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COLUMBUS, Ohio, Oct. 24, 2022 /PRNewswire/ -- Northwest Bancshares, Inc., (the "Company"), (NasdaqGS: NWBI) announced net income for the quarter ended September 30, 2022 of $37.3 million, or $0.29 per diluted share. This represents an increase of $2.2 million, or 6.4%, compared to the same quarter last year, when net income was $35.1 million, or $0.27 per diluted share. The annualized returns on average shareholders' equity and average assets for the quarter ended September 30, 2022 were 9.84% and 1.05% compared to 8.86% and 0.97% for the quarter ended September 30, 2021.
The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share payable on November 14, 2022 to shareholders of record as of November 3, 2022. This is the 112th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company's common stock as of September 30, 2022, this represents an annualized dividend yield of approximately 5.9%.
Louis J. Torchio, President and CEO, added, "We are very pleased with the positive results in the current quarter beginning with the expansion of our net interest margin by 35 basis points as a result of both an increase in market interest rates and the deployment of our remaining excess liquidity into higher yielding interest-earning assets. The loan growth momentum seen during the second quarter carried into the current quarter with the generation of organic loan growth of approximately $241.7 million, or 2.3%, augmented by the purchase of a $67.0 million small business equipment finance pool. We are also pleased to report a continued favorable trend in expense management during the year with our efficiency ratio improving to 58.4% during the current quarter."
Mr. Torchio continued, "Asset quality metrics continue to improve with nonperforming and classified assets dropping to $84.4 million and $237.7 million, respectively. However, due to a deterioration in economic forecasts, we recorded a provision for credit losses of $7.7 million for the quarter, which is more consistent with our historic averages. Total delinquency continues to remain low at 0.4% of total loans and we experienced a total net recovery of $3.8 million in the current quarter primarily from the recovery of a previously charged-off commercial real estate loan."
Net interest income increased by $14.3 million, or 14.6%, to $112.7 million for the quarter ended September 30, 2022, from $98.4 million for the quarter ended September 30, 2021. This increase in net interest income is due to both the increase in market interest rates and the change in our interest-earning asset mix. Interest-earning deposits were deployed into higher yielding loans and investments, which caused the yield on interest-earning assets to increase to 3.60% for the quarter ended September 30, 2022 from 3.15% for the quarter ended September 30, 2021. The net effect of the changes in interest rates and average balances was an increase in the Company's net interest margin to 3.42% for the quarter ended September 30, 2022, from 2.97% for the same quarter last year.
The provision for credit losses increased by $12.0 million, or 276.6%, to $7.7 million for the quarter ended September 30, 2022 from a provision credit of $4.4 million for the quarter ended September 30, 2021. This increase was primarily due to growth within our loan portfolio during the current year in conjunction with forecasted economic deterioration reflected in our allowance for credit loss models. The Company continued to experience improvement in asset quality as classified loans decreased by $146.6 million, or 38.1%, to $237.7 million, or 2.2% of total loans, at September 30, 2022, from $384.4 million, or 3.8% of total loans, at September 30, 2021. Total delinquent loans also decreased to $44.7 million, or 0.4% of loans receivable, at September 30, 2022 from $64.0 million, or 0.6% of loans receivable, at September 30, 2021. In addition, the Company experienced a total net recovery during the current quarter of $3.8 million, or 0.14% on an annualized basis, compared to a net charge-off of $3.2 million, or 0.12% on an annualized basis, during the same quarter last year for an overall net improvement of $7.0 million.
Noninterest income decreased by $2.4 million, or 8.2%, to $26.8 million for the quarter ended September 30, 2022, from $29.2 million for the quarter ended September 30, 2021. This decrease was primarily due to a decline in our mortgage banking income of $3.2 million, or 80.6%, to $766,000 for the quarter ended September 30, 2022 from $3.9 million for the quarter ended September 30, 2021. This decrease reflects the impact of less favorable pricing in the secondary market, due primarily to the volatile interest rate environment, as well as decreased mortgage volumes. Partially offsetting this decrease was an increase in service charges and fee income of $1.1 million, or 8.5%, to $14.3 million for the quarter ended September 30, 2022 from $13.2 million for the quarter ended September 30, 2021 as customer activity increased in 2022 after COVID-19 restricted behavior in the prior year.
Noninterest expense decreased by $3.5 million, or 4.1%, to $82.6 million for the quarter ended September 30, 2022 from $86.1 million for the quarter ended September 30, 2021. Almost all expense categories decreased as the Company continues to focus on controlling costs and improving efficiency. Contributing to the decrease was a $2.4 million, or 4.8%, decrease in compensation and employee benefits to $46.7 million for the quarter ended September 30, 2022 from $49.1 million for the quarter ended September 30, 2021 due to branch consolidations completed in April 2022. Also contributing to this favorable variance was a $932,000, or 21.7%, decrease in professional services to $3.4 million for the quarter ended September 30, 2022 from $4.3 million for the quarter ended September 30, 2021 due to the increased use of third-party consulting services during the prior year. Partially offsetting these decreases was an increase in other expenses of $1.7 million, or 75.4%, to $3.9 million for the quarter ended September 30, 2022 from $2.2 million for the quarter ended September 30, 2021 due to an increase in our unfunded loan loss reserve associated with the origination of loans with current off balance sheet exposure.
The provision for income taxes increased by $1.2 million, or 11.0%, to $12.0 million for the quarter ended September 30, 2022 from $10.8 million for the quarter ended September 30, 2021 due primarily to an increase in income before taxes in the current year.
Headquartered in Columbus, Ohio, Northwest Bancshares, Inc. is the bank holding company of Northwest Bank. Founded in 1896 and headquartered in Warren, Pennsylvania, Northwest Bank is a full-service financial institution offering a complete line of business and personal banking products, as well as treasury management solutions and wealth management services. As of September 30, 2022, Northwest operated 142 full-service community banking offices and eight free standing drive-through facilities in Pennsylvania, New York, Ohio and Indiana. 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.
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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 inflation and 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; (7) increased risk associated with commercial real-estate and business loans; and (8) the effect of any pandemic, including COVID-19, war or act of terrorism. 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 SubsidiariesConsolidated Statements of Financial Condition (Unaudited)(dollars in thousands, except per share amounts) | |||||
September 30,2022 | December 31,2021 | September 30,2021 | |||
Assets | |||||
Cash and cash equivalents | $ 118,549 | 1,279,259 | 1,090,485 | ||
Marketable securities available-for-sale (amortized cost of $1,466,883, $1,565,002 and $1,587,105, respectively) | 1,251,791 | 1,548,592 | 1,583,715 | ||
Marketable securities held-to-maturity (fair value of $771,238, $751,513 and $609,777, respectively) | 899,411 | 768,154 | 618,395 | ||
Total cash and cash equivalents and marketable securities | 2,269,751 | 3,596,005 | 3,292,595 | ||
Residential mortgage loans held-for-sale | 15,834 | 25,056 | 27,411 | ||
Residential mortgage loans | 3,386,064 | 2,969,564 | 2,962,110 | ||
Home equity loans | 1,284,989 | 1,319,931 | 1,350,348 | ||
Consumer loans | 2,116,238 | 1,838,748 | 1,816,836 | ||
Commercial real estate loans | 2,812,830 | 3,015,484 | 3,162,551 | ||
Commercial loans | 1,125,570 | 847,609 | 879,712 | ||
Total loans receivable | 10,741,525 | 10,016,392 | 10,198,968 | ||
Allowance for credit losses | (109,819) | (102,241) | (109,767) | ||
Loans receivable, net | 10,631,706 | 9,914,151 | 10,089,201 | ||
FHLB stock, at cost | 19,281 | 14,184 | 14,567 | ||
Accrued interest receivable | 29,536 | 25,599 | 26,995 | ||
Real estate owned, net | 450 | 873 | 809 | ||
Premises and equipment, net | 146,173 | 156,524 | 155,740 | ||
Bank-owned life insurance | 255,015 | 256,213 | 254,871 | ||
Goodwill | 380,997 | 380,997 | 380,997 | ||
Other intangible assets, net | 9,491 | 12,836 | 14,041 | ||
Other assets | 210,744 | 144,126 | 159,419 | ||
Total assets | $ 13,953,144 | 14,501,508 | 14,389,235 | ||
Liabilities and shareholders' equity | |||||
Liabilities | |||||
Noninterest-bearing demand deposits | $ 3,094,120 | 3,099,526 | 3,052,115 | ||
Interest-bearing demand deposits | 2,812,730 | 2,940,442 | 2,926,351 | ||
Money market deposit accounts | 2,577,013 | 2,629,882 | 2,584,424 | ||
Savings deposits | 2,327,419 | 2,303,760 | 2,271,496 | ||
Time deposits | 1,067,110 | 1,327,555 | 1,387,827 | ||
Total deposits | 11,878,392 | 12,301,165 | 12,222,213 | ||
Borrowed funds | 150,036 | 139,093 | 126,496 | ||
Subordinated debt | 113,753 | 123,575 | 123,486 | ||
Junior subordinated debentures | 129,249 | 129,054 | 128,989 | ||
Advances by borrowers for taxes and insurance | 29,647 | 44,582 | 26,951 | ||
Accrued interest payable | 831 | 1,804 | 589 | ||
Other liabilities | 191,450 | 178,664 | 198,743 | ||
Total liabilities | 12,493,358 | 12,917,937 | 12,827,467 | ||
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, 126,921,989, 126,612,183 and 126,521,344 shares issued and outstanding, respectively | 1,269 | 1,266 | 1,265 | ||
Additional paid-in capital | 1,017,189 | 1,010,405 | 1,008,099 | ||
Retained earnings | 632,476 | 609,529 | 604,787 | ||
Accumulated other comprehensive loss | (191,148) | (37,629) | (52,383) | ||
Total shareholders' equity | 1,459,786 | 1,583,571 | 1,561,768 | ||
Total liabilities and shareholders' equity | $ 13,953,144 | 14,501,508 | 14,389,235 | ||
Equity to assets | 10.46 % | 10.92 % | 10.85 % | ||
Tangible common equity to assets* | 7.88 % | 8.43 % | 8.34 % | ||
Book value per share | $ 11.50 | 12.51 | 12.34 | ||
Tangible book value per share* | $ 8.42 | 9.40 | 9.22 | ||
Closing market price per share | $ 13.51 | 14.16 | 13.28 | ||
Full time equivalent employees | 2,191 | 2,332 | 2,404 | ||
Number of banking offices | 150 | 170 | 170 | ||
* Excludes goodwill and other intangible assets (non-GAAP). |
Northwest Bancshares, Inc. and SubsidiariesConsolidated Statements of Income (Unaudited)(dollars in thousands, except per share amounts) | |||||||||
Quarter ended | |||||||||
September 30,2022 | June 30,2022 | March 31,2022 | December 31,2021 | September 30,2021 | |||||
Interest income: | |||||||||
Loans receivable | $ 106,943 | 95,574 | 88,174 | 95,295 | 97,475 | ||||
Mortgage-backed securities | 8,683 | 7,158 | 6,360 | 5,743 | 5,840 | ||||
Taxable investment securities | 838 | 715 | 677 | 640 | 649 | ||||
Tax-free investment securities | 709 | 683 | 674 | 688 | 628 | ||||
FHLB stock dividends | 148 | 82 | 81 | 82 | 71 | ||||
Interest-earning deposits | 1,295 | 1,684 | 467 | 467 | 352 | ||||
Total interest income | 118,616 | 105,896 | 96,433 | 102,915 | 105,015 | ||||
Interest expense: | |||||||||
Deposits | 3,157 | 3,341 | 3,751 | 4,295 | 4,540 | ||||
Borrowed funds | 2,710 | 2,290 | 2,059 | 1,964 | 2,056 | ||||
Total interest expense | 5,867 | 5,631 | 5,810 | 6,259 | 6,596 | ||||
Net interest income | 112,749 | 100,265 | 90,623 | 96,656 | 98,419 | ||||
Provision for credit losses | 7,689 | 2,629 | (1,481) | (1,909) | (4,354) | ||||
Net interest income after provision for credit losses | 105,060 | 97,636 | 92,104 | 98,565 | 102,773 | ||||
Noninterest income: | |||||||||
Loss on sale of investments | (2) | (3) | (2) | (4) | (46) | ||||
Service charges and fees | 14,323 | 13,673 | 13,067 | 13,500 | 13,199 | ||||
Trust and other financial services income | 6,650 | 7,461 | 7,012 | 6,820 | 7,182 | ||||
Insurance commission income | — | — | — | — | 44 | ||||
Gain/(loss) on real estate owned, net | 290 | 291 | (29) | 71 | 247 | ||||
Income from bank-owned life insurance | 1,475 | 2,008 | 1,983 | 1,343 | 1,332 | ||||
Mortgage banking income | 766 | 2,157 | 1,465 | 2,120 | 3,941 | ||||
Other operating income | 3,301 | 4,861 | 2,244 | 3,192 | 3,287 | ||||
Total noninterest income | 26,803 | 30,448 | 25,740 | 27,042 | 29,186 | ||||
Noninterest expense: | |||||||||
Compensation and employee benefits | 46,711 | 48,073 | 46,917 | 48,691 | 49,063 | ||||
Premises and occupancy costs | 7,171 | 7,280 | 7,797 | 7,104 | 7,745 | ||||
Office operations | 3,229 | 3,162 | 3,383 | 3,144 | 4,143 | ||||
Collections expense | 322 | 403 | 520 | 602 | 411 | ||||
Processing expenses | 13,416 | 12,947 | 12,548 | 13,639 | 13,517 | ||||
Marketing expenses | 2,147 | 2,047 | 2,128 | 2,054 | 2,102 | ||||
Federal deposit insurance premiums | 1,200 | 1,130 | 1,129 | 1,131 | 1,184 | ||||
Professional services | 3,363 | 3,333 | 2,573 | 4,513 | 4,295 | ||||
Amortization of intangible assets | 1,047 | 1,115 | 1,183 | 1,205 | 1,321 | ||||
Real estate owned expense | 61 | 72 | 37 | 44 | 94 | ||||
Merger, asset disposition and restructuring expense | — | — | 1,374 | 2,812 | — | ||||
Other expenses | 3,906 | 5,245 | 2,355 | 1,346 | 2,227 | ||||
Total noninterest expense | 82,573 | 84,807 | 81,944 | 86,285 | 86,102 | ||||
Income before income taxes | 49,290 | 43,277 | 35,900 | 39,322 | 45,857 | ||||
Income tax expense | 11,986 | 9,851 | 7,613 | 9,266 | 10,794 | ||||
Net income | $ 37,304 | 33,426 | 28,287 | 30,056 | 35,063 | ||||
Basic earnings per share | $ 0.29 | 0.26 | 0.22 | 0.24 | 0.28 | ||||
Diluted earnings per share | $ 0.29 | 0.26 | 0.22 | 0.24 | 0.27 | ||||
Annualized return on average equity | 9.84 % | 8.90 % | 7.17 % | 7.65 % | 8.86 % | ||||
Annualized return on average assets | 1.05 % | 0.94 % | 0.80 % | 0.82 % | 0.97 % | ||||
Annualized return on tangible common equity * | 13.84 % | 12.16 % | 10.14 % | 10.02 % | 11.92 % | ||||
Efficiency ratio ** | 58.42 % | 64.03 % | 68.22 % | 66.51 % | 66.44 % | ||||
Annualized noninterest expense to average assets *** | 2.30 % | 2.35 % | 2.23 % | 2.25 % | 2.33 % | ||||
* | Excludes goodwill and other intangible assets (non-GAAP). |
** | Excludes gain on sale of insurance business, amortization of intangible assets and merger, asset disposition and restructuring expenses (non-GAAP). |
*** | Excludes amortization of intangible assets and merger, asset disposition and restructuring expenses (non-GAAP). |
Northwest Bancshares, Inc. and SubsidiariesConsolidated Statements of Income (Unaudited)(dollars in thousands, except per share amounts) | |||
Nine months ended September 30, | |||
2022 | 2021 | ||
Interest income: | |||
Loans receivable | $ 290,691 | 295,048 | |
Mortgage-backed securities | 22,201 | 15,720 | |
Taxable investment securities | 2,230 | 1,976 | |
Tax-free investment securities | 2,066 | 1,797 | |
FHLB stock dividends | 311 | 325 | |
Interest-earning deposits | 3,446 | 727 | |
Total interest income | 320,945 | 315,593 | |
Interest expense: | |||
Deposits | 10,249 | 14,827 | |
Borrowed funds | 7,059 | 6,160 | |
Total interest expense | 17,308 | 20,987 | |
Net interest income | 303,637 | 294,606 | |
Provision for credit losses | 8,837 | (9,974) | |
Net interest income after provision for credit losses | 294,800 | 304,580 | |
Noninterest income: | |||
Loss on sale of investments | (7) | (172) | |
Service charges and fees | 41,063 | 38,337 | |
Trust and other financial services income | 21,123 | 21,101 | |
Insurance commission income | — | 3,633 | |
Gain on real estate owned, net | 552 | 371 | |
Income from bank-owned life insurance | 5,466 | 4,707 | |
Mortgage banking income | 4,388 | 13,772 | |
Gain on sale of insurance business | — | 25,327 | |
Other operating income | 10,406 | 8,771 | |
Total noninterest income | 82,991 | 115,847 | |
Noninterest expense: | |||
Compensation and employee benefits | 141,701 | 145,196 | |
Premises and occupancy costs | 22,248 | 23,969 | |
Office operations | 9,774 | 10,625 | |
Collections expense | 1,245 | 1,330 | |
Processing expenses | 38,911 | 42,124 | |
Marketing expenses | 6,322 | 6,183 | |
Federal deposit insurance premiums | 3,459 | 3,844 | |
Professional services | 9,269 | 13,108 | |
Amortization of intangible assets | 3,345 | 4,348 | |
Real estate owned expense | 170 | 254 | |
Merger, asset disposition and restructuring expense | 1,374 | 641 | |
Other expenses | 11,506 | 7,003 | |
Total noninterest expense | 249,324 | 258,625 | |
Income before income taxes | 128,467 | 161,802 | |
Income tax expense | 29,450 | 37,535 | |
Net income | $ 99,017 | 124,267 | |
Basic earnings per share | $ 0.78 | 0.98 | |
Diluted earnings per share | $ 0.78 | 0.97 | |
Annualized return on average equity | 8.61 % | 10.67 % | |
Annualized return on average assets | 0.93 % | 1.17 % | |
Annualized return on tangible common equity * | 12.38 % | 14.24 % | |
Efficiency ratio ** | 63.27 % | 65.86 % | |
Annualized noninterest expense to average assets *** | 2.30 % | 2.38 % | |
* | Excludes goodwill and other intangible assets (non-GAAP). |
** | Excludes gain on sale of insurance business, amortization of intangible assets and merger, asset disposition and restructuring expenses (non-GAAP). |
*** | Excludes amortization of intangible assets and merger, asset disposition and restructuring expenses (non-GAAP). |
Northwest Bancshares, Inc. and SubsidiariesAsset Quality (Unaudited)(dollars in thousands) | |||||||||
September 30,2022 | June 30,2022 | March 31,2022 | December 31,2021 | September 30,2021 | |||||
Nonaccrual loans current: | |||||||||
Residential mortgage loans | $ 2,186 | 1,970 | 1,884 | 1,354 | 2,015 | ||||
Home equity loans | 1,158 | 1,337 | 1,376 | 1,212 | 1,267 | ||||
Consumer loans | 833 | 976 | 1,148 | 1,336 | 1,465 | ||||
Commercial real estate loans | 56,193 | 60,537 | 79,810 | 106,233 | 111,075 | ||||
Commercial loans | 1,801 | 5,270 | 6,060 | 6,098 | 17,021 | ||||
Total nonaccrual loans current | $ 62,171 | 70,090 | 90,278 | 116,233 | 132,843 | ||||
Nonaccrual loans delinquent 30 days to 59 days: | |||||||||
Residential mortgage loans | $ 54 | 2 | 760 | 244 | 99 | ||||
Home equity loans | 316 | 172 | 195 | 223 | 328 | ||||
Consumer loans | 155 | 158 | 190 | 241 | 152 | ||||
Commercial real estate loans | 55 | 911 | 333 | 239 | 205 | ||||
Commercial loans | 237 | 358 | 4 | 53 | 102 | ||||
Total nonaccrual loans delinquent 30 days to 59 days | $ 817 | 1,601 | 1,482 | 1,000 | 886 | ||||
Nonaccrual loans delinquent 60 days to 89 days: | |||||||||
Residential mortgage loans | $ 32 | 199 | 830 | 1,163 | 527 | ||||
Home equity loans | 432 | 566 | 371 | 61 | 142 | ||||
Consumer loans | 382 | 226 | 280 | 292 | 291 | ||||
Commercial real estate loans | 848 | 630 | — | 364 | 419 | ||||
Commercial loans | 132 | 73 | — | 218 | 170 | ||||
Total nonaccrual loans delinquent 60 days to 89 days | $ 1,826 | 1,694 | 1,481 | 2,098 | 1,549 | ||||
Nonaccrual loans delinquent 90 days or more: | |||||||||
Residential mortgage loans | $ 5,544 | 5,445 | 3,976 | 7,641 | 8,069 | ||||
Home equity loans | 1,779 | 2,081 | 2,968 | 4,262 | 4,745 | ||||
Consumer loans | 2,031 | 1,942 | 1,782 | 2,069 | 2,184 | ||||
Commercial real estate loans | 8,821 | 14,949 | 21,399 | 24,063 | 25,562 | ||||
Commercial loans | 638 | 583 | 795 | 1,105 | 1,104 | ||||
Total nonaccrual loans delinquent 90 days or more | $ 18,813 | 25,000 | 30,920 | 39,140 | 41,664 | ||||
Total nonaccrual loans | $ 83,627 | 98,385 | 124,161 | 158,471 | 176,942 | ||||
Total nonaccrual loans | $ 83,627 | 98,385 | 124,161 | 158,471 | 176,942 | ||||
Loans 90 days past due and still accruing | 357 | 379 | 420 | 331 | 386 | ||||
Nonperforming loans | 83,984 | 98,764 | 124,581 | 158,802 | 177,328 | ||||
Real estate owned, net | 450 | 1,205 | 929 | 873 | 809 | ||||
Nonperforming assets | $ 84,434 | 99,969 | 125,510 | 159,675 | 178,137 | ||||
Nonaccrual troubled debt restructuring * | $ 30,406 | 37,647 | 16,015 | 17,216 | 12,858 | ||||
Accruing troubled debt restructuring | 16,344 | 16,590 | 12,686 | 13,072 | 13,664 | ||||
Total troubled debt restructuring | $ 46,750 | 54,237 | 28,701 | 30,288 | 26,522 | ||||
Nonperforming loans to total loans | 0.78 % | 0.95 % | 1.23 % | 1.59 % | 1.74 % | ||||
Nonperforming assets to total assets | 0.61 % | 0.71 % | 0.87 % | 1.10 % | 1.24 % | ||||
Allowance for credit losses to total loans | 1.02 % | 0.94 % | 0.98 % | 1.02 % | 1.08 % | ||||
Allowance for total loans excluding PPP loan balances | 1.02 % | 0.95 % | 0.98 % | 1.03 % | 1.09 % | ||||
Allowance for credit losses to nonperforming loans | 130.76 % | 99.59 % | 79.70 % | 64.38 % | 61.90 % | ||||
* Amounts included in nonperforming loans above. |
Northwest Bancshares, Inc. and SubsidiariesLoans by Credit Quality Indicators (Unaudited)(dollars in thousands) | ||||||||||||
At September 30, 2022 | Pass | Special mention * | Substandard ** | Doubtful | Loss | Loans receivable | ||||||
Personal Banking: | ||||||||||||
Residential mortgage loans | $ 3,388,168 | — | 13,730 | — | — | 3,401,898 | ||||||
Home equity loans | 1,279,968 | — | 5,021 | — | — | 1,284,989 | ||||||
Consumer loans | 2,112,478 | — | 3,760 | — | — | 2,116,238 | ||||||
Total Personal Banking | 6,780,614 | — | 22,511 | — | — | 6,803,125 | ||||||
Commercial Banking: | ||||||||||||
Commercial real estate loans | 2,589,648 | 34,684 | 188,498 | — | — | 2,812,830 | ||||||
Commercial loans | 1,094,830 | 4,004 | 26,736 | — | — | 1,125,570 | ||||||
Total Commercial Banking | 3,684,478 | 38,688 | 215,234 | — | — | 3,938,400 | ||||||
Total loans | $ 10,465,092 | 38,688 | 237,745 | — | — | 10,741,525 | ||||||
At June 30, 2022 | ||||||||||||
Personal Banking: | ||||||||||||
Residential mortgage loans | $ 3,273,117 | — | 13,658 | — | — | 3,286,775 | ||||||
Home equity loans | 1,275,124 | — | 5,368 | — | — | 1,280,492 | ||||||
Consumer loans | 1,998,863 | — | 3,682 | — | — | 2,002,545 | ||||||
Total Personal Banking | 6,547,104 | — | 22,708 | — | — | 6,569,812 | ||||||
Commercial Banking: | ||||||||||||
Commercial real estate loans | 2,600,207 | 51,540 | 224,429 | — | — | 2,876,176 | ||||||
Commercial loans | 954,129 | 2,468 | 30,239 | — | — | 986,836 | ||||||
Total Commercial Banking | 3,554,336 | 54,008 | 254,668 | — | — | 3,863,012 | ||||||
Total loans | $ 10,101,440 | 54,008 | 277,376 | — | — | 10,432,824 | ||||||
At March 31, 2022 | ||||||||||||
Personal Banking: | ||||||||||||
Residential mortgage loans | $ 3,108,366 | — | 13,523 | — | — | 3,121,889 | ||||||
Home equity loans | 1,280,342 | — | 6,178 | — | — | 1,286,520 | ||||||
Consumer loans | 1,892,162 | — | 3,819 | — | — | 1,895,981 | ||||||
Total Personal Banking | 6,280,870 | — | 23,520 | — | — | 6,304,390 | ||||||
Commercial Banking: | ||||||||||||
Commercial real estate loans | 2,633,808 | 62,091 | 263,994 | — | — | 2,959,893 | ||||||
Commercial loans | 839,125 | 3,277 | 32,349 | — | — | 874,751 | ||||||
Total Commercial Banking | 3,472,933 | 65,368 | 296,343 | — | — | 3,834,644 | ||||||
Total loans | $ 9,753,803 | 65,368 | 319,863 | — | — | 10,139,034 | ||||||
At December 31, 2021 | ||||||||||||
Personal Banking: | ||||||||||||
Residential mortgage loans | $ 2,978,080 | — | 16,540 | — | — | 2,994,620 | ||||||
Home equity loans | 1,312,820 | — | 7,111 | — | — | 1,319,931 | ||||||
Consumer loans | 1,834,478 | — | 4,270 | — | — | 1,838,748 | ||||||
Total Personal Banking | 6,125,378 | — | 27,921 | — | — | 6,153,299 | ||||||
Commercial Banking: | ||||||||||||
Commercial real estate loans | 2,639,676 | 74,123 | 301,685 | — | — | 3,015,484 | ||||||
Commercial loans | 808,323 | 5,730 | 33,556 | — | — | 847,609 | ||||||
Total Commercial Banking | 3,447,999 | 79,853 | 335,241 | — | — | 3,863,093 | ||||||
Total loans | $ 9,573,377 | 79,853 | 363,162 | — | — | 10,016,392 | ||||||
At September 30, 2021 | ||||||||||||
Personal Banking: | ||||||||||||
Residential mortgage loans | $ 2,972,489 | — | 17,032 | — | — | 2,989,521 | ||||||
Home equity loans | 1,342,479 | — | 7,869 | — | — | 1,350,348 | ||||||
Consumer loans | 1,812,360 | — | 4,476 | — | — | 1,816,836 | ||||||
Total Personal Banking | 6,127,328 | — | 29,377 | — | — | 6,156,705 | ||||||
Commercial Banking: | ||||||||||||
Commercial real estate loans | 2,799,592 | 63,034 | 299,925 | — | — | 3,162,551 | ||||||
Commercial loans | 813,665 | 10,976 | 55,071 | — | — | 879,712 | ||||||
Total Commercial Banking | 3,613,257 | 74,010 | 354,996 | — | — | 4,042,263 | ||||||
Total loans | $ 9,740,585 | 74,010 | 384,373 | — | — | 10,198,968 | ||||||
* | Includes $4.5 million, $7.4 million, $4.4 million, $14.9 million, and $16.7 million of acquired loans at September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, respectively. |
** | Includes $51.4 million, $59.3 million, $71.9 million, $81.5 million, and $110.4 million of acquired loans at September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, respectively. |
Northwest Bancshares, Inc. and SubsidiariesLoan Delinquency (Unaudited)(dollars in thousands) | |||||||||||||||||||||||||||||
September 30,2022 | * | June 30,2022 | * | March 31,2022 | * | December 31,2021 | * | September 30,2021 | * | ||||||||||||||||||||
(Number of loans and dollar amount of loans) | |||||||||||||||||||||||||||||
Loans delinquent 30 days to 59 days: | |||||||||||||||||||||||||||||
Residential mortgage loans | 26 | $ 1,052 | — % | 20 | $ 785 | — % | 281 | $ 24,057 | 0.8 % | 277 | $ 20,567 | 0.7 % | 17 | $ 765 | — % | ||||||||||||||
Home equity loans | 88 | 3,278 | 0.3 % | 107 | 3,664 | 0.3 % | 105 | 3,867 | 0.3 % | 112 | 3,153 | 0.2 % | 101 | 3,351 | 0.2 % | ||||||||||||||
Consumer loans | 549 | 6,546 | 0.3 % | 563 | 6,898 | 0.3 % | 523 | 6,043 | 0.3 % | 589 | 6,536 | 0.4 % | 576 | 6,146 | 0.3 % | ||||||||||||||
Commercial real estate loans | 13 | 1,332 | — % | 26 | 2,701 | 0.1 % | 25 | 3,643 | 0.1 % | 17 | 17,065 | 0.6 % | 19 | 2,004 | 0.1 % | ||||||||||||||
Commercial loans | 48 | 2,582 | 0.2 % | 24 | 1,486 | 0.2 % | 16 | 1,268 | 0.1 % | 12 | 193 | — % | 10 | 692 | 0.1 % | ||||||||||||||
Total loans delinquent 30 days to 59 days | 724 | $ 14,790 | 0.1 % | 740 | $ 15,534 | 0.1 % | 950 | $ 38,878 | 0.4 % | 1,007 | $ 47,514 | 0.5 % | 723 | $ 12,958 | 0.1 % | ||||||||||||||
Loans delinquent 60 days to 89 days: | |||||||||||||||||||||||||||||
Residential mortgage loans | 51 | $ 4,320 | 0.1 % | 61 | $ 5,941 | 0.2 % | 24 | $ 1,950 | 0.1 % | 59 | $ 5,433 | 0.2 % | 55 | $ 4,907 | 0.2 % | ||||||||||||||
Home equity loans | 36 | 1,227 | 0.1 % | 28 | 952 | 0.1 % | 28 | 1,138 | 0.1 % | 30 | 949 | 0.1 % | 29 | 1,024 | 0.1 % | ||||||||||||||
Consumer loans | 223 | 2,663 | 0.1 % | 178 | 1,460 | 0.1 % | 159 | 1,839 | 0.1 % | 195 | 2,006 | 0.1 % | 180 | 1,757 | 0.1 % | ||||||||||||||
Commercial real estate loans | 13 | 1,741 | 0.1 % | 9 | 1,472 | 0.1 % | 1 | 112 | — % | 5 | 769 | — % | 8 | 1,170 | — % | ||||||||||||||
Commercial loans | 14 | 808 | 0.1 % | 6 | 341 | — % | 3 | 103 | — % | 10 | 727 | 0.1 % | 2 | 170 | — % | ||||||||||||||
Total loans delinquent 60 days to 89 days | 337 | $ 10,759 | 0.1 % | 282 | $ 10,166 | 0.1 % | 215 | $ 5,142 | 0.1 % | 299 | $ 9,884 | 0.1 % | 274 | $ 9,028 | 0.1 % | ||||||||||||||
Loans delinquent 90 days or more: ** | |||||||||||||||||||||||||||||
Residential mortgage loans | 64 | $ 5,544 | 0.2 % | 63 | $ 5,445 | 0.2 % | 47 | $ 3,976 | 0.1 % | 87 | $ 7,641 | 0.3 % | 95 | $ 8,069 | 0.3 % | ||||||||||||||
Home equity loans | 65 | 1,779 | 0.1 % | 69 | 2,081 | 0.2 % | 91 | 2,968 | 0.2 % | 105 | 4,262 | 0.3 % | 119 | 4,745 | 0.4 % | ||||||||||||||
Consumer loans | 289 | 2,388 | 0.1 % | 286 | 2,321 | 0.1 % | 287 | 2,202 | 0.1 % | 296 | 2,400 | 0.1 % | 308 | 2,568 | 0.1 % | ||||||||||||||
Commercial real estate loans | 22 | 8,821 | 0.3 % | 31 | 14,949 | 0.5 % | 41 | 21,399 | 0.7 % | 52 | 24,063 | 0.8 % | 59 | 25,562 | 0.8 % | ||||||||||||||
Commercial loans | 11 | 638 | 0.1 % | 10 | 583 | 0.1 % | 10 | 795 | 0.1 % | 8 | 1,105 | 0.1 % | 10 | 1,104 | 0.1 % | ||||||||||||||
Total loans delinquent 90 days or more | 451 | $ 19,170 | 0.2 % | 459 | $ 25,379 | 0.2 % | 476 | $ 31,340 | 0.3 % | 548 | $ 39,471 | 0.4 % | 591 | $ 42,048 | 0.4 % | ||||||||||||||
Total loans delinquent | 1,512 | $ 44,719 | 0.4 % | 1,481 | $ 51,079 | 0.5 % | 1,641 | $ 75,360 | 0.7 % | 1,854 | $ 96,869 | 1.0 % | 1,588 | $ 64,034 | 0.6 % | ||||||||||||||
* | Represents delinquency, in dollars, divided by the respective total amount of that type of loan outstanding. |
** | Includes purchased credit deteriorated loans of $783,000, $6.3 million, $7.1 million, $7.3 million, and $8.4 million at September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, respectively. |
Northwest Bancshares, Inc. and SubsidiariesAllowance for Credit Losses (Unaudited)(dollars in thousands) | |||||||||
Quarter ended | |||||||||
September 30,2022 | June 30,2022 | March 31,2022 | December 31,2021 | September 30,2021 | |||||
Beginning balance | $ 98,355 | 99,295 | 102,241 | 109,767 | 117,330 | ||||
Provision | 7,689 | 2,629 | (1,481) | (1,909) | (4,354) | ||||
Charge-offs residential mortgage | (166) | (138) | (1,183) | (784) | (1,263) | ||||
Charge-offs home equity | (535) | (255) | (447) | (1,299) | (1,474) | ||||
Charge-offs consumer | (2,341) | (1,912) | (1,723) | (2,897) | (2,148) | ||||
Charge-offs commercial real estate | (1,329) | (4,392) | (1,024) | (2,652) | (1,581) | ||||
Charge-offs commercial | (243) | (329) | (681) | (2,586) | (412) | ||||
Recoveries | 8,389 | 3,457 | 3,593 | 4,601 | 3,669 | ||||
Ending balance | $ 109,819 | 98,355 | 99,295 | 102,241 | 109,767 | ||||
Net (recoveries)/charge-offs to average loans, annualized | (0.14) % | 0.14 % | 0.06 % | 0.22 % | 0.12 % | ||||
Nine months ended September 30, | |||
2022 | 2021 | ||
Beginning balance | $ 102,241 | 134,427 | |
Provision | 8,837 | (9,974) | |
Charge-offs residential mortgage | (1,487) | (2,888) | |
Charge-offs home equity | (1,237) | (2,081) | |
Charge-offs consumer | (5,976) | (7,152) | |
Charge-offs commercial real estate | (6,745) | (10,171) | |
Charge-offs commercial | (1,253) | (1,627) | |
Recoveries | 15,439 | 9,233 | |
Ending balance | $ 109,819 | 109,767 | |
Net charge-offs to average loans, annualized | 0.02 % | 0.19 % | |
Northwest Bancshares, Inc. and SubsidiariesAverage 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 | |||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | |||||||||||||||||||||||||
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 | $ 3,331,173 | 29,414 | 3.53 % | $ 3,171,469 | 27,327 | 3.45 % | $ 2,980,788 | 25,542 | 3.43 % | $ 2,977,942 | 25,269 | 3.39 % | $ 2,959,794 | 25,398 | 3.43 % | ||||||||||||||
Home equity loans | 1,274,918 | 13,658 | 4.25 % | 1,277,440 | 11,961 | 3.76 % | 1,293,986 | 11,472 | 3.60 % | 1,328,553 | 11,750 | 3.51 % | 1,356,131 | 11,993 | 3.51 % | ||||||||||||||
Consumer loans | 1,981,754 | 17,256 | 3.45 % | 1,880,769 | 15,777 | 3.36 % | 1,799,037 | 14,907 | 3.36 % | 1,756,620 | 15,514 | 3.50 % | 1,728,563 | 16,220 | 3.72 % | ||||||||||||||
Commercial real estate loans | 2,842,597 | 34,158 | 4.70 % | 2,915,750 | 31,844 | 4.32 % | 3,000,204 | 29,757 | 3.97 % | 3,113,924 | 34,062 | 4.28 % | 3,205,839 | 35,305 | 4.31 % | ||||||||||||||
Commercial loans | 1,050,124 | 12,978 | 4.84 % | 912,454 | 9,090 | 3.94 % | 824,770 | 6,897 | 3.34 % | 855,998 | 9,154 | 4.18 % | 975,603 | 9,096 | 3.65 % | ||||||||||||||
Total loans receivable (a) (b) (d) | 10,480,566 | 107,464 | 4.07 % | 10,157,882 | 95,999 | 3.79 % | 9,898,785 | 88,575 | 3.63 % | 10,033,037 | 95,749 | 3.79 % | 10,225,930 | 98,012 | 3.80 % | ||||||||||||||
Mortgage-backed securities (c) | 2,019,715 | 8,683 | 1.72 % | 1,952,375 | 7,158 | 1.47 % | 1,945,173 | 6,360 | 1.31 % | 1,894,683 | 5,743 | 1.21 % | 1,832,876 | 5,840 | 1.27 % | ||||||||||||||
Investment securities (c) (d) | 388,755 | 1,762 | 1.81 % | 376,935 | 1,590 | 1.69 % | 373,694 | 1,540 | 1.65 % | 358,558 | 1,535 | 1.71 % | 348,619 | 1,466 | 1.68 % | ||||||||||||||
FHLB stock, at cost | 14,028 | 148 | 4.19 % | 13,428 | 82 | 2.44 % | 13,870 | 81 | 2.38 % | 14,459 | 82 | 2.25 % | 21,607 | 71 | 1.31 % | ||||||||||||||
Other interest-earning deposits | 253,192 | 1,295 | 2.00 % | 846,142 | 1,684 | 0.79 % | 1,218,960 | 467 | 0.15 % | 1,168,449 | 467 | 0.16 % | 905,130 | 352 | 0.15 % | ||||||||||||||
Total interest-earning assets | 13,156,256 | 119,352 | 3.60 % | 13,346,762 | 106,513 | 3.20 % | 13,450,482 | 97,023 | 2.93 % | 13,469,186 | 103,576 | 3.05 % | 13,334,162 | 105,741 | 3.15 % | ||||||||||||||
Noninterest-earning assets (e) | 896,663 | 909,943 | 973,092 | 1,004,905 | 1,074,122 | ||||||||||||||||||||||||
Total assets | $ 14,052,919 | $ 14,256,705 | $ 14,423,574 | $ 14,474,091 | $ 14,408,284 | ||||||||||||||||||||||||
Liabilities and shareholders' equity: | |||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||
Savings deposits | $ 2,350,248 | 594 | 0.10 % | $ 2,361,919 | 589 | 0.10 % | $ 2,334,494 | 592 | 0.10 % | $ 2,282,606 | 622 | 0.11 % | $ 2,271,365 | 603 | 0.11 % | ||||||||||||||
Interest-bearing demand deposits | 2,794,338 | 360 | 0.05 % | 2,857,336 | 310 | 0.04 % | 2,875,430 | 321 | 0.05 % | 2,933,466 | 411 | 0.06 % | 2,890,905 | 414 | 0.06 % | ||||||||||||||
Money market deposit accounts | 2,620,850 | 692 | 0.10 % | 2,653,467 | 668 | 0.10 % | 2,668,105 | 653 | 0.10 % | 2,618,177 | 656 | 0.10 % | 2,565,159 | 637 | 0.10 % | ||||||||||||||
Time deposits | 1,110,906 | 1,511 | 0.54 % | 1,220,815 | 1,774 | 0.58 % | 1,292,608 | 2,185 | 0.69 % | 1,356,513 | 2,606 | 0.76 % | 1,423,041 | 2,886 | 0.80 % | ||||||||||||||
Borrowed funds (f) | 127,073 | 239 | 0.75 % | 123,749 | 167 | 0.54 % | 135,289 | 158 | 0.47 % | 135,038 | 159 | 0.47 % | 131,199 | 154 | 0.47 % | ||||||||||||||
Subordinated debt | 113,695 | 1,149 | 4.04 % | 119,563 | 1,203 | 4.03 % | 123,608 | 1,250 | 4.05 % | 123,514 | 1,180 | 3.82 % | 123,513 | 1,277 | 4.10 % | ||||||||||||||
Junior subordinated debentures | 129,207 | 1,322 | 4.00 % | 129,142 | 920 | 2.82 % | 129,077 | 651 | 2.02 % | 129,012 | 625 | 1.89 % | 128,946 | 625 | 1.90 % | ||||||||||||||
Total interest-bearing liabilities | 9,246,317 | 5,867 | 0.25 % | 9,465,991 | 5,631 | 0.24 % | 9,558,611 | 5,810 | 0.25 % | 9,578,326 | 6,259 | 0.26 % | 9,534,128 | 6,596 | 0.27 % | ||||||||||||||
Noninterest-bearing demand deposits (g) | 3,093,490 | 3,090,372 | 3,060,698 | 3,093,518 | 3,058,819 | ||||||||||||||||||||||||
Noninterest-bearing liabilities | 209,486 | 193,510 | 203,537 | 242,620 | 244,402 | ||||||||||||||||||||||||
Total liabilities | 12,549,293 | 12,749,873 | 12,822,846 | 12,914,464 | 12,837,349 | ||||||||||||||||||||||||
Shareholders' equity | 1,503,626 | 1,506,832 | 1,600,728 | 1,559,627 | 1,570,935 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ 14,052,919 | $ 14,256,705 | $ 14,423,574 | $ 14,474,091 | $ 14,408,284 | ||||||||||||||||||||||||
Net interest income/Interest rate spread | 113,485 | 3.35 % | 100,882 | 2.96 % | 91,213 | 2.68 % | 97,317 | 2.79 % | 99,145 | 2.87 % | |||||||||||||||||||
Net interest-earning assets/Net interest margin | $ 3,909,939 | 3.42 % | $ 3,880,771 | 3.07 % | $ 3,891,871 | 2.75 % | $ 3,890,860 | 2.89 % | $ 3,800,034 | 2.97 % | |||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.42X | 1.41X | 1.41X | 1.41X | 1.40X | ||||||||||||||||||||||||
(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 ("FTE") 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 0.11%, 0.11%, 0.12%, 0.14%, and 0.15%, respectively. |
(h) | Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans — 4.05%, 3.77%, 3.61%, 3.77%, and 3.79%, respectively, Investment securities — 1.59%, 1.48%, 1.45%, 1.48%, and 1.47%, respectively, Interest-earning assets — 3.58%, 3.18%, 2.91%, 3.03%, and 3.13%, respectively. GAAP basis net interest rate spreads were 3.33%, 2.94%, 2.66%, 2.77%, and 2.86%, respectively, and GAAP basis net interest margins were 3.40%, 3.05%, 2.73%, 2.87%, and 2.95%, respectively. |
Northwest Bancshares, Inc. and SubsidiariesAverage Balance Sheet (Unaudited)(in thousands) | |||||||||||
The following table sets forth certain information relating to the Company's average balance sheet and reflects the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated. Such yields and costs are derived by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented. Average balances are calculated using daily averages. | |||||||||||
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | ||||||
Assets | |||||||||||
Interest-earning assets: | |||||||||||
Residential mortgage loans | $ 3,162,758 | 82,282 | 3.47 % | $ 2,967,248 | 77,373 | 3.48 % | |||||
Home equity loans | 1,282,045 | 37,443 | 3.90 % | 1,389,367 | 37,039 | 3.55 % | |||||
Consumer loans | 1,887,843 | 47,588 | 3.37 % | 1,594,834 | 45,341 | 3.79 % | |||||
Commercial real estate loans | 2,918,940 | 95,813 | 4.33 % | 3,258,785 | 107,124 | 4.32 % | |||||
Commercial loans | 929,942 | 28,981 | 4.11 % | 1,099,010 | 29,640 | 3.54 % | |||||
Loans receivable (a) (b) (d) | 10,181,528 | 292,107 | 3.84 % | 10,309,244 | 296,517 | 3.83 % | |||||
Mortgage-backed securities (c) | 1,972,694 | 22,201 | 1.50 % | 1,639,749 | 15,720 | 1.28 % | |||||
Investment securities (c) (d) | 379,850 | 4,923 | 1.73 % | 348,193 | 4,313 | 1.65 % | |||||
FHLB stock, at cost | 13,776 | 311 | 3.02 % | 22,174 | 325 | 1.95 % | |||||
Other interest-earning deposits | 753,482 | 3,447 | 0.60 % | 838,997 | 727 | 0.11 % | |||||
Total interest-earning assets | 13,301,330 | 322,989 | 3.25 % | 13,158,357 | 317,602 | 3.22 % | |||||
Noninterest-earning assets (e) | 941,947 | 1,094,117 | |||||||||
Total assets | $ 14,243,277 | $ 14,252,474 | |||||||||
Liabilities and shareholders' equity | |||||||||||
Interest-bearing liabilities: | |||||||||||
Savings deposits | $ 2,348,944 | 1,758 | 0.10 % | $ 2,215,553 | 1,818 | 0.11 % | |||||
Interest-bearing demand deposits | 2,842,071 | 1,008 | 0.05 % | 2,838,822 | 1,250 | 0.06 % | |||||
Money market deposit accounts | 2,647,301 | 2,067 | 0.10 % | 2,533,676 | 1,914 | 0.10 % | |||||
Time deposits | 1,207,444 | 5,416 | 0.60 % | 1,499,583 | 9,845 | 0.87 % | |||||
Borrowed funds (f) | 131,368 | 563 | 0.57 % | 135,369 | 458 | 0.45 % | |||||
Subordinated debt | 118,919 | 3,603 | 4.04 % | 123,438 | 3,799 | 4.10 % | |||||
Junior subordinated debentures | 129,142 | 2,893 | 2.95 % | 128,882 | 1,903 | 1.94 % | |||||
Total interest-bearing liabilities | 9,425,189 | 17,308 | 0.25 % | 9,475,323 | 20,987 | 0.30 % | |||||
Noninterest-bearing demand deposits (g) | 3,081,640 | 2,967,672 | |||||||||
Noninterest-bearing liabilities | 199,742 | 252,587 | |||||||||
Total liabilities | 12,706,571 | 12,695,582 | |||||||||
Shareholders' equity | 1,536,706 | 1,556,892 | |||||||||
Total liabilities and shareholders' equity | $ 14,243,277 | $ 14,252,474 | |||||||||
Net interest income/Interest rate spread | 305,681 | 3.00 % | 296,615 | 2.92 % | |||||||
Net interest-earning assets/Net interest margin | $ 3,876,141 | 3.07 % | $ 3,683,034 | 3.01 % | |||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.41X | 1.39X | |||||||||
(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 were 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 ("FTE") 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 0.11% and 0.16%, respectively. |
(h) | Shown on a FTE basis. GAAP basis yields were: Loans — 3.82% and 3.82%, respectively; Investment securities — 1.51% and 1.44%, respectively; Interest-earning assets — 3.23% and 3.20%, respectively. GAAP basis net interest rate spreads were 2.98% and 2.91%, respectively; and GAAP basis net interest margins were 3.05% and 2.99%, respectively. |
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SOURCE Northwest Bancshares, Inc.
