
174,215
|
|
136,976
|
|
144,883
|
|
116,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total
loans
|
2.70%
|
|
2.27%
|
|
2.35%
|
|
1.91%
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets
|
2.14%
|
|
1.92%
|
|
1.81%
|
|
1.67%
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
total loans
|
1.38%
|
|
1.32%
|
|
1.33%
|
|
1.06%
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
nonperforming loans
|
51.08%
|
|
57.86%
|
|
56.49%
|
|
55.37%
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Supplementary data -
unaudited
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due
schedule
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Number of loans and dollar
amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2010
|
*
|
|
2009
|
*
|
|
2008
|
*
|
|
Loans past due 30 days to 59
days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four- family residential
loans
|
97
|
$ 6,696
|
0.3%
|
|
350
|
$ 27,998
|
1.2%
|
|
392
|
$ 32,988
|
1.3%
|
|
|
Consumer loans
|
993
|
9,874
|
0.7%
|
|
1,100
|
11,226
|
0.8%
|
|
1,157
|
11,295
|
0.9%
|
|
|
Multifamily and commercial RE
loans
|
76
|
12,445
|
0.9%
|
|
85
|
16,152
|
1.3%
|
|
99
|
18,901
|
1.8%
|
|
|
Commercial business
loans
|
55
|
5,130
|
1.3%
|
|
48
|
3,293
|
0.9%
|
|
86
|
7,700
|
2.2%
|
|
Total loans past due 30 days to
59 days
|
1,221
|
$
34,145
|
0.6%
|
|
1,583
|
$
58,669
|
1.1%
|
|
1,734
|
$
70,884
|
1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 60 days to 89
days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four- family residential
loans
|
76
|
$ 6,505
|
0.3%
|
|
85
|
$ 6,772
|
0.3%
|
|
101
|
$ 7,599
|
0.3%
|
|
|
Consumer loans
|
413
|
3,679
|
0.3%
|
|
392
|
3,029
|
0.2%
|
|
379
|
2,836
|
0.2%
|
|
|
Multifamily and commercial RE
loans
|
36
|
12,358
|
0.9%
|
|
35
|
5,811
|
0.5%
|
|
54
|
8,432
|
0.8%
|
|
|
Commercial business
loans
|
36
|
2,304
|
0.6%
|
|
26
|
2,474
|
0.7%
|
|
45
|
3,801
|
1.1%
|
|
Total loans past due 60 days to
89 days
|
561
|
$
24,846
|
0.4%
|
|
538
|
$
18,086
|
0.3%
|
|
579
|
$
22,668
|
0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90 days or
more:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One- to four- family residential
loans
|
251
|
$ 27,552
|
1.1%
|
|
279
|
$ 29,373
|
1.3%
|
|
223
|
$ 20,435
|
0.8%
|
|
|
Consumer loans
|
600
|
11,936
|
0.9%
|
|
727
|
12,544
|
0.9%
|
|
687
|
9,756
|
0.7%
|
|
|
Multifamily and commercial RE
loans
|
186
|
41,605
|
3.1%
|
|
199
|
49,594
|
4.0%
|
|
155
|
43,828
|
4.1%
|
|
|
Commercial business
loans
|
104
|
22,431
|
5.6%
|
|
124
|
18,269
|
4.9%
|
|
114
|
25,184
|
7.1%
|
|
Total loans past due 90 days or
more
|
1,141
|
$
103,524
|
1.9%
|
|
1,329
|
$
109,780
|
2.1%
|
|
1,179
|
$
99,203
|
1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* - Represents
delinquency, in dollars, divided by the respective total amount of
that type of loan outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
|
Analysis of
loan portfolio by geographic location as of September 30, 2010 -
unaudited:
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
|
(1)
|
Consumer
|
(2)
|
Commercial
|
(3)
|
Total
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
|
$ 2,055,065
|
83.2%
|
1,189,160
|
87.1%
|
1,161,039
|
66.1%
|
4,405,264
|
78.9%
|
|
|
New York
|
146,241
|
5.9%
|
107,596
|
7.9%
|
336,060
|
19.1%
|
589,897
|
10.5%
|
|
|
Ohio
|
26,637
|
1.1%
|
17,947
|
1.3%
|
46,234
|
2.6%
|
90,818
|
1.6%
|
|
|
Maryland
|
214,710
|
8.7%
|
36,976
|
2.7%
|
170,226
|
9.7%
|
421,912
|
7.5%
|
|
|
Florida
|
27,215
|
1.1%
|
14,290
|
1.0%
|
43,066
|
2.5%
|
84,571
|
1.5%
|
|
|
Total
|
$
2,469,868
|
100.0%
|
1,365,969
|
100.0%
|
1,756,625
|
100.0%
|
5,592,462
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - Percentage of total
mortgage loans
|
|
(2) - Percentage of total
consumer loans
|
|
(3) - Percentage of total
commercial loans
|
|
(4) - Percentage of total
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 90 or more past
due:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
|
(5)
|
Consumer
|
(6)
|
Commercial
|
(7)
|
Total
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
|
$
18,828
|
0.9%
|
9,328
|
0.8%
|
41,854
|
3.6%
|
70,010
|
1.6%
|
|
|
New York
|
782
|
0.5%
|
199
|
0.2%
|
767
|
0.2%
|
1,748
|
0.3%
|
|
|
Ohio
|
134
|
0.5%
|
135
|
0.8%
|
219
|
0.5%
|
488
|
0.5%
|
|
|
Maryland
|
774
|
0.4%
|
1,029
|
2.8%
|
14,169
|
8.3%
|
15,972
|
3.8%
|
|
|
Florida
|
7,034
|
25.8%
|
1,245
|
8.7%
|
7,027
|
16.3%
|
15,306
|
18.1%
|
|
|
Total
|
$
27,552
|
1.1%
|
11,936
|
0.9%
|
64,036
|
3.6%
|
103,524
|
1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) - Percentage of
mortgage loans in that geographic area
|
|
(6) - Percentage of
consumer loans in that geographic area
|
|
(7) - Percentage of
commercial loans in that geographic area
|
|
(8) - Percentage of total
loans in that geographic area
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Supplementary data -
unaudited
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities
available-for-sale as of September 30, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
|
|
Gross
|
|
|
|
|
|
|
|
unrealized
|
|
unrealized
|
|
|
|
|
|
Amortized
|
|
holding
|
|
holding
|
|
Market
|
|
|
|
cost
|
|
gains
|
|
losses
|
|
value
|
|
Debt issued by the U.S.
government and agencies:
|
|
|
|
|
|
|
|
|
|
Due in one year or
less
|
$
10,014
|
|
-
|
|
(1)
|
|
10,013
|
|
|
|
|
|
|
|
|
|
|
|
Debt issued by government
sponsored enterprises:
|
|
|
|
|
|
|
|
|
|
Due in one year - five
years
|
1,986
|
|
117
|
|
-
|
|
2,103
|
|
|
Due in five years - ten
years
|
7,074
|
|
737
|
|
-
|
|
7,811
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities
|
954
|
|
95
|
|
(93)
|
|
956
|
|
|
|
|
|
|
|
|
|
|
|
Municipal securities:
|
|
|
|
|
|
|
|
|
|
Due in one year - five
years
|
3,099
|
|
176
|
|
-
|
|
3,275
|
|
|
Due in five years - ten
years
|
35,944
|
|
1,596
|
|
-
|
|
37,540
|
|
|
Due after ten years
|
171,960
|
|
4,391
|
|
(497)
|
|
175,854
|
|
|
|
|
|
|
|
|
|
|
|
Corporate trust preferred
securities:
|
|
|
|
|
|
|
|
|
|
Due in one year or
less
|
100
|
|
-
|
|
-
|
|
100
|
|
|
Due in one year - five
years
|
500
|
|
-
|
|
-
|
|
500
|
|
|
Due after ten years
|
25,530
|
|
288
|
|
(7,021)
|
|
18,797
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
securities:
|
|
|
|
|
|
|
|
|
|
Fixed rate
pass-through
|
114,015
|
|
8,282
|
|
(5)
|
|
122,292
|
|
|
Variable rate
pass-through
|
181,804
|
|
8,120
|
|
(24)
|
|
189,900
|
|
|
Fixed rate non-agency
CMO
|
15,476
|
|
93
|
|
(1,187)
|
|
14,382
|
|
|
Fixed rate agency CMO
|
28,622
|
|
1,243
|
|
-
|
|
29,865
|
|
|
Variable rate non-agency
CMO
|
6,083
|
|
150
|
|
(180)
|
|
6,053
|
|
|
Variable rate agency
CMO
|
259,586
|
|
5,241
|
|
(110)
|
|
264,717
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mortgage-backed
securities
|
605,586
|
|
23,129
|
|
(1,506)
|
|
627,209
|
|
|
|
|
|
|
|
|
|
|
|
|
Total marketable securities
available-for-sale
|
$
862,747
|
|
30,529
|
|
(9,118)
|
|
884,158
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities
held-to-maturity as of September 30, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
|
|
Gross
|
|
|
|
|
|
|
|
unrealized
|
|
unrealized
|
|
|
|
|
|
Amortized
|
|
holding
|
|
holding
|
|
Market
|
|
|
|
cost
|
|
gains
|
|
losses
|
|
value
|
|
|
|
|
|
|
|
|
|
|
|
Debt issued by government
sponsored enterprises:
|
|
|
|
|
|
|
|
|
|
Due in one year - five
years
|
$
26,500
|
|
84
|
|
-
|
|
26,584
|
|
|
|
|
|
|
|
|
|
|
|
Municipal securities:
|
|
|
|
|
|
|
|
|
|
Due after ten years
|
81,116
|
|
1,485
|
|
(31)
|
|
82,570
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
securities:
|
|
|
|
|
|
|
|
|
|
Fixed rate
pass-through
|
32,168
|
|
1,012
|
|
-
|
|
33,180
|
|
|
Variable rate
pass-through
|
9,996
|
|
135
|
|
-
|
|
10,131
|
|
|
Fixed rate agency CMO
|
221,772
|
|
7,306
|
|
-
|
|
229,078
|
|
|
Variable rate agency
CMO
|
27,772
|
|
469
|
|
-
|
|
28,241
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mortgage-backed
securities
|
291,708
|
|
8,922
|
|
-
|
|
300,630
|
|
|
|
|
|
|
|
|
|
|
|
|
Total marketable securities
held-to-maturity
|
$
399,324
|
|
10,491
|
|
(31)
|
|
409,784
|
|
|
|
|
|
|
|
|
|
|
|
Issuers of mortgage-backed
securities as of September 30, 2010:
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
$ 327,849
|
|
11,746
|
|
(123)
|
|
339,472
|
|
|
Ginnie Mae
|
264,415
|
|
9,697
|
|
(8)
|
|
274,104
|
|
|
Freddie Mac
|
258,273
|
|
10,365
|
|
(2)
|
|
268,636
|
|
|
Non-agency
|
46,757
|
|
243
|
|
(1,373)
|
|
45,627
|
|
|
Total
|
$
897,294
|
|
32,051
|
|
(1,506)
|
|
927,839
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
Three months
ended September 30,
|
|
|
2010
|
2009
|
|
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|
|
Balance
|
|
Yield/
|
Balance
|
|
Yield/
|
|
|
|
|
Cost
|
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Loans receivable (a) (b)
(d)
|
$ 5,569,014
|
83,753
|
6.00%
|
5,168,204
|
80,006
|
6.15%
|
|
Mortgage-backed
securities (c)
|
853,714
|
6,534
|
3.06%
|
714,548
|
6,580
|
3.68%
|
|
Investment securities (c)
(d)
|
378,145
|
5,243
|
5.55%
|
351,741
|
5,422
|
6.17%
|
|
FHLB stock
|
63,242
|
-
|
-
|
63,143
|
-
|
-
|
|
Other interest-earning
deposits
|
706,829
|
524
|
0.29%
|
328,447
|
253
|
0.30%
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
7,570,944
|
96,054
|
5.06%
|
6,626,083
|
92,261
|
5.54%
|
|
|
|
|
|
|
|
|
|
Noninterest earning assets
(e)
|
591,977
|
|
|
512,804
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
8,162,921
|
|
|
7,138,887
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Savings
accounts
|
$ 1,071,708
|
2,203
|
0.82%
|
842,069
|
1,591
|
0.75%
|
|
Interest-bearing demand
accounts
|
778,597
|
244
|
0.12%
|
746,125
|
555
|
0.30%
|
|
Money market
accounts
|
903,278
|
1,301
|
0.57%
|
766,742
|
1,908
|
0.99%
|
|
Certificate
accounts
|
2,446,317
|
14,024
|
2.27%
|
2,578,266
|
19,418
|
2.99%
|
|
Borrowed funds
(f)
|
898,618
|
8,150
|
3.60%
|
892,081
|
8,665
|
3.85%
|
|
Junior subordinated
debentures
|
103,094
|
1,437
|
5.45%
|
103,094
|
1,449
|
5.50%
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
6,201,612
|
27,359
|
1.75%
|
5,928,377
|
33,586
|
2.25%
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities
|
648,905
|
|
|
566,250
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
6,850,517
|
|
|
6,494,627
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
1,312,404
|
|
|
644,260
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
8,162,921
|
|
|
7,138,887
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/ Interest
rate spread
|
|
68,695
|
3.31%
|
|
58,675
|
3.29%
|
|
|
|
|
|
|
|
|
|
Net interest-earning assets/ Net
interest margin
|
$ 1,369,332
|
|
3.63%
|
697,706
|
|
3.54%
|
|
|
|
|
|
|
|
|
|
Ratio of interest-earning assets
to
|
|
|
|
|
|
|
|
interest-bearing
liabilities
|
1.22X
|
|
|
1.12X
|
|
|
|
|
|
|
|
|
|
|
|
(a) Average gross loans
receivable includes loans held as available-for-sale and loans
placed on nonaccrual status.
|
|
(b) Interest income includes
accretion/ amortization of deferred loan fees/ expenses, which was
not material.
|
|
(c) Average balances do not
include the effect of unrealized gains or losses on securities held
as available-for-sale.
|
|
(d) Interest income on tax-free
investment securities and tax-free loans are presented on a fully
taxable equivalent basis.
|
|
(e) Average balances include the
effect of unrealized gains or losses on securities held as
available-for-sale.
|
|
(f) Average balances include
FHLB borrowings, securities sold under agreements to repurchase and
other borrowings.
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended September 30,
|
|
|
2010
|
2009
|
|
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|
|
Balance
|
|
Yield/
|
Balance
|
|
Yield/
|
|
|
|
|
Cost
|
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Loans receivable (a) (b)
(d)
|
$ 5,461,244
|
246,941
|
6.05%
|
5,185,359
|
241,604
|
6.19%
|
|
Mortgage-backed
securities (c)
|
794,691
|
19,385
|
3.25%
|
712,593
|
20,858
|
3.90%
|
|
Investment securities (c)
(d)
|
371,587
|
15,358
|
5.51%
|
364,437
|
17,025
|
6.23%
|
|
FHLB stock
|
63,242
|
-
|
-
|
63,143
|
-
|
-
|
|
Other interest-earning
deposits
|
833,157
|
1,601
|
0.25%
|
232,852
|
415
|
0.24%
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
7,523,921
|
283,285
|
5.04%
|
6,558,384
|
279,902
|
5.67%
|
|
|
|
|
|
|
|
|
|
Noninterest earning assets
(e)
|
577,252
|
|
|
491,480
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
8,101,173
|
|
|
7,049,864
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Savings
accounts
|
$ 1,022,259
|
6,472
|
0.85%
|
822,401
|
4,649
|
0.76%
|
|
Interest-bearing demand
accounts
|
772,584
|
962
|
0.17%
|
733,714
|
2,102
|
0.38%
|
|
Money market
accounts
|
881,983
|
4,768
|
0.72%
|
733,956
|
6,703
|
1.22%
|
|
Certificate
accounts
|
2,492,344
|
45,947
|
2.46%
|
2,526,660
|
59,101
|
3.13%
|
|
Borrowed funds
(f)
|
898,320
|
24,728
|
3.68%
|
948,981
|
26,020
|
3.67%
|
|
Junior subordinated
debentures
|
103,094
|
4,263
|
5.45%
|
106,531
|
4,398
|
5.44%
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
6,170,584
|
87,140
|
1.89%
|
5,872,243
|
102,973
|
2.34%
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities
|
623,875
|
|
|
545,623
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
6,794,459
|
|
|
6,417,866
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
1,306,714
|
|
|
631,998
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
8,101,173
|
|
|
7,049,864
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/ Interest
rate spread
|
|
196,145
|
3.15%
|
|
176,929
|
3.33%
|
|
|
|
|
|
|
|
|
|
Net interest-earning assets/ Net
interest margin
|
$ 1,353,337
|
|
3.48%
|
686,141
|
|
3.60%
|
|
|
|
|
|
|
|
|
|
Ratio of interest-earning assets
to
|
|
|
|
|
|
|
|
interest-bearing
liabilities
|
1.22X
|
|
|
1.12X
|
|
|
|
|
|
|
|
|
|
|
|
(a) Average gross loans
receivable includes loans held as available-for-sale and loans
placed on nonaccrual status.
|
|
(b) Interest income includes
accretion/ amortization of deferred loan fees/ expenses, which was
not material.
|
|
(c) Average balances do not
include the effect of unrealized gains or losses on securities held
as available-for-sale.
|
|
(d) Interest income on tax-free
investment securities and tax-free loans are presented on a fully
taxable equivalent basis.
|
|
(e) Average balances include the
effect of unrealized gains or losses on securities held as
available-for-sale.
|
|
(f) Average balances include
FHLB borrowings, securities sold under agreements to repurchase and
other borrowings.
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
Three months
ended
|
|
|
September
30, 2010
|
June 30,
2010
|
|
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|
|
Balance
|
|
Yield/
|
Balance
|
|
Yield/
|
|
|
|
|
Cost
|
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Loans receivable (a) (b)
(d)
|
$ 5,569,014
|
83,753
|
6.00%
|
5,465,373
|
81,866
|
6.03%
|
|
Mortgage-backed
securities (c)
|
853,714
|
6,534
|
3.06%
|
792,412
|
6,706
|
3.39%
|
|
Investment securities (c)
(d)
|
378,145
|
5,243
|
5.55%
|
376,206
|
4,989
|
5.30%
|
|
FHLB stock
|
63,242
|
-
|
-
|
63,242
|
-
|
-
|
|
Other interest-earning
deposits
|
706,829
|
524
|
0.29%
|
845,947
|
512
|
0.24%
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
7,570,944
|
96,054
|
5.06%
|
7,543,180
|
94,073
|
5.02%
|
|
|
|
|
|
|
|
|
|
Noninterest earning assets
(e)
|
591,977
|
|
|
584,203
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
8,162,921
|
|
|
8,127,383
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Savings
accounts
|
$ 1,071,708
|
2,203
|
0.82%
|
1,033,707
|
2,236
|
0.87%
|
|
Interest-bearing demand
accounts
|
778,597
|
244
|
0.12%
|
785,619
|
319
|
0.16%
|
|
Money market
accounts
|
903,278
|
1,301
|
0.57%
|
901,439
|
1,630
|
0.73%
|
|
Certificate
accounts
|
2,446,317
|
14,024
|
2.27%
|
2,470,706
|
14,788
|
2.40%
|
|
Borrowed funds
(f)
|
898,618
|
8,150
|
3.60%
|
895,650
|
8,283
|
3.71%
|
|
Junior subordinated
debentures
|
103,094
|
1,437
|
5.45%
|
103,094
|
1,421
|
5.45%
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
6,201,612
|
27,359
|
1.75%
|
6,190,215
|
28,677
|
1.86%
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities
|
648,905
|
|
|
632,037
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
6,850,517
|
|
|
6,822,252
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
1,312,404
|
|
|
1,305,131
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
8,162,921
|
|
|
8,127,383
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/ Interest
rate spread
|
|
68,695
|
3.31%
|
|
65,396
|
3.16%
|
|
|
|
|
|
|
|
|
|
Net interest-earning assets/ Net
interest margin
|
$ 1,369,332
|
|
3.63%
|
1,352,965
|
|
3.47%
|
|
|
|
|
|
|
|
|
|
Ratio of interest-earning assets
to
|
|
|
|
|
|
|
|
interest-bearing
liabilities
|
1.22X
|
|
|
1.22X
|
|
|
|
|
|
|
|
|
|
|
|
(a) Average gross loans
receivable includes loans held as available-for-sale and loans
placed on nonaccrual status.
|
|
(b) Interest income includes
accretion/ amortization of deferred loan fees/ expenses, which was
not material.
|
|
(c) Average balances do not
include the effect of unrealized gains or losses on securities held
as available-for-sale.
|
|
(d) Interest income on tax-free
investment securities and tax-free loans are presented on a fully
taxable equivalent basis.
|
|
(e) Average balances include the
effect of unrealized gains or losses on securities held as
available-for-sale.
|
|
(f) Average balances include
FHLB borrowings, securities sold under agreements to repurchase and
other borrowings.
|
|
|
|
|
|
|
|
|
SOURCE Northwest Bancshares, Inc.
Copyright . 25 PR Newswire