WARREN, Pa., July 25, 2016 /PRNewswire/ -- Northwest
Bancshares, Inc. (NasdaqGS: NWBI) announced a net loss for the
quarter ended June 30, 2016 of $7.0
million, or $0.07 per diluted
share. This represents a decrease of $22.3
million compared to the same quarter last year when net
income was $15.3 million or
$0.17 per diluted share. The
annualized returns on average shareholders' equity and average
assets for the quarter ended June 30, 2016 were (2.44)% and
(0.32)% compared to 5.77% and 0.78% for the same quarter last
year.
The Company also announced that its Board of Directors declared
a quarterly cash dividend of $0.15
per share payable on August 18, 2016,
to shareholders of record as of August
4, 2016. This is the 87th consecutive quarter in
which the Company has paid a cash dividend. Based on the current
market value of the Company's stock, this represents an annualized
dividend yield of approximately 4.0%.
Earnings for the current quarter include a $37.0 million penalty for the prepayment of
$715.0 million of Federal Home Loan
Bank ("FHLB") term borrowings which were replaced with lower-cost
short-term advances. The refinancing of FHLB advances was done in
anticipation of the purchase of 18 offices from First Niagara Bank,
which is expected to close during the third quarter of 2016 and
contribute deposits of approximately $1.7
billion. Upon closing the First Niagara transaction, the
total impact of replacing long-term borrowings with low-cost
deposits will create annual interest expense savings of
$24.0 million. Also negatively
impacting quarterly earnings were restructuring costs of
$2.9 million related to the
consolidation of 24 offices, and acquisition expenses of
$467,000 related to the First Niagara
transaction. Excluding the after-tax impact of these
expenses, non-GAAP net operating income for the quarter was
$19.6 million, or $0.20 per diluted share, compared to non-GAAP net
operating income of $15.6 million, or
$0.17 per diluted share in the same
quarter last year. The non-GAAP annualized returns on average
shareholders' equity and average assets for the quarter ended
June 30, 2016 were 6.82% and 0.89%
compared to 5.89% and 0.80% in the previous year.
In making this announcement, William J.
Wagner, President and CEO, noted, "2016 is proving to be a
transformational year for our company. We were able to drive
greater efficiency by consolidating 24 of our offices which
decreased our total office count by 13%. Although this
consolidation required $3.5 million
in restructuring charges, annual savings going forward will be
approximately $5.0 million."
"We also announced an agreement to purchase 18 First Niagara
Bank offices in the greater Buffalo market with deposits of
$1.7 billion and loans of
$511.0 million. We anticipate closing
this transaction before the end of the third quarter, and we look
forward to the favorable impact it will have on our operating
metrics. Given the large size of these offices, with deposits that
average approximately $95.0 million,
our efficiency ratio will improve and our presence in the Buffalo
market will be greatly enhanced. We also anticipate that this
acquisition will provide a favorable impact to our net interest
margin, net income, return on assets and earnings per share. Most
importantly, we are extremely excited to welcome the 70,000 new
customers of these offices and the 185 employees who serve
them."
Net interest income increased by $14.5
million, or 23.3%, to $76.7
million for the quarter ended June 30, 2016, from
$62.2 million for the quarter ended
June 30, 2015. This increase is due primarily to an
$11.7 million, or 16.4%, increase in
interest income on loans as a result of a $1.170 billion increase in the Company's loan
portfolio from June 30 of last year.
Contributing significantly to this increase was the acquisition of
Lorain National Bank ("LNB") on
August 14, 2015, which added loans of
$928.0 million. Also
contributing to the increase in net interest income was a
$4.0 million decrease in interest
expense on borrowed funds due primarily to the previously mentioned
FHLB advance restructuring. Partially offsetting these improvements
was a $752,000 decrease in interest
income on investment securities as the cash flow from these
securities was used to fund loan growth. The interest paid on
deposits increased by $174,000 for
the quarter as deposit balances were $941.5
million, or 16.5%, higher than they were in the previous
year, primarily due to the LNB acquisition. As a result of these
changes, the Company's interest rate spread increased to 3.71% for
the quarter ended June 30, 2016 from
3.25% for the comparable period last year while the net interest
margin increased to 3.82% for the quarter ended June 30, 2016 from 3.45% for the same quarter
last year.
The provision for loan losses increased by $3.1 million, or 299.9%, to $4.2 million for the quarter ended June 30,
2016, from $1.1 million for the
quarter ended June 30, 2015. This increase is due primarily to
the downgrade of three commercial banking relationships requiring
an additional $1.7 million of
combined reserves. However, overall credit quality continued to
improve as classified loans to total loans decreased to 2.73% at
June 30, 2016 from 3.12% at
June 30, 2015 and annualized net
charge-offs to average loans decreased to 0.31% for the quarter
ended June 30, 2016 from 0.61% for
the quarter ended June 30, 2015.
Noninterest income increased by $3.8
million, or 22.7%, to $20.3
million for the quarter ended June 30, 2016, from
$16.5 million for the quarter ended
June 30, 2015. Contributing to this increase was an
increase in service charges and fees of $1.4
million, or 15.2%, which is attributable to the growth in
checking accounts from both the LNB acquisition and internal growth
initiatives. Gain on sale of real estate owned increased by
$652,000, as the Company recognized a
net gain of $111,000 for the quarter
ended June 30, 2016 compared to a net
loss of $541,000 for the same quarter
last year.
Noninterest expense increased by $48.2
million, or 87.3%, to $103.3
million for the quarter ended June 30, 2016, from
$55.1 million for the quarter ended
June 30, 2015. This increase resulted primarily from the FHLB
prepayment penalty of $37.0 million
and an increase in acquisition and restructuring charges of
$2.8 million as previously discussed.
The other increases for the current quarter compared to the prior
year are primarily attributable to incremental expenses from the
LNB acquisition.
Net income for the six month period ended June 30, 2016 was $11.0
million, or $0.11 per diluted
share. This represents a decrease of $20.5
million, or 65.1%, compared to the six month period ended
June 30, 2015, when net income was
$31.5 million, or $0.34 per diluted share. The annualized returns
on average shareholders' equity and average assets for the six
month period ended June 30, 2016 were
1.90% and 0.25% compared to 5.97% and 0.81% for the same period
last year. This decrease is due primarily to the FHLB
prepayment penalty of $37.0 million,
acquisition and restructuring expenses of $4.0 million and the additional loan loss
provision previously discussed, as well as other increases in
noninterest expense related to the inclusion of the LNB franchise
on August 14, 2015. Offsetting these
items which negatively impacted income was an increase in interest
income on loans of $21.7 million, or
15.3%, and an increase in noninterest income of $8.6 million, or 27.5%. Non-GAAP net operating
income for the six month period ended June
30, 2016, which excludes the after-tax impact of the
aforementioned FHLB prepayment penalty and restructuring and
acquisition expenses totaling $26.6
million, was $37.9 million, or
$0.38 per diluted share. This
represents an increase of $5.9
million, or 18.4%, compared to the six month period ended
June 30, 2015 non-GAAP net operating
income of $32.0 million, or
$0.35 per diluted share. The non-GAAP
annualized returns on average shareholders' equity and average
assets for the six month period ended June
30, 2016 were 6.58% and 0.86% compared to 6.07% and 0.82%
for the same period last year.
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 150 full-service
community banking offices and seven free standing drive-through
facilities in Pennsylvania,
New York, Ohio and Maryland and 51 consumer finance offices in
Pennsylvania through its
subsidiary, Northwest Consumer Discount Company. Northwest
Bancshares, Inc.'s common stock is listed on the NASDAQ Global
Select Market ("NWBI"). Additional information regarding Northwest
Bancshares, Inc. and Northwest Bank can be accessed on-line at
www.northwest.com.
Forward-Looking Statements - This release may contain
forward-looking statements with respect to the financial condition
and results of operations of Northwest Bancshares, Inc. including,
without limitations, statements relating to the earnings outlook of
the Company. These forward-looking statements involve certain risks
and uncertainties. Factors that may cause actual results to differ
materially from those contemplated by such forward-looking
statements, include among others, the following possibilities: (1)
changes in the interest rate environment; (2) competitive pressure
among financial services companies; (3) general economic conditions
including an increase in non-performing loans; (4) changes in
legislation or regulatory requirements; (5) difficulties in
continuing to improve operating efficiencies; (6) difficulties in
the integration of acquired businesses; and (7) increased risk
associated with commercial real-estate and business
loans. Management has no obligation to revise or update these
forward-looking statements to reflect events or circumstances that
arise after the date of this release.
Northwest
Bancshares, Inc. and Subsidiaries
|
Consolidated
Statements of Financial Condition (Unaudited)
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
June 30,
2016
|
|
December 31,
2015
|
|
June 30,
2015
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
87,711
|
|
|
92,263
|
|
|
84,000
|
|
Interest-earning
deposits in other financial institutions
|
223,084
|
|
|
74,510
|
|
|
208,311
|
|
Federal funds sold
and other short-term investments
|
636
|
|
|
635
|
|
|
637
|
|
Marketable securities
available-for-sale (amortized cost of $772,768, $868,956 and
$906,028, respectively)
|
705,297
|
|
|
874,405
|
|
|
861,157
|
|
Marketable securities
held-to-maturity (fair value of $28,611, $32,552 and $92,989,
respectively)
|
25,144
|
|
|
31,689
|
|
|
61,464
|
|
Total cash,
interest-earning deposits and marketable securities
|
1,041,872
|
|
|
1,073,502
|
|
|
1,215,569
|
|
|
|
|
|
|
|
Residential mortgage
loans held for sale
|
39,942
|
|
|
—
|
|
|
—
|
|
Residential mortgage
loans
|
2,717,656
|
|
|
2,750,564
|
|
|
2,597,170
|
|
Home equity
loans
|
1,162,174
|
|
|
1,187,106
|
|
|
1,055,829
|
|
Consumer
loans
|
546,550
|
|
|
510,617
|
|
|
252,391
|
|
Commercial real
estate loans
|
2,363,376
|
|
|
2,351,434
|
|
|
1,859,743
|
|
Commercial
loans
|
465,223
|
|
|
422,400
|
|
|
359,524
|
|
Total loans
receivable
|
7,294,921
|
|
|
7,222,121
|
|
|
6,124,657
|
|
Allowance for loan
losses
|
(60,781)
|
|
|
(62,672)
|
|
|
(59,057)
|
|
Loans receivable,
net
|
7,234,140
|
|
|
7,159,449
|
|
|
6,065,600
|
|
|
|
|
|
|
|
Federal Home Loan
Bank stock, at cost
|
40,321
|
|
|
40,903
|
|
|
38,066
|
|
Accrued interest
receivable
|
20,713
|
|
|
21,072
|
|
|
18,682
|
|
Real estate owned,
net
|
4,950
|
|
|
8,725
|
|
|
13,864
|
|
Premises and
Equipment, net
|
151,643
|
|
|
154,351
|
|
|
142,302
|
|
Bank owned life
insurance
|
169,616
|
|
|
168,509
|
|
|
146,283
|
|
Goodwill
|
262,140
|
|
|
261,736
|
|
|
175,498
|
|
Other intangible
assets
|
8,095
|
|
|
8,982
|
|
|
2,759
|
|
Other
assets
|
30,485
|
|
|
54,670
|
|
|
45,887
|
|
Total
assets
|
$
|
8,963,975
|
|
|
8,951,899
|
|
|
7,864,510
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' equity
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
$
|
1,189,032
|
|
|
1,177,256
|
|
|
962,347
|
|
Interest-bearing
demand deposits
|
1,110,607
|
|
|
1,080,086
|
|
|
928,417
|
|
Money market deposit
accounts
|
1,295,127
|
|
|
1,274,504
|
|
|
1,143,199
|
|
Savings
deposits
|
1,444,947
|
|
|
1,386,017
|
|
|
1,262,991
|
|
Time
deposits
|
1,596,288
|
|
|
1,694,718
|
|
|
1,397,528
|
|
Total
deposits
|
6,636,001
|
|
|
6,612,581
|
|
|
5,694,482
|
|
|
|
|
|
|
|
Borrowed
funds
|
959,969
|
|
|
975,007
|
|
|
899,056
|
|
Advances by borrowers
for taxes and insurance
|
45,288
|
|
|
33,735
|
|
|
41,763
|
|
Accrued interest
payable
|
737
|
|
|
1,993
|
|
|
1,302
|
|
Other
liabilities
|
55,312
|
|
|
54,207
|
|
|
56,463
|
|
Junior subordinated
debentures
|
111,213
|
|
|
111,213
|
|
|
103,094
|
|
Total
liabilities
|
7,808,520
|
|
|
7,788,736
|
|
|
6,796,160
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Preferred stock,
$0.01 par value, 50,000,000 shares authorized, no shares
issued
|
—
|
|
|
—
|
|
|
—
|
|
Common stock, $0.01
par value: 500,000,000 shares authorized, 101,848,509 shares,
101,871,737 shares and 94,553,350 issued and outstanding,
respectively
|
1,025
|
|
|
1,019
|
|
|
947
|
|
Paid-in-capital
|
722,980
|
|
|
717,603
|
|
|
624,321
|
|
Retained
earnings
|
470,337
|
|
|
489,292
|
|
|
487,150
|
|
Unallocated common
stock of Employee Stock Ownership Plan
|
(19,370)
|
|
|
(20,216)
|
|
|
(21,485)
|
|
Accumulated other
comprehensive loss
|
(19,517)
|
|
|
(24,535)
|
|
|
(22,583)
|
|
Total shareholders'
equity
|
1,155,455
|
|
|
1,163,163
|
|
|
1,068,350
|
|
Total liabilities and
shareholders' equity
|
$
|
8,963,975
|
|
|
8,951,899
|
|
|
7,864,510
|
|
|
|
|
|
|
|
Equity to
assets
|
12.89
|
%
|
|
12.99
|
%
|
|
13.58
|
%
|
Tangible common
equity to assets
|
10.18
|
%
|
|
10.28
|
%
|
|
11.58
|
%
|
Book value per
share
|
$
|
11.28
|
|
|
11.42
|
|
|
11.28
|
|
Tangible book value
per share
|
$
|
8.64
|
|
|
8.76
|
|
|
9.40
|
|
Closing market price
per share
|
$
|
14.83
|
|
|
13.39
|
|
|
12.82
|
|
Full time equivalent
employees
|
2,091
|
|
|
2,186
|
|
|
2,036
|
|
Number of banking
offices
|
157
|
|
|
181
|
|
|
161
|
|
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,
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
Loans
receivable
|
$
|
82,645
|
|
|
80,781
|
|
|
80,882
|
|
|
76,087
|
|
|
70,985
|
|
Mortgage-backed
securities
|
2,115
|
|
|
2,229
|
|
|
2,301
|
|
|
2,230
|
|
|
2,058
|
|
Taxable investment
securities
|
756
|
|
|
1,038
|
|
|
1,108
|
|
|
1,689
|
|
|
1,129
|
|
Tax-free investment
securities
|
707
|
|
|
724
|
|
|
836
|
|
|
986
|
|
|
1,143
|
|
FHLB
dividends
|
401
|
|
|
467
|
|
|
499
|
|
|
451
|
|
|
475
|
|
Interest-earning
deposits
|
70
|
|
|
59
|
|
|
13
|
|
|
99
|
|
|
180
|
|
Total interest
income
|
86,694
|
|
|
85,298
|
|
|
85,639
|
|
|
81,542
|
|
|
75,970
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
Deposits
|
5,865
|
|
|
6,088
|
|
|
6,435
|
|
|
6,163
|
|
|
5,691
|
|
Borrowed
funds
|
4,143
|
|
|
7,658
|
|
|
8,051
|
|
|
7,987
|
|
|
8,101
|
|
Total interest
expense
|
10,008
|
|
|
13,746
|
|
|
14,486
|
|
|
14,150
|
|
|
13,792
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
76,686
|
|
|
71,552
|
|
|
71,153
|
|
|
67,392
|
|
|
62,178
|
|
Provision for loan
losses
|
4,199
|
|
|
1,660
|
|
|
4,595
|
|
|
3,167
|
|
|
1,050
|
|
Net interest income
after provision for loan losses
|
72,487
|
|
|
69,892
|
|
|
66,558
|
|
|
64,225
|
|
|
61,128
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
Gain on sale of
investments
|
227
|
|
|
127
|
|
|
116
|
|
|
260
|
|
|
566
|
|
Service charges and
fees
|
10,630
|
|
|
10,065
|
|
|
10,530
|
|
|
9,945
|
|
|
9,228
|
|
Trust and other
financial services income
|
3,277
|
|
|
3,261
|
|
|
3,410
|
|
|
3,062
|
|
|
3,094
|
|
Insurance commission
income
|
2,768
|
|
|
2,714
|
|
|
2,490
|
|
|
2,398
|
|
|
2,210
|
|
Gain/ (loss) on real
estate owned, net
|
111
|
|
|
249
|
|
|
(156)
|
|
|
(246)
|
|
|
(541)
|
|
Income from bank
owned life insurance
|
1,105
|
|
|
1,595
|
|
|
1,251
|
|
|
1,166
|
|
|
1,008
|
|
Mortgage banking
income
|
446
|
|
|
218
|
|
|
208
|
|
|
267
|
|
|
218
|
|
Other operating
income
|
1,711
|
|
|
1,219
|
|
|
1,697
|
|
|
837
|
|
|
742
|
|
Total noninterest
income
|
20,275
|
|
|
19,448
|
|
|
19,546
|
|
|
17,689
|
|
|
16,525
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
34,349
|
|
|
33,033
|
|
|
32,003
|
|
|
31,000
|
|
|
28,920
|
|
Premises and
occupancy costs
|
6,275
|
|
|
6,537
|
|
|
6,403
|
|
|
6,072
|
|
|
5,899
|
|
Office
operations
|
3,343
|
|
|
3,460
|
|
|
3,252
|
|
|
3,268
|
|
|
2,905
|
|
Collections
expense
|
729
|
|
|
676
|
|
|
1,252
|
|
|
624
|
|
|
603
|
|
Processing
expenses
|
8,172
|
|
|
8,414
|
|
|
8,057
|
|
|
8,126
|
|
|
7,392
|
|
Marketing
expenses
|
2,541
|
|
|
1,891
|
|
|
1,642
|
|
|
1,691
|
|
|
3,190
|
|
Federal deposit
insurance premiums
|
1,442
|
|
|
1,503
|
|
|
1,299
|
|
|
1,177
|
|
|
1,286
|
|
Professional
services
|
2,129
|
|
|
1,833
|
|
|
1,933
|
|
|
1,529
|
|
|
1,652
|
|
Amortization of
intangible assets
|
710
|
|
|
675
|
|
|
729
|
|
|
422
|
|
|
269
|
|
Real estate owned
expense
|
295
|
|
|
311
|
|
|
393
|
|
|
471
|
|
|
514
|
|
Restructuring/
acquisition expense
|
3,386
|
|
|
635
|
|
|
1,347
|
|
|
7,590
|
|
|
467
|
|
FHLB prepayment
penalty
|
36,978
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
expense
|
2,912
|
|
|
4,307
|
|
|
2,917
|
|
|
1,834
|
|
|
2,038
|
|
Total noninterest
expense
|
103,261
|
|
|
63,275
|
|
|
61,227
|
|
|
63,804
|
|
|
55,135
|
|
Income/ (loss) before
income taxes
|
(10,499)
|
|
|
26,065
|
|
|
24,877
|
|
|
18,110
|
|
|
22,518
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense/
(benefit)
|
(3,491)
|
|
|
8,081
|
|
|
8,684
|
|
|
5,238
|
|
|
7,213
|
|
Net income/
(loss)
|
$
|
(7,008)
|
|
|
17,984
|
|
|
16,193
|
|
|
12,872
|
|
|
15,305
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
(0.07)
|
|
|
0.18
|
|
|
0.16
|
|
|
0.14
|
|
|
0.17
|
|
Diluted earnings per
share
|
$
|
(0.07)
|
|
|
0.18
|
|
|
0.16
|
|
|
0.13
|
|
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
99,177,609
|
|
|
98,889,744
|
|
|
98,741,393
|
|
|
95,256,807
|
|
|
91,538,172
|
|
Weighted average
common shares outstanding - diluted
|
100,243,442
|
|
|
99,380,009
|
|
|
99,500,056
|
|
|
95,825,798
|
|
|
91,998,005
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average equity
|
(2.44)%
|
|
|
6.21
|
%
|
|
5.55
|
%
|
|
4.54
|
%
|
|
5.77
|
%
|
Annualized return on
average assets
|
(0.32)%
|
|
|
0.81
|
%
|
|
0.73
|
%
|
|
0.59
|
%
|
|
0.78
|
%
|
Annualized return on
tangible common equity
|
(3.18)%
|
|
|
8.03
|
%
|
|
7.20
|
%
|
|
5.72
|
%
|
|
6.90
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
*
|
64.14
|
%
|
|
68.09
|
%
|
|
65.22
|
%
|
|
65.58
|
%
|
|
69.12
|
%
|
Annualized
noninterest expense to average assets *
|
2.82
|
%
|
|
2.80
|
%
|
|
2.63
|
%
|
|
2.57
|
%
|
|
2.77
|
%
|
* - Excludes restructuring/acquisition expenses, FHLB prepayment
penalty, and amortization of intangible assets.
Northwest
Bancshares, Inc. and Subsidiaries
|
Consolidated
Statements of Income (Unaudited)
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
Six months ended
June 30,
|
|
2016
|
|
2015
|
Interest
income:
|
|
|
|
Loans
receivable
|
$
|
163,426
|
|
|
141,696
|
|
Mortgage-backed
securities
|
4,344
|
|
|
4,292
|
|
Taxable investment
securities
|
1,794
|
|
|
2,174
|
|
Tax-free investment
securities
|
1,431
|
|
|
2,491
|
|
FHLB
dividends
|
868
|
|
|
1,878
|
|
Interest-earning
deposits
|
129
|
|
|
319
|
|
Total interest
income
|
171,992
|
|
|
152,850
|
|
|
|
|
|
Interest
expense:
|
|
|
|
Deposits
|
11,953
|
|
|
11,457
|
|
Borrowed
funds
|
11,801
|
|
|
16,234
|
|
Total interest
expense
|
23,754
|
|
|
27,691
|
|
|
|
|
|
Net interest
income
|
148,238
|
|
|
125,159
|
|
Provision for loan
losses
|
5,859
|
|
|
1,950
|
|
Net interest income
after provision for loan losses
|
142,379
|
|
|
123,209
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
Gain on sale of
investments
|
354
|
|
|
661
|
|
Service charges and
fees
|
20,695
|
|
|
17,887
|
|
Trust and other
financial services income
|
6,538
|
|
|
5,870
|
|
Insurance commission
income
|
5,482
|
|
|
4,638
|
|
Gain/ (loss) on real
estate owned, net
|
360
|
|
|
(1,587)
|
|
Income from bank
owned life insurance
|
2,700
|
|
|
1,921
|
|
Mortgage banking
income
|
664
|
|
|
458
|
|
Other operating
income
|
2,930
|
|
|
1,302
|
|
Total noninterest
income
|
39,723
|
|
|
31,150
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
Compensation and
employee benefits
|
67,382
|
|
|
56,815
|
|
Premises and
occupancy costs
|
12,812
|
|
|
12,166
|
|
Office
operations
|
6,803
|
|
|
5,817
|
|
Collections
expense
|
1,405
|
|
|
1,371
|
|
Processing
expenses
|
16,586
|
|
|
14,597
|
|
Marketing
expenses
|
4,432
|
|
|
5,166
|
|
Federal deposit
insurance premiums
|
2,945
|
|
|
2,633
|
|
Professional
services
|
3,962
|
|
|
3,444
|
|
Amortization of
intangible assets
|
1,385
|
|
|
537
|
|
Real estate owned
expense
|
606
|
|
|
1,206
|
|
Restructuring/
acquisition expense
|
4,021
|
|
|
814
|
|
FHLB prepayment
penalty
|
36,978
|
|
|
—
|
|
Other
expense
|
7,219
|
|
|
4,280
|
|
Total noninterest
expense
|
166,536
|
|
|
108,846
|
|
Income before income
taxes
|
15,566
|
|
|
45,513
|
|
|
|
|
|
Income tax
expense
|
4,590
|
|
|
14,038
|
|
Net income
|
$
|
10,976
|
|
|
31,475
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.11
|
|
|
0.34
|
|
Diluted earnings per
share
|
$
|
0.11
|
|
|
0.34
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
99,033,676
|
|
91,585,766
|
Weighted average
common shares outstanding - diluted
|
99,811,725
|
|
91,950,216
|
|
|
|
|
Annualized return on
average equity
|
1.90
|
%
|
|
5.97
|
%
|
Annualized return on
average assets
|
0.25
|
%
|
|
0.81
|
%
|
Annualized return on
tangible common equity
|
2.49
|
%
|
|
7.11
|
%
|
|
|
|
|
Efficiency ratio
*
|
66.05
|
%
|
|
68.77
|
%
|
Annualized
noninterest expense to average assets *
|
2.81
|
%
|
|
2.75
|
%
|
* - Excludes restructuring/acquisition expenses, FHLB prepayment
penalty, and amortization of intangible assets.
Northwest
Bancshares, Inc. and Subsidiaries
|
Reconciliation of
Non-GAAP to GAAP Net Income (Unaudited) *
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
Quarter ended
June 30,
|
|
Six months ended
June 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Operating results
(non-GAAP):
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
76,686
|
|
|
62,178
|
|
|
148,238
|
|
|
125,159
|
|
Provision for loan
losses
|
4,199
|
|
|
1,050
|
|
|
5,859
|
|
|
1,950
|
|
Noninterest
income
|
20,275
|
|
|
16,525
|
|
|
39,723
|
|
|
31,150
|
|
Noninterest
expense
|
62,897
|
|
|
54,668
|
|
|
125,537
|
|
|
108,032
|
|
Income
taxes
|
10,268
|
|
|
7,364
|
|
|
18,655
|
|
|
14,300
|
|
Net operating income
(non-GAAP)
|
$
|
19,597
|
|
|
15,621
|
|
|
37,910
|
|
|
32,027
|
|
Diluted earnings per
share (non-GAAP)
|
$
|
0.20
|
|
|
0.17
|
|
|
0.38
|
|
|
0.35
|
|
Average
equity
|
$
|
1,154,885
|
|
|
1,063,770
|
|
|
1,159,450
|
|
|
1,063,537
|
|
Average
assets
|
8,882,058
|
|
|
7,872,208
|
|
|
8,896,530
|
|
|
7,881,087
|
|
Annualized ROE
(non-GAAP)
|
6.82
|
%
|
|
5.89
|
%
|
|
6.58
|
%
|
|
6.07
|
%
|
Annualized ROA
(non-GAAP)
|
0.89
|
%
|
|
0.80
|
%
|
|
0.86
|
%
|
|
0.82
|
%
|
|
|
|
|
|
|
|
|
Reconciliation of net
operating income to net income:
|
|
|
|
|
|
|
|
Net operating income
(non-GAAP)
|
$
|
19,597
|
|
|
15,621
|
|
|
37,910
|
|
|
32,027
|
|
Nonoperating
expenses, net of tax:
|
|
|
|
|
|
|
|
Restructuring/
acquisition expenses
|
(2,364)
|
|
|
(316)
|
|
|
(2,693)
|
|
|
(552)
|
|
FHLB prepayment
penalty
|
(24,241)
|
|
|
—
|
|
|
(24,241)
|
|
|
|
Net income/ (loss)
(GAAP)
|
$
|
(7,008)
|
|
|
15,305
|
|
|
10,976
|
|
|
31,475
|
|
Diluted earnings per
share (GAAP)
|
$
|
(0.07)
|
|
|
0.17
|
|
|
0.11
|
|
|
0.34
|
|
Annualized ROE
(GAAP)
|
(2.44)%
|
|
|
5.77
|
%
|
|
1.90
|
%
|
|
5.97
|
%
|
Annualized ROA
(GAAP)
|
(0.32)%
|
|
|
0.80
|
%
|
|
0.25
|
%
|
|
0.81
|
%
|
* - The table summarizes the Company's results from
operations on a GAAP basis and on an operating (non-GAAP) basis for
the periods indicated. Operating results exclude acquisition
expenses net of tax benefit. The Company believes this non-GAAP
presentation provides a meaningful comparison of operational
performance and facilitates a more effective evaluation and
comparison of results to assess performance in relation to ongoing
operations.
Northwest
Bancshares, Inc. and Subsidiaries
|
Asset quality
(Unaudited)
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
Nonaccrual loans
current:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
2,017
|
|
|
1,678
|
|
|
1,393
|
|
|
1,900
|
|
|
1,655
|
|
Home equity
loans
|
1,092
|
|
|
1,118
|
|
|
1,108
|
|
|
1,471
|
|
|
1,345
|
|
Consumer
loans
|
277
|
|
|
190
|
|
|
140
|
|
|
251
|
|
|
171
|
|
Commercial real
estate loans
|
17,456
|
|
|
19,350
|
|
|
14,018
|
|
|
19,602
|
|
|
8,596
|
|
Commercial
loans
|
4,462
|
|
|
5,923
|
|
|
4,604
|
|
|
4,877
|
|
|
5,096
|
|
Total nonaccrual
loans current
|
$
|
25,304
|
|
|
28,259
|
|
|
21,263
|
|
|
28,101
|
|
|
16,863
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
delinquent 30 days to 59 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
—
|
|
|
1,600
|
|
|
430
|
|
|
—
|
|
|
—
|
|
Home equity
loans
|
49
|
|
|
119
|
|
|
375
|
|
|
392
|
|
|
49
|
|
Consumer
loans
|
95
|
|
|
164
|
|
|
97
|
|
|
155
|
|
|
77
|
|
Commercial real
estate loans
|
151
|
|
|
3,371
|
|
|
2,192
|
|
|
359
|
|
|
867
|
|
Commercial
loans
|
16
|
|
|
4
|
|
|
322
|
|
|
131
|
|
|
186
|
|
Total nonaccrual
loans delinquent 30 days to 59 days
|
$
|
311
|
|
|
5,258
|
|
|
3,416
|
|
|
1,037
|
|
|
1,179
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
delinquent 60 days to 89 days:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
1,524
|
|
|
721
|
|
|
2,139
|
|
|
1,097
|
|
|
1,197
|
|
Home equity
loans
|
366
|
|
|
504
|
|
|
389
|
|
|
260
|
|
|
472
|
|
Consumer
loans
|
157
|
|
|
182
|
|
|
315
|
|
|
156
|
|
|
191
|
|
Commercial real
estate loans
|
6,513
|
|
|
109
|
|
|
762
|
|
|
416
|
|
|
504
|
|
Commercial
loans
|
1,748
|
|
|
57
|
|
|
110
|
|
|
11
|
|
|
119
|
|
Total nonaccrual
loans delinquent 60 days to 89 days
|
$
|
10,308
|
|
|
1,573
|
|
|
3,715
|
|
|
1,940
|
|
|
2,483
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
delinquent 90 days or more:
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
14,829
|
|
|
14,301
|
|
|
15,810
|
|
|
16,510
|
|
|
16,125
|
|
Home equity
loans
|
5,226
|
|
|
5,922
|
|
|
5,650
|
|
|
4,546
|
|
|
4,616
|
|
Consumer
loans
|
2,374
|
|
|
2,360
|
|
|
2,900
|
|
|
3,132
|
|
|
2,199
|
|
Commercial real
estate loans
|
12,960
|
|
|
13,165
|
|
|
16,449
|
|
|
10,565
|
|
|
12,673
|
|
Commercial
loans
|
4,566
|
|
|
3,314
|
|
|
2,459
|
|
|
2,074
|
|
|
1,858
|
|
Total nonaccrual
loans delinquent 90 days or more
|
$
|
39,955
|
|
|
39,062
|
|
|
43,268
|
|
|
36,827
|
|
|
37,471
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual
loans
|
$
|
75,878
|
|
|
74,152
|
|
|
71,662
|
|
|
67,905
|
|
|
57,996
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual
loans
|
$
|
75,878
|
|
|
74,152
|
|
|
71,662
|
|
|
67,905
|
|
|
57,996
|
|
Loans 90 days past
maturity and still accruing
|
472
|
|
|
894
|
|
|
1,334
|
|
|
680
|
|
|
385
|
|
Nonperforming
loans
|
76,350
|
|
|
75,046
|
|
|
72,996
|
|
|
68,585
|
|
|
58,381
|
|
Real estate owned,
net
|
4,950
|
|
|
6,834
|
|
|
8,725
|
|
|
10,391
|
|
|
13,864
|
|
Nonperforming
assets
|
$
|
81,300
|
|
|
81,880
|
|
|
81,721
|
|
|
78,976
|
|
|
72,245
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual troubled
debt restructuring *
|
$
|
18,098
|
|
|
17,699
|
|
|
21,118
|
|
|
23,184
|
|
|
15,443
|
|
Accruing troubled
debt restructuring
|
31,015
|
|
|
30,549
|
|
|
29,997
|
|
|
26,154
|
|
|
40,741
|
|
Total troubled debt
restructuring
|
$
|
49,113
|
|
|
48,248
|
|
|
51,115
|
|
|
49,338
|
|
|
56,184
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans
to total loans
|
1.05
|
%
|
|
1.03
|
%
|
|
1.01
|
%
|
|
0.96
|
%
|
|
0.95
|
%
|
Nonperforming assets
to total assets
|
0.91
|
%
|
|
0.92
|
%
|
|
0.91
|
%
|
|
0.88
|
%
|
|
0.92
|
%
|
Allowance for loan
losses to total loans
|
0.83
|
%
|
|
0.85
|
%
|
|
0.87
|
%
|
|
0.85
|
%
|
|
0.96
|
%
|
Allowance for loan
losses to nonperforming loans
|
79.61
|
%
|
|
82.99
|
%
|
|
85.86
|
%
|
|
94.54
|
%
|
|
101.16
|
%
|
* - Amounts included in nonperforming loans above.
Northwest
Bancshares, Inc. and Subsidiaries
|
Exposure to the
oil and gas industry (Unaudited)
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
Direct exposure to
oil and gas extraction:
|
|
|
|
|
|
|
|
|
|
Outstanding balance
|
$
|
12,844
|
|
|
13,764
|
|
|
16,619
|
|
|
17,209
|
|
|
17,990
|
|
Commitments
|
16,542
|
|
|
18,450
|
|
|
19,576
|
|
|
20,127
|
|
|
20,511
|
|
Impaired
|
561
|
|
|
564
|
|
|
564
|
|
|
564
|
|
|
—
|
|
Reserve
|
548
|
|
|
594
|
|
|
626
|
|
|
749
|
|
|
274
|
|
|
|
|
|
|
|
|
|
|
|
Indirect exposure:
*
|
|
|
|
|
|
|
|
|
|
Outstanding balance
|
58,399
|
|
|
54,465
|
|
|
56,659
|
|
|
57,805
|
|
|
72,416
|
|
Commitments
|
62,581
|
|
|
58,522
|
|
|
68,659
|
|
|
79,226
|
|
|
99,661
|
|
Impaired
|
611
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
217
|
|
Reserve
|
220
|
|
|
195
|
|
|
34
|
|
|
150
|
|
|
103
|
|
|
|
|
|
|
|
|
|
|
|
Total
exposure:
|
|
|
|
|
|
|
|
|
|
Outstanding balance
|
71,243
|
|
|
68,229
|
|
|
73,278
|
|
|
75,014
|
|
|
90,406
|
|
Commitments
|
79,123
|
|
|
76,972
|
|
|
88,235
|
|
|
99,353
|
|
|
120,172
|
|
Impaired
|
1,172
|
|
|
564
|
|
|
564
|
|
|
564
|
|
|
217
|
|
Reserve
|
768
|
|
|
789
|
|
|
660
|
|
|
899
|
|
|
377
|
|
* - Includes loans to haulers, wholesalers, and refineries.
Northwest
Bancshares, Inc. and Subsidiaries
|
Loans by credit
quality indicators (Unaudited)
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At June 30,
2016
|
|
Pass
|
|
Special
mention
*
|
|
Substandard
**
|
|
Doubtful
|
|
Loss
|
|
Loans
receivable
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,741,101
|
|
|
—
|
|
|
16,497
|
|
|
—
|
|
|
—
|
|
|
2,757,598
|
|
Home equity
loans
|
|
1,153,010
|
|
|
—
|
|
|
9,164
|
|
|
—
|
|
|
—
|
|
|
1,162,174
|
|
Consumer
loans
|
|
544,174
|
|
|
—
|
|
|
2,376
|
|
|
—
|
|
|
—
|
|
|
546,550
|
|
Total Personal
Banking
|
|
4,438,285
|
|
|
—
|
|
|
28,037
|
|
|
—
|
|
|
—
|
|
|
4,466,322
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,170,583
|
|
|
63,351
|
|
|
129,428
|
|
|
14
|
|
|
—
|
|
|
2,363,376
|
|
Commercial
loans
|
|
408,178
|
|
|
15,435
|
|
|
38,546
|
|
|
3,064
|
|
|
—
|
|
|
465,223
|
|
Total Commercial
Banking
|
|
2,578,761
|
|
|
78,786
|
|
|
167,974
|
|
|
3,078
|
|
|
—
|
|
|
2,828,599
|
|
Total
loans
|
|
$
|
7,017,046
|
|
|
78,786
|
|
|
196,011
|
|
|
3,078
|
|
|
—
|
|
|
7,294,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,755,325
|
|
|
—
|
|
|
13,721
|
|
|
—
|
|
|
1,317
|
|
|
2,770,363
|
|
Home equity
loans
|
|
1,161,382
|
|
|
—
|
|
|
8,439
|
|
|
—
|
|
|
—
|
|
|
1,169,821
|
|
Consumer
loans
|
|
523,333
|
|
|
—
|
|
|
2,204
|
|
|
—
|
|
|
—
|
|
|
525,537
|
|
Total Personal
Banking
|
|
4,440,040
|
|
|
—
|
|
|
24,364
|
|
|
—
|
|
|
1,317
|
|
|
4,465,721
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,167,110
|
|
|
63,695
|
|
|
130,043
|
|
|
15
|
|
|
—
|
|
|
2,360,863
|
|
Commercial
loans
|
|
409,994
|
|
|
16,425
|
|
|
39,887
|
|
|
1,112
|
|
|
—
|
|
|
467,418
|
|
Total Commercial
Banking
|
|
2,577,104
|
|
|
80,120
|
|
|
169,930
|
|
|
1,127
|
|
|
—
|
|
|
2,828,281
|
|
Total
loans
|
|
$
|
7,017,144
|
|
|
80,120
|
|
|
194,294
|
|
|
1,127
|
|
|
1,317
|
|
|
7,294,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,725,492
|
|
|
—
|
|
|
14,060
|
|
|
—
|
|
|
1,340
|
|
|
2,740,892
|
|
Home equity
loans
|
|
1,178,735
|
|
|
—
|
|
|
8,371
|
|
|
—
|
|
|
—
|
|
|
1,187,106
|
|
Consumer
loans
|
|
517,746
|
|
|
—
|
|
|
2,543
|
|
|
—
|
|
|
—
|
|
|
520,289
|
|
Total Personal
Banking
|
|
4,421,973
|
|
|
—
|
|
|
24,974
|
|
|
—
|
|
|
1,340
|
|
|
4,448,287
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,170,951
|
|
|
53,390
|
|
|
126,978
|
|
|
115
|
|
|
—
|
|
|
2,351,434
|
|
Commercial
loans
|
|
359,403
|
|
|
23,730
|
|
|
38,157
|
|
|
1,110
|
|
|
—
|
|
|
422,400
|
|
Total Commercial
Banking
|
|
2,530,354
|
|
|
77,120
|
|
|
165,135
|
|
|
1,225
|
|
|
—
|
|
|
2,773,834
|
|
Total
loans
|
|
$
|
6,952,327
|
|
|
77,120
|
|
|
190,109
|
|
|
1,225
|
|
|
1,340
|
|
|
7,222,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,699,670
|
|
|
—
|
|
|
11,512
|
|
|
—
|
|
|
1,355
|
|
|
2,712,537
|
|
Home equity
loans
|
|
1,198,779
|
|
|
—
|
|
|
4,411
|
|
|
—
|
|
|
—
|
|
|
1,203,190
|
|
Consumer
loans
|
|
492,023
|
|
|
—
|
|
|
2,691
|
|
|
—
|
|
|
—
|
|
|
494,714
|
|
Total Personal
Banking
|
|
4,390,472
|
|
|
—
|
|
|
18,614
|
|
|
—
|
|
|
1,355
|
|
|
4,410,441
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
2,154,439
|
|
|
33,339
|
|
|
143,086
|
|
|
—
|
|
|
—
|
|
|
2,330,864
|
|
Commercial
loans
|
|
353,366
|
|
|
19,364
|
|
|
37,413
|
|
|
165
|
|
|
—
|
|
|
410,308
|
|
Total Commercial
Banking
|
|
2,507,805
|
|
|
52,703
|
|
|
180,499
|
|
|
165
|
|
|
—
|
|
|
2,741,172
|
|
Total
loans
|
|
$
|
6,898,277
|
|
|
52,703
|
|
|
199,113
|
|
|
165
|
|
|
1,355
|
|
|
7,151,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At June 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
$
|
2,584,438
|
|
|
—
|
|
|
11,362
|
|
|
—
|
|
|
1,370
|
|
|
2,597,170
|
|
Home equity
loans
|
|
1,051,213
|
|
|
—
|
|
|
4,616
|
|
|
—
|
|
|
—
|
|
|
1,055,829
|
|
Consumer
loans
|
|
250,648
|
|
|
—
|
|
|
1,743
|
|
|
—
|
|
|
—
|
|
|
252,391
|
|
Total Personal
Banking
|
|
3,886,299
|
|
|
—
|
|
|
17,721
|
|
|
—
|
|
|
1,370
|
|
|
3,905,390
|
|
Commercial
Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate loans
|
|
1,688,449
|
|
|
37,497
|
|
|
133,797
|
|
|
—
|
|
|
—
|
|
|
1,859,743
|
|
Commercial
loans
|
|
301,467
|
|
|
19,793
|
|
|
38,262
|
|
|
2
|
|
|
—
|
|
|
359,524
|
|
Total Commercial
Banking
|
|
1,989,916
|
|
|
57,290
|
|
|
172,059
|
|
|
2
|
|
|
—
|
|
|
2,219,267
|
|
Total
loans
|
|
$
|
5,876,215
|
|
|
57,290
|
|
|
189,780
|
|
|
2
|
|
|
1,370
|
|
|
6,124,657
|
|
* - Includes $7.6 million,
$7.7 million, $7.6 million, and $533,000 of acquired loans at June 30, 2016, March 31,
2016, December 31, 2015, and
September 30, 2015, respectively.
** - Includes $25.5 million,
$17.9 million, $18.6 million, and $18.5
million of acquired loans at June 30,
2016, March 31, 2016,
December 31, 2015, and September 30, 2015, respectively.
Northwest
Bancshares, Inc. and Subsidiaries
|
Loan delinquency
(Unaudited)
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
2016
|
|
*
|
|
March 31,
2016
|
|
*
|
|
December 31,
2015
|
|
*
|
|
September 30,
2015
|
|
*
|
|
June 30,
2015
|
|
*
|
(Number of loans and
dollar amount of loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 30
days to 59 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
72
|
|
|
$
|
3,353
|
|
|
0.1
|
%
|
|
323
|
|
|
$
|
24,494
|
|
|
0.9
|
%
|
|
349
|
|
|
$
|
25,943
|
|
|
0.9
|
%
|
|
75
|
|
|
$
|
3,644
|
|
|
0.1
|
%
|
|
64
|
|
|
3,250
|
|
|
0.1
|
%
|
Home equity
loans
|
|
128
|
|
|
4,988
|
|
|
0.4
|
%
|
|
132
|
|
|
5,351
|
|
|
0.5
|
%
|
|
173
|
|
|
5,806
|
|
|
0.5
|
%
|
|
149
|
|
|
5,770
|
|
|
0.5
|
%
|
|
112
|
|
|
3,768
|
|
|
0.4
|
%
|
Consumer
loans
|
|
1,144
|
|
|
6,725
|
|
|
1.2
|
%
|
|
895
|
|
|
5,511
|
|
|
1.0
|
%
|
|
1,234
|
|
|
7,101
|
|
|
1.4
|
%
|
|
1,214
|
|
|
6,324
|
|
|
1.3
|
%
|
|
1,103
|
|
|
5,116
|
|
|
2.0
|
%
|
Commercial real
estate loans
|
|
34
|
|
|
4,828
|
|
|
0.2
|
%
|
|
51
|
|
|
27,474
|
|
|
1.2
|
%
|
|
48
|
|
|
24,877
|
|
|
1.1
|
%
|
|
55
|
|
|
7,463
|
|
|
0.3
|
%
|
|
39
|
|
|
3,788
|
|
|
0.2
|
%
|
Commercial
loans
|
|
15
|
|
|
533
|
|
|
0.1
|
%
|
|
26
|
|
|
3,133
|
|
|
0.7
|
%
|
|
31
|
|
|
2,868
|
|
|
0.7
|
%
|
|
21
|
|
|
1,379
|
|
|
0.3
|
%
|
|
21
|
|
|
1,363
|
|
|
0.4
|
%
|
Total loans
delinquent 30 days to 59 days
|
|
1,393
|
|
|
$
|
20,427
|
|
|
0.3
|
%
|
|
1,427
|
|
|
$
|
65,963
|
|
|
0.9
|
%
|
|
1,835
|
|
|
$
|
66,595
|
|
|
0.9
|
%
|
|
1,514
|
|
|
$
|
24,580
|
|
|
0.3
|
%
|
|
1,339
|
|
|
17,285
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 60
days to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
74
|
|
|
$
|
5,633
|
|
|
0.2
|
%
|
|
21
|
|
|
$
|
1,358
|
|
|
—
|
%
|
|
100
|
|
|
$
|
7,790
|
|
|
0.3
|
%
|
|
83
|
|
|
$
|
5,193
|
|
|
0.2
|
%
|
|
70
|
|
|
5,815
|
|
|
0.2
|
%
|
Home equity
loans
|
|
42
|
|
|
1,435
|
|
|
0.1
|
%
|
|
36
|
|
|
1,256
|
|
|
0.1
|
%
|
|
50
|
|
|
2,478
|
|
|
0.2
|
%
|
|
52
|
|
|
1,716
|
|
|
0.1
|
%
|
|
39
|
|
|
2,090
|
|
|
0.2
|
%
|
Consumer
loans
|
|
514
|
|
|
2,247
|
|
|
0.4
|
%
|
|
379
|
|
|
1,803
|
|
|
0.3
|
%
|
|
521
|
|
|
2,521
|
|
|
0.5
|
%
|
|
512
|
|
|
2,593
|
|
|
0.5
|
%
|
|
442
|
|
|
1,767
|
|
|
0.7
|
%
|
Commercial real
estate loans
|
|
16
|
|
|
8,765
|
|
|
0.4
|
%
|
|
11
|
|
|
1,081
|
|
|
—
|
%
|
|
21
|
|
|
8,228
|
|
|
0.3
|
%
|
|
28
|
|
|
8,368
|
|
|
0.4
|
%
|
|
30
|
|
|
4,919
|
|
|
0.3
|
%
|
Commercial
loans
|
|
23
|
|
|
2,429
|
|
|
0.5
|
%
|
|
7
|
|
|
375
|
|
|
0.1
|
%
|
|
7
|
|
|
598
|
|
|
0.1
|
%
|
|
8
|
|
|
401
|
|
|
0.1
|
%
|
|
7
|
|
|
159
|
|
|
—
|
%
|
Total loans
delinquent 60 days to 89 days
|
|
669
|
|
|
$
|
20,509
|
|
|
0.3
|
%
|
|
454
|
|
|
$
|
5,873
|
|
|
0.1
|
%
|
|
699
|
|
|
$
|
21,615
|
|
|
0.3
|
%
|
|
683
|
|
|
$
|
18,271
|
|
|
0.3
|
%
|
|
588
|
|
|
14,750
|
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans delinquent 90
days or more: **
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
|
176
|
|
|
$
|
15,046
|
|
|
0.5
|
%
|
|
183
|
|
|
$
|
14,673
|
|
|
0.5
|
%
|
|
215
|
|
|
$
|
16,350
|
|
|
0.6
|
%
|
|
204
|
|
|
$
|
17,209
|
|
|
0.6
|
%
|
|
203
|
|
|
16,125
|
|
|
0.6
|
%
|
Home equity
loans
|
|
124
|
|
|
5,422
|
|
|
0.5
|
%
|
|
120
|
|
|
6,200
|
|
|
0.5
|
%
|
|
143
|
|
|
6,112
|
|
|
0.5
|
%
|
|
136
|
|
|
5,554
|
|
|
0.5
|
%
|
|
104
|
|
|
4,616
|
|
|
0.4
|
%
|
Consumer
loans
|
|
440
|
|
|
2,399
|
|
|
0.4
|
%
|
|
557
|
|
|
2,386
|
|
|
0.5
|
%
|
|
523
|
|
|
2,926
|
|
|
0.6
|
%
|
|
570
|
|
|
3,156
|
|
|
0.6
|
%
|
|
440
|
|
|
2,199
|
|
|
0.9
|
%
|
Commercial real
estate loans
|
|
107
|
|
|
15,244
|
|
|
0.6
|
%
|
|
106
|
|
|
15,442
|
|
|
0.7
|
%
|
|
113
|
|
|
19,031
|
|
|
0.8
|
%
|
|
95
|
|
|
14,898
|
|
|
0.6
|
%
|
|
76
|
|
|
12,673
|
|
|
0.7
|
%
|
Commercial
loans
|
|
32
|
|
|
4,709
|
|
|
1.0
|
%
|
|
34
|
|
|
3,456
|
|
|
0.7
|
%
|
|
25
|
|
|
2,599
|
|
|
0.6
|
%
|
|
23
|
|
|
2,319
|
|
|
0.6
|
%
|
|
13
|
|
|
1,858
|
|
|
0.5
|
%
|
Total loans
delinquent 90 days or more
|
|
879
|
|
|
$
|
42,820
|
|
|
0.6
|
%
|
|
1,000
|
|
|
$
|
42,157
|
|
|
0.6
|
%
|
|
1,019
|
|
|
$
|
47,018
|
|
|
0.7
|
%
|
|
1,028
|
|
|
$
|
43,136
|
|
|
0.6
|
%
|
|
836
|
|
|
37,471
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
delinquent
|
|
2,941
|
|
|
$
|
83,756
|
|
|
1.1
|
%
|
|
2,881
|
|
|
$
|
113,993
|
|
|
1.6
|
%
|
|
3,553
|
|
|
$
|
135,228
|
|
|
1.9
|
%
|
|
3,225
|
|
|
$
|
85,987
|
|
|
1.2
|
%
|
|
2,763
|
|
|
69,506
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* - Represents delinquency, in dollars, divided by the
respective total amount of that type of loan outstanding.
** - Includes purchased credit impaired loans of $2.9 million, $3.1
million, $3.7 million, and
$6.3 million at June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, respectively.
Northwest
Bancshares, Inc. and Subsidiaries
|
Allowance for loan
losses (Unaudited)
|
(Dollars in
thousands)
|
|
|
|
Quarter ended
|
|
June 30,
2016
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
Beginning
balance
|
$
|
62,278
|
|
|
62,672
|
|
|
60,547
|
|
|
59,057
|
|
|
67,298
|
|
Provision
|
4,199
|
|
|
1,660
|
|
|
4,595
|
|
|
3,167
|
|
|
1,050
|
|
Charge-offs
residential mortgage
|
(1,852)
|
|
|
(564)
|
|
|
(171)
|
|
|
(342)
|
|
|
(278)
|
|
Charge-offs home
equity
|
(946)
|
|
|
(984)
|
|
|
(1,097)
|
|
|
(443)
|
|
|
(542)
|
|
Charge-offs
consumer
|
(2,332)
|
|
|
(2,403)
|
|
|
(2,561)
|
|
|
(2,014)
|
|
|
(1,759)
|
|
Charge-offs
commercial real estate
|
(1,731)
|
|
|
(897)
|
|
|
(1,216)
|
|
|
(558)
|
|
|
(3,439)
|
|
Charge-offs
commercial
|
(903)
|
|
|
(117)
|
|
|
(508)
|
|
|
(595)
|
|
|
(6,356)
|
|
Recoveries
|
2,068
|
|
|
2,911
|
|
|
3,083
|
|
|
2,275
|
|
|
3,083
|
|
Ending
balance
|
$
|
60,781
|
|
|
62,278
|
|
|
62,672
|
|
|
60,547
|
|
|
59,057
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans, annualized
|
0.31
|
%
|
|
0.11
|
%
|
|
0.14
|
%
|
|
0.10
|
%
|
|
0.61
|
%
|
|
Six months ended
June 30,
|
|
2016
|
|
2015
|
Beginning
balance
|
$
|
62,672
|
|
|
67,518
|
|
Provision
|
5,859
|
|
|
1,950
|
|
Charge-offs
residential mortgage
|
(2,416)
|
|
|
(613)
|
|
Charge-offs home
equity
|
(1,930)
|
|
|
(884)
|
|
Charge-offs
consumer
|
(4,735)
|
|
|
(3,699)
|
|
Charge-offs
commercial real estate
|
(2,628)
|
|
|
(4,552)
|
|
Charge-offs
commercial
|
(1,020)
|
|
|
(7,080)
|
|
Recoveries
|
4,979
|
|
|
6,417
|
|
Ending
balance
|
$
|
60,781
|
|
|
59,057
|
|
|
|
|
|
Net charge-offs to
average loans, annualized
|
0.21
|
%
|
|
0.34
|
%
|
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,
2016
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (h)
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (h)
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (h)
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (h)
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (h)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
2,751,601
|
|
|
30,228
|
|
|
4.39
|
%
|
|
$
|
2,739,787
|
|
|
29,786
|
|
|
4.35
|
%
|
|
$
|
2,710,811
|
|
|
29,227
|
|
|
4.31
|
%
|
|
$
|
2,632,199
|
|
|
29,060
|
|
|
4.42
|
%
|
|
$
|
2,546,712
|
|
|
28,395
|
|
|
4.46
|
%
|
Home equity
loans
|
1,163,900
|
|
|
12,701
|
|
|
4.39
|
%
|
|
1,177,406
|
|
|
12,642
|
|
|
4.32
|
%
|
|
1,193,433
|
|
|
12,753
|
|
|
4.24
|
%
|
|
1,114,931
|
|
|
12,208
|
|
|
4.34
|
%
|
|
1,054,508
|
|
|
11,402
|
|
|
4.34
|
%
|
Consumer
loans
|
522,745
|
|
|
8,697
|
|
|
6.69
|
%
|
|
510,091
|
|
|
8,219
|
|
|
6.48
|
%
|
|
500,175
|
|
|
8,805
|
|
|
6.98
|
%
|
|
364,378
|
|
|
7,146
|
|
|
7.78
|
%
|
|
245,832
|
|
|
6,529
|
|
|
10.65
|
%
|
Commercial real
estate loans
|
2,356,994
|
|
|
26,691
|
|
|
4.48
|
%
|
|
2,349,748
|
|
|
25,993
|
|
|
4.38
|
%
|
|
2,331,769
|
|
|
25,972
|
|
|
4.36
|
%
|
|
2,100,463
|
|
|
24,061
|
|
|
4.48
|
%
|
|
1,859,790
|
|
|
21,257
|
|
|
4.52
|
%
|
Commercial
loans
|
461,808
|
|
|
4,902
|
|
|
4.20
|
%
|
|
441,977
|
|
|
4,723
|
|
|
4.23
|
%
|
|
412,415
|
|
|
4,671
|
|
|
4.43
|
%
|
|
372,693
|
|
|
4,108
|
|
|
4.31
|
%
|
|
367,069
|
|
|
3,862
|
|
|
4.16
|
%
|
Total loans
receivable (a) (b) (d)
|
7,257,048
|
|
|
83,219
|
|
|
4.61
|
%
|
|
7,219,009
|
|
|
81,363
|
|
|
4.53
|
%
|
|
7,148,603
|
|
|
81,428
|
|
|
4.52
|
%
|
|
6,584,664
|
|
|
76,583
|
|
|
4.66
|
%
|
|
6,073,911
|
|
|
71,445
|
|
|
4.72
|
%
|
Mortgage-backed
securities (c)
|
458,398
|
|
|
2,115
|
|
|
1.85
|
%
|
|
488,294
|
|
|
2,229
|
|
|
1.83
|
%
|
|
519,736
|
|
|
2,301
|
|
|
1.77
|
%
|
|
498,757
|
|
|
2,230
|
|
|
1.79
|
%
|
|
477,800
|
|
|
2,058
|
|
|
1.72
|
%
|
Investment securities
(c) (d)
|
313,647
|
|
|
1,844
|
|
|
2.35
|
%
|
|
387,460
|
|
|
2,151
|
|
|
2.22
|
%
|
|
427,363
|
|
|
2,394
|
|
|
2.24
|
%
|
|
482,666
|
|
|
2,754
|
|
|
2.28
|
%
|
|
482,670
|
|
|
2,887
|
|
|
2.39
|
%
|
FHLB stock
|
33,302
|
|
|
401
|
|
|
4.84
|
%
|
|
37,098
|
|
|
467
|
|
|
5.06
|
%
|
|
38,651
|
|
|
499
|
|
|
5.12
|
%
|
|
39,552
|
|
|
451
|
|
|
4.52
|
%
|
|
35,608
|
|
|
475
|
|
|
5.35
|
%
|
Other
interest-earning deposits
|
63,950
|
|
|
70
|
|
|
0.43
|
%
|
|
43,578
|
|
|
59
|
|
|
0.54
|
%
|
|
40,410
|
|
|
13
|
|
|
0.13
|
%
|
|
162,041
|
|
|
99
|
|
|
0.24
|
%
|
|
272,691
|
|
|
180
|
|
|
0.26
|
%
|
Total
interest-earning assets
|
8,126,345
|
|
|
87,649
|
|
|
4.34
|
%
|
|
8,175,439
|
|
|
86,269
|
|
|
4.24
|
%
|
|
8,174,763
|
|
|
86,635
|
|
|
4.20
|
%
|
|
7,767,680
|
|
|
82,117
|
|
|
4.24
|
%
|
|
7,342,680
|
|
|
77,045
|
|
|
4.21
|
%
|
Noninterest earning
assets (e)
|
755,713
|
|
|
|
|
|
|
735,562
|
|
|
|
|
|
|
747,317
|
|
|
|
|
|
|
846,439
|
|
|
|
|
|
|
529,528
|
|
|
|
|
|
Total
assets
|
$
|
8,882,058
|
|
|
|
|
|
|
$
|
8,911,001
|
|
|
|
|
|
|
$
|
8,922,080
|
|
|
|
|
|
|
$
|
8,614,119
|
|
|
|
|
|
|
$
|
7,872,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$
|
1,440,886
|
|
|
837
|
|
|
0.23
|
%
|
|
$
|
1,405,800
|
|
|
865
|
|
|
0.25
|
%
|
|
$
|
1,378,377
|
|
|
871
|
|
|
0.25
|
%
|
|
$
|
1,324,620
|
|
|
865
|
|
|
0.26
|
%
|
|
$
|
1,263,785
|
|
|
838
|
|
|
0.27
|
%
|
Interest-bearing
demand deposits
|
1,130,122
|
|
|
144
|
|
|
0.05
|
%
|
|
1,093,839
|
|
|
156
|
|
|
0.06
|
%
|
|
1,083,524
|
|
|
157
|
|
|
0.06
|
%
|
|
1,022,585
|
|
|
149
|
|
|
0.06
|
%
|
|
920,071
|
|
|
131
|
|
|
0.06
|
%
|
Money market deposit
accounts
|
1,294,381
|
|
|
829
|
|
|
0.26
|
%
|
|
1,288,535
|
|
|
865
|
|
|
0.27
|
%
|
|
1,279,181
|
|
|
873
|
|
|
0.27
|
%
|
|
1,217,122
|
|
|
825
|
|
|
0.27
|
%
|
|
1,147,017
|
|
|
759
|
|
|
0.27
|
%
|
Time
deposits
|
1,616,260
|
|
|
4,055
|
|
|
1.01
|
%
|
|
1,664,322
|
|
|
4,202
|
|
|
1.02
|
%
|
|
1,720,895
|
|
|
4,534
|
|
|
1.05
|
%
|
|
1,577,159
|
|
|
4,324
|
|
|
1.09
|
%
|
|
1,409,740
|
|
|
3,963
|
|
|
1.13
|
%
|
Borrowed funds
(f)
|
772,225
|
|
|
3,017
|
|
|
1.57
|
%
|
|
899,439
|
|
|
6,539
|
|
|
2.92
|
%
|
|
906,574
|
|
|
6,730
|
|
|
2.95
|
%
|
|
906,410
|
|
|
6,713
|
|
|
2.94
|
%
|
|
929,744
|
|
|
6,929
|
|
|
2.99
|
%
|
Junior subordinated
debentures
|
111,213
|
|
|
1,126
|
|
|
4.01
|
%
|
|
111,213
|
|
|
1,119
|
|
|
3.98
|
%
|
|
116,626
|
|
|
1,321
|
|
|
4.43
|
%
|
|
111,213
|
|
|
1,274
|
|
|
4.48
|
%
|
|
103,094
|
|
|
1,172
|
|
|
4.50
|
%
|
Total
interest-bearing liabilities
|
6,365,087
|
|
|
10,008
|
|
|
0.63
|
%
|
|
6,463,148
|
|
|
13,746
|
|
|
0.86
|
%
|
|
6,485,177
|
|
|
14,486
|
|
|
0.89
|
%
|
|
6,159,109
|
|
|
14,150
|
|
|
0.91
|
%
|
|
5,773,451
|
|
|
13,792
|
|
|
0.96
|
%
|
Noninterest-bearing
demand deposits (g)
|
1,184,786
|
|
|
|
|
|
|
1,161,151
|
|
|
|
|
|
|
1,145,276
|
|
|
|
|
|
|
1,054,270
|
|
|
|
|
|
|
957,912
|
|
|
|
|
|
Noninterest bearing
liabilities
|
177,300
|
|
|
|
|
|
|
122,667
|
|
|
|
|
|
|
133,323
|
|
|
|
|
|
|
275,435
|
|
|
|
|
|
|
77,075
|
|
|
|
|
|
Total
liabilities
|
7,727,173
|
|
|
|
|
|
|
7,746,966
|
|
|
|
|
|
|
7,763,776
|
|
|
|
|
|
|
7,488,814
|
|
|
|
|
|
|
6,808,438
|
|
|
|
|
|
Shareholders'
equity
|
1,154,885
|
|
|
|
|
|
|
1,164,035
|
|
|
|
|
|
|
1,158,304
|
|
|
|
|
|
|
1,125,305
|
|
|
|
|
|
|
1,063,770
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
8,882,058
|
|
|
|
|
|
|
$
|
8,911,001
|
|
|
|
|
|
|
$
|
8,922,080
|
|
|
|
|
|
|
$
|
8,614,119
|
|
|
|
|
|
|
$
|
7,872,208
|
|
|
|
|
|
Net interest income/
Interest rate spread
|
|
|
77,641
|
|
|
3.71
|
%
|
|
|
|
72,523
|
|
|
3.38
|
%
|
|
|
|
72,149
|
|
|
3.31
|
%
|
|
|
|
67,967
|
|
|
3.33
|
%
|
|
|
|
63,253
|
|
|
3.25
|
%
|
Net interest-earning
assets/ Net interest margin
|
$
|
1,761,258
|
|
|
|
|
3.82
|
%
|
|
$
|
1,712,291
|
|
|
|
|
3.57
|
%
|
|
$
|
1,689,586
|
|
|
|
|
3.53
|
%
|
|
$
|
1,608,571
|
|
|
|
|
3.50
|
%
|
|
$
|
1,569,229
|
|
|
|
|
3.45
|
%
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.28X
|
|
|
|
|
|
|
1.26X
|
|
|
|
|
|
|
1.26X
|
|
|
|
|
|
|
1.26X
|
|
|
|
|
|
|
1.27X
|
|
|
|
|
|
(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%, 0.37%, 0.39%, 0.39% and
0.40%, respectively.
(h) Shown on a FTE basis. GAAP basis yields for the periods
indicated were: Loans - 4.58%, 4.50%, 4.49%, 4.63% and 4.69%,
respectively, Investment securities - 1.87%, 1.82%, 1.82%,
1.84% and 1.88%, respectively, Interest-earning assets -
4.29%, 4.20%, 4.16%, 4.19% and 4.15%, respectively. GAAP basis net
interest rate spreads were 3.66%, 3.34%, 3.27%, 3.28% and 3.19%,
respectively, and GAAP basis net interest margins were 3.77%,
3.55%, 3.48%, 3.45% and 3.39%, 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,
|
|
2016
|
|
2015
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (h)
|
|
Average
Balance
|
|
Interest
|
|
Avg.
Yield/
Cost (h)
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
$
|
2,745,695
|
|
|
60,013
|
|
|
4.37
|
%
|
|
$
|
2,529,553
|
|
|
56,650
|
|
|
4.48
|
%
|
Home equity
loans
|
1,170,653
|
|
|
25,243
|
|
|
4.34
|
%
|
|
1,056,813
|
|
|
22,875
|
|
|
4.39
|
%
|
Consumer
loans
|
516,419
|
|
|
16,916
|
|
|
6.59
|
%
|
|
242,896
|
|
|
12,819
|
|
|
10.64
|
%
|
Commercial real
estate loans
|
2,353,371
|
|
|
52,684
|
|
|
4.43
|
%
|
|
1,829,724
|
|
|
42,184
|
|
|
4.59
|
%
|
Commercial
loans
|
451,893
|
|
|
9,625
|
|
|
4.21
|
%
|
|
387,755
|
|
|
8,099
|
|
|
4.15
|
%
|
Loans receivable
(a) (b) (d)
|
7,238,031
|
|
|
164,481
|
|
|
4.57
|
%
|
|
6,046,741
|
|
|
142,627
|
|
|
4.76
|
%
|
Mortgage-backed
securities (c)
|
473,346
|
|
|
4,344
|
|
|
1.84
|
%
|
|
492,209
|
|
|
4,292
|
|
|
1.74
|
%
|
Investment securities
(c) (d)
|
350,553
|
|
|
3,995
|
|
|
2.28
|
%
|
|
484,366
|
|
|
6,006
|
|
|
2.48
|
%
|
FHLB stock
(i)
|
35,200
|
|
|
868
|
|
|
4.96
|
%
|
|
35,872
|
|
|
838
|
|
|
4.71
|
%
|
Other
interest-earning deposits
|
45,926
|
|
|
129
|
|
|
0.56
|
%
|
|
252,210
|
|
|
319
|
|
|
0.25
|
%
|
Total
interest-earning assets
|
8,143,056
|
|
|
173,817
|
|
|
4.29
|
%
|
|
7,311,398
|
|
|
154,082
|
|
|
4.24
|
%
|
Noninterest earning
assets (e)
|
753,474
|
|
|
|
|
|
|
569,689
|
|
|
|
|
|
Total
assets
|
$
|
8,896,530
|
|
|
|
|
|
|
$
|
7,881,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Savings
deposits
|
$
|
1,423,343
|
|
|
1,702
|
|
|
0.24
|
%
|
|
$
|
1,247,854
|
|
|
1,651
|
|
|
0.27
|
%
|
Interest-bearing
demand deposits
|
1,111,981
|
|
|
300
|
|
|
0.05
|
%
|
|
899,260
|
|
|
262
|
|
|
0.06
|
%
|
Money market deposit
accounts
|
1,291,457
|
|
|
1,694
|
|
|
0.26
|
%
|
|
1,156,079
|
|
|
1,524
|
|
|
0.27
|
%
|
Time
deposits
|
1,640,291
|
|
|
8,257
|
|
|
1.01
|
%
|
|
1,430,989
|
|
|
8,020
|
|
|
1.13
|
%
|
Borrowed funds
(f)
|
835,832
|
|
|
9,556
|
|
|
2.30
|
%
|
|
945,192
|
|
|
13,904
|
|
|
2.97
|
%
|
Junior subordinated
debentures
|
111,213
|
|
|
2,245
|
|
|
3.99
|
%
|
|
103,094
|
|
|
2,330
|
|
|
4.50
|
%
|
Total
interest-bearing liabilities
|
6,414,117
|
|
|
23,754
|
|
|
0.74
|
%
|
|
5,782,468
|
|
|
27,691
|
|
|
0.97
|
%
|
Noninterest-bearing
demand deposits (g)
|
1,109,662
|
|
|
|
|
|
|
936,090
|
|
|
|
|
|
Noninterest bearing
liabilities
|
213,301
|
|
|
|
|
|
|
98,992
|
|
|
|
|
|
Total
liabilities
|
7,737,080
|
|
|
|
|
|
|
6,817,550
|
|
|
|
|
|
Shareholders'
equity
|
1,159,450
|
|
|
|
|
|
|
1,063,537
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
8,896,530
|
|
|
|
|
|
|
$
|
7,881,087
|
|
|
|
|
|
Net interest income/
Interest rate spread
|
|
|
150,063
|
|
|
3.55
|
%
|
|
|
|
126,391
|
|
|
3.27
|
%
|
Net interest-earning
assets/ Net interest margin
|
$
|
1,728,939
|
|
|
|
|
3.69
|
%
|
|
$
|
1,528,930
|
|
|
|
|
3.46
|
%
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
1.27X
|
|
|
|
|
|
|
1.26X
|
|
|
|
|
|
(a) Average gross loans receivable includes loans held as
available-for-sale and loans placed on nonaccrual status.
(b) Interest income includes accretion/ amortization of
deferred loan fees/ expenses, which was not material.
(c) Average balances do not include the effect of
unrealized gains or losses on securities held as
available-for-sale.
(d) Interest income on tax-free investment securities and
tax-free loans are presented on a fully taxable equivalent
basis.
(e) Average balances include the effect of unrealized gains
or losses on securities held as available-for-sale.
(f) Average balances include FHLB borrowings and
collateralized borrowings.
(g) Average cost of deposits were 0.37%, and 0.41%,
respectively.
(h) Shown on a FTE basis. GAAP basis yields for the periods
indicated were: Loans - 4.54% and 4.73%,
respectively, Investment securities - 1.84% and 1.93%,
respectively, Interest-earning assets - 4.25% and 4.18%,
respectively. GAAP basis net interest rate spreads were 3.51% and
3.21%, respectively, and GAAP basis net interest margins were 3.64%
and 3.40%, respectively.
(i) Excludes a $1.0 million
special dividend paid in February 2015 from the average yield
calculation.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/northwest-bancshares-inc-announces-second-quarter-2016-results-and-quarterly-dividend-300303310.html
SOURCE Northwest Bancshares, Inc.