Northwest Bancshares, Inc. Announces First Quarter 2024 Earnings and Quarterly Dividend

About this update from Northwest Bancshares, Inc.

118th consecutive quarterly dividend of $0.20 per share declared. COLUMBUS, Ohio , April 22, 2024 /PRNewswire/ -- Northwest Bancshares, Inc. , (the "Company"), (NasdaqGS: NWBI) announced net income for the quarter ended March 31, 2024 of $29 million , or $0.23 per diluted share. This represents a decrease of $5 million , or 13%, compared to the same quarter last year, when net income was $34 million , or $0.26 per diluted share. The annualized returns on average shareholders' equity and average assets for the quarter ended March 31, 2024 were 7.57% and 0.81% compared to 9.11% and 0.97% for the same quarter last year. The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share payable on May 15, 2024 to shareholders of record as of May 2, 2024 . This is the 118th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company's common stock as of March 31, 2024 , this represents an annualized dividend yield of approximately 6.9%. The Company is announcing its intentions to pursue a limited, strategic repositioning of the securities portfolio to optimize its balance sheet by liquidating lower-yielding securities in an effort to generate additional future earnings. This initiative will be accomplished through the sale of up to 15% of the Company's investment securities portfolio. The securities losses recognized will be limited to $40 million , equivalent to approximately $30 million after tax. The Company expects a yield pickup of 375-400 basis points from the repositioning and will look to manage the payback period so that it will be approximately three years. The characteristics of investment securities to be sold have an average yield less than 2.00% with a remaining maturity of greater than four years. The proceeds will be used to reduce borrowings in the short term while also opportunistically reinvesting into securities with similar risk, maturity and duration characteristics. Louis J. Torchio , President and CEO, added, "As part of the Company's ongoing efforts to enhance future profitability, we have proactively chosen to reposition our securities portfolio. By executing this strategic securities transaction, we will significantly improve the Company's future earnings potential while simultaneously maintaining our robust capital levels and liquidity. This strategic move aligns with our commitment to long-term financial stability and growth, ensuring that we are well-positioned to capitalize on future opportunities and navigate any potential challenges in the market." "In addition, we are proud of our first quarter earnings, which demonstrate our focus and commitment to achieving solid results in a challenging environment. Our strong performance is a testament to our robust business model, dedicated team, and the trust of our customers," added Mr. Torchio . "Despite industry headwinds, we have emerged stronger by staying true to our core values, prioritizing growth and transformation, and maintaining a customer-centric approach. Our first quarter results provide a solid foundation for continued growth. We are grateful for the support of our employees, customers, partners, and shareholders. Together, we will continue driving success and shape the future of our organization." Balance Sheet Highlights Quarter ended March 31, 2024 March 31, 2023 Dollar change Percent change Average loans receivable $ 11,345,308 10,887,132 458,176 4.2 % Average investments 2,051,058 2,294,393 (243,335) (10.6) % Average deposits 11,887,954 11,404,035 483,919 4.2 % Average borrowed funds 469,697 740,218 (270,521) (36.5) % Average loans receivable increased 4% from the quarter ended March 31, 2023 driven by commercial loans, which grew by $553 million as we have continued to build-out our commercial lending verticals. Average investments declined 11% from the quarter ended March 31, 2023 . The decline in investments was driven by the sale of investment securities during the prior year. Average deposits grew 4% from the quarter ended March 31, 2023 driven by a $1.404 billion increase in our average time deposits as we continued competitively positioning our deposit products. This increase was partially offset by a decrease in money market balances as customers shifted balances into higher yielding time deposit accounts. Compared to the quarter ending March 31, 2023 , average borrowings saw a significant 37% reduction, primarily attributable to the strategic pay down of wholesale borrowings. This decrease was made possible by a substantial increase in cash reserves, resulting from a notable rise in the average balance of deposits. Income Statement Highlights Quarter ended March 31, 2024 March 31, 2023 Dollar change Percent change Interest income $ 160,239 134,940 25,299 18.7 % Interest expense 57,001 22,476 34,525 153.6 % Net interest income $ 103,238 112,464 (9,226) (8.2) % Net interest margin 3.10 % 3.46 % N/A Net interest income decreased 8%, and net interest margin decreased to 3.10% from the quarter ended March 31, 2023 . This decrease in net interest income resulted primarily from: A $25 million increase in interest income as cash and marketable securities were redeployed into higher yielding loans, which, along with higher market interest rates, caused the yield on loans to improve to 5.33% for the quarter ended March 31, 2024 from 4.63% for the quarter ended March 31, 2023 . A $35 million increase in interest expense as the result of higher costs of deposits and borrowings due to the higher interest rate environment and competitive pressure for liquidity. The cost of interest-bearing liabilities increased to 2.28% for the quarter ended March 31, 2024 from 0.96% for the quarter ended March 31, 2023 . Quarter ended March 31, 2024 March 31, 2023 Dollar change Percent change Provision for credit losses - loans $ 4,234 4,870 (636) (13.1) % Provision for credit losses - unfunded commitments (799) 126 (925) (734.1) % Total provision for credit losses expense $ 3,435 4,996 (1,561) (31.2) % The provision for credit losses decreased by 31% from the quarter ended March 31, 2023 primarily driven by a decline in our reserves for unfunded commitments in the current period based on the timing of origination and funding of commercial construction loans and lines of credit coupled with improvements in the economic forecasts. Additionally, the Company continued to experience low levels of classified loans with a slight increase to $229 million or 1.99% of total loans at March 31, 2024 from $209 million , or 1.88% of total loans, at March 31, 2023 . Quarter ended March 31, 2024 March 31, 2023 Dollar change Percent change Noninterest income: Gain on sale of SBA loans $ 873 279 594 212.9 % Service charges and fees 15,523 13,189 2,334 17.7 % Trust and other financial services income 7,127 6,449 678 10.5 % Gain on real estate owned, net 57 108 (51) (47.2) % Income from bank-owned life insurance 1,502 1,269 233 18.4 % Mortgage banking income 452 524 (72) (13.7) % Other operating income 2,429 2,151 278 12.9 % Total noninterest income $ 27,963 23,969 3,994 16.7 % Noninterest income increased 17% from the quarter ended March 31, 2023 . This increase was primarily due to an increase in service charges and fees driven by deposit-related fees based on customer activity as well as commercial loans fees, gain on sale of SBA loans, and improvements in trust and other financial services income. Quarter ended March 31, 2024 March 31, 2023 Dollar change Percent change Noninterest expense: Personnel expense $ 51,540 46,604 4,936 10.6 % Non personnel expense 38,484 40,846 (2,362) (5.8) % Total noninterest expense $ 90,024 87,450 2,574 2.9 % Noninterest expense increased 3% from the quarter ended March 31, 2023 . This increase primarily resulted from a rise in personnel expense driven by the build-out of the commercial business and related credit, risk management and internal audit support functions over the past year. This was offset by a decrease in non-personnel expense related to a decline in merger, asset disposition and restructuring expense due to the severance and fixed asset charges related to the branch optimization and personnel reduction announced during the fourth quarter of 2022 as well as improvements in marketing expense and professional services expense. The provision for income taxes decreased by $1.7 million , or 17%, to $8.6 million for the quarter ended March 31, 2024 from $10.3 million for the quarter ended March 31, 2023 due primarily to lower income before income taxes. Headquartered in Columbus, Ohio , Northwest Bancshares, Inc. is the bank 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, as well as employee benefits and wealth management services. As of March 31, 2024 , Northwest operated 134 full-service branches 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 . 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; (8) changes in liquidity, including the size and composition of our deposit portfolio; (9) reduction in the value of our goodwill and other intangible assets; and (10) 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 Subsidiaries Consolidated Statements of Financial Condition (Unaudited) (dollars in thousands, except per share amounts) March 31 , 2024 December 31 , 2023 March 31 , 2023 Assets Cash and cash equivalents $ 119,319 122,260 96,497 Marketable securities available-for-sale (amortized cost of $1,298,108 , $1,240,003 and $1,402,805 , respectively) 1,094,009 1,043,359 1,205,510 Marketable securities held-to-maturity (fair value of $680,353 , $699,506 and $750,345 , respectively) 801,107 814,839 866,022 Total cash and cash equivalents and marketable securities 2,014,435 1,980,458 2,168,029 Loans held-for-sale 8,082 8,768 7,006 Residential mortgage loans 3,374,980 3,419,417 3,499,078 Home equity loans 1,196,607 1,227,858 1,281,546 Consumer loans 2,118,367 2,126,027 2,232,133 Commercial real estate loans 3,028,314 2,974,010 2,826,485 Commercial loans 1,774,896 1,658,729 1,246,023 Total loans receivable 11,501,246 11,414,809 11,092,271 Allowance for credit losses (124,897) (125,243) (121,257) Loans receivable, net 11,376,349 11,289,566 10,971,014 FHLB stock, at cost 30,811 30,146 41,519 Accrued interest receivable 50,680 47,353 36,177 Real estate owned, net 50 104 524 Premises and equipment, net 130,565 138,838 140,301 Bank-owned life insurance 252,842 251,895 256,310 Goodwill 380,997 380,997 380,997 Other intangible assets, net 4,589 5,290 7,651 Other assets 268,945 294,458 191,294 Total assets $ 14,510,263 14,419,105 14,193,816 Liabilities and shareholders' equity Liabilities Noninterest-bearing demand deposits $ 2,618,379 2,669,023 2,896,092 Interest-bearing demand deposits 2,557,866 2,634,546 2,541,503 Money market deposit accounts 1,952,537 1,968,218 2,328,050 Savings deposits 2,156,048 2,105,234 2,194,743 Time deposits 2,786,814 2,602,881 1,576,791 Total deposits 12,071,644 11,979,902 11,537,179 Borrowed funds 400,783 398,895 688,641 Subordinated debt 114,276 114,189 113,927 Junior subordinated debentures 129,639 129,574 129,379 Advances by borrowers for taxes and insurance 46,970 45,253 49,893 Accrued interest payable 17,395 13,669 2,236 Other liabilities 177,107 186,306 159,286 Total liabilities 12,957,814 12,867,788 12,680,541 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, 127,253,189, 127,110,453 and 127,065,400 shares issued and outstanding, respectively 1,273 1,271 1,271 Additional paid-in capital 1,026,173 1,024,852 1,020,855 Retained earnings 678,427 674,686 649,672 Accumulated other comprehensive loss (153,424) (149,492) (158,523) Total shareholders' equity 1,552,449 1,551,317 1,513,275 Total liabilities and shareholders' equity $ 14,510,263 14,419,105 14,193,816 Equity to assets 10.70 % 10.76 % 10.66 % Tangible common equity to assets* 8.26 % 8.30 % 8.15 % Book value per share $ 12.20 12.20 11.91 Tangible book value per share* $ 9.17 9.17 8.85 Closing market price per share $ 11.65 12.48 12.03 Full time equivalent employees 2,060 2,098 2,066 Number of banking offices 142 142 150 * Excludes goodwill and other intangible assets (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items. Northwest Bancshares, Inc. and Subsidiaries Consolidated Statements of Income (Unaudited) (dollars in thousands, except per share amounts) Quarter ended March 31 ,2024 December 31 ,2023 September 30 ,2023 June 30 ,2023 March 31 ,2023 Interest income: Loans receivable $ 149,571 146,523 140,667 132,724 123,745 Mortgage-backed securities 7,944 7,951 8,072 8,326 8,537 Taxable investment securities 794 786 786 841 845 Tax-free investment securities 491 492 491 667 700 FHLB stock dividends 607 666 668 844 690 Interest-earning deposits 832 970 914 594 423 Total interest income 160,239 157,388 151,598 143,996 134,940 Interest expense: Deposits 47,686 40,600 31,688 21,817 11,238 Borrowed funds 9,315 10,486 11,542 13,630 11,238 Total interest expense 57,001 51,086 43,230 35,447 22,476 Net interest income 103,238 106,302 108,368 108,549 112,464 Provision for credit losses - loans 4,234 3,801 3,983 6,010 4,870 Provision for credit losses - unfunded commitments (799) 4,145 (2,981) 2,920 126 Net interest income after provision for credit losses 99,803 98,356 107,366 99,619 107,468 Noninterest income: Loss on sale of investments — (1) — (8,306) — Gain on sale of mortgage servicing rights — — — 8,305 — Gain on sale of SBA loans 873 388 301 832 279 Gain on sale of loans — 726 — — — Service charges and fees 15,523 15,922 15,270 14,833 13,189 Trust and other financial services income 7,127 6,884 7,085 6,866 6,449 Gain on real estate owned, net 57 1,084 29 785 108 Income from bank-owned life insurance 1,502 1,454 4,561 1,304 1,269 Mortgage banking income 452 247 632 1,028 524 Other operating income 2,429 2,465 3,010 4,150 2,151 Total noninterest income 27,963 29,169 30,888 29,797 23,969 Noninterest expense: Compensation and employee benefits 51,540 50,194 51,243 47,650 46,604 Premises and occupancy costs 7,627 7,049 7,052 7,579 7,471 Office operations 2,767 3,747 3,398 2,800 3,010 Collections expense 336 328 551 429 387 Processing expenses 14,725 15,017 14,672 14,648 14,350 Marketing expenses 2,149 1,317 2,379 2,856 2,892 Federal deposit insurance premiums 3,023 2,643 2,341 2,064 2,223 Professional services 4,065 6,255 3,002 3,804 4,758 Amortization of intangible assets 701 724 795 842 909 Real estate owned expense 66 51 141 83 181 Merger, asset disposition and restructuring expense 955 2,354 — 1,593 2,802 Other expenses 2,070 997 1,996 1,510 1,863 Total noninterest expense 90,024 90,676 87,570 85,858 87,450 Income before income taxes 37,742 36,849 50,684 43,558 43,987 Income tax expense 8,579 7,835 11,464 10,514 10,308 Net income $ 29,163 29,014 39,220 33,044 33,679 Basic earnings per share $ 0.23 0.23 0.31 0.26 0.27 Diluted earnings per share $ 0.23 0.23 0.31 0.26 0.26 Annualized return on average equity 7.57 % 7.64 % 10.27 % 8.72 % 9.11 % Annualized return on average assets 0.81 % 0.80 % 1.08 % 0.93 % 0.97 % Annualized return on average tangible common equity * 10.08 % 10.28 % 13.80 % 11.71 % 12.31 % Efficiency ratio 68.62 % 66.93 % 62.88 % 62.06 % 64.10 % Efficiency ratio, excluding certain items ** 67.35 % 64.66 % 62.31 % 60.30 % 61.38 % Annualized noninterest expense to average assets 2.51 % 2.51 % 2.42 % 2.42 % 2.51 % Annualized noninterest expense to average assets, excluding certain items** 2.47 % 2.43 % 2.39 % 2.35 % 2.40 % * Excludes goodwill and other intangible assets (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items. ** Excludes amortization of intangible assets and merger, asset disposition and restructuring expenses (non-GAAP).See reconciliation of non-GAAP financial measures for additional information relating to these items. Northwest Bancshares, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited) * (dollars in thousands, except per share amounts) Quarter ended March 31 , 2024 2023 Reconciliation of net income to adjusted net operating income: Net income (GAAP) $ 29,163 33,679 Non-GAAP adjustments Add: merger, asset disposition and restructuring expense 955 2,802 Less: tax benefit of merger, asset disposition and restructuring expense (267) (785) Adjusted net operating income (non-GAAP) $ 29,851 35,696 Diluted earnings per share (GAAP) $ 0.23 0.26 Diluted adjusted operating earnings per share (non-GAAP) $ 0.23 0.28 Average equity $ 1,549,870 1,498,825 Average assets 14,408,612 14,121,496 Annualized return on average equity (GAAP) 7.57 % 9.11 % Annualized return on average assets (GAAP) 0.81 % 0.97 % Annualized return on average equity, excluding merger, asset disposition and restructuring expense, net of tax (non-GAAP) 7.75 % 9.66 % Annualized return on average assets, excluding merger, asset disposition and restructuring expense, net of tax (non-GAAP) 0.83 % 1.03 % The following non-GAAP financial measures used by the Company provide information useful to investors in understanding our operating performance and trends, and facilitate comparisons with the performance of our peers. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company's Consolidated Statements of Financial Condition. March 31 , 2024 December 31 , 2023 March 31 , 2023 Tangible common equity to assets Total shareholders' equity $ 1,552,449 1,551,317 1,513,275 Less: goodwill and intangible assets (385,586) (386,287) (388,648) Tangible common equity $ 1,166,863 1,165,030 1,124,627 Total assets $ 14,510,263 14,419,105 14,193,816 Less: goodwill and intangible assets (385,586) (386,287) (388,648) Tangible assets $ 14,124,677 14,032,818 13,805,168 Tangible common equity to tangible assets 8.26 % 8.30 % 8.15 % Tangible common equity to tangible assets, including unrealized losses on held-to-maturity investments Tangible common equity $ 1,166,863 1,165,030 1,124,627 Less: unrealized losses on held to maturity investments (120,754) (115,334) (115,677) Add: deferred taxes on unrealized losses on held to maturity investments 33,811 32,294 32,390 Tangible common equity, including unrealized losses on held-to-maturity investments $ 1,079,920 1,081,990 1,041,340 Tangible assets $ 14,124,677 14,032,818 13,805,168 Tangible common equity to tangible assets, including unrealized losses on held-to-maturity investments 7.65 % 7.71 % 7.54 % Tangible book value per share Tangible common equity $ 1,166,863 1,165,030 1,124,627 Common shares outstanding 127,253,189 127,110,453 127,065,400 Tangible book value per share 9.17 9.17 8.85 Northwest Bancshares, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited) * (dollars in thousands, except per share amounts) The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company's Consolidated Statements of Income. Quarter ended March 31 , 2024 December 31 , 2023 September 30 , 2023 June 30 , 2023 March 31 , 2023 Annualized return on average tangible common equity Net income $ 29,163 29,014 39,220 33,044 33,679 Average shareholders' equity 1,549,870 1,506,895 1,515,287 1,519,990 1,498,825 Less: average goodwill and intangible assets (386,038) (386,761) (387,523) (388,354) (389,236) Average tangible common equity $ 1,163,832 1,120,134 1,127,764 1,131,636 1,109,589 Annualized return on average tangible common equity 10.08 % 10.28 % 13.80 % 11.71 % 12.31 % Efficiency ratio, excluding amortization and merger, asset disposition and restructuring expenses Non-interest expense $ 90,024 90,676 87,570 85,858 87,450 Less: amortization expense (701) (724) (795) (842) (909) Less: merger, asset disposition and restructuring expenses (955) (2,354) — (1,593) (2,802) Non-interest expense, excluding amortization and merger, assets disposition and restructuring expenses $ 88,368 87,598 86,775 83,423 83,739 Net interest income $ 103,238 106,302 108,368 108,549 112,464 Non-interest income 27,963 29,169 30,888 29,797 23,969 Net interest income plus non-interest income $ 131,201 135,471 139,256 138,346 136,433 Efficiency ratio, excluding amortization and merger, asset disposition and restructuring expenses 67.35 % 64.66 % 62.31 % 60.30 % 61.38 % Annualized non-interest expense to average assets, excluding amortization and merger, asset disposition and restructuring expense Non-interest expense excluding amortization and merger, asset disposition and restructuring expenses $ 88,368 87,598 86,775 83,423 83,739 Average assets 14,408,612 14,329,020 14,379,323 14,245,917 14,121,496 Annualized non-interest expense to average assets, excluding amortization and merger, asset disposition and restructuring expense 2.47 % 2.43 % 2.39 % 2.35 % 2.40 % * The table summarizes the Company's results from operations on a GAAP basis and on an operating (non-GAAP) basis for the periods indicated. Operating results exclude merger, asset disposition and restructuring expense. The net tax effect was calculated using statutory tax rates of approximately 28.0%. The Company believes this non-GAAP presentation provides a meaningful comparison of operational performance and facilitates a more effective evaluation and comparison of results to assess performance in relation to ongoing operations. Northwest Bancshares, Inc. and Subsidiaries Deposits (Unaudited) (dollars in thousands) Generally, deposits in excess of $250,000 are not federally insured. The following table provides details regarding the Company's uninsured deposits portfolio: As of March 31, 2024 Balance Percent of total deposits Number ofrelationships Uninsured deposits per the Call Report (1) $ 2,806,650 23.25 % 4,965 Less intercompany deposit accounts 1,019,792 8.45 % 12 Less collateralized deposit accounts 408,083 3.38 % 255 Uninsured deposits excluding intercompany and collateralized accounts $ 1,378,775 11.42 % 4,698 (1) Uninsured deposits presented may be different from actual amounts due to titling of accounts. Our largest uninsured depositor, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $19.2 million , or 0.16% of total deposits, as of March 31, 2024 . Our top ten largest uninsured depositors, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $103.0 million , or 0.85% of total deposits, as of March 31, 2024 . The average uninsured deposit account balance, excluding intercompany and collateralized accounts, was $293,000 as of March 31, 2024 . The following table provides additional details for the Company's deposit portfolio: As of March 31, 2024 Balance Percent of total deposits Number of accounts Personal noninterest bearing demand deposits $ 1,369,294 11.34 % 287,824 Business noninterest bearing demand deposits 1,249,085 10.35 43,868 Personal interest-bearing demand deposits 1,427,140 11.82 57,909 Business interest-bearing demand deposits 1,130,726 9.37 7,921 Personal money market deposits 1,393,532 11.54 25,156 Business money market deposits 559,005 4.63 2,805 Savings deposits 2,156,048 17.86 194,542 Time deposits 2,786,814 23.09 79,611 Total deposits $ 12,071,644 100.00 % 699,636 Our average deposit account balance as of March 31, 2024 was $17,000 . The Company's insured cash sweep deposit balance was $393.2 million as of March 31, 2024 . The following table provides additional details regarding the Company's deposit portfolio over time: 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 Personal noninterest bearing demand deposits $ 1,413,781 1,412,227 1,428,232 1,397,167 1,375,144 1,357,875 1,369,294 Business noninterest bearing demand deposits 1,680,339 1,581,016 1,467,860 1,423,396 1,399,147 1,311,148 1,249,085 Personal interest-bearing demand deposits 1,742,173 1,718,806 1,627,546 1,535,254 1,477,617 1,464,058 1,427,140 Business interest-bearing demand deposits 498,937 499,059 466,105 624,252 689,914 812,433 805,069 Municipal demand deposits 571,620 468,566 447,852 418,147 430,549 358,055 325,657 Personal money market deposits 1,949,379 1,832,583 1,626,614 1,511,652 1,463,689 1,435,939 1,393,532 Business money market deposits 627,634 624,986 701,436 642,601 579,124 532,279 559,005 Savings deposits 2,327,419 2,275,020 2,194,743 2,120,215 2,116,360 2,105,234 2,156,048 Time deposits 1,067,110 1,052,285 1,576,791 1,989,711 2,258,338 2,602,881 2,786,814 Total deposits $ 11,878,392 11,464,548 11,537,179 11,662,395 11,789,882 11,979,902 12,071,644 Northwest Bancshares, Inc. and Subsidiaries Regulatory Capital Requirements (Unaudited) (dollars in thousands) At March 31, 2024 Actual Minimum capital requirements (1) Well capitalized requirements Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Northwest Bancshares, Inc. $ 1,805,374 15.951 % $ 1,188,406 10.500 % $ 1,131,815 10.000 % Northwest Bank 1,529,840 13.529 % 1,187,335 10.500 % 1,130,795 10.000 % Tier 1 capital (to risk weighted assets) Northwest Bancshares, Inc. 1,555,043 13.739 % 962,043 8.500 % 905,452 8.000 % Northwest Bank 1,393,786 12.326 % 961,176 8.500 % 904,636 8.000 % Common equity tier 1 capital (to risk weighted assets) Northwest Bancshares, Inc. 1,429,393 12.629 % 792,270 7.000 % 735,680 6.500 % Northwest Bank 1,393,786 12.326 % 791,557 7.000 % 735,017 6.500 % Tier 1 capital (leverage) (to average assets) Northwest Bancshares, Inc. 1,555,043 10.828 % 574,453 4.000 % 718,066 5.000 % Northwest Bank 1,393,786 9.712 % 574,060 4.000 % 717,575 5.000 % (1) Amounts and ratios include the capital conservation buffer of 2.5%, which does not apply to Tier 1 capital to average assets (leverage ratio). For further information related to the capital conservation buffer, see "Item 1. Business - Supervision and Regulation" of our 2023 Annual Report on Form 10-K. Northwest Bancshares, Inc. and Subsidiaries Marketable Securities (Unaudited) (dollars in thousands) March 31, 2024 Marketable securities available-for-sale Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Weighted averageduration Debt issued by the U.S. government and agencies: Due after one year through five years $ 20,000 — (1,204) 18,796 2.65 Due after ten years 48,182 — (10,260) 37,922 6.13 Debt issued by government sponsored enterprises: Due after one year through five years 45,987 — (5,819) 40,168 4.11 Due after five years through ten years 360 — (9) 351 1.73 Municipal securities: Due after one year through five years 4,279 14 (426) 3,867 3.79 Due after five years through ten years 27,921 47 (1,886) 26,082 6.68 Due after ten years 53,464 — (9,142) 44,322 10.81 Corporate debt issues: Due after five years through ten years 8,467 — (833) 7,634 5.14 Residential mortgage-backed agency securities: Fixed rate pass-through 232,854 93 (26,711) 206,236 6.55 Variable rate pass-through 6,738 12 (69) 6,681 3.82 Fixed rate agency CMOs 776,087 — (147,127) 628,960 5.30 Variable rate agency CMOs 73,769 35 (814) 72,990 5.01 Total residential mortgage-backed agency securities 1,089,448 140 (174,721) 914,867 5.55 Total marketable securities available-for-sale $ 1,298,108 201 (204,300) 1,094,009 5.69 Marketable securities held-to-maturity Government sponsored Due after one year through five years $ 89,472 — (11,232) 78,240 3.89 Due after five years through ten years 34,987 — (5,877) 29,110 5.31 Residential mortgage-backed agency securities: Fixed rate pass-through 144,158 — (21,062) 123,096 5.06 Variable rate pass-through 432 1 — 433 4.39 Fixed rate agency CMOs 531,529 — (82,578) 448,951 6.81 Variable rate agency CMOs 529 — (6) 523 4.96 Total residential mortgage-backed agency securities 676,648 1 (103,646) 573,003 6.44 Total marketable securities held-to-maturity $ 801,107 1 (120,755) 680,353 6.10 Northwest Bancshares, Inc. and Subsidiaries Borrowed Funds (Unaudited) (dollars in thousands) March 31, 2024 Amount Average rate Term notes payable to the FHLB of Pittsburgh , due within one year $ 275,000 5.65 % Notes payable to the FHLB of Pittsburgh , due within one year 55,600 5.67 % Total term notes payable to the FHLB 330,600 5.66 % Collateralized borrowings, due within one year 29,882 1.62 % Collateral received, due within one year 40,301 5.08 % Subordinated debentures, net of issuance costs 114,276 4.28 % Junior subordinated debentures 129,639 7.61 % Total borrowed funds * $ 644,698 5.58 % * As of March 31, 2024 , the Company had $3.3 billion of additional borrowing capacity available with the FHLB of Pittsburgh , including a $250.0 million overnight line of credit, which had a $55.6 million drawn balance, as well as $264.1 million of borrowing capacity available with the Federal Reserve Bank and $105.0 million with two correspondent banks. Northwest Bancshares, Inc. and Subsidiaries Analysis of Loan Portfolio by Loan Sector (Unaudited) Commercial real estate loans outstanding The following table provides the various loan sectors in our commercial real estate portfolio at March 31, 2024 : March 31, 2024 Property type Percent of portfolio 5 or more unit dwelling 15.2 % Nursing home 12.8 Retail building 11.8 Commercial office building - non-owner occupied 9.1 Manufacturing & industrial building 5.0 Residential acquisition & development - 1-4 family, townhouses and apartments 4.3 Multi-use building - commercial, retail and residential 4.1 Warehouse/storage building 3.9 Multi-use building - office and warehouse 3.3 Commercial office building - owner occupied 3.3 Other medical facility 3.1 Single family dwelling 2.7 Student housing 2.2 Hotel/motel 2.1 Agricultural real estate 2.0 2-4 family 2.0 All other 13.1 Total 100.0 % The following table describes the collateral of our commercial real estate portfolio by state at March 31, 2024 : March 31, 2024 State Percent of portfolio New York 33.0 % Pennsylvania 30.2 Ohio 20.3 Indiana 8.1 All other 8.4 Total 100.0 % Northwest Bancshares, Inc. and Subsidiaries Asset Quality (Unaudited) (dollars in thousands) March 31 , 2024 December 31 , 2023 September 30 , 2023 June 30 , 2023 March 31 , 2023 Nonaccrual loans current: Residential mortgage loans $ 1,351 959 1,951 1,559 1,423 Home equity loans 974 871 947 1,089 1,084 Consumer loans 1,295 1,051 1,049 1,009 911 Commercial real estate loans 66,895 64,603 44,639 48,468 50,045 Commercial loans 934 1,182 1,369 995 1,468 Total nonaccrual loans current $ 71,449 68,666 49,955 53,120 54,931 Nonaccrual loans delinquent 30 days to 59 days: Residential mortgage loans $ 1,454 933 48 49 688 Home equity loans 125 174 92 37 18 Consumer loans 294 225 274 309 223 Commercial real estate loans 574 51 1,913 1,697 1,900 Commercial loans 161 139 90 855 341 Total nonaccrual loans delinquent 30 days to 59 days $ 2,608 1,522 2,417 2,947 3,170 Nonaccrual loans delinquent 60 days to 89 days: Residential mortgage loans $ — 511 66 185 919 Home equity loans 488 347 319 363 338 Consumer loans 381 557 312 360 340 Commercial real estate loans 52 831 212 210 1,355 Commercial loans 201 56 291 245 126 Total nonaccrual loans delinquent 60 days to 89 days $ 1,122 2,302 1,200 1,363 3,078 Nonaccrual loans delinquent 90 days or more: Residential mortgage loans $ 4,304 6,324 7,695 6,290 3,300 Home equity loans 2,822 3,100 2,073 1,965 2,190 Consumer loans 2,659 3,212 2,463 2,033 2,791 Commercial real estate loans 6,931 6,488 8,416 8,575 8,010 Commercial loans 3,165 2,770 2,435 2,296 1,139 Total nonaccrual loans delinquent 90 days or more $ 19,881 21,894 23,082 21,159 17,430 Total nonaccrual loans $ 95,060 94,384 76,654 78,589 78,609 Total nonaccrual loans $ 95,060 94,384 76,654 78,589 78,609 Loans 90 days past due and still accruing 2,452 2,698 728 532 652 Nonperforming loans 97,512 97,082 77,382 79,121 79,261 Real estate owned, net 50 104 363 371 524 Nonperforming assets $ 97,562 97,186 77,745 79,492 79,785 Nonperforming loans to total loans 0.85 % 0.85 % 0.68 % 0.70 % 0.71 % Nonperforming assets to total assets 0.67 % 0.67 % 0.54 % 0.56 % 0.56 % Allowance for credit losses to total loans 1.09 % 1.10 % 1.10 % 1.10 % 1.09 % Allowance for credit losses to nonperforming loans 128.08 % 129.01 % 161.33 % 157.26 % 152.98 % Northwest Bancshares, Inc. and Subsidiaries Loans by Credit Quality Indicators (Unaudited) (dollars in thousands) At March 31, 2024 Pass Special mention * Substandard** Doubtful Loss Loans receivable Personal Banking: Residential mortgage loans $ 3,370,307 — 12,541 — — 3,382,848 Home equity loans 1,191,957 — 4,650 — — 1,196,607 Consumer loans 2,113,050 — 5,317 — — 2,118,367 Total Personal Banking 6,675,314 — 22,508 — — 6,697,822 Commercial Banking: Commercial real estate loans 2,714,857 131,247 182,424 — — 3,028,528 Commercial loans 1,698,519 52,461 23,916 — — 1,774,896 Total Commercial Banking 4,413,376 183,708 206,340 — — 4,803,424 Total loans $ 11,088,690 183,708 228,848 — — 11,501,246 At December 31, 2023 Personal Banking: Residential mortgage loans $ 3,413,846 — 14,339 — — 3,428,185 Home equity loans 1,223,097 — 4,761 — — 1,227,858 Consumer loans 2,120,216 — 5,811 — — 2,126,027 Total Personal Banking 6,757,159 — 24,911 — — 6,782,070 Commercial Banking: Commercial real estate loans 2,670,510 124,116 179,384 — — 2,974,010 Commercial loans 1,637,879 6,678 14,172 — — 1,658,729 Total Commercial Banking 4,308,389 130,794 193,556 — — 4,632,739 Total loans $ 11,065,548 130,794 218,467 — — 11,414,809 At September 30, 2023 Personal Banking: Residential mortgage loans $ 3,459,251 — 13,512 — — 3,472,763 Home equity loans 1,254,985 — 3,780 — — 1,258,765 Consumer loans 2,150,464 — 4,655 — — 2,155,119 Total Personal Banking 6,864,700 — 21,947 — — 6,886,647 Commercial Banking: Commercial real estate loans 2,632,472 123,935 166,610 — — 2,923,017 Commercial loans 1,476,833 3,690 20,086 — — 1,500,609 Total Commercial Banking 4,109,305 127,625 186,696 — — 4,423,626 Total loans $ 10,974,005 127,625 208,643 — — 11,310,273 At June 30, 2023 Personal Banking: Residential mortgage loans $ 3,483,098 — 12,059 — — 3,495,157 Home equity loans 1,272,363 — 3,699 — — 1,276,062 Consumer loans 2,196,938 — 4,124 — — 2,201,062 Total Personal Banking 6,952,399 — 19,882 — — 6,972,281 Commercial Banking: Commercial real estate loans 2,649,535 74,170 171,519 — — 2,895,224 Commercial loans 1,377,981 3,040 22,705 — — 1,403,726 Total Commercial Banking 4,027,516 77,210 194,224 — — 4,298,950 Total loans $ 10,979,915 77,210 214,106 — — 11,271,231 At March 31, 2023 Personal Banking: Residential mortgage loans $ 3,499,135 — 6,330 — — 3,505,465 Home equity loans 1,277,915 — 3,631 — — 1,281,546 Consumer loans 2,227,379 — 4,754 — — 2,232,133 Total Personal Banking 7,004,429 — 14,715 — — 7,019,144 Commercial Banking: Commercial real estate loans 2,585,676 69,837 171,591 — — 2,827,104 Commercial loans 1,217,344 6,381 22,298 — — 1,246,023 Total Commercial Banking 3,803,020 76,218 193,889 — — 4,073,127 Total loans $ 10,807,449 76,218 208,604 — — 11,092,271 * Includes $2.4 million , $7.8 million , $6.9 million , $4.9 million , and $7.4 million of acquired loans at March 31, 2024 , December 31, 2023 , September 30, 2023 , June 30, 2023 , and March 31, 2023 , respectively. ** Includes $27.2 million , $20.3 million , $28.9 million , $31.2 million , and $31.9 million of acquired loans at March 31, 2024 , December 31, 2023 , September 30, 2023 , June 30, 2023 , and March 31, 2023 , respectively. Northwest Bancshares, Inc. and Subsidiaries Loan Delinquency (Unaudited) (dollars in thousands) March 31 , 2024 * December 31 , 2023 * September 30 , 2023 * June 30 , 2023 * March 31 , 2023 * (Number of loans and dollar amount of loans) Loans delinquent 30 days to 59 days: Residential mortgage loans 351 $ 38,502 1.1 % 307 $ 30,041 0.9 % 6 $ 573 — % 14 $ 627 — % 259 $ 26,992 0.8 % Home equity loans 113 4,608 0.4 % 121 5,761 0.5 % 112 4,707 0.4 % 92 3,395 0.3 % 111 4,235 0.3 % Consumer loans 737 9,911 0.5 % 896 11,211 0.5 % 733 9,874 0.5 % 602 7,955 0.4 % 587 6,930 0.3 % Commercial real estate loans 25 6,396 0.2 % 23 3,204 0.1 % 22 3,411 0.1 % 13 2,710 0.1 % 23 4,834 0.2 % Commercial loans 62 3,091 0.2 % 59 4,196 0.3 % 52 2,847 0.2 % 38 15,658 1.1 % 46 4,253 0.3 % Total loans delinquent 30 days to 59 days 1,288 $ 62,508 0.5 % 1,406 $ 54,413 0.5 % 925 $ 21,412 0.2 % 759 $ 30,345 0.3 % 1,026 $ 47,244 0.4 % Loans delinquent 60 days to 89 days: Residential mortgage loans 3 $ 70 — % 69 $ 7,796 0.2 % 56 $ 5,395 0.2 % 52 $ 3,521 0.1 % 23 $ 1,922 0.1 % Home equity loans 26 761 0.1 % 37 982 0.1 % 40 1,341 0.1 % 31 1,614 0.1 % 31 1,061 0.1 % Consumer loans 231 2,545 0.1 % 322 3,754 0.2 % 236 2,707 0.1 % 250 2,584 0.1 % 185 2,083 0.1 % Commercial real estate loans 5 807 — % 9 1,031 — % 13 1,588 0.1 % 12 1,288 — % 17 1,949 0.1 % Commercial loans 27 1,284 0.1 % 16 703 — % 15 981 0.1 % 23 11,092 0.8 % 19 1,088 0.1 % Total loans delinquent 60 days to 89 days 292 $ 5,467 — % 453 $ 14,266 0.1 % 360 $ 12,012 0.1 % 368 $ 20,099 0.2 % 275 $ 8,103 0.1 % Loans delinquent 90 days or more: ** Residential mortgage loans 50 $ 5,813 0.2 % 70 $ 7,995 0.2 % 79 $ 7,695 0.2 % 63 $ 6,290 0.2 % 39 $ 3,300 0.1 % Home equity loans 71 2,823 0.2 % 81 3,126 0.3 % 73 2,206 0.2 % 68 1,965 0.2 % 65 2,190 0.2 % Consumer loans 398 3,345 0.2 % 440 3,978 0.2 % 357 3,020 0.1 % 314 2,447 0.1 % 313 3,279 0.1 % Commercial real estate loans 22 6,931 0.2 % 27 6,712 0.2 % 27 8,416 0.3 % 20 8,575 0.3 % 18 8,010 0.3 % Commercial loans 62 3,421 0.2 % 53 2,780 0.2 % 39 2,472 0.2 % 38 2,414 0.2 % 24 1,302 0.1 % Total loans delinquent 90 days or more 603 $ 22,333 0.2 % 671 $ 24,591 0.2 % 575 $ 23,809 0.2 % 503 $ 21,691 0.2 % 459 $ 18,081 0.2 % Total loans delinquent 2,183 $ 90,308 0.8 % 2,530 $ 93,270 0.8 % 1,860 $ 57,233 0.5 % 1,630 $ 72,135 0.6 % 1,760 $ 73,428 0.7 % * Represents delinquency, in dollars, divided by the respective total amount of that type of loan outstanding. ** Includes purchased credit deteriorated loans of $446,000 , $646,000 , $1.4 million , $605,000 , and $331,000 at March 31, 2024 , December 31, 2023 , September 30, 2023 , June 30, 2023 , and March 31, 2023 , respectively. Northwest Bancshares, Inc. and Subsidiaries Allowance for Credit Losses (Unaudited) (dollars in thousands) Quarter ended March 31 , 2024 December 31 , 2023 September 30 , 2023 June 30 , 2023 March 31 , 2023 Beginning balance $ 125,243 124,841 124,423 121,257 118,036 ASU 2022-02 Adoption — — — — 426 Provision 4,234 3,801 3,983 6,010 4,870 Charge-offs residential mortgage (162) (266) (171) (545) (207) Charge-offs home equity (412) (133) (320) (235) (164) Charge-offs consumer (4,573) (3,860) (3,085) (2,772) (2,734) Charge-offs commercial real estate (349) (742) (484) (483) (657) Charge-offs commercial (1,163) (806) (1,286) (1,209) (865) Recoveries 2,079 2,408 1,781 2,400 2,552 Ending balance $ 124,897 125,243 124,841 124,423 121,257 Net charge-offs to average loans, annualized 0.16 % 0.12 % 0.13 % 0.10 % 0.08 % Northwest Bancshares, Inc. and Subsidiaries Average Balance Sheet (Unaudited) (dollars in thousands) The following table sets forth certain information relating to the Company's average balance sheet and reflects the average yield on assets and average cost of liabilities for the periods indicated. Such yields and costs are derived by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented. Average balances are calculated using daily averages. Quarter ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 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 $ 3,392,524 32,674 3.85 % $ 3,442,308 32,739 3.80 % $ 3,476,446 32,596 3.75 % $ 3,485,517 32,485 3.73 % $ 3,493,617 32,009 3.66 % Home equity loans 1,205,273 17,294 5.77 % 1,238,420 17,590 5.64 % 1,264,134 17,435 5.47 % 1,273,298 16,898 5.32 % 1,284,425 16,134 5.09 % Consumer loans 2,033,620 25,033 4.95 % 2,055,783 24,667 4.76 % 2,092,023 23,521 4.46 % 2,143,804 22,662 4.24 % 2,123,672 20,794 3.97 % Commercial real estate loans 2,999,224 43,425 5.73 % 2,950,589 43,337 5.75 % 2,911,145 41,611 5.59 % 2,836,443 38,426 5.36 % 2,824,120 37,031 5.24 % Commercial loans 1,714,667 31,857 7.35 % 1,564,617 28,801 7.20 % 1,447,211 26,239 7.09 % 1,326,598 22,872 6.82 % 1,161,298 18,353 6.32 % Total loans receivable (a) (b) (d) 11,345,308 150,283 5.33 % 11,251,717 147,134 5.19 % 11,190,959 141,402 5.01 % 11,065,660 133,343 4.83 % 10,887,132 124,321 4.63 % Mortgage-backed securities (c) 1,717,306 7,944 1.85 % 1,741,687 7,951 1.83 % 1,781,010 8,072 1.81 % 1,859,427 8,326 1.79 % 1,909,676 8,537 1.79 % Investment securities (c) (d) 333,752 1,430 1.71 % 335,121 1,425 1.70 % 336,125 1,431 1.70 % 374,560 1,715 1.83 % 384,717 1,761 1.83 % FHLB stock, at cost 32,249 607 7.57 % 35,082 665 7.52 % 37,722 668 7.03 % 45,505 844 7.44 % 39,631 690 7.06 % Other interest-earning deposits 61,666 832 5.34 % 71,987 970 5.27 % 67,143 915 5.33 % 46,536 594 5.05 % 38,324 423 4.41 % Total interest-earning assets 13,490,281 161,096 4.80 % 13,435,594 158,145 4.67 % 13,412,959 152,488 4.51 % 13,391,688 144,822 4.34 % 13,259,480 135,732 4.15 % Noninterest-earning assets (e) 918,331 893,426 966,364 854,229 862,016 Total assets $ 14,408,612 $ 14,329,020 $ 14,379,323 $ 14,245,917 $ 14,121,496 Liabilities and shareholders' equity: Interest-bearing liabilities: Savings deposits (g) $ 2,122,035 5,036 0.95 % $ 2,102,320 4,045 0.76 % $ 2,116,759 2,695 0.51 % $ 2,142,941 1,393 0.26 % $ 2,198,988 690 0.13 % Interest-bearing demand deposits (g) 2,538,823 5,402 0.86 % 2,573,634 4,921 0.76 % 2,569,229 4,086 0.63 % 2,469,666 1,648 0.27 % 2,612,883 951 0.15 % Money market deposit accounts (g) 1,961,332 7,913 1.62 % 1,997,116 7,446 1.48 % 2,112,228 6,772 1.27 % 2,221,713 6,113 1.10 % 2,408,582 4,403 0.74 % Time deposits (g) 2,697,983 29,335 4.37 % 2,447,335 24,187 3.92 % 2,164,559 18,136 3.32 % 1,765,454 12,663 2.88 % 1,293,609 5,194 1.63 % Borrowed funds (f) 469,697 5,708 4.89 % 548,089 6,826 4.94 % 643,518 7,937 4.89 % 837,358 10,202 4.89 % 740,218 7,938 4.35 % Subordinated debt 114,225 1,148 4.02 % 114,134 1,148 4.02 % 114,045 1,148 4.03 % 113,958 1,148 4.03 % 113,870 1,148 4.03 % Junior subordinated debentures 129,597 2,459 7.51 % 129,532 2,512 7.59 % 129,466 2,456 7.42 % 129,401 2,280 6.97 % 129,335 2,152 6.66 % Total interest-bearing liabilities 10,033,692 57,001 2.28 % 9,912,160 51,085 2.04 % 9,849,804 43,230 1.74 % 9,680,491 35,447 1.47 % 9,497,485 22,476 0.96 % Noninterest-bearing demand deposits (g) 2,567,781 2,675,788 2,757,091 2,820,928 2,889,973 Noninterest-bearing liabilities 257,269 234,177 257,141 224,508 235,213 Total liabilities 12,858,742 12,822,125 12,864,036 12,725,927 12,622,671 Shareholders' equity 1,549,870 1,506,895 1,515,287 1,519,990 1,498,825 Total liabilities and shareholders' equity $ 14,408,612 $ 14,329,020 $ 14,379,323 $ 14,245,917 $ 14,121,496 Net interest income/Interest rate spread 104,095 2.52 % 107,060 2.63 % 109,258 2.77 % 109,375 2.87 % 113,256 3.19 % Net interest-earning assets/Net interest margin $ 3,456,589 3.10 % $ 3,523,434 3.16 % $ 3,563,155 3.23 % $ 3,711,197 3.28 % $ 3,761,995 3.46 % Ratio of interest-earning assets to interest-bearing liabilities 1.34X 1.36X 1.36X 1.38X 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 1.61%, 1.37%, 1.07%, 0.77%, and 0.40%, respectively, and average cost of Interest-bearing deposits were 2.06%, 1.77%, 1.40%, 1.02%, and 0.54%, respectively. (h) Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans — 5.30%, 5.17%, 4.99%, 4.81%, and 4.61%, respectively, Investment securities — 1.54%, 1.52%, 1.52%, 1.61%, and 1.61%, respectively, Interest-earning assets — 4.78%, 4.65%, 4.48%, 4.31%, and 4.13%, respectively. GAAP basis net interest rate spreads were 2.49%, 2.60%, 2.74%, 2.84%, and 3.17%, respectively, and GAAP basis net interest margins were 3.08%, 3.14%, 3.21%, 3.25%, and 3.44%, respectively. View original content to download multimedia: https://www.prnewswire.com/news-releases/northwest-bancshares-inc-announces-first-quarter-2024-earnings-and-quarterly-dividend-302122421.html SOURCE Northwest Bancshares, Inc.

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