WARREN, Pa., Jan. 23, 2017 /PRNewswire/ -- Northwest
Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the
quarter ended December 31, 2016 of $24.5 million, or $0.24 per diluted share. This represents an
increase of $8.3 million, or 51.3%,
compared to the same quarter last year when net income was
$16.2 million or $0.16 per diluted share. The annualized returns
on average shareholders' equity and average assets for the quarter
ended December 31, 2016 were 8.37% and 1.01% compared to 5.55%
and 0.73% for the same quarter last year.
The Company also announced that its Board of
Directors declared a quarterly cash dividend of $0.16 per share payable on February 16, 2017, to shareholders of record as
of February 2, 2017. This
represents a 6.67% increase over the prior year and is the
89th consecutive quarter in which the Company has paid a cash
dividend.
In making this announcement, William J. Wagner, President and CEO, noted,
"The results of the fourth quarter when compared to the previous
year reflect the earnings accretion we expected from both the LNB
merger and the First Niagara branch acquisition. As a result of
these acquisitions our checking accounts have increased by 37% over
the last two years and time deposits have decreased to less than
20% of total deposits. This change in deposit mix has increased our
net interest margin from 3.53% to 3.75%. These acquisitions along
with the recently announced plan to divest our three offices in
Maryland better defines our
footprint for the future and establishes a framework for increased
revenue growth and greater efficiency."
Net interest income increased by $11.7 million, or 16.6%, to $82.9 million for the quarter ended
December 31, 2016, from $71.2
million for the quarter ended December 31, 2015. This
increase is due primarily to a $4.8
million, or 5.9%, increase in interest income on loans and a
$6.8 million, or 84.7% decrease in
interest expense on borrowed funds. The increase in loan interest
income is a result of a $580.1
million increase in the average balance of the Company's
loan portfolio from the same quarter last year, while the decrease
in interest expense on borrowed funds is due primarily to the
payoff of Federal Home Loan Bank ("FHLB") advances with the funds
received from the purchase of deposits in western New York.
The provision for loan losses decreased by
$2.5 million, or 53.3%, to
$2.1 million for the quarter ended
December 31, 2016, from $4.6
million for the quarter ended December 31, 2015. This
decrease is due primarily to a decrease in the percentage of total
loan delinquency to total loans to 1.61% at December 31, 2016 from 1.87% at December 31, 2015.
Noninterest income increased by $5.3 million, or 27.0%, to $24.8 million for the quarter ended
December 31, 2016, from $19.5
million for the quarter ended December 31,
2015. Contributing to this increase was an increase in
mortgage banking income of $2.1
million, which is the result of resuming the sale of
mortgage loans originated by the Wholesale Lending Division.
Also contributing to this increase was an increase in service
charges and fees of $1.9 million, or
17.8%, which is primarily attributable to the growth in checking
accounts from both acquisitions, and internal growth initiatives.
Additionally, trust and other financial services income increased
by $721,000, or 21.1%, due primarily
to the approximately $450.0 million
of wealth management assets acquired with the western New York branch purchase.
Noninterest expense increased by $7.6 million, or 12.3%, to $68.8 million for the quarter ended
December 31, 2016, from $61.2
million for the quarter ended December 31, 2015. This
increase resulted primarily from a $4.6
million, or 14.3%, increase in compensation and employee
benefits due primarily to the costs associated with the employees
added from the 18 western New York branches. The other increases
for the current quarter compared to the prior year are also
primarily attributable to incremental expenses from the additional
branches. Partially offsetting these increases were decreases in
federal deposit insurance premiums and collection expense of
$824,000 and $815,000, respectively.
Net income for the year ended December 31, 2016 was $49.7 million, or $0.49 per diluted share, which represents a
decrease of $10.8 million, or 18.0%,
compared to the year ended December 31,
2015, when net income was $60.5
million, or $0.64 per diluted
share. The annualized returns on average shareholders' equity and
average assets for the year ended December
31, 2016 were 4.28% and 0.55%, respectively, compared to
5.49% and 0.73% for the same period last year. This decrease
is due primarily to a $37.0 million
penalty incurred from the prepayment of FHLB borrowings,
acquisition and restructuring expenses of $12.2 million, and ESOP termination expense of
$5.1 million.
Non-GAAP net operating income for the year ended
December 31, 2016, which excludes the
after-tax impact of the aforementioned FHLB prepayment penalty,
restructuring and acquisition expenses, and ESOP termination
expenses totaling $34.7 million, was
$84.3 million, or $0.84 per diluted share. This represents an
increase of $17.3 million, or 25.8%,
compared to the year ended December 31,
2015 with non-GAAP net operating income of $67.0 million, or $0.71 per diluted share. The non-GAAP annualized
returns on average shareholders' equity and average assets for the
year ended December 31, 2016 were
7.27% and 0.93%, respectively, compared to 6.08% and 0.80% for the
same period last year.
The Company previously announced that it has
entered into a purchase and assumption agreement to sell three bank
branches located in the greater Baltimore, Maryland area to Shore Bancshares,
Inc.'s banking subsidiary, Shore United Bank. This divestiture
includes approximately $216.0 million
of deposits, $147.0 million of
performing loans and $40.0 million of
cash. The transaction includes a deposit premium of 8.0% and based
on the amounts at the time the agreement was signed Northwest
anticipates recording a gain of approximately $17.0 million. The sale is expected to close
during the second quarter of 2017.
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 167 full-service community banking offices and nine free
standing drive-through facilities in Pennsylvania, New
York, Ohio and Maryland and 49 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)
|
|
|
|
|
|
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
119,403
|
|
|
107,604
|
|
|
92,263
|
|
Interest-earning
deposits in other financial institutions
|
266,902
|
|
|
210,723
|
|
|
74,510
|
|
Federal funds sold
and other short-term investments
|
3,562
|
|
|
2,239
|
|
|
635
|
|
Marketable securities
available-for-sale (amortized cost of $825,552, $879,141 and
$868,956, respectively)
|
826,200
|
|
|
890,688
|
|
|
874,405
|
|
Marketable securities
held-to-maturity (fair value of $20,426, $23,249 and $32,552 ,
respectively)
|
19,978
|
|
|
22,584
|
|
|
31,689
|
|
Total cash,
interest-earning deposits and marketable securities
|
1,236,045
|
|
|
1,233,838
|
|
|
1,073,502
|
|
|
|
|
|
|
|
Residential mortgage
loans held-for-sale
|
9,625
|
|
|
30,355
|
|
|
—
|
|
Residential mortgage
loans
|
2,705,139
|
|
|
2,788,658
|
|
|
2,740,892
|
|
Home equity
loans
|
1,328,772
|
|
|
1,349,105
|
|
|
1,187,106
|
|
Consumer
loans
|
642,961
|
|
|
628,512
|
|
|
520,289
|
|
Commercial real
estate loans
|
2,342,089
|
|
|
2,464,681
|
|
|
2,351,434
|
|
Commercial
loans
|
528,761
|
|
|
537,255
|
|
|
422,400
|
|
Total loans
receivable
|
7,557,347
|
|
|
7,798,566
|
|
|
7,222,121
|
|
Allowance for loan
losses
|
(60,939)
|
|
|
(63,246)
|
|
|
(62,672)
|
|
Loans receivable,
net
|
7,496,408
|
|
|
7,735,320
|
|
|
7,159,449
|
|
|
|
|
|
|
|
Assets
held-for-sale
|
152,528
|
|
|
—
|
|
|
—
|
|
Federal Home Loan
Bank stock, at cost
|
7,390
|
|
|
7,660
|
|
|
40,903
|
|
Accrued interest
receivable
|
21,699
|
|
|
21,591
|
|
|
21,072
|
|
Real estate owned,
net
|
4,889
|
|
|
4,841
|
|
|
8,725
|
|
Premises and
equipment, net
|
161,185
|
|
|
167,596
|
|
|
154,351
|
|
Bank owned life
insurance
|
171,449
|
|
|
170,172
|
|
|
168,509
|
|
Goodwill
|
307,420
|
|
|
307,711
|
|
|
261,736
|
|
Other intangible
assets
|
32,433
|
|
|
33,901
|
|
|
8,982
|
|
Other
assets
|
32,194
|
|
|
31,977
|
|
|
54,670
|
|
Total
assets
|
$
|
9,623,640
|
|
|
9,714,607
|
|
|
8,951,899
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
$
|
1,448,972
|
|
|
1,496,574
|
|
|
1,177,256
|
|
Interest-bearing
demand deposits
|
1,428,317
|
|
|
1,446,971
|
|
|
1,080,086
|
|
Money market deposit
accounts
|
1,841,567
|
|
|
1,896,272
|
|
|
1,274,504
|
|
Savings
deposits
|
1,622,879
|
|
|
1,671,539
|
|
|
1,386,017
|
|
Time
deposits
|
1,540,586
|
|
|
1,691,447
|
|
|
1,694,718
|
|
Total
deposits
|
7,882,321
|
|
|
8,202,803
|
|
|
6,612,581
|
|
|
|
|
|
|
|
Liabilities
held-for-sale
|
215,657
|
|
|
—
|
|
|
—
|
|
Borrowed
funds
|
142,899
|
|
|
135,891
|
|
|
975,007
|
|
Advances by borrowers
for taxes and insurance
|
36,879
|
|
|
21,616
|
|
|
33,735
|
|
Accrued interest
payable
|
635
|
|
|
682
|
|
|
1,993
|
|
Other
liabilities
|
63,373
|
|
|
79,599
|
|
|
54,207
|
|
Junior subordinated
debentures
|
111,213
|
|
|
111,213
|
|
|
111,213
|
|
Total
liabilities
|
8,452,977
|
|
|
8,551,804
|
|
|
7,788,736
|
|
|
|
|
|
|
|
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, 101,699,406 shares,
101,268,648 shares and 101,871,737 issued and outstanding,
respectively
|
1,017
|
|
|
1,013
|
|
|
1,019
|
|
Paid-in-capital
|
718,834
|
|
|
711,974
|
|
|
717,603
|
|
Retained
earnings
|
478,803
|
|
|
469,459
|
|
|
489,292
|
|
Unallocated common
stock of Employee Stock Ownership Plan
|
—
|
|
|
—
|
|
|
(20,216)
|
|
Accumulated other
comprehensive loss
|
(27,991)
|
|
|
(19,643)
|
|
|
(24,535)
|
|
Total shareholders'
equity
|
1,170,663
|
|
|
1,162,803
|
|
|
1,163,163
|
|
Total liabilities and
shareholders' equity
|
$
|
9,623,640
|
|
|
9,714,607
|
|
|
8,951,899
|
|
|
|
|
|
|
|
Equity to
assets
|
12.16
|
%
|
|
11.97
|
%
|
|
12.99
|
%
|
Tangible common
equity to assets
|
8.95
|
%
|
|
8.76
|
%
|
|
10.28
|
%
|
Book value per
share
|
$
|
11.51
|
|
|
11.48
|
|
|
11.42
|
|
Tangible book value
per share
|
$
|
8.17
|
|
|
8.11
|
|
|
8.76
|
|
Closing market price
per share
|
$
|
18.03
|
|
|
15.71
|
|
|
13.39
|
|
Full time equivalent
employees
|
2,306
|
|
|
2,268
|
|
|
2,186
|
|
Number of banking
offices
|
176
|
|
|
176
|
|
|
181
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Consolidated
Statements of Income (Unaudited)
(Dollars in
thousands, except per share amounts)
|
|
|
|
Quarter ended
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$
|
85,669
|
|
|
81,083
|
|
|
81,506
|
|
|
80,781
|
|
|
80,882
|
|
Mortgage-backed
securities
|
2,166
|
|
|
2,030
|
|
|
2,115
|
|
|
2,229
|
|
|
2,301
|
|
Taxable investment
securities
|
988
|
|
|
627
|
|
|
756
|
|
|
1,038
|
|
|
1,108
|
|
Tax-free investment
securities
|
625
|
|
|
676
|
|
|
707
|
|
|
724
|
|
|
836
|
|
FHLB
dividends
|
285
|
|
|
218
|
|
|
401
|
|
|
467
|
|
|
499
|
|
Interest-earning
deposits
|
300
|
|
|
114
|
|
|
70
|
|
|
59
|
|
|
13
|
|
Total interest
income
|
90,033
|
|
|
84,748
|
|
|
85,555
|
|
|
85,298
|
|
|
85,639
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
Deposits
|
5,859
|
|
|
5,653
|
|
|
5,865
|
|
|
6,088
|
|
|
6,435
|
|
Borrowed
funds
|
1,232
|
|
|
1,801
|
|
|
4,143
|
|
|
7,658
|
|
|
8,051
|
|
Total interest
expense
|
7,091
|
|
|
7,454
|
|
|
10,008
|
|
|
13,746
|
|
|
14,486
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
82,942
|
|
|
77,294
|
|
|
75,547
|
|
|
71,552
|
|
|
71,153
|
|
Provision for loan
losses
|
2,145
|
|
|
5,538
|
|
|
4,199
|
|
|
1,660
|
|
|
4,595
|
|
Net interest income
after provision for loan losses
|
80,797
|
|
|
71,756
|
|
|
71,348
|
|
|
69,892
|
|
|
66,558
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
Gain on sale of
investments
|
213
|
|
|
58
|
|
|
227
|
|
|
127
|
|
|
116
|
|
Service charges and
fees
|
12,406
|
|
|
11,012
|
|
|
10,630
|
|
|
10,065
|
|
|
10,530
|
|
Trust and other
financial services income
|
4,131
|
|
|
3,434
|
|
|
3,277
|
|
|
3,261
|
|
|
3,410
|
|
Insurance commission
income
|
2,499
|
|
|
2,541
|
|
|
2,768
|
|
|
2,714
|
|
|
2,490
|
|
Gain/ (loss) on real
estate owned, net
|
164
|
|
|
(563)
|
|
|
111
|
|
|
249
|
|
|
(156)
|
|
Income from bank
owned life insurance
|
1,281
|
|
|
1,380
|
|
|
1,105
|
|
|
1,595
|
|
|
1,251
|
|
Mortgage banking
income
|
2,344
|
|
|
1,886
|
|
|
446
|
|
|
218
|
|
|
208
|
|
Other operating
income
|
1,781
|
|
|
1,070
|
|
|
1,711
|
|
|
1,219
|
|
|
1,697
|
|
Total noninterest
income
|
24,819
|
|
|
20,818
|
|
|
20,275
|
|
|
19,448
|
|
|
19,546
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
36,562
|
|
|
38,122
|
|
|
33,210
|
|
|
33,033
|
|
|
32,003
|
|
Premises and
occupancy costs
|
7,228
|
|
|
6,094
|
|
|
6,275
|
|
|
6,537
|
|
|
6,403
|
|
Office
operations
|
4,395
|
|
|
3,700
|
|
|
3,343
|
|
|
3,460
|
|
|
3,252
|
|
Collections
expense
|
437
|
|
|
589
|
|
|
729
|
|
|
676
|
|
|
1,252
|
|
Processing
expenses
|
9,429
|
|
|
8,844
|
|
|
8,172
|
|
|
8,414
|
|
|
8,057
|
|
Marketing
expenses
|
2,181
|
|
|
2,239
|
|
|
2,541
|
|
|
1,891
|
|
|
1,642
|
|
Federal deposit
insurance premiums
|
475
|
|
|
984
|
|
|
1,442
|
|
|
1,503
|
|
|
1,299
|
|
Professional
services
|
2,088
|
|
|
1,815
|
|
|
2,129
|
|
|
1,833
|
|
|
1,933
|
|
Amortization of
intangible assets
|
1,806
|
|
|
1,068
|
|
|
710
|
|
|
675
|
|
|
729
|
|
Real estate owned
expense
|
192
|
|
|
206
|
|
|
295
|
|
|
311
|
|
|
393
|
|
Restructuring/
acquisition expense
|
1,009
|
|
|
7,183
|
|
|
3,386
|
|
|
635
|
|
|
1,347
|
|
FHLB prepayment
penalty
|
—
|
|
|
—
|
|
|
36,978
|
|
|
—
|
|
|
—
|
|
Other
expense
|
2,959
|
|
|
2,836
|
|
|
2,912
|
|
|
4,307
|
|
|
2,917
|
|
Total noninterest
expense
|
68,761
|
|
|
73,680
|
|
|
102,122
|
|
|
63,275
|
|
|
61,227
|
|
Income/ (loss) before
income taxes
|
36,855
|
|
|
18,894
|
|
|
(10,499)
|
|
|
26,065
|
|
|
24,877
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense/
(benefit)
|
12,361
|
|
|
4,697
|
|
|
(3,491)
|
|
|
8,081
|
|
|
8,684
|
|
Net income/
(loss)
|
$
|
24,494
|
|
|
14,197
|
|
|
(7,008)
|
|
|
17,984
|
|
|
$
|
16,193
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings/
(loss) per share
|
$
|
0.24
|
|
|
0.14
|
|
|
(0.07)
|
|
|
0.18
|
|
|
0.16
|
|
Diluted earnings/
(loss) per share
|
$
|
0.24
|
|
|
0.14
|
|
|
(0.07)
|
|
|
0.18
|
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
100,219,370
|
|
|
99,602,535
|
|
|
99,177,609
|
|
|
98,889,744
|
|
|
98,741,393
|
|
Weighted average
common shares outstanding - diluted
|
102,089,892
|
|
|
101,068,245
|
|
|
100,243,442
|
|
|
99,380,009
|
|
|
99,500,056
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average equity
|
8.37
|
%
|
|
4.89
|
%
|
|
(2.44)%
|
|
|
6.21
|
%
|
|
5.55
|
%
|
Annualized return on
average assets
|
1.01
|
%
|
|
0.63
|
%
|
|
(0.32)%
|
|
|
0.81
|
%
|
|
0.73
|
%
|
Annualized return on
tangible common equity
|
11.73
|
%
|
|
6.88
|
%
|
|
(3.18)%
|
|
|
8.03
|
%
|
|
7.20
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
*
|
61.20
|
%
|
|
66.69
|
%
|
|
63.71
|
%
|
|
68.09
|
%
|
|
65.22
|
%
|
Annualized
noninterest expense to average assets *
|
2.73
|
%
|
|
2.88
|
%
|
|
2.76
|
%
|
|
2.80
|
%
|
|
2.63
|
%
|
|
* Excludes
restructuring/ acquisition expenses, FHLB prepayment penalty, and
amortization of intangible assets (non-GAAP).
|
Northwest
Bancshares, Inc. and Subsidiaries
Consolidated
Statements of Income (Unaudited)
(Dollars in
thousands, except per share amounts)
|
|
|
|
Year Ended
December 31,
|
|
2016
|
|
2015
|
Interest
income:
|
|
|
|
Loans
receivable
|
$
|
329,039
|
|
|
298,665
|
|
Mortgage-backed
securities
|
8,540
|
|
|
8,823
|
|
Taxable investment
securities
|
3,409
|
|
|
4,520
|
|
Tax-free investment
securities
|
2,732
|
|
|
4,313
|
|
FHLB
dividends
|
1,371
|
|
|
2,828
|
|
Interest-earning
deposits
|
543
|
|
|
431
|
|
Total interest
income
|
345,634
|
|
|
319,580
|
|
|
|
|
|
Interest
expense:
|
|
|
|
Deposits
|
23,465
|
|
|
24,055
|
|
Borrowed
funds
|
14,834
|
|
|
32,272
|
|
Total interest
expense
|
38,299
|
|
|
56,327
|
|
|
|
|
|
Net interest
income
|
307,335
|
|
|
263,253
|
|
Provision for loan
losses
|
13,542
|
|
|
9,712
|
|
Net interest income
after provision for loan losses
|
293,793
|
|
|
253,541
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
Gain on sale of
investments
|
625
|
|
|
1,037
|
|
Service charges and
fees
|
44,113
|
|
|
38,362
|
|
Trust and other
financial services income
|
14,103
|
|
|
12,342
|
|
Insurance commission
income
|
10,522
|
|
|
9,526
|
|
Loss on real estate
owned, net
|
(39)
|
|
|
(1,989)
|
|
Income from bank
owned life insurance
|
5,361
|
|
|
4,338
|
|
Mortgage banking
income
|
4,894
|
|
|
933
|
|
Other operating
income
|
5,781
|
|
|
4,287
|
|
Total noninterest
income
|
85,360
|
|
|
68,836
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
Compensation and
employee benefits
|
140,927
|
|
|
119,818
|
|
Premises and
occupancy costs
|
26,134
|
|
|
24,641
|
|
Office
operations
|
14,898
|
|
|
12,337
|
|
Collections
expense
|
2,431
|
|
|
3,247
|
|
Processing
expenses
|
34,859
|
|
|
30,780
|
|
Marketing
expenses
|
8,852
|
|
|
8,499
|
|
Federal deposit
insurance premiums
|
4,404
|
|
|
5,109
|
|
Professional
services
|
7,865
|
|
|
6,906
|
|
Amortization of
intangible assets
|
4,259
|
|
|
1,688
|
|
Real estate owned
expense
|
1,004
|
|
|
2,070
|
|
Restructuring/
acquisition expense
|
12,213
|
|
|
9,751
|
|
FHLB prepayment
penalty
|
36,978
|
|
|
—
|
|
Other
expense
|
13,014
|
|
|
9,031
|
|
Total noninterest
expense
|
307,838
|
|
|
233,877
|
|
Income before income
taxes
|
71,315
|
|
|
88,500
|
|
|
|
|
|
Income tax
expense
|
21,648
|
|
|
27,960
|
|
Net income
|
$
|
49,667
|
|
|
60,540
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.50
|
|
|
0.64
|
|
Diluted earnings per
share
|
$
|
0.49
|
|
|
0.64
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
99,439,174
|
|
|
94,314,420
|
|
Weighted average
common shares outstanding - diluted
|
100,664,688
|
|
|
94,829,789
|
|
|
|
|
|
Annualized return on
average equity
|
4.28
|
%
|
|
5.49
|
%
|
Annualized return on
average assets
|
0.55
|
%
|
|
0.73
|
%
|
Annualized return on
tangible common equity
|
5.98
|
%
|
|
6.78
|
%
|
|
|
|
|
Efficiency ratio
*
|
64.78
|
%
|
|
66.98
|
%
|
Annualized
noninterest expense to average assets *
|
2.79
|
%
|
|
2.67
|
%
|
|
* Excludes
restructuring/acquisition expenses, FHLB prepayment penalty, and
amortization of intangible assets (non-GAAP).
|
Northwest
Bancshares, Inc. and Subsidiaries
Reconciliation of
Non-GAAP to GAAP Net Income (Unaudited) *
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
Quarter ended
December 31,
|
|
Year ended
December 31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Operating results
(non-GAAP):
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
82,942
|
|
|
71,153
|
|
|
307,335
|
|
|
263,253
|
|
Provision for loan
losses
|
2,145
|
|
|
4,595
|
|
|
13,542
|
|
|
9,712
|
|
Noninterest
income
|
24,819
|
|
|
19,546
|
|
|
85,360
|
|
|
68,836
|
|
Noninterest
expense
|
67,752
|
|
|
59,880
|
|
|
253,510
|
|
|
224,126
|
|
Income
taxes
|
12,724
|
|
|
9,111
|
|
|
41,322
|
|
|
31,239
|
|
Net operating income
(non-GAAP)
|
$
|
25,140
|
|
|
17,113
|
|
|
84,321
|
|
|
67,012
|
|
Diluted earnings per
share (non-GAAP)
|
$
|
0.25
|
|
|
0.17
|
|
|
0.84
|
|
|
0.71
|
|
|
|
|
|
|
|
|
|
Average
equity
|
$
|
1,164,127
|
|
|
1,158,304
|
|
|
1,159,791
|
|
|
1,102,671
|
|
Average
assets
|
9,624,403
|
|
|
8,922,080
|
|
|
9,111,587
|
|
|
8,324,593
|
|
Annualized ROE
(non-GAAP)
|
8.59
|
%
|
|
5.86
|
%
|
|
7.27
|
%
|
|
6.08
|
%
|
Annualized ROA
(non-GAAP)
|
1.04
|
%
|
|
0.76
|
%
|
|
0.93
|
%
|
|
0.80
|
%
|
|
|
|
|
|
|
|
|
Reconciliation of net
operating income to net income:
|
|
|
|
|
|
|
|
Net operating income
(non-GAAP)
|
$
|
25,140
|
|
|
17,113
|
|
|
84,321
|
|
|
67,012
|
|
Nonoperating
expenses, net of tax:
|
|
|
|
|
|
|
|
Restructuring/
acquisition expenses
|
(646)
|
|
|
(920)
|
|
|
(6,744)
|
|
|
(6,472)
|
|
Stock-based
compensation expense - ESOP
|
—
|
|
|
—
|
|
|
(3,669)
|
|
|
—
|
|
FHLB prepayment
penalty
|
—
|
|
|
—
|
|
|
(24,241)
|
|
|
—
|
|
Net income/ (loss)
(GAAP)
|
$
|
24,494
|
|
|
16,193
|
|
|
49,667
|
|
|
60,540
|
|
Diluted earnings per
share (GAAP)
|
$
|
0.24
|
|
|
0.16
|
|
|
0.49
|
|
|
0.64
|
|
|
|
|
|
|
|
|
|
Annualized ROE
(GAAP)
|
8.37
|
%
|
|
5.55
|
%
|
|
4.28
|
%
|
|
5.49
|
%
|
Annualized ROA
(GAAP)
|
1.01
|
%
|
|
0.73
|
%
|
|
0.55
|
%
|
|
0.73
|
%
|
|
* The table
summarizes the Company's results from operations on a GAAP basis
and on an operating (non-GAAP) basis for the periods indicated.
Operating results exclude acquisition expenses, prepayment
penalties, and compensation expense related to the Northwest Bank
ESOP termination, net of tax benefit. The Company believes this
non-GAAP presentation provides a meaningful comparison
of operational performance and facilitates a more effective
evaluation and comparison of results to assess performance in
relation to ongoing operations.
|
Reconciliation of
Assets and Liabilities Held-For-Sale (Unaudited)
(Dollars in
thousands)
|
|
|
|
Balance at
December 31,
2016
|
Assets
held-for-sale:
|
|
Residential mortgage
loans
|
$
|
26,406
|
|
Home equity
loans
|
15,725
|
|
Consumer
loans
|
522
|
|
Commercial real
estate loans
|
101,123
|
|
Commercial
loans
|
2,884
|
|
Total
loans
|
146,660
|
|
Accrued interest
receivable
|
416
|
|
Premises and
equipment, net
|
5,452
|
|
Total assets
held-for-sale
|
$
|
152,528
|
|
|
|
Liabilities
held-for-sale:
|
|
Noninterest-bearing
demand deposits
|
$
|
34,657
|
|
Interest-bearing
demand deposits
|
17,181
|
|
Money market deposit
accounts
|
45,806
|
|
Savings
deposits
|
55,205
|
|
Time
deposits
|
62,800
|
|
Total
deposits
|
215,649
|
|
Accrued interest
payable
|
8
|
|
Total liabilities
held-for-sale
|
$
|
215,657
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Asset quality
(Unaudited)
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
|
December 31,
2015
|
Nonaccrual loans
current:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
2,109
|
|
|
3,063
|
|
|
2,017
|
|
|
1,678
|
|
|
1,393
|
|
Home equity
loans
|
1,451
|
|
|
1,446
|
|
|
1,092
|
|
|
1,118
|
|
|
1,108
|
|
Consumer
loans
|
520
|
|
|
464
|
|
|
277
|
|
|
190
|
|
|
140
|
|
Commercial real
estate loans
|
13,955
|
|
|
19,246
|
|
|
17,456
|
|
|
19,350
|
|
|
14,018
|
|
Commercial
loans
|
5,361
|
|
|
7,299
|
|
|
4,462
|
|
|
5,923
|
|
|
4,604
|
|
Total nonaccrual
loans current
|
$
|
23,396
|
|
|
31,518
|
|
|
25,304
|
|
|
28,259
|
|
|
21,263
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
delinquent 30 days to 59 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
1,464
|
|
|
344
|
|
|
—
|
|
|
1,600
|
|
|
430
|
|
Home equity
loans
|
422
|
|
|
315
|
|
|
49
|
|
|
119
|
|
|
375
|
|
Consumer
loans
|
400
|
|
|
211
|
|
|
95
|
|
|
164
|
|
|
97
|
|
Commercial real
estate loans
|
3,478
|
|
|
514
|
|
|
151
|
|
|
3,371
|
|
|
2,192
|
|
Commercial
loans
|
145
|
|
|
185
|
|
|
16
|
|
|
4
|
|
|
322
|
|
Total nonaccrual
loans delinquent 30 days to 59 days
|
$
|
5,909
|
|
|
1,569
|
|
|
311
|
|
|
5,258
|
|
|
3,416
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
delinquent 60 days to 89 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
1,522
|
|
|
1,270
|
|
|
1,524
|
|
|
721
|
|
|
2,139
|
|
Home equity
loans
|
440
|
|
|
465
|
|
|
366
|
|
|
504
|
|
|
389
|
|
Consumer
loans
|
366
|
|
|
250
|
|
|
157
|
|
|
182
|
|
|
315
|
|
Commercial real
estate loans
|
2,027
|
|
|
151
|
|
|
6,513
|
|
|
109
|
|
|
762
|
|
Commercial
loans
|
695
|
|
|
319
|
|
|
1,748
|
|
|
57
|
|
|
110
|
|
Total nonaccrual
loans delinquent 60 days to 89 days
|
$
|
5,050
|
|
|
2,455
|
|
|
10,308
|
|
|
1,573
|
|
|
3,715
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
delinquent 90 days or more:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
13,169
|
|
|
13,242
|
|
|
14,829
|
|
|
14,301
|
|
|
15,810
|
|
Home equity
loans
|
5,552
|
|
|
5,874
|
|
|
5,226
|
|
|
5,922
|
|
|
5,650
|
|
Consumer
loans
|
3,823
|
|
|
3,354
|
|
|
2,374
|
|
|
2,360
|
|
|
2,900
|
|
Commercial real
estate loans
|
19,264
|
|
|
22,155
|
|
|
12,960
|
|
|
13,165
|
|
|
16,449
|
|
Commercial
loans
|
3,373
|
|
|
6,105
|
|
|
4,566
|
|
|
3,314
|
|
|
2,459
|
|
Total nonaccrual
loans delinquent 90 days or more
|
$
|
45,181
|
|
|
50,730
|
|
|
39,955
|
|
|
39,062
|
|
|
43,268
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual
loans
|
$
|
79,536
|
|
|
86,272
|
|
|
75,878
|
|
|
74,152
|
|
|
71,662
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual
loans
|
$
|
79,536
|
|
|
86,272
|
|
|
75,878
|
|
|
74,152
|
|
|
71,662
|
|
Loans 90 days past
maturity and still accruing
|
649
|
|
|
103
|
|
|
472
|
|
|
894
|
|
|
1,334
|
|
Nonperforming
loans
|
80,185
|
|
|
86,375
|
|
|
76,350
|
|
|
75,046
|
|
|
72,996
|
|
Real estate owned,
net
|
4,889
|
|
|
4,841
|
|
|
4,950
|
|
|
6,834
|
|
|
8,725
|
|
Nonperforming
assets
|
$
|
85,074
|
|
|
91,216
|
|
|
81,300
|
|
|
81,880
|
|
|
81,721
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual troubled
debt restructuring *
|
$
|
16,346
|
|
|
17,374
|
|
|
18,098
|
|
|
17,699
|
|
|
21,118
|
|
Accruing troubled
debt restructuring
|
26,580
|
|
|
29,221
|
|
|
31,015
|
|
|
30,549
|
|
|
29,997
|
|
Total troubled debt
restructuring
|
$
|
42,926
|
|
|
46,595
|
|
|
49,113
|
|
|
48,248
|
|
|
51,115
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to total loans
|
1.06
|
%
|
|
1.11
|
%
|
|
1.05
|
%
|
|
1.03
|
%
|
|
1.01
|
%
|
Nonperforming assets
to total assets
|
0.88
|
%
|
|
0.94
|
%
|
|
0.91
|
%
|
|
0.92
|
%
|
|
0.91
|
%
|
Allowance for loan
losses to total loans
|
0.81
|
%
|
|
0.81
|
%
|
|
0.83
|
%
|
|
0.85
|
%
|
|
0.87
|
%
|
Allowance for loan
losses to nonperforming loans
|
76.00
|
%
|
|
73.22
|
%
|
|
79.61
|
%
|
|
82.99
|
%
|
|
85.86
|
%
|
|
|
|
|
|
* Amounts included in
nonperforming loans above.
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Exposure to the
oil and gas industry (Unaudited)
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
|
December 31,
2015
|
Direct exposure to
oil and gas extraction:
|
|
|
|
|
|
|
|
|
|
Outstanding balance
|
$
|
12,080
|
|
|
13,109
|
|
|
12,844
|
|
|
13,764
|
|
|
16,619
|
|
Commitments
|
15,318
|
|
|
16,511
|
|
|
16,542
|
|
|
18,450
|
|
|
19,576
|
|
Impaired
|
—
|
|
|
558
|
|
|
561
|
|
|
564
|
|
|
564
|
|
Reserve
|
500
|
|
|
511
|
|
|
548
|
|
|
594
|
|
|
626
|
|
|
|
|
|
|
|
|
|
|
|
Indirect exposure:
*
|
|
|
|
|
|
|
|
|
|
Outstanding balance
|
44,602
|
|
|
44,781
|
|
|
58,399
|
|
|
54,465
|
|
|
56,659
|
|
Commitments
|
48,025
|
|
|
48,927
|
|
|
62,581
|
|
|
58,522
|
|
|
68,659
|
|
Impaired
|
—
|
|
|
761
|
|
|
611
|
|
|
—
|
|
|
—
|
|
Reserve
|
231
|
|
|
237
|
|
|
220
|
|
|
195
|
|
|
34
|
|
|
|
|
|
|
|
|
|
|
|
Total
exposure:
|
|
|
|
|
|
|
|
|
|
Outstanding balance
|
56,682
|
|
|
57,890
|
|
|
71,243
|
|
|
68,229
|
|
|
73,278
|
|
Commitments
|
63,343
|
|
|
65,438
|
|
|
79,123
|
|
|
76,972
|
|
|
88,235
|
|
Impaired
|
—
|
|
|
1,319
|
|
|
1,172
|
|
|
564
|
|
|
564
|
|
Reserve
|
731
|
|
|
748
|
|
|
768
|
|
|
789
|
|
|
660
|
|
|
|
|
|
|
|
|
|
* Includes loans to
haulers, wholesalers, and refineries.
|
|
|
|
|
|
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Loans by credit
quality indicators (Unaudited)
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
2016
|
|
Pass
|
|
Special mention
*
|
|
Substandard
**
|
|
Doubtful
|
|
Loss
|
|
Loans
receivable
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage loans
|
|
$
|
2,696,705
|
|
|
—
|
|
|
18,059
|
|
|
—
|
|
|
—
|
|
|
2,714,764
|
|
Home equity
loans
|
|
1,318,998
|
|
|
—
|
|
|
9,774
|
|
|
—
|
|
|
—
|
|
|
1,328,772
|
|
Consumer
loans
|
|
639,044
|
|
|
—
|
|
|
3,917
|
|
|
—
|
|
|
—
|
|
|
642,961
|
|
Total Personal
Banking
|
|
4,654,747
|
|
|
—
|
|
|
31,750
|
|
|
—
|
|
|
—
|
|
|
4,686,497
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate loans
|
|
2,153,328
|
|
|
43,724
|
|
|
145,037
|
|
|
—
|
|
|
—
|
|
|
2,342,089
|
|
Commercial
loans
|
|
469,993
|
|
|
17,192
|
|
|
41,576
|
|
|
—
|
|
|
—
|
|
|
528,761
|
|
Total
Commercial Banking
|
|
2,623,321
|
|
|
60,916
|
|
|
186,613
|
|
|
—
|
|
|
—
|
|
|
2,870,850
|
|
Total
loans
|
|
$
|
7,278,068
|
|
|
60,916
|
|
|
218,363
|
|
|
—
|
|
|
—
|
|
|
7,557,347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
mortgage loans
|
|
$
|
2,800,420
|
|
|
—
|
|
|
18,593
|
|
|
—
|
|
|
—
|
|
|
2,819,013
|
|
Home equity
loans
|
|
1,338,643
|
|
|
—
|
|
|
10,462
|
|
|
—
|
|
|
—
|
|
|
1,349,105
|
|
Consumer
loans
|
|
624,885
|
|
|
—
|
|
|
3,627
|
|
|
—
|
|
|
—
|
|
|
628,512
|
|
Total Personal
Banking
|
|
4,763,948
|
|
|
—
|
|
|
32,682
|
|
|
—
|
|
|
—
|
|
|
4,796,630
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate loans
|
|
2,265,816
|
|
|
61,763
|
|
|
137,088
|
|
|
14
|
|
|
—
|
|
|
2,464,681
|
|
Commercial
loans
|
|
479,321
|
|
|
14,707
|
|
|
40,326
|
|
|
2,901
|
|
|
—
|
|
|
537,255
|
|
Total
Commercial Banking
|
|
2,745,137
|
|
|
76,470
|
|
|
177,414
|
|
|
2,915
|
|
|
—
|
|
|
3,001,936
|
|
Total
loans
|
|
$
|
7,509,085
|
|
|
76,470
|
|
|
210,096
|
|
|
2,915
|
|
|
—
|
|
|
7,798,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At June 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,741,101
|
|
|
—
|
|
|
16,497
|
|
|
—
|
|
|
—
|
|
|
2,757,598
|
|
Home equity
loans
|
|
1,153,010
|
|
|
—
|
|
|
9,164
|
|
|
—
|
|
|
—
|
|
|
1,162,174
|
|
Consumer
loans
|
|
544,174
|
|
|
—
|
|
|
2,376
|
|
|
—
|
|
|
—
|
|
|
546,550
|
|
Total Personal
Banking
|
|
4,438,285
|
|
|
—
|
|
|
28,037
|
|
|
—
|
|
|
—
|
|
|
4,466,322
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,170,583
|
|
|
63,351
|
|
|
129,428
|
|
|
14
|
|
|
—
|
|
|
2,363,376
|
|
Commercial
loans
|
|
408,178
|
|
|
15,435
|
|
|
38,546
|
|
|
3,064
|
|
|
—
|
|
|
465,223
|
|
Total Commercial
Banking
|
|
2,578,761
|
|
|
78,786
|
|
|
167,974
|
|
|
3,078
|
|
|
—
|
|
|
2,828,599
|
|
Total
loans
|
|
$
|
7,017,046
|
|
|
78,786
|
|
|
196,011
|
|
|
3,078
|
|
|
—
|
|
|
7,294,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Commercial
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
Commercial 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
|
|
Commercial
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
Commercial 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
|
|
|
* Includes $9.4
million $19.3 million, $7.6 million, $7.7 million, and $7.6 million
of acquired loans at December 31, 2016, September 30, 2016, June
30, 2016, March 31, 2016, and December 31, 2015,
respectively.
|
** Includes $39.1
million, $29.8 million, $25.5 million, $17.9 million, and $18.6
million of acquired loans at December 31, 2016, September 30, 2016
June 31, 2016, March 31, 2016, and December 31, 2015,
respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries
Loan delinquency
(Unaudited)
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
2016
|
|
*
|
|
September 30,
2016
|
|
*
|
|
June 30,
2016
|
|
*
|
|
March 31,
2016
|
|
*
|
|
December 31,
2015
|
|
*
|
(Number of loans and
dollar amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 30
days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
360
|
|
|
$
|
27,386
|
|
|
1.0
|
%
|
|
74
|
|
|
$
|
3,380
|
|
|
0.1
|
%
|
|
72
|
|
|
$
|
3,353
|
|
|
0.1
|
%
|
|
323
|
|
|
$
|
24,494
|
|
|
0.9
|
%
|
|
349
|
|
|
$
|
25,943
|
|
|
0.9
|
%
|
Home equity
loans
|
|
179
|
|
|
6,805
|
|
|
0.5
|
%
|
|
164
|
|
|
4,984
|
|
|
0.4
|
%
|
|
128
|
|
|
4,988
|
|
|
0.4
|
%
|
|
132
|
|
|
5,351
|
|
|
0.5
|
%
|
|
173
|
|
|
5,806
|
|
|
0.5
|
%
|
Consumer
loans
|
|
1,497
|
|
|
9,868
|
|
|
1.5
|
%
|
|
1,269
|
|
|
7,583
|
|
|
1.2
|
%
|
|
1,144
|
|
|
6,725
|
|
|
1.2
|
%
|
|
895
|
|
|
5,511
|
|
|
1.0
|
%
|
|
1,234
|
|
|
7,101
|
|
|
1.4
|
%
|
Commercial real
estate loans
|
|
61
|
|
|
10,377
|
|
|
0.4
|
%
|
|
28
|
|
|
3,855
|
|
|
0.2
|
%
|
|
34
|
|
|
4,828
|
|
|
0.2
|
%
|
|
51
|
|
|
27,474
|
|
|
1.2
|
%
|
|
48
|
|
|
24,877
|
|
|
1.1
|
%
|
Commercial
loans
|
|
20
|
|
|
1,178
|
|
|
0.2
|
%
|
|
26
|
|
|
1,493
|
|
|
0.3
|
%
|
|
15
|
|
|
533
|
|
|
0.1
|
%
|
|
26
|
|
|
3,133
|
|
|
0.7
|
%
|
|
31
|
|
|
2,868
|
|
|
0.7
|
%
|
Total loans
delinquent 30 days to 59 days
|
|
2,117
|
|
|
$
|
55,614
|
|
|
0.7
|
%
|
|
1,561
|
|
|
$
|
21,295
|
|
|
0.3
|
%
|
|
1,393
|
|
|
$
|
20,427
|
|
|
0.3
|
%
|
|
1,427
|
|
|
$
|
65,963
|
|
|
0.9
|
%
|
|
1,835
|
|
|
$
|
66,595
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 60
days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
80
|
|
|
$
|
6,227
|
|
|
0.2
|
%
|
|
76
|
|
|
$
|
6,174
|
|
|
0.2
|
%
|
|
74
|
|
|
$
|
5,633
|
|
|
0.2
|
%
|
|
21
|
|
|
$
|
1,358
|
|
|
—
|
%
|
|
100
|
|
|
$
|
7,790
|
|
|
0.3
|
%
|
Home equity
loans
|
|
62
|
|
|
1,563
|
|
|
0.1
|
%
|
|
41
|
|
|
1,145
|
|
|
0.1
|
%
|
|
42
|
|
|
1,435
|
|
|
0.1
|
%
|
|
36
|
|
|
1,256
|
|
|
0.1
|
%
|
|
50
|
|
|
2,478
|
|
|
0.2
|
%
|
Consumer
loans
|
|
636
|
|
|
3,609
|
|
|
0.6
|
%
|
|
532
|
|
|
2,673
|
|
|
0.4
|
%
|
|
514
|
|
|
2,247
|
|
|
0.4
|
%
|
|
379
|
|
|
1,803
|
|
|
0.3
|
%
|
|
521
|
|
|
2,521
|
|
|
0.5
|
%
|
Commercial real
estate loans
|
|
25
|
|
|
4,495
|
|
|
0.2
|
%
|
|
13
|
|
|
1,102
|
|
|
—
|
%
|
|
16
|
|
|
8,765
|
|
|
0.4
|
%
|
|
11
|
|
|
1,081
|
|
|
—
|
%
|
|
21
|
|
|
8,228
|
|
|
0.3
|
%
|
Commercial
loans
|
|
21
|
|
|
2,081
|
|
|
0.4
|
%
|
|
9
|
|
|
594
|
|
|
0.1
|
%
|
|
23
|
|
|
2,429
|
|
|
0.5
|
%
|
|
7
|
|
|
375
|
|
|
0.1
|
%
|
|
7
|
|
|
598
|
|
|
0.1
|
%
|
Total loans
delinquent 60 days to 89 days
|
|
824
|
|
|
$
|
17,975
|
|
|
|
|
671
|
|
|
$
|
11,688
|
|
|
0.1
|
%
|
|
669
|
|
|
$
|
20,509
|
|
|
0.3
|
%
|
|
454
|
|
|
$
|
5,873
|
|
|
0.3
|
%
|
|
699
|
|
|
$
|
21,615
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 90
days or more: **
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
169
|
|
|
$
|
13,621
|
|
|
0.5
|
%
|
|
168
|
|
|
$
|
13,478
|
|
|
0.5
|
%
|
|
176
|
|
|
$
|
15,046
|
|
|
0.5
|
%
|
|
183
|
|
|
$
|
14,673
|
|
|
0.5
|
%
|
|
215
|
|
|
$
|
16,350
|
|
|
0.6
|
%
|
Home equity
loans
|
|
155
|
|
|
5,756
|
|
|
0.4
|
%
|
|
137
|
|
|
6,022
|
|
|
0.4
|
%
|
|
124
|
|
|
5,422
|
|
|
0.5
|
%
|
|
120
|
|
|
6,200
|
|
|
0.5
|
%
|
|
143
|
|
|
6,112
|
|
|
0.5
|
%
|
Consumer
loans
|
|
646
|
|
|
3,838
|
|
|
0.6
|
%
|
|
757
|
|
|
3,372
|
|
|
0.5
|
%
|
|
440
|
|
|
2,399
|
|
|
0.4
|
%
|
|
557
|
|
|
2,386
|
|
|
0.5
|
%
|
|
523
|
|
|
2,926
|
|
|
0.6
|
%
|
Commercial real
estate loans
|
|
101
|
|
|
21,270
|
|
|
0.9
|
%
|
|
106
|
|
|
24,533
|
|
|
1.0
|
%
|
|
107
|
|
|
15,244
|
|
|
0.6
|
%
|
|
106
|
|
|
15,442
|
|
|
0.7
|
%
|
|
113
|
|
|
19,031
|
|
|
0.8
|
%
|
Commercial
loans
|
|
37
|
|
|
3,520
|
|
|
0.7
|
%
|
|
28
|
|
|
6,249
|
|
|
1.2
|
%
|
|
32
|
|
|
4,709
|
|
|
1.0
|
%
|
|
34
|
|
|
3,456
|
|
|
0.7
|
%
|
|
25
|
|
|
2,599
|
|
|
0.6
|
%
|
Total loans
delinquent 90 days or more
|
|
1,108
|
|
|
$
|
48,005
|
|
|
0.6
|
%
|
|
1,196
|
|
|
$
|
53,654
|
|
|
0.7
|
%
|
|
879
|
|
|
$
|
42,820
|
|
|
0.6
|
%
|
|
1,000
|
|
|
$
|
42,157
|
|
|
0.6
|
%
|
|
1,019
|
|
|
$
|
47,018
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
delinquent
|
|
4,049
|
|
|
$
|
121,594
|
|
|
1.6
|
%
|
|
3,428
|
|
|
$
|
86,637
|
|
|
1.1
|
%
|
|
2,941
|
|
|
$
|
83,756
|
|
|
1.1
|
%
|
|
2,881
|
|
|
$
|
113,993
|
|
|
1.6
|
%
|
|
3,553
|
|
|
$
|
135,228
|
|
|
1.9
|
%
|
|
* Represents
delinquency, in dollars, divided by the respective total amount of
that type of loan outstanding.
|
** Includes purchased
credit impaired loans of $2.8 million, $2.9 million, $2.9 million,
$3.1 million, and $3.7 million at December 31, 2016, September 30,
2016, June 30, 2016, March 31, 2016, and December 31, 2015
respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries
Allowance for loan
losses (Unaudited)
(Dollars in
thousands)
|
|
|
|
Quarter ended
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
|
December 31,
2015
|
Beginning
balance
|
$
|
63,246
|
|
|
60,781
|
|
|
62,278
|
|
|
62,672
|
|
|
60,547
|
|
Provision
|
2,145
|
|
|
5,538
|
|
|
4,199
|
|
|
1,660
|
|
|
4,595
|
|
Charge-offs
residential mortgage
|
(710)
|
|
|
(354)
|
|
|
(1,852)
|
|
|
(564)
|
|
|
(171)
|
|
Charge-offs home
equity
|
(321)
|
|
|
(288)
|
|
|
(946)
|
|
|
(984)
|
|
|
(1,097)
|
|
Charge-offs
consumer
|
(3,469)
|
|
|
(2,701)
|
|
|
(2,332)
|
|
|
(2,403)
|
|
|
(2,561)
|
|
Charge-offs
commercial real estate
|
(323)
|
|
|
(789)
|
|
|
(1,731)
|
|
|
(897)
|
|
|
(1,216)
|
|
Charge-offs
commercial
|
(2,489)
|
|
|
(708)
|
|
|
(903)
|
|
|
(117)
|
|
|
(508)
|
|
Recoveries
|
2,860
|
|
|
1,767
|
|
|
2,068
|
|
|
2,911
|
|
|
3,083
|
|
Ending
balance
|
$
|
60,939
|
|
|
63,246
|
|
|
60,781
|
|
|
62,278
|
|
|
62,672
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans, annualized
|
0.23
|
%
|
|
0.17
|
%
|
|
0.31
|
%
|
|
0.11
|
%
|
|
0.14
|
%
|
|
Year Ended
December 31,
|
|
2016
|
|
2015
|
Beginning
balance
|
$
|
62,672
|
|
|
67,518
|
|
Provision
|
13,542
|
|
|
9,712
|
|
Charge-offs
residential mortgage
|
(3,480)
|
|
|
(1,126)
|
|
Charge-offs home
equity
|
(2,539)
|
|
|
(2,424)
|
|
Charge-offs
consumer
|
(10,905)
|
|
|
(8,274)
|
|
Charge-offs
commercial real estate
|
(3,740)
|
|
|
(6,326)
|
|
Charge-offs
commercial
|
(4,217)
|
|
|
(8,183)
|
|
Recoveries
|
9,606
|
|
|
11,775
|
|
Ending
balance
|
$
|
60,939
|
|
|
62,672
|
|
|
|
|
|
Net charge-offs to
average loans, annualized
|
0.21
|
%
|
|
0.23
|
%
|
Northwest Bancshares, Inc. and
Subsidiaries
Average balance sheet
(Unaudited)
(Dollars in thousands)
The following table sets forth certain information relating to
the Company's average balance sheet and reflects the average yield
on assets and average cost of liabilities for the periods
indicated. Such yields and costs are derived by dividing
income or expense by the average balance of assets or liabilities,
respectively, for the periods presented. Average balances are
calculated using daily averages.
|
Quarter ended
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
|
December 31,
2015
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (h)
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (h)
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (h)
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (h)
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (h)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
2,766,693
|
|
|
28,165
|
|
|
4.07
|
%
|
|
$
|
2,739,099
|
|
|
27,952
|
|
|
4.08
|
%
|
|
$
|
2,751,601
|
|
|
29,089
|
|
|
4.23
|
%
|
|
$
|
2,739,787
|
|
|
29,786
|
|
|
4.35
|
%
|
|
$
|
2,710,811
|
|
|
29,227
|
|
|
4.31
|
%
|
Home equity
loans
|
1,346,856
|
|
|
14,442
|
|
|
4.27
|
%
|
|
1,192,929
|
|
|
12,884
|
|
|
4.30
|
%
|
|
1,163,900
|
|
|
12,701
|
|
|
4.39
|
%
|
|
1,177,406
|
|
|
12,642
|
|
|
4.32
|
%
|
|
1,193,433
|
|
|
12,753
|
|
|
4.24
|
%
|
Consumer
loans
|
620,294
|
|
|
10,083
|
|
|
6.47
|
%
|
|
554,954
|
|
|
8,931
|
|
|
6.40
|
%
|
|
522,745
|
|
|
8,697
|
|
|
6.69
|
%
|
|
510,091
|
|
|
8,219
|
|
|
6.48
|
%
|
|
500,175
|
|
|
8,805
|
|
|
6.98
|
%
|
Commercial real
estate loans
|
2,467,569
|
|
|
27,863
|
|
|
4.42
|
%
|
|
2,394,001
|
|
|
26,683
|
|
|
4.36
|
%
|
|
2,356,994
|
|
|
26,691
|
|
|
4.48
|
%
|
|
2,349,748
|
|
|
25,993
|
|
|
4.38
|
%
|
|
2,331,769
|
|
|
25,972
|
|
|
4.36
|
%
|
Commercial
loans
|
527,330
|
|
|
5,682
|
|
|
4.27
|
%
|
|
476,715
|
|
|
5,193
|
|
|
4.26
|
%
|
|
461,808
|
|
|
4,902
|
|
|
4.20
|
%
|
|
441,977
|
|
|
4,723
|
|
|
4.23
|
%
|
|
412,415
|
|
|
4,671
|
|
|
4.43
|
%
|
Total loans
receivable (a) (b) (d)
|
7,728,742
|
|
|
86,235
|
|
|
4.44
|
%
|
|
7,357,698
|
|
|
81,643
|
|
|
4.41
|
%
|
|
7,257,048
|
|
|
82,080
|
|
|
4.55
|
%
|
|
7,219,009
|
|
|
81,363
|
|
|
4.53
|
%
|
|
7,148,603
|
|
|
81,428
|
|
|
4.52
|
%
|
Mortgage-backed
securities (c)
|
482,707
|
|
|
2,166
|
|
|
1.79
|
%
|
|
440,966
|
|
|
2,030
|
|
|
1.84
|
%
|
|
458,398
|
|
|
2,115
|
|
|
1.85
|
%
|
|
488,294
|
|
|
2,229
|
|
|
1.83
|
%
|
|
519,736
|
|
|
2,301
|
|
|
1.77
|
%
|
Investment securities
(c) (d)
|
401,602
|
|
|
1,950
|
|
|
1.94
|
%
|
|
275,718
|
|
|
1,667
|
|
|
2.42
|
%
|
|
313,647
|
|
|
1,844
|
|
|
2.35
|
%
|
|
387,460
|
|
|
2,151
|
|
|
2.22
|
%
|
|
427,363
|
|
|
2,394
|
|
|
2.24
|
%
|
FHLB stock
|
7,575
|
|
|
285
|
|
|
4.54
|
%
|
|
27,761
|
|
|
218
|
|
|
3.12
|
%
|
|
33,302
|
|
|
401
|
|
|
4.84
|
%
|
|
37,098
|
|
|
467
|
|
|
5.06
|
%
|
|
38,651
|
|
|
499
|
|
|
5.12
|
%
|
Other
interest-earning deposits
|
325,889
|
|
|
300
|
|
|
0.36
|
%
|
|
91,243
|
|
|
114
|
|
|
0.49
|
%
|
|
63,950
|
|
|
70
|
|
|
0.43
|
%
|
|
43,578
|
|
|
59
|
|
|
0.54
|
%
|
|
40,410
|
|
|
13
|
|
|
0.13
|
%
|
Total
interest-earning assets
|
8,946,515
|
|
|
90,936
|
|
|
4.04
|
%
|
|
8,193,386
|
|
|
85,672
|
|
|
4.16
|
%
|
|
8,126,345
|
|
|
86,510
|
|
|
4.28
|
%
|
|
8,175,439
|
|
|
86,269
|
|
|
4.24
|
%
|
|
8,174,763
|
|
|
86,635
|
|
|
4.20
|
%
|
Noninterest earning
assets (e)
|
677,888
|
|
|
|
|
|
|
835,500
|
|
|
|
|
|
|
755,713
|
|
|
|
|
|
|
735,562
|
|
|
|
|
|
|
747,317
|
|
|
|
|
|
Total
assets
|
$
|
9,624,403
|
|
|
|
|
|
|
$
|
9,028,886
|
|
|
|
|
|
|
$
|
8,882,058
|
|
|
|
|
|
|
$
|
8,911,001
|
|
|
|
|
|
|
$
|
8,922,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$
|
1,668,492
|
|
|
771
|
|
|
0.18
|
%
|
|
$
|
1,485,763
|
|
|
744
|
|
|
0.20
|
%
|
|
$
|
1,440,886
|
|
|
837
|
|
|
0.23
|
%
|
|
$
|
1,405,800
|
|
|
865
|
|
|
0.25
|
%
|
|
$
|
1,378,377
|
|
|
871
|
|
|
0.25
|
%
|
Interest-bearing
demand deposits
|
1,431,671
|
|
|
85
|
|
|
0.02
|
%
|
|
1,179,557
|
|
|
78
|
|
|
0.03
|
%
|
|
1,130,122
|
|
|
144
|
|
|
0.05
|
%
|
|
1,093,839
|
|
|
156
|
|
|
0.06
|
%
|
|
1,083,524
|
|
|
157
|
|
|
0.06
|
%
|
Money market deposit
accounts
|
1,890,220
|
|
|
1,101
|
|
|
0.23
|
%
|
|
1,418,779
|
|
|
826
|
|
|
0.23
|
%
|
|
1,294,381
|
|
|
829
|
|
|
0.26
|
%
|
|
1,288,535
|
|
|
865
|
|
|
0.27
|
%
|
|
1,279,181
|
|
|
873
|
|
|
0.27
|
%
|
Time
deposits
|
1,643,785
|
|
|
3,902
|
|
|
0.94
|
%
|
|
1,597,542
|
|
|
4,005
|
|
|
1.00
|
%
|
|
1,616,260
|
|
|
4,055
|
|
|
1.01
|
%
|
|
1,664,322
|
|
|
4,202
|
|
|
1.02
|
%
|
|
1,720,895
|
|
|
4,534
|
|
|
1.05
|
%
|
Borrowed funds
(f)
|
143,540
|
|
|
61
|
|
|
0.17
|
%
|
|
560,407
|
|
|
657
|
|
|
0.47
|
%
|
|
772,225
|
|
|
3,017
|
|
|
1.57
|
%
|
|
899,439
|
|
|
6,539
|
|
|
2.92
|
%
|
|
906,574
|
|
|
6,730
|
|
|
2.95
|
%
|
Junior subordinated
debentures
|
111,213
|
|
|
1,171
|
|
|
4.12
|
%
|
|
111,213
|
|
|
1,144
|
|
|
4.03
|
%
|
|
111,213
|
|
|
1,126
|
|
|
4.01
|
%
|
|
111,213
|
|
|
1,119
|
|
|
3.98
|
%
|
|
116,626
|
|
|
1,321
|
|
|
4.43
|
%
|
Total
interest-bearing liabilities
|
6,888,921
|
|
|
7,091
|
|
|
0.41
|
%
|
|
6,353,261
|
|
|
7,454
|
|
|
0.47
|
%
|
|
6,365,087
|
|
|
10,008
|
|
|
0.63
|
%
|
|
6,463,148
|
|
|
13,746
|
|
|
0.86
|
%
|
|
6,485,177
|
|
|
14,486
|
|
|
0.89
|
%
|
Noninterest-bearing
demand deposits (g)
|
1,493,528
|
|
|
|
|
|
|
1,243,474
|
|
|
|
|
|
|
1,184,786
|
|
|
|
|
|
|
1,161,151
|
|
|
|
|
|
|
1,145,276
|
|
|
|
|
|
Noninterest bearing
liabilities
|
77,827
|
|
|
|
|
|
|
276,014
|
|
|
|
|
|
|
177,300
|
|
|
|
|
|
|
122,667
|
|
|
|
|
|
|
133,323
|
|
|
|
|
|
Total
liabilities
|
8,460,276
|
|
|
|
|
|
|
7,872,749
|
|
|
|
|
|
|
7,727,173
|
|
|
|
|
|
|
7,746,966
|
|
|
|
|
|
|
7,763,776
|
|
|
|
|
|
Shareholders'
equity
|
1,164,127
|
|
|
|
|
|
|
1,156,137
|
|
|
|
|
|
|
1,154,885
|
|
|
|
|
|
|
1,164,035
|
|
|
|
|
|
|
1,158,304
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
9,624,403
|
|
|
|
|
|
|
$
|
9,028,886
|
|
|
|
|
|
|
$
|
8,882,058
|
|
|
|
|
|
|
$
|
8,911,001
|
|
|
|
|
|
|
$
|
8,922,080
|
|
|
|
|
|
Net interest income/
Interest rate spread
|
|
|
83,845
|
|
|
3.63
|
%
|
|
|
|
78,218
|
|
|
3.69
|
%
|
|
|
|
76,502
|
|
|
3.65
|
%
|
|
|
|
72,523
|
|
|
3.38
|
%
|
|
|
|
72,149
|
|
|
3.31
|
%
|
Net interest-earning
assets/ Net interest margin
|
$
|
2,057,594
|
|
|
|
|
3.75
|
%
|
|
$
|
1,840,125
|
|
|
|
|
3.82
|
%
|
|
$
|
1,761,258
|
|
|
|
|
3.77
|
%
|
|
$
|
1,712,291
|
|
|
|
|
3.57
|
%
|
|
$
|
1,689,586
|
|
|
|
|
3.53
|
%
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.30X
|
|
|
|
|
|
|
1.29X
|
|
|
|
|
|
|
1.28X
|
|
|
|
|
|
|
1.26X
|
|
|
|
|
|
|
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) Average cost of
deposits were 0.29%, 0.32%, 0.35%, 0.37% and 0.39%,
respectively.
|
(h) Shown on a
FTE basis. GAAP basis yields for the periods indicated were: Loans
- 4.41%, 4.38%, 4.52%, 4.50% and 4.49%,
respectively, Investment securities - 1.61%, 1.89%, 1.87%,
1.82% and 1.82%, respectively, Interest-earning assets -
4.00%, 4.11%, 4.23%, 4.20% and 4.16%, respectively. GAAP basis net
interest rate spreads were 3.59%, 3.65%, 3.60%, 3.34% and 3.27%,
respectively, and GAAP basis net interest margins were 3.71%,
3.77%, 3.72%, 3.55% and 3.48%, respectively.
|
Northwest Bancshares, Inc. and
Subsidiaries
Average balance sheet
(Unaudited)
(Dollars in thousands)
The following table sets forth certain information relating to
the Company's average balance sheet and reflects the average yield
on assets and average cost of liabilities for the periods
indicated. Such yields and costs are derived by dividing
income or expense by the average balance of assets or liabilities,
respectively, for the periods presented. Average balances are
calculated using daily averages.
|
Year Ended
December 31,
|
|
2016
|
|
2015
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (h)
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (h)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
2,749,314
|
|
|
114,991
|
|
|
4.18
|
%
|
|
$
|
2,601,111
|
|
|
114,937
|
|
|
4.42
|
%
|
Home equity
loans
|
1,220,220
|
|
|
52,671
|
|
|
4.32
|
%
|
|
1,105,887
|
|
|
47,836
|
|
|
4.33
|
%
|
Consumer
loans
|
552,537
|
|
|
35,930
|
|
|
6.50
|
%
|
|
338,364
|
|
|
28,770
|
|
|
8.50
|
%
|
Commercial real
estate loans
|
2,392,290
|
|
|
107,231
|
|
|
4.41
|
%
|
|
2,024,542
|
|
|
92,217
|
|
|
4.49
|
%
|
Commercial
loans
|
477,095
|
|
|
20,499
|
|
|
4.23
|
%
|
|
390,174
|
|
|
16,878
|
|
|
4.27
|
%
|
Loans receivable
(a) (b) (d)
|
7,391,456
|
|
|
331,322
|
|
|
4.48
|
%
|
|
6,460,078
|
|
|
300,638
|
|
|
4.65
|
%
|
Mortgage-backed
securities (c)
|
467,560
|
|
|
8,540
|
|
|
1.83
|
%
|
|
500,797
|
|
|
8,823
|
|
|
1.77
|
%
|
Investment securities
(c) (d)
|
344,575
|
|
|
7,612
|
|
|
2.21
|
%
|
|
469,568
|
|
|
11,155
|
|
|
2.38
|
%
|
FHLB stock
(i)
|
26,386
|
|
|
1,371
|
|
|
5.20
|
%
|
|
37,500
|
|
|
2,828
|
|
|
4.77
|
%
|
Other
interest-earning deposits
|
100,336
|
|
|
543
|
|
|
0.53
|
%
|
|
179,201
|
|
|
431
|
|
|
0.24
|
%
|
Total
interest-earning assets
|
8,330,313
|
|
|
349,388
|
|
|
4.19
|
%
|
|
7,647,144
|
|
|
323,875
|
|
|
4.22
|
%
|
Noninterest earning
assets (e)
|
781,274
|
|
|
|
|
|
|
677,449
|
|
|
|
|
|
Total
assets
|
$
|
9,111,587
|
|
|
|
|
|
|
$
|
8,324,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$
|
1,500,655
|
|
|
3,218
|
|
|
0.21
|
%
|
|
$
|
1,300,102
|
|
|
3,387
|
|
|
0.26
|
%
|
Interest-bearing
demand deposits
|
1,209,325
|
|
|
462
|
|
|
0.04
|
%
|
|
976,789
|
|
|
568
|
|
|
0.06
|
%
|
Money market deposit
accounts
|
1,473,897
|
|
|
3,621
|
|
|
0.25
|
%
|
|
1,202,143
|
|
|
3,222
|
|
|
0.27
|
%
|
Time
deposits
|
1,630,424
|
|
|
16,164
|
|
|
0.99
|
%
|
|
1,540,905
|
|
|
16,878
|
|
|
1.10
|
%
|
Borrowed funds
(f)
|
592,581
|
|
|
10,274
|
|
|
1.73
|
%
|
|
925,683
|
|
|
27,347
|
|
|
2.95
|
%
|
Junior subordinated
debentures
|
111,213
|
|
|
4,560
|
|
|
4.03
|
%
|
|
108,507
|
|
|
4,925
|
|
|
4.48
|
%
|
Total
interest-bearing liabilities
|
6,518,095
|
|
|
38,299
|
|
|
0.59
|
%
|
|
6,054,129
|
|
|
56,327
|
|
|
0.93
|
%
|
Noninterest-bearing
demand deposits (g)
|
1,245,320
|
|
|
|
|
|
|
1,001,263
|
|
|
|
|
|
Noninterest bearing
liabilities
|
188,381
|
|
|
|
|
|
|
166,530
|
|
|
|
|
|
Total
liabilities
|
7,951,796
|
|
|
|
|
|
|
7,221,922
|
|
|
|
|
|
Shareholders'
equity
|
1,159,791
|
|
|
|
|
|
|
1,102,671
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
9,111,587
|
|
|
|
|
|
|
$
|
8,324,593
|
|
|
|
|
|
Net interest income/
Interest rate spread
|
|
|
311,089
|
|
|
3.60
|
%
|
|
|
|
267,548
|
|
|
3.29
|
%
|
Net interest-earning
assets/ Net interest margin
|
$
|
1,812,218
|
|
|
|
|
3.73
|
%
|
|
$
|
1,593,015
|
|
|
|
|
3.49
|
%
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.28X
|
|
|
|
|
|
|
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) Average cost of
deposits were 0.33%, and 0.40%, respectively.
|
(h) Shown on a
FTE basis. GAAP basis yields for the periods indicated were: Loans
- 4.45% and 4.62%, respectively, Investment securities - 1.78%
and 1.88%, respectively, Interest-earning assets - 4.15% and
4.17%, respectively. GAAP basis net interest rate spreads were
3.56% and 3.24%, respectively, and GAAP basis net interest margins
were 3.69% and 3.43%, respectively.
|
(i) The average
yield calculation excludes the $1.0 million special dividend paid
in February 2015, the average yield was 7.54% with the special
dividend included.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/northwest-bancshares-inc-announces-record-fourth-quarter-2016-earnings-and-quarterly-dividend-increase-300394756.html
SOURCE Northwest Bancshares, Inc.