WARREN, Pa., July 23, 2018 /PRNewswire/ -- Northwest
Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the
quarter ended June 30, 2018 of $26.3
million, or $0.25 per diluted
share. This represents a decrease of $4.7
million, or 15.1%, compared to the same quarter last year
when net income was $31.0 million or
$0.30 per diluted share. The prior
year's quarterly earnings were augmented by the sale of the
Company's three Maryland offices
for a profit of $17.2 million, or
approximately $10.3 million after
tax. The annualized returns on average shareholders' equity and
average assets for the quarter ended June 30, 2018 were 8.67%
and 1.11% compared to 10.48% and 1.30% for the same quarter last
year.
![Northwest Bank (PRNewsfoto/Northwest Bank) Northwest Bank (PRNewsfoto/Northwest Bank)](https://mma.prnewswire.com/media/346742/Northwest_Bank_Logo.jpg)
The Company also announced that its Board of Directors declared
a quarterly cash dividend of $0.17
per share payable on August 16, 2018,
to shareholders of record as of August
2, 2018. This is the 95th consecutive quarter in
which the Company has paid a cash dividend. Based on the market
value of the Company's stock as of June 30, 2018, this
represents an annualized dividend yield of approximately 4.0%.
In making this announcement, Ronald J.
Seiffert, President and CEO, noted, "We are very pleased
with the positive momentum established in the first half of this
year. We remained disciplined in our loan growth of approximately
$150 million, or nearly 2%, all
funded with organic increases in checking and savings accounts.
Expense reductions of almost $8
million, or over 5% from the prior year, were realized from
the efficiency initiatives implemented during the past two
years. In addition, we were able to maintain a stable net
interest rate spread and margin despite the continued flattening of
the yield curve. Finally, with the June announcement of our merger
with Donegal Financial Services Corporation and Union Community
Bank, scheduled to close in the first quarter of 2019, we are
looking forward to the meaningful impact that the employees and
this franchise will have on Northwest going into next year."
Net interest income increased by $1.5
million, or 1.8%, to $84.2
million for the quarter ended June 30, 2018, from
$82.7 million for the quarter ended
June 30, 2017 primarily due to a $3.4
million, or 4.0%, increase in interest income on loans
receivable. This increase was primarily the result of an increase
in the average balance of loans receivable of $196.8 million, or 2.6%, and an increase in the
average yield on loans receivable of six basis points as a result
of the recent increases in market interest rates. Partially
offsetting this improvement was an increase in interest expense on
deposits of $1.5 million, or 25.5%,
due to the aforementioned increases in market interest rates. The
net impact of these changes caused the Company's net interest
margin to increase to 3.72% for the quarter ended June 30, 2018 from 3.66% for the same quarter
last year.
The provision for loan losses decreased by $213,000, or 3.8%, to $5.3
million for the quarter ended June 30, 2018, from
$5.6 million for the quarter ended
June 30, 2017. This decrease is due primarily to the
improvement in the historical loss rates for commercial loans when
compared to the prior year. Also, reserves in the first half of
2017 were elevated in connection with the closure of the Company's
consumer finance subsidiary. Additionally, total nonaccrual loans
decreased to $62.7 million, or 0.79%
of total loans at June 30, 2018 from $72.8 million, or 0.95% of total loans, at
June 30, 2017.
Noninterest income decreased by $17.4
million, or 41.9%, to $24.1
million for the quarter ended June 30, 2018, from
$41.5 million for the quarter ended
June 30, 2017. This decrease was due primarily to the
previously referenced $17.2 million
gain on the sale of the Company's Maryland offices during the second quarter of
2017. The remaining items of noninterest income decreased by
$182,000, or 0.7%, from the prior
year.
Noninterest expense decreased by $3.5
million, or 4.7%, to $69.8
million for the quarter ended June 30, 2018, from
$73.3 million for the quarter ended
June 30, 2017. This decrease resulted primarily from a
$2.2 million, or 85.1%, decrease in
restructuring/ acquisition expense due primarily to restructuring
that occurred during 2017, including the closure of the Company's
consumer finance subsidiary. Additionally, marketing expense
decreased by $832,000, or 29.2%, due
primarily to the timing of checking account acquisition
campaigns.
Income tax expense decreased by $7.5
million, or 52.1%, to $6.9
million for the quarter ended June
30, 2018 from $14.4 million
for the quarter ended June 30, 2017.
This decrease resulted primarily from a decrease in income before
tax of $12.2 million, or 26.8%, to
$33.2 million for the quarter ended
June 30, 2018 from $45.4 million for the quarter ended June 30, 2017. In addition, primarily as a result
of the enactment of the Tax Cuts and Jobs Act in December 2017, the Company's effective tax rate,
which includes both federal and state income taxes, decreased to
20.8% for the quarter ended June 30,
2018 from 31.7% for last year's quarter.
Net income for the six month period ended June 30, 2018 was $51.3
million, or $0.50 per diluted
share. This represents an increase of $2.6
million, or 5.2%, compared to the six month period ended
June 30, 2017, when net income was
$48.7 million, or $0.48 per diluted share. The annualized returns
on average shareholders' equity and average assets for the six
month period ended June 30, 2018 were
8.54% and 1.09% compared to 8.34% and 1.03% for the same period
last year. This increase in net income was the result of an
increase in net interest income after provision of $3.3 million, or 2.2%, a reduction in noninterest
expense of $7.7 million, or 5.3%, and
a lower effective tax rate as prescribed by the Tax Cuts and Jobs
Act.
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 162 full-service
community banking offices and ten free standing drive-through
facilities in Pennsylvania,
New York and Ohio. 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 or the ability to complete
sales transactions; 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)
|
|
|
June 30,
2018
|
|
December 31,
2017
|
|
June 30,
2017
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
133,045
|
|
|
77,710
|
|
|
156,767
|
|
Marketable securities
available-for-sale (amortized cost of $814,848, $800,094 and
$949,161,
respectively)
|
799,878
|
|
|
792,535
|
|
|
952,802
|
|
Marketable securities
held-to-maturity (fair value of $25,212, $29,667 and $36,560,
respectively)
|
25,747
|
|
|
29,678
|
|
|
36,206
|
|
Total cash and cash
equivalents and marketable securities
|
958,670
|
|
|
899,923
|
|
|
1,145,775
|
|
|
|
|
|
|
|
Residential mortgage
loans held for sale
|
—
|
|
|
3,128
|
|
|
10,297
|
|
Residential mortgage
loans
|
2,800,668
|
|
|
2,773,075
|
|
|
2,740,174
|
|
Home equity
loans
|
1,276,181
|
|
|
1,310,355
|
|
|
1,301,032
|
|
Consumer
loans
|
700,925
|
|
|
671,389
|
|
|
658,125
|
|
Commercial real
estate loans
|
2,553,223
|
|
|
2,454,726
|
|
|
2,396,663
|
|
Commercial
loans
|
611,373
|
|
|
580,736
|
|
|
580,446
|
|
Total loans
receivable
|
7,942,370
|
|
|
7,793,409
|
|
|
7,686,737
|
|
Allowance for loan
losses
|
(57,332)
|
|
|
(56,795)
|
|
|
(62,885)
|
|
Loans receivable,
net
|
7,885,038
|
|
|
7,736,614
|
|
|
7,623,852
|
|
|
|
|
|
|
|
Federal Home Loan
Bank stock, at cost
|
7,887
|
|
|
11,733
|
|
|
8,142
|
|
Accrued interest
receivable
|
24,959
|
|
|
23,352
|
|
|
21,667
|
|
Real estate owned,
net
|
2,722
|
|
|
5,666
|
|
|
6,030
|
|
Premises and
equipment, net
|
146,276
|
|
|
151,944
|
|
|
154,785
|
|
Bank owned life
insurance
|
170,791
|
|
|
171,547
|
|
|
172,023
|
|
Goodwill
|
307,420
|
|
|
307,420
|
|
|
307,420
|
|
Other intangible
assets
|
22,629
|
|
|
25,669
|
|
|
28,935
|
|
Other
assets
|
35,917
|
|
|
30,066
|
|
|
30,381
|
|
Total
assets
|
$
|
9,562,309
|
|
|
9,363,934
|
|
|
9,499,010
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
$
|
1,732,664
|
|
|
1,610,409
|
|
|
1,577,562
|
|
Interest-bearing
demand deposits
|
1,485,938
|
|
|
1,442,928
|
|
|
1,440,196
|
|
Money market deposit
accounts
|
1,686,052
|
|
|
1,707,450
|
|
|
1,800,261
|
|
Savings
deposits
|
1,697,396
|
|
|
1,653,579
|
|
|
1,685,282
|
|
Time
deposits
|
1,405,328
|
|
|
1,412,623
|
|
|
1,467,946
|
|
Total
deposits
|
8,007,378
|
|
|
7,826,989
|
|
|
7,971,247
|
|
|
|
|
|
|
|
Borrowed
funds
|
99,889
|
|
|
108,238
|
|
|
110,441
|
|
Advances by borrowers
for taxes and insurance
|
51,640
|
|
|
40,825
|
|
|
48,446
|
|
Accrued interest
payable
|
568
|
|
|
460
|
|
|
530
|
|
Other
liabilities
|
62,741
|
|
|
68,485
|
|
|
60,203
|
|
Junior subordinated
debentures
|
111,213
|
|
|
111,213
|
|
|
111,213
|
|
Total
liabilities
|
8,333,429
|
|
|
8,156,210
|
|
|
8,302,080
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Preferred stock,
$0.01 par value, 50,000,000 shares authorized, no shares
issued
|
—
|
|
|
—
|
|
|
—
|
|
Common stock, $0.01
par value, 500,000,000 shares authorized, 103,122,890 shares,
102,394,828 shares and 102,478,146 shares issued and outstanding,
respectively
|
1,031
|
|
|
1,027
|
|
|
1,025
|
|
Paid-in-capital
|
739,673
|
|
|
730,719
|
|
|
726,036
|
|
Retained
earnings
|
531,269
|
|
|
508,058
|
|
|
495,017
|
|
Accumulated other
comprehensive loss
|
(43,093)
|
|
|
(32,080)
|
|
|
(25,148)
|
|
Total shareholders'
equity
|
1,228,880
|
|
|
1,207,724
|
|
|
1,196,930
|
|
Total liabilities and
shareholders' equity
|
$
|
9,562,309
|
|
|
9,363,934
|
|
|
9,499,010
|
|
|
|
|
|
|
|
Equity to
assets
|
12.85
|
%
|
|
12.90
|
%
|
|
12.60
|
%
|
Tangible common
equity to assets
|
9.74
|
%
|
|
9.68
|
%
|
|
9.39
|
%
|
Book value per
share
|
$
|
11.92
|
|
|
11.79
|
|
|
11.68
|
|
Tangible book value
per share
|
$
|
8.72
|
|
|
8.54
|
|
|
8.40
|
|
Closing market price
per share
|
$
|
17.39
|
|
|
16.73
|
|
|
15.61
|
|
Full time equivalent
employees
|
2,118
|
|
|
2,106
|
|
|
2,273
|
|
Number of banking
offices
|
172
|
|
|
172
|
|
|
173
|
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Consolidated
Statements of Income (Unaudited)
|
(Dollars in
thousands, except per share amounts)
|
|
|
Quarter ended
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
2017
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$
|
88,106
|
|
|
85,220
|
|
|
87,154
|
|
|
85,373
|
|
|
84,714
|
|
Mortgage-backed
securities
|
3,254
|
|
|
3,013
|
|
|
3,016
|
|
|
3,118
|
|
|
2,987
|
|
Taxable investment
securities
|
648
|
|
|
678
|
|
|
805
|
|
|
957
|
|
|
981
|
|
Tax-free investment
securities
|
313
|
|
|
390
|
|
|
449
|
|
|
476
|
|
|
529
|
|
FHLB
dividends
|
85
|
|
|
97
|
|
|
78
|
|
|
63
|
|
|
50
|
|
Interest-earning
deposits
|
469
|
|
|
135
|
|
|
59
|
|
|
244
|
|
|
536
|
|
Total interest
income
|
92,875
|
|
|
89,533
|
|
|
91,561
|
|
|
90,231
|
|
|
89,797
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
Deposits
|
7,309
|
|
|
6,458
|
|
|
5,971
|
|
|
5,795
|
|
|
5,826
|
|
Borrowed
funds
|
1,340
|
|
|
1,308
|
|
|
1,350
|
|
|
1,199
|
|
|
1,240
|
|
Total interest
expense
|
8,649
|
|
|
7,766
|
|
|
7,321
|
|
|
6,994
|
|
|
7,066
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
84,226
|
|
|
81,767
|
|
|
84,240
|
|
|
83,237
|
|
|
82,731
|
|
Provision for loan
losses
|
5,349
|
|
|
4,209
|
|
|
6,525
|
|
|
3,027
|
|
|
5,562
|
|
Net interest income
after provision for loan losses
|
78,877
|
|
|
77,558
|
|
|
77,715
|
|
|
80,210
|
|
|
77,169
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
Gain/ (loss) on sale
of investments
|
—
|
|
|
153
|
|
|
(369)
|
|
|
1,497
|
|
|
3
|
|
Service charges and
fees
|
12,908
|
|
|
11,899
|
|
|
12,527
|
|
|
12,724
|
|
|
12,749
|
|
Trust and other
financial services income
|
4,050
|
|
|
4,031
|
|
|
4,290
|
|
|
4,793
|
|
|
4,600
|
|
Insurance commission
income
|
2,090
|
|
|
2,749
|
|
|
1,874
|
|
|
1,992
|
|
|
2,353
|
|
Gain/ (loss) on real
estate owned, net
|
176
|
|
|
(546)
|
|
|
(307)
|
|
|
(193)
|
|
|
(230)
|
|
Income from bank
owned life insurance
|
2,333
|
|
|
990
|
|
|
2,295
|
|
|
1,078
|
|
|
1,652
|
|
Mortgage banking
income
|
77
|
|
|
224
|
|
|
225
|
|
|
519
|
|
|
434
|
|
Gain on sale of
offices
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,186
|
|
Other operating
income
|
2,475
|
|
|
2,288
|
|
|
2,370
|
|
|
2,184
|
|
|
2,730
|
|
Total noninterest
income
|
24,109
|
|
|
21,788
|
|
|
22,905
|
|
|
24,594
|
|
|
41,477
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
39,031
|
|
|
36,510
|
|
|
39,293
|
|
|
36,556
|
|
|
38,175
|
|
Premises and
occupancy costs
|
6,824
|
|
|
7,307
|
|
|
7,293
|
|
|
6,951
|
|
|
7,103
|
|
Office
operations
|
3,768
|
|
|
3,408
|
|
|
4,011
|
|
|
3,939
|
|
|
4,170
|
|
Collections
expense
|
434
|
|
|
512
|
|
|
1,179
|
|
|
568
|
|
|
553
|
|
Processing
expenses
|
9,560
|
|
|
9,706
|
|
|
9,888
|
|
|
9,650
|
|
|
9,639
|
|
Marketing
expenses
|
2,014
|
|
|
2,140
|
|
|
2,125
|
|
|
2,488
|
|
|
2,846
|
|
Federal deposit
insurance premiums
|
671
|
|
|
717
|
|
|
724
|
|
|
771
|
|
|
856
|
|
Professional
services
|
2,819
|
|
|
2,277
|
|
|
2,945
|
|
|
2,321
|
|
|
2,452
|
|
Amortization of
intangible assets
|
1,520
|
|
|
1,520
|
|
|
1,575
|
|
|
1,691
|
|
|
1,749
|
|
Real estate owned
expense
|
133
|
|
|
292
|
|
|
195
|
|
|
310
|
|
|
217
|
|
Restructuring/
acquisition expense
|
393
|
|
|
—
|
|
|
164
|
|
|
1,398
|
|
|
2,634
|
|
Other
expense
|
2,620
|
|
|
3,032
|
|
|
2,504
|
|
|
2,156
|
|
|
2,868
|
|
Total noninterest
expense
|
69,787
|
|
|
67,421
|
|
|
71,896
|
|
|
68,799
|
|
|
73,262
|
|
Income before income
taxes
|
33,199
|
|
|
31,925
|
|
|
28,724
|
|
|
36,005
|
|
|
45,384
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
6,900
|
|
|
6,940
|
|
|
6,576
|
|
|
12,414
|
|
|
14,402
|
|
Net income
|
$
|
26,299
|
|
|
24,985
|
|
|
22,148
|
|
|
23,591
|
|
|
30,982
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.26
|
|
|
0.25
|
|
|
0.22
|
|
|
0.23
|
|
|
0.31
|
|
Diluted earnings per
share
|
$
|
0.25
|
|
|
0.24
|
|
|
0.22
|
|
|
0.23
|
|
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
101,870,043
|
|
|
101,598,928
|
|
|
101,293,307
|
|
|
101,163,534
|
|
|
100,950,772
|
|
Weighted average
common shares outstanding - diluted
|
103,424,154
|
|
|
103,136,497
|
|
|
102,643,726
|
|
|
102,564,476
|
|
|
102,449,693
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average equity
|
8.67
|
%
|
|
8.40
|
%
|
|
7.31
|
%
|
|
7.81
|
%
|
|
10.48
|
%
|
Annualized return on
average assets
|
1.11
|
%
|
|
1.08
|
%
|
|
0.94
|
%
|
|
0.99
|
%
|
|
1.30
|
%
|
Annualized return on
tangible common equity
|
11.74
|
%
|
|
11.47
|
%
|
|
10.05
|
%
|
|
10.74
|
%
|
|
14.44
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
*
|
62.65
|
%
|
|
63.64
|
%
|
|
65.48
|
%
|
|
60.94
|
%
|
|
64.36
|
%
|
Annualized
noninterest expense to average assets *
|
2.87
|
%
|
|
2.84
|
%
|
|
2.97
|
%
|
|
2.76
|
%
|
|
2.89
|
%
|
|
|
|
|
|
|
|
* Excludes gain on
sale of offices, restructuring/ acquisition expenses, and
amortization of intangible assets (non-GAAP).
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Consolidated
Statements of Income (Unaudited)
|
(Dollars in
thousands, except per share amounts)
|
|
|
Six months ended
June 30,
|
|
2018
|
|
2017
|
Interest
income:
|
|
|
|
Loans
receivable
|
$
|
173,326
|
|
|
167,465
|
|
Mortgage-backed
securities
|
6,267
|
|
|
5,209
|
|
Taxable investment
securities
|
1,326
|
|
|
1,987
|
|
Tax-free investment
securities
|
703
|
|
|
1,098
|
|
FHLB
dividends
|
182
|
|
|
109
|
|
Interest-earning
deposits
|
604
|
|
|
1,196
|
|
Total interest
income
|
182,408
|
|
|
177,064
|
|
|
|
|
|
Interest
expense:
|
|
|
|
Deposits
|
13,767
|
|
|
11,291
|
|
Borrowed
funds
|
2,648
|
|
|
2,465
|
|
Total interest
expense
|
16,415
|
|
|
13,756
|
|
|
|
|
|
Net interest
income
|
165,993
|
|
|
163,308
|
|
Provision for loan
losses
|
9,558
|
|
|
10,199
|
|
Net interest income
after provision for loan losses
|
156,435
|
|
|
153,109
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
Gain on sale of
investments
|
153
|
|
|
20
|
|
Service charges and
fees
|
24,807
|
|
|
24,466
|
|
Trust and other
financial services income
|
8,081
|
|
|
8,904
|
|
Insurance commission
income
|
4,839
|
|
|
5,147
|
|
Loss on real estate
owned, net
|
(370)
|
|
|
(297)
|
|
Income from bank
owned life insurance
|
3,323
|
|
|
2,720
|
|
Mortgage banking
income
|
301
|
|
|
674
|
|
Gain on sale of
offices
|
—
|
|
|
17,186
|
|
Other operating
income
|
4,763
|
|
|
4,161
|
|
Total noninterest
income
|
45,897
|
|
|
62,981
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
Compensation and
employee benefits
|
75,541
|
|
|
76,447
|
|
Premises and
occupancy costs
|
14,131
|
|
|
14,619
|
|
Office
operations
|
7,176
|
|
|
8,392
|
|
Collections
expense
|
946
|
|
|
1,102
|
|
Processing
expenses
|
19,266
|
|
|
19,548
|
|
Marketing
expenses
|
4,154
|
|
|
4,994
|
|
Federal deposit
insurance premiums
|
1,388
|
|
|
2,023
|
|
Professional
services
|
5,096
|
|
|
5,027
|
|
Amortization of
intangible assets
|
3,040
|
|
|
3,498
|
|
Real estate owned
expense
|
425
|
|
|
499
|
|
Restructuring/
acquisition expense
|
393
|
|
|
2,857
|
|
Other
expense
|
5,652
|
|
|
5,902
|
|
Total noninterest
expense
|
137,208
|
|
|
144,908
|
|
Income before income
taxes
|
65,124
|
|
|
71,182
|
|
|
|
|
|
Income tax
expense
|
13,840
|
|
|
22,454
|
|
Net income
|
51,284
|
|
|
48,728
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.50
|
|
|
0.48
|
|
Diluted earnings per
share
|
$
|
0.50
|
|
|
0.48
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
101,735,235
|
|
100,798,209
|
Weighted average
common shares outstanding - diluted
|
103,281,120
|
|
102,525,058
|
|
|
|
|
Annualized return on
average equity
|
8.54
|
%
|
|
8.34
|
%
|
Annualized return on
average assets
|
1.09
|
%
|
|
1.03
|
%
|
Annualized return on
tangible common equity
|
11.51
|
%
|
|
11.42
|
%
|
|
|
|
|
Efficiency ratio
*
|
63.13
|
%
|
|
66.26
|
%
|
Annualized
noninterest expense to average assets *
|
2.85
|
%
|
|
2.92
|
%
|
|
* Excludes gain on
sale of offices, restructuring/ acquisition expenses, and
amortization of intangible assets (non-GAAP).
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Asset quality
(Unaudited)
|
(Dollars in
thousands)
|
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
Nonaccrual loans
current:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
669
|
|
|
123
|
|
|
70
|
|
|
318
|
|
|
841
|
|
Home equity
loans
|
237
|
|
|
269
|
|
|
615
|
|
|
439
|
|
|
158
|
|
Consumer
loans
|
218
|
|
|
178
|
|
|
317
|
|
|
260
|
|
|
379
|
|
Commercial real
estate loans
|
14,814
|
|
|
11,355
|
|
|
10,080
|
|
|
10,646
|
|
|
16,189
|
|
Commercial
loans
|
2,559
|
|
|
2,381
|
|
|
4,178
|
|
|
4,098
|
|
|
5,262
|
|
Total nonaccrual
loans current
|
$
|
18,497
|
|
|
14,306
|
|
|
15,260
|
|
|
15,761
|
|
|
22,829
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
delinquent 30 days to 59 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
89
|
|
|
1,290
|
|
|
509
|
|
|
200
|
|
|
181
|
|
Home equity
loans
|
221
|
|
|
232
|
|
|
167
|
|
|
466
|
|
|
164
|
|
Consumer
loans
|
192
|
|
|
224
|
|
|
239
|
|
|
200
|
|
|
169
|
|
Commercial real
estate loans
|
522
|
|
|
975
|
|
|
1,928
|
|
|
597
|
|
|
474
|
|
Commercial
loans
|
51
|
|
|
140
|
|
|
25
|
|
|
—
|
|
|
32
|
|
Total nonaccrual
loans delinquent 30 days to 59 days
|
$
|
1,075
|
|
|
2,861
|
|
|
2,868
|
|
|
1,463
|
|
|
1,020
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
delinquent 60 days to 89 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
668
|
|
|
755
|
|
|
703
|
|
|
892
|
|
|
896
|
|
Home equity
loans
|
483
|
|
|
465
|
|
|
874
|
|
|
499
|
|
|
326
|
|
Consumer
loans
|
194
|
|
|
224
|
|
|
500
|
|
|
405
|
|
|
342
|
|
Commercial real
estate loans
|
1,682
|
|
|
399
|
|
|
1,104
|
|
|
5,895
|
|
|
2,233
|
|
Commercial
loans
|
380
|
|
|
80
|
|
|
69
|
|
|
3
|
|
|
—
|
|
Total nonaccrual
loans delinquent 60 days to 89 days
|
$
|
3,407
|
|
|
1,923
|
|
|
3,250
|
|
|
7,694
|
|
|
3,797
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
delinquent 90 days or more:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
11,822
|
|
|
10,660
|
|
|
13,509
|
|
|
11,785
|
|
|
11,637
|
|
Home equity
loans
|
6,729
|
|
|
6,707
|
|
|
7,251
|
|
|
6,295
|
|
|
5,744
|
|
Consumer finance
loans
|
15
|
|
|
3
|
|
|
199
|
|
|
332
|
|
|
536
|
|
Consumer
loans
|
2,626
|
|
|
2,931
|
|
|
3,617
|
|
|
3,244
|
|
|
2,273
|
|
Commercial real
estate loans
|
15,617
|
|
|
16,145
|
|
|
15,361
|
|
|
22,583
|
|
|
21,295
|
|
Commercial
loans
|
2,925
|
|
|
3,144
|
|
|
3,140
|
|
|
4,177
|
|
|
3,642
|
|
Total nonaccrual
loans delinquent 90 days or more
|
$
|
39,734
|
|
|
39,590
|
|
|
43,077
|
|
|
48,416
|
|
|
45,127
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual
loans
|
$
|
62,713
|
|
|
58,680
|
|
|
64,455
|
|
|
73,334
|
|
|
72,773
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual
loans
|
$
|
62,713
|
|
|
58,680
|
|
|
64,455
|
|
|
73,334
|
|
|
72,773
|
|
Loans 90 days past
maturity and still accruing
|
94
|
|
|
210
|
|
|
502
|
|
|
398
|
|
|
182
|
|
Nonperforming
loans
|
62,807
|
|
|
58,890
|
|
|
64,957
|
|
|
73,732
|
|
|
72,955
|
|
Real estate owned,
net
|
2,722
|
|
|
4,041
|
|
|
5,666
|
|
|
5,462
|
|
|
6,030
|
|
Nonperforming
assets
|
$
|
65,529
|
|
|
62,931
|
|
|
70,623
|
|
|
79,194
|
|
|
78,985
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual troubled
debt restructuring *
|
$
|
10,860
|
|
|
11,217
|
|
|
12,285
|
|
|
17,809
|
|
|
17,873
|
|
Accruing troubled
debt restructuring
|
19,802
|
|
|
19,749
|
|
|
19,819
|
|
|
20,660
|
|
|
23,987
|
|
Total troubled debt
restructuring
|
$
|
30,662
|
|
|
30,966
|
|
|
32,104
|
|
|
38,469
|
|
|
41,860
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to total loans
|
0.79
|
%
|
|
0.75
|
%
|
|
0.83
|
%
|
|
0.95
|
%
|
|
0.95
|
%
|
Nonperforming assets
to total assets
|
0.69
|
%
|
|
0.66
|
%
|
|
0.75
|
%
|
|
0.84
|
%
|
|
0.83
|
%
|
Allowance for loan
losses to total loans
|
0.72
|
%
|
|
0.70
|
%
|
|
0.73
|
%
|
|
0.74
|
%
|
|
0.82
|
%
|
Allowance for loan
losses to nonperforming loans
|
91.28
|
%
|
|
93.75
|
%
|
|
87.43
|
%
|
|
77.16
|
%
|
|
86.20
|
%
|
|
* Amounts included in
nonperforming loans above.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Loans by credit
quality indicators (Unaudited)
|
(Dollars in
thousands)
|
|
At June 30,
2018
|
|
Pass
|
|
Special
mention
*
|
|
Substandard
**
|
|
Doubtful
|
|
Loss
|
|
Loans
receivable
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,790,906
|
|
|
—
|
|
|
9,762
|
|
|
—
|
|
|
—
|
|
|
2,800,668
|
|
Home equity
loans
|
|
1,268,884
|
|
|
—
|
|
|
7,297
|
|
|
—
|
|
|
—
|
|
|
1,276,181
|
|
Consumer
loans
|
|
697,561
|
|
|
—
|
|
|
3,364
|
|
|
—
|
|
|
—
|
|
|
700,925
|
|
Total Personal
Banking
|
|
4,757,351
|
|
|
—
|
|
|
20,423
|
|
|
—
|
|
|
—
|
|
|
4,777,774
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,294,327
|
|
|
65,698
|
|
|
193,198
|
|
|
—
|
|
|
—
|
|
|
2,553,223
|
|
Commercial
loans
|
|
554,495
|
|
|
18,140
|
|
|
38,738
|
|
|
—
|
|
|
|
|
611,373
|
|
Total Commercial
Banking
|
|
2,848,822
|
|
|
83,838
|
|
|
231,936
|
|
|
—
|
|
|
—
|
|
|
3,164,596
|
|
Total
loans
|
|
$
|
7,606,173
|
|
|
83,838
|
|
|
252,359
|
|
|
—
|
|
|
—
|
|
|
7,942,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31,
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,755,078
|
|
|
—
|
|
|
17,070
|
|
|
—
|
|
|
—
|
|
|
2,772,148
|
|
Home equity
loans
|
|
1,279,137
|
|
|
—
|
|
|
9,224
|
|
|
—
|
|
|
—
|
|
|
1,288,361
|
|
Consumer
loans
|
|
682,433
|
|
|
—
|
|
|
3,605
|
|
|
—
|
|
|
—
|
|
|
686,038
|
|
Total Personal
Banking
|
|
4,716,648
|
|
|
—
|
|
|
29,899
|
|
|
—
|
|
|
—
|
|
|
4,746,547
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,256,054
|
|
|
57,690
|
|
|
198,513
|
|
|
—
|
|
|
—
|
|
|
2,512,257
|
|
Commercial
loans
|
|
557,613
|
|
|
19,147
|
|
|
46,703
|
|
|
—
|
|
|
—
|
|
|
623,463
|
|
Total Commercial
Banking
|
|
2,813,667
|
|
|
76,837
|
|
|
245,216
|
|
|
—
|
|
|
—
|
|
|
3,135,720
|
|
Total
loans
|
|
$
|
7,530,315
|
|
|
76,837
|
|
|
275,115
|
|
|
—
|
|
|
—
|
|
|
7,882,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,758,465
|
|
|
—
|
|
|
17,738
|
|
|
—
|
|
|
—
|
|
|
2,776,203
|
|
Home equity
loans
|
|
1,300,277
|
|
|
—
|
|
|
10,078
|
|
|
—
|
|
|
—
|
|
|
1,310,355
|
|
Consumer
loans
|
|
666,629
|
|
|
—
|
|
|
4,760
|
|
|
—
|
|
|
—
|
|
|
671,389
|
|
Total Personal
Banking
|
|
4,725,371
|
|
|
—
|
|
|
32,576
|
|
|
—
|
|
|
—
|
|
|
4,757,947
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,216,326
|
|
|
83,537
|
|
|
154,863
|
|
|
—
|
|
|
—
|
|
|
2,454,726
|
|
Commercial
loans
|
|
511,035
|
|
|
19,297
|
|
|
50,404
|
|
|
—
|
|
|
—
|
|
|
580,736
|
|
Total Commercial
Banking
|
|
2,727,361
|
|
|
102,834
|
|
|
205,267
|
|
|
—
|
|
|
—
|
|
|
3,035,462
|
|
Total
loans
|
|
$
|
7,452,732
|
|
|
102,834
|
|
|
237,843
|
|
|
—
|
|
|
—
|
|
|
7,793,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,725,060
|
|
|
—
|
|
|
18,166
|
|
|
—
|
|
|
—
|
|
|
2,743,226
|
|
Home equity
loans
|
|
1,302,036
|
|
|
—
|
|
|
11,399
|
|
|
—
|
|
|
—
|
|
|
1,313,435
|
|
Consumer
loans
|
|
669,532
|
|
|
—
|
|
|
4,388
|
|
|
—
|
|
|
—
|
|
|
673,920
|
|
Total Personal
Banking
|
|
4,696,628
|
|
|
—
|
|
|
33,953
|
|
|
—
|
|
|
—
|
|
|
4,730,581
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,196,510
|
|
|
56,118
|
|
|
146,258
|
|
|
—
|
|
|
—
|
|
|
2,398,886
|
|
Commercial
loans
|
|
526,824
|
|
|
18,924
|
|
|
50,923
|
|
|
—
|
|
|
—
|
|
|
596,671
|
|
Total Commercial
Banking
|
|
2,723,334
|
|
|
75,042
|
|
|
197,181
|
|
|
—
|
|
|
—
|
|
|
2,995,557
|
|
Total
loans
|
|
$
|
7,419,962
|
|
|
75,042
|
|
|
231,134
|
|
|
—
|
|
|
—
|
|
|
7,726,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At June 30,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,718,866
|
|
|
—
|
|
|
16,916
|
|
|
—
|
|
|
—
|
|
|
2,735,782
|
|
Home equity
loans
|
|
1,307,022
|
|
|
—
|
|
|
8,699
|
|
|
—
|
|
|
—
|
|
|
1,315,721
|
|
Consumer
loans
|
|
655,149
|
|
|
—
|
|
|
2,976
|
|
|
—
|
|
|
—
|
|
|
658,125
|
|
Total Personal
Banking
|
|
4,681,037
|
|
|
—
|
|
|
28,591
|
|
|
—
|
|
|
—
|
|
|
4,709,628
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,178,996
|
|
|
67,826
|
|
|
149,841
|
|
|
—
|
|
|
—
|
|
|
2,396,663
|
|
Commercial
loans
|
|
521,520
|
|
|
10,269
|
|
|
48,657
|
|
|
—
|
|
|
—
|
|
|
580,446
|
|
Total Commercial
Banking
|
|
2,700,516
|
|
|
78,095
|
|
|
198,498
|
|
|
—
|
|
|
—
|
|
|
2,977,109
|
|
Total
loans
|
|
$
|
7,381,553
|
|
|
78,095
|
|
|
227,089
|
|
|
—
|
|
|
—
|
|
|
7,686,737
|
|
|
*
|
Includes $9.5
million, $7.9 million, $8.6 million, $8.9 million, and $9.7 million
of acquired loans at June 30, 2018, March 31, 2018, December 31,
2017, September 30, 2017, and
June 30, 2017, respectively.
|
**
|
Includes $44.5
million, $45.2 million, $46.7 million, $48.2 million, and $44.8
million of acquired loans at June 30, 2018, March 31, 2018,
December 31, 2017, September 30,
2017, and June 30, 2017, respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Loan delinquency
(Unaudited)
|
(Dollars in
thousands)
|
|
|
|
June
30,
2018
|
|
*
|
|
March
31,
2018
|
|
*
|
|
December 31,
2017
|
|
*
|
|
September
30, 2017
|
|
*
|
|
June 30,
2017
|
|
*
|
(Number of loans and
dollar amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 30
days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
30
|
|
$
|
1,561
|
|
0.1
|
%
|
|
319
|
|
$
|
27,403
|
|
1.0
|
%
|
|
317
|
|
$
|
25,784
|
|
0.9
|
%
|
|
44
|
|
$
|
2,771
|
|
0.1
|
%
|
|
64
|
|
$
|
2,893
|
|
0.1
|
%
|
Home equity
loans
|
|
184
|
|
6,383
|
|
0.5
|
%
|
|
200
|
|
7,406
|
|
0.6
|
%
|
|
218
|
|
7,461
|
|
0.6
|
%
|
|
191
|
|
7,330
|
|
0.6
|
%
|
|
111
|
|
4,058
|
|
0.3
|
%
|
Consumer finance
loans
|
|
306
|
|
711
|
|
8.1
|
%
|
|
477
|
|
1,288
|
|
10.3
|
%
|
|
849
|
|
2,128
|
|
11.4
|
%
|
|
1,045
|
|
3,065
|
|
11.4
|
%
|
|
581
|
|
1,785
|
|
4.1
|
%
|
Consumer
loans
|
|
901
|
|
8,855
|
|
1.3
|
%
|
|
871
|
|
8,252
|
|
1.2
|
%
|
|
1,295
|
|
10,912
|
|
1.7
|
%
|
|
1,119
|
|
9,510
|
|
1.5
|
%
|
|
818
|
|
6,793
|
|
1.1
|
%
|
Commercial real
estate loans
|
|
40
|
|
5,898
|
|
0.2
|
%
|
|
58
|
|
20,303
|
|
0.8
|
%
|
|
53
|
|
8,315
|
|
0.3
|
%
|
|
27
|
|
5,753
|
|
0.2
|
%
|
|
38
|
|
4,629
|
|
0.2
|
%
|
Commercial
loans
|
|
24
|
|
1,000
|
|
0.2
|
%
|
|
35
|
|
2,912
|
|
0.5
|
%
|
|
26
|
|
1,865
|
|
0.3
|
%
|
|
16
|
|
746
|
|
0.1
|
%
|
|
20
|
|
1,378
|
|
0.2
|
%
|
Total loans
delinquent 30 days to 59 days
|
|
1,485
|
|
$
|
24,408
|
|
0.3
|
%
|
|
1,960
|
|
$
|
67,564
|
|
0.9
|
%
|
|
2,758
|
|
$
|
56,465
|
|
0.7
|
%
|
|
2,442
|
|
$
|
29,175
|
|
0.4
|
%
|
|
1,632
|
|
$
|
21,536
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 60
days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
62
|
|
$
|
5,847
|
|
0.2
|
%
|
|
21
|
|
$
|
1,943
|
|
0.1
|
%
|
|
75
|
|
$
|
6,235
|
|
0.2
|
%
|
|
84
|
|
$
|
7,196
|
|
0.3
|
%
|
|
72
|
|
$
|
6,320
|
|
0.2
|
%
|
Home equity
loans
|
|
73
|
|
2,495
|
|
0.2
|
%
|
|
52
|
|
2,040
|
|
0.2
|
%
|
|
72
|
|
2,871
|
|
0.2
|
%
|
|
73
|
|
2,390
|
|
0.2
|
%
|
|
44
|
|
1,522
|
|
0.1
|
%
|
Consumer finance
loans
|
|
127
|
|
277
|
|
3.2
|
%
|
|
109
|
|
233
|
|
1.9
|
%
|
|
412
|
|
1,113
|
|
6.0
|
%
|
|
831
|
|
2,190
|
|
8.1
|
%
|
|
276
|
|
759
|
|
1.7
|
%
|
Consumer
loans
|
|
350
|
|
2,654
|
|
0.4
|
%
|
|
296
|
|
2,259
|
|
0.3
|
%
|
|
463
|
|
3,351
|
|
0.5
|
%
|
|
473
|
|
3,283
|
|
0.5
|
%
|
|
347
|
|
2,475
|
|
0.4
|
%
|
Commercial real
estate loans
|
|
28
|
|
3,689
|
|
0.1
|
%
|
|
23
|
|
1,809
|
|
0.1
|
%
|
|
25
|
|
2,539
|
|
0.1
|
%
|
|
22
|
|
7,666
|
|
0.3
|
%
|
|
14
|
|
3,368
|
|
0.1
|
%
|
Commercial
loans
|
|
15
|
|
926
|
|
0.2
|
%
|
|
7
|
|
196
|
|
—
|
%
|
|
10
|
|
441
|
|
0.1
|
%
|
|
9
|
|
196
|
|
—
|
%
|
|
9
|
|
199
|
|
—
|
%
|
Total loans
delinquent 60 days to 89 days
|
|
655
|
|
$
|
15,888
|
|
0.2
|
%
|
|
508
|
|
$
|
8,480
|
|
0.1
|
%
|
|
1,057
|
|
$
|
16,550
|
|
0.2
|
%
|
|
1,492
|
|
$
|
22,921
|
|
0.3
|
%
|
|
762
|
|
$
|
14,643
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 90
days or more: **
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
140
|
|
$
|
12,293
|
|
0.4
|
%
|
|
127
|
|
$
|
10,791
|
|
0.4
|
%
|
|
158
|
|
$
|
13,890
|
|
0.5
|
%
|
|
143
|
|
$
|
12,190
|
|
0.4
|
%
|
|
145
|
|
$
|
12,053
|
|
0.4
|
%
|
Home equity
loans
|
|
154
|
|
6,768
|
|
0.5
|
%
|
|
148
|
|
6,750
|
|
0.5
|
%
|
|
177
|
|
7,349
|
|
0.6
|
%
|
|
150
|
|
6,397
|
|
0.5
|
%
|
|
126
|
|
5,800
|
|
0.4
|
%
|
Consumer finance
loans
|
|
8
|
|
15
|
|
0.2
|
%
|
|
7
|
|
3
|
|
—
|
%
|
|
74
|
|
199
|
|
1.1
|
%
|
|
124
|
|
332
|
|
1.2
|
%
|
|
188
|
|
536
|
|
1.2
|
%
|
Consumer
loans
|
|
302
|
|
2,633
|
|
0.4
|
%
|
|
659
|
|
2,939
|
|
0.4
|
%
|
|
719
|
|
3,627
|
|
0.6
|
%
|
|
428
|
|
3,254
|
|
0.5
|
%
|
|
299
|
|
2,285
|
|
0.4
|
%
|
Commercial real
estate loans
|
|
113
|
|
15,772
|
|
0.6
|
%
|
|
106
|
|
16,723
|
|
0.7
|
%
|
|
109
|
|
16,284
|
|
0.7
|
%
|
|
113
|
|
23,310
|
|
1.0
|
%
|
|
108
|
|
22,044
|
|
0.9
|
%
|
Commercial
loans
|
|
31
|
|
2,925
|
|
0.5
|
%
|
|
35
|
|
3,144
|
|
0.5
|
%
|
|
37
|
|
3,140
|
|
0.5
|
%
|
|
45
|
|
4,177
|
|
0.7
|
%
|
|
39
|
|
3,642
|
|
0.6
|
%
|
Total loans
delinquent 90 days or more
|
|
748
|
|
$
|
40,406
|
|
0.5
|
%
|
|
1,082
|
|
$
|
40,350
|
|
0.5
|
%
|
|
1,274
|
|
$
|
44,489
|
|
0.6
|
%
|
|
1,003
|
|
$
|
49,660
|
|
0.6
|
%
|
|
905
|
|
$
|
46,360
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
delinquent
|
|
2,888
|
|
$
|
80,702
|
|
1.0
|
%
|
|
3,550
|
|
$
|
116,394
|
|
1.5
|
%
|
|
5,089
|
|
$
|
117,504
|
|
1.5
|
%
|
|
4,937
|
|
$
|
101,756
|
|
1.3
|
%
|
|
3,299
|
|
$
|
82,539
|
|
1.1
|
%
|
|
*
|
Represents
delinquency, in dollars, divided by the respective total amount of
that type of loan outstanding.
|
**
|
Includes purchased
credit impaired loans of $672,000, $760,000, $1.4 million, $1.2
million, and $1.2 million at June 30, 2018, March 31, 2018,
December 31, 2017, September 30, 2017 and June 30, 2017,
respectively.
|
Northwest
Bancshares, Inc. and Subsidiaries
|
Allowance for loan
losses (Unaudited)
|
(Dollars in
thousands)
|
|
|
|
Quarter ended
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
Beginning
balance
|
$
|
55,211
|
|
|
56,795
|
|
|
56,927
|
|
|
62,885
|
|
|
61,104
|
|
Provision
|
5,349
|
|
|
4,209
|
|
|
6,525
|
|
|
3,027
|
|
|
5,562
|
|
Charge-offs
residential mortgage
|
(389)
|
|
|
(201)
|
|
|
(162)
|
|
|
(215)
|
|
|
(372)
|
|
Charge-offs home
equity
|
(406)
|
|
|
(611)
|
|
|
(393)
|
|
|
(528)
|
|
|
(689)
|
|
Charge-offs consumer
finance
|
(486)
|
|
|
(1,553)
|
|
|
(2,900)
|
|
|
(3,891)
|
|
|
(782)
|
|
Charge-offs
consumer
|
(2,682)
|
|
|
(3,249)
|
|
|
(3,322)
|
|
|
(3,002)
|
|
|
(2,735)
|
|
Charge-offs
commercial real estate
|
(439)
|
|
|
(551)
|
|
|
(1,470)
|
|
|
(1,901)
|
|
|
(329)
|
|
Charge-offs
commercial
|
(491)
|
|
|
(1,025)
|
|
|
(785)
|
|
|
(509)
|
|
|
(929)
|
|
Recoveries
|
1,665
|
|
|
1,397
|
|
|
2,375
|
|
|
1,061
|
|
|
2,055
|
|
Ending
balance
|
$
|
57,332
|
|
|
55,211
|
|
|
56,795
|
|
|
56,927
|
|
|
62,885
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans, annualized
|
0.16
|
%
|
|
0.30
|
%
|
|
0.34
|
%
|
|
0.47
|
%
|
|
0.20
|
%
|
|
Six months ended
June 30,
|
|
2018
|
|
2017
|
Beginning
balance
|
$
|
56,795
|
|
|
60,939
|
|
Provision
|
9,558
|
|
|
10,199
|
|
Charge-offs
residential mortgage
|
(590)
|
|
|
(662)
|
|
Charge-offs home
equity
|
(1,017)
|
|
|
(1,338)
|
|
Charge-offs consumer
finance
|
(2,039)
|
|
|
(1,578)
|
|
Charge-offs
consumer
|
(5,931)
|
|
|
(5,599)
|
|
Charge-offs
commercial real estate
|
(990)
|
|
|
(803)
|
|
Charge-offs
commercial
|
(1,516)
|
|
|
(2,196)
|
|
Recoveries
|
3,062
|
|
|
3,923
|
|
Ending
balance
|
$
|
57,332
|
|
|
62,885
|
|
|
|
|
|
Net charge-offs to
average loans, annualized
|
0.23
|
%
|
|
0.22
|
%
|
|
June 30,
2018
|
|
Originated
loans
|
|
Acquired
loans
|
|
Total
loans
|
|
Balance
|
|
Reserve
|
|
Balance
|
|
Reserve
|
|
Balance
|
|
Reserve
|
Residential mortgage
loans
|
$
|
2,696,660
|
|
3,657
|
|
104,008
|
|
170
|
|
2,800,668
|
|
3,827
|
Home equity
loans
|
1,040,988
|
|
3,839
|
|
235,193
|
|
662
|
|
1,276,181
|
|
4,501
|
Legacy consumer
finance loans
|
8,724
|
|
2,354
|
|
—
|
|
—
|
|
8,724
|
|
2,354
|
Consumer
loans
|
617,074
|
|
9,760
|
|
75,127
|
|
915
|
|
692,201
|
|
10,675
|
Personal Banking
Loans
|
4,363,446
|
|
19,610
|
|
414,328
|
|
1,747
|
|
4,777,774
|
|
21,357
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
2,291,027
|
|
21,019
|
|
262,196
|
|
3,422
|
|
2,553,223
|
|
24,441
|
Commercial
loans
|
555,627
|
|
10,509
|
|
55,746
|
|
1,025
|
|
611,373
|
|
11,534
|
Commercial Banking
Loans
|
2,846,654
|
|
31,528
|
|
317,942
|
|
4,447
|
|
3,164,596
|
|
35,975
|
|
|
|
|
|
|
|
|
|
Total
Loans
|
$
|
7,210,100
|
|
51,138
|
|
732,270
|
|
6,194
|
|
7,942,370
|
|
57,332
|
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
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
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
|
$
|
2,761,528
|
|
|
27,893
|
|
|
4.04
|
%
|
|
$
|
2,756,142
|
|
|
27,973
|
|
|
4.12
|
%
|
|
$
|
2,746,992
|
|
|
28,373
|
|
|
4.13
|
%
|
|
$
|
2,732,546
|
|
|
28,279
|
|
|
4.14
|
%
|
|
$
|
2,721,445
|
|
|
28,245
|
|
|
4.15
|
%
|
Home equity
loans
|
1,281,001
|
|
|
15,384
|
|
|
4.82
|
%
|
|
1,298,780
|
|
|
14,786
|
|
|
4.62
|
%
|
|
1,312,146
|
|
|
15,187
|
|
|
4.59
|
%
|
|
1,299,473
|
|
|
14,694
|
|
|
4.49
|
%
|
|
1,311,274
|
|
|
14,344
|
|
|
4.39
|
%
|
Consumer
loans
|
655,541
|
|
|
7,949
|
|
|
4.86
|
%
|
|
637,691
|
|
|
7,450
|
|
|
4.74
|
%
|
|
633,023
|
|
|
8,004
|
|
|
5.02
|
%
|
|
617,754
|
|
|
7,627
|
|
|
4.90
|
%
|
|
595,170
|
|
|
7,405
|
|
|
4.99
|
%
|
Consumer finance
loans
|
10,428
|
|
|
516
|
|
|
19.79
|
%
|
|
15,254
|
|
|
768
|
|
|
20.14
|
%
|
|
22,469
|
|
|
1,151
|
|
|
20.32
|
%
|
|
33,469
|
|
|
1,433
|
|
|
17.13
|
%
|
|
40,945
|
|
|
2,110
|
|
|
20.61
|
%
|
Commercial real
estate loans
|
2,518,170
|
|
|
29,034
|
|
|
4.56
|
%
|
|
2,471,422
|
|
|
27,384
|
|
|
4.43
|
%
|
|
2,442,528
|
|
|
28,251
|
|
|
4.53
|
%
|
|
2,389,969
|
|
|
27,234
|
|
|
4.46
|
%
|
|
2,430,594
|
|
|
27,071
|
|
|
4.41
|
%
|
Commercial
loans
|
624,087
|
|
|
7,703
|
|
|
4.88
|
%
|
|
595,276
|
|
|
7,160
|
|
|
4.81
|
%
|
|
588,420
|
|
|
6,739
|
|
|
4.48
|
%
|
|
593,143
|
|
|
6,659
|
|
|
4.39
|
%
|
|
554,506
|
|
|
6,087
|
|
|
4.34
|
%
|
Total loans
receivable (a) (b) (d)
|
7,850,755
|
|
|
88,479
|
|
|
4.52
|
%
|
|
7,774,565
|
|
|
85,521
|
|
|
4.46
|
%
|
|
7,745,578
|
|
|
87,705
|
|
|
4.49
|
%
|
|
7,666,354
|
|
|
85,926
|
|
|
4.45
|
%
|
|
7,653,934
|
|
|
85,262
|
|
|
4.47
|
%
|
Mortgage-backed
securities (c)
|
569,893
|
|
|
3,255
|
|
|
2.28
|
%
|
|
558,055
|
|
|
3,013
|
|
|
2.16
|
%
|
|
581,055
|
|
|
3,016
|
|
|
2.08
|
%
|
|
607,454
|
|
|
3,118
|
|
|
2.05
|
%
|
|
592,917
|
|
|
2,987
|
|
|
2.02
|
%
|
Investment securities
(c) (d)
|
235,784
|
|
|
1,044
|
|
|
1.77
|
%
|
|
256,287
|
|
|
1,172
|
|
|
1.83
|
%
|
|
301,268
|
|
|
1,495
|
|
|
1.98
|
%
|
|
352,813
|
|
|
1,690
|
|
|
1.92
|
%
|
|
372,398
|
|
|
1,796
|
|
|
1.93
|
%
|
FHLB stock
|
7,819
|
|
|
85
|
|
|
4.36
|
%
|
|
9,354
|
|
|
97
|
|
|
4.21
|
%
|
|
10,066
|
|
|
78
|
|
|
3.07
|
%
|
|
7,748
|
|
|
63
|
|
|
3.23
|
%
|
|
7,602
|
|
|
50
|
|
|
2.64
|
%
|
Other
interest-earning deposits
|
103,739
|
|
|
469
|
|
|
1.79
|
%
|
|
34,200
|
|
|
135
|
|
|
1.58
|
%
|
|
13,515
|
|
|
59
|
|
|
1.71
|
%
|
|
71,482
|
|
|
243
|
|
|
1.33
|
%
|
|
208,141
|
|
|
536
|
|
|
1.02
|
%
|
Total
interest-earning assets
|
8,767,990
|
|
|
93,332
|
|
|
4.27
|
%
|
|
8,632,461
|
|
|
89,938
|
|
|
4.23
|
%
|
|
8,651,482
|
|
|
92,353
|
|
|
4.24
|
%
|
|
8,705,851
|
|
|
91,040
|
|
|
4.15
|
%
|
|
8,834,992
|
|
|
90,631
|
|
|
4.11
|
%
|
Noninterest earning
assets (e)
|
732,065
|
|
|
|
|
|
|
779,812
|
|
|
|
|
|
|
709,753
|
|
|
|
|
|
|
755,026
|
|
|
|
|
|
|
716,913
|
|
|
|
|
|
Total
assets
|
$
|
9,500,055
|
|
|
|
|
|
|
$
|
9,412,273
|
|
|
|
|
|
|
$
|
9,361,235
|
|
|
|
|
|
|
$
|
9,460,877
|
|
|
|
|
|
|
$
|
9,551,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$
|
1,699,168
|
|
|
773
|
|
|
0.18
|
%
|
|
$
|
1,670,491
|
|
|
749
|
|
|
0.18
|
%
|
|
$
|
1,655,798
|
|
|
763
|
|
|
0.18
|
%
|
|
$
|
1,681,777
|
|
|
776
|
|
|
0.18
|
%
|
|
$
|
1,714,290
|
|
|
768
|
|
|
0.18
|
%
|
Interest-bearing
demand deposits
|
1,468,228
|
|
|
875
|
|
|
0.24
|
%
|
|
1,419,459
|
|
|
603
|
|
|
0.17
|
%
|
|
1,419,352
|
|
|
331
|
|
|
0.09
|
%
|
|
1,435,143
|
|
|
297
|
|
|
0.08
|
%
|
|
1,451,787
|
|
|
283
|
|
|
0.08
|
%
|
Money market deposit
accounts
|
1,691,652
|
|
|
1,211
|
|
|
0.29
|
%
|
|
1,706,800
|
|
|
1,053
|
|
|
0.25
|
%
|
|
1,734,444
|
|
|
1,017
|
|
|
0.23
|
%
|
|
1,789,082
|
|
|
1,048
|
|
|
0.23
|
%
|
|
1,839,693
|
|
|
1,064
|
|
|
0.23
|
%
|
Time
deposits
|
1,440,457
|
|
|
4,450
|
|
|
1.24
|
%
|
|
1,415,247
|
|
|
4,053
|
|
|
1.16
|
%
|
|
1,421,569
|
|
|
3,860
|
|
|
1.08
|
%
|
|
1,449,830
|
|
|
3,674
|
|
|
1.01
|
%
|
|
1,518,650
|
|
|
3,711
|
|
|
0.98
|
%
|
Borrowed funds
(f)
|
104,415
|
|
|
50
|
|
|
0.19
|
%
|
|
133,231
|
|
|
124
|
|
|
0.38
|
%
|
|
159,599
|
|
|
187
|
|
|
0.46
|
%
|
|
106,282
|
|
|
49
|
|
|
0.18
|
%
|
|
126,685
|
|
|
55
|
|
|
0.17
|
%
|
Junior subordinated
debentures
|
111,213
|
|
|
1,290
|
|
|
4.59
|
%
|
|
111,213
|
|
|
1,184
|
|
|
4.26
|
%
|
|
111,213
|
|
|
1,163
|
|
|
4.09
|
%
|
|
111,213
|
|
|
1,150
|
|
|
4.05
|
%
|
|
111,213
|
|
|
1,185
|
|
|
4.22
|
%
|
Total
interest-bearing liabilities
|
6,515,133
|
|
|
8,649
|
|
|
0.53
|
%
|
|
6,456,441
|
|
|
7,766
|
|
|
0.49
|
%
|
|
6,501,975
|
|
|
7,321
|
|
|
0.45
|
%
|
|
6,573,327
|
|
|
6,994
|
|
|
0.42
|
%
|
|
6,762,318
|
|
|
7,066
|
|
|
0.42
|
%
|
Noninterest-bearing
demand deposits (g)
|
1,676,344
|
|
|
|
|
|
|
1,606,247
|
|
|
|
|
|
|
1,599,834
|
|
|
|
|
|
|
1,573,112
|
|
|
|
|
|
|
1,544,953
|
|
|
|
|
|
Noninterest bearing
liabilities
|
92,252
|
|
|
|
|
|
|
143,608
|
|
|
|
|
|
|
57,956
|
|
|
|
|
|
|
116,021
|
|
|
|
|
|
|
59,277
|
|
|
|
|
|
Total
liabilities
|
8,283,729
|
|
|
|
|
|
|
8,206,296
|
|
|
|
|
|
|
8,159,765
|
|
|
|
|
|
|
8,262,460
|
|
|
|
|
|
|
8,366,548
|
|
|
|
|
|
Shareholders'
equity
|
1,216,326
|
|
|
|
|
|
|
1,205,977
|
|
|
|
|
|
|
1,201,470
|
|
|
|
|
|
|
1,198,417
|
|
|
|
|
|
|
1,185,357
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
9,500,055
|
|
|
|
|
|
|
$
|
9,412,273
|
|
|
|
|
|
|
$
|
9,361,235
|
|
|
|
|
|
|
$
|
9,460,877
|
|
|
|
|
|
|
$
|
9,551,905
|
|
|
|
|
|
Net interest income/
Interest rate spread
|
|
|
84,683
|
|
|
3.74
|
%
|
|
|
|
82,172
|
|
|
3.74
|
%
|
|
|
|
85,032
|
|
|
3.79
|
%
|
|
|
|
84,046
|
|
|
3.73
|
%
|
|
|
|
83,565
|
|
|
3.69
|
%
|
Net interest-earning
assets/ Net interest margin
|
$
|
2,252,857
|
|
|
|
|
3.86
|
%
|
|
$
|
2,176,020
|
|
|
|
|
3.86
|
%
|
|
$
|
2,149,507
|
|
|
|
|
3.93
|
%
|
|
$
|
2,132,524
|
|
|
|
|
3.86
|
%
|
|
$
|
2,072,674
|
|
|
|
|
3.78
|
%
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.35X
|
|
|
|
|
|
|
1.34X
|
|
|
|
|
|
|
1.33X
|
|
|
|
|
|
|
1.32X
|
|
|
|
|
|
|
1.31X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 0.37%, 0.33%, 0.30%, 0.29 % and 0.29%,
respectively.
|
(h)
|
Shown on a FTE basis.
GAAP basis yields for the periods indicated were: Loans - 4.50%,
4.45%, 4.46%, 4.42%, and 4.44%, respectively, Investment
securities - 1.63%, 1.67%, 1.66%, 1.62%, and 1.62%,
respectively, Interest-earning assets - 4.25%, 4.21%, 4.20%,
4.11%,
and 4.08%, respectively. GAAP basis net interest rate spreads were
3.72 %, 3.72%, 3.75%, 3.69%, and 3.66%, respectively, and
GAAP basis net interest margins were 3.84%, 3.84%, 3.89%, 3.82%,
and 3.75%, 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.
|
|
|
Six months ended
June 30,
|
|
2018
|
|
2017
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
|
Average
balance
|
|
Interest
|
|
Avg.
yield/
cost (h)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
2,758,849
|
|
|
55,612
|
|
|
4.03
|
%
|
|
$
|
2,720,180
|
|
|
55,554
|
|
|
4.08
|
%
|
Home equity
loans
|
1,289,842
|
|
|
30,369
|
|
|
4.75
|
%
|
|
1,321,902
|
|
|
28,545
|
|
|
4.35
|
%
|
Consumer
loans
|
646,666
|
|
|
15,451
|
|
|
4.82
|
%
|
|
588,043
|
|
|
14,623
|
|
|
5.01
|
%
|
Consumer finance
loans
|
12,828
|
|
|
1,284
|
|
|
20.02
|
%
|
|
43,683
|
|
|
4,593
|
|
|
21.03
|
%
|
Commercial real
estate loans
|
2,494,925
|
|
|
56,214
|
|
|
4.48
|
%
|
|
2,443,262
|
|
|
53,633
|
|
|
4.37
|
%
|
Commercial
loans
|
609,752
|
|
|
15,070
|
|
|
4.92
|
%
|
|
538,760
|
|
|
11,602
|
|
|
4.28
|
%
|
Loans receivable
(a) (b) (d)
|
7,812,862
|
|
|
174,000
|
|
|
4.49
|
%
|
|
7,655,830
|
|
|
168,550
|
|
|
4.44
|
%
|
Mortgage-backed
securities (c)
|
564,007
|
|
|
6,268
|
|
|
2.22
|
%
|
|
532,631
|
|
|
5,209
|
|
|
1.96
|
%
|
Investment securities
(c) (d)
|
245,979
|
|
|
2,216
|
|
|
1.80
|
%
|
|
375,093
|
|
|
3,677
|
|
|
1.96
|
%
|
FHLB stock
|
8,582
|
|
|
182
|
|
|
4.28
|
%
|
|
7,454
|
|
|
109
|
|
|
2.95
|
%
|
Other
interest-earning deposits
|
68,970
|
|
|
604
|
|
|
1.74
|
%
|
|
257,427
|
|
|
1,196
|
|
|
0.92
|
%
|
Total
interest-earning assets
|
8,700,400
|
|
|
183,270
|
|
|
4.25
|
%
|
|
8,828,435
|
|
|
178,741
|
|
|
4.08
|
%
|
Noninterest earning
assets (e)
|
755,764
|
|
|
|
|
|
|
751,774
|
|
|
|
|
|
Total
assets
|
$
|
9,456,164
|
|
|
|
|
|
|
$
|
9,580,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$
|
1,684,909
|
|
|
1,522
|
|
|
0.18
|
%
|
|
$
|
1,708,441
|
|
|
1,524
|
|
|
0.18
|
%
|
Interest-bearing
demand deposits
|
1,443,981
|
|
|
1,477
|
|
|
0.21
|
%
|
|
1,437,112
|
|
|
399
|
|
|
0.06
|
%
|
Money market deposit
accounts
|
1,699,222
|
|
|
2,264
|
|
|
0.27
|
%
|
|
1,859,383
|
|
|
2,138
|
|
|
0.23
|
%
|
Time
deposits
|
1,427,921
|
|
|
8,504
|
|
|
1.20
|
%
|
|
1,545,959
|
|
|
7,230
|
|
|
0.94
|
%
|
Borrowed funds
(f)
|
118,743
|
|
|
173
|
|
|
0.29
|
%
|
|
131,750
|
|
|
112
|
|
|
0.17
|
%
|
Junior subordinated
debentures
|
111,213
|
|
|
2,475
|
|
|
4.43
|
%
|
|
111,213
|
|
|
2,353
|
|
|
4.21
|
%
|
Total
interest-bearing liabilities
|
6,485,989
|
|
|
16,415
|
|
|
0.51
|
%
|
|
6,793,858
|
|
|
13,756
|
|
|
0.41
|
%
|
Noninterest-bearing
demand deposits (g)
|
1,641,493
|
|
|
|
|
|
|
1,525,723
|
|
|
|
|
|
Noninterest bearing
liabilities
|
117,530
|
|
|
|
|
|
|
82,997
|
|
|
|
|
|
Total
liabilities
|
8,245,012
|
|
|
|
|
|
|
8,402,578
|
|
|
|
|
|
Shareholders'
equity
|
1,211,152
|
|
|
|
|
|
|
1,177,631
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
9,456,164
|
|
|
|
|
|
|
$
|
9,580,209
|
|
|
|
|
|
Net interest income/
Interest rate spread
|
|
|
166,855
|
|
|
3.74
|
%
|
|
|
|
164,985
|
|
|
3.67
|
%
|
Net interest-earning
assets/ Net interest margin
|
$
|
2,214,411
|
|
|
|
|
3.84
|
%
|
|
$
|
2,034,577
|
|
|
|
|
3.74
|
%
|
Ratio of
interest-earning assets to interest-
bearing liabilities
|
1.34X
|
|
|
|
|
|
|
1.30X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 0.35% and 0.28%, respectively.
|
(h)
|
Shown on a FTE basis.
GAAP basis yields for the periods indicated were: Loans - 4.47% and
4.41%, respectively, Investment securities - 1.65%
and 1.64%, respectively, Interest-earning assets - 4.23% and
4.04%, respectively. GAAP basis net interest rate spreads were
3.72% and 3.64%,
respectively, and GAAP basis net interest margins were 3.82% and
3.70%, respectively.
|
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SOURCE Northwest Bancshares, Inc.