Northwest Bancshares, Inc. Announces First Quarter 2013 Earnings and Dividend Declaration

WARREN, Pa., April 22, 2013 /PRNewswire/ -- Northwest Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the quarter ended March 31, 2013 of $15.3 million, or $0.17 per diluted share. This represents an increase of $117,000, or 0.8%, over the same quarter last year when net income was $15.2 million, or $0.16 per diluted share, and a decrease of $1.0 million, or 6.3%, compared to the quarter ended December 31, 2012 when net income was $16.3 million, or $0.18 per diluted share. The annualized returns on average shareholders' equity and average assets for the current quarter were 5.45% and 0.78% compared to 5.29% and 0.76% for the same quarter last year and 5.65% and 0.81% for the quarter ended December 31, 2012.

The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.12 per share payable on May 16, 2013, to shareholders of record as of May 2, 2013. This represents the 74th consecutive quarter in which the Company has paid a cash dividend.

Net interest income decreased by $917,000, or 1.4%, to $64.5 million for the quarter ended March 31, 2013, from $65.4 million for the quarter ended March 31, 2012, as a $4.7 million decrease in interest income on loans receivable and a $1.3 million decrease in interest income from investment securities was partially offset by a $5.1 million decrease in interest paid on deposit accounts. These changes from the previous year were primarily due to continued competitive pricing pressure, decreases in market interest rates and adjustable rate loans re-pricing at lower interest rates.

The provision for loan losses increased by $871,000, or 13.9%, to $7.2 million for the quarter ended March 31, 2013, from $6.3 million for the quarter ended March 31, 2012. As of March 31, 2013, the allowance for loan losses was $72.0 million, or 1.28% of total loans, compared to $72.9 million, or 1.30% of total loans, as of March 31, 2012 and $73.2 million, or 1.28% of total loans, as of December 31, 2012. The increase in the provision for loan losses is partially attributable to an increase in nonperforming loans to $125.7 million as of March 31, 2013, from $125.0 million as of March 31, 2012. Additionally, net charge-offs for the quarter ended March 31, 2013, increased by $3.9 million, to $8.4 million compared to $4.5 million in the same quarter last year.

Noninterest income increased by $2.3 million, or 16.4%, to $15.9 million for the quarter ended March 31, 2013, from $13.6 million for the quarter ended March 31, 2012, due primarily to a decrease in loss on real estate owned of $940,000. Additionally, insurance commission income increased by $577,000 as a result of the recent acquisition of the Bert Insurance Group.

Noninterest expense increased by $195,000, or 0.4%, to $51.5 million for the quarter ended March 31, 2013, from $51.3 million for the quarter ended March 31, 2012, due primarily to an increase in premises and occupancy costs of $405,000, or 7.0%. This increase is primarily the result of increased snow removal costs compared to last year. Partially offsetting this increase was a decrease in processing expense of $289,000, which was primarily due to a decrease in ATM and debit card transaction processing expense.

Headquartered in Warren, Pennsylvania, Northwest Bancshares, Inc. is the holding company of Northwest Savings Bank. Founded in 1896, Northwest Savings Bank is a full-service financial institution offering a complete line of business and personal banking products as well as benefits and wealth management services. Northwest operates 166 community banking offices in Pennsylvania, New York, Ohio and Maryland and 52 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. Additional information regarding Northwest Bancshares, Inc. can be accessed on-line at www.northwestsavingsbank.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 an increase in 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

(Dollars in thousands, except per share amounts)









(Unaudited)











March  31,


December 31,

Assets


2013


2012

Cash and cash equivalents




$                      71,607


88,277

Interest-earning deposits in other financial institutions


512,949


362,794

Federal funds sold and other short-term investments


634


633

Marketable securities available-for-sale (amortized cost of $1,085,155 and 1,053,122)

1,112,104


1,079,074

Marketable securities held-to-maturity (fair value of $149,105 and $161,969)


143,253


155,081


Total cash, interest-earning deposits and marketable securities


1,840,547


1,685,859












Residential mortgage loans held for sale



3,823


15,441

Residential mortgage loans




2,370,561


2,400,208

Home equity loans 


1,052,485


1,076,637

Other consumer loans


218,464


235,367

Commercial real estate loans



1,572,948


1,585,833

Commercial loans


392,004


388,994


Total loans receivable


5,610,285


5,702,480

Allowance for loan losses


(72,009)


(73,219)


Loans receivable, net


5,538,276


5,629,261












Federal Home Loan Bank stock, at cost


47,332


46,834

Accrued interest receivable


23,963


23,313

Real estate owned, net


24,035


26,165

Premises and Equipment, net


138,950


138,824

Bank owned life insurance


138,123


137,044

Goodwill 


174,463


174,461

Other intangible assets


3,181


3,529

Other assets


65,620


77,310


Total assets


$                7,994,490


7,942,600












Liabilities and Shareholders' equity





Liabilities




Noninterest-bearing demand deposits


$                   787,308


755,429

Interest-bearing demand deposits


864,168


851,771

Savings deposits


2,327,623


2,271,311

Time deposits


1,821,052


1,886,089


Total deposits


5,800,151


5,764,600

Borrowed funds


859,860


860,047

Advances by borrowers for taxes and insurance


27,160


23,325

Accrued interest payable


1,180


888

Other liabilities


55,465


62,177

Junior subordinated debentures


103,094


103,094


Total liabilities


6,846,910


6,814,131












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, 93,802,335 shares





and 93,652,960 shares issued and outstanding, respectively


938


937

Paid-in-capital


615,160


613,249

Retained earnings


565,594


550,296

Unallocated common stock of Employee Stock Ownership Plan


(24,137)


(24,525)

Accumulated other comprehensive loss


(9,975)


(11,488)


Total shareholders' equity


1,147,580


1,128,469


Total liabilities and shareholders' equity


$                7,994,490


7,942,600

















Equity to assets


14.35%


14.21%






Tangible common equity to assets


12.41%


12.23%






Book value per share


$                         12.23


$                         12.05






Tangible book value per share


$                         10.34


$                         10.14






Closing market price per share


$                         12.68


$                         12.14






Full time equivalent employees


2,063


2,042






Number of banking offices


166


165

 

Northwest Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income

(Dollars in thousands, except per share amounts)
















Quarter ended






March 31,


December 31,






2013


2012


2012

Interest income:








Loans receivable


$                    73,474


78,159


76,701


Mortgage-backed securities


3,441


4,691


3,697


Taxable investment securities


905


573


743


Tax-free investment securities


2,063


2,446


2,132


Interest-earning deposits


251


380


382



Total interest income


80,134


86,249


83,655











Interest expense:








Deposits


7,814


12,944


9,042


Borrowed funds


7,831


7,899


7,998



Total interest expense


15,645


20,843


17,040













Net interest income


64,489


65,406


66,615

Provision for loan losses


7,158


6,287


8,173



Net interest income after provision









for loan losses


57,331


59,119


58,442











Noninterest income:








Impairment losses on securities


-


(545)


-


Noncredit related losses on securities not expected









to be sold (recognized in other comprehensive income)


-


307


-


Net impairment losses


-


(238)


-


Gain/ (loss) on sale of investments, net


101


44


394


Service charges and fees


8,190


8,425


8,587


Trust and other financial services income


2,204


2,116


2,288


Insurance commission income


2,295


1,718


1,463


Loss on real estate owned, net


(130)


(1,070)


(2,804)


Income from bank owned life insurance


1,085


1,117


1,589


Mortgage banking income


956


531


1,874


Other operating income


1,176


997


964



Total noninterest income


15,877


13,640


14,355











Noninterest expense:








Compensation and employee benefits


27,930


27,838


28,302


Premises and occupancy costs


6,153


5,748


5,680


Office operations


3,268


3,324


3,419


Processing expenses


5,853


6,142


6,459


Marketing expenses


1,900


2,036


134


Federal deposit insurance premiums


1,438


1,620


1,211


Professional services


1,693


1,697


1,869


Amortization of intangible assets


348


295


219


Real estate owned expense


599


740


477


Other expense


2,289


1,836


2,662



Total noninterest expense


51,471


51,276


50,432













Income before income taxes


21,737


21,483


22,365


Income tax expense


6,439


6,302


6,040














Net income


$                    15,298


15,181


16,325











Basic earnings per share


$                          0.17


0.16


0.18











Diluted earnings per share


$                          0.17


0.16


0.18











Annualized return on average equity


5.45%


5.29%


5.65%

Annualized return on average assets


0.78%


0.76%


0.81%











Basic common shares outstanding


90,403,909


94,115,522


92,716,973

Diluted common shares outstanding


90,878,903


94,665,333


92,929,614

 

Northwest Bancshares, Inc. and Subsidiaries


Asset quality


(Dollars in thousands)
















March 31,  2013


December 31, 

2012


March 31, 2012


December 31,

2011













Non-accrual loans current:











Residential mortgage loans


$                1,728


797


-


-



Home equity loans


1,050


635


-


-



Other consumer loans


87


44


-


-



Commercial real estate loans


25,203


24,960


18,462


13,057



Commercial loans


9,069


5,424


4,232


13,480


Total non-accrual loans current


$             37,137


31,860


22,694


26,537













Non-accrual loans delinquent 30 days to 59 days:











Residential mortgage loans


$                1,789


-


-


-



Home equity loans


222


-


-


-



Other consumer loans


26


-


-


-



Commercial real estate loans


5,105


5,549


3,068


3,274



Commercial loans


2,631


2,002


6,258


90


Total non-accrual loans delinquent 30 days to 59 days


$                9,773


7,551


9,326


3,364













Non-accrual loans delinquent 60 days to 89 days:











Residential mortgage loans


$                1,969


-


-


-



Home equity loans


330


-


-


-



Other consumer loans


74


-


-


-



Commercial real estate loans


2,506


2,802


2,269


1,560



Commercial loans


1,318


9,652


534


3,808


Total non-accrual loans delinquent 60 days to 89 days


$                6,197


12,454


2,803


5,368













Non-accrual loans delinquent 90 days or more:











Residential mortgage loans


$             24,416


24,286


28,696


28,221



Home equity loans


7,967


8,479


9,100


9,560



Other consumer loans


1,802


1,936


1,983


2,667



Commercial real estate loans


22,204


24,550


34,601


44,603



Commercial loans


16,246


9,096


15,810


10,785


Total non- accrual loans delinquent 90 days or more


$             72,635


68,347


90,190


95,836













Total non-accrual loans


$          125,742


120,212


125,013


131,105



























March 31,


December 31,


March 31,


December 31,





2013


2012


2012


2011













Nonperforming loans


$          125,742


120,212


125,013


131,105


Real estate owned, net


24,035


26,165


28,895


26,887


Nonperforming assets


$          149,777


146,377


153,908


157,992













Non-accrual troubled debt restructuring *


$             46,109


41,166


29,606


29,575


Accruing troubled debt restructuring


45,256


48,278


37,697


39,854


Total troubled debt restructuring


$             91,365


89,444


67,303


69,429













Nonperforming loans to total loans


2.24%


2.11%


2.23%


2.36%













Nonperforming assets to total assets


1.87%


1.84%


1.91%


1.99%













Allowance for loan losses to total loans


1.28%


1.28%


1.30%


1.28%













Allowance for loan losses to nonperforming loans


57.27%


60.91%


58.35%


54.26%













* Amounts included in nonperforming loans above.






 

Northwest Bancshares, Inc. and Subsidiaries

Delinquency

(Dollars in thousands)




















































Loan delinquency schedule















(Number of loans and dollar amount of loans)















March 31,


December 31,


March 31,


December 31,



2013

*


2012

*


2012

*


2011

*

Loans delinquent 30 days to 59 days:

















Residential mortgage loans

410

$      33,054

1.4%


430

32,921

1.4%


366

$      29,414

1.2%


427

$      33,671

1.4%


Home equity loans

204

6,254

0.6%


224

6,534

0.6%


201

7,086

0.7%


222

7,426

0.7%


Consumer loans

789

3,684

1.7%


1,122

5,456

2.3%


647

2,854

1.2%


903

4,854

2.0%


Commercial real estate loans

93

12,833

0.8%


87

13,001

0.8%


77

9,275

0.6%


104

10,680

0.7%


Commercial loans

49

4,620

1.2%


41

3,233

0.8%


29

7,069

1.7%


32

2,027

0.5%

Total loans delinquent 30 days to 59 days

1,545

$      60,445

1.1%


1,904

61,145

1.1%


1,320

$      55,698

1.0%


1,688

58,658

1.1%


















Loans delinquent 60 days to 89 days:

















Residential mortgage loans

54

$         4,577

0.2%


100

9,387

0.4%


22

$         1,466

0.1%


99

$         8,629

0.4%


Home equity loans

67

2,321

0.2%


65

1,977

0.2%


50

2,313

0.2%


47

1,953

0.2%


Consumer loans

302

1,145

0.5%


448

1,830

0.8%


262

1,083

0.5%


412

1,787

0.7%


Commercial real estate loans

32

4,448

0.3%


33

4,596

0.3%


27

3,203

0.2%


38

3,122

0.2%


Commercial loans

19

1,654

0.4%


17

10,158

2.5%


16

1,376

0.3%


25

4,958

1.3%

Total loans delinquent 60 days to 89 days

474

$      14,145

0.3%


663

27,948

0.5%


377

$         9,441

0.2%


621

20,449

0.4%


















Loans delinquent 90 days or more:

















Residential mortgage loans

233

$      24,416

1.0%


266

24,286

1.0%


275

$      28,696

1.2%


273

$      28,221

1.2%


Home equity loans

179

7,967

0.8%


175

8,479

0.8%


167

9,100

0.9%


177

9,560

0.9%


Consumer loans

374

1,802

0.8%


427

1,936

0.8%


348

1,983

0.8%


456

2,667

1.1%


Commercial real estate loans

127

22,204

1.4%


146

24,550

1.6%


120

34,601

2.3%


131

44,603

3.1%


Commercial loans

51

16,246

4.1%


61

9,096

2.2%


56

15,810

3.9%


66

10,785

2.8%

Total loans delinquent 90 days or more

964

$      72,635

1.3%


1,075

68,347

1.2%


966

$      90,190

1.6%


1,103

95,836

1.7%


















Total loans delinquent

2,983

$   147,225

2.6%


3,642

157,440

2.8%


2,663

$   155,329

2.8%


3,412

$   174,943

3.2%



















* - Represents delinquency, in dollars, divided by the respective total amount of that type of loan outstanding.  






 

Northwest Bancshares, Inc. and Subsidiaries


Loans by credit quality indicators as of March 31, 2013 


(Dollars in thousands)
































Recorded
















investment








Special








in loans






Pass


mention


Substandard


 Doubtful 


 Loss 


receivable


Personal Banking:
















Residential mortgage loans


$         2,355,253


-


17,952


-


1,179


2,374,384




Home equity loans


1,044,568


-


7,917


-


-


1,052,485




Other consumer loans


217,215


-


1,249


-


-


218,464



Total Personal Banking


3,617,036


-


27,118


-


1,179


3,645,333


















Business Banking:
















Commercial real estate loans


1,351,901


67,543


149,190


4,314


-


1,572,948




Commercial loans


324,303


13,955


52,539


1,207


-


392,004



Total Business Banking


1,676,204


81,498


201,729


5,521


-


1,964,952






















$         5,293,240


81,498


228,847


5,521


1,179


5,610,285


































Northwest Bancshares, Inc. and Subsidiaries


Loans by credit quality indicators as of December 31, 2012


(Dollars in thousands)
































Recorded
















investment








Special








in loans






Pass


mention


Substandard


 Doubtful 


 Loss 


receivable


Personal Banking:
















Residential mortgage loans


$         2,395,809


-


18,743


48


1,049


2,415,649




Home equity loans


1,068,183


-


8,454


-


-


1,076,637




Other consumer loans


234,106


-


1,261


-


-


235,367



Total Personal Banking


3,698,098


-


28,458


48


1,049


3,727,653


















Business Banking:
















Commercial real estate loans


1,352,118


68,130


163,751


1,834


-


1,585,833




Commercial loans


320,228


13,077


52,742


2,947


-


388,994



Total Business Banking


1,672,346


81,207


216,493


4,781


-


1,974,827






















$         5,370,444


81,207


244,951


4,829


1,049


5,702,480


















 

Northwest Bancshares, Inc. and Subsidiaries

Allowance for loan losses

(Dollars in thousands)














Quarter ended


Year ended




March 31, 


December 31, 




2013


2012


2012


2011

Allowance for loan losses 










Beginning balance


$             73,219


71,138


71,138


76,412


Provision


7,158


6,287


26,338


34,170


Charge-offs residential mortgage


(679)


(1,043)


(4,295)


(4,198)


Charge-offs home equity


(370)


(892)


(4,066)


(4,734)


Charge-offs other consumer


(1,404)


(1,287)


(5,919)


(5,283)


Charge-offs commercial real estate


(3,990)


(1,473)


(9,919)


(12,508)


Charge-offs commercial


(2,680)


(649)


(6,254)


(15,641)


Recoveries


755


860


6,196


2,920


Ending balance


$             72,009


72,941


73,219


71,138





















Net charge-offs to average loans, annualized


0.59%


0.32%


0.43%


0.72%

 

Northwest Bancshares, Inc. and Subsidiaries

Municipal securities portfolio

(Dollars in thousands)














March 31, 2013


As a %




Market


 Book 


Unrealized


of book




 value 


 value 


gain


value

Municipal securities by state:









Pennsylvania










School districts

$                 93,934


90,618


3,316


47.3%



General obligations

33,377


31,992


1,385


16.7%



Revenue bonds

2,991


2,949


42


1.5%


Total Pennsylvania

130,302


125,559


4,743


65.5%


New York

26,044


25,352


692


13.2%


Ohio

6,315


5,973


342


3.1%


All other states

37,144


34,687


2,457


18.2%




$              199,805


191,571


8,234


























December 31, 2012


As a %




Market


 Book 


Unrealized


of book




 value 


 value 


gain


value

Municipal securities by state:









Pennsylvania










School districts

$                 96,271


91,951


4,320


46.7%



General obligations

37,205


35,418


1,787


18.0%



Revenue bonds

3,006


2,948


58


1.5%


Total Pennsylvania

136,482


130,317


6,165


66.2%


New York

26,831


25,954


877


13.2%


Ohio

6,390


5,973


417


3.0%


All other states

37,683


34,659


3,024


17.6%




$              207,386


196,903


10,483



 

Northwest Bancshares, Inc. and Subsidiaries

Average balance sheet 

(Dollars in thousands)








The following table sets forth certain information relating to the Company's average balance sheet and reflects the average yield on assets and average cost of liabilities for the periods indicated.  Such yields and costs are derived by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented.  Average balances are calculated using daily averages.









 Quarter ended March 31, 


2013

2012


 Average 

 Interest 

 Avg. 

 Average 

 Interest 

 Avg. 


 Balance 


 Yield/ 

 Balance 


 Yield/ 




 Cost (h) 



 Cost (h) 

Assets:







Interest-earning assets:







   Loans receivable (a) (b) (d)

$  5,638,332

74,028

5.25%

5,579,071

78,691

5.67%

   Mortgage-backed securities (c) 

725,524

3,441

1.90%

746,954

4,691

2.51%

   Investment securities (c) (d) 

470,386

4,079

3.47%

343,059

4,336

5.06%

   FHLB stock

46,868

38

0.32%

48,246

-

-

   Other interest-earning deposits

452,385

251

0.22%

658,747

380

0.23%








Total interest-earning assets 

7,333,495

81,837

4.46%

7,376,077

88,098

4.80%








Noninterest earning assets (e)

585,516



615,734










Total assets

$  7,919,011



7,991,811










Liabilities and shareholders' equity:







Interest-bearing liabilities:







   Savings accounts

$  1,180,487

894

0.31%

1,100,312

1,106

0.40%

   Interest-bearing demand accounts

840,264

139

0.07%

785,935

227

0.12%

   Money market accounts

1,107,522

742

0.27%

976,194

965

0.40%

   Certificate accounts

1,849,782

6,039

1.32%

2,236,823

10,646

1.91%

   Borrowed funds (f)

853,487

6,426

3.05%

833,843

6,477

3.12%

   Junior subordinated debentures

103,094

1,405

5.45%

103,094

1,422

5.46%








Total interest-bearing liabilities

5,934,636

15,645

1.07%

6,036,201

20,843

1.38%








Noninterest bearing liabilities (g)

845,177



801,157










Total liabilities

6,779,813



6,837,358










Shareholders' equity

1,139,198



1,154,453










Total liabilities and shareholders' equity

$  7,919,011



7,991,811










Net interest income/ Interest rate spread


66,192

3.39%


67,255

3.42%








Net interest-earning assets/ Net interest margin

$  1,398,859


3.61%

1,339,876


3.65%








Ratio of interest-earning assets to







 interest-bearing liabilities

 1.24X 



  1.22X  










(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 securities sold under agreements to repurchase.

(g) Average balances include non-interest bearing demand deposits (checking accounts).

(h) Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans - 5.21% and 5.63%, respectively, Investment securities - 2.52% 

       and 3.52%, respectively, Interest-earning assets - 4.37% and 4.70%, respectively. GAAP basis net interest rate spreads were 3.30% and 

      3.31%, respectively, and GAAP basis net interest margins were 3.52% and 3.55%, respectively.

 

Northwest Bancshares, Inc. and Subsidiaries

Average balance sheet 

(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 

 Quarter ended 


March 31, 2013

December 31, 2012


 Average 

 Interest 

 Avg. 

 Average 

 Interest 

 Avg. 


 Balance 


 Yield/ 

 Balance 


 Yield/ 




 Cost (h) 



 Cost (h) 

Assets:







Interest-earning assets:







   Loans receivable (a) (b) (d)

$  5,638,332

74,028

5.25%

5,709,603

77,279

5.41%

   Mortgage-backed securities (c) 

725,524

3,441

1.90%

717,028

3,697

2.06%

   Investment securities (c) (d) 

470,386

4,079

3.47%

408,925

4,022

3.93%

   FHLB stock

46,868

38

0.32%

46,833

51

0.44%

   Other interest-earning deposits

452,385

251

0.22%

608,772

382

0.25%








Total interest-earning assets 

7,333,495

81,837

4.46%

7,491,161

85,431

4.56%








Noninterest earning assets (e)

585,516



502,514










Total assets

$  7,919,011



7,993,675










Liabilities and shareholders' equity:







Interest-bearing liabilities:







   Savings accounts

$  1,180,487

894

0.31%

1,145,405

1,019

0.35%

   Interest-bearing demand accounts

840,264

139

0.07%

837,955

145

0.07%

   Money market accounts

1,107,522

742

0.27%

1,115,655

842

0.30%

   Certificate accounts

1,849,782

6,039

1.32%

1,923,699

7,036

1.46%

   Borrowed funds (f)

853,487

6,426

3.05%

864,085

6,562

3.02%

   Junior subordinated debentures

103,094

1,405

5.45%

103,094

1,436

5.45%








Total interest-bearing liabilities

5,934,636

15,645

1.07%

5,989,893

17,040

1.13%








Noninterest bearing liabilities (g)

845,177



854,786










Total liabilities

6,779,813



6,844,679










Shareholders' equity

1,139,198



1,148,996










Total liabilities and shareholders' equity 

$  7,919,011



7,993,675










Net interest income/ Interest rate spread


66,192

3.39%


68,391

3.43%








Net interest-earning assets/ Net interest margin

$  1,398,859


3.61%

1,501,268


3.65%








Ratio of interest-earning assets to







 interest-bearing liabilities

 1.24X 



 1.25X 










(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 securities sold under agreements to repurchase.

(g) Average balances include non-interest bearing demand deposits (checking accounts).

(h) Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans - 5.21% and 5.37%, respectively, Investment securities - 2.52% 

       and 2.81%, respectively, Interest-earning assets - 4.37% and 4.47%, respectively. GAAP basis net interest rate spreads were 3.30% and 

      3.34%, respectively, and GAAP basis net interest margins were 3.52% and 3.56%, respectively.

 

SOURCE Northwest Bancshares, Inc.



RELATED LINKS
http://www.northwestsavingsbank.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.