WARREN, Pa., April 24, 2017 /PRNewswire/ -- Northwest
Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the
quarter ended March 31, 2017 of $17.7
million, or $0.17 per diluted
share. This represents a decrease of $238,000 compared to the same quarter last year
when net income was $18.0 million or
$0.18 per diluted share. The
annualized returns on average shareholders' equity and average
assets for the quarter ended March 31, 2017 were 6.15% and
0.75% compared to 6.21% and 0.81% 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 May 18, 2017, to
shareholders of record as of May 4,
2017. This is the 90th consecutive quarter in which the
Company has paid a cash dividend. Based on the market value of the
Company's stock as of March 31, 2017,
this represents an annualized dividend yield of approximately
3.8%.
In making this announcement, William J.
Wagner, President and CEO, noted, "We were disappointed with
the first quarter earnings compared to both the same quarter last
year and the fourth quarter of 2016 given the significant
improvement we made to shareholder metrics during 2016. While our
net interest margin remains near historic highs at 3.75%, and most
components of noninterest income continue to grow, the quarter was
negatively impacted by a higher provision for loan losses and a
decrease in mortgage banking income. Additionally, net interest
income was negatively impacted by the fewer number of days in the
quarter while operating expenses were elevated due to seasonal
issues. Given our current metrics, we recognize the area most in
need of improvement is efficiency, which can best be addressed by
reducing the ratio of expenses to assets. This challenge will
receive considerable focus throughout 2017, as we strive to improve
earnings each quarter and achieve our annual target for shareholder
return."
Net interest income increased by $9.0
million, or 12.6%, to $80.6
million for the quarter ended March 31, 2017, from
$71.6 million for the quarter ended
March 31, 2016. This increase is due primarily to a
$6.4 million, or 84.0%, decrease in
interest expense on borrowed funds as a result of a the payoff of
all Federal Home Loan Bank advances during the third quarter of
2016. Also contributing to the increase in net interest income was
a $2.0 million, or 2.4%, increase in
interest income on loans receivable due to a $438.7 million, or 6.1%, increase in average
loans receivable from the prior year. The impact of these changes
caused the Company's net interest margin to increase to 3.75% for
the quarter ended March 31, 2017 from
3.57% for the same quarter last year.
The provision for loan losses increased by $2.9 million, or 179.3%, to $4.6 million for the quarter ended March 31,
2017, from $1.7 million for the
quarter ended March 31, 2016. This increase is due primarily
to the downgrade of two commercial banking relationships requiring
an additional $1.2 million of
combined reserves. Additionally, reserves were increased due to the
substantial growth in the indirect auto and commercial business
loan portfolios as well as for the planned closure of the Company's
consumer finance subsidiary. Overall credit quality remained steady
with nonaccrual loans decreasing to $73.3
million at March 31, 2017 from $74.2 million at March 31, 2016 and total
loan delinquency decreased to $101.9
million, or 1.35% of total loans outstanding at
March 31, 2017 from $114.0
million, or 1.56% of total loans outstanding at
March 31, 2016.
Noninterest income increased by $2.1
million, or 10.6%, to $21.5
million for the quarter ended March 31, 2017, from
$19.4 million for the quarter ended
March 31, 2016. Contributing to this increase was an
increase in service charges and fees of $1.6
million, or 16.4%, which is attributable to the growth in
checking accounts resulting from both recent acquisitions and
internal growth initiatives. Additionally, trust and other
financial services income increased by $1.0
million, or 32.0%, due to internal and acquisition related
growth. Partially offsetting these improvements was a decrease in
income from bank owned life insurance of $527,000, or 33.0%, due to death benefits
received during the first quarter of 2016.
Noninterest expense increased by $8.3
million, or 13.2%, to $71.6
million for the quarter ended March 31, 2017, from
$63.3 million for the quarter ended
March 31, 2016. This increase resulted primarily from a
$4.7 million, or 14.3%, increase in
compensation and employee benefits due primarily to the employees
added from the recent branch acquisition that was completed in
September 2016. The year-over-year
increase in full-time equivalent employees was 176, or 8.2%, with
180 full-time equivalents added from the acquisition. Other
year-over-year increases in noninterest expenses were also
primarily attributable to the growth from this acquisition.
In an effort to improve efficiency, the Company announced its
intention to close the 44 offices of its consumer finance
subsidiary, Northwest Consumer Discount Company ("NCDC"), effective
July 14, 2017. As part of this
closure, all NCDC loans will be transferred to Northwest Bank for
servicing and collections. Northwest Bank will continue to make
direct consumer loans to qualified customers as well as continue to
offer indirect sales finance loans through various dealers and
retailers. Pre-tax expenses associated with this closure are
expected to be approximately $3.0
million over the next two quarters. As disclosed in
the Company's segment reporting in its December 31, 2016 Form 10-K, NCDC contributed
approximately $1.6 million of
noninterest income in 2016, had a provision for loan losses of
$3.7 million, noninterest expense of
$11.6 million, and net income after
taxes of $486,000. It is expected
that net interest income will decrease over time when the
approximately $40.0 million portfolio
of high rate consumer discount loans roll off as the Company will
no longer be originating such loans.
Also, as previously announced, the Company's subsidiary,
Northwest Bank, is scheduled to divest its three Maryland branches
to Shore United Bank on May 19, 2017.
Included in this divestiture is approximately $145.2 million of performing loans and
$220.6 million in deposits.
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 44 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,
2017
|
|
December 31,
2016
|
|
March 31,
2016
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
106,635
|
|
|
119,403
|
|
|
86,151
|
|
Interest-earning
deposits in other financial institutions
|
320,231
|
|
|
266,902
|
|
|
74,850
|
|
Federal funds sold
and other short-term investments
|
5,082
|
|
|
3,562
|
|
|
2,320
|
|
Marketable securities
available-for-sale (amortized cost of $874,446, $825,552 and
$772,768,
respectively)
|
876,047
|
|
|
826,200
|
|
|
783,940
|
|
Marketable securities
held-to-maturity (fair value of $42,285, $20,426 and $28,611,
respectively)
|
41,888
|
|
|
19,978
|
|
|
27,764
|
|
Total cash,
interest-earning deposits and marketable securities
|
1,349,883
|
|
|
1,236,045
|
|
|
975,025
|
|
|
|
|
|
|
|
Residential mortgage
loans held for sale
|
1,595
|
|
|
9,625
|
|
|
8,952
|
|
Residential mortgage
loans
|
2,704,474
|
|
|
2,705,139
|
|
|
2,761,411
|
|
Home equity
loans
|
1,305,394
|
|
|
1,328,772
|
|
|
1,169,821
|
|
Consumer
loans
|
643,105
|
|
|
642,961
|
|
|
525,537
|
|
Commercial real
estate loans
|
2,378,474
|
|
|
2,342,089
|
|
|
2,360,863
|
|
Commercial
loans
|
530,046
|
|
|
528,761
|
|
|
467,418
|
|
Total loans
receivable
|
7,563,088
|
|
|
7,557,347
|
|
|
7,294,002
|
|
Allowance for loan
losses
|
(61,104)
|
|
|
(60,939)
|
|
|
(62,278)
|
|
Loans receivable,
net
|
7,501,984
|
|
|
7,496,408
|
|
|
7,231,724
|
|
|
|
|
|
|
|
Assets
held-for-sale
|
150,940
|
|
|
152,528
|
|
|
—
|
|
Federal Home Loan
Bank stock, at cost
|
7,362
|
|
|
7,390
|
|
|
35,539
|
|
Accrued interest
receivable
|
20,945
|
|
|
21,699
|
|
|
21,712
|
|
Real estate owned,
net
|
6,242
|
|
|
4,889
|
|
|
6,834
|
|
Premises and
Equipment, net
|
159,823
|
|
|
161,185
|
|
|
153,000
|
|
Bank owned life
insurance
|
172,516
|
|
|
171,449
|
|
|
168,511
|
|
Goodwill
|
307,420
|
|
|
307,420
|
|
|
261,736
|
|
Other intangible
assets
|
30,684
|
|
|
32,433
|
|
|
8,398
|
|
Other
assets
|
23,724
|
|
|
32,194
|
|
|
53,809
|
|
Total
assets
|
$
|
9,731,523
|
|
|
9,623,640
|
|
|
8,916,288
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
$
|
1,530,026
|
|
|
1,448,972
|
|
|
1,179,950
|
|
Interest-bearing
demand deposits
|
1,448,503
|
|
|
1,428,317
|
|
|
1,121,779
|
|
Money market deposit
accounts
|
1,827,028
|
|
|
1,841,567
|
|
|
1,295,138
|
|
Savings
deposits
|
1,685,103
|
|
|
1,622,879
|
|
|
1,433,788
|
|
Time
deposits
|
1,495,095
|
|
|
1,540,586
|
|
|
1,639,406
|
|
Total
deposits
|
7,985,755
|
|
|
7,882,321
|
|
|
6,670,061
|
|
|
|
|
|
|
|
Liabilities
held-for-sale
|
220,627
|
|
|
215,657
|
|
|
—
|
|
Borrowed
funds
|
137,191
|
|
|
142,899
|
|
|
857,754
|
|
Advances by borrowers
for taxes and insurance
|
40,470
|
|
|
36,879
|
|
|
38,719
|
|
Accrued interest
payable
|
586
|
|
|
635
|
|
|
1,894
|
|
Other
liabilities
|
58,118
|
|
|
63,373
|
|
|
66,059
|
|
Junior subordinated
debentures
|
111,213
|
|
|
111,213
|
|
|
111,213
|
|
Total
liabilities
|
8,553,960
|
|
|
8,452,977
|
|
|
7,745,700
|
|
|
|
|
|
|
|
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, 101,987,942 shares,
101,699,406 shares and 101,848,509 issued and outstanding,
respectively
|
1,020
|
|
|
1,017
|
|
|
1,018
|
|
Paid-in-capital
|
723,055
|
|
|
718,834
|
|
|
718,027
|
|
Retained
earnings
|
480,309
|
|
|
478,803
|
|
|
492,316
|
|
Unallocated common
stock of Employee Stock Ownership Plan
|
—
|
|
|
—
|
|
|
(19,815)
|
|
Accumulated other
comprehensive loss
|
(26,821)
|
|
|
(27,991)
|
|
|
(20,958)
|
|
Total shareholders'
equity
|
1,177,563
|
|
|
1,170,663
|
|
|
1,170,588
|
|
Total liabilities and
shareholders' equity
|
$
|
9,731,523
|
|
|
9,623,640
|
|
|
8,916,288
|
|
|
|
|
|
|
|
Equity to
assets
|
12.10
|
%
|
|
12.16
|
%
|
|
13.13
|
%
|
Tangible common
equity to assets
|
8.94
|
%
|
|
8.95
|
%
|
|
10.41
|
%
|
Book value per
share
|
$
|
11.55
|
|
|
11.51
|
|
|
11.49
|
|
Tangible book value
per share
|
$
|
8.23
|
|
|
8.17
|
|
|
8.84
|
|
Closing market price
per share
|
$
|
16.84
|
|
|
18.03
|
|
|
13.51
|
|
Full time equivalent
employees
|
2,328
|
|
|
2,306
|
|
|
2,152
|
|
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
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$
|
82,751
|
|
|
85,669
|
|
|
81,083
|
|
|
81,506
|
|
|
80,781
|
|
Mortgage-backed
securities
|
2,222
|
|
|
2,166
|
|
|
2,030
|
|
|
2,115
|
|
|
2,229
|
|
Taxable investment
securities
|
1,006
|
|
|
988
|
|
|
627
|
|
|
756
|
|
|
1,038
|
|
Tax-free investment
securities
|
569
|
|
|
625
|
|
|
676
|
|
|
707
|
|
|
724
|
|
FHLB
dividends
|
59
|
|
|
285
|
|
|
218
|
|
|
401
|
|
|
467
|
|
Interest-earning
deposits
|
660
|
|
|
300
|
|
|
114
|
|
|
70
|
|
|
59
|
|
Total interest
income
|
87,267
|
|
|
90,033
|
|
|
84,748
|
|
|
85,555
|
|
|
85,298
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
Deposits
|
5,465
|
|
|
5,859
|
|
|
5,653
|
|
|
5,865
|
|
|
6,088
|
|
Borrowed
funds
|
1,225
|
|
|
1,232
|
|
|
1,801
|
|
|
4,143
|
|
|
7,658
|
|
Total interest
expense
|
6,690
|
|
|
7,091
|
|
|
7,454
|
|
|
10,008
|
|
|
13,746
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
80,577
|
|
|
82,942
|
|
|
77,294
|
|
|
75,547
|
|
|
71,552
|
|
Provision for loan
losses
|
4,637
|
|
|
2,145
|
|
|
5,538
|
|
|
4,199
|
|
|
1,660
|
|
Net interest income
after provision for loan losses
|
75,940
|
|
|
80,797
|
|
|
71,756
|
|
|
71,348
|
|
|
69,892
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
Gain on sale of
investments
|
17
|
|
|
213
|
|
|
58
|
|
|
227
|
|
|
127
|
|
Service charges and
fees
|
11,717
|
|
|
12,406
|
|
|
11,012
|
|
|
10,630
|
|
|
10,065
|
|
Trust and other
financial services income
|
4,304
|
|
|
4,131
|
|
|
3,434
|
|
|
3,277
|
|
|
3,261
|
|
Insurance commission
income
|
2,794
|
|
|
2,499
|
|
|
2,541
|
|
|
2,768
|
|
|
2,714
|
|
Gain/ (loss) on real
estate owned, net
|
(67)
|
|
|
164
|
|
|
(563)
|
|
|
111
|
|
|
249
|
|
Income from bank
owned life insurance
|
1,068
|
|
|
1,281
|
|
|
1,380
|
|
|
1,105
|
|
|
1,595
|
|
Mortgage banking
income
|
240
|
|
|
2,344
|
|
|
1,886
|
|
|
446
|
|
|
218
|
|
Other operating
income
|
1,431
|
|
|
1,781
|
|
|
1,070
|
|
|
1,711
|
|
|
1,219
|
|
Total noninterest
income
|
21,504
|
|
|
24,819
|
|
|
20,818
|
|
|
20,275
|
|
|
19,448
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
37,755
|
|
|
36,562
|
|
|
38,122
|
|
|
33,210
|
|
|
33,033
|
|
Premises and
occupancy costs
|
7,516
|
|
|
7,228
|
|
|
6,094
|
|
|
6,275
|
|
|
6,537
|
|
Office
operations
|
4,222
|
|
|
4,395
|
|
|
3,700
|
|
|
3,343
|
|
|
3,460
|
|
Collections
expense
|
549
|
|
|
437
|
|
|
589
|
|
|
729
|
|
|
676
|
|
Processing
expenses
|
9,909
|
|
|
9,429
|
|
|
8,844
|
|
|
8,172
|
|
|
8,414
|
|
Marketing
expenses
|
2,148
|
|
|
2,181
|
|
|
2,239
|
|
|
2,541
|
|
|
1,891
|
|
Federal deposit
insurance premiums
|
1,167
|
|
|
475
|
|
|
984
|
|
|
1,442
|
|
|
1,503
|
|
Professional
services
|
2,575
|
|
|
2,088
|
|
|
1,815
|
|
|
2,129
|
|
|
1,833
|
|
Amortization of
intangible assets
|
1,749
|
|
|
1,806
|
|
|
1,068
|
|
|
710
|
|
|
675
|
|
Real estate owned
expense
|
282
|
|
|
192
|
|
|
206
|
|
|
295
|
|
|
311
|
|
Restructuring/
acquisition expense
|
223
|
|
|
1,009
|
|
|
7,183
|
|
|
3,386
|
|
|
635
|
|
FHLB prepayment
penalty
|
—
|
|
|
—
|
|
|
—
|
|
|
36,978
|
|
|
—
|
|
Other
expense
|
3,551
|
|
|
2,959
|
|
|
2,836
|
|
|
2,912
|
|
|
4,307
|
|
Total noninterest
expense
|
71,646
|
|
|
68,761
|
|
|
73,680
|
|
|
102,122
|
|
|
63,275
|
|
Income/ (loss) before
income taxes
|
25,798
|
|
|
36,855
|
|
|
18,894
|
|
|
(10,499)
|
|
|
26,065
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense/
(benefit)
|
8,052
|
|
|
12,361
|
|
|
4,697
|
|
|
(3,491)
|
|
|
8,081
|
|
Net income/
(loss)
|
$
|
17,746
|
|
|
24,494
|
|
|
14,197
|
|
|
(7,008)
|
|
|
17,984
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings/
(loss) per share
|
$
|
0.18
|
|
|
0.24
|
|
|
0.14
|
|
|
(0.07)
|
|
|
0.18
|
|
Diluted earnings/
(loss) per share
|
$
|
0.17
|
|
|
0.24
|
|
|
0.14
|
|
|
(0.07)
|
|
|
0.18
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
100,653,277
|
|
|
100,219,370
|
|
|
99,602,535
|
|
|
99,177,609
|
|
|
98,889,744
|
|
Weighted average
common shares outstanding - diluted
|
102,480,549
|
|
|
102,089,892
|
|
|
101,068,245
|
|
|
100,243,442
|
|
|
99,380,009
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average equity
|
6.15
|
%
|
|
8.37
|
%
|
|
4.89
|
%
|
|
(2.44)
|
%
|
|
6.21
|
%
|
Annualized return on
average assets
|
0.75
|
%
|
|
1.01
|
%
|
|
0.63
|
%
|
|
(0.32)
|
%
|
|
0.81
|
%
|
Annualized return on
tangible common equity
|
8.57
|
%
|
|
11.73
|
%
|
|
6.88
|
%
|
|
(3.18)
|
%
|
|
8.03
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
*
|
68.25
|
%
|
|
61.20
|
%
|
|
66.69
|
%
|
|
63.71
|
%
|
|
68.09
|
%
|
Annualized
noninterest expense to average assets *
|
2.94
|
%
|
|
2.73
|
%
|
|
2.88
|
%
|
|
2.76
|
%
|
|
2.80
|
%
|
|
* Excludes
restructuring/acquisition expenses, FHLB prepayment penalty, and
amortization of intangible assets (non-GAAP).
|
Northwest
Bancshares, Inc. and Subsidiaries
Reconciliation of
Assets and Liabilities Held-For-Sale (Unaudited)
(Dollars in
thousands)
|
|
|
Balance at
March 31,
2017
|
|
Balance at
December 31,
2016
|
Assets
held-for-sale:
|
|
|
|
Residential mortgage
loans
|
$
|
26,458
|
|
|
26,406
|
|
Home equity
loans
|
16,353
|
|
|
15,725
|
|
Consumer
loans
|
847
|
|
|
522
|
|
Commercial real
estate loans
|
98,659
|
|
|
101,123
|
|
Commercial
loans
|
2,850
|
|
|
2,884
|
|
Total
loans
|
145,167
|
|
|
146,660
|
|
Accrued interest
receivable
|
405
|
|
|
416
|
|
Premises and
equipment, net
|
5,368
|
|
|
5,452
|
|
Total assets
held-for-sale
|
$
|
150,940
|
|
|
152,528
|
|
|
|
|
|
|
|
Liabilities
held-for-sale:
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
$
|
38,413
|
|
|
34,657
|
|
Interest-bearing
demand deposits
|
17,890
|
|
|
17,181
|
|
Money market deposit
accounts
|
46,249
|
|
|
45,806
|
|
Savings
deposits
|
56,195
|
|
|
55,205
|
|
Time
deposits
|
61,872
|
|
|
62,800
|
|
Total
deposits
|
220,619
|
|
|
215,649
|
|
Accrued interest
payable
|
8
|
|
|
8
|
|
Total liabilities
held-for-sale
|
$
|
220,627
|
|
|
215,657
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Asset quality
(Unaudited)
(Dollars in
thousands)
|
|
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
Nonaccrual loans
current:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
1,864
|
|
|
2,109
|
|
|
3,063
|
|
|
2,017
|
|
|
1,678
|
|
Home equity
loans
|
1,244
|
|
|
1,451
|
|
|
1,446
|
|
|
1,092
|
|
|
1,118
|
|
Consumer
loans
|
633
|
|
|
520
|
|
|
464
|
|
|
277
|
|
|
190
|
|
Commercial real
estate loans
|
13,347
|
|
|
13,955
|
|
|
19,246
|
|
|
17,456
|
|
|
19,350
|
|
Commercial
loans
|
5,335
|
|
|
5,361
|
|
|
7,299
|
|
|
4,462
|
|
|
5,923
|
|
Total nonaccrual
loans current
|
$
|
22,423
|
|
|
23,396
|
|
|
31,518
|
|
|
25,304
|
|
|
28,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
delinquent 30 days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
1,001
|
|
|
1,464
|
|
|
344
|
|
|
—
|
|
|
1,600
|
|
Home equity
loans
|
328
|
|
|
422
|
|
|
315
|
|
|
49
|
|
|
119
|
|
Consumer
loans
|
218
|
|
|
400
|
|
|
211
|
|
|
95
|
|
|
164
|
|
Commercial real
estate loans
|
1,970
|
|
|
3,478
|
|
|
514
|
|
|
151
|
|
|
3,371
|
|
Commercial
loans
|
328
|
|
|
145
|
|
|
185
|
|
|
16
|
|
|
4
|
|
Total nonaccrual
loans delinquent 30 days to 59 days
|
$
|
3,845
|
|
|
5,909
|
|
|
1,569
|
|
|
311
|
|
|
5,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
delinquent 60 days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
704
|
|
|
1,522
|
|
|
1,270
|
|
|
1,524
|
|
|
721
|
|
Home equity
loans
|
408
|
|
|
440
|
|
|
465
|
|
|
366
|
|
|
504
|
|
Consumer
loans
|
242
|
|
|
366
|
|
|
250
|
|
|
157
|
|
|
182
|
|
Commercial real
estate loans
|
540
|
|
|
2,027
|
|
|
151
|
|
|
6,513
|
|
|
109
|
|
Commercial
loans
|
23
|
|
|
695
|
|
|
319
|
|
|
1,748
|
|
|
57
|
|
Total nonaccrual
loans delinquent 60 days to 89 days
|
$
|
1,917
|
|
|
5,050
|
|
|
|
2,455
|
|
|
10,308
|
|
|
1,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
delinquent 90 days or more:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
11,911
|
|
|
13,169
|
|
|
13,242
|
|
|
14,829
|
|
|
14,301
|
|
Home equity
loans
|
6,194
|
|
|
5,552
|
|
|
5,874
|
|
|
5,226
|
|
|
5,922
|
|
Consumer
loans
|
3,359
|
|
|
3,823
|
|
|
3,354
|
|
|
2,374
|
|
|
2,360
|
|
Commercial real
estate loans
|
20,897
|
|
|
19,264
|
|
|
22,155
|
|
|
12,960
|
|
|
13,165
|
|
Commercial
loans
|
2,744
|
|
|
3,373
|
|
|
6,105
|
|
|
4,566
|
|
|
3,314
|
|
Total nonaccrual
loans delinquent 90 days or more
|
$
|
45,105
|
|
|
45,181
|
|
|
50,730
|
|
|
39,955
|
|
|
39,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual
loans
|
$
|
73,290
|
|
|
79,536
|
|
|
86,272
|
|
|
75,878
|
|
|
74,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual
loans
|
$
|
73,290
|
|
|
79,536
|
|
|
86,272
|
|
|
75,878
|
|
|
74,152
|
|
Loans 90 days past
maturity and still accruing
|
265
|
|
|
649
|
|
|
103
|
|
|
472
|
|
|
894
|
|
Nonperforming
loans
|
73,555
|
|
|
80,185
|
|
|
86,375
|
|
|
76,350
|
|
|
75,046
|
|
Real estate owned,
net
|
6,242
|
|
|
4,889
|
|
|
4,841
|
|
|
4,950
|
|
|
6,834
|
|
Nonperforming
assets
|
$
|
79,797
|
|
|
85,074
|
|
|
91,216
|
|
|
81,300
|
|
|
81,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual troubled
debt restructuring *
|
$
|
18,273
|
|
|
16,346
|
|
|
17,374
|
|
|
18,098
|
|
|
17,699
|
|
Accruing troubled
debt restructuring
|
25,305
|
|
|
26,580
|
|
|
29,221
|
|
|
31,015
|
|
|
30,549
|
|
Total troubled debt
restructuring
|
$
|
43,578
|
|
|
42,926
|
|
|
46,595
|
|
|
49,113
|
|
|
48,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to total loans
|
0.97
|
%
|
|
1.06
|
%
|
|
1.11
|
%
|
|
1.05
|
%
|
|
1.03
|
%
|
Nonperforming assets
to total assets
|
0.82
|
%
|
|
0.88
|
%
|
|
0.94
|
%
|
|
0.91
|
%
|
|
0.92
|
%
|
Allowance for loan
losses to total loans
|
0.81
|
%
|
|
0.81
|
%
|
|
0.81
|
%
|
|
0.83
|
%
|
|
0.85
|
%
|
Allowance for loan
losses to nonperforming loans
|
83.07
|
%
|
|
76.00
|
%
|
|
73.22
|
%
|
|
79.61
|
%
|
|
82.99
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amounts included in
nonperforming loans above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northwest Bancshares, Inc. and
Subsidiaries
Loans by credit
quality indicators (Unaudited)
(Dollars in
thousands)
|
|
At March 31,
2017
|
|
Pass
|
|
Special
mention
*
|
|
Substandard
**
|
|
Doubtful
|
|
Loss
|
|
Loans
receivable
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loans
|
|
$
|
2,689,203
|
|
|
—
|
|
|
16,866
|
|
|
—
|
|
|
—
|
|
|
2,706,069
|
|
|
Home
equity loans
|
|
1,296,182
|
|
|
—
|
|
|
9,212
|
|
|
—
|
|
|
—
|
|
|
1,305,394
|
|
|
Consumer
loans
|
|
639,574
|
|
|
—
|
|
|
3,531
|
|
|
—
|
|
|
—
|
|
|
643,105
|
|
|
Total Personal
Banking
|
|
4,624,959
|
|
|
—
|
|
|
29,609
|
|
|
—
|
|
|
—
|
|
|
4,654,568
|
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans
|
|
2,187,545
|
|
|
48,189
|
|
|
142,740
|
|
|
|
|
—
|
|
|
2,378,474
|
|
|
Commercial loans
|
|
474,662
|
|
|
12,226
|
|
|
43,158
|
|
|
|
|
—
|
|
|
530,046
|
|
|
Total Commercial
Banking
|
|
2,662,207
|
|
|
60,415
|
|
|
185,898
|
|
|
—
|
|
|
—
|
|
|
2,908,520
|
|
|
Total
loans
|
|
$
|
7,287,166
|
|
|
60,415
|
|
|
215,507
|
|
|
—
|
|
|
—
|
|
|
7,563,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
* Includes $12.4
million $9.4 million, $19.3 million, $7.6 million, and $7.7 million
of acquired loans at March 31, 2017, December 31, 2016, September
30, 2016, June 30, 2016, and March 31, 2016,
respectively.
|
|
** Includes $45.3
million, $39.1 million, $29.8 million, $25.5 million, and $17.9
million of acquired loans at March 31, 2017, December 31, 2016,
September 30, 2016, June 30, 2016, and March 31, 2016,
respectively.
|
|
Northwest
Bancshares, Inc. and Subsidiaries
Loan delinquency
(Unaudited)
(Dollars in
thousands)
|
|
|
|
March
31,
2017
|
|
*
|
|
December 31,
2016
|
|
*
|
|
September
30,
2016
|
|
*
|
|
June 30,
2016
|
|
*
|
|
March 31,
2016
|
|
*
|
(Number of loans and
dollar amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 30
days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
280
|
|
|
$
|
22,254
|
|
|
0.8
|
%
|
|
360
|
|
|
$
|
27,386
|
|
|
1.0
|
%
|
|
74
|
|
|
$
|
3,380
|
|
|
0.1
|
%
|
|
72
|
|
|
$
|
3,353
|
|
|
0.1
|
%
|
|
323
|
|
|
$
|
24,494
|
|
|
0.9
|
%
|
Home equity
loans
|
|
125
|
|
|
4,586
|
|
|
0.4
|
%
|
|
179
|
|
|
6,805
|
|
|
0.5
|
%
|
|
164
|
|
|
4,984
|
|
|
0.4
|
%
|
|
128
|
|
|
4,988
|
|
|
0.4
|
%
|
|
132
|
|
|
5,351
|
|
|
0.5
|
%
|
Consumer
loans
|
|
1,022
|
|
|
7,157
|
|
|
1.1
|
%
|
|
1,497
|
|
|
9,868
|
|
|
1.5
|
%
|
|
1,269
|
|
|
7,583
|
|
|
1.2
|
%
|
|
1,144
|
|
|
6,725
|
|
|
1.2
|
%
|
|
895
|
|
|
5,511
|
|
|
1.0
|
%
|
Commercial real
estate loans
|
|
60
|
|
|
9,364
|
|
|
0.4
|
%
|
|
61
|
|
|
10,377
|
|
|
0.4
|
%
|
|
28
|
|
|
3,855
|
|
|
0.2
|
%
|
|
34
|
|
|
4,828
|
|
|
0.2
|
%
|
|
51
|
|
|
27,474
|
|
|
1.2
|
%
|
Commercial
loans
|
|
29
|
|
|
2,304
|
|
|
0.4
|
%
|
|
20
|
|
|
1,178
|
|
|
0.2
|
%
|
|
26
|
|
|
1,493
|
|
|
0.3
|
%
|
|
15
|
|
|
533
|
|
|
0.1
|
%
|
|
26
|
|
|
3,133
|
|
|
0.7
|
%
|
Total loans
delinquent 30 days to 59 days
|
|
1,516
|
|
|
$
|
45,665
|
|
|
0.6
|
%
|
|
2,117
|
|
|
$
|
55,614
|
|
|
0.7
|
%
|
|
1,561
|
|
|
$
|
21,295
|
|
|
0.3
|
%
|
|
1,393
|
|
|
$
|
20,427
|
|
|
0.3
|
%
|
|
1,427
|
|
|
$
|
65,963
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 60
days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
28
|
|
|
$
|
1,594
|
|
|
0.1
|
%
|
|
80
|
|
|
$
|
6,227
|
|
|
0.2
|
%
|
|
76
|
|
|
$
|
6,174
|
|
|
0.2
|
%
|
|
74
|
|
|
$
|
5,633
|
|
|
0.2
|
%
|
|
21
|
|
|
$
|
1,358
|
|
|
—
|
%
|
Home equity
loans
|
|
36
|
|
|
1,145
|
|
|
0.1
|
%
|
|
62
|
|
|
1,563
|
|
|
0.1
|
%
|
|
41
|
|
|
1,145
|
|
|
0.1
|
%
|
|
42
|
|
|
1,435
|
|
|
0.1
|
%
|
|
36
|
|
|
1,256
|
|
|
0.1
|
%
|
Consumer
loans
|
|
430
|
|
|
2,241
|
|
|
0.3
|
%
|
|
636
|
|
|
3,609
|
|
|
0.6
|
%
|
|
532
|
|
|
2,673
|
|
|
0.4
|
%
|
|
514
|
|
|
2,247
|
|
|
0.4
|
%
|
|
379
|
|
|
1,803
|
|
|
0.3
|
%
|
Commercial real
estate loans
|
|
19
|
|
|
3,034
|
|
|
0.1
|
%
|
|
25
|
|
|
4,495
|
|
|
0.2
|
%
|
|
13
|
|
|
1,102
|
|
|
—
|
%
|
|
16
|
|
|
8,765
|
|
|
0.4
|
%
|
|
11
|
|
|
1,081
|
|
|
—
|
%
|
Commercial
loans
|
|
10
|
|
|
499
|
|
|
0.1
|
%
|
|
21
|
|
|
2,081
|
|
|
0.4
|
%
|
|
9
|
|
|
594
|
|
|
0.1
|
%
|
|
23
|
|
|
2,429
|
|
|
0.5
|
%
|
|
7
|
|
|
375
|
|
|
0.1
|
%
|
Total loans
delinquent 60 days to 89 days
|
|
523
|
|
|
$
|
8,513
|
|
|
0.1
|
%
|
|
824
|
|
|
$
|
17,975
|
|
|
|
|
671
|
|
|
$
|
11,688
|
|
|
0.1
|
%
|
|
669
|
|
|
$
|
20,509
|
|
|
0.3
|
%
|
|
454
|
|
|
$
|
5,873
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 90
days or more: **
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
139
|
|
|
$
|
12,326
|
|
|
0.5
|
%
|
|
169
|
|
|
$
|
13,621
|
|
|
0.5
|
%
|
|
168
|
|
|
$
|
13,478
|
|
|
0.5
|
%
|
|
176
|
|
|
$
|
15,046
|
|
|
0.5
|
%
|
|
183
|
|
|
$
|
14,673
|
|
|
0.5
|
%
|
Home equity
loans
|
|
143
|
|
|
6,258
|
|
|
0.5
|
%
|
|
155
|
|
|
5,756
|
|
|
0.4
|
%
|
|
137
|
|
|
6,022
|
|
|
0.4
|
%
|
|
124
|
|
|
5,422
|
|
|
0.5
|
%
|
|
120
|
|
|
6,200
|
|
|
0.5
|
%
|
Consumer
loans
|
|
532
|
|
|
3,372
|
|
|
0.5
|
%
|
|
646
|
|
|
3,838
|
|
|
0.6
|
%
|
|
757
|
|
|
3,372
|
|
|
0.5
|
%
|
|
440
|
|
|
2,399
|
|
|
0.4
|
%
|
|
557
|
|
|
2,386
|
|
|
0.5
|
%
|
Commercial real
estate loans
|
|
106
|
|
|
23,009
|
|
|
1.0
|
%
|
|
101
|
|
|
21,270
|
|
|
0.9
|
%
|
|
106
|
|
|
24,533
|
|
|
1.0
|
%
|
|
107
|
|
|
15,244
|
|
|
0.6
|
%
|
|
106
|
|
|
15,442
|
|
|
0.7
|
%
|
Commercial
loans
|
|
39
|
|
|
2,744
|
|
|
0.5
|
%
|
|
37
|
|
|
3,520
|
|
|
0.7
|
%
|
|
28
|
|
|
6,249
|
|
|
1.2
|
%
|
|
32
|
|
|
4,709
|
|
|
1.0
|
%
|
|
34
|
|
|
3,456
|
|
|
0.7
|
%
|
Total loans
delinquent 90 days or more
|
|
959
|
|
|
$
|
47,709
|
|
|
0.6
|
%
|
|
1,108
|
|
|
$
|
48,005
|
|
|
0.6
|
%
|
|
1,196
|
|
|
$
|
53,654
|
|
|
0.7
|
%
|
|
879
|
|
|
$
|
42,820
|
|
|
0.6
|
%
|
|
1,000
|
|
|
$
|
42,157
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
delinquent
|
|
2,998
|
|
|
$
|
101,887
|
|
|
1.3
|
%
|
|
4,049
|
|
|
$
|
121,594
|
|
|
1.6
|
%
|
|
3,428
|
|
|
$
|
86,637
|
|
|
1.1
|
%
|
|
2,941
|
|
|
$
|
83,756
|
|
|
1.1
|
%
|
|
2,881
|
|
|
$
|
113,993
|
|
|
1.6
|
%
|
|
* Represents
delinquency, in dollars, divided by the respective total amount of
that type of loan outstanding.
|
** Includes purchased
credit impaired loans of $2.6 million, $2.8 million, $2.9 million,
$2.9 million, and $3.1 million at March 31, 2017. December 31,
2016, September 30, 2016, June 30, 2016, March 31, 2016,
respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries
Allowance for loan
losses (Unaudited)
(Dollars in
thousands)
|
|
|
Quarter ended
|
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
Beginning
balance
|
$
|
60,939
|
|
63,246
|
|
60,781
|
|
62,278
|
|
62,672
|
Provision
|
4,637
|
|
2,145
|
|
5,538
|
|
4,199
|
|
1,660
|
Charge-offs
residential mortgage
|
(290)
|
|
(710)
|
|
(354)
|
|
(1,852)
|
|
(564)
|
Charge-offs home
equity
|
(649)
|
|
(321)
|
|
(288)
|
|
(946)
|
|
(984)
|
Charge-offs
consumer
|
(3,660)
|
|
(3,469)
|
|
(2,701)
|
|
(2,332)
|
|
(2,403)
|
Charge-offs
commercial real estate
|
(474)
|
|
(323)
|
|
(789)
|
|
(1,731)
|
|
(897)
|
Charge-offs
commercial
|
(1,267)
|
|
(2,489)
|
|
(708)
|
|
(903)
|
|
(117)
|
Recoveries
|
1,868
|
|
2,860
|
|
1,767
|
|
2,068
|
|
2,911
|
Ending
balance
|
$
|
61,104
|
|
60,939
|
|
63,246
|
|
60,781
|
|
62,278
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans, annualized
|
0.23%
|
|
0.23%
|
|
0.17%
|
|
0.31%
|
|
0.11%
|
|
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
|
|
March 31,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
June 30,
2016
|
|
March 31,
2016
|
|
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
|
$
|
2,718,904
|
|
|
27,309
|
|
|
4.02
|
%
|
|
$
|
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
|
%
|
Home
equity loans
|
1,332,647
|
|
|
14,201
|
|
|
4.32
|
%
|
|
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
|
%
|
Consumer
loans
|
627,288
|
|
|
9,701
|
|
|
6.27
|
%
|
|
620,294
|
|
|
10,083
|
|
|
6.47
|
%
|
|
554,954
|
|
|
8,931
|
|
|
6.40
|
%
|
|
522,745
|
|
|
8,697
|
|
|
6.69
|
%
|
|
510,091
|
|
|
8,219
|
|
|
6.48
|
%
|
Commercial real estate loans
|
2,456,070
|
|
|
26,562
|
|
|
4.33
|
%
|
|
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
|
%
|
Commercial loans
|
522,847
|
|
|
5,515
|
|
|
4.22
|
%
|
|
527,330
|
|
|
5,682
|
|
|
4.27
|
%
|
|
476,715
|
|
|
5,193
|
|
|
4.26
|
%
|
|
461,808
|
|
|
4,902
|
|
|
4.20
|
%
|
|
441,977
|
|
|
4,723
|
|
|
4.23
|
%
|
Total loans
receivable (a) (b) (d)
|
7,657,756
|
|
|
83,288
|
|
|
4.41
|
%
|
|
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
|
%
|
Mortgage-backed
securities (c)
|
471,674
|
|
|
2,222
|
|
|
1.88
|
%
|
|
482,707
|
|
|
2,166
|
|
|
1.79
|
%
|
|
440,966
|
|
|
2,030
|
|
|
1.84
|
%
|
|
458,398
|
|
|
2,115
|
|
|
1.85
|
%
|
|
488,294
|
|
|
2,229
|
|
|
1.83
|
%
|
Investment securities
(c) (d)
|
377,819
|
|
|
1,881
|
|
|
1.99
|
%
|
|
401,602
|
|
|
1,950
|
|
|
1.94
|
%
|
|
275,718
|
|
|
1,667
|
|
|
2.42
|
%
|
|
313,647
|
|
|
1,844
|
|
|
2.35
|
%
|
|
387,460
|
|
|
2,151
|
|
|
2.22
|
%
|
FHLB stock
|
7,305
|
|
|
59
|
|
|
3.28
|
%
|
|
7,575
|
|
|
285
|
|
|
4.54
|
%
|
|
27,761
|
|
|
218
|
|
|
3.12
|
%
|
|
33,302
|
|
|
401
|
|
|
4.84
|
%
|
|
37,098
|
|
|
467
|
|
|
5.06
|
%
|
Other
interest-earning deposits
|
294,391
|
|
|
660
|
|
|
0.90
|
%
|
|
325,889
|
|
|
300
|
|
|
0.36
|
%
|
|
91,243
|
|
|
114
|
|
|
0.49
|
%
|
|
63,950
|
|
|
70
|
|
|
0.43
|
%
|
|
43,578
|
|
|
59
|
|
|
0.54
|
%
|
Total
interest-earning assets
|
8,808,945
|
|
|
88,110
|
|
|
4.06
|
%
|
|
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
|
%
|
Noninterest earning
assets (e)
|
799,569
|
|
|
|
|
|
|
677,888
|
|
|
|
|
|
|
835,500
|
|
|
|
|
|
|
755,713
|
|
|
|
|
|
|
735,562
|
|
|
|
|
|
Total
assets
|
$
|
9,608,514
|
|
|
|
|
|
|
$
|
9,624,403
|
|
|
|
|
|
|
$
|
9,028,886
|
|
|
|
|
|
|
$
|
8,882,058
|
|
|
|
|
|
|
$
|
8,911,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$
|
1,702,528
|
|
|
755
|
|
|
0.18
|
%
|
|
$
|
1,668,492
|
|
|
771
|
|
|
0.18
|
%
|
|
$
|
1,485,763
|
|
|
744
|
|
|
0.20
|
%
|
|
$
|
1,440,886
|
|
|
837
|
|
|
0.23
|
%
|
|
$
|
1,405,800
|
|
|
865
|
|
|
0.25
|
%
|
Interest-bearing
demand deposits
|
1,422,284
|
|
|
116
|
|
|
0.03
|
%
|
|
1,431,671
|
|
|
85
|
|
|
0.02
|
%
|
|
1,179,557
|
|
|
78
|
|
|
0.03
|
%
|
|
1,130,122
|
|
|
144
|
|
|
0.05
|
%
|
|
1,093,839
|
|
|
156
|
|
|
0.06
|
%
|
Money market deposit
accounts
|
1,879,292
|
|
|
1,074
|
|
|
0.23
|
%
|
|
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
|
%
|
Time
deposits
|
1,573,574
|
|
|
3,520
|
|
|
0.91
|
%
|
|
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
|
%
|
Borrowed funds
(f)
|
136,872
|
|
|
58
|
|
|
0.17
|
%
|
|
143,540
|
|
|
61
|
|
|
0.17
|
%
|
|
560,407
|
|
|
657
|
|
|
0.47
|
%
|
|
772,225
|
|
|
3,017
|
|
|
1.57
|
%
|
|
899,439
|
|
|
6,539
|
|
|
2.92
|
%
|
Junior subordinated
debentures
|
111,213
|
|
|
1,167
|
|
|
4.20
|
%
|
|
111,213
|
|
|
1,171
|
|
|
4.12
|
%
|
|
111,213
|
|
|
1,144
|
|
|
4.03
|
%
|
|
111,213
|
|
|
1,126
|
|
|
4.01
|
%
|
|
111,213
|
|
|
1,119
|
|
|
3.98
|
%
|
Total
interest-bearing liabilities
|
6,825,763
|
|
|
6,690
|
|
|
0.40
|
%
|
|
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
|
%
|
Noninterest-bearing
demand deposits (g)
|
1,506,268
|
|
|
|
|
|
|
1,493,528
|
|
|
|
|
|
|
1,243,474
|
|
|
|
|
|
|
1,184,786
|
|
|
|
|
|
|
1,161,151
|
|
|
|
|
|
Noninterest bearing
liabilities
|
106,578
|
|
|
|
|
|
|
77,827
|
|
|
|
|
|
|
276,014
|
|
|
|
|
|
|
177,300
|
|
|
|
|
|
|
122,667
|
|
|
|
|
|
Total
liabilities
|
8,438,609
|
|
|
|
|
|
|
8,460,276
|
|
|
|
|
|
|
7,872,749
|
|
|
|
|
|
|
7,727,173
|
|
|
|
|
|
|
7,746,966
|
|
|
|
|
|
Shareholders'
equity
|
1,169,905
|
|
|
|
|
|
|
1,164,127
|
|
|
|
|
|
|
1,156,137
|
|
|
|
|
|
|
1,154,885
|
|
|
|
|
|
|
1,164,035
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
9,608,514
|
|
|
|
|
|
|
$
|
9,624,403
|
|
|
|
|
|
|
$
|
9,028,886
|
|
|
|
|
|
|
$
|
8,882,058
|
|
|
|
|
|
|
$
|
8,911,001
|
|
|
|
|
|
Net interest income/
Interest rate spread
|
|
|
81,420
|
|
|
3.66
|
%
|
|
|
|
83,845
|
|
|
3.63
|
%
|
|
|
|
78,218
|
|
|
3.69
|
%
|
|
|
|
76,502
|
|
|
3.65
|
%
|
|
|
|
72,523
|
|
|
3.38
|
%
|
Net interest-earning
assets/ Net interest
margin
|
$
|
1,983,182
|
|
|
|
|
3.75
|
%
|
|
$
|
2,057,594
|
|
|
|
|
3.75
|
%
|
|
$
|
1,840,125
|
|
|
|
|
3.82
|
%
|
|
$
|
1,761,258
|
|
|
|
|
3.77
|
%
|
|
$
|
1,712,291
|
|
|
|
|
3.57
|
%
|
Ratio of
interest-earning assets to
interest-bearing liabilities
|
1.29X
|
|
|
|
|
|
|
1.30X
|
|
|
|
|
|
|
1.29X
|
|
|
|
|
|
|
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 0.27%, 0.29%, 0.32%, 0.35% and 0.37%,
respectively.
|
(h) Shown on a
FTE basis. GAAP basis yields for the periods indicated were: Loans
- 4.38%, 4.41%, 4.38%, 4.52% and 4.50%,
respectively, Investment securities - 1.67%, 1.61%, 1.89%,
1.87% and 1.82%, respectively, Interest-earning assets -
4.02%, 4.00%, 4.11%, 4.23% and 4.20%, respectively. GAAP basis net
interest rate spreads were 3.62%, 3.59%, 3.65%, 3.60% and 3.34%,
respectively, and GAAP basis net interest margins were 3.71%,
3.71%, 3.77%, 3.72% and 3.55%, respectively.
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/northwest-bancshares-inc-announces-first-quarter-2017-earnings-and-quarterly-dividend-300444462.html
SOURCE Northwest Bancshares, Inc.