• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
  • Contact

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Northwest Bancshares, Inc. Announces Record Quarterly Earnings and Increased Dividend Declaration


News provided by

Northwest Savings Bank

Apr 25, 2011, 09:49 ET

Share this article

Share this article


WARREN, Pa., April 25, 2011 /PRNewswire/ -- Northwest Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the quarter ended March 31, 2011 of $17.3 million, or $0.16 per diluted share.  This represents an increase of $4.1 million, or 31.1%, over the same quarter last year when net income was $13.2 million, or $0.12 per diluted share, and an increase of $4.6 million, or 36.2%, over the quarter ended December 31, 2010 when net income was $12.7 million, or $0.12 per diluted share.  The annualized returns on average shareholders’ equity and average assets for the current quarter were 5.39% and 0.86% compared to 4.05% and 0.65% for the same quarter last year and 3.90% and 0.63% for the quarter ended December 31, 2010.  

The Company also announced that its Board of Directors declared a 10% increase in its quarterly cash dividend to $0.11 per share payable on May 19, 2011, to shareholders of record as of May 5, 2011.  This represents the 66th consecutive quarter in which the Company has paid a cash dividend and is the first increase in the dividend since June 30, 2007.  

On December 20, 2010, the Company initiated a stock repurchase program, which was announced on November 5, 2010.  The plan provides for the repurchase of up to 10%, or approximately 11,000,000 shares, of the Company’s common stock.  Through March 31, 2011 the Company has repurchased 3,173,423 shares for $38.0 million, resulting in an average purchase price of $11.96 per share.  

In making this announcement, William J. Wagner, President and CEO, noted, "We are pleased to report record quarterly financial results that are positive in almost all respects.  Our net interest margin, at 3.66%, is substantially higher than a year ago and slightly higher than the previous quarter.  Income earned from fees, commission and services remained consistent despite the legislative and regulatory issues our industry is facing.  Expenses have been tightly controlled and our provision for loan losses is the lowest it has been for eight quarters.  Deposit growth was robust, especially the growth in checking and savings deposits.  The only negative trend that occurred was a $47.4 million, or 0.9%, decrease in our loan portfolio as new loan demand was relatively weak while the competition for loan growth has become much more aggressive."

Net interest income increased by $7.0 million, or 11.7%, to $67.0 million for the quarter ended March 31, 2011, from $60.0 million for the quarter ended March 31, 2010.  The increase in net interest income was primarily the result of a decrease in interest expense on deposits of $5.3 million, or 25.0%, to $16.1 million.  This decrease resulted from changes in the mix of deposits as lower-cost demand and savings accounts grew by $252.0 million while time deposits decreased by $124.9 million.    

The provision for loan losses decreased by $1.6 million, or 17.7%, to $7.2 million for the quarter ended March 31, 2011, from $8.8 million for the quarter ended March 31, 2010.  This provision represents management’s estimate of the amount necessary to maintain the allowance for loan losses at a level required in accordance with generally accepted accounting principles.  As of March 31, 2011, the allowance for loan losses was $76.5 million, or 1.39% of total loans, compared to $74.8 million, or 1.38% of total loans, as of March 31, 2010.  Net charge-offs for the quarter ended March 31, 2011 were $7.2 million, or 0.52% of average loans on an annualized basis, compared to $4.4 million, or 0.33% of average loans on an annualized basis, in the previous year.  Contributing to the increase in charge-offs was the Company negotiating a reduced payoff for a large troubled asset.      

Noninterest income decreased by $1.6 million, or 9.7%, to $14.3 million for the quarter ended March 31, 2011, from $15.9 million for the quarter ended March 31, 2010. The decrease is attributable to the sale of approximately $55.0 million of Fannie Mae zero coupon bonds in the prior year which resulted in a gain of $2.1 million.  Partially offsetting this decrease was an increase in insurance commission income of $238,000, or 20.8%, to $1.4 million for the quarter ended March 31, 2011, from $1.1 million for the quarter ended March 31, 2010 as we continue to increase our market penetration on sales of annuities and employee benefit insurance.  All other major components of noninterest income increased slightly from the previous year.  

Noninterest expense increased by $774,000, or 1.6%, to $49.4 million for the quarter ended March 31, 2011, from $48.6 million in the prior year.  This increase is primarily a result of increases in professional services, marketing expenses and other expenses, which were partially offset by decreases in compensation and employee benefits and real estate owned expense.  Professional services expense increased by $528,000, or 72.5%, to $1.3 million for the quarter ended March 31, 2011, from $728,000 for the quarter ended March 31, 2010 as a result of outsourcing the internal audit function and incurring additional expense related to enhancing compliance management.  Marketing expenses increased by $516,000, or 35.8%, to $2.0 million as the Company continued a major campaign focused on the acquisition of checking account relationships.    

The Company previously announced that its Board of Directors authorized the closing of its three offices in southeastern Florida, which have deposits of $55.2 million and loans of $105.5 million.  The offices are expected to close on June 30, 2011.      

Founded in 1896 and headquartered in Warren, Pennsylvania, Northwest Bancshares, Inc., through its subsidiary Northwest Savings Bank, currently operates 172 community banking locations in Pennsylvania, New York, Ohio, Maryland and Florida.  Northwest Savings Bank is a full-service financial institution offering a complete line of retail and business banking products as well as investment management and trust services.  The Company also operates 52 consumer finance offices in Pennsylvania through its subsidiary, Northwest Consumer Discount Company.  Northwest Bancshares, Inc.’s 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. 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


2011


2010

Cash and cash equivalents



$      78,446


40,708

Interest-earning deposits in other financial institutions


690,581


677,771

Federal funds sold and other short-term investments


633


632

Marketable securities available-for-sale (amortized cost of $974,030 and $945,791)


982,336


950,683

Marketable securities held-to-maturity (fair value of $313,727 and $354,126)


314,407


357,922


Total cash, interest-earning deposits and marketable securities


2,066,403


2,027,716











Loans held for sale





3,581


11,376

Mortgage loans - one- to four- family


2,362,580


2,386,928

Home equity loans and lines of credit


1,073,818


1,092,606

Consumer loans





249,127


259,123

Commercial real estate loans


1,368,622


1,350,319

Commercial business loans



428,840


433,653


Total loans receivable



5,486,568


5,534,005

Allowance for loan losses



(76,450)


(76,412)


Loans receivable, net



5,410,118


5,457,593











Federal Home Loan Bank stock, at cost


57,076


60,080

Accrued interest receivable



26,817


26,216

Real estate owned, net




19,682


20,780

Premises and Equipment, net


126,855


128,101

Bank owned life insurance



133,403


132,237

Goodwill





171,882


171,882

Other intangible assets




3,451


3,942

Other assets





106,517


119,608


Total assets





$ 8,122,204


8,148,155











Liabilities and Shareholders' equity





Liabilities




Noninterest-bearing demand deposits


$    610,692


575,281

Interest-bearing demand deposits


792,457


782,257

Savings deposits





2,018,139


1,948,882

Time deposits





2,399,249


2,457,916


Total deposits





5,820,537


5,764,336

Borrowed funds





831,575


891,293

Advances by borrowers for taxes and insurance


26,191


22,868

Accrued interest payable



1,170


1,716

Other liabilities





52,521


57,398

Junior subordinated debentures


103,094


103,094


Total liabilities





6,835,088


6,840,705











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, 107,733,432 shares






and 110,295,117 shares issued, respectively


1,078


1,103

Paid-in-capital





793,951


824,164

Retained earnings





529,630


523,089

Unallocated common stock of Employee Stock Ownership Plan


(27,025)


(27,409)

Accumulated other comprehensive loss


(10,518)


(13,497)


Total shareholders' equity


1,287,116


1,307,450


Total liabilities and shareholders' equity


$ 8,122,204


8,148,155
















Equity to assets


15.85%


16.05%






Tangible common equity to assets


13.99%


14.19%






Book value per share


$11.94


$11.85






Tangible book value per share


$10.32


$10.26






Closing market price per share


$12.54


$11.78






Full time equivalent employees


1,898


1,881






Number of banking offices


172


171

Northwest Bancshares, Inc. and Subsidiaries



Consolidated Statements of Income - Unaudited



(Dollars in thousands, except per share amounts)














Three months ended




March 31,


December 31,




2011


2010


2010

Interest income:







Loans receivable

$        80,457


80,746


83,096


Mortgage-backed securities

6,756


6,145


5,886


Taxable investment securities

398


998


428


Tax-free investment securities

3,074


2,684


3,111


Interest-earning deposits

407


565


496



Total interest income

91,092


91,138


93,017









Interest expense:







Deposits

16,063


21,404


17,025


Borrowed funds

7,989


9,700


8,762



Total interest expense

24,052


31,104


25,787











Net interest income

67,040


60,034


67,230

Provision for loan losses

7,244


8,801


13,918



Net interest income after provision








for loan losses

59,796


51,233


53,312









Noninterest income:







Impairment losses on securities

-


(437)


(1,841)


Noncredit related losses on securities not expected








to be sold (recognized in other comprehensive income)

-


340


1,006


Net impairment losses

-


(97)


(835)


Gain on sale of investments, net

4


2,083


8


Service charges and fees

8,928


8,902


9,296


Trust and other financial services income

1,910


1,833


1,907


Insurance commission income

1,380


1,142


1,362


Loss on real estate owned, net

(27)


(24)


(279)


Income from bank owned life insurance

1,166


1,166


1,228


Mortgage banking (loss)/ income

197


(8)


1,423


Other operating income

768


860


1,058



Total noninterest income

14,326


15,857


15,168









Noninterest expense:







Compensation and employee benefits

25,353


25,856


25,328


Premises and occupancy costs

6,191


6,002


5,675


Office operations

3,100


3,237


3,233


Processing expenses

5,767


5,696


6,041


Marketing expenses

1,959


1,443


2,930


Federal deposit insurance premiums

2,427


2,148


2,334


Professional services

1,256


728


291


Amortization of intangible assets

637


782


518


Real estate owned expense

431


899


636


Acquisition expense

-


-


591


Other expense

2,257


1,813


3,122



Total noninterest expense

49,378


48,604


50,699











Income before income taxes

24,744


18,486


17,781


Income tax expense

7,491


5,333


5,043












$        17,253


13,153


12,738









Basic earnings per share

$            0.16


$            0.12


$            0.12









Diluted earnings per share

$            0.16


$            0.12


$            0.12









Annualized return on average equity

5.39%


4.05%


3.90%

Annualized return on average assets

0.86%


0.65%


0.63%









Basic common shares outstanding

106,571,262


108,378,245


108,337,001

Diluted common shares outstanding

107,258,320


109,052,039


108,848,189

Northwest Bancshares, Inc. and Subsidiaries

Asset quality

(Dollars in thousands)












Three months ended


Year ended



March 31,


December 31,



2011


2010


2010


2009

Allowance for loan losses









Beginning balance

$   76,412


$   70,403


70,403


54,929


Provision

7,244


8,801


40,486


41,847


Charge-offs mortgage

(1,205)


(625)


(4,497)


(1,437)


Charge-offs consumer

(3,487)


(1,911)


(10,494)


(7,045)


Charge-offs commercial

(3,317)


(2,334)


(21,881)


(19,334)


Recoveries

803


502


2,395


1,443


Ending balance

$   76,450


$   74,836


76,412


70,403



















Net charge-offs to average loans, annualized

0.52%


0.33%


0.63%


0.51%











March 31,


December 31,


2011


2010


2010


2009

Nonperforming loans

$ 156,158


$ 117,239


148,391


124,626

Real estate owned, net

19,682


22,182


20,780


20,257

Nonperforming assets

$ 175,840


$ 139,421


169,171


144,883

















Nonperforming loans to total loans

2.85%


2.16%


2.68%


2.35%









Nonperforming assets to total assets

2.16%


1.72%


2.08%


1.81%









Allowance for loan losses to total loans

1.39%


1.38%


1.38%


1.33%









Allowance for loan losses to nonperforming loans

48.96%


63.83%


51.49%


56.49%

Northwest Bancshares, Inc. and Subsidiaries

Delinquency

(Dollars in thousands)




Loans past due schedule













(Number of loans and dollar amount of loans)












March 31,


December 31,



2011

*


2010

*


2009

*

Loans past due 30 days to 59 days:













One- to four- family residential loans

370

$   30,408

1.3%


427

$   35,329

1.5%


350

$   27,998

1.2%


Consumer loans

815

8,460

0.6%


1,238

12,635

0.9%


1,100

11,226

0.8%


Multifamily and commercial RE loans

86

12,669

0.9%


82

16,287

1.2%


85

16,152

1.3%


Commercial business loans

60

12,519

2.9%


48

6,590

1.5%


48

3,293

0.9%

Total loans past due 30 days to 59 days

1,331

$   64,056

1.2%


1,795

$   70,841

1.3%


1,583

$   58,669

1.1%














Loans past due 60 days to 89 days:













One- to four- family residential loans

53

$     4,231

0.2%


106

$     9,848

0.4%


85

$     6,772

0.3%


Consumer loans

309

3,314

0.3%


437

4,580

0.3%


392

3,029

0.2%


Multifamily and commercial RE loans

35

3,322

0.2%


39

14,365

1.1%


35

5,811

0.5%


Commercial business loans

15

973

0.2%


9

1,678

0.4%


26

2,474

0.7%

Total loans past due 60 days to 89 days

412

$   11,840

0.2%


591

$   30,471

0.6%


538

$   18,086

0.3%














Loans past due 90 days or more:













One- to four- family residential loans

268

$   28,722

1.2%


275

$   29,751

1.2%


279

$   29,373

1.3%


Consumer loans

560

12,079

0.9%


564

12,828

0.9%


727

12,544

0.9%


Multifamily and commercial RE loans

177

61,561

4.5%


181

44,965

3.3%


199

49,594

4.0%


Commercial business loans

75

22,475

5.2%


111

12,877

3.0%


124

18,269

4.9%

Total loans past due 90 days or more

1,080

$ 124,837

2.3%


1,131

$ 100,421

1.8%


1,329

$ 109,780

2.1%















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

Northwest Bancshares, Inc. and Subsidiaries


Analysis of loan portfolio by geographic location as of March 31, 2011 - unaudited:


(Dollars in thousands)












Loans outstanding:





















Mortgage

(1)

Consumer

(2)

Commercial

(3)

Total

(4)












Pennsylvania

$ 1,922,517

81.1%

1,144,182

86.4%

1,081,517

60.3%

4,148,216

75.7%


New York

159,803

6.8%

111,976

8.5%

386,762

21.5%

658,541

12.0%


Ohio

20,166

0.9%

14,581

1.1%

43,780

2.4%

78,527

1.4%


Maryland

185,756

7.9%

34,845

2.6%

147,366

8.2%

367,967

6.7%


Florida

30,424

1.3%

11,339

0.9%

63,695

3.5%

105,458

1.9%


All other

47,495

2.0%

6,022

0.5%

74,342

4.1%

127,859

2.3%


    Total

$ 2,366,161

100.0%

1,322,945

100.0%

1,797,462

100.0%

5,486,568

100.0%












(1) - Percentage of total mortgage loans


(2) - Percentage of total consumer loans


(3) - Percentage of total commercial loans


(4) - Percentage of total loans











Loans 90 or more delinquent:





















Mortgage

(5)

Consumer

(6)

Commercial

(7)

Total

(8)












Pennsylvania

$      17,039

0.9%

9,090

0.8%

38,486

3.6%

64,615

1.6%


New York

1,239

0.8%

757

0.7%

17,149

4.4%

19,145

2.9%


Ohio

144

0.7%

85

0.6%

-

0.0%

229

0.3%


Maryland

4,760

2.6%

1,393

4.0%

9,659

6.6%

15,812

4.3%


Florida

4,725

15.5%

718

6.3%

10,110

15.9%

15,553

14.7%


All other

815

1.7%

37

0.6%

8,631

11.6%

9,483

7.4%


    Total

$      28,722

1.2%

12,080

0.9%

84,035

4.7%

124,837

2.3%












(5) - Percentage of mortgage loans in that geographic area


(6) - Percentage of consumer loans in that geographic area


(7) - Percentage of commercial loans in that geographic area


(8) - 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, 2011:












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

$            65


-


-


65










Debt issued by government sponsored enterprises:









Due in one year or less

1,992


70




2,062


Due in one year - five years

30,000


-


-


30,000


Due in five years - ten years

6,485


467


-


6,952


Due after ten years

9,949


-


(66)


9,883










Equity securities

1,860


256


(9)


2,107










Municipal securities:









Due in one year - five years

3,959


144


-


4,103


Due in five years - ten years

35,902


1,125


-


37,027


Due after ten years

168,424


1,347


(4,490)


165,281










Corporate trust preferred securities:









Due in one year - five years

500


-


-


500


Due after ten years

25,389


203


(6,505)


19,087










Mortgage-backed securities:









Fixed rate pass-through

121,687


6,171


(199)


127,659


Variable rate pass-through

157,895


6,626


(4)


164,517


Fixed rate non-agency CMO

12,440


78


(752)


11,766


Fixed rate agency CMO

117,375


1,742


(331)


118,786


Variable rate non-agency CMO

2,189


-


(624)


1,565


Variable rate agency CMO

277,919


3,433


(376)


280,976











Total mortgage-backed securities

689,505


18,050


(2,286)


705,269











Total marketable securities available-for-sale

$   974,030


21,662


(13,356)


982,336










Marketable securities held-to-maturity as of March 31, 2011:












Gross


Gross







unrealized


unrealized





Amortized


holding


holding


Market



cost


gains


losses


value



















Municipal securities:









Due after ten years

$     77,840


59


(1,971)


75,928










Mortgage-backed securities:









Fixed rate pass-through

28,271


389


(40)


28,620


Variable rate pass-through

9,705


38


-


9,743


Fixed rate agency CMO

177,100


1,735


(1,258)


177,577


Variable rate agency CMO

21,491


368


-


21,859











Total mortgage-backed securities

236,567


2,530


(1,298)


237,799











Total marketable securities available-for-sale

$   314,407


2,589


(3,269)


313,727










Issuers of mortgage-backed securities as of March 31, 2011:









Fannie Mae

$   351,092


8,009


(920)


358,181


Ginnie Mae

209,398


4,756


(775)


213,379


Freddie Mac

328,570


7,713


(506)


335,777


Small Business Administration

21,638


24


-


21,662


Non-agency

15,374


78


(1,383)


14,069


  Total

$   926,072


20,580


(3,584)


943,068

Northwest Bancshares, Inc. and Subsidiaries

Municipal Securities Portfolio

(Dollars in thousands)





Book


As a %





Value


of Book





3/31/2011


Value

Municipal securities by state:






Pennsylvania







School districts


$ 137,256


47.97%



General obligations


     55,831


19.51%



Revenue bonds


     15,335


5.36%


Total Pennsylvania


   208,422


72.84%


New York


     33,923


11.86%


Ohio


       6,426


2.25%


All other states


     37,354


13.05%





$ 286,125



Average Balance Sheet - unaudited

(Dollars in thousands)








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









Three months ended March 31,


2011

2010


Average

Interest

Avg.

Average

Interest

Avg.


Balance


Yield/

Balance


Yield/




Cost



Cost

Assets:







Interest-earning assets:







  Loans receivable (a) (b) (d)

$ 5,516,254

80,847

5.89%

$ 5,346,962

81,111

6.11%

  Mortgage-backed securities (c)

926,349

6,756

2.92%

736,904

6,145

3.34%

  Investment securities (c) (d)

354,786

5,128

5.78%

359,097

5,127

5.71%

  FHLB stock

58,845

-

-

63,242

-

-

  Other interest-earning deposits

685,864

407

0.24%

946,695

565

0.24%








Total interest-earning assets

7,542,098

93,138

4.96%

7,452,900

92,948

5.02%








Noninterest earning assets (e)

592,981



597,320










Total assets

$ 8,135,079



$ 8,050,220










Liabilities and shareholders' equity:







Interest-bearing liabilities:







  Savings accounts

$ 1,063,696

1,429

0.55%

$    960,034

2,034

0.86%

  Interest-bearing demand accounts

773,633

232

0.12%

752,109

398

0.21%

  Money market accounts

915,768

1,155

0.51%

840,727

1,836

0.89%

  Certificate accounts

2,431,952

13,247

2.21%

2,582,782

17,136

2.69%

  Borrowed funds (f)

847,784

6,584

3.15%

900,740

8,295

3.73%

  Junior subordinated debentures

103,094

1,405

5.45%

103,094

1,405

5.45%








Total interest-bearing liabilities

6,135,927

24,052

1.59%

6,139,486

31,104

2.05%








Noninterest bearing liabilities

701,633



611,279










Total liabilities

6,837,560



6,750,765










Shareholders' equity

1,297,519



1,299,455










Total liabilities and shareholders' equity

$ 8,135,079



$ 8,050,220










Net interest income/ Interest rate spread


69,086

3.37%


61,844

2.97%








Net interest-earning assets/ Net interest margin

$ 1,406,171


3.66%

$ 1,313,414


3.32%








Ratio of interest-earning assets to







interest-bearing liabilities

1.23X



1.21X










(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, securities sold under agreements to repurchase and other borrowings.

Average Balance Sheet - unaudited

(Dollars in thousands)








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









Three months ended March 31,

Three months ended December 31,


2011

2010


Average

Interest

Avg.

Average

Interest

Avg.


Balance


Yield/

Balance


Yield/




Cost



Cost

Assets:







Interest-earning assets:







  Loans receivable (a) (b) (d)

$ 5,516,254

80,847

5.89%

5,565,989

83,491

5.99%

  Mortgage-backed securities (c)

926,349

6,756

2.92%

879,958

5,886

2.68%

  Investment securities (c) (d)

354,786

5,128

5.78%

365,003

5,213

5.71%

  FHLB stock

58,845

-

-

61,042

-

-

  Other interest-earning deposits

685,864

407

0.24%

721,174

496

0.27%








Total interest-earning assets

7,542,098

93,138

4.96%

7,593,166

95,086

5.00%








Noninterest earning assets (e)

592,981



588,945










Total assets

$ 8,135,079



8,182,111










Liabilities and shareholders' equity:







Interest-bearing liabilities:







  Savings accounts

$ 1,063,696

1,429

0.55%

1,058,373

1,695

0.64%

  Interest-bearing demand accounts

773,633

232

0.12%

786,488

249

0.13%

  Money market accounts

915,768

1,155

0.51%

906,414

1,209

0.53%

  Certificate accounts

2,431,952

13,247

2.21%

2,456,893

13,872

2.24%

  Borrowed funds (f)

847,784

6,584

3.15%

892,461

7,326

3.26%

  Junior subordinated debentures

103,094

1,405

5.45%

103,094

1,436

5.45%








Total interest-bearing liabilities

6,135,927

24,052

1.59%

6,203,723

25,787

1.65%








Noninterest bearing liabilities

701,633



671,412










Total liabilities

6,837,560



6,875,135










Shareholders' equity

1,297,519



1,306,976










Total liabilities and shareholders' equity

$ 8,135,079



8,182,111










Net interest income/ Interest rate spread


69,086

3.37%


69,299

3.35%








Net interest-earning assets/ Net interest margin

$ 1,406,171


3.66%

1,389,443


3.65%








Ratio of interest-earning assets to







interest-bearing liabilities

1.23X



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, securities sold under agreements to repurchase and other borrowings.

SOURCE Northwest Savings Bank

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2023 Cision US Inc.