WARREN, Pa., April 22, 2016 /PRNewswire/ -- Northwest
Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the
quarter ended March 31, 2016 of $18.0
million, or $0.18 per diluted
share. This represents an increase of $1.8
million, or 11.2%, compared to the same quarter last year
when net income was $16.2 million, or
$0.18 per diluted share. The
annualized returns on average shareholders' equity and average
assets for the quarter ended March 31, 2016 were 6.21% and
0.81% compared to 6.17% and 0.83% for the same quarter last
year.
The Company also announced that its Board of Directors declared
a quarterly cash dividend of $0.15
per share payable on May 16, 2016, to
shareholders of record as of May 2,
2016. This represents the 86th consecutive quarter in
which the Company has paid a cash dividend. Based on the current
market value of the Company's stock, this represents an annualized
dividend yield of 4.4%.
In making this announcement, William J.
Wagner, President and CEO, noted, "We are pleased that our
first quarter operating results reflect the positive impact of the
LNB acquisition, which significantly increased both net interest
income and noninterest income. Although we believe we have realized
the cost savings originally projected for this transaction,
expenses grew at an elevated rate as we continue to add the
personnel, processes, and technology necessary to meet the
requirements of a $9.0 billion bank.
Operating efficiency remains a central focus and we look forward to
the completion of our previously announced branch consolidation
plan, which will positively impact expense ratios beginning in the
second quarter of this year. We are also pleased that loans
increased for the quarter by $70.0
million, or 3.9% on an annual basis, as our recently
established corporate finance group gained momentum and greatly
assisted with that effort."
Net interest income increased by $8.6
million, or 13.6%, to $71.6
million for the quarter ended March 31, 2016, from
$63.0 million for the quarter ended
March 31, 2015. This increase is due primarily to a
$10.1 million, or 14.2%, increase in
interest income on loans as a result of a $1.229 billion increase in the company's loan
portfolio. Contributing significantly to this increase was the
acquisition of Lorain National Bank
("LNB") on August 14, 2015, which
included loans of $928.0
million. Also contributing to the increase in net
interest income was a $475,000
decrease in interest expense on borrowed funds due primarily to the
maturity of FHLB term advances. Partially offsetting these
improvements was a $936,000 decrease
in FHLB dividends as the company received a $1.0 million special dividend in the first
quarter of 2015. The interest paid on deposits increased by
$322,000 as deposit balances were
$988.0 million, or 17.4%, higher than
they were in the previous year, primarily due to the LNB
acquisition. As a result of these changes, net interest margin
increased to 3.57% for the quarter ended March 31, 2016 from 3.51% for the same quarter
last year and 3.53% for the quarter ended December 31, 2015.
The provision for loan losses increased by $760,000, or 84.4%, to $1.7 million for the quarter ended March 31,
2016, from $900,000 for the quarter
ended March 31, 2015. Loss provisions remain at low levels as
asset quality continues to improve. The percentage of nonperforming
loans to total loans decreased to 1.03% at March 31, 2016 from 1.21% at March 31, 2015 and classified loans decreased by
$4.6 million, or 2.3%, to
$196.7 million at March 31, 2016 from $201.3
million at March 31, 2015.
Noninterest income increased by $4.8
million, or 33.0%, to $19.4
million for the quarter ended March 31, 2016, from
$14.6 million for the quarter ended
March 31, 2015. Contributing to this increase was an
increase in service charges and fees of $1.4
million, or 16.2%, which is attributable to the growth in
checking accounts from both the LNB acquisition and the successful
execution of internal growth initiatives. Also contributing to the
increase in noninterest income was an increase in gain on sale of
real estate owned of $1.3 million, as
the Company recognized a net gain of $249,000 for the quarter ended March 31, 2016 compared to a net loss of
$1.0 million for the same quarter
last year. Additionally, trust and other financial services income
and insurance commission income increased by $485,000 and $286,000, respectively, for the quarter ended
March 31, 2016 compared to the same
quarter last year.
Noninterest expense increased by $9.6
million, or 17.8%, to $63.3
million for the quarter ended March 31, 2016, from
$53.7 million for the quarter ended
March 31, 2015. This increase resulted primarily from an
increase in compensation and employee benefits of $5.1 million, or 18.4%, due primarily to the
addition of lending and credit talent and the employees retained
from the LNB acquisition. Other expenses increased by $2.1 million, or 92.1% due primarily to an
increase in charitable contributions made to utilize Pennsylvania
Education Improvement Tax Credits (EITC). The offsetting tax
credit for these contributions will be recognized as part of the
annual effective tax rate. Also contributing to the increase in
noninterest expense was an increase in processing expenses of
$1.2 million, or 16.8%, due primarily
to the acquisition of LNB, upgrades to technology and the
replacement of debit cards in an effort to enhance customer
security.
Headquartered in Warren,
Pennsylvania, Northwest Bancshares, Inc. is the holding
company of Northwest Bank. Founded in 1896, Northwest Bank is
a full-service financial institution offering a complete line of
business and personal banking products, employee benefits and
wealth management services, as well as the fulfillment of business
and personal insurance needs. Northwest operates 176 full-service
community banking offices and five free standing drive-up
facilities in Pennsylvania,
New York, Ohio and Maryland and 51 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 ("NWBI"). Additional information regarding Northwest
Bancshares, Inc. and Northwest Bank can be accessed on-line at
www.northwest.com.
Forward-Looking Statements - This release may contain
forward-looking statements with respect to the financial condition
and results of operations of Northwest Bancshares, Inc. including,
without limitations, statements relating to the earnings outlook of
the Company. These forward-looking statements involve certain risks
and uncertainties. Factors that may cause actual results to differ
materially from those contemplated by such forward-looking
statements, include among others, the following possibilities: (1)
changes in the interest rate environment; (2) competitive pressure
among financial services companies; (3) general economic conditions
including an increase in non-performing loans; (4) changes in
legislation or regulatory requirements; (5) difficulties in
continuing to improve operating efficiencies; (6) difficulties in
the integration of acquired businesses; and (7) increased risk
associated with commercial real-estate and business
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 (Unaudited)
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
86,151
|
|
|
92,263
|
|
|
83,970
|
|
Interest-earning
deposits in other financial institutions
|
74,850
|
|
|
74,510
|
|
|
212,496
|
|
Federal funds sold
and other short-term investments
|
2,320
|
|
|
635
|
|
|
635
|
|
Marketable securities
available-for-sale (amortized cost of $772,768, $868,956 and
$906,028, respectively)
|
783,940
|
|
|
874,405
|
|
|
916,423
|
|
Marketable securities
held-to-maturity (fair value of $28,611, $32,552 and $92,989,
respectively)
|
27,764
|
|
|
31,689
|
|
|
90,825
|
|
Total cash,
interest-earning deposits and marketable securities
|
975,025
|
|
|
1,073,502
|
|
|
1,304,349
|
|
|
|
|
|
|
|
Residential mortgage
loans held for sale
|
8,952
|
|
|
—
|
|
|
—
|
|
Residential mortgage
loans
|
2,761,411
|
|
|
2,750,564
|
|
|
2,543,870
|
|
Home equity
loans
|
1,169,821
|
|
|
1,187,106
|
|
|
1,055,739
|
|
Consumer
loans
|
525,537
|
|
|
510,617
|
|
|
239,956
|
|
Commercial real
estate loans
|
2,360,863
|
|
|
2,351,434
|
|
|
1,856,574
|
|
Commercial
loans
|
467,418
|
|
|
422,400
|
|
|
368,725
|
|
Total loans
receivable
|
7,294,002
|
|
|
7,222,121
|
|
|
6,064,864
|
|
Allowance for loan
losses
|
(62,278)
|
|
|
(62,672)
|
|
|
(67,298)
|
|
Loans receivable,
net
|
7,231,724
|
|
|
7,159,449
|
|
|
5,997,566
|
|
|
|
|
|
|
|
Federal Home Loan
Bank stock, at cost
|
35,539
|
|
|
40,903
|
|
|
36,292
|
|
Accrued interest
receivable
|
21,712
|
|
|
21,072
|
|
|
19,753
|
|
Real estate owned,
net
|
6,834
|
|
|
8,725
|
|
|
15,346
|
|
Premises and
Equipment, net
|
153,000
|
|
|
154,351
|
|
|
142,481
|
|
Bank owned life
insurance
|
168,511
|
|
|
168,509
|
|
|
145,275
|
|
Goodwill
|
261,736
|
|
|
261,736
|
|
|
175,498
|
|
Other intangible
assets
|
8,398
|
|
|
8,982
|
|
|
3,027
|
|
Other
assets
|
53,809
|
|
|
54,670
|
|
|
50,772
|
|
Total
assets
|
$
|
8,916,288
|
|
|
8,951,899
|
|
|
7,890,359
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
$
|
1,179,950
|
|
|
1,177,256
|
|
|
944,937
|
|
Interest-bearing
demand deposits
|
1,121,779
|
|
|
1,080,086
|
|
|
898,945
|
|
Money market deposit
accounts
|
1,295,138
|
|
|
1,274,504
|
|
|
1,151,971
|
|
Savings
deposits
|
1,433,788
|
|
|
1,386,017
|
|
|
1,257,446
|
|
Time
deposits
|
1,639,406
|
|
|
1,694,718
|
|
|
1,428,768
|
|
Total
deposits
|
6,670,061
|
|
|
6,612,581
|
|
|
5,682,067
|
|
|
|
|
|
|
|
Borrowed
funds
|
857,754
|
|
|
975,007
|
|
|
943,842
|
|
Advances by borrowers
for taxes and insurance
|
38,719
|
|
|
33,735
|
|
|
34,998
|
|
Accrued interest
payable
|
1,894
|
|
|
1,993
|
|
|
1,336
|
|
Other
liabilities
|
66,059
|
|
|
54,207
|
|
|
57,506
|
|
Junior subordinated
debentures
|
111,213
|
|
|
111,213
|
|
|
103,094
|
|
Total
liabilities
|
7,745,700
|
|
|
7,788,736
|
|
|
6,822,843
|
|
|
|
|
|
|
|
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, 101,848,509 shares,
101,871,737 shares and 94,553,350 issued and outstanding,
respectively
|
1,018
|
|
|
1,019
|
|
|
946
|
|
Paid-in-capital
|
718,027
|
|
|
717,603
|
|
|
624,584
|
|
Retained
earnings
|
492,316
|
|
|
489,292
|
|
|
484,774
|
|
Unallocated common
stock of Employee Stock Ownership Plan
|
(19,815)
|
|
|
(20,216)
|
|
|
(21,565)
|
|
Accumulated other
comprehensive loss
|
(20,958)
|
|
|
(24,535)
|
|
|
(21,223)
|
|
Total shareholders'
equity
|
1,170,588
|
|
|
1,163,163
|
|
|
1,067,516
|
|
Total liabilities and
shareholders' equity
|
$
|
8,916,288
|
|
|
8,951,899
|
|
|
7,890,359
|
|
|
|
|
|
|
|
Equity to
assets
|
13.13
|
%
|
|
12.99
|
%
|
|
13.53
|
%
|
Tangible common
equity to assets
|
10.41
|
%
|
|
10.28
|
%
|
|
11.53
|
%
|
Book value per
share
|
$
|
11.49
|
|
|
11.42
|
|
|
11.29
|
|
Tangible book value
per share
|
$
|
8.84
|
|
|
8.76
|
|
|
9.40
|
|
Closing market price
per share
|
$
|
13.51
|
|
|
13.39
|
|
|
11.85
|
|
Full time equivalent
employees
|
2,152
|
|
|
2,186
|
|
|
2,041
|
|
Number of banking
offices
|
181
|
|
|
181
|
|
|
161
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Consolidated
Statements of Income
(Dollars in
thousands, except per share amounts)
|
|
|
Quarter ended
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$
|
80,781
|
|
|
80,882
|
|
|
76,087
|
|
|
70,985
|
|
|
70,711
|
|
Mortgage-backed
securities
|
2,229
|
|
|
2,301
|
|
|
2,230
|
|
|
2,058
|
|
|
2,234
|
|
Taxable investment
securities
|
1,038
|
|
|
1,108
|
|
|
1,689
|
|
|
1,129
|
|
|
1,045
|
|
Tax-free investment
securities
|
724
|
|
|
836
|
|
|
986
|
|
|
1,143
|
|
|
1,348
|
|
FHLB
dividends
|
467
|
|
|
499
|
|
|
451
|
|
|
475
|
|
|
1,403
|
|
Interest-earning
deposits
|
59
|
|
|
13
|
|
|
99
|
|
|
180
|
|
|
139
|
|
Total interest
income
|
85,298
|
|
|
85,639
|
|
|
81,542
|
|
|
75,970
|
|
|
76,880
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
Deposits
|
6,088
|
|
|
6,435
|
|
|
6,163
|
|
|
5,691
|
|
|
5,766
|
|
Borrowed
funds
|
7,658
|
|
|
8,051
|
|
|
7,987
|
|
|
8,101
|
|
|
8,133
|
|
Total interest
expense
|
13,746
|
|
|
14,486
|
|
|
14,150
|
|
|
13,792
|
|
|
13,899
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
71,552
|
|
|
71,153
|
|
|
67,392
|
|
|
62,178
|
|
|
62,981
|
|
Provision for loan
losses
|
1,660
|
|
|
4,595
|
|
|
3,167
|
|
|
1,050
|
|
|
900
|
|
Net interest income
after provision for loan losses
|
69,892
|
|
|
66,558
|
|
|
64,225
|
|
|
61,128
|
|
|
62,081
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
Gain on sale of
investments
|
127
|
|
|
116
|
|
|
260
|
|
|
566
|
|
|
95
|
|
Service charges and
fees
|
10,065
|
|
|
10,530
|
|
|
9,945
|
|
|
9,228
|
|
|
8,659
|
|
Trust and other
financial services income
|
3,261
|
|
|
3,410
|
|
|
3,062
|
|
|
3,094
|
|
|
2,776
|
|
Insurance commission
income
|
2,714
|
|
|
2,490
|
|
|
2,398
|
|
|
2,210
|
|
|
2,428
|
|
Gain/ loss on real
estate owned, net
|
249
|
|
|
(156)
|
|
|
(246)
|
|
|
(541)
|
|
|
(1,046)
|
|
Income from bank
owned life insurance
|
1,595
|
|
|
1,251
|
|
|
1,166
|
|
|
1,008
|
|
|
913
|
|
Mortgage banking
income
|
218
|
|
|
208
|
|
|
267
|
|
|
218
|
|
|
240
|
|
Other operating
income
|
1,219
|
|
|
1,697
|
|
|
837
|
|
|
742
|
|
|
560
|
|
Total noninterest
income
|
19,448
|
|
|
19,546
|
|
|
17,689
|
|
|
16,525
|
|
|
14,625
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
33,033
|
|
|
32,003
|
|
|
31,000
|
|
|
28,920
|
|
|
27,895
|
|
Premises and
occupancy costs
|
6,537
|
|
|
6,403
|
|
|
6,072
|
|
|
5,899
|
|
|
6,267
|
|
Office
operations
|
3,460
|
|
|
3,252
|
|
|
3,268
|
|
|
2,905
|
|
|
2,912
|
|
Collections
expense
|
676
|
|
|
1,252
|
|
|
624
|
|
|
603
|
|
|
768
|
|
Processing
expenses
|
8,414
|
|
|
8,057
|
|
|
8,126
|
|
|
7,392
|
|
|
7,205
|
|
Marketing
expenses
|
1,891
|
|
|
1,642
|
|
|
1,691
|
|
|
3,190
|
|
|
1,976
|
|
Federal deposit
insurance premiums
|
1,503
|
|
|
1,299
|
|
|
1,177
|
|
|
1,286
|
|
|
1,347
|
|
Professional
services
|
1,833
|
|
|
1,933
|
|
|
1,529
|
|
|
1,652
|
|
|
1,792
|
|
Amortization of
intangible assets
|
675
|
|
|
729
|
|
|
422
|
|
|
269
|
|
|
268
|
|
Real estate owned
expense
|
311
|
|
|
393
|
|
|
471
|
|
|
514
|
|
|
692
|
|
Restructuring/
acquisition expense
|
635
|
|
|
1,347
|
|
|
7,590
|
|
|
467
|
|
|
347
|
|
Other
expense
|
4,307
|
|
|
2,917
|
|
|
1,834
|
|
|
2,038
|
|
|
2,242
|
|
Total noninterest
expense
|
63,275
|
|
|
61,227
|
|
|
63,804
|
|
|
55,135
|
|
|
53,711
|
|
Income before income
taxes
|
26,065
|
|
|
24,877
|
|
|
18,110
|
|
|
22,518
|
|
|
22,995
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
8,081
|
|
|
8,684
|
|
|
5,238
|
|
|
7,213
|
|
|
6,825
|
|
Net income
|
$
|
17,984
|
|
|
16,193
|
|
|
12,872
|
|
|
15,305
|
|
|
16,170
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.18
|
|
|
0.16
|
|
|
0.14
|
|
|
0.17
|
|
|
0.18
|
|
Diluted earnings per
share
|
$
|
0.18
|
|
|
0.16
|
|
|
0.13
|
|
|
0.17
|
|
|
0.18
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
98,889,744
|
|
|
98,741,393
|
|
|
95,256,807
|
|
|
91,538,172
|
|
|
91,634,064
|
|
Weighted average
common shares outstanding - diluted
|
99,380,009
|
|
|
99,500,056
|
|
|
95,825,798
|
|
|
91,998,005
|
|
|
91,902,071
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average equity
|
6.21
|
%
|
|
5.83
|
%
|
|
4.54
|
%
|
|
5.77
|
%
|
|
6.17
|
%
|
Annualized return on
average assets
|
0.81
|
%
|
|
0.77
|
%
|
|
0.59
|
%
|
|
0.78
|
%
|
|
0.83
|
%
|
Annualized return on
tangible common equity
|
8.03
|
%
|
|
7.20
|
%
|
|
5.72
|
%
|
|
6.90
|
%
|
|
7.38
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
*
|
68.09
|
%
|
|
65.22
|
%
|
|
65.58
|
%
|
|
69.12
|
%
|
|
68.42
|
%
|
Annualized
noninterest expense to average assets *
|
2.80
|
%
|
|
2.63
|
%
|
|
2.57
|
%
|
|
2.77
|
%
|
|
2.73
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* -
|
Excludes
restructuring/acquisition expenses and amortization of intangible
assets.
|
Northwest
Bancshares, Inc. and Subsidiaries
Asset
quality
(Dollars in
thousands)
|
|
|
March
31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
Nonaccrual loans
current:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
1,678
|
|
|
1,393
|
|
|
1,900
|
|
|
1,655
|
|
|
1,322
|
|
Home equity
loans
|
1,118
|
|
|
1,108
|
|
|
1,471
|
|
|
1,345
|
|
|
1,910
|
|
Consumer
loans
|
190
|
|
|
140
|
|
|
251
|
|
|
171
|
|
|
114
|
|
Commercial real
estate loans
|
19,350
|
|
|
14,018
|
|
|
19,602
|
|
|
8,596
|
|
|
18,465
|
|
Commercial
loans
|
5,923
|
|
|
4,604
|
|
|
4,877
|
|
|
5,096
|
|
|
9,429
|
|
Total nonaccrual
loans current
|
$
|
28,259
|
|
|
21,263
|
|
|
28,101
|
|
|
16,863
|
|
|
31,240
|
|
Nonaccrual loans
delinquent 30 days to 59 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
1,600
|
|
|
430
|
|
|
—
|
|
|
—
|
|
|
951
|
|
Home equity
loans
|
119
|
|
|
375
|
|
|
392
|
|
|
49
|
|
|
380
|
|
Consumer
loans
|
164
|
|
|
97
|
|
|
155
|
|
|
77
|
|
|
92
|
|
Commercial real
estate loans
|
3,371
|
|
|
2,192
|
|
|
359
|
|
|
867
|
|
|
3,907
|
|
Commercial
loans
|
4
|
|
|
322
|
|
|
131
|
|
|
186
|
|
|
144
|
|
Total nonaccrual
loans delinquent 30 days to 59 days
|
$
|
5,258
|
|
|
3,416
|
|
|
1,037
|
|
|
1,179
|
|
|
5,474
|
|
Nonaccrual loans
delinquent 60 days to 89 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
721
|
|
|
2,139
|
|
|
1,097
|
|
|
1,197
|
|
|
1,892
|
|
Home equity
loans
|
504
|
|
|
389
|
|
|
260
|
|
|
472
|
|
|
507
|
|
Consumer
loans
|
182
|
|
|
315
|
|
|
156
|
|
|
191
|
|
|
129
|
|
Commercial real
estate loans
|
109
|
|
|
762
|
|
|
416
|
|
|
504
|
|
|
1,045
|
|
Commercial
loans
|
57
|
|
|
110
|
|
|
11
|
|
|
119
|
|
|
107
|
|
Total nonaccrual
loans delinquent 60 days to 89 days
|
$
|
1,573
|
|
|
3,715
|
|
|
1,940
|
|
|
2,483
|
|
|
3,680
|
|
Nonaccrual loans
delinquent 90 days or more:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
14,301
|
|
|
15,810
|
|
|
16,510
|
|
|
16,125
|
|
|
15,068
|
|
Home equity
loans
|
5,922
|
|
|
5,650
|
|
|
4,546
|
|
|
4,616
|
|
|
5,646
|
|
Consumer
loans
|
2,360
|
|
|
2,900
|
|
|
3,132
|
|
|
2,199
|
|
|
2,045
|
|
Commercial real
estate loans
|
13,165
|
|
|
16,449
|
|
|
10,565
|
|
|
12,673
|
|
|
8,233
|
|
Commercial
loans
|
3,314
|
|
|
2,459
|
|
|
2,074
|
|
|
1,858
|
|
|
1,921
|
|
Total nonaccrual
loans delinquent 90 days or more
|
$
|
39,062
|
|
|
43,268
|
|
|
36,827
|
|
|
37,471
|
|
|
32,913
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual
loans
|
$
|
74,152
|
|
|
71,662
|
|
|
67,905
|
|
|
57,996
|
|
|
73,307
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual
loans
|
$
|
74,152
|
|
|
71,662
|
|
|
67,905
|
|
|
57,996
|
|
|
73,307
|
|
Loans 90 days past
maturity and still accruing
|
894
|
|
|
1,334
|
|
|
680
|
|
|
385
|
|
|
310
|
|
Nonperforming
loans
|
75,046
|
|
|
72,996
|
|
|
68,585
|
|
|
58,381
|
|
|
73,617
|
|
Real estate owned,
net
|
6,834
|
|
|
8,725
|
|
|
10,391
|
|
|
13,864
|
|
|
15,346
|
|
Nonperforming
assets
|
$
|
81,880
|
|
|
81,721
|
|
|
78,976
|
|
|
72,245
|
|
|
88,963
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual troubled
debt restructuring *
|
$
|
17,699
|
|
|
21,118
|
|
|
23,184
|
|
|
15,443
|
|
|
19,843
|
|
Accruing troubled
debt restructuring
|
30,549
|
|
|
29,997
|
|
|
26,154
|
|
|
40,741
|
|
|
40,802
|
|
Total troubled debt
restructuring
|
$
|
48,248
|
|
|
51,115
|
|
|
49,338
|
|
|
56,184
|
|
|
60,645
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to total loans
|
1.03
|
%
|
|
1.01
|
%
|
|
0.96
|
%
|
|
0.95
|
%
|
|
1.21
|
%
|
Nonperforming assets
to total assets
|
0.92
|
%
|
|
0.91
|
%
|
|
0.88
|
%
|
|
0.92
|
%
|
|
1.13
|
%
|
Allowance for loan
losses to total loans
|
0.85
|
%
|
|
0.87
|
%
|
|
0.85
|
%
|
|
0.96
|
%
|
|
1.11
|
%
|
Allowance for loan
losses to nonperforming loans
|
82.99
|
%
|
|
85.86
|
%
|
|
94.54
|
%
|
|
101.16
|
%
|
|
91.42
|
%
|
* -
|
Amounts included in
nonperforming loans above.
|
Northwest
Bancshares, Inc. and Subsidiaries
Exposure to the
oil and gas industry
(Dollars in
thousands)
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
Direct exposure to
oil and gas extraction:
|
|
|
|
|
|
|
|
|
|
Outstanding balance
|
$
|
13,764
|
|
|
16,619
|
|
|
17,209
|
|
|
17,990
|
|
|
18,417
|
|
Commitments
|
18,450
|
|
|
19,576
|
|
|
20,127
|
|
|
20,511
|
|
|
21,181
|
|
Impaired
|
1,127
|
|
|
1,127
|
|
|
1,127
|
|
|
—
|
|
|
—
|
|
Reserve
|
1,157
|
|
|
1,190
|
|
|
1,313
|
|
|
274
|
|
|
208
|
|
|
|
|
|
|
|
|
|
|
|
Indirect exposure:
*
|
|
|
|
|
|
|
|
|
|
Outstanding balance
|
54,465
|
|
|
56,659
|
|
|
57,805
|
|
|
72,416
|
|
|
66,386
|
|
Commitments
|
58,522
|
|
|
68,659
|
|
|
79,226
|
|
|
99,661
|
|
|
102,252
|
|
Impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
217
|
|
|
219
|
|
Reserve
|
195
|
|
|
34
|
|
|
150
|
|
|
103
|
|
|
69
|
|
|
|
|
|
|
|
|
|
|
|
Total
exposure:
|
|
|
|
|
|
|
|
|
|
Outstanding balance
|
68,229
|
|
|
73,278
|
|
|
75,014
|
|
|
90,406
|
|
|
84,803
|
|
Commitments
|
76,972
|
|
|
88,235
|
|
|
99,353
|
|
|
120,172
|
|
|
123,433
|
|
Impaired
|
1,127
|
|
|
1,127
|
|
|
1,127
|
|
|
217
|
|
|
219
|
|
Reserve
|
1,352
|
|
|
1,224
|
|
|
1,463
|
|
|
377
|
|
|
277
|
|
* -
|
Includes loans to
haulers, wholesalers, and refineries.
|
Northwest
Bancshares, Inc. and Subsidiaries
Loans by credit
quality indicators
(Dollars in
thousands)
|
|
At March 13,
2016
|
|
Pass
|
|
Special
mention
*
|
|
Substandard
**
|
|
Doubtful
|
|
Loss
|
|
Recorded
investment
in loans
receivable
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,755,325
|
|
|
—
|
|
|
13,721
|
|
|
—
|
|
|
1,317
|
|
|
2,770,363
|
|
Home equity
loans
|
|
1,161,382
|
|
|
—
|
|
|
8,439
|
|
|
—
|
|
|
—
|
|
|
1,169,821
|
|
Consumer
loans
|
|
523,333
|
|
|
—
|
|
|
2,204
|
|
|
—
|
|
|
—
|
|
|
525,537
|
|
Total Personal
Banking
|
|
4,440,040
|
|
|
—
|
|
|
24,364
|
|
|
—
|
|
|
1,317
|
|
|
4,465,721
|
|
Business
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,167,110
|
|
|
63,695
|
|
|
130,043
|
|
|
15
|
|
|
—
|
|
|
2,360,863
|
|
Commercial
loans
|
|
409,994
|
|
|
16,425
|
|
|
39,887
|
|
|
1,112
|
|
|
—
|
|
|
467,418
|
|
Total Business
Banking
|
|
2,577,104
|
|
|
80,120
|
|
|
169,930
|
|
|
1,127
|
|
|
—
|
|
|
2,828,281
|
|
Total
loans
|
|
$
|
7,017,144
|
|
|
80,120
|
|
|
194,294
|
|
|
1,127
|
|
|
1,317
|
|
|
7,294,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,725,492
|
|
|
—
|
|
|
14,060
|
|
|
—
|
|
|
1,340
|
|
|
2,740,892
|
|
Home equity
loans
|
|
1,178,735
|
|
|
—
|
|
|
8,371
|
|
|
—
|
|
|
—
|
|
|
1,187,106
|
|
Consumer
loans
|
|
517,746
|
|
|
—
|
|
|
2,543
|
|
|
—
|
|
|
—
|
|
|
520,289
|
|
Total Personal
Banking
|
|
4,421,973
|
|
|
—
|
|
|
24,974
|
|
|
—
|
|
|
1,340
|
|
|
4,448,287
|
|
Business
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,170,951
|
|
|
53,390
|
|
|
126,978
|
|
|
115
|
|
|
—
|
|
|
2,351,434
|
|
Commercial
loans
|
|
359,403
|
|
|
23,730
|
|
|
38,157
|
|
|
1,110
|
|
|
—
|
|
|
422,400
|
|
Total Business
Banking
|
|
2,530,354
|
|
|
77,120
|
|
|
165,135
|
|
|
1,225
|
|
|
—
|
|
|
2,773,834
|
|
Total
loans
|
|
$
|
6,952,327
|
|
|
77,120
|
|
|
190,109
|
|
|
1,225
|
|
|
1,340
|
|
|
7,222,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,699,670
|
|
|
—
|
|
|
11,512
|
|
|
—
|
|
|
1,355
|
|
|
2,712,537
|
|
Home equity
loans
|
|
1,198,779
|
|
|
—
|
|
|
4,411
|
|
|
—
|
|
|
—
|
|
|
1,203,190
|
|
Consumer
loans
|
|
492,023
|
|
|
—
|
|
|
2,691
|
|
|
—
|
|
|
—
|
|
|
494,714
|
|
Total Personal
Banking
|
|
4,390,472
|
|
|
—
|
|
|
18,614
|
|
|
—
|
|
|
1,355
|
|
|
4,410,441
|
|
Business
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
2,154,439
|
|
|
33,339
|
|
|
143,086
|
|
|
—
|
|
|
—
|
|
|
2,330,864
|
|
Commercial
loans
|
|
353,366
|
|
|
19,364
|
|
|
37,413
|
|
|
165
|
|
|
—
|
|
|
410,308
|
|
Total Business
Banking
|
|
2,507,805
|
|
|
52,703
|
|
|
180,499
|
|
|
165
|
|
|
—
|
|
|
2,741,172
|
|
Total
loans
|
|
$
|
6,898,277
|
|
|
52,703
|
|
|
199,113
|
|
|
165
|
|
|
1,355
|
|
|
7,151,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At June 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,584,438
|
|
|
—
|
|
|
11,362
|
|
|
—
|
|
|
1,370
|
|
|
2,597,170
|
|
Home equity
loans
|
|
1,051,213
|
|
|
—
|
|
|
4,616
|
|
|
—
|
|
|
—
|
|
|
1,055,829
|
|
Consumer
loans
|
|
250,648
|
|
|
—
|
|
|
1,743
|
|
|
—
|
|
|
—
|
|
|
252,391
|
|
Total Personal
Banking
|
|
3,886,299
|
|
|
—
|
|
|
17,721
|
|
|
—
|
|
|
1,370
|
|
|
3,905,390
|
|
Business
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
1,688,449
|
|
|
37,497
|
|
|
133,797
|
|
|
—
|
|
|
—
|
|
|
1,859,743
|
|
Commercial
loans
|
|
301,467
|
|
|
19,793
|
|
|
38,262
|
|
|
2
|
|
|
—
|
|
|
359,524
|
|
Total Business
Banking
|
|
1,989,916
|
|
|
57,290
|
|
|
172,059
|
|
|
2
|
|
|
—
|
|
|
2,219,267
|
|
Total
loans
|
|
$
|
5,876,215
|
|
|
57,290
|
|
|
189,780
|
|
|
2
|
|
|
1,370
|
|
|
6,124,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,531,595
|
|
|
—
|
|
|
10,851
|
|
|
—
|
|
|
1,424
|
|
|
2,543,870
|
|
Home equity
loans
|
|
1,050,092
|
|
|
—
|
|
|
5,647
|
|
|
—
|
|
|
—
|
|
|
1,055,739
|
|
Consumer
loans
|
|
238,381
|
|
|
—
|
|
|
1,575
|
|
|
—
|
|
|
—
|
|
|
239,956
|
|
Total Personal
Banking
|
|
3,820,068
|
|
|
—
|
|
|
18,073
|
|
|
—
|
|
|
1,424
|
|
|
3,839,565
|
|
Business
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
loans
|
|
1,671,331
|
|
|
43,874
|
|
|
141,369
|
|
|
—
|
|
|
—
|
|
|
1,856,574
|
|
Commercial
loans
|
|
305,632
|
|
|
22,651
|
|
|
31,243
|
|
|
9,199
|
|
|
—
|
|
|
368,725
|
|
Total Business
Banking
|
|
1,976,963
|
|
|
66,525
|
|
|
172,612
|
|
|
9,199
|
|
|
—
|
|
|
2,225,299
|
|
Total
loans
|
|
$
|
5,797,031
|
|
|
66,525
|
|
|
190,685
|
|
|
9,199
|
|
|
1,424
|
|
|
6,064,864
|
|
* -
|
Includes $7.7
million, $7.6 million and $533,000 of acquired loans at March 31,
2016, December 31, 2015 and September 30, 2015,
respectively.
|
** -
|
Includes $17.9
million, $18.6 million and $18.5 million of acquired loans at March
31, 2016, December 31, 2015 and September 30, 2015,
respectively.
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Loan
delinquency
(Dollars in
thousands)
|
|
|
|
March
31,
2016
|
|
*
|
|
December 31,
2015
|
|
*
|
|
September 30,
2015
|
|
*
|
|
June 30,
2015
|
|
*
|
|
March 31,
2015
|
|
*
|
(Number of loans and
dollar amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 30
days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
323
|
|
|
$
|
24,494
|
|
|
0.9
|
%
|
|
349
|
|
|
$
|
25,943
|
|
|
0.9
|
%
|
|
75
|
|
|
$
|
3,644
|
|
|
0.1
|
%
|
|
64
|
|
|
$
|
3,250
|
|
|
0.1
|
%
|
|
336
|
|
|
25,586
|
|
|
1.0
|
%
|
Home equity
loans
|
|
132
|
|
|
5,351
|
|
|
0.5
|
%
|
|
173
|
|
|
5,806
|
|
|
0.5
|
%
|
|
149
|
|
|
5,770
|
|
|
0.5
|
%
|
|
112
|
|
|
3,768
|
|
|
0.4
|
%
|
|
128
|
|
|
3,737
|
|
|
0.4
|
%
|
Consumer
loans
|
|
895
|
|
|
5,511
|
|
|
1.0
|
%
|
|
1,234
|
|
|
7,101
|
|
|
1.4
|
%
|
|
1,214
|
|
|
6,324
|
|
|
1.3
|
%
|
|
1,103
|
|
|
5,116
|
|
|
2.0
|
%
|
|
912
|
|
|
4,374
|
|
|
1.8
|
%
|
Commercial real
estate loans
|
|
51
|
|
|
27,474
|
|
|
1.2
|
%
|
|
48
|
|
|
24,877
|
|
|
1.1
|
%
|
|
55
|
|
|
7,463
|
|
|
0.3
|
%
|
|
39
|
|
|
3,788
|
|
|
0.2
|
%
|
|
50
|
|
|
5,497
|
|
|
0.3
|
%
|
Commercial
loans
|
|
26
|
|
|
3,133
|
|
|
0.7
|
%
|
|
31
|
|
|
2,868
|
|
|
0.7
|
%
|
|
21
|
|
|
1,379
|
|
|
0.3
|
%
|
|
21
|
|
|
1,363
|
|
|
0.4
|
%
|
|
36
|
|
|
1,480
|
|
|
0.4
|
%
|
Total loans
delinquent 30 days to 59 days
|
|
1,427
|
|
|
$
|
65,963
|
|
|
0.9
|
%
|
|
1,835
|
|
|
$
|
66,595
|
|
|
0.9
|
%
|
|
1,514
|
|
|
$
|
24,580
|
|
|
0.3
|
%
|
|
1,339
|
|
|
$
|
17,285
|
|
|
0.3
|
%
|
|
1,462
|
|
|
40,674
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 60
days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
21
|
|
|
$
|
1,358
|
|
|
—
|
%
|
|
100
|
|
|
$
|
7,790
|
|
|
0.3
|
%
|
|
83
|
|
|
$
|
5,193
|
|
|
0.2
|
%
|
|
70
|
|
|
$
|
5,815
|
|
|
0.2
|
%
|
|
40
|
|
|
3,397
|
|
|
0.1
|
%
|
Home equity
loans
|
|
36
|
|
|
1,256
|
|
|
0.1
|
%
|
|
50
|
|
|
2,478
|
|
|
0.2
|
%
|
|
52
|
|
|
1,716
|
|
|
0.1
|
%
|
|
39
|
|
|
2,090
|
|
|
0.2
|
%
|
|
34
|
|
|
1,404
|
|
|
0.1
|
%
|
Consumer
loans
|
|
379
|
|
|
1,803
|
|
|
0.3
|
%
|
|
521
|
|
|
2,521
|
|
|
0.5
|
%
|
|
512
|
|
|
2,593
|
|
|
0.5
|
%
|
|
442
|
|
|
1,767
|
|
|
0.7
|
%
|
|
352
|
|
|
1,515
|
|
|
0.6
|
%
|
Commercial real
estate loans
|
|
11
|
|
|
1,081
|
|
|
—
|
%
|
|
21
|
|
|
8,228
|
|
|
0.3
|
%
|
|
28
|
|
|
8,368
|
|
|
0.4
|
%
|
|
30
|
|
|
4,919
|
|
|
0.3
|
%
|
|
21
|
|
|
2,351
|
|
|
0.1
|
%
|
Commercial
loans
|
|
7
|
|
|
375
|
|
|
0.1
|
%
|
|
7
|
|
|
598
|
|
|
0.1
|
%
|
|
8
|
|
|
401
|
|
|
0.1
|
%
|
|
7
|
|
|
159
|
|
|
—
|
%
|
|
5
|
|
|
136
|
|
|
—
|
%
|
Total loans
delinquent 60 days to 89 days
|
|
454
|
|
|
$
|
5,873
|
|
|
0.1
|
%
|
|
699
|
|
|
$
|
21,615
|
|
|
0.3
|
%
|
|
683
|
|
|
$
|
18,271
|
|
|
0.3
|
%
|
|
588
|
|
|
$
|
14,750
|
|
|
0.2
|
%
|
|
452
|
|
|
8,803
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 90
days or more: **
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
183
|
|
|
$
|
14,673
|
|
|
0.5
|
%
|
|
215
|
|
|
$
|
16,350
|
|
|
0.6
|
%
|
|
204
|
|
|
$
|
17,209
|
|
|
0.6
|
%
|
|
203
|
|
|
$
|
16,125
|
|
|
0.6
|
%
|
|
193
|
|
|
15,068
|
|
|
0.6
|
%
|
Home equity
loans
|
|
120
|
|
|
6,200
|
|
|
0.5
|
%
|
|
143
|
|
|
6,112
|
|
|
0.5
|
%
|
|
136
|
|
|
5,554
|
|
|
0.5
|
%
|
|
104
|
|
|
4,616
|
|
|
0.4
|
%
|
|
123
|
|
|
5,646
|
|
|
0.5
|
%
|
Consumer
loans
|
|
557
|
|
|
2,386
|
|
|
0.5
|
%
|
|
523
|
|
|
2,926
|
|
|
0.6
|
%
|
|
570
|
|
|
3,156
|
|
|
0.6
|
%
|
|
440
|
|
|
2,199
|
|
|
0.9
|
%
|
|
440
|
|
|
2,045
|
|
|
0.9
|
%
|
Commercial real
estate loans
|
|
106
|
|
|
15,442
|
|
|
0.7
|
%
|
|
113
|
|
|
19,031
|
|
|
0.8
|
%
|
|
95
|
|
|
14,898
|
|
|
0.6
|
%
|
|
76
|
|
|
12,673
|
|
|
0.7
|
%
|
|
84
|
|
|
8,233
|
|
|
0.4
|
%
|
Commercial
loans
|
|
34
|
|
|
3,456
|
|
|
0.7
|
%
|
|
25
|
|
|
2,599
|
|
|
0.6
|
%
|
|
23
|
|
|
2,319
|
|
|
0.6
|
%
|
|
13
|
|
|
1,858
|
|
|
0.5
|
%
|
|
16
|
|
|
1,921
|
|
|
0.5
|
%
|
Total loans
delinquent 90 days or more
|
|
1,000
|
|
|
$
|
42,157
|
|
|
0.6
|
%
|
|
1,019
|
|
|
$
|
47,018
|
|
|
0.7
|
%
|
|
1,028
|
|
|
$
|
43,136
|
|
|
0.6
|
%
|
|
836
|
|
|
$
|
37,471
|
|
|
0.6
|
%
|
|
856
|
|
|
32,913
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
delinquent
|
|
2,881
|
|
|
$
|
113,993
|
|
|
1.6
|
%
|
|
3,553
|
|
|
$
|
135,228
|
|
|
1.9
|
%
|
|
3,225
|
|
|
$
|
85,987
|
|
|
1.2
|
%
|
|
2,763
|
|
|
$
|
69,506
|
|
|
1.1
|
%
|
|
2,770
|
|
|
82,390
|
|
|
1.4
|
%
|
* -
|
Represents
delinquency, in dollars, divided by the respective total amount of
that type of loan outstanding.
|
** -
|
Includes purchased
credit impaired loans of $3.1 million, $3.7 million and $6.3
million at March 31, 2016, December 31, 2015 and September 30,
2015, respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries
Allowance for loan
losses
(Dollars in
thousands)
|
|
|
Quarter ended
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
Beginning
balance
|
$
|
62,672
|
|
|
60,547
|
|
|
59,057
|
|
|
67,298
|
|
|
67,518
|
|
Provision
|
1,660
|
|
|
4,595
|
|
|
3,167
|
|
|
1,050
|
|
|
900
|
|
Charge-offs
residential mortgage
|
(564)
|
|
|
(171)
|
|
|
(342)
|
|
|
(278)
|
|
|
(335)
|
|
Charge-offs home
equity
|
(984)
|
|
|
(1,097)
|
|
|
(443)
|
|
|
(542)
|
|
|
(342)
|
|
Charge-offs
consumer
|
(2,403)
|
|
|
(2,561)
|
|
|
(2,014)
|
|
|
(1,759)
|
|
|
(1,940)
|
|
Charge-offs
commercial real estate
|
(897)
|
|
|
(1,216)
|
|
|
(558)
|
|
|
(3,439)
|
|
|
(1,113)
|
|
Charge-offs
commercial
|
(117)
|
|
|
(508)
|
|
|
(595)
|
|
|
(6,356)
|
|
|
(724)
|
|
Recoveries
|
2,911
|
|
|
3,083
|
|
|
2,275
|
|
|
3,083
|
|
|
3,334
|
|
Ending
balance
|
$
|
62,278
|
|
|
62,672
|
|
|
60,547
|
|
|
59,057
|
|
|
67,298
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans, annualized
|
0.11
|
%
|
|
0.14
|
%
|
|
0.10
|
%
|
|
0.61
|
%
|
|
0.07
|
%
|
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
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (i)
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (i)
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (i)
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (i)
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (i)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
2,739,787
|
|
|
29,786
|
|
|
4.35
|
%
|
|
$
|
2,710,811
|
|
|
29,227
|
|
|
4.31
|
%
|
|
$
|
2,632,199
|
|
|
29,060
|
|
|
4.42
|
%
|
|
$
|
2,546,712
|
|
|
28,395
|
|
|
4.46
|
%
|
|
$
|
2,512,202
|
|
|
28,255
|
|
|
4.50
|
%
|
Home equity
loans
|
1,177,406
|
|
|
12,642
|
|
|
4.32
|
%
|
|
1,193,433
|
|
|
12,753
|
|
|
4.24
|
%
|
|
1,114,931
|
|
|
12,208
|
|
|
4.34
|
%
|
|
1,054,508
|
|
|
11,402
|
|
|
4.34
|
%
|
|
1,059,128
|
|
|
11,473
|
|
|
4.39
|
%
|
Consumer
loans
|
510,091
|
|
|
8,219
|
|
|
6.48
|
%
|
|
500,175
|
|
|
8,805
|
|
|
6.98
|
%
|
|
364,378
|
|
|
7,146
|
|
|
7.78
|
%
|
|
245,832
|
|
|
6,529
|
|
|
10.65
|
%
|
|
239,927
|
|
|
6,290
|
|
|
10.63
|
%
|
Commercial real estate
loans
|
2,349,748
|
|
|
25,993
|
|
|
4.38
|
%
|
|
2,331,769
|
|
|
25,972
|
|
|
4.36
|
%
|
|
2,100,463
|
|
|
24,061
|
|
|
4.48
|
%
|
|
1,859,790
|
|
|
21,257
|
|
|
4.52
|
%
|
|
1,799,324
|
|
|
20,927
|
|
|
4.65
|
%
|
Commercial
loans
|
441,977
|
|
|
4,723
|
|
|
4.23
|
%
|
|
412,415
|
|
|
4,671
|
|
|
4.43
|
%
|
|
372,693
|
|
|
4,108
|
|
|
4.31
|
%
|
|
367,069
|
|
|
3,862
|
|
|
4.16
|
%
|
|
408,669
|
|
|
4,237
|
|
|
4.15
|
%
|
Total loans
receivable (a) (b) (d)
|
7,219,009
|
|
|
81,363
|
|
|
4.53
|
%
|
|
7,148,603
|
|
|
81,428
|
|
|
4.52
|
%
|
|
6,584,664
|
|
|
76,583
|
|
|
4.66
|
%
|
|
6,073,911
|
|
|
71,445
|
|
|
4.72
|
%
|
|
6,019,250
|
|
|
71,182
|
|
|
4.80
|
%
|
Mortgage-backed
securities (c)
|
488,294
|
|
|
2,229
|
|
|
1.83
|
%
|
|
519,736
|
|
|
2,301
|
|
|
1.77
|
%
|
|
498,757
|
|
|
2,230
|
|
|
1.79
|
%
|
|
477,800
|
|
|
2,058
|
|
|
1.72
|
%
|
|
506,778
|
|
|
2,234
|
|
|
1.76
|
%
|
Investment securities
(c) (d)
|
387,460
|
|
|
2,151
|
|
|
2.22
|
%
|
|
427,363
|
|
|
2,394
|
|
|
2.24
|
%
|
|
482,666
|
|
|
2,754
|
|
|
2.28
|
%
|
|
482,670
|
|
|
2,887
|
|
|
2.39
|
%
|
|
486,078
|
|
|
3,119
|
|
|
2.57
|
%
|
FHLB stock
(g)
|
37,098
|
|
|
467
|
|
|
5.06
|
%
|
|
38,651
|
|
|
499
|
|
|
5.12
|
%
|
|
39,552
|
|
|
451
|
|
|
4.52
|
%
|
|
35,608
|
|
|
475
|
|
|
5.35
|
%
|
|
36,139
|
|
|
363
|
|
|
4.07
|
%
|
Other
interest-earning deposits
|
43,578
|
|
|
59
|
|
|
0.54
|
%
|
|
40,410
|
|
|
13
|
|
|
0.13
|
%
|
|
162,041
|
|
|
99
|
|
|
0.24
|
%
|
|
272,691
|
|
|
180
|
|
|
0.26
|
%
|
|
246,296
|
|
|
139
|
|
|
0.23
|
%
|
Total
interest-earning assets
|
8,175,439
|
|
|
86,269
|
|
|
4.24
|
%
|
|
8,174,763
|
|
|
86,635
|
|
|
4.20
|
%
|
|
7,767,680
|
|
|
82,117
|
|
|
4.24
|
%
|
|
7,342,680
|
|
|
77,045
|
|
|
4.21
|
%
|
|
7,294,541
|
|
|
77,037
|
|
|
4.28
|
%
|
Noninterest earning
assets (e)
|
735,562
|
|
|
|
|
|
|
747,317
|
|
|
|
|
|
|
846,439
|
|
|
|
|
|
|
529,528
|
|
|
|
|
|
|
595,425
|
|
|
|
|
|
Total
assets
|
$
|
8,911,001
|
|
|
|
|
|
|
$
|
8,922,080
|
|
|
|
|
|
|
$
|
8,614,119
|
|
|
|
|
|
|
$
|
7,872,208
|
|
|
|
|
|
|
$
|
7,889,966
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$
|
1,405,800
|
|
|
865
|
|
|
0.25
|
%
|
|
$
|
1,378,377
|
|
|
871
|
|
|
0.25
|
%
|
|
$
|
1,324,620
|
|
|
865
|
|
|
0.26
|
%
|
|
$
|
1,263,785
|
|
|
838
|
|
|
0.27
|
%
|
|
$
|
1,231,745
|
|
|
813
|
|
|
0.27
|
%
|
Interest-bearing
demand deposits
|
1,093,839
|
|
|
156
|
|
|
0.06
|
%
|
|
1,083,524
|
|
|
157
|
|
|
0.06
|
%
|
|
1,022,585
|
|
|
149
|
|
|
0.06
|
%
|
|
920,071
|
|
|
131
|
|
|
0.06
|
%
|
|
878,230
|
|
|
131
|
|
|
0.06
|
%
|
Money market deposit
accounts
|
1,288,535
|
|
|
865
|
|
|
0.27
|
%
|
|
1,279,181
|
|
|
873
|
|
|
0.27
|
%
|
|
1,217,122
|
|
|
825
|
|
|
0.27
|
%
|
|
1,147,017
|
|
|
759
|
|
|
0.27
|
%
|
|
1,165,159
|
|
|
765
|
|
|
0.27
|
%
|
Time
deposits
|
1,664,322
|
|
|
4,202
|
|
|
1.02
|
%
|
|
1,720,895
|
|
|
4,534
|
|
|
1.05
|
%
|
|
1,577,159
|
|
|
4,324
|
|
|
1.09
|
%
|
|
1,409,740
|
|
|
3,963
|
|
|
1.13
|
%
|
|
1,452,476
|
|
|
4,057
|
|
|
1.13
|
%
|
Borrowed funds
(f)
|
899,439
|
|
|
6,539
|
|
|
2.92
|
%
|
|
906,574
|
|
|
6,730
|
|
|
2.95
|
%
|
|
906,410
|
|
|
6,713
|
|
|
2.94
|
%
|
|
929,744
|
|
|
6,929
|
|
|
2.99
|
%
|
|
960,812
|
|
|
6,975
|
|
|
2.94
|
%
|
Junior subordinated
debentures
|
111,213
|
|
|
1,119
|
|
|
3.98
|
%
|
|
116,626
|
|
|
1,321
|
|
|
4.43
|
%
|
|
111,213
|
|
|
1,274
|
|
|
4.48
|
%
|
|
103,094
|
|
|
1,172
|
|
|
4.50
|
%
|
|
103,094
|
|
|
1,158
|
|
|
4.49
|
%
|
Total
interest-bearing liabilities
|
6,463,148
|
|
|
13,746
|
|
|
0.86
|
%
|
|
6,485,177
|
|
|
14,486
|
|
|
0.89
|
%
|
|
6,159,109
|
|
|
14,150
|
|
|
0.91
|
%
|
|
5,773,451
|
|
|
13,792
|
|
|
0.96
|
%
|
|
5,791,516
|
|
|
13,899
|
|
|
0.97
|
%
|
Noninterest-bearing
demand deposits (h)
|
1,161,151
|
|
|
|
|
|
|
1,145,276
|
|
|
|
|
|
|
1,054,270
|
|
|
|
|
|
|
957,912
|
|
|
|
|
|
|
914,025
|
|
|
|
|
|
Noninterest bearing
liabilities
|
122,667
|
|
|
|
|
|
|
133,323
|
|
|
|
|
|
|
275,435
|
|
|
|
|
|
|
77,075
|
|
|
|
|
|
|
121,121
|
|
|
|
|
|
Total
liabilities
|
7,746,966
|
|
|
|
|
|
|
7,763,776
|
|
|
|
|
|
|
7,488,814
|
|
|
|
|
|
|
6,808,438
|
|
|
|
|
|
|
6,826,662
|
|
|
|
|
|
Shareholders'
equity
|
1,164,035
|
|
|
|
|
|
|
1,158,304
|
|
|
|
|
|
|
1,125,305
|
|
|
|
|
|
|
1,063,770
|
|
|
|
|
|
|
1,063,304
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
8,911,001
|
|
|
|
|
|
|
$
|
8,922,080
|
|
|
|
|
|
|
$
|
8,614,119
|
|
|
|
|
|
|
$
|
7,872,208
|
|
|
|
|
|
|
$
|
7,889,966
|
|
|
|
|
|
Net interest income/
Interest rate spread
|
|
|
72,523
|
|
|
3.38
|
%
|
|
|
|
72,149
|
|
|
3.31
|
%
|
|
|
|
67,967
|
|
|
3.33
|
%
|
|
|
|
63,253
|
|
|
3.25
|
%
|
|
|
|
63,138
|
|
|
3.31
|
%
|
Net interest-earning
assets/ Net interest margin
|
$
|
1,712,291
|
|
|
|
|
3.57
|
%
|
|
$
|
1,689,586
|
|
|
|
|
3.53
|
%
|
|
$
|
1,608,571
|
|
|
|
|
3.50
|
%
|
|
$
|
1,569,229
|
|
|
|
|
3.45
|
%
|
|
$
|
1,503,025
|
|
|
|
|
3.51
|
%
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.26X
|
|
|
|
|
|
1.26X
|
|
|
|
|
|
1.26X
|
|
|
|
|
|
1.27X
|
|
|
|
|
|
1.26X
|
|
|
|
|
(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 collateralized borrowings.
|
(g)
|
Excludes a $1.0
million special dividend paid in February 2015 from the
average yield calculation.
|
(h)
|
Average cost of
deposits were 0.37%, 0.39%, 0.39%, 0.40% and 0.41%,
respectively.
|
(i)
|
Shown on a FTE basis.
GAAP basis yields for the periods indicated were: Loans - 4.50%,
4.49%, 4.63%, 4.69% and 4.76%, respectively, Investment
securities - 1.82%, 1.82%, 1.84%, 1.88% and 1.97%,
respectively, Interest-earning assets - 4.20%, 4.16%, 4.19%,
4.15% and 4.21%, respectively. GAAP basis net interest rate spreads
were 3.34%, 3.27%, 3.28%, 3.19% and 3.24%, respectively, and GAAP
basis net interest margins were 3.55%, 3.48%, 3.45%, 3.39% and
3.44%, respectively.
|
To view the original version on PR Newswire,
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SOURCE Northwest Bancshares, Inc.