Northwest Bancshares, Inc. Announces Third Quarter 2012 Earnings
and Dividend Declaration
WARREN, Pa., Oct. 22, 2012 /PRNewswire/ -- Northwest
Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the
quarter ended September 30, 2012 of
$15.7 million, or $0.17 per diluted share. This represents a
decrease of $1.0 million, or 6.1%,
over the same quarter last year when net income was $16.7 million, or $0.17 per diluted share, and a decrease of
$668,000, or 4.1%, over the quarter
ended June 30, 2012 when net income
was $16.4 million, or $0.17 per diluted share. The annualized
returns on average shareholders' equity and average assets for the
current quarter were 5.37% and 0.78% compared to 5.62% and 0.83%
for the same quarter last year and 5.63% and 0.82% for the quarter
ended June 30, 2012.
The Company also announced that its Board of Directors declared
a quarterly cash dividend of $0.12
per share payable on November 15,
2012, to shareholders of record as of November 1, 2012. This represents the
72nd 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 have
maintained a stable net interest margin of approximately 3.65% over
the past year despite ongoing economic uncertainty and the
challenges of the prolonged low interest rate environment. Largely
contributing to this success was a $177
million, or 3.2%, increase in our loan portfolio over the
past nine months. Asset quality continues to improve from the
beginning of the year with loans 90 or more days delinquent at the
lowest level since the second quarter of 2008 and net charge-offs
for the quarter down more than 40% from the same quarter last
year. Finally, we continued to manage our excess capital
position during the quarter by repurchasing 183,780 of our common
shares at an average price of $12.00
per share.
Net interest income decreased by $1.0
million, or 1.5%, to $66.0
million for the quarter ended September 30, 2012, from $67.0 million for the quarter ended September 30, 2011, which was primarily
attributable to a decrease in interest income from loans of
$3.5 million, or 4.3%, and from
investment securities of $2.3
million, or 25.7%. Partially offsetting this decrease
was a $4.8 million, or 31.8%,
decrease in interest expense on deposit accounts. These changes
from the previous year were primarily due to decreases in market
interest rates and continued competitive pricing pressure.
The provision for loan losses decreased by $1.2 million, or 14.2%, to $6.9 million for the quarter ended September 30, 2012, from $8.1 million for the quarter ended September 30, 2011. As of September 30, 2012, the allowance for loan losses
was $71.2 million, or 1.24% of total
loans, compared to $73.2 million, or
1.33% of total loans, as of September 30,
2011. The decrease in the provision for loan losses is
partially attributable to a decrease in loans that are 90 days or
more delinquent to $80.4 million as
of September 30, 2012, from
$112.2 million as of September 30, 2011 and $84.7 million as of June
30, 2012. Additionally, net charge-offs for the
quarter ended September 30, 2012,
decreased by $4.5 million, or 43.2%,
to $5.8 million compared to
$10.3 million in the same quarter
last year.
Noninterest income increased by $425,000, or 2.9%, to $14.9 million for the quarter ended September 30, 2012, from $14.5 million for the quarter ended September 30, 2011, due primarily to an increase
in mortgage banking income of $1.1
million, as an increased number of residential mortgage
loans were sold at favorable pricing levels.
Noninterest expense increased by $1.9
million, or 3.8%, to $51.8
million for the quarter ended September 30, 2012, from $49.9 million for the quarter ended September 30, 2011, due primarily to an increase
in compensation and employee benefits of $2.2 million. This increase is the result
of increased health insurance costs and an increase in lending and
compliance personnel. Partially offsetting this increase in
compensation expense was a decrease in marketing expense of
$958,000, which was due to the timing
of several marketing campaigns.
Net income for the nine-month period ended September 30, 2012 of $47.2 million represents a decrease of
$1.8 million, or 3.6%, compared to
net income of $49.0 million for the
nine-month period ended September 30,
2011. However, diluted earnings per share increased to
$0.50 from $0.48 in the previous year, as there were
7,677,525 fewer diluted average shares outstanding in 2012.
The annualized returns on average shareholders' equity and average
assets were 5.42% and 0.79%, respectively, for the current
nine-month period compared to 5.25% and 0.81%, respectively, in the
prior year.
Headquartered in Warren,
Pennsylvania, Northwest Bancshares, Inc. is the holding
company of Northwest Savings Bank. Founded in 1896, Northwest
Savings Bank is a full-service financial institution offering a
complete line of business and personal banking products as well as
benefits and wealth management services. Northwest operates 166
community banking offices in Pennsylvania, New
York, Ohio and Maryland and 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.
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 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
|
|
2012
|
|
2011
|
Cash and
cash equivalents
|
|
|
$
91,286
|
|
94,276
|
Interest-earning deposits in other financial
institutions
|
|
|
546,149
|
|
593,388
|
Federal
funds sold and other short-term investments
|
|
|
633
|
|
633
|
Marketable
securities available-for-sale (amortized cost of $922,684 and
$885,408)
|
|
|
951,879
|
|
908,349
|
Marketable
securities held-to-maturity (fair value of $174,821 and
$239,412)
|
|
|
167,739
|
|
231,389
|
|
Total
cash, interest-earning deposits and marketable
securities
|
|
|
1,757,686
|
|
1,828,035
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans held for sale
|
|
|
14,152
|
|
967
|
Residential mortgage loans
|
|
|
2,410,124
|
|
2,396,399
|
Home
equity loans
|
|
|
1,100,879
|
|
1,084,786
|
Other
consumer loans
|
|
|
235,693
|
|
245,689
|
Commercial
real estate loans
|
|
|
1,560,966
|
|
1,435,767
|
Commercial
loans
|
|
|
406,819
|
|
387,911
|
|
Total
loans receivable
|
|
|
5,728,633
|
|
5,551,519
|
Allowance
for loan losses
|
|
|
(71,177)
|
|
(71,138)
|
|
Loans
receivable, net
|
|
|
5,657,456
|
|
5,480,381
|
|
|
|
|
|
|
|
|
|
|
|
Federal
Home Loan Bank stock, at cost
|
|
|
46,834
|
|
48,935
|
Accrued
interest receivable
|
|
|
25,324
|
|
24,599
|
Real
estate owned, net
|
|
|
29,291
|
|
26,887
|
Premises
and Equipment, net
|
|
|
135,455
|
|
132,152
|
Bank owned
life insurance
|
|
|
136,871
|
|
133,524
|
Goodwill
|
|
|
171,882
|
|
171,882
|
Other
intangible assets
|
|
|
1,330
|
|
2,123
|
Other
assets
|
|
|
85,542
|
|
109,187
|
|
Total
assets
|
|
|
$ 8,047,671
|
|
7,957,705
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' equity
|
|
|
|
|
Liabilities
|
|
|
|
Noninterest-bearing demand deposits
|
|
|
$
763,839
|
|
658,560
|
Interest-bearing demand deposits
|
|
|
842,389
|
|
800,676
|
Savings
deposits
|
|
|
2,256,544
|
|
2,036,272
|
Time
deposits
|
|
|
1,961,984
|
|
2,284,817
|
|
Total
deposits
|
|
|
5,824,756
|
|
5,780,325
|
Borrowed
funds
|
|
|
855,552
|
|
827,925
|
Advances
by borrowers for taxes and insurance
|
|
|
11,570
|
|
23,571
|
Accrued
interest payable
|
|
|
1,111
|
|
1,104
|
Other
liabilities
|
|
|
76,962
|
|
66,782
|
Junior
subordinated debentures
|
|
|
103,094
|
|
103,094
|
|
Total
liabilities
|
|
|
6,873,045
|
|
6,802,801
|
|
|
|
|
|
|
|
|
|
|
|
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, 97,844,382
shares
|
|
|
|
|
|
|
and
97,493,046 shares issued and outstanding, respectively
|
|
|
978
|
|
975
|
Paid-in-capital
|
|
|
661,589
|
|
659,523
|
Retained
earnings
|
|
|
556,502
|
|
543,598
|
Unallocated common stock of Employee Stock Ownership
Plan
|
|
|
(24,817)
|
|
(25,966)
|
Accumulated other comprehensive loss
|
|
|
(19,626)
|
|
(23,226)
|
|
Total
shareholders' equity
|
|
|
1,174,626
|
|
1,154,904
|
|
Total
liabilities and shareholders' equity
|
|
|
$ 8,047,671
|
|
7,957,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to
assets
|
|
|
14.60%
|
|
14.51%
|
|
|
|
|
|
Tangible
common equity to assets
|
|
|
12.72%
|
|
12.60%
|
|
|
|
|
|
Book value
per share
|
|
|
$
12.00
|
|
$
11.85
|
|
|
|
|
|
Tangible
book value per share
|
|
|
$
10.23
|
|
$
10.06
|
|
|
|
|
|
Closing
market price per share
|
|
|
$
12.23
|
|
$
12.44
|
|
|
|
|
|
Full time
equivalent employees
|
|
|
2,027
|
|
1,950
|
|
|
|
|
|
Number of
banking offices
|
|
|
166
|
|
168
|
Northwest Bancshares, Inc. and
Subsidiaries
|
Consolidated Statements of Income -
Unaudited
|
(Dollars in thousands, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
Interest
income:
|
|
|
|
|
|
|
|
Loans
receivable
|
|
$
77,109
|
|
80,562
|
|
77,422
|
|
Mortgage-backed securities
|
|
3,941
|
|
5,544
|
|
4,409
|
|
Taxable
investment securities
|
|
577
|
|
684
|
|
435
|
|
Tax-free
investment securities
|
|
2,223
|
|
2,848
|
|
2,318
|
|
Interest-earning deposits
|
|
364
|
|
393
|
|
473
|
|
|
Total
interest income
|
|
84,214
|
|
90,031
|
|
85,057
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
Deposits
|
|
10,207
|
|
14,958
|
|
11,184
|
|
Borrowed
funds
|
|
8,013
|
|
8,061
|
|
7,912
|
|
|
Total
interest expense
|
|
18,220
|
|
23,019
|
|
19,096
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
65,994
|
|
67,012
|
|
65,961
|
Provision
for loan losses
|
|
6,915
|
|
8,057
|
|
4,963
|
|
|
Net
interest income after provision
|
|
|
|
|
|
|
|
|
for loan
losses
|
|
59,079
|
|
58,955
|
|
60,998
|
|
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
|
|
Impairment
losses on securities
|
|
(340)
|
|
-
|
|
-
|
|
Noncredit
related losses on securities not expected
|
|
|
|
|
|
|
|
|
to be sold
(recognized in other comprehensive income)
|
|
247
|
|
-
|
|
-
|
|
Net
impairment losses
|
|
(93)
|
|
-
|
|
-
|
|
Gain/
(loss) on sale of investments, net
|
|
260
|
|
152
|
|
(44)
|
|
Service
charges and fees
|
|
8,772
|
|
8,499
|
|
8,702
|
|
Trust and
other financial services income
|
|
2,122
|
|
2,063
|
|
2,018
|
|
Insurance
commission income
|
|
1,480
|
|
1,796
|
|
1,603
|
|
Loss on
real estate owned, net
|
|
(1,187)
|
|
(1,340)
|
|
(582)
|
|
Income
from bank owned life insurance
|
|
1,148
|
|
1,938
|
|
1,107
|
|
Mortgage
banking income
|
|
1,484
|
|
400
|
|
789
|
|
Other
operating income
|
|
949
|
|
1,002
|
|
1,244
|
|
|
Total
noninterest income
|
|
14,935
|
|
14,510
|
|
14,837
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
Compensation and employee benefits
|
|
28,171
|
|
26,004
|
|
27,416
|
|
Premises
and occupancy costs
|
|
5,498
|
|
5,658
|
|
5,483
|
|
Office
operations
|
|
3,141
|
|
3,209
|
|
3,340
|
|
Processing
expenses
|
|
6,340
|
|
5,896
|
|
6,059
|
|
Marketing
expenses
|
|
1,830
|
|
2,788
|
|
3,829
|
|
Federal
deposit insurance premiums
|
|
1,305
|
|
1,386
|
|
1,418
|
|
Professional services
|
|
1,939
|
|
1,238
|
|
1,500
|
|
Amortization of intangible assets
|
|
219
|
|
475
|
|
279
|
|
Real
estate owned expense
|
|
832
|
|
483
|
|
571
|
|
Other
expense
|
|
2,528
|
|
2,786
|
|
2,071
|
|
|
Total
noninterest expense
|
|
51,803
|
|
49,923
|
|
51,966
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
22,211
|
|
23,542
|
|
23,869
|
|
Income tax
expense
|
|
6,518
|
|
6,822
|
|
7,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
15,693
|
|
16,720
|
|
16,361
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
$
0.17
|
|
0.17
|
|
0.17
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share
|
|
$
0.17
|
|
0.17
|
|
0.17
|
|
|
|
|
|
|
|
|
|
|
Annualized
return on average equity
|
|
5.37%
|
|
5.62%
|
|
5.63%
|
Annualized
return on average assets
|
|
0.78%
|
|
0.83%
|
|
0.82%
|
|
|
|
|
|
|
|
|
|
|
Basic
common shares outstanding
|
|
94,422,878
|
|
96,918,016
|
|
94,294,956
|
Diluted
common shares outstanding
|
|
94,610,656
|
|
97,124,328
|
|
94,500,877
|
Northwest Bancshares, Inc. and
Subsidiaries
|
Consolidated Statements of Income -
Unaudited
|
(Dollars in thousands, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
months ended September 30,
|
|
|
|
|
|
2012
|
|
2011
|
Interest
income:
|
|
|
|
|
|
Loans
receivable
|
|
$
232,690
|
|
241,012
|
|
Mortgage-backed securities
|
|
13,041
|
|
18,373
|
|
Taxable
investment securities
|
|
1,585
|
|
1,676
|
|
Tax-free
investment securities
|
|
6,987
|
|
8,914
|
|
Interest-earning deposits
|
|
1,217
|
|
1,289
|
|
|
Total
interest income
|
|
255,520
|
|
271,264
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
Deposits
|
|
34,335
|
|
46,494
|
|
Borrowed
funds
|
|
23,824
|
|
24,039
|
|
|
Total
interest expense
|
|
58,159
|
|
70,533
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
197,361
|
|
200,731
|
Provision
for loan losses
|
|
18,165
|
|
23,668
|
|
|
Net
interest income after provision
|
|
|
|
|
|
|
for loan
losses
|
|
179,196
|
|
177,063
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
Impairment
losses on securities
|
|
(885)
|
|
(577)
|
|
Noncredit
related losses on securities not expected
|
|
|
|
|
|
|
to be sold
(recognized in other comprehensive income)
|
|
554
|
|
70
|
|
Net
impairment losses
|
|
(331)
|
|
(507)
|
|
Gain on
sale of investments, net
|
|
260
|
|
201
|
|
Service
charges and fees
|
|
25,899
|
|
26,748
|
|
Trust and
other financial services income
|
|
6,256
|
|
6,158
|
|
Insurance
commission income
|
|
4,801
|
|
4,966
|
|
Loss on
real estate owned, net
|
|
(2,839)
|
|
(1,960)
|
|
Income
from bank owned life insurance
|
|
3,372
|
|
4,820
|
|
Mortgage
banking income
|
|
2,804
|
|
887
|
|
Other
operating income
|
|
3,190
|
|
2,785
|
|
|
Total
noninterest income
|
|
43,412
|
|
44,098
|
|
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
Compensation and employee benefits
|
|
83,425
|
|
81,161
|
|
Premises
and occupancy costs
|
|
16,729
|
|
17,499
|
|
Office
operations
|
|
9,805
|
|
9,564
|
|
Processing
expenses
|
|
18,541
|
|
17,350
|
|
Marketing
expenses
|
|
7,695
|
|
6,855
|
|
Federal
deposit insurance premiums
|
|
4,343
|
|
6,168
|
|
Professional services
|
|
5,136
|
|
3,783
|
|
Amortization of intangible assets
|
|
793
|
|
1,445
|
|
Real
estate owned expense
|
|
2,143
|
|
1,163
|
|
Other
expense
|
|
6,435
|
|
6,803
|
|
|
Total
noninterest expense
|
|
155,045
|
|
151,791
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
67,563
|
|
69,370
|
|
Income tax
expense
|
|
20,328
|
|
20,394
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
47,235
|
|
48,976
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
$
0.50
|
|
0.48
|
|
|
|
|
|
|
|
|
Diluted
earnings per share
|
|
$
0.50
|
|
0.48
|
|
|
|
|
|
|
|
|
Annualized
return on average equity
|
|
5.42%
|
|
5.25%
|
Annualized
return on average assets
|
|
0.79%
|
|
0.81%
|
|
|
|
|
|
|
|
|
Basic
common shares outstanding
|
|
94,277,362
|
|
101,866,461
|
Diluted
common shares outstanding
|
|
94,591,402
|
|
102,268,927
|
|
|
|
|
|
|
|
|
|
|
|
Northwest Bancshares, Inc. and
Subsidiaries
|
|
Asset
quality
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
2012
|
|
June
30,
2012
|
|
September
30,
2011
|
|
December
31,
2011
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans current:
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
|
$
-
|
|
-
|
|
-
|
|
-
|
|
Home
equity loans
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Other
consumer loans
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial
real estate loans
|
|
18,138
|
|
16,773
|
|
17,296
|
|
13,057
|
|
Commercial
loans
|
|
12,290
|
|
10,168
|
|
20,534
|
|
13,480
|
Total
non-accrual loans current
|
|
$
30,428
|
|
26,941
|
|
37,830
|
|
26,537
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans delinquent 30 days to 59
days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
|
$
-
|
|
-
|
|
-
|
|
-
|
|
Home
equity loans
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Other
consumer loans
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial
real estate loans
|
|
6,404
|
|
3,230
|
|
5,557
|
|
3,274
|
|
Commercial
loans
|
|
311
|
|
489
|
|
1,238
|
|
90
|
Total
non-accrual loans delinquent 30 days to 59 days
|
|
$
6,715
|
|
3,719
|
|
6,795
|
|
3,364
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans delinquent 60 days to 89
days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
|
$
-
|
|
-
|
|
-
|
|
-
|
|
Home
equity loans
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Other
consumer loans
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial
real estate loans
|
|
1,860
|
|
1,600
|
|
2,052
|
|
1,560
|
|
Commercial
loans
|
|
1,340
|
|
344
|
|
2,471
|
|
3,808
|
Total
non-accrual loans delinquent 60 days to 89 days
|
|
$
3,200
|
|
1,944
|
|
4,523
|
|
5,368
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans delinquent 90 days or
more:
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
|
$
24,476
|
|
25,336
|
|
31,705
|
|
28,221
|
|
Home
equity loans
|
|
9,365
|
|
9,770
|
|
9,340
|
|
9,560
|
|
Other
consumer loans
|
|
1,494
|
|
1,580
|
|
2,117
|
|
2,667
|
|
Commercial
real estate loans
|
|
35,230
|
|
33,956
|
|
50,395
|
|
44,603
|
|
Commercial
loans
|
|
9,864
|
|
14,008
|
|
18,670
|
|
10,785
|
Total non-
accrual loans delinquent 90 days or more
|
|
$
80,429
|
|
84,650
|
|
112,227
|
|
95,836
|
|
|
|
|
|
|
|
|
|
|
Total
non-accrual loans
|
|
$
120,772
|
|
117,254
|
|
161,375
|
|
131,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
December
31,
|
|
|
|
|
2012
|
|
2012
|
|
2011
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
|
|
$
120,772
|
|
117,254
|
|
161,375
|
|
131,105
|
Real
estate owned, net
|
|
29,291
|
|
30,470
|
|
20,648
|
|
26,887
|
Nonperforming assets
|
|
$
150,063
|
|
147,724
|
|
182,023
|
|
157,992
|
|
|
|
|
|
|
|
|
|
|
Non-accrual troubled debt restructuring *
|
|
$
29,261
|
|
28,342
|
|
27,421
|
|
29,575
|
Accruing
troubled debt restructuring
|
|
57,004
|
|
50,129
|
|
39,417
|
|
39,854
|
Total
troubled debt restructuring
|
|
$
86,265
|
|
78,471
|
|
66,838
|
|
69,429
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total loans
|
|
2.11%
|
|
2.07%
|
|
2.92%
|
|
2.36%
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets
|
|
1.86%
|
|
1.84%
|
|
2.28%
|
|
1.99%
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses to total loans
|
|
1.24%
|
|
1.24%
|
|
1.33%
|
|
1.28%
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses to nonperforming loans
|
|
58.94%
|
|
59.79%
|
|
45.37%
|
|
54.26%
|
|
|
|
|
|
|
|
|
|
|
* Amounts
included in nonperforming loans above.
|
|
|
|
|
|
|
|
|
|
Northwest Bancshares, Inc. and
Subsidiaries
|
Delinquency
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
delinquency schedule
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Number of
loans and dollar amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
December
31,
|
|
|
2012
|
*
|
|
2012
|
*
|
|
2011
|
*
|
|
2011
|
*
|
Loans
delinquent 30 days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
99
|
$
5,971
|
0.2%
|
|
70
|
$
4,470
|
0.2%
|
|
73
|
3,724
|
0.2%
|
|
427
|
$
33,671
|
1.4%
|
|
Home
equity loans
|
154
|
5,027
|
0.5%
|
|
153
|
5,842
|
0.5%
|
|
178
|
7,125
|
0.7%
|
|
222
|
7,426
|
0.7%
|
|
Consumer
loans
|
1,019
|
4,470
|
1.9%
|
|
847
|
3,513
|
1.5%
|
|
857
|
4,189
|
1.7%
|
|
903
|
4,854
|
2.0%
|
|
Commercial
real estate loans
|
101
|
18,512
|
1.2%
|
|
58
|
8,149
|
0.5%
|
|
57
|
10,489
|
0.7%
|
|
104
|
10,680
|
0.7%
|
|
Commercial
loans
|
22
|
791
|
0.2%
|
|
33
|
1,839
|
0.5%
|
|
40
|
2,690
|
0.7%
|
|
32
|
2,027
|
0.5%
|
Total
loans delinquent 30 days to 59 days
|
1,395
|
$ 34,771
|
0.6%
|
|
1,161
|
$ 23,813
|
0.4%
|
|
1,205
|
28,217
|
0.5%
|
|
1,688
|
58,658
|
1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
delinquent 60 days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
83
|
$
7,621
|
0.3%
|
|
83
|
$
6,932
|
0.3%
|
|
85
|
7,430
|
0.3%
|
|
99
|
$
8,629
|
0.4%
|
|
Home
equity loans
|
53
|
2,116
|
0.2%
|
|
72
|
2,824
|
0.3%
|
|
45
|
1,547
|
0.1%
|
|
47
|
1,953
|
0.2%
|
|
Consumer
loans
|
383
|
1,424
|
0.6%
|
|
319
|
1,273
|
0.5%
|
|
331
|
1,337
|
0.5%
|
|
412
|
1,787
|
0.7%
|
|
Commercial
real estate loans
|
19
|
2,544
|
0.2%
|
|
23
|
3,081
|
0.2%
|
|
19
|
2,471
|
0.2%
|
|
38
|
3,122
|
0.2%
|
|
Commercial
loans
|
21
|
1,855
|
0.5%
|
|
16
|
980
|
0.2%
|
|
29
|
4,466
|
1.1%
|
|
25
|
4,958
|
1.3%
|
Total
loans delinquent 60 days to 89 days
|
559
|
$ 15,560
|
0.3%
|
|
513
|
$ 15,090
|
0.3%
|
|
509
|
17,251
|
0.3%
|
|
621
|
20,449
|
0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
delinquent 90 days or more:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
255
|
$
24,476
|
1.0%
|
|
265
|
$
25,336
|
1.0%
|
|
274
|
31,705
|
1.3%
|
|
273
|
$
28,221
|
1.2%
|
|
Home
equity loans
|
181
|
9,365
|
0.9%
|
|
180
|
9,770
|
0.9%
|
|
171
|
9,340
|
0.9%
|
|
177
|
9,560
|
0.9%
|
|
Consumer
loans
|
351
|
1,494
|
0.6%
|
|
308
|
1,580
|
0.7%
|
|
407
|
2,117
|
0.9%
|
|
456
|
2,667
|
1.1%
|
|
Commercial
real estate loans
|
133
|
35,230
|
2.3%
|
|
128
|
33,956
|
2.3%
|
|
142
|
50,395
|
3.5%
|
|
131
|
44,603
|
3.1%
|
|
Commercial
loans
|
53
|
9,864
|
2.4%
|
|
57
|
14,008
|
3.5%
|
|
46
|
18,670
|
4.6%
|
|
66
|
10,785
|
2.8%
|
Total
loans delinquent 90 days or more
|
973
|
$ 80,429
|
1.4%
|
|
938
|
$ 84,650
|
1.5%
|
|
1,040
|
112,227
|
2.0%
|
|
1,103
|
95,836
|
1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans delinquent
|
2,927
|
$ 130,760
|
2.3%
|
|
2,612
|
$ 123,553
|
2.2%
|
|
2,754
|
$ 157,695
|
2.8%
|
|
3,412
|
$ 174,943
|
3.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* -
Represents delinquency, in dollars, divided by the respective total
amount of that type of loan outstanding.
|
|
|
|
|
|
|
|
|
Northwest Bancshares, Inc. and
Subsidiaries
|
|
Loans
by credit quality indicators as of September 30, 2012
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investment
|
|
|
|
|
|
|
Special
|
|
|
|
|
|
|
|
in
loans
|
|
|
|
|
Pass
|
|
mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
receivable
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
|
$
2,403,993
|
|
-
|
|
18,910
|
|
16
|
|
1,357
|
|
2,424,276
|
|
|
Home
equity loans
|
|
1,091,530
|
|
-
|
|
9,349
|
|
-
|
|
-
|
|
1,100,879
|
|
|
Other
consumer loans
|
|
234,765
|
|
-
|
|
928
|
|
-
|
|
-
|
|
235,693
|
|
Total
Personal Banking
|
|
3,730,288
|
|
-
|
|
29,187
|
|
16
|
|
1,357
|
|
3,760,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate loans
|
|
1,327,799
|
|
81,854
|
|
147,063
|
|
4,250
|
|
-
|
|
1,560,966
|
|
|
Commercial
loans
|
|
326,229
|
|
15,415
|
|
61,747
|
|
3,428
|
|
-
|
|
406,819
|
|
Total
Business Banking
|
|
1,654,028
|
|
97,269
|
|
208,810
|
|
7,678
|
|
-
|
|
1,967,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 5,384,316
|
|
97,269
|
|
237,997
|
|
7,694
|
|
1,357
|
|
5,728,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest Bancshares, Inc. and
Subsidiaries
|
|
Loans
by credit quality indicators as of December 31, 2011
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recorded
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investment
|
|
|
|
|
|
|
Special
|
|
|
|
|
|
|
|
in
loans
|
|
|
|
|
Pass
|
|
mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
receivable
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
|
$
2,373,275
|
|
-
|
|
22,843
|
|
11
|
|
1,237
|
|
2,397,366
|
|
|
Home
equity loans
|
|
1,074,512
|
|
-
|
|
10,274
|
|
-
|
|
-
|
|
1,084,786
|
|
|
Other
consumer loans
|
|
244,491
|
|
-
|
|
1,198
|
|
-
|
|
-
|
|
245,689
|
|
Total
Personal Banking
|
|
3,692,278
|
|
-
|
|
34,315
|
|
11
|
|
1,237
|
|
3,727,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate loans
|
|
1,211,583
|
|
75,981
|
|
144,947
|
|
3,256
|
|
-
|
|
1,435,767
|
|
|
Commercial
loans
|
|
298,597
|
|
23,887
|
|
62,753
|
|
2,674
|
|
-
|
|
387,911
|
|
Total
Business Banking
|
|
1,510,180
|
|
99,868
|
|
207,700
|
|
5,930
|
|
-
|
|
1,823,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 5,202,458
|
|
99,868
|
|
242,015
|
|
5,941
|
|
1,237
|
|
5,551,519
|
|
Northwest Bancshares, Inc. and
Subsidiaries
|
Allowance for loan losses
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
Nine
months ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Allowance
for loan losses
|
|
|
|
|
|
|
|
|
|
Beginning
balance
|
|
$
70,110
|
|
75,455
|
|
71,138
|
|
76,412
|
|
Provision
|
|
6,915
|
|
8,057
|
|
18,165
|
|
23,668
|
|
Charge-offs residential mortgage
|
|
(1,197)
|
|
(634)
|
|
(3,459)
|
|
(2,668)
|
|
Charge-offs home equity
|
|
(1,268)
|
|
(588)
|
|
(2,749)
|
|
(3,736)
|
|
Charge-offs other consumer
|
|
(1,536)
|
|
(1,307)
|
|
(4,327)
|
|
(3,816)
|
|
Charge-offs commercial real estate
|
|
(1,385)
|
|
(3,675)
|
|
(5,817)
|
|
(8,220)
|
|
Charge-offs commercial
|
|
(1,641)
|
|
(4,791)
|
|
(5,009)
|
|
(10,706)
|
|
Recoveries
|
|
1,179
|
|
691
|
|
3,235
|
|
2,274
|
|
Ending
balance
|
|
$ 71,177
|
|
73,208
|
|
71,177
|
|
73,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs to average loans, annualized
|
|
0.41%
|
|
0.75%
|
|
0.43%
|
|
0.65%
|
Northwest Bancshares, Inc. and
Subsidiaries
|
Municipal securities portfolio
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, 2012
|
|
As a
%
|
|
|
|
Market
|
|
Book
|
|
Unrealized
|
|
of
book
|
|
|
|
value
|
|
value
|
|
gain
|
|
value
|
Municipal
securities by state:
|
|
|
|
|
|
|
|
|
Pennsylvania
|
|
|
|
|
|
|
|
|
|
School
districts
|
$
100,813
|
|
95,928
|
|
4,885
|
|
47.1%
|
|
|
General
obligations
|
37,275
|
|
35,431
|
|
1,844
|
|
17.4%
|
|
|
Revenue
bonds
|
4,386
|
|
4,313
|
|
73
|
|
2.1%
|
|
Total
Pennsylvania
|
142,474
|
|
135,672
|
|
6,802
|
|
66.6%
|
|
New
York
|
28,125
|
|
27,051
|
|
1,074
|
|
13.3%
|
|
Ohio
|
6,887
|
|
6,428
|
|
459
|
|
3.2%
|
|
All other
states
|
37,898
|
|
34,653
|
|
3,245
|
|
17.0%
|
|
|
|
$
215,384
|
|
203,804
|
|
11,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2011
|
|
As a
%
|
|
|
|
Market
|
|
Book
|
|
Unrealized
|
|
of
book
|
|
|
|
value
|
|
value
|
|
gain
|
|
value
|
Municipal
securities by state:
|
|
|
|
|
|
|
|
|
Pennsylvania
|
|
|
|
|
|
|
|
|
|
School
districts
|
$
119,920
|
|
114,699
|
|
5,221
|
|
48.4%
|
|
|
General
obligations
|
43,129
|
|
41,766
|
|
1,363
|
|
17.6%
|
|
|
Revenue
bonds
|
4,717
|
|
4,709
|
|
8
|
|
2.0%
|
|
Total
Pennsylvania
|
167,766
|
|
161,174
|
|
6,592
|
|
68.0%
|
|
New
York
|
35,269
|
|
33,679
|
|
1,590
|
|
14.2%
|
|
Ohio
|
6,661
|
|
6,426
|
|
235
|
|
2.7%
|
|
All other
states
|
38,073
|
|
35,904
|
|
2,169
|
|
15.1%
|
|
|
|
$
247,769
|
|
237,183
|
|
10,586
|
|
|
Northwest Bancshares, Inc. and
Subsidiaries
|
Average
balance sheet
|
(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.
|
|
|
|
|
|
|
|
|
Quarters ended
September 30,
|
|
2012
|
2011
|
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|
Balance
|
|
Yield/
|
Balance
|
|
Yield/
|
|
|
|
Cost
(h)
|
|
|
Cost
(h)
|
Assets:
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
Loans
receivable (a) (b) (d)
|
$
5,703,380
|
77,698
|
5.43%
|
5,490,795
|
81,025
|
5.86%
|
Mortgage-backed securities (c)
|
722,368
|
3,941
|
2.18%
|
857,898
|
5,544
|
2.58%
|
Investment securities (c) (d)
|
350,081
|
3,997
|
4.57%
|
412,927
|
5,066
|
4.91%
|
FHLB
stock
|
46,834
|
12
|
0.10%
|
52,336
|
-
|
-
|
Other
interest-earning deposits
|
598,114
|
364
|
0.24%
|
652,958
|
393
|
0.24%
|
|
|
|
|
|
|
|
Total
interest-earning assets
|
7,420,777
|
86,012
|
4.62%
|
7,466,914
|
92,028
|
4.90%
|
|
|
|
|
|
|
|
Noninterest earning assets (e)
|
625,460
|
|
|
560,951
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$ 8,046,237
|
|
|
8,027,865
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity:
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
Savings
accounts
|
$
1,154,104
|
1,060
|
0.37%
|
1,081,721
|
1,157
|
0.42%
|
Interest-bearing demand accounts
|
834,890
|
180
|
0.09%
|
798,424
|
244
|
0.12%
|
Money
market accounts
|
1,076,799
|
920
|
0.34%
|
950,113
|
1,016
|
0.42%
|
Certificate accounts
|
1,991,987
|
8,047
|
1.61%
|
2,338,436
|
12,541
|
2.13%
|
Borrowed funds (f)
|
856,292
|
6,576
|
3.06%
|
840,560
|
6,625
|
3.13%
|
Junior
subordinated debentures
|
103,094
|
1,437
|
5.45%
|
103,094
|
1,436
|
5.45%
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
6,017,166
|
18,220
|
1.20%
|
6,112,348
|
23,019
|
1.49%
|
|
|
|
|
|
|
|
Noninterest bearing liabilities (g)
|
859,553
|
|
|
726,173
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
6,876,719
|
|
|
6,838,521
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
1,169,518
|
|
|
1,189,344
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$ 8,046,237
|
|
|
8,027,865
|
|
|
|
|
|
|
|
|
|
Net
interest income/ Interest rate spread
|
|
67,792
|
3.42%
|
|
69,009
|
3.41%
|
|
|
|
|
|
|
|
Net
interest-earning assets/ Net interest margin
|
$
1,403,611
|
|
3.65%
|
1,354,566
|
|
3.70%
|
|
|
|
|
|
|
|
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 and securities sold under
agreements to repurchase.
|
(g)
Average balances include non-interest bearing demand deposits
(checking accounts).
|
(h) Shown
on a FTE basis. GAAP basis yields for the periods indicated were:
Loans - 5.39% and 5.82%, respectively, Investment securities -
3.20%
|
and 3.42%,
respectively, Interest-earning assets - 4.52% and 4.79%,
respectively. GAAP basis net interest rate spreads were 3.32%
and
|
3.29%,
respectively, and GAAP basis net interest margins were 3.56% and
3.59%, respectively.
|
Northwest Bancshares, Inc. and
Subsidiaries
|
Average
balance sheet
|
(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 June 30,
|
|
2012
|
2011
|
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|
Balance
|
|
Yield/
|
Balance
|
|
Yield/
|
|
|
|
Cost
(h)
|
|
|
Cost
(h)
|
Assets:
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
Loans
receivable (a) (b) (d)
|
$
5,636,905
|
234,371
|
5.55%
|
5,496,988
|
242,262
|
5.87%
|
Mortgage-backed securities (c)
|
743,568
|
13,041
|
2.34%
|
900,414
|
18,373
|
2.72%
|
Investment securities (c) (d)
|
334,799
|
12,335
|
4.91%
|
387,034
|
15,390
|
5.30%
|
FHLB
stock
|
47,330
|
36
|
0.10%
|
55,403
|
-
|
-
|
Other
interest-earning deposits
|
644,602
|
1,217
|
0.25%
|
681,464
|
1,289
|
0.25%
|
|
|
|
|
|
|
|
Total
interest-earning assets
|
7,407,204
|
261,000
|
4.70%
|
7,521,303
|
277,314
|
4.91%
|
|
|
|
|
|
|
|
Noninterest earning assets (e)
|
611,578
|
|
|
570,231
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$ 8,018,782
|
|
|
8,091,534
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity:
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
Savings
accounts
|
$
1,133,876
|
3,200
|
0.38%
|
1,079,718
|
3,861
|
0.48%
|
Interest-bearing demand accounts
|
817,474
|
648
|
0.11%
|
795,183
|
722
|
0.12%
|
Money
market accounts
|
1,024,971
|
2,762
|
0.36%
|
932,617
|
3,231
|
0.46%
|
Certificate accounts
|
2,105,367
|
27,725
|
1.76%
|
2,380,466
|
38,680
|
2.17%
|
Borrowed funds (f)
|
845,499
|
19,543
|
3.09%
|
843,366
|
19,778
|
3.14%
|
Junior
subordinated debentures
|
103,094
|
4,281
|
5.46%
|
103,094
|
4,261
|
5.45%
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
6,030,281
|
58,159
|
1.29%
|
6,134,444
|
70,533
|
1.54%
|
|
|
|
|
|
|
|
Noninterest bearing liabilities (g)
|
826,038
|
|
|
712,678
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
6,856,319
|
|
|
6,847,122
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
1,162,463
|
|
|
1,244,412
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$ 8,018,782
|
|
|
8,091,534
|
|
|
|
|
|
|
|
|
|
Net
interest income/ Interest rate spread
|
|
202,841
|
3.41%
|
|
206,781
|
3.37%
|
|
|
|
|
|
|
|
Net
interest-earning assets/ Net interest margin
|
$
1,376,923
|
|
3.65%
|
1,386,859
|
|
3.67%
|
|
|
|
|
|
|
|
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 and securities sold under
agreements to repurchase.
|
(g)
Average balances include non-interest bearing demand deposits
(checking accounts).
|
(h) Shown
on a FTE basis. GAAP basis yields for the periods indicated were:
Loans - 5.51% and 5.84%, respectively, Investment securities -
3.41%
|
and 3.65%,
respectively, Interest-earning assets - 4.60% and 4.80%,
respectively. GAAP basis net interest rate spreads were 3.31%
and
|
3.27%,
respectively, and GAAP basis net interest margins were 3.55% and
3.56%, respectively.
|
Northwest Bancshares, Inc. and
Subsidiaries
|
Average
balance sheet
|
(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
|
Quarter
ended
|
|
September
30, 2012
|
June 30,
2012
|
|
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|
Balance
|
|
Yield/
|
Balance
|
|
Yield/
|
|
|
|
Cost
(h)
|
|
|
Cost
(h)
|
Assets:
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
Loans
receivable (a) (b) (d)
|
$
5,703,380
|
77,698
|
5.43%
|
$
5,627,459
|
77,981
|
5.54%
|
Mortgage-backed securities (c)
|
722,368
|
3,941
|
2.18%
|
761,616
|
4,409
|
2.32%
|
Investment securities (c) (d)
|
350,081
|
3,997
|
4.57%
|
311,087
|
4,001
|
5.14%
|
FHLB
stock
|
46,834
|
12
|
0.10%
|
46,916
|
25
|
0.21%
|
Other
interest-earning deposits
|
598,114
|
364
|
0.24%
|
679,217
|
473
|
0.28%
|
|
|
|
|
|
|
|
Total
interest-earning assets
|
7,420,777
|
86,012
|
4.62%
|
7,426,295
|
86,889
|
4.68%
|
|
|
|
|
|
|
|
Noninterest earning assets (e)
|
625,460
|
|
|
592,004
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$ 8,046,237
|
|
|
$ 8,018,299
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity:
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
Savings
accounts
|
$
1,154,104
|
1,060
|
0.37%
|
$
1,146,989
|
1,034
|
0.36%
|
Interest-bearing demand accounts
|
834,890
|
180
|
0.09%
|
831,414
|
240
|
0.12%
|
Money
market accounts
|
1,076,799
|
920
|
0.34%
|
1,021,485
|
878
|
0.35%
|
Certificate accounts
|
1,991,987
|
8,047
|
1.61%
|
2,088,538
|
9,032
|
1.74%
|
Borrowed funds (f)
|
856,292
|
6,576
|
3.06%
|
846,244
|
6,490
|
3.08%
|
Junior
subordinated debentures
|
103,094
|
1,437
|
5.45%
|
103,094
|
1,422
|
5.46%
|
|
|
|
|
|
|
|
Total
interest-bearing liabilities
|
6,017,166
|
18,220
|
1.20%
|
6,037,764
|
19,096
|
1.27%
|
|
|
|
|
|
|
|
Noninterest bearing liabilities (g)
|
859,553
|
|
|
817,118
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
6,876,719
|
|
|
6,854,882
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
1,169,518
|
|
|
1,163,417
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$ 8,046,237
|
|
|
$ 8,018,299
|
|
|
|
|
|
|
|
|
|
Net
interest income/ Interest rate spread
|
|
67,792
|
3.42%
|
|
67,793
|
3.41%
|
|
|
|
|
|
|
|
Net
interest-earning assets/ Net interest margin
|
$
1,403,611
|
|
3.65%
|
$
1,388,531
|
|
3.65%
|
|
|
|
|
|
|
|
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 and securities sold under
agreements to repurchase.
|
(g)
Average balances include non-interest bearing demand deposits
(checking accounts).
|
(h) Shown
on a FTE basis. GAAP basis yields for the periods indicated were:
Loans - 5.39% and 5.50%, respectively, Investment securities -
3.20%
|
and 3.54%,
respectively, Interest-earning assets - 4.52% and 4.58%,
respectively. GAAP basis net interest rate spreads were 3.32%
and
|
3.31%,
respectively, and GAAP basis net interest margins were 3.56% and
3.55%, respectively.
|
SOURCE Northwest Bancshares, Inc.