Northwest Bancshares, Inc. Announces Quarterly Earnings and Dividend Declaration
WARREN, Pa., April 23, 2012 /PRNewswire/ -- Northwest Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the quarter ended March 31, 2012 of $15.2 million, or $0.16 per diluted share. This represents a decrease of $2.1 million, or 12.0%, compared to the same quarter last year when net income was $17.3 million, or $0.16 per diluted share, and unchanged compared to the quarter ended December 31, 2011 when net income was also $15.2 million, or $0.16 per diluted share. The annualized returns on average shareholders' equity and average assets for the current quarter were 5.29% and 0.76% compared to 5.39% and 0.86% for the same quarter last year and 5.23% and 0.76% for the quarter ended December 31, 2011.
The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.12 per share payable on May 17, 2012, to shareholders of record as of May 3, 2012. This represents the 70th consecutive quarter in which the Company has paid a cash dividend.
In making this announcement, William J. Wagner, President and CEO, noted, "Although Northwest's earnings for the most recent quarter remain flat from the previous quarter and lower than a year ago, there are many positive trends to report. We experienced net loan growth of $56 million with commercial and commercial real estate loans increasing by $61 million, or 3.3%. Asset quality experienced the most significant improvement in many years as loans delinquent 60 days or more decreased nearly $17 million, or 14.3% during the quarter and are down $37 million, or 27.1% from a year ago. Despite this improvement in credit quality, our provision for loan losses decreased only $1 million, or 13.2% from the same quarter last year as we remain cautious about the sustainability of the economic recovery. Given the recent trading ranges for our common stock, we did not repurchase shares this quarter as we continue to be opportunistic with our buyback program. Finally, we continue to address the various provisions of the FDIC's Consent Order, all of which relate to consumer compliance, in an effort to be released from this oversight as soon as possible."
Net interest income decreased by $1.6 million, or 2.4%, to $65.4 million for the quarter ended March 31, 2012, from $67.0 million for the quarter ended March 31, 2011, which was primarily attributable to decreases in interest income from loans of $2.3 million, or 2.9%, and from investment securities of $2.5 million, or 24.6%. Partially offsetting this decrease was a $3.1 million, or 19.4% decrease in interest expense on deposit accounts. These changes from the previous year were primarily due to decreases in market interest rates.
The provision for loan losses decreased by $957,000, or 13.2%, to $6.3 million for the quarter ended March 31, 2012, from $7.2 million for the quarter ended March 31, 2011. As of March 31, 2012, the allowance for loan losses was $72.9 million, or 1.30% of total loans, compared to $76.5 million, or 1.39% of total loans, as of March 31, 2011. Net charge-offs for the quarter ended March 31, 2012 were $4.5 million, or 0.32% of average loans on an annualized basis, compared to $7.2 million, or 0.52% of average loans on an annualized basis, in the previous year. Nonperforming loans decreased $31.1 million, or 19.9%, and the ratio of nonperforming assets to total assets decreased to 1.91% from 2.16% when compared to last year.
Noninterest income decreased by $686,000, or 4.8%, to $13.6 million for the quarter ended March 31, 2012, from $14.3 million in the prior year due primarily to an increase in the loss on real estate owned of $1.0 million. Our inventory of foreclosed properties, currently valued at $28.9 million, continues to be actively managed and this increase resulted both from losses on the sale of properties and write-downs on some of the remaining properties.
Noninterest expense increased by $1.9 million, or 3.8%, to $51.3 million for the quarter ended March 31, 2012, from $49.4 million in the prior year period due primarily to an increase in compensation and employee benefits expense of $2.3 million, or 9.2%. This increase is the result of the adding employees, primarily in the areas of commercial lending, loan servicing, credit review and regulatory compliance and increases in pension expense and health insurance 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 168 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 press 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 and the FDIC Consent Order. 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 that could result from an economic downturn; (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 and non-performing 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 |
2012 |
2011 |
||||||||
| Cash and cash equivalents |
$ 85,050 |
94,276 |
||||||||
| Interest-earning deposits in other financial institutions |
672,887 |
593,388 |
||||||||
| Federal funds sold and other short-term investments |
952 |
633 |
||||||||
| Marketable securities available-for-sale (amortized cost of $894,232 and $885,408) |
919,578 |
908,349 |
||||||||
| Marketable securities held-to-maturity (fair value of $224,630 and $239,412) |
216,956 |
231,389 |
||||||||
| Total cash, interest-earning deposits and marketable securities |
1,895,423 |
1,828,035 |
||||||||
| Loans held for sale |
14,222 |
967 |
||||||||
| Residential mortgage loans |
2,412,711 |
2,396,399 |
||||||||
| Home equity loans |
1,058,938 |
1,084,786 |
||||||||
| Other consumer loans |
237,591 |
245,689 |
||||||||
| Commercial real estate loans |
1,475,576 |
1,435,767 |
||||||||
| Commercial loans |
408,894 |
387,911 |
||||||||
| Total loans receivable |
5,607,932 |
5,551,519 |
||||||||
| Allowance for loan losses |
(72,941) |
(71,138) |
||||||||
| Loans receivable, net |
5,534,991 |
5,480,381 |
||||||||
| Federal Home Loan Bank stock, at cost |
47,090 |
48,935 |
||||||||
| Accrued interest receivable |
25,072 |
24,599 |
||||||||
| Real estate owned, net |
28,895 |
26,887 |
||||||||
| Premises and Equipment, net |
133,599 |
132,152 |
||||||||
| Bank owned life insurance |
134,615 |
133,524 |
||||||||
| Goodwill |
171,882 |
171,882 |
||||||||
| Other intangible assets |
1,828 |
2,123 |
||||||||
| Other assets |
95,613 |
109,187 |
||||||||
| Total assets |
$ 8,069,008 |
7,957,705 |
||||||||
| Liabilities and Shareholders' equity |
||||||||||
| Liabilities |
||||||||||
| Noninterest-bearing demand deposits |
$ 732,361 |
658,560 |
||||||||
| Interest-bearing demand deposits |
833,342 |
800,676 |
||||||||
| Savings deposits |
2,124,269 |
2,036,272 |
||||||||
| Time deposits |
2,179,789 |
2,284,817 |
||||||||
| Total deposits |
5,869,761 |
5,780,325 |
||||||||
| Borrowed funds |
836,410 |
827,925 |
||||||||
| Advances by borrowers for taxes and insurance |
27,683 |
23,571 |
||||||||
| Accrued interest payable |
1,119 |
1,104 |
||||||||
| Other liabilities |
68,466 |
66,782 |
||||||||
| Junior subordinated debentures |
103,094 |
103,094 |
||||||||
| Total liabilities |
6,906,533 |
6,802,801 |
||||||||
| 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, 97,593,396 shares |
||||||||||
| and 97,493,046 shares issued, respectively |
976 |
975 |
||||||||
| Paid-in-capital |
660,933 |
659,523 |
||||||||
| Retained earnings |
547,352 |
543,598 |
||||||||
| Unallocated common stock of Employee Stock Ownership Plan |
(25,568) |
(25,966) |
||||||||
| Accumulated other comprehensive loss |
(21,218) |
(23,226) |
||||||||
| Total shareholders' equity |
1,162,475 |
1,154,904 |
||||||||
| Total liabilities and shareholders' equity |
$ 8,069,008 |
7,957,705 |
||||||||
| Equity to assets |
14.41% |
14.51% |
||||||||
| Tangible common equity to assets |
12.52% |
12.60% |
||||||||
| Book value per share |
$ 11.91 |
$ 11.85 |
||||||||
| Tangible book value per share |
$ 10.13 |
$ 10.06 |
||||||||
| Closing market price per share |
$ 12.70 |
$ 12.44 |
||||||||
| Full time equivalent employees |
1,975 |
1,950 |
||||||||
| Number of banking offices |
168 |
168 |
||||||||
| Northwest Bancshares, Inc. and Subsidiaries |
|||||||||
| Consolidated Statements of Income - Unaudited |
|||||||||
| (Dollars in thousands, except per share amounts) |
|||||||||
| Three months ended |
|||||||||
| March 31, |
December 31, |
||||||||
| 2012 |
2011 |
2011 |
|||||||
| Interest income: |
|||||||||
| Loans receivable |
$ 78,159 |
80,457 |
79,930 |
||||||
| Mortgage-backed securities |
4,691 |
6,756 |
5,077 |
||||||
| Taxable investment securities |
573 |
398 |
776 |
||||||
| Tax-free investment securities |
2,446 |
3,074 |
2,600 |
||||||
| Interest-earning deposits |
380 |
407 |
423 |
||||||
| Total interest income |
86,249 |
91,092 |
88,806 |
||||||
| Interest expense: |
|||||||||
| Deposits |
12,944 |
16,063 |
14,227 |
||||||
| Borrowed funds |
7,899 |
7,989 |
8,041 |
||||||
| Total interest expense |
20,843 |
24,052 |
22,268 |
||||||
| Net interest income |
65,406 |
67,040 |
66,538 |
||||||
| Provision for loan losses |
6,287 |
7,244 |
10,502 |
||||||
| Net interest income after provision |
|||||||||
| for loan losses |
59,119 |
59,796 |
56,036 |
||||||
| Noninterest income: |
|||||||||
| Impairment losses on securities |
(545) |
- |
(1,504) |
||||||
| Noncredit related losses on securities not expected |
|||||||||
| to be sold (recognized in other comprehensive income) |
307 |
- |
1,074 |
||||||
| Net impairment losses |
(238) |
- |
(430) |
||||||
| Gain on sale of investments, net |
44 |
4 |
157 |
||||||
| Service charges and fees |
8,425 |
8,928 |
8,630 |
||||||
| Trust and other financial services income |
2,116 |
1,910 |
1,967 |
||||||
| Insurance commission income |
1,718 |
1,380 |
1,582 |
||||||
| Loss on real estate owned, net |
(1,070) |
(27) |
(466) |
||||||
| Income from bank owned life insurance |
1,117 |
1,166 |
1,199 |
||||||
| Mortgage banking income/ (loss0 |
531 |
197 |
(29) |
||||||
| Other operating income |
997 |
768 |
1,428 |
||||||
| Total noninterest income |
13,640 |
14,326 |
14,038 |
||||||
| Noninterest expense: |
|||||||||
| Compensation and employee benefits |
27,838 |
25,499 |
25,434 |
||||||
| Premises and occupancy costs |
5,748 |
6,191 |
5,556 |
||||||
| Office operations |
3,324 |
3,100 |
3,286 |
||||||
| Processing expenses |
6,142 |
5,767 |
5,982 |
||||||
| Marketing expenses |
2,036 |
1,959 |
3,098 |
||||||
| Federal deposit insurance premiums |
1,620 |
2,427 |
933 |
||||||
| Professional services |
1,697 |
1,256 |
1,441 |
||||||
| Amortization of intangible assets |
295 |
491 |
374 |
||||||
| Real estate owned expense |
740 |
431 |
462 |
||||||
| Other expense |
1,836 |
2,257 |
1,870 |
||||||
| Total noninterest expense |
51,276 |
49,378 |
48,436 |
||||||
| Income before income taxes |
21,483 |
24,744 |
21,638 |
||||||
| Income tax expense |
6,302 |
7,491 |
6,463 |
||||||
| Net income |
$ 15,181 |
17,253 |
15,175 |
||||||
| Basic earnings per share |
$ 0.16 |
0.16 |
0.16 |
||||||
| Diluted earnings per share |
$ 0.16 |
0.16 |
0.16 |
||||||
| Annualized return on average shareholders' equity |
5.29% |
5.39% |
5.23% |
||||||
| Annualized return on average assets |
0.76% |
0.86% |
0.76% |
||||||
| Basic common shares outstanding |
94,115,522 |
106,571,262 |
93,675,589 |
||||||
| Diluted common shares outstanding |
94,665,333 |
107,258,320 |
93,972,187 |
||||||
| Northwest Bancshares, Inc. and Subsidiaries |
|||||||||
| Asset Quality |
|||||||||
| (Dollars in thousands) |
|||||||||
| Three months ended |
Year ended |
||||||||
| March 31, |
December 31, |
||||||||
| 2012 |
2011 |
2011 |
2010 |
||||||
| Allowance for loan losses |
|||||||||
| Beginning balance |
$ 71,138 |
76,412 |
76,412 |
70,403 |
|||||
| Provision |
6,287 |
7,244 |
34,170 |
40,486 |
|||||
| Charge-offs residential mortgage |
(1,043) |
(1,205) |
(4,198) |
(4,497) |
|||||
| Charge-offs home equity |
(892) |
(2,255) |
(4,734) |
(4,104) |
|||||
| Charge-offs other consumer |
(1,287) |
(1,232) |
(5,283) |
(6,390) |
|||||
| Charge-offs commercial real estate |
(1,473) |
(2,276) |
(12,508) |
(12,576) |
|||||
| Charge-offs commercial |
(649) |
(1,041) |
(15,641) |
(9,305) |
|||||
| Recoveries |
860 |
803 |
2,920 |
2,395 |
|||||
| Ending balance |
$ 72,941 |
76,450 |
71,138 |
76,412 |
|||||
| Net charge-offs to average loans, annualized |
0.32% |
0.52% |
0.72% |
0.63% |
|||||
| March 31, |
December 31, |
||||||||
| 2012 |
2011 |
2011 |
2010 |
||||||
| Nonperforming loans |
$ 125,013 |
156,158 |
131,105 |
148,391 |
|||||
| Real estate owned, net |
28,895 |
19,682 |
26,887 |
20,780 |
|||||
| Nonperforming assets |
$ 153,908 |
175,840 |
157,992 |
169,171 |
|||||
| Non-accrual troubled debt restructuring * |
$ 29,606 |
37,393 |
29,575 |
41,740 |
|||||
| Accruing troubled debt restructuring |
37,697 |
23,925 |
39,854 |
10,865 |
|||||
| Total troubled debt restructuring |
$ 67,303 |
61,318 |
69,429 |
52,605 |
|||||
| Nonperforming loans to total loans |
2.23% |
2.85% |
2.36% |
2.68% |
|||||
| Nonperforming assets to total assets |
1.91% |
2.16% |
1.99% |
2.08% |
|||||
| Allowance for loan losses to total loans |
1.30% |
1.39% |
1.28% |
1.38% |
|||||
| Allowance for loan losses to nonperforming loans |
58.35% |
48.96% |
54.26% |
51.49% |
|||||
| * Amounts included in nonperforming loans above. |
|||||||||
| Northwest Bancshares, Inc. and Subsidiaries |
|||||||
| Non-accrual loans delinquency |
|||||||
| (Dollars in thousands) |
|||||||
| March 31, 2012 |
December 31, 2011 |
March 31, 2011 |
|||||
| Non-accrual loans current: |
|||||||
| Residential mortgage loans |
$ - |
- |
- |
||||
| Home equity loans |
- |
- |
- |
||||
| Other consumer loans |
- |
- |
- |
||||
| Commercial real estate loans |
18,462 |
13,057 |
8,372 |
||||
| Commercial loans |
4,232 |
13,480 |
15,292 |
||||
| Total non-accrual loans current |
$ 22,694 |
26,537 |
23,664 |
||||
| Non-accrual loans delinquent 30 days to 59 days: |
|||||||
| Residential mortgage loans |
$ - |
- |
- |
||||
| Home equity loans |
- |
- |
- |
||||
| Other consumer loans |
- |
- |
- |
||||
| Commercial real estate loans |
3,068 |
3,274 |
2,472 |
||||
| Commercial loans |
6,258 |
90 |
3,072 |
||||
| Total non-accrual loans delinquent 30 days to 59 days |
$ 9,326 |
3,364 |
5,544 |
||||
| Non-accrual loans delinquent 60 days to 89 days: |
|||||||
| Residential mortgage loans |
$ - |
- |
- |
||||
| Home equity loans |
- |
- |
- |
||||
| Other consumer loans |
- |
- |
- |
||||
| Commercial real estate loans |
2,269 |
1,560 |
1,422 |
||||
| Commercial loans |
534 |
3,808 |
691 |
||||
| Total non-accrual loans delinquent 60 days to 89 days |
$ 2,803 |
5,368 |
2,113 |
||||
| Non-accrual loans delinquent 90 days or more: |
|||||||
| Residential mortgage loans |
$ 28,696 |
28,221 |
28,587 |
||||
| Home equity loans |
9,100 |
9,560 |
9,300 |
||||
| Other consumer loans |
1,983 |
2,667 |
2,914 |
||||
| Commercial real estate loans |
34,601 |
44,603 |
61,561 |
||||
| Commercial loans |
15,810 |
10,785 |
22,475 |
||||
| Total non- accrual loans delinquent 90 days or more |
$ 90,190 |
95,836 |
124,837 |
||||
| Total non-accrual loans |
$ 125,013 |
131,105 |
156,158 |
||||
| 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, |
||||||||||
| 2012 |
* |
2011 |
* |
2011 |
* |
|||||||
| Loans delinquent 30 days to 59 days: |
||||||||||||
| Residential mortgage loans |
366 |
$ 29,414 |
1.2% |
427 |
$ 33,671 |
1.4% |
365 |
$ 30,370 |
1.3% |
|||
| Home equity loans |
201 |
7,086 |
0.7% |
222 |
7,426 |
0.7% |
161 |
5,607 |
0.5% |
|||
| Other consumer loans |
647 |
2,854 |
1.2% |
903 |
4,854 |
2.0% |
659 |
2,891 |
1.2% |
|||
| Commercial real estate loans |
77 |
9,275 |
0.6% |
104 |
10,680 |
0.7% |
86 |
12,669 |
0.9% |
|||
| Commercial loans |
29 |
7,069 |
1.7% |
32 |
2,027 |
0.5% |
60 |
12,519 |
2.9% |
|||
| Total loans delinquent 30 days to 59 days |
1,320 |
$ 55,698 |
1.0% |
1,688 |
$ 58,658 |
1.1% |
1,331 |
$ 64,056 |
1.2% |
|||
| Loans delinquent 60 days to 89 days: |
||||||||||||
| Residential mortgage loans |
22 |
$ 1,466 |
0.1% |
99 |
$ 8,629 |
0.4% |
48 |
$ 4,154 |
0.2% |
|||
| Home equity loans |
50 |
2,313 |
0.2% |
47 |
1,953 |
0.2% |
52 |
2,355 |
0.2% |
|||
| Other consumer loans |
262 |
1,083 |
0.5% |
412 |
1,787 |
0.7% |
262 |
1,036 |
0.4% |
|||
| Commercial real estate loans |
27 |
3,203 |
0.2% |
38 |
3,122 |
0.2% |
35 |
3,322 |
0.2% |
|||
| Commercial loans |
16 |
1,376 |
0.3% |
25 |
4,958 |
1.3% |
15 |
973 |
0.2% |
|||
| Total loans delinquent 60 days to 89 days |
377 |
$ 9,441 |
0.2% |
621 |
$ 20,449 |
0.4% |
412 |
$ 11,840 |
0.2% |
|||
| Loans delinquent 90 days or more: |
||||||||||||
| Residential mortgage loans |
275 |
$ 28,696 |
1.2% |
273 |
$ 28,221 |
1.2% |
260 |
$ 28,587 |
1.2% |
|||
| Home equity loans |
167 |
9,100 |
0.9% |
177 |
9,560 |
0.9% |
188 |
9,300 |
0.9% |
|||
| Other consumer loans |
348 |
1,983 |
0.8% |
456 |
2,667 |
1.1% |
380 |
2,914 |
1.2% |
|||
| Commercial real estate loans |
120 |
34,601 |
2.3% |
131 |
44,603 |
3.1% |
177 |
61,561 |
4.5% |
|||
| Commercial loans |
56 |
15,810 |
3.9% |
66 |
10,785 |
2.8% |
75 |
22,475 |
5.2% |
|||
| Total loans delinquent 90 days or more |
966 |
$ 90,190 |
1.6% |
1,103 |
$ 95,836 |
1.7% |
1,080 |
$ 124,837 |
2.3% |
|||
| Total loans delinquent |
2,663 |
$ 155,329 |
2.8% |
3,412 |
$ 174,943 |
3.2% |
2,823 |
$ 200,733 |
3.7% |
|||
| * - Represents delinquency, in dollars, divided by the respective total amount of that class of loan outstanding. |
||||||||||||
| Northwest Bancshares, Inc. and Subsidiaries |
||||||||||||||
| Analysis of loan portfolio by geographic location as of March 31, 2012: |
||||||||||||||
| (Dollars in thousands) |
||||||||||||||
| Loans outstanding: |
||||||||||||||
| Residential mortgage |
(1) |
Home equity |
(2) |
Other consumer |
(3) |
Commercial real estate loans |
(4) |
Commercial loans |
(5) |
Total |
(6) |
|||
| Pennsylvania |
$2,015,380 |
83.1% |
902,239 |
85.1% |
218,386 |
91.9% |
859,567 |
58.4% |
287,648 |
70.4% |
4,283,220 |
76.4% |
||
| New York |
159,926 |
6.6% |
103,293 |
9.8% |
10,980 |
4.6% |
364,810 |
24.7% |
53,588 |
13.1% |
692,597 |
12.4% |
||
| Ohio |
19,888 |
0.8% |
11,423 |
1.1% |
3,018 |
1.3% |
38,948 |
2.6% |
11,076 |
2.7% |
84,353 |
1.5% |
||
| Maryland |
163,022 |
6.7% |
32,526 |
3.1% |
1,414 |
0.6% |
135,606 |
9.2% |
22,650 |
5.5% |
355,218 |
6.3% |
||
| Florida |
26,473 |
1.1% |
7,733 |
0.7% |
1,279 |
0.5% |
40,533 |
2.7% |
16,083 |
3.9% |
92,101 |
1.6% |
||
| All other |
42,244 |
1.7% |
1,724 |
0.2% |
2,514 |
1.1% |
36,112 |
2.4% |
17,849 |
4.4% |
100,443 |
1.8% |
||
| Total |
$2,426,933 |
100.0% |
1,058,938 |
100.0% |
237,591 |
100.0% |
1,475,576 |
100.0% |
408,894 |
100.0% |
5,607,932 |
100.0% |
||
| (1) - Percentage of total mortgage loans |
||||||||||||||
| (2) - Percentage of total home equity loans |
||||||||||||||
| (3) - Percentage of total other consumer loans |
||||||||||||||
| (4) - Percentage of total commercial real estate loans |
||||||||||||||
| (5) - Percentage of total commercial loans |
||||||||||||||
| (6) - Percentage of total loans |
||||||||||||||
| Loans 90 days or more delinquent: |
||||||||||||||
| Residential mortgage |
(7) |
Home equity |
(8) |
Other consumer |
(9) |
Commercial real estate loans |
(10) |
Commercial loans |
(11) |
Total |
(12) |
|||
| Pennsylvania |
$ 7,794 |
0.9% |
5,352 |
0.6% |
1,943 |
0.9% |
14,663 |
1.7% |
5,755 |
2.0% |
45,507 |
1.1% |
||
| New York |
1,181 |
0.7% |
1,390 |
1.3% |
31 |
0.3% |
6,400 |
1.8% |
294 |
0.5% |
9,296 |
1.3% |
||
| Ohio |
390 |
2.0% |
77 |
0.7% |
2 |
0.1% |
88 |
0.2% |
17 |
0.2% |
574 |
0.7% |
||
| Maryland |
4,707 |
2.9% |
1,640 |
5.0% |
- |
0.0% |
5,361 |
4.0% |
2,531 |
11.2% |
14,239 |
4.0% |
||
| Florida |
3,894 |
14.7% |
613 |
7.9% |
7 |
0.5% |
412 |
1.0% |
4,625 |
28.8% |
9,551 |
10.4% |
||
| All other |
730 |
1.7% |
28 |
1.6% |
- |
0.0% |
7,677 |
21.3% |
2,588 |
14.5% |
11,023 |
11.0% |
||
| Total |
$ 28,696 |
1.2% |
9,100 |
0.9% |
1,983 |
0.8% |
34,601 |
2.3% |
15,810 |
3.9% |
90,190 |
1.6% |
||
| (7) - Percentage of total mortgage loans in that geographic area |
||||||||||||||
| (8) - Percentage of total home equity loans in that geographic area |
||||||||||||||
| (9) - Percentage of total other consumer loans in that geographic area |
||||||||||||||
| (10) - Percentage of total commercial real estate loans in that geographic area |
||||||||||||||
| (11) - Percentage of total commercial loans in that geographic area |
||||||||||||||
| (12) - Percentage of total loans in that geographic area |
||||||||||||||
| Northwest Bancshares, Inc. and Subsidiaries |
|||||||||
| Investment Portfolio |
|||||||||
| (Dollars in thousands) |
|||||||||
| Marketable securities available-for-sale as of March 31, 2012: |
|||||||||
| Gross |
Gross |
||||||||
| unrealized |
unrealized |
||||||||
| Amortized |
holding |
holding |
Market |
||||||
| cost |
gains |
losses |
value |
||||||
| Debt issued by the U.S. government and agencies: |
|||||||||
| Due in one year or less |
$ 56 |
- |
- |
56 |
|||||
| Debt issued by government sponsored enterprises: |
|||||||||
| Due in one year - five years |
26,296 |
44 |
- |
26,340 |
|||||
| Due in five years - ten years |
29,163 |
474 |
- |
29,637 |
|||||
| Due after ten years |
9,125 |
- |
(35) |
9,090 |
|||||
| Equity securities |
12,398 |
4,676 |
(3) |
17,071 |
|||||
| Municipal securities: |
|||||||||
| Due in one year - five years |
8,880 |
245 |
- |
9,125 |
|||||
| Due in five years - ten years |
26,427 |
1,093 |
- |
27,520 |
|||||
| Due after ten years |
116,529 |
5,905 |
(110) |
122,324 |
|||||
| Corporate trust preferred securities: |
|||||||||
| Due in one year or less |
500 |
- |
- |
500 |
|||||
| Due after ten years |
25,019 |
275 |
(6,135) |
19,159 |
|||||
| Mortgage-backed securities: |
|||||||||
| Fixed rate pass-through |
102,152 |
7,528 |
(16) |
109,664 |
|||||
| Variable rate pass-through |
129,112 |
6,636 |
(4) |
135,744 |
|||||
| Fixed rate non-agency CMO |
8,280 |
178 |
(307) |
8,151 |
|||||
| Fixed rate agency CMO |
143,158 |
3,126 |
- |
146,284 |
|||||
| Variable rate non-agency CMO |
1,023 |
- |
(135) |
888 |
|||||
| Variable rate agency CMO |
256,114 |
2,038 |
(127) |
258,025 |
|||||
| Total mortgage-backed securities |
639,839 |
19,506 |
(589) |
658,756 |
|||||
| Total marketable securities available-for-sale |
$ 894,232 |
32,218 |
(6,872) |
919,578 |
|||||
| Marketable securities held-to-maturity as of March 31, 2012: |
|||||||||
| Gross |
Gross |
||||||||
| unrealized |
unrealized |
||||||||
| Amortized |
holding |
holding |
Market |
||||||
| cost |
gains |
losses |
value |
||||||
| Municipal securities: |
|||||||||
| Due in five years - ten years |
3,678 |
171 |
- |
3,849 |
|||||
| Due after ten years |
69,592 |
3,649 |
- |
73,241 |
|||||
| Mortgage-backed securities: |
|||||||||
| Fixed rate pass-through |
22,815 |
1,117 |
- |
23,932 |
|||||
| Variable rate pass-through |
8,649 |
54 |
- |
8,703 |
|||||
| Fixed rate agency CMO |
100,008 |
2,436 |
- |
102,444 |
|||||
| Variable rate agency CMO |
12,214 |
247 |
- |
12,461 |
|||||
| Total mortgage-backed securities |
143,686 |
3,854 |
- |
147,540 |
|||||
| Total marketable securities held-to-maturity |
$ 216,956 |
7,674 |
- |
224,630 |
|||||
| Issuers of mortgage-backed securities as of March 31, 2012: |
|||||||||
| Fannie Mae |
$ 327,066 |
10,624 |
(84) |
337,606 |
|||||
| Ginnie Mae |
132,296 |
4,012 |
(8) |
136,300 |
|||||
| Freddie Mac |
296,401 |
8,546 |
(21) |
304,926 |
|||||
| SBA |
17,744 |
- |
(34) |
17,710 |
|||||
| Non-agency |
10,018 |
178 |
(442) |
9,754 |
|||||
| Total |
$ 783,525 |
23,360 |
(589) |
806,296 |
|||||
| Northwest Bancshares, Inc. and Subsidiaries |
||||||
| Investment Portfolio - Continued |
||||||
| (Dollars in thousands) |
||||||
| Book |
As a % |
|||||
| value |
of book |
|||||
| 3/31/2012 |
value |
|||||
| Municipal securities by state: |
||||||
| Pennsylvania |
||||||
| School district |
$ 107,395 |
47.7% |
||||
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