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Northwest Bancshares, Inc. Announces Fourth Quarter 2020 Earnings and Quarterly Dividend

Northwest Bancshares, Inc. Announces Fourth Quarter 2020 Earnings and Quarterly Dividend

WARREN, Pa., Jan. 25, 2021 /PRNewswire/ — Northwest Bancshares, Inc., (the “Company”), (NasdaqGS: NWBI) introduced internet revenue for the quarter ended December 31, 2020 of $35.1 million, or $0.28 per diluted share.  This represents a rise of $9.5 million, or 37.0%, in comparison with the identical quarter final 12 months when internet revenue was $25.6 million, or $0.24 per diluted share.  The annualized returns on common shareholders’ fairness and common belongings for the quarter ended December 31, 2020 had been 9.00% and 1.01% in comparison with 7.52% and 0.97% for a similar quarter final 12 months.

The Company additionally introduced that its Board of Directors declared a quarterly money dividend of $0.19 per share payable on February 15, 2021 to shareholders of file as of February 4, 2021. This is the one hundred and fifth consecutive quarter during which the Company has paid a money dividend.  Ronald J. Seiffert, Chairman, President and CEO, added, “We are extremely proud that we were able to maintain our dividend throughout 2020 despite the challenges of COVID-19 on bank earnings. Based on the current market value of the Company’s stock, this represents an annualized dividend yield of approximately 5.50%, which continues to be among the highest in our peer group.”

Mr. Seiffert continued, “When looking back over a very challenging 2020, I am amazed at what our team accomplished during the midst of COVID-19.  We successfully adopted CECL in the first quarter followed closely by the close and conversion of MutualBank on April 24th, the largest acquisition in the company’s history.  We also completed a very successful $125 million sub-debt offering in September.  This additional liquidity and capital at the holding company allowed us to resume our existing five million share common stock buyback program, of which we successfully repurchased approximately 760,000 shares in the fourth quarter at an average price of $12.20.  Finally, we completed our branch optimization program which resulted in the consolidation of 43 offices in December 2020.  In addition to all of these initiatives, we will be launching our digital strategy this year which will significantly enhance our online banking capabilities and streamline our account opening processes.  We want to give our customers the same award winning experience online as they are accustomed to receiving in our branch offices. In addition, we are expanding our capabilities in mortgage banking to all of our markets and expanding our geographic footprint for dealer services’ indirect auto and power sports lending.  We have acquired talent to enhance our treasury management services, added resources to our corporate finance capabilities, created a healthcare vertical with a dedicated subject matter expert and will be opening a Loan Production Office in the greater Philadelphia market with the addition of a team of capable middle market bankers.  As rewarding as 2020 was, we are even more optimistic about 2021.”

Net curiosity revenue elevated by $13.9 million, or 15.7%, to $102.9 million for the quarter ended December 31, 2020, from $88.9 million for the quarter ended December 31, 2019, primarily as a result of a $7.8 million, or 8.0%, enhance in curiosity revenue on loans receivable and a $6.2 million, or 47.9%, lower in curiosity expense on deposits.  The enhance in curiosity revenue was primarily as a result of a rise of $1.935 billion, or 22.2%, within the common steadiness of loans which greater than offset the decline skilled from a discount within the yield on loans to three.97% for the quarter ended December 31, 2020 from 4.47% for a similar quarter final 12 months.  The lower in curiosity expense was primarily as a result of a lower in our interest-bearing price of deposits to 0.30% for the quarter ended December 31, 2020 from 0.75% for the quarter ended December 31, 2019 which was partially offset by the expansion within the common steadiness of interest-bearing deposits by $1.991 billion, or 29.1%.  The internet affect of those adjustments brought on the Company’s internet curiosity margin to lower to three.26% for the quarter ended December 31, 2020 from 3.73% for a similar quarter final 12 months.

The provision for credit score losses decreased by $10.5 million, or 127.1%, as a result of a launch of the allowance for credit score losses of $2.2 million for the quarter ended December 31, 2020, in comparison with an expense of $8.2 million for the quarter ended December 31, 2019.  This lower within the provision was primarily the results of enhancements within the financial forecasts.

Noninterest revenue elevated by $3.9 million, or 13.9%, to $32.1 million for the quarter ended December 31, 2020, from $28.2 million for the quarter ended December 31, 2019.  This enhance was primarily because of the enhance in mortgage banking revenue of $5.6 million to $7.1 million for the quarter ended December 31, 2020 from $1.5 million for the quarter ended December 31, 2019.  Our profitable mortgage banking revenue was the results of continued efforts to develop our secondary market gross sales capabilities over the previous 12 months, in addition to an rate of interest surroundings conducive to refinance exercise and enticing secondary market pricing. Also contributing to this enhance was a $1.2 million, or 26.7%, enhance in belief and different monetary companies revenue as a result of further payment revenue obtained on account of the acquisition of MutualBank. Partially offsetting these will increase was a lower in different working revenue of $1.4 million, or 34.9%, as a result of a decline in swap payment revenue in addition to a lower of service costs and charges of $1.1 million, or 7.4%, primarily on account of the payment revenue cap of the Durbin modification on debit card interchange income which took impact for Northwest on July 1, 2020.

Noninterest expense elevated by $16.3 million, or 21.3%, to $92.8 million for the quarter ended December 31, 2020, from $76.6 million for the quarter ended December 31, 2019.  This enhance primarily resulted from a $6.1 million enhance in acquisition and department optimization expense as a result of bills incurred as a part of the department optimization initiative that occurred throughout December.  In addition, compensation and worker advantages elevated $6.1 million, or 14.6%, as a result of inner progress of compensation and employees in addition to the addition of MutualBank workers. Also contributing to this enhance was a rise in processing bills of $1.9 million, or 18.7%, as we proceed to spend money on know-how and infrastructure and as exercise pushed utilization charges for on-line and cell banking and mortgage origination platforms has elevated.  Lastly, federal deposit insurance coverage premiums elevated $1.7 million as a result of evaluation credit obtained within the earlier 12 months. 

Net revenue for the 12 months ended December 31, 2020 was $74.9 million, or $0.62 per diluted share.  This represents a lower of $35.6 million, or 32.2%, in comparison with the 12 months ended December 31, 2019, when internet revenue was $110.4 million, or $1.04 per diluted share.  The annualized returns on common shareholders’ fairness and common belongings for the 12 months ended December 31, 2020 had been 4.72% and 0.58% in comparison with 8.36% and 1.07% for the prior 12 months.  This lower in internet revenue was the results of a rise in provision for credit score losses of $61.3 million primarily on account of COVID-19 and the anticipated affect on the allowance for credit score losses in addition to the acquisition of MutualBank and the required provision related to the adoption of ASU 2016-13, Current Expected Credit Losses (“CECL”).  In addition, noninterest expense elevated by $51.4 million, or 17.4%, primarily on account of the extra working bills of MutualBank in addition to the one-time prices related to acquisitions and department optimization prices which elevated $16.6 million for the 12 months.  Partially offsetting these components was a rise in internet curiosity revenue over the prior 12 months of $31.3 million, or 8.7% as a result of steadiness sheet progress in the course of the 12 months in addition to a $32.9 million, or 33.1%, enhance in payment revenue highlighted by a $27.6 million enhance in mortgage banking revenue.

Headquartered in Warren, Pennsylvania, Northwest Bancshares, Inc. is the holding firm of Northwest Bank. Founded in 1896, Northwest Bank is a full-service monetary establishment providing an entire line of enterprise and private banking merchandise, worker advantages and wealth administration companies, in addition to the achievement of enterprise and private insurance coverage wants.  As of December 31, 2020, Northwest operates 162 full-service neighborhood banking places of work and eight free standing drive-through amenities in Pennsylvania, New York, Ohio and Indiana.  Northwest Bancshares, Inc.’s widespread inventory is listed on the NASDAQ Global Select Market (“NWBI”).  Additional data concerning Northwest Bancshares, Inc. and Northwest Bank may be accessed on-line at www.northwest.com.

Forward-Looking Statements – This launch could include forward-looking statements with respect to the monetary situation and outcomes of operations of Northwest Bancshares, Inc. together with, with out limitations, statements referring to the earnings outlook of the Company. These forward-looking statements contain sure dangers and uncertainties. Factors that will trigger precise outcomes to vary materially from these contemplated by such forward-looking statements, embody amongst others, the next prospects: (1) adjustments within the rate of interest surroundings; (2) aggressive strain amongst monetary companies corporations; (3) basic financial circumstances together with a rise in non-performing loans; (4) adjustments in laws or regulatory necessities; (5) difficulties in persevering with to enhance working efficiencies; (6) difficulties within the integration of acquired companies or the power to finish gross sales transactions; and (7) elevated threat related to business real-estate and enterprise loans. Management has no obligation to revise or replace these forward-looking statements to mirror occasions or circumstances that come up after the date of this launch.

Northwest Bancshares, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
({dollars} in 1000’s, besides per share quantities)



December 31,
2020


September 30,
2020


December 31,
2019

Assets






Cash and money equivalents

$

736,277



656,749



60,846


Marketable securities available-for-sale (amortized price of $1,375,685, $1,385,835 and $815,495, respectively)

1,398,941



1,409,150



819,901


Marketable securities held-to-maturity (honest worth of $179,666, $16,168 and $18,223, respectively)

178,887



15,333



18,036


Total money and money equivalents and marketable securities

2,314,105



2,081,232



898,783








Residential mortgage loans held-for-sale

58,786



25,140



7,709


Residential mortgage loans

3,009,335



3,118,229



2,860,418


Home fairness loans

1,467,736



1,484,365



1,342,918


Consumer loans

1,507,993



1,487,083



1,125,132


Commercial actual property loans

3,345,889



3,319,743



2,754,390


Commercial loans

1,191,110



1,347,292



718,107


Total loans receivable

10,580,849



10,781,852



8,808,674


Allowance for credit score losses

(134,427)



(140,209)



(57,941)


Loans receivable, internet

10,446,422



10,641,643



8,750,733








Federal Home Loan Bank inventory, at price

21,748



23,171



14,740


Accrued curiosity receivable

35,554



36,916



25,755


Real property owned, internet

2,232



2,575



950


Premises and gear, internet

161,538



166,919



147,409


Bank-owned life insurance coverage

253,951



252,621



189,091


Goodwill

382,279



386,044



346,103


Other intangible belongings, internet

19,936



21,601



23,076


Other belongings

168,503



176,083



97,268


Total belongings

$

13,806,268



13,788,805



10,493,908


Liabilities and shareholders’ fairness






Liabilities






Noninterest-bearing demand deposits

$

2,716,224



2,641,234



1,609,653


Interest-bearing demand deposits

2,755,950



2,663,878



1,944,108


Money market deposit accounts

2,437,539



2,396,567



1,863,998


Savings deposits

2,047,424



2,022,918



1,604,838


Time deposits

1,642,096



1,732,022



1,569,410


Total deposits

11,599,233



11,456,619



8,592,007








Borrowed funds

283,044



398,216



246,336


Junior subordinated debentures

128,794



128,729



121,800


Advances by debtors for taxes and insurance coverage

45,230



29,755



44,556


Accrued curiosity payable

2,054



1,002



1,142


Other liabilities

209,210



227,253



134,782


Total liabilities

12,267,565



12,241,574



9,140,623


Shareholders’ fairness






Preferred inventory, $0.01 par worth: 50,000,000 shares licensed, no shares issued






Common inventory, $0.01 par worth: 500,000,000 shares licensed, 127,019,452, 127,801,297, and 106,859,088 shares issued and excellent, respectively

1,270



1,278



1,069


Paid-in capital

1,015,502



1,023,827



805,750


Retained earnings

555,480



544,695



583,407


Accumulated different complete loss

(33,549)



(22,569)



(36,941)


Total shareholders’ fairness

1,538,703



1,547,231



1,353,285


Total liabilities and shareholders’ fairness

$

13,806,268



13,788,805



10,493,908








Equity to belongings

11.14

%


11.22

%


12.90

%

Tangible widespread fairness to belongings

8.48

%


8.52

%


9.72

%

Book worth per share

$

12.11



12.11



12.66


Tangible e book worth per share

$

8.95



8.92



9.21


Closing market value per share

$

12.74



9.20



16.63


Full time equal workers

2,421



2,523



2,209


Number of banking places of work

170



213



181


Northwest Bancshares, Inc. and Subsidiaries
Consolidated Statements of Income/(Loss) (Unaudited)
({dollars} in 1000’s, besides per share quantities)



Quarter ended


December 31, 2020


September 30, 2020


June 30,
2020


March 31,
2020


December 31, 2019






Interest revenue:










Loans receivable

$

105,681



107,241



103,012



94,973



97,866


Mortgage-backed securities

4,551



4,652



4,038



4,175



4,237


Taxable funding securities

471



427



439



648



683


Tax-free funding securities

656



655



564



185



201


FHLB dividends

192



218



309



262



262


Interest-earning deposits

178



221



185



135



169


Total curiosity revenue

111,729



113,414



108,547



100,378



103,418


Interest expense:










Deposits

6,714



8,443



9,336



11,403



12,893


Borrowed funds

2,127



1,437



1,133



1,747



1,580


Total curiosity expense

8,841



9,880



10,469



13,150



14,473


Net curiosity revenue

102,888



103,534



98,078



87,228



88,945


   Provision for credit score losses

(2,230)



6,818



51,750



27,637



8,223


Net curiosity revenue after provision for credit score losses

105,118



96,716



46,328



59,591



80,722


Noninterest revenue:










Gain/(loss) on sale of investments

75



(12)



(8)



181



27


Gain on sale of loans







1,302



908


Service costs and charges

13,074



14,354



13,069



15,116



14,125


Trust and different monetary companies revenue

5,722



5,376



4,823



5,001



4,517


Insurance fee revenue

2,034



2,331



2,395



2,372



1,858


Gain/(loss) on actual property owned, internet

114



(32)



(97)



(91)



86


Income from bank-owned life insurance coverage

1,330



1,576



1,248



1,036



1,121


Mortgage banking revenue

7,120



11,055



12,022



1,194



1,494


Other working revenue

2,654



2,022



2,044



1,865



4,077


Total noninterest revenue

32,123



36,670



35,496



27,976



28,213


Noninterest expense:










Compensation and worker advantages

48,209



47,371



40,049



42,746



42,074


Premises and occupancy prices

7,614



8,342



7,195



7,471



7,051


Office operations

4,009



4,626



3,711



3,382



4,097


Collections expense

893



1,264



644



474



566


Processing bills

12,186



15,042



11,680



11,142



10,263


Marketing bills

1,994



2,147



2,047



1,507



1,010


Federal deposit insurance coverage premiums

1,651



1,498



1,618






Professional companies

3,599



3,246



2,825



2,812



3,533


Amortization of intangible belongings

1,664



1,781



1,760



1,651



1,634


Real property owned expense

64



111



89



95



72


Acquisition/department optimization expense

7,238



1,414



9,679



2,458



1,114


Other bills

3,728



27



7,866



4,873



5,157


Total noninterest expense

92,849



86,869



89,163



78,611



76,571


Income/(loss) earlier than revenue taxes

44,392



46,517



(7,339)



8,956



32,364


Income tax expense/(profit)

9,327



8,467



(1,139)



1,017



6,773


Net revenue/(loss)

$

35,065



38,050



(6,200)



7,939



25,591












Basic earnings/(loss) per share

$

0.28



0.30



(0.05)



0.08



0.24


Diluted earnings/(loss) per share

$

0.28



0.30



(0.05)



0.07



0.24












Weighted common widespread shares excellent – fundamental

126,713,429



126,855,810



121,480,563



105,882,553



105,627,194


Weighted common widespread shares excellent – diluted

126,728,602



126,855,810



121,480,563



106,148,247



106,306,615












Annualized return on common fairness

9.00

%


9.82

%


(1.63)

%


2.37

%


7.52

%

Annualized return on common belongings

1.01

%


1.09

%


(0.18)

%


0.30

%


0.97

%

Annualized return on tangible widespread fairness **

12.27

%


13.28

%


(2.22)

%


3.28

%


10.32

%











Efficiency ratio *

62.18

%


59.68

%


58.19

%


64.67

%


63.01

%

Annualized noninterest expense to common belongings *

2.42

%


2.39

%


2.30

%


2.83

%


2.80

%



*  

Excludes acquisition/department optimization bills and amortization of intangible belongings (non-GAAP).

** 

Excludes goodwill and different intangible belongings (non-GAAP).

Northwest Bancshares, Inc. and Subsidiaries
Consolidated Statements of Income (Unaudited)
({dollars} in 1000’s, besides per share quantities)



Year ended December 31,


2020


2019

Interest revenue:




Loans receivable

$

410,907



394,809


Mortgage-backed securities

17,416



16,670


Taxable funding securities

1,985



3,401


Tax-free funding securities

2,060



844


FHLB dividends

981



1,056


Interest-earning deposits

719



600


Total curiosity revenue

434,068



417,380


Interest expense:




Deposits

35,896



49,216


Borrowed funds

6,444



7,698


Total curiosity expense

42,340



56,914


Net curiosity revenue

391,728



360,466


   Provision for credit score losses

83,975



22,659


Net curiosity revenue after provision for credit score losses

307,753



337,807


Noninterest revenue:




Gain on sale of investments

236



50


Gain on sale of loans

1,302



1,734


Service costs and charges

55,613



53,065


Trust and different monetary companies revenue

20,922



17,765


Insurance fee revenue

9,132



8,068


Loss on actual property owned, internet

(106)



(53)


Income from bank-owned life insurance coverage

5,190



4,418


Mortgage banking revenue

31,391



3,819


Other working revenue

8,585



10,541


Total noninterest revenue

132,265



99,407


Noninterest expense:




Compensation and worker advantages

178,375



163,086


Premises and occupancy prices

30,622



28,717


Office operations

15,728



14,133


Collections expense

3,275



2,560


Processing bills

50,050



42,453


Marketing bills

7,695



6,998


Federal deposit insurance coverage premiums

4,767



685


Professional companies

12,482



12,287


Amortization of intangible belongings

6,856



6,543


Real property owned expense

359



478


Acquisition/department optimization expense

20,789



4,168


Other bills

16,494



13,995


Total noninterest expense

347,492



296,103


Income earlier than revenue taxes

92,526



141,111


Income tax expense

17,672



30,679


Net revenue

$

74,854



110,432






Basic earnings per share

$

0.62



1.05


Diluted earnings per share

$

0.62



1.04






Weighted common widespread shares excellent – fundamental

120,244,474


104,878,774

Weighted common widespread shares excellent – diluted

120,244,474


105,839,149





Return on common fairness

4.72

%


8.36

%

Return on common belongings

0.58

%


1.07

%

Return on tangible widespread fairness **

6.59

%


11.22

%





Efficiency ratio *

61.04

%


62.06

%

Noninterest expense to common belongings *

2.48

%


2.76

%



*  

Excludes acquisition/department optimization bills and amortization of intangible belongings (non-GAAP).

** 

Excludes goodwill and different intangible belongings (non-GAAP).

Northwest Bancshares, Inc. and Subsidiaries
Reconciliation of Non-GAAP to GAAP Net Income (Unaudited) *
({dollars} in 1000’s, besides per share quantities)



Quarter ended December 31,


Year ended December 31,


2020


2019


2020


2019

Operating outcomes (non-GAAP):








Net curiosity revenue

$

102,888



88,945



391,728



360,466


Provision for credit score losses

2,647



8,223



24,198



22,659


Noninterest revenue

32,123



28,213



132,265



99,407


Noninterest expense

85,611



75,457



328,703



291,935


Income taxes

9,988



7,085



39,670



31,846


Net working revenue (non-GAAP)

$

36,765



26,393



131,422



113,433


Diluted earnings per share (non-GAAP)

$

0.29



0.25



1.09



1.07










Average fairness

$

1,550,481



1,349,803



1,584,747



1,321,452


Average belongings

13,791,854



10,447,710



12,892,120



10,329,017


Annualized return on common fairness (non-GAAP)

9.43

%


7.76

%


8.29

%


8.58

%

Annualized return on common belongings (non-GAAP)

1.06

%


1.00

%


1.02

%


1.10

%









Reconciliation of internet working revenue to internet revenue:








Net working revenue (non-GAAP)

$

36,765



26,393



131,422



113,433


Non-GAAP changes, internet of tax:








COVID-related provision **

3,511





(29,951)




CECL provision affect as a result of acquisition of MutualBank





(13,089)




PPP deferred origination prices





3,034




COVID-related off steadiness sheet provision **





(1,594)




Acquisition/department optimization expense

(5,211)



(802)



(14,968)



(3,001)


Net revenue (GAAP)

$

35,065



25,591



74,854



110,432


Diluted earnings per share (GAAP)

$

0.28



0.24



0.62



1.04










Annualized return on common fairness (GAAP)

9.00

%


7.52

%


4.72

%


8.36

%

Annualized return on common belongings (GAAP)

1.01

%


0.97

%


0.58

%


1.07

%



The desk summarizes the Company’s outcomes from operations on a GAAP foundation and on an working (non-GAAP) foundation for the durations indicated. Operating outcomes exclude estimated COVID-related provision, CECL provision associated to the acquisition of MutualBank, PPP deferred origination prices, estimated COVID-related off steadiness sheet provision and acquisition/department optimization expense. The internet tax impact was calculated utilizing statutory tax charges of roughly 28.0%. The Company believes this non-GAAP presentation gives a significant comparability of operational efficiency and facilitates a more practical analysis and comparability of outcomes to evaluate efficiency in relation to ongoing operations.

**

To arrive on the non-COVID associated provision estimates, the Company utilized Moody’s forecast eventualities previous to the onset of COVID-19 to the Company’s mortgage portfolio at December 31, 2020. 

Northwest Bancshares, Inc. and Subsidiaries
Regulatory Capital Requirements (Unaudited)
({dollars} in 1000’s)



At December 31, 2020


Actual


Minimum capital
necessities (1)


Well capitalized
necessities 


Amount


Ratio


Amount


Ratio


Amount


Ratio

Total capital (to threat weighted belongings)












Northwest Bancshares, Inc.

$

1,654,208



16.641

%


$

1,043,790



10.500

%


$

994,086



10.000

%

Northwest Bank

1,478,320



14.886

%


1,042,751



10.500

%


993,096



10.000

%













Tier 1 capital (to threat weighted belongings)












Northwest Bancshares, Inc.

1,406,320



14.147

%


844,973



8.500

%


795,268



8.000

%

Northwest Bank

1,354,027



13.634

%


844,132



8.500

%


794,477



8.000

%













Common fairness tier 1 capital (to threat weighted belongings)












Northwest Bancshares, Inc.

1,281,515



12.891

%


695,860



7.000

%


646,156



6.500

%

Northwest Bank

1,354,027



13.634

%


695,167



7.000

%


645,513



6.500

%













Tier 1 capital (leverage)  (to common belongings)












Northwest Bancshares, Inc.

1,406,320



10.145

%


554,501



4.000

%


 

693,126



5.000

%

Northwest Bank

1,354,027



9.903

%


546,905



4.000

%


683,631



5.000

%



(1)

Amounts and ratios embody the capital conservation buffer of two.5%, which doesn’t apply to Tier 1 capital to common belongings (leverage ratio). For additional data associated to the capital conservation buffer, see “Item 1. Business – Supervision and Regulation” of our 2019 Annual Report on Form 10-Ok.

Northwest Bancshares, Inc. and Subsidiaries
Marketable Securities (Unaudited)
({dollars} in 1000’s)




At December 31, 2020

Marketable securities available-for-sale


Amortized price


Gross unrealized
holding beneficial properties


Gross unrealized
holding losses


Fair worth

   Debt issued by the U.S. authorities and companies:









    Due after ten years


$

40,761



211



(55)



40,917











   Debt issued by authorities sponsored enterprises:









   Due in lower than one 12 months


24,976



159





25,135


   Due in a single 12 months via 5 years


238



3





241


   Due in 5 years via ten years


68,973



238



(80)



69,131











   Municipal securities:









   Due in lower than one 12 months


4,008



14





4,022


   Due in a single 12 months via 5 years


2,803



63



(2)



2,864


   Due in 5 years via ten years


16,045



429



(5)



16,469


   Due after ten years


89,778



3,752



(72)



93,458











   Residential mortgage-backed securities:









   Fixed fee pass-through


339,406



7,125



(86)



346,445


   Variable fee pass-through


14,778



431



(20)



15,189


   Fixed fee company CMOs


723,586



11,758



(1,093)



734,251


   Variable fee company CMOs


50,333



519



(33)



50,819


   Total residential mortgage-backed securities


1,128,103



19,833



(1,232)



1,146,704


   Total marketable securities available-for-sale


$

1,375,685



24,702



(1,446)



1,398,941











Marketable securities held-to-maturity









   Debt issued by the U.S. authorities and companies:









   Due in 5 years via ten years


$

67,990



12



(123)



67,879











   Residential mortgage-backed securities:









   Fixed fee pass-through


22,039



135





22,174


   Variable fee pass-through


919



30





949


   Fixed fee company CMOs


87,335



712



(2)



88,045


   Variable fee company CMOs


604



15





619


   Total residential mortgage-backed securities


110,897



892



(2)



111,787


   Total marketable securities held-to-maturity


$

178,887



904



(125)



179,666


Northwest Bancshares, Inc. and Subsidiaries
Borrowed Funds (Unaudited)
({dollars} in 1000’s)



At December 31, 2020


Amount


Average fee

Term notes payable to the Federal Home Loan Bank (FHLB):




   Payable to the FHLB of Indianapolis acquired from MutualBank

$

22,054



1.92

%

      Total time period notes payable to the FHLB

22,054




Collateralized borrowings, due inside one 12 months

137,661



0.19

%

Subordinated debentures, internet of issuance prices

123,329



4.00

%

      Total borrowed funds *

$

283,044






*  

As of December 31, 2020, the Company had $3.9 billion of further borrowing capability obtainable with the Federal Home Loan Bank of Pittsburgh, together with a $250.0 million in a single day line of credit score, which had no steadiness, in addition to $95.4 million of borrowing capability obtainable with the Federal Reserve Bank and $110.0 million of borrowing capability with three correspondent banks.

Northwest Bancshares, Inc. and Subsidiaries
Asset Quality (Unaudited)
({dollars} in 1000’s)



December 31,
2020


September 30,
2020


June 30,
2020


March 31,
2020


December 31,
2019

Nonaccrual loans present:










Residential mortgage loans

$

21



1,128



413



285



72


Home fairness loans

154



366



481



592



197


Consumer loans

207



234



214



77



78


Commercial actual property loans

20,317



22,610



30,677



14,337



9,241


Commercial loans

16,027



6,488



6,551



3,514



3,424


Total nonaccrual loans present

$

36,726



30,826



38,336



18,805



13,012


Nonaccrual loans delinquent 30 days to 59 days:










Residential mortgage loans

$

647



60



61



691



674


Home fairness loans

338



445



247



159



224


Consumer loans

301



230



335



143



121


Commercial actual property loans

1,416



692



2,372



496



196


Commercial loans

87



57







55


Total nonaccrual loans delinquent 30 days to 59 days

$

2,789



1,484



3,015



1,489



1,270


Nonaccrual loans delinquent 60 days to 89 days:










Residential mortgage loans

$

767



576



1,013



218



1,048


Home fairness loans

190



618



960



539



689


Consumer loans

583



781



666



488



417


Commercial actual property loans

714



2,745



163



2,096



413


Commercial loans

48



15



768



37



341


Total nonaccrual loans delinquent 60 days to 89 days

$

2,302



4,735



3,570



3,378



2,908


Nonaccrual loans delinquent 90 days or extra:










Residential mortgage loans

$

14,489



14,750



15,369



10,457



12,682


Home fairness loans

8,441



7,845



7,060



5,816



5,635


Consumer loans

5,473



5,352



6,896



3,459



3,610


Commercial actual property loans

25,287



35,496



29,729



25,342



25,014


Commercial loans

7,325



6,310



11,535



16,685



4,739


Total nonaccrual loans delinquent 90 days or extra

$

61,015



69,753



70,589



61,759



51,680


Total nonaccrual loans

$

102,832



106,798



115,510



85,431



68,870


Total nonaccrual loans

$

102,832



106,798



115,510



85,431



68,870


Loans 90 days previous maturity and nonetheless accruing

585



495



77



31



32


Nonperforming loans

103,417



107,293



115,587



85,462



68,902


Real property owned, internet

2,232



2,575



1,897



1,075



950


Nonperforming belongings

$

105,649



109,868



117,484



86,537



69,852


Nonaccrual troubled debt restructuring *

$

10,704



17,120



17,562



17,375



9,043


Accruing troubled debt restructuring

21,431



17,684



17,888



15,977



22,956


Total troubled debt restructuring

$

32,135



34,804



35,450



33,352



31,999












Nonperforming loans to whole loans

0.98

%


1.00

%


1.06

%


0.97

%


0.78

%

Nonperforming belongings to whole belongings

0.77

%


0.80

%


0.85

%


0.81

%


0.67

%

Allowance for credit score losses to whole loans

1.27

%


1.30

%


1.29

%


1.05

%


0.66

%

Allowance for whole loans excluding PPP mortgage steadiness

1.32

%


1.36

%


1.36

%


N/A



N/A


Allowance for credit score losses to nonperforming loans

129.99

%


130.68

%


121.63

%


108.70

%


84.09

%



*  

Amounts included in nonperforming loans above.

Northwest Bancshares, Inc. and Subsidiaries
Loans by Credit Quality Indicators (Unaudited)
(
{dollars} in 1000’s)


At December 31, 2020


Pass


Special
   point out*


Substandard**


Doubtful***


Loss


Loans
receivable

Personal Banking:













Residential mortgage loans


$

3,042,544





25,577







3,068,121


Home fairness loans


1,455,474





12,262







1,467,736


Consumer loans


1,499,004





8,989







1,507,993


Total Personal Banking


5,997,022





46,828







6,043,850


Commercial Banking:













Commercial actual property loans


2,852,705



108,021



385,163







3,345,889


Commercial loans


1,092,498



41,278



57,334







1,191,110


Total Commercial Banking


3,945,203



149,299



442,497







4,536,999


Total loans


$

9,942,225



149,299



489,325







10,580,849


At September 30, 2020













Personal Banking:













Residential mortgage loans


$

3,117,442





25,927







3,143,369


Home fairness loans


1,471,919





12,446







1,484,365


Consumer loans


1,478,109





8,974







1,487,083


Total Personal Banking


6,067,470





47,347







6,114,817


Commercial Banking:













Commercial actual property loans


2,850,611



110,073



359,059







3,319,743


Commercial loans


1,255,255



40,631



51,406







1,347,292


Total Commercial Banking


4,105,866



150,704



410,465







4,667,035


Total loans


$

10,173,336



150,704



457,812







10,781,852


At June 30, 2020













Personal Banking:













Residential mortgage loans


$

3,196,304





26,451







3,222,755


Home fairness loans


1,438,339





12,031







1,450,370


Consumer loans


1,508,129





9,990







1,518,119


Total Personal Banking


6,142,772





48,472







6,191,244


Commercial Banking:













Commercial actual property loans


3,034,984



72,755



199,993



1,092





3,308,824


Commercial loans


1,270,279



41,458



42,692



4,290





1,358,719


Total Commercial Banking


4,305,263



114,213



242,685



5,382





4,667,543


Total loans


$

10,448,035



114,213



291,157



5,382





10,858,787


At March 31, 2020













Personal Banking:













Residential mortgage loans


$

2,830,596





7,690







2,838,286


Home fairness loans


1,345,052





8,211







1,353,263


Consumer loans


1,174,067





3,988







1,178,055


Total Personal Banking


5,349,715





19,889







5,369,604


Commercial Banking:













Commercial actual property loans


2,537,736



73,967



143,765







2,755,468


Commercial loans


618,267



43,071



50,464







711,802


Total Commercial Banking


3,156,003



117,038



194,229







3,467,270


Total loans


$

8,505,718



117,038



214,118







8,836,874


At December 31, 2019













Personal Banking:













Residential mortgage loans


$

2,858,582





9,545







2,868,127


Home fairness loans


1,336,111





6,807







1,342,918


Consumer loans


1,120,732





4,400







1,125,132


Total Personal Banking


5,315,425





20,752







5,336,177


Commercial Banking:













Commercial actual property loans


2,538,816



80,570



135,004







2,754,390


Commercial loans


616,983



42,380



58,744







718,107


Total Commercial Banking


3,155,799



122,950



193,748







3,472,497


Total loans


$

8,471,224



122,950



214,500







8,808,674




*

Includes $31.3 million, $34.7 million, $37.4 million, $13.1 million, and $10.3 million of acquired loans at December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively.

**

Includes $153.2 million, $129.2 million, $108.2 million, $56.8 million, and $53.1 million of acquired loans at December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively.

***

Includes $1.1 million of acquired loans at June 30, 2020.

Northwest Bancshares, Inc. and Subsidiaries
Loan Delinquency (Unaudited)
({dollars} in 1000’s)




December 31,
2020


*


September 30,
2020


*


June 30,
2020


*


March 31,
2020


*


December 31,
2019


*

(Number of loans and greenback quantity of loans)































Loans delinquent 30 days to 59 days:































Residential mortgage loans


315



$

28,797



0.9

%


17



$

736



%


15



$

629



%


358



$

32,755



1.2

%


292



$

23,296



0.8

%

Home fairness loans


138



4,763



0.3

%


129



4,984



0.3

%


118



4,569



0.3

%


190



7,061



0.5

%


173



6,469



0.5

%

Consumer loans


1,279



10,574



0.7

%


1,078



8,586



0.6

%


629



7,199



0.5

%


953



8,774



0.7

%


960



9,208



0.8

%

Commercial actual property loans


43



10,923



0.3

%


28



5,090



0.2

%


46



14,177



0.4

%


58



12,895



0.5

%


43



7,921



0.3

%

Commercial loans


37



6,405



0.5

%


19



1,797



0.1

%


12



1,242



0.1

%


35



7,545



1.1

%


32



1,187



0.2

%

Total loans delinquent 30 days to 59 days


1,812



$

61,462



0.6

%


1,271



$

21,193



0.2

%


820



$

27,816



0.3

%


1,594



$

69,030



0.8

%


1,500



$

48,081



0.5

%
































Loans delinquent 60 days to 89 days:































Residential mortgage loans


84



$

5,083



0.2

%


65



$

4,788



0.2

%


64



$

5,364



0.2

%


11



$

511



%


67



$

5,693



0.2

%

Home fairness loans


47



1,656



0.1

%


56



1,860



0.1

%


59



2,326



0.2

%


65



2,652



0.2

%


66



2,405



0.2

%

Consumer loans


322



2,742



0.2

%


323



3,049



0.2

%


258



2,916



0.2

%


265



2,610



0.2

%


395



3,302



0.3

%

Commercial actual property loans


11



1,615



%


14



4,212



0.1

%


18



3,913



0.1

%


12



2,981



0.1

%


19



1,690



0.1

%

Commercial loans


10



864



0.1

%


7



357



%


15



1,151



0.1

%


10



309



%


17



6,403



0.9

%

Total loans delinquent 60 days to 89 days


474



$

11,960



0.1

%


465



$

14,266



0.1

%


414



$

15,670



0.1

%


363



$

9,063



0.1

%


564



$

19,493



0.2

%
































Loans delinquent 90 days or extra: **































Residential mortgage loans


168



$

14,489



0.5

%


168



$

14,750



0.5

%


185



$

15,369



0.5

%


129



$

10,457



0.4

%


141



$

12,775



0.4

%

Home fairness loans


207



8,441



0.6

%


193



7,845



0.5

%


182



7,060



0.5

%


152



5,816



0.4

%


159



5,688



0.4

%

Consumer loans


720



6,058



0.4

%


696



5,847



0.4

%


709



6,896



0.5

%


445



3,459



0.3

%


590



3,611



0.3

%

Commercial actual property loans


119



25,287



0.8

%


136



35,496



1.1

%


149



29,729



0.9

%


139



25,342



0.9

%


129



25,014



0.9

%

Commercial loans


37



7,325



0.6

%


34



6,310



0.5

%


47



11,535



0.8

%


51



16,685



0.2

%


37



4,739



0.7

%

Total loans delinquent 90 days or extra


1,251



$

61,600



0.6

%


1,227



$

70,248



0.7

%


1,272



$

70,589



0.7

%


916



$

61,759



0.7

%


1,056



$

51,827



0.6

%
































Total loans delinquent


3,537



$

135,022



1.3

%


2,963



$

105,707



1.0

%


2,506



$

114,075



1.1

%


2,873



$

139,852



1.6

%


3,120



$

119,401



1.4

%



*  

Represents delinquency, in {dollars}, divided by the respective whole quantity of that sort of mortgage excellent.

**

Includes bought credit score deteriorated loans of $6.6 million, $20.3 million, $18.0 million, and $298,000 at December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, respectively, and bought credit score impaired loans of $147,000 at December 31, 2019.

Northwest Bancshares, Inc. and Subsidiaries
Analysis of Loan Portfolio by Loan Sector (Unaudited)
({dollars} in 1000’s)


Loans excellent

The following desk gives delinquency data for varied mortgage sectors in our portfolio which are probably susceptible to the COVID-19 pandemic impacts at December 31, 2020:


At December 31, 2020

30-59 days
delinquent


*


60-89 days
delinquent


*


90 days
or better
delinquent


*


Total
delinquent


*


Current


*


Total
loans
 receivable


*

Restaurants/bars

$

417



%


$

276



%


$

754



%


$

1,447



%


$

91,703



0.9

%


$

93,150



0.9

%

Hotels/hospitality



%




%


1,074



%


1,074



%


177,016



1.7

%


178,090



1.7

%

Gyms and health



%




%




%




%


4,113



%


4,113



%

Transportation

33



%


43



%


431



%


507



%


72,786



0.7

%


73,293



0.7

%

Oil and fuel



%




%


7



%


7



%


10,083



0.1

%


10,090



0.1

%

Residential care amenities



%




%


500



%


500



%


246,221



2.3

%


246,721



2.3

%

Retail buildings

1,072



%




%


520



%


1,592



%


443,275



4.2

%


444,867



4.2

%

Education/scholar housing



%




%


1,872



%


1,872



%


139,790



1.3

%


141,662



1.3

%

Construction/improvement:
























   Education/scholar housing



%




%




%




%


51,675



0.5

%


51,675



0.5

%

   Hotels/hospitality



%




%




%




%


25,633



0.2

%


25,633



0.2

%

   Residential care amenities



%




%




%




%


37,604



0.4

%


37,604



0.4

%

   All different development/improvement

268



%




%


5,465



0.1

%


5,733



0.1

%


183,947



1.7

%


189,680



1.8

%

All different sectors

59,672



0.6

%


11,641



0.1

%


50,977



0.5

%


122,290



1.2

%


8,961,981



84.7

%


9,084,271



85.9

%

   Total loans

$

61,462



0.6

%


$

11,960



0.1

%


$

61,600



0.6

%


$

135,022



1.3

%


$

10,445,827



98.7

%


$

10,580,849



100.0

%



*

Percent of whole loans excellent.

Loan deferrals

The following desk represents loans that entered into and are at the moment in a deferment provided by the Company to help prospects within the COVID-19 pandemic as of December 31, 2020. Of these mortgage deferrals, 257 debtors utilized for and obtained PPP loans totaling roughly $39.9 million:




Balance as of
September 30, 2020


Loans returned to full cost standing, internet of funds


New loans entered into
first deferral


Balance as of
December 31, 2020



Number of loans


Outstanding principal steadiness


*


Number of loans


Outstanding principal steadiness


Number of loans


Outstanding principal steadiness


Number of loans


Outstanding principal
steadiness


*

Residential mortgage loans


111


$

15,967



0.5

%


90



$

12,914



22



$

3,389



43



$

6,442



0.2

%

Home fairness loans


48


3,639



0.2

%


37



2,536



30



1,512



41



2,615



0.2

%

Consumer loans


123


2,348



0.2

%


102



1,950



62



901



83



1,299



0.1

%

Commercial actual property loans


94


183,661



5.5

%


71



68,855



11



3,406



34



118,212



3.5

%

Commercial loans


28


7,085



0.5

%


14



6,071



8



318



22



1,332



0.1

%

   Total loans


404


$

212,700



2.0

%


314



$

92,326



133



$

9,526



223



$

129,900

 **


1.2

%



*   

Percent of whole loans excellent by the respective whole quantity of that sort of mortgage.

** 

As of December 31, 2020, first mortgage deferrals totaled $9.5 million, second mortgage deferrals totaled $67.5 million, and third mortgage deferrals totaled $52.9 million. $91.9 million of mortgage deferrals expire in Q1 2021 and $38.0 million of mortgage deferrals expire in Q2 2021.  In addition, of the $129.9 million whole mortgage deferrals, $108.7 million are within the hospitality trade.

Northwest Bancshares, Inc. and Subsidiaries
Allowance for Credit Losses (Unaudited)
({dollars} in 1000’s)



Quarter ended


December 31,
2020


September 30,
2020


June 30,
2020


March 31,
2020


December 31,
2019

Beginning steadiness

$

140,209



140,586



92,897



57,941



52,859


CECL adoption







10,792




Initial allowance on loans bought with credit score deterioration





8,845






Provision

(2,230)



6,818



51,750



27,637



8,223


Charge-offs residential mortgage

(407)



(129)



(38)



(343)



(222)


Charge-offs dwelling fairness

(58)



(88)



(173)



(289)



(113)


Charge-offs client

(2,623)



(3,356)



(3,191)



(3,488)



(3,142)


Charge-offs business actual property

(2,770)



(532)



(690)



(331)



(107)


Charge-offs business

(156)



(4,892)



(10,349)



(815)



(1,143)


Recoveries

2,462



1,802



1,535



1,793



1,586


Ending steadiness

$

134,427



140,209



140,586



92,897



57,941


Net charge-offs to common loans, annualized

0.13

%


0.27

%


0.51

%


0.16

%


0.14

%


Year ended December 31,


2020


2019

Beginning steadiness

$

57,941



55,214


CECL adoption

10,792




Initial allowance on loans bought with credit score deterioration

8,845




Provision

83,975



22,659


Charge-offs residential mortgage

(917)



(1,166)


Charge-offs dwelling fairness

(608)



(1,121)


Charge-offs client

(12,658)



(11,807)


Charge-offs business actual property

(4,323)



(5,467)


Charge-offs business

(16,212)



(6,651)


Recoveries

7,592



6,280


Ending steadiness

$

134,427



57,941


Net charge-offs to common loans

0.27

%


0.23

%


December 31, 2020


Originated loans


Acquired loans


Total loans


Balance


Reserve


Balance


Reserve


Balance


Reserve

Residential mortgage loans

$

2,753,593



6,049



314,528



1,217



3,068,121



7,266


Home fairness loans

1,175,703



4,579



292,033



1,413



1,467,736



5,992


Consumer loans

1,283,106



14,949



224,887



2,747



1,507,993



17,696


Personal Banking Loans

5,212,402



25,577



831,448



5,377



6,043,850



30,954


Commercial actual property loans

2,567,124



70,707



778,765



19,192



3,345,889



89,899


Commercial loans

1,019,482



6,590



171,628



6,984



1,191,110



13,574


Commercial Banking Loans

3,586,606



77,297



950,393



26,176



4,536,999



103,473


Total Loans

$

8,799,008



102,874



1,781,841



31,553



10,580,849



134,427


Northwest Bancshares, Inc. and Subsidiaries
Average Balance Sheet (Unaudited)
({dollars} in 1000’s) 


The following desk units forth sure data referring to the Company’s common steadiness sheet and displays the typical yield on belongings and common price of liabilities for the durations indicated.  Such yields and prices are derived by dividing revenue or expense by the typical steadiness of belongings or liabilities, respectively, for the durations introduced.  Average balances are calculated utilizing every day averages. 



Quarter ended 


December 31, 2020


September 30, 2020


June 30, 2020


March 31, 2020


December 31, 2019


Average
steadiness


Interest


Avg.
yield/
price (h)


Average
steadiness


Interest


Avg.
yield/
price (h)


Average
steadiness


Interest


Avg.
yield/
price (h)


Average
steadiness


Interest


Avg.
yield/
price (h)


Average
steadiness


Interest


Avg.
yield/
price (h)

Assets:






























Interest-earning belongings:






























Residential mortgage loans

$

3,089,916



27,503



3.56

%


$

3,176,436



28,769



3.62

%


$

3,092,392



29,019



3.75

%


$

2,845,483



28,062



3.94

%


$

2,847,932



28,011



3.93

%

Home fairness loans

1,472,527



13,535



3.66

%


1,479,429



13,732



3.69

%


1,415,091



13,806



3.92

%


1,345,059



14,801



4.43

%


1,333,748



15,354



4.57

%

Consumer loans

1,444,860



15,874



4.37

%


1,437,828



15,851



4.39

%


1,375,130



14,993



4.39

%


1,123,336



12,160



4.35

%


1,073,565



12,016



4.44

%

Commercial actual property loans

3,317,418



37,965



4.48

%


3,306,386



36,887



4.37

%


3,156,749



34,595



4.34

%


2,747,419



31,437



4.53

%


2,741,687



32,985



4.71

%

Commercial loans

1,325,047



11,414



3.37

%


1,377,223



12,603



3.58

%


1,161,228



11,269



3.84

%


712,621



8,856



4.92

%


717,438



9,841



5.37

%

Total loans receivable (a) (b) (d)

10,649,768



106,291



3.97

%


10,777,302



107,842



3.98

%


10,200,590



103,682



4.09

%


8,773,918



95,316



4.37

%


8,714,370



98,207



4.47

%

Mortgage-backed securities (c)

1,166,739



4,551



1.56

%


1,004,803



4,651



1.85

%


714,657



4,038



2.26

%


668,470



4,175



2.50

%


667,910



4,237



2.54

%

Investment securities (c) (d)

252,898



1,380



2.18

%


216,081



1,336



2.47

%


170,309



1,244



2.92

%


144,152



881



2.44

%


151,289



938



2.48

%

FHLB inventory, at price

23,346



192



3.27

%


25,595



218



3.39

%


22,192



309



5.60

%


15,931



262



6.61

%


13,400



262



7.76

%

Other interest-earning deposits

632,494



178



0.11

%


791,601



221



0.11

%


623,870



185



0.12

%


34,697



135



1.54

%


31,624



169



2.09

%

Total interest-earning belongings

12,725,245



112,592



3.52

%


12,815,382



114,268



3.55

%


11,731,618



109,458



3.75

%


9,637,168



100,769



4.21

%


9,578,593



103,813



4.30

%

Noninterest-earning belongings (e)

1,066,609







1,088,273







1,858,513







960,303







869,117






Total belongings

$

13,791,854







$

13,903,655







$

13,590,131







$

10,597,471







$

10,447,710






Liabilities and shareholders’ fairness:






























Interest-bearing liabilities:






























Savings deposits

$

2,028,155



617



0.12

%


$

2,015,604



648



0.13

%


$

1,884,202



648



0.14

%


$

1,611,111



727



0.18

%


$

1,615,996



792



0.19

%

Interest-bearing demand deposits

2,699,515



476



0.07

%


2,680,591



763



0.11

%


2,428,060



812



0.13

%


1,915,871



1,307



0.27

%


1,769,623



1,570



0.35

%

Money market deposit accounts

2,426,513



960



0.16

%


2,347,097



1,347



0.23

%


2,204,810



1,600



0.29

%


1,921,243



3,088



0.65

%


1,845,535



3,226



0.69

%

Time deposits

1,676,094



4,660



1.11

%


1,782,350



5,685



1.27

%


1,761,260



6,276



1.43

%


1,528,891



6,281



1.65

%


1,607,992



7,305



1.80

%

Borrowed funds (f)

352,392



1,469



1.66

%


420,715



717



0.68

%


371,700



296



0.32

%


240,118



709



1.19

%


177,670



444



0.99

%

Junior subordinated debentures

128,752



659



2.00

%


128,658



720



2.19

%


127,472



837



2.60

%


121,809



1,038



3.37

%


121,796



1,136



3.65

%

Total interest-bearing liabilities

9,311,421



8,841



0.38

%


9,375,015



9,880



0.42

%


8,777,504



10,469



0.48

%


7,339,043



13,150



0.72

%


7,138,612



14,473



0.80

%

Noninterest-bearing demand deposits (g)

2,675,986







2,703,266







2,401,368







1,640,180







1,800,861






Noninterest-bearing liabilities

253,966







284,440







882,391







268,139







158,434






Total liabilities

12,241,373







12,362,721







12,061,263







9,247,362







9,097,907






Shareholders’ fairness

1,550,481







1,540,934







1,528,868







1,350,109







1,349,803






Total liabilities and shareholders’ fairness

$

13,791,854







$

13,903,655







$

13,590,131







$

10,597,471







$

10,447,710






Net curiosity revenue/Interest fee unfold



103,751



3.14

%




104,388



3.13

%




98,989



3.27

%




87,619



3.48

%




89,340



3.50

%

Net interest-earning belongings/Net curiosity margin

$

3,413,824





3.26

%


$

3,440,367





3.26

%


$

2,954,114





3.38

%


$

2,298,125





3.66

%


$

2,439,981





3.73

%

Ratio of interest-earning belongings to interest-bearing liabilities

1.37X






1.37X






1.34X






1.31X






1.34X







(a) 

Average gross loans receivable consists of loans held as available-for-sale and loans positioned on nonaccrual standing.

(b) 

Interest revenue consists of accretion/amortization of deferred mortgage charges/bills, which was not materials.

(c)  

Average balances don’t embody the impact of unrealized beneficial properties or losses on securities held as available-for-sale.

(d)  

Interest revenue on tax-free funding securities and tax-free loans are introduced on a totally taxable equal (“FTE”) foundation.

(e)   

Average balances embody the impact of unrealized beneficial properties or losses on securities held as available-for-sale.

(f)   

Average balances embody FHLB borrowings, collateralized borrowings, and subordinated debt.

(g)   

Average price of deposits had been 0.23%, 0.29%, 0.35%, 0.53%, and 0.59%, respectively.

(h)  

Shown on a FTE foundation. GAAP foundation yields for the durations indicated had been — Loans: 3.94%, 3.96%, 4.06%, 4.35%, and 4.46%, respectively, Investment securities: 1.78%, 2.00%, 2.36%, 2.31%, and 2.34%, respectively, Interest-earning belongings: 3.48%, 3.52%, 3.72%, 4.19%, and 4.28%, respectively. GAAP foundation internet rate of interest spreads had been 3.11%, 3.10%, 3.24%, 3.47%, and 3.48%, respectively, and GAAP foundation internet curiosity margins had been 3.23%, 3.23%, 3.34%, 3.64%, and 3.71%, respectively.

Northwest Bancshares, Inc. and Subsidiaries
Average Balance Sheet (Unaudited)
({dollars} in 1000’s)


The following desk units forth sure data referring to the Company’s common steadiness sheet and displays the typical yield on belongings and common price of liabilities for the durations indicated.  Such yields and prices are derived by dividing revenue or expense by the typical steadiness of belongings or liabilities, respectively, for the durations introduced.  Average balances are calculated utilizing every day averages. 



Year ended December 31,


2020


2019


Average
steadiness


Interest


Avg.
yield/
price (h)


Average
steadiness


Interest


Avg.
yield/
price (h)

Assets:












Interest-earning belongings:












Residential mortgage loans

$

3,051,582



113,353



3.71

%


$

2,860,765



115,583



4.04

%

Home fairness loans

1,436,632



55,875



3.89

%


1,308,908



64,222



4.91

%

Consumer loans

1,338,120



58,878



4.40

%


980,623



44,859



4.57

%

Commercial actual property loans

3,132,976



140,883



4.42

%


2,725,792



132,915



4.81

%

Commercial loans

1,145,143



44,142



3.79

%


678,866



38,565



5.60

%

Loans receivable (a) (b) (d)

10,104,453



413,131



4.09

%


8,554,954



396,144



4.63

%

Mortgage-backed securities (c)

889,744



17,416



1.96

%


639,764



16,670



2.61

%

Investment securities (c) (d)

196,071



4,841



2.47

%


205,757



4,470



2.17

%

FHLB inventory, at price

21,781



981



4.50

%


14,477



1,056



7.29

%

Other interest-earning deposits

520,666



719



0.14

%


23,305



600



2.54

%

Total interest-earning belongings

11,732,715



437,088



3.73

%


9,438,257



418,940



4.44

%

Noninterest-earning belongings (e)

1,159,405







890,760






Total belongings

$

12,892,120







$

10,329,017






Liabilities and shareholders’ fairness:












Interest-bearing liabilities:












Savings deposits

$

1,885,517



2,640



0.14

%


$

1,655,495



3,115



0.19

%

Interest-bearing demand deposits

2,432,427



3,358



0.14

%


1,651,393



6,012



0.36

%

Money market deposit accounts

2,224,904



6,995



0.31

%


1,778,661



13,010



0.73

%

Time deposits

1,687,381



22,903



1.36

%


1,555,726



27,079



1.74

%

Borrowed funds (f)

346,442



3,190



0.92

%


206,458



2,865



1.39

%

Junior subordinated debentures

126,683



3,254



2.53

%


120,012



4,833



3.97

%

Total interest-bearing liabilities

8,703,354



42,340



0.49

%


6,967,745



56,914



0.82

%

Noninterest-bearing demand deposits (g)

2,357,725







1,835,622






Noninterest-bearing liabilities

246,294







204,198






Total liabilities

11,307,373







9,007,565






Shareholders’ fairness

1,584,747







1,321,452






Total liabilities and shareholders’ fairness

$

12,892,120







$

10,329,017






Net curiosity revenue/Interest fee unfold



394,748



3.24

%




362,026



3.62

%

Net interest-earning belongings/Net curiosity margin

$

3,029,361





3.36

%


$

2,470,512





3.84

%

Ratio of interest-earning belongings to interest-bearing liabilities

1.35X







1.35X








(a)

Average gross loans receivable consists of loans held as available-for-sale and loans positioned on nonaccrual standing.

(b)

Interest revenue consists of accretion/amortization of deferred mortgage charges/bills, which was not materials.

(c)

Average balances don’t embody the impact of unrealized beneficial properties or losses on securities held as available-for-sale.

(d)

Interest revenue on tax-free funding securities and tax-free loans are introduced on a totally taxable equal foundation.

(e)

Average balances embody the impact of unrealized beneficial properties or losses on securities held as available-for-sale.

(f) 

Average balances embody FHLB borrowings, collateralized borrowings, and subordinated debt.

(g)

Average price of deposits had been 0.34% and 0.58%, respectively.

(h) 

Shown on a FTE foundation. GAAP foundation yields for the durations indicated had been — Loans: 4.07% and 4.61%, respectively, Investment securities: 2.06% and 2.06%, respectively, Interest-earning belongings: 3.70% and 4.42%, respectively. GAAP foundation internet rate of interest spreads had been 3.21% and 3.61%, respectively, and GAAP foundation internet curiosity margins had been 3.34% and 3.82%, respectively.

SOURCE Northwest Bancshares, Inc.

Related Links

https://www.northwest.com

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