WARREN, Pa., July 25, 2011 /PRNewswire/ -- Northwest
Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the
quarter ended June 30, 2011 of
$15.0 million, or $0.15 per diluted share. This represents a
decrease of $1.1 million over the
same quarter last year when net income was $16.1 million, or $0.15 per diluted share, and a decrease of
$2.3 million over the quarter ended
March 31, 2011 when net income was
$17.3 million, or $0.16 per diluted share. The annualized
returns on average shareholders’ equity and average assets for the
current quarter were 4.81% and 0.74% compared to 4.95% and 0.79%
for the same quarter last year and 5.39% and 0.86% for the quarter
ended March 31, 2011.
The decrease in quarterly earnings when compared to the previous
quarter and previous year primarily resulted from additional
expense relating to the stock benefit plan that was approved by the
Company’s shareholders in April, 2011. The plan was proposed
in conjunction with the second-step stock conversion that was
completed in December, 2009.
The Company also announced that its Board of Directors declared
a quarterly cash dividend of $0.11
per share payable on August 18, 2011,
to shareholders of record as of August 4,
2011. This represents the 67th consecutive quarter in
which the Company has paid a cash dividend.
In making this announcement, William J.
Wagner, President and CEO, noted, “Absent the impact of the
additional stock benefit expense, all other components of earnings
exhibited favorable trends: net interest income increased
$3.0 million, or 4.6%; income earned
from fees, commissions and services increased $189,000; and noninterest expense increased only
$1.3 million, or 2.8%. We are
also pleased to report that our loan portfolio increased
$2.6 million during the quarter while
demand deposits grew $8.0 million.
Finally, we continued to make progress on our announced stock
buyback plan with the repurchase of 5,850,866 shares at an average
price of $12.23 per share. To
date, we have repurchased 8,986,989 of the 11,000,000 targeted
shares at an average price of $12.14
per share.”
Net interest income increased by $3.0
million, or 4.6%, to $66.7
million for the quarter ended June
30, 2011, from $63.7 million
for the quarter ended June 30, 2010,
which was primarily attributable to a decrease in the cost of
deposits. Interest expense on deposits decreased by
$3.5 million, or 18.4%, to
$15.5 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 $471,000, or 6.0%, to $8.4
million for the quarter ended June
30, 2011, from $7.9 million
for the quarter ended June 30, 2010.
Charge-offs for the quarter ended June
30, 2011 were $9.4 million,
including $3.0 million related to the
exiting of a Maryland hotel credit
during the quarter. As of June 30,
2011, the allowance for loan losses was $75.5 million, or 1.37% of total loans, compared
to $75.4 million, or 1.36% of total
loans, as of June 30, 2010.
Loans 90 days or more delinquent were $115.8 million as of June
30, 2011, compared to $124.8
million as of March 31, 2011
and $107.5 million as of June 30, 2010.
Noninterest income decreased by $283,000, or 1.8%, to $15.3 million for the quarter ended June 30, 2011, from $15.5
million for the quarter ended June
30, 2010. Losses on real estate owned increased by
$338,000, or 132.5%, to $593,000 for the quarter ended June 30, 2011 from $255,000 for the quarter ended June 30, 2010 as a result of write-downs on real
estate owned in Maryland.
Service charges and fees decreased by $581,000, or 5.9%, to $9.3
million for the quarter ended June
30, 2011 from $9.9 million for
the quarter ended June 30, 2010
primarily as a result of lower deposit overdraft revenue.
Other-than-temporary impairment losses on securities were
$507,000 compared to $218,000 for the quarter ended June 30, 2010 related to further deterioration in
the value of two investment securities. Partially offsetting
these were an increase in insurance commission income, which
increased by $497,000, or 38.4%, to
$1.8 million for the quarter ended
June 30, 2011 due to increased
insurance revenues and increases in trust services income and
mortgage banking income of $273,000
and $261,000, respectively.
Noninterest expense increased by $4.3
million, or 9.0%, to $52.5
million for the quarter ended June
30, 2011, from $48.2 million
for the 2010 quarter. This increase is primarily a result of
increases in compensation and employee benefits and professional
services expenses, which were partially offset by decreases in
marketing and other real estate owned expenses. Compensation
and employee benefits expenses increased by $4.8 million, or 19.4%, to $29.8 million for the quarter ended June 30, 2011, primarily due to increases in
health insurance expense and the aforementioned initial vesting of
the stock benefit plans. In addition, full-time equivalent
employees have increased by 42 since the beginning of the current
year with staffing increases primarily in the areas of commercial
lending, compliance and loan servicing. Professional services
expenses increased by $706,000, or
121.1%, to $1.3 million for the
quarter ended June 30, 2011 as a
result of the outsourcing of the internal audit function and the
continued engagement of regulatory compliance consultants.
Marketing expense decreased by $1.2
million, or 36.0%, to $2.1
million for the quarter ended June
30, 2011 due to the timing of various campaigns and
initiatives.
Net income for the six-month period ended June 30, 2011 of $32.3
million, or $0.31 per diluted
share, represents an increase of $3.0
million, or 10.1% compared to net income of $29.3 million, or $0.27 per diluted share, for the six-month period
ended June 30, 2010. The
annualized returns on average shareholders’ equity and average
assets were 5.07% and 0.79%, respectively, for the current
six-month period compared to 4.49% and 0.73%, respectively, in the
prior year.
Headquartered in Warren,
Pennsylvania, Northwest Bancshares, Inc. is the holding
company of Northwest Savings Bank. After closing our three
offices in Florida as of
June 30, 2011, we operate 169
community banking offices in Pennsylvania, New
York, Ohio and
Maryland. Northwest Savings
Bank, founded in 1896, is a full-service financial institution
offering a complete line of business and personal banking products
as well as benefits and wealth management services. The
Company also operates 52 consumer finance offices in Pennsylvania through its subsidiary, Northwest
Consumer Discount Company. Northwest Bancshares, Inc.’s
common stock is listed on the NASDAQ Global Select Market.
Additional information regarding Northwest Bancshares, Inc.
can be accessed on-line at www.northwestsavingsbank.com.
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Consolidated
Statements of Financial Condition
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
Assets
|
|
2011
|
|
2010
|
|
Cash and cash
equivalents
|
|
$
80,889
|
|
40,708
|
|
Interest-earning deposits in
other financial institutions
|
|
631,957
|
|
677,771
|
|
Federal funds sold and other
short-term investments
|
|
633
|
|
632
|
|
Marketable securities
available-for-sale (amortized cost of $1,023,829 and
$945,791)
|
|
1,040,547
|
|
950,683
|
|
Marketable securities
held-to-maturity (fair value of $284,685 and $354,126)
|
|
280,782
|
|
357,922
|
|
|
Total cash, interest-earning
deposits and marketable securities
|
|
2,034,808
|
|
2,027,716
|
|
|
|
|
|
|
|
Loans held for sale
|
|
8,035
|
|
11,376
|
|
Residential mortgage
loans
|
|
2,342,904
|
|
2,386,928
|
|
Home equity loans
|
|
1,083,301
|
|
1,092,606
|
|
Consumer loans
|
|
247,182
|
|
259,123
|
|
Commercial real estate
loans
|
|
1,375,090
|
|
1,350,319
|
|
Commercial loans
|
|
432,666
|
|
433,653
|
|
|
Total loans
receivable
|
|
5,489,178
|
|
5,534,005
|
|
Allowance for loan
losses
|
|
(75,455)
|
|
(76,412)
|
|
|
Loans receivable, net
|
|
5,413,723
|
|
5,457,593
|
|
|
|
|
|
|
|
Federal Home Loan Bank stock, at
cost
|
|
54,222
|
|
60,080
|
|
Accrued interest
receivable
|
|
25,647
|
|
26,216
|
|
Real estate owned,
net
|
|
21,389
|
|
20,780
|
|
Premises and Equipment,
net
|
|
126,303
|
|
128,101
|
|
Bank owned life
insurance
|
|
133,358
|
|
132,237
|
|
Goodwill
|
|
171,882
|
|
171,882
|
|
Other intangible
assets
|
|
2,972
|
|
3,942
|
|
Other assets
|
|
103,041
|
|
119,608
|
|
|
Total assets
|
|
$
8,087,345
|
|
8,148,155
|
|
|
|
|
|
|
|
Liabilities
and Shareholders' equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Noninterest-bearing demand
deposits
|
|
$
614,718
|
|
575,281
|
|
Interest-bearing demand
deposits
|
|
796,482
|
|
782,257
|
|
Savings deposits
|
|
2,042,618
|
|
1,948,882
|
|
Time deposits
|
|
2,365,488
|
|
2,457,916
|
|
|
Total deposits
|
|
5,819,306
|
|
5,764,336
|
|
Borrowed funds
|
|
847,450
|
|
891,293
|
|
Advances by borrowers for taxes
and insurance
|
|
30,371
|
|
22,868
|
|
Accrued interest
payable
|
|
1,155
|
|
1,716
|
|
Other liabilities
|
|
58,828
|
|
57,398
|
|
Junior subordinated
debentures
|
|
103,094
|
|
103,094
|
|
|
Total liabilities
|
|
6,860,204
|
|
6,840,705
|
|
|
|
|
|
|
|
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, 103,266,045 shares
|
|
|
|
|
|
|
and 110,295,117 shares issued,
respectively
|
|
1,033
|
|
1,103
|
|
Paid-in-capital
|
|
726,207
|
|
824,164
|
|
Retained earnings
|
|
533,229
|
|
523,089
|
|
Unallocated common stock of
Employee Stock Ownership Plan
|
|
(26,639)
|
|
(27,409)
|
|
Accumulated other comprehensive
loss
|
|
(6,689)
|
|
(13,497)
|
|
|
Total shareholders'
equity
|
|
1,227,141
|
|
1,307,450
|
|
|
Total liabilities and
shareholders' equity
|
|
$
8,087,345
|
|
8,148,155
|
|
|
|
|
|
|
|
|
Equity to assets
|
|
15.17%
|
|
16.05%
|
|
|
Tangible common equity to
assets
|
|
13.30%
|
|
14.19%
|
|
|
Book value per share
|
|
$11.88
|
|
$11.85
|
|
|
Tangible book value per
share
|
|
$10.19
|
|
$10.26
|
|
|
Closing market price per
share
|
|
$12.58
|
|
$11.78
|
|
|
Full time equivalent
employees
|
|
1,923
|
|
1,881
|
|
|
Number of banking
offices
|
|
169
|
|
171
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Consolidated
Statements of Income - Unaudited
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
Three months
ended
|
|
|
June
30,
|
|
March
31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
Interest income:
|
|
|
|
|
|
|
|
Loans receivable
|
$79,993
|
|
81,734
|
|
$80,457
|
|
|
Mortgage-backed
securities
|
6,073
|
|
6,706
|
|
6,756
|
|
|
Taxable investment
securities
|
594
|
|
599
|
|
398
|
|
|
Tax-free investment
securities
|
2,992
|
|
2,853
|
|
3,074
|
|
|
Interest-earning
deposits
|
489
|
|
512
|
|
407
|
|
|
|
Total interest income
|
90,141
|
|
92,404
|
|
91,092
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
Deposits
|
15,473
|
|
18,973
|
|
16,063
|
|
|
Borrowed funds
|
7,989
|
|
9,704
|
|
7,989
|
|
|
|
Total interest
expense
|
23,462
|
|
28,677
|
|
24,052
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
66,679
|
|
63,727
|
|
67,040
|
|
Provision for loan
losses
|
8,367
|
|
7,896
|
|
7,244
|
|
|
|
Net interest income after
provision
|
|
|
|
|
|
|
|
|
for loan losses
|
58,312
|
|
55,831
|
|
59,796
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
|
|
Impairment losses on
securities
|
(577)
|
|
(1,824)
|
|
-
|
|
|
Noncredit related losses on
securities not expected
|
|
|
|
|
|
|
|
|
to be sold (recognized in other
comprehensive income)
|
70
|
|
1,606
|
|
-
|
|
|
Net impairment losses
|
(507)
|
|
(218)
|
|
-
|
|
|
Gain on sale of investments,
net
|
45
|
|
94
|
|
4
|
|
|
Service charges and
fees
|
9,321
|
|
9,902
|
|
8,928
|
|
|
Trust and other financial
services income
|
2,185
|
|
1,912
|
|
1,910
|
|
|
Insurance commission
income
|
1,790
|
|
1,293
|
|
1,380
|
|
|
Loss on real estate owned,
net
|
(593)
|
|
(255)
|
|
(27)
|
|
|
Income from bank owned life
insurance
|
1,716
|
|
1,474
|
|
1,166
|
|
|
Mortgage banking
income
|
290
|
|
29
|
|
197
|
|
|
Other operating
income
|
1,015
|
|
1,314
|
|
768
|
|
|
|
Total noninterest
income
|
15,262
|
|
15,545
|
|
14,326
|
|
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
Compensation and employee
benefits
|
29,804
|
*
|
24,960
|
|
25,353
|
|
|
Premises and occupancy
costs
|
5,650
|
|
5,340
|
|
6,191
|
|
|
Office operations
|
3,255
|
|
2,934
|
|
3,100
|
|
|
Processing expenses
|
5,687
|
|
5,552
|
|
5,767
|
|
|
Marketing expenses
|
2,108
|
|
3,294
|
|
1,959
|
|
|
Federal deposit insurance
premiums
|
2,355
|
|
2,148
|
|
2,427
|
|
|
Professional services
|
1,289
|
|
583
|
|
1,256
|
|
|
Amortization of intangible
assets
|
333
|
|
759
|
|
637
|
|
|
Real estate owned
expense
|
249
|
|
712
|
|
431
|
|
|
Other expense
|
1,760
|
|
1,875
|
|
2,257
|
|
|
|
Total noninterest
expense
|
52,490
|
|
48,157
|
|
49,378
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
21,084
|
|
23,219
|
|
24,744
|
|
|
Income tax expense
|
6,081
|
|
7,078
|
|
7,491
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
15,003
|
|
16,141
|
|
17,253
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.15
|
|
$
0.15
|
|
$
0.16
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
0.15
|
|
$
0.15
|
|
$
0.16
|
|
|
|
|
|
|
|
|
Annualized return on average
equity
|
4.81%
|
|
4.95%
|
|
5.39%
|
|
Annualized return on average
assets
|
0.74%
|
|
0.79%
|
|
0.86%
|
|
|
|
|
|
|
|
|
Basic common shares
outstanding
|
102,216,892
|
|
108,227,678
|
|
106,571,262
|
|
Diluted common shares
outstanding
|
102,536,202
|
|
108,960,333
|
|
107,258,320
|
|
|
|
* - Includes $2.8 million
of stock benefit plan expense related to awards granted in May,
2011. Approximately 40% of the awards approved by
shareholders in April, 2011 were awarded in May, 2011.
Awards vest over a ten year period with the first vesting occurring
on the date of grant. It is anticipated that the remaining
60% of the awards will be granted over the next six
years.
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Consolidated
Statements of Income - Unaudited
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
Six months
ended
|
|
|
June
30,
|
|
|
2011
|
|
2010
|
|
Interest income:
|
|
|
|
|
|
Loans receivable
|
$160,450
|
|
162,480
|
|
|
Mortgage-backed
securities
|
12,829
|
|
12,851
|
|
|
Taxable investment
securities
|
992
|
|
1,597
|
|
|
Tax-free investment
securities
|
6,066
|
|
5,537
|
|
|
Interest-earning
deposits
|
896
|
|
1,077
|
|
|
|
Total interest income
|
181,233
|
|
183,542
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
Deposits
|
31,536
|
|
40,377
|
|
|
Borrowed funds
|
15,978
|
|
19,404
|
|
|
|
Total interest
expense
|
47,514
|
|
59,781
|
|
|
|
|
|
|
|
|
Net interest income
|
133,719
|
|
123,761
|
|
Provision for loan
losses
|
15,611
|
|
16,697
|
|
|
|
Net interest income after
provision
|
|
|
|
|
|
|
for loan losses
|
118,108
|
|
107,064
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
Impairment losses on
securities
|
(577)
|
|
(1,921)
|
|
|
Noncredit related losses on
securities not expected
|
|
|
|
|
|
|
to be sold (recognized in other
comprehensive income)
|
70
|
|
1,606
|
|
|
Net impairment losses
|
(507)
|
|
(315)
|
|
|
Gain on sale of investments,
net
|
49
|
|
2,177
|
|
|
Service charges and
fees
|
18,249
|
|
18,804
|
|
|
Trust and other financial
services income
|
4,095
|
|
3,745
|
|
|
Insurance commission
income
|
3,170
|
|
2,435
|
|
|
Loss on real estate owned,
net
|
(620)
|
|
(279)
|
|
|
Income from bank owned life
insurance
|
2,882
|
|
2,640
|
|
|
Mortgage banking
income
|
487
|
|
21
|
|
|
Other operating
income
|
1,783
|
|
2,174
|
|
|
|
Total noninterest
income
|
29,588
|
|
31,402
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
Compensation and employee
benefits
|
55,157
|
|
50,816
|
|
|
Premises and occupancy
costs
|
11,841
|
|
11,342
|
|
|
Office operations
|
6,355
|
|
6,171
|
|
|
Processing expenses
|
11,454
|
|
11,248
|
|
|
Marketing expenses
|
4,067
|
|
4,737
|
|
|
Federal deposit insurance
premiums
|
4,782
|
|
4,296
|
|
|
Professional services
|
2,545
|
|
1,311
|
|
|
Amortization of intangible
assets
|
970
|
|
1,541
|
|
|
Real estate owned
expense
|
680
|
|
1,611
|
|
|
Other expense
|
4,017
|
|
3,688
|
|
|
|
Total noninterest
expense
|
101,868
|
|
96,761
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
45,828
|
|
41,705
|
|
|
Income tax expense
|
13,572
|
|
12,411
|
|
|
|
|
|
|
|
|
|
Net income
|
32,256
|
|
29,294
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.31
|
|
$
0.27
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
0.31
|
|
$
0.27
|
|
|
|
|
|
|
Annualized return on average
equity
|
5.07%
|
|
4.49%
|
|
Annualized return on average
assets
|
0.79%
|
|
0.73%
|
|
|
|
|
|
|
Basic common shares
outstanding
|
104,381,955
|
|
108,278,912
|
|
Diluted common shares
outstanding
|
104,884,123
|
|
108,982,981
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Asset
quality
|
|
(Dollars in
thousands)
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Allowance for loan
losses
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
$ 76,450
|
|
74,836
|
|
76,412
|
|
70,403
|
|
|
Provision
|
8,367
|
|
7,896
|
|
15,611
|
|
16,697
|
|
|
Charge-offs residential
mortgage
|
(829)
|
|
(600)
|
|
(2,034)
|
|
(1,275)
|
|
|
Charge-offs home
equity
|
(893)
|
|
(1,120)
|
|
(3,148)
|
|
(1,721)
|
|
|
Charge-offs consumer
|
(1,277)
|
|
(1,674)
|
|
(2,509)
|
|
(2,934)
|
|
|
Charge-offs commercial real
estate
|
(2,269)
|
|
(1,900)
|
|
(4,545)
|
|
(3,135)
|
|
|
Charge-offs
commercial
|
(4,874)
|
|
(2,518)
|
|
(5,915)
|
|
(3,617)
|
|
|
Recoveries
|
780
|
|
497
|
|
1,583
|
|
999
|
|
|
Ending balance
|
$
75,455
|
|
75,417
|
|
75,455
|
|
75,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average
loans, annualized
|
0.68%
|
|
0.54%
|
|
0.60%
|
|
0.43%
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
2011
|
|
2010
|
|
2010
|
|
2009
|
|
Nonperforming loans
|
$ 161,115
|
|
130,329
|
|
148,391
|
|
124,626
|
|
Real estate owned,
net
|
21,389
|
|
22,191
|
|
20,780
|
|
20,257
|
|
Nonperforming assets
|
$
182,504
|
|
152,520
|
|
169,171
|
|
144,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total
loans
|
2.94%
|
|
2.35%
|
|
2.68%
|
|
2.35%
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets
|
2.26%
|
|
1.87%
|
|
2.08%
|
|
1.81%
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
total loans
|
1.37%
|
|
1.36%
|
|
1.38%
|
|
1.33%
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
nonperforming loans
|
46.83%
|
|
57.87%
|
|
51.49%
|
|
56.49%
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Delinquency
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
Loan delinquency
schedule
|
|
|
(Number of loans and dollar
amount of loans)
|
|
|
June
30,
|
|
December
31,
|
|
|
2011
|
*
|
|
2010
|
*
|
|
2009
|
*
|
|
Loans delinquent 30 days to 59
days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
84
|
$ 4,627
|
0.2%
|
|
427
|
$35,329
|
1.5%
|
|
350
|
$ 27,998
|
1.2%
|
|
|
Home equity loans
|
174
|
$ 5,763
|
0.5%
|
|
230
|
$7,317
|
0.7%
|
|
177
|
$ 6,928
|
0.7%
|
|
|
Consumer loans
|
825
|
3,816
|
1.5%
|
|
1,008
|
5,318
|
2.1%
|
|
923
|
4,298
|
1.5%
|
|
|
Commercial real estate
loans
|
58
|
7,902
|
0.6%
|
|
82
|
16,287
|
1.2%
|
|
85
|
16,152
|
1.3%
|
|
|
Commercial loans
|
40
|
2,264
|
0.5%
|
|
48
|
6,590
|
1.5%
|
|
48
|
3,293
|
0.9%
|
|
Total loans delinquent 30 days
to 59 days
|
1,181
|
$
24,372
|
0.4%
|
|
1,795
|
$70,841
|
1.3%
|
|
1,583
|
$
58,669
|
1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 60 days to 89
days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
84
|
$ 8,044
|
0.3%
|
|
106
|
$9,848
|
0.4%
|
|
85
|
$ 6,772
|
0.3%
|
|
|
Home equity loans
|
60
|
$ 2,602
|
0.2%
|
|
81
|
$3,249
|
0.3%
|
|
44
|
$ 1,603
|
0.2%
|
|
|
Consumer loans
|
349
|
1,195
|
0.5%
|
|
356
|
1,331
|
0.5%
|
|
348
|
1,426
|
0.5%
|
|
|
Commercial real estate
loans
|
23
|
3,348
|
0.2%
|
|
39
|
14,365
|
1.1%
|
|
35
|
5,811
|
0.5%
|
|
|
Commercial loans
|
22
|
3,887
|
0.9%
|
|
9
|
1,678
|
0.4%
|
|
26
|
2,474
|
0.7%
|
|
Total loans delinquent 60 days
to 89 days
|
538
|
$
19,076
|
0.3%
|
|
591
|
$30,471
|
0.6%
|
|
538
|
$
18,086
|
0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 90 days or
more:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
268
|
$ 30,594
|
1.3%
|
|
275
|
$29,751
|
1.2%
|
|
279
|
$ 29,373
|
1.3%
|
|
|
Home equity loans
|
173
|
$ 9,069
|
0.8%
|
|
190
|
$10,263
|
0.9%
|
|
181
|
$ 9,769
|
0.9%
|
|
|
Consumer loans
|
314
|
1,825
|
0.7%
|
|
374
|
2,565
|
1.0%
|
|
546
|
2,775
|
1.0%
|
|
|
Commercial real estate
loans
|
151
|
55,512
|
4.0%
|
|
181
|
44,965
|
3.3%
|
|
199
|
49,594
|
4.0%
|
|
|
Commercial loans
|
55
|
18,802
|
4.3%
|
|
111
|
12,877
|
3.0%
|
|
124
|
18,269
|
4.9%
|
|
Total loans delinquent 90 days
or more
|
961
|
$
115,802
|
2.1%
|
|
1,131
|
$100,421
|
1.8%
|
|
1,329
|
$
109,780
|
2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* - 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 June 30, 2011 -
unaudited:
|
|
|
(Dollars in
thousands)
|
|
|
|
|
Loans
outstanding:
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
Residential
|
|
Home
|
|
|
|
Real
estate
|
|
Commercial
|
|
|
|
|
|
mortgage
|
(1)
|
equity
|
(2)
|
Consumer
|
(3)
|
loans
|
(4)
|
loans
|
(5)
|
Total
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
|
$ 1,915,898
|
81.4%
|
924,463
|
85.3%
|
225,296
|
91.2%
|
813,236
|
59.1%
|
279,894
|
64.7%
|
4,158,787
|
75.8%
|
|
|
New York
|
158,728
|
6.8%
|
102,441
|
9.5%
|
11,317
|
4.6%
|
322,890
|
23.5%
|
63,785
|
14.7%
|
659,161
|
12.0%
|
|
|
Ohio
|
20,198
|
0.9%
|
11,459
|
1.1%
|
2,804
|
1.1%
|
35,090
|
2.6%
|
8,822
|
2.0%
|
78,373
|
1.4%
|
|
|
Maryland
|
180,739
|
7.7%
|
34,084
|
3.1%
|
1,414
|
0.6%
|
114,382
|
8.3%
|
22,455
|
5.2%
|
353,074
|
6.4%
|
|
|
Florida
|
29,697
|
1.3%
|
8,893
|
0.8%
|
1,807
|
0.7%
|
46,301
|
3.4%
|
23,187
|
5.4%
|
109,885
|
2.0%
|
|
|
All other
|
45,679
|
1.9%
|
1,961
|
0.2%
|
4,544
|
1.8%
|
43,191
|
3.1%
|
34,523
|
8.0%
|
129,898
|
2.4%
|
|
|
Total
|
$
2,350,939
|
100.0%
|
1,083,301
|
100.0%
|
247,182
|
100.0%
|
1,375,090
|
100.0%
|
432,666
|
100.0%
|
5,489,178
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - Percentage of total
residential mortgage loans
|
|
|
|
|
|
|
|
|
|
|
(2) - Percentage of total home
equity loans
|
|
|
|
|
|
|
|
|
|
|
(3) - Percentage of total
consumer loans
|
|
|
|
|
|
|
|
|
|
|
(4) - Percentage of total
commercial real estate loans
|
|
|
|
|
|
|
|
|
|
|
(5) - Percentage of total
commercial loans
|
|
|
|
|
|
|
|
|
|
|
(6) - Percentage of total
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 90 or more past
due:
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
Residential
|
|
Home
|
|
|
|
Real
estate
|
|
Commercial
|
|
|
|
|
|
mortgage
|
(7)
|
equity
|
(8)
|
Consumer
|
(9)
|
loans
|
(10)
|
loans
|
(11)
|
Total
|
(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
|
$
18,487
|
1.0%
|
6,663
|
0.7%
|
1,648
|
0.7%
|
26,022
|
3.2%
|
5,114
|
1.8%
|
57,934
|
1.4%
|
|
|
New York
|
1,050
|
0.7%
|
561
|
0.5%
|
48
|
0.4%
|
7,728
|
2.4%
|
8,950
|
14.0%
|
18,337
|
2.8%
|
|
|
Ohio
|
310
|
1.5%
|
54
|
0.5%
|
-
|
0.0%
|
-
|
0.0%
|
-
|
0.0%
|
364
|
0.5%
|
|
|
Maryland
|
5,471
|
3.0%
|
1,352
|
4.0%
|
-
|
0.0%
|
8,447
|
7.4%
|
153
|
0.7%
|
15,423
|
4.4%
|
|
|
Florida
|
4,629
|
15.6%
|
404
|
4.5%
|
5
|
0.3%
|
6,002
|
13.0%
|
4,010
|
17.3%
|
15,050
|
13.7%
|
|
|
All other
|
760
|
1.7%
|
37
|
1.9%
|
8
|
0.2%
|
7,313
|
16.9%
|
576
|
1.7%
|
8,694
|
6.7%
|
|
|
Total
|
$
30,707
|
1.3%
|
9,071
|
0.8%
|
1,709
|
0.7%
|
55,512
|
4.0%
|
18,803
|
4.3%
|
115,802
|
2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7) - Percentage of total
residential mortgage loans in that geographic area
(8) - Percentage of total
home equity loans in that geographic area
(9) - Percentage of total
consumer loans in that geographic area
(10) - Percentage of total
commercial real estate loans in that geographic area
(11) - Percentage of total
commercial loans in that geographic area
(12) - Percentage of total
loans in that geographic area
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Investment
portfolio
|
|
(Dollars in
thousands)
|
|
|
|
Marketable securities
available-for-sale as of June 30, 2011:
|
|
|
|
|
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
|
$
63
|
|
-
|
|
-
|
|
63
|
|
|
|
|
|
|
|
|
|
|
Debt issued by government
sponsored enterprises:
|
|
|
|
|
|
|
|
|
|
Due in one year or
less
|
1,995
|
|
46
|
|
-
|
|
2,041
|
|
|
Due in one year - five
years
|
64,298
|
|
350
|
|
-
|
|
64,648
|
|
|
Due in five years - ten
years
|
35,200
|
|
612
|
|
(107)
|
|
35,705
|
|
|
Due after ten years
|
9,952
|
|
-
|
|
(56)
|
|
9,896
|
|
|
|
|
|
|
|
|
|
|
Equity securities
|
6,218
|
|
395
|
|
(1)
|
|
6,612
|
|
|
|
|
|
|
|
|
|
|
Municipal securities:
|
|
|
|
|
|
|
|
|
|
Due in one year - five
years
|
7,122
|
|
258
|
|
-
|
|
7,380
|
|
|
Due in five years - ten
years
|
30,210
|
|
1,124
|
|
-
|
|
31,334
|
|
|
Due after ten years
|
164,405
|
|
2,317
|
|
(1,520)
|
|
165,202
|
|
|
|
|
|
|
|
|
|
|
Corporate trust preferred
securities:
|
|
|
|
|
|
|
|
|
|
Due in one year or
less
|
500
|
|
-
|
|
-
|
|
500
|
|
|
Due after ten years
|
25,384
|
|
338
|
|
(4,933)
|
|
20,789
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
securities:
|
|
|
|
|
|
|
|
|
|
Fixed rate
pass-through
|
115,138
|
|
7,275
|
|
(6)
|
|
122,407
|
|
|
Variable rate
pass-through
|
150,022
|
|
6,837
|
|
(4)
|
|
156,855
|
|
|
Fixed rate non-agency
CMO
|
11,329
|
|
178
|
|
(639)
|
|
10,868
|
|
|
Fixed rate agency CMO
|
135,274
|
|
3,095
|
|
(1)
|
|
138,368
|
|
|
Variable rate non-agency
CMO
|
1,577
|
|
-
|
|
(136)
|
|
1,441
|
|
|
Variable rate agency
CMO
|
265,142
|
|
1,750
|
|
(454)
|
|
266,438
|
|
|
|
|
|
|
|
|
|
|
|
Total mortgage-backed
securities
|
678,482
|
|
19,135
|
|
(1,240)
|
|
696,377
|
|
|
|
|
|
|
|
|
|
|
|
Total marketable securities
available-for-sale
|
$
1,023,829
|
|
24,575
|
|
(7,857)
|
|
1,040,547
|
|
|
|
|
|
|
|
|
|
|
Marketable securities
held-to-maturity as of June 30, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
Gross
|
|
Gross
|
|
|
|
|
|
|
unrealized
|
|
unrealized
|
|
|
|
|
Amortized
|
|
holding
|
|
holding
|
|
Market
|
|
|
cost
|
|
gains
|
|
losses
|
|
value
|
|
|
|
|
|
|
|
|
|
|
Municipal securities:
|
|
|
|
|
|
|
|
|
|
Due in five years - ten
years
|
$
1,086
|
|
16
|
|
-
|
|
1,102
|
|
|
Due after ten years
|
76,735
|
|
477
|
|
(270)
|
|
76,942
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed
securities:
|
|
|
|
|
|
|
|
|
|
Fixed rate
pass-through
|
27,564
|
|
743
|
|
-
|
|
28,307
|
|
|
Variable rate
pass-through
|
9,530
|
|
69
|
|
-
|
|
9,599
|
|
|
Fixed rate agency CMO
|
147,066
|
|
2,614
|
|
(65)
|
|
149,615
|
|
|
Variable rate agency
CMO
|
18,801
|
|
319
|
|
-
|
|
19,120
|
|
|
|
|
|
|
|
|
|
|
|
Total mortgage-backed
securities
|
202,961
|
|
3,745
|
|
(65)
|
|
206,641
|
|
|
|
|
|
|
|
|
|
|
|
Total marketable securities
held-to-maturity
|
$
280,782
|
|
4,238
|
|
(335)
|
|
284,685
|
|
|
|
|
|
|
|
|
|
|
Issuers of mortgage-backed
securities as of June 30, 2011:
|
|
|
|
|
|
|
|
|
|
Fannie Mae
|
$
341,283
|
|
9,727
|
|
(200)
|
|
350,810
|
|
|
Ginnie Mae
|
180,537
|
|
3,646
|
|
(81)
|
|
184,102
|
|
|
Freddie Mac
|
325,235
|
|
9,318
|
|
(243)
|
|
334,310
|
|
|
SBA
|
20,746
|
|
11
|
|
-
|
|
20,757
|
|
|
Non-agency
|
13,642
|
|
178
|
|
(781)
|
|
13,039
|
|
|
Total
|
$
881,443
|
|
22,880
|
|
(1,305)
|
|
903,018
|
|
|
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
|
Municipal
Securities Portfolio
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
Book
|
|
As a
%
|
|
|
Value
|
|
of
Book
|
|
|
6/30/2011
|
|
Value
|
|
Municipal securities by
state:
|
|
|
|
|
|
Pennsylvania
|
|
|
|
|
|
|
School districts
|
$135,151
|
|
48.34%
|
|
|
|
General obligations
|
53,008
|
|
18.96%
|
|
|
|
Revenue bonds
|
14,060
|
|
5.03%
|
|
|
Total Pennsylvania
|
202,219
|
|
72.34%
|
|
|
New York
|
33,927
|
|
12.14%
|
|
|
Ohio
|
6,426
|
|
2.30%
|
|
|
All other states
|
36,986
|
|
13.23%
|
|
|
|
|
$279,558
|
|
|
|
|
|
|
|
|
|
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 June 30,
|
|
|
2011
|
2010
|
|
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|
|
Balance
|
|
Yield/
|
Balance
|
|
Yield/
|
|
|
|
|
Cost
|
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Loans receivable (a) (b)
(d)
|
$ 5,484,194
|
80,389
|
5.86%
|
5,465,373
|
81,866
|
6.03%
|
|
Mortgage-backed
securities (c)
|
917,748
|
6,073
|
2.65%
|
792,412
|
6,706
|
3.39%
|
|
Investment securities (c)
(d)
|
392,963
|
5,196
|
5.29%
|
376,206
|
4,989
|
5.30%
|
|
FHLB stock
|
55,100
|
-
|
-
|
63,242
|
-
|
-
|
|
Other interest-earning
deposits
|
705,568
|
489
|
0.27%
|
845,947
|
512
|
0.24%
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
7,555,573
|
92,147
|
4.87%
|
7,543,180
|
94,073
|
5.02%
|
|
|
|
|
|
|
|
|
|
Noninterest earning assets
(e)
|
556,085
|
|
|
584,203
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
8,111,658
|
|
|
8,127,383
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Savings
accounts
|
$ 1,093,539
|
1,275
|
0.47%
|
1,033,707
|
2,236
|
0.87%
|
|
Interest-bearing demand
accounts
|
813,179
|
246
|
0.12%
|
785,619
|
319
|
0.16%
|
|
Money market
accounts
|
933,288
|
1,059
|
0.46%
|
901,439
|
1,630
|
0.73%
|
|
Certificate
accounts
|
2,372,039
|
12,893
|
2.18%
|
2,470,706
|
14,788
|
2.40%
|
|
Borrowed funds
(f)
|
841,835
|
6,569
|
3.13%
|
895,650
|
8,283
|
3.71%
|
|
Junior subordinated
debentures
|
103,094
|
1,420
|
5.45%
|
103,094
|
1,421
|
5.45%
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
6,156,974
|
23,462
|
1.53%
|
6,190,215
|
28,677
|
1.86%
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities
|
708,310
|
|
|
632,037
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
6,865,284
|
|
|
6,822,252
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
1,246,374
|
|
|
1,305,131
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
8,111,658
|
|
|
8,127,383
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/ Interest
rate spread
|
|
68,685
|
3.34%
|
|
65,396
|
3.16%
|
|
|
|
|
|
|
|
|
|
Net interest-earning assets/ Net
interest margin
|
$ 1,398,599
|
|
3.64%
|
1,352,965
|
|
3.47%
|
|
|
|
|
|
|
|
|
|
Ratio of interest-earning assets
to
|
|
|
|
|
|
|
|
interest-bearing
liabilities
|
1.23X
|
|
|
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.
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
Six months
ended June 30,
|
|
|
2011
|
2010
|
|
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|
|
Balance
|
|
Yield/
|
Balance
|
|
Yield/
|
|
|
|
|
Cost
|
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Loans receivable (a) (b)
(d)
|
$ 5,500,134
|
161,237
|
5.88%
|
5,406,464
|
163,188
|
6.07%
|
|
Mortgage-backed
securities (c)
|
922,024
|
12,829
|
2.78%
|
764,690
|
12,851
|
3.36%
|
|
Investment securities (c)
(d)
|
373,870
|
10,324
|
5.52%
|
367,856
|
10,116
|
5.50%
|
|
FHLB stock
|
56,962
|
-
|
-
|
63,242
|
-
|
-
|
|
Other interest-earning
deposits
|
695,717
|
896
|
0.26%
|
896,321
|
1,077
|
0.24%
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
7,548,707
|
185,286
|
4.92%
|
7,498,573
|
187,232
|
5.02%
|
|
|
|
|
|
|
|
|
|
Noninterest earning assets
(e)
|
574,662
|
|
|
576,136
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
8,123,369
|
|
|
8,074,709
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Savings
accounts
|
$ 1,078,700
|
2,704
|
0.51%
|
997,126
|
4,269
|
0.86%
|
|
Interest-bearing demand
accounts
|
793,526
|
478
|
0.12%
|
769,531
|
718
|
0.19%
|
|
Money market
accounts
|
924,383
|
2,214
|
0.48%
|
871,291
|
3,467
|
0.80%
|
|
Certificate
accounts
|
2,401,829
|
26,140
|
2.19%
|
2,526,314
|
31,923
|
2.55%
|
|
Borrowed funds
(f)
|
844,793
|
13,153
|
3.14%
|
898,169
|
16,578
|
3.72%
|
|
Junior subordinated
debentures
|
103,094
|
2,825
|
5.45%
|
103,094
|
2,826
|
5.45%
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
6,146,325
|
47,514
|
1.56%
|
6,165,525
|
59,781
|
1.96%
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities
|
705,098
|
|
|
604,859
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
6,851,423
|
|
|
6,770,384
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
1,271,946
|
|
|
1,304,325
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
8,123,369
|
|
|
8,074,709
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/ Interest
rate spread
|
|
137,772
|
3.36%
|
|
127,451
|
3.06%
|
|
|
|
|
|
|
|
|
|
Net interest-earning assets/ Net
interest margin
|
$ 1,402,382
|
|
3.65%
|
1,333,048
|
|
3.40%
|
|
|
|
|
|
|
|
|
|
Ratio of interest-earning assets
to
|
|
|
|
|
|
|
|
interest-bearing
liabilities
|
1.23X
|
|
|
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.
|
|
|
|
|
|
|
|
|
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
|
|
|
June 30,
2011
|
March 31,
2011
|
|
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|
|
Balance
|
|
Yield/
|
Balance
|
|
Yield/
|
|
|
|
|
Cost
|
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Loans receivable (a) (b)
(d)
|
$ 5,484,194
|
80,389
|
5.86%
|
$5,516,254
|
80,847
|
5.89%
|
|
Mortgage-backed
securities (c)
|
917,748
|
6,073
|
2.65%
|
926,349
|
6,756
|
2.92%
|
|
Investment securities (c)
(d)
|
392,963
|
5,196
|
5.29%
|
354,786
|
5,128
|
5.78%
|
|
FHLB stock
|
55,100
|
-
|
-
|
58,845
|
-
|
-
|
|
Other interest-earning
deposits
|
705,568
|
489
|
0.27%
|
685,864
|
407
|
0.24%
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
7,555,573
|
92,147
|
4.87%
|
7,542,098
|
93,138
|
4.96%
|
|
|
|
|
|
|
|
|
|
Noninterest earning assets
(e)
|
556,085
|
|
|
592,981
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
8,111,658
|
|
|
$8,135,079
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity:
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Savings
accounts
|
$ 1,093,539
|
1,275
|
0.47%
|
$1,063,696
|
1,429
|
0.55%
|
|
Interest-bearing demand
accounts
|
813,179
|
246
|
0.12%
|
773,633
|
232
|
0.12%
|
|
Money market
accounts
|
933,288
|
1,059
|
0.46%
|
915,768
|
1,155
|
0.51%
|
|
Certificate
accounts
|
2,372,039
|
12,893
|
2.18%
|
2,431,952
|
13,247
|
2.21%
|
|
Borrowed funds
(f)
|
841,835
|
6,569
|
3.13%
|
847,784
|
6,584
|
3.15%
|
|
Junior subordinated
debentures
|
103,094
|
1,420
|
5.45%
|
103,094
|
1,405
|
5.45%
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
6,156,974
|
23,462
|
1.53%
|
6,135,927
|
24,052
|
1.59%
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
liabilities
|
708,310
|
|
|
701,633
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
6,865,284
|
|
|
6,837,560
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
1,246,374
|
|
|
1,297,519
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
8,111,658
|
|
|
$8,135,079
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/ Interest
rate spread
|
|
68,685
|
3.34%
|
|
69,086
|
3.37%
|
|
|
|
|
|
|
|
|
|
Net interest-earning assets/ Net
interest margin
|
$ 1,398,599
|
|
3.64%
|
$1,406,171
|
|
3.66%
|
|
|
|
|
|
|
|
|
|
Ratio of interest-earning assets
to
|
|
|
|
|
|
|
|
interest-bearing
liabilities
|
1.23X
|
|
|
1.23X
|
|
|
|
(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.