Maryland
|
1-34582
|
27-0950358
|
||
(State or other jurisdiction
|
(Commission File No.)
|
(I.R.S. Employer
|
||
of incorporation)
|
|
Identification No.)
|
100 Liberty Street
|
||||
Warren, Pennsylvania
|
16365
|
|||
(Address of principal executive office)
|
(Zip code)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
|
Item 2.02
|
Results of Operations and Financial Condition
|
Item 9.01
|
Financial Statements and Exhibits
|
(a)
|
Not applicable
|
(b)
|
Not applicable
|
|
(c)
|
Not applicable
|
(d)
|
Exhibits
|
Exhibit No.
|
Description
|
99.1
|
Press release dated July 25, 2011
|
NORTHWEST BANCSHARES, INC.
|
|||
DATE: July 25, 2011
|
By:
|
/s/ William W. Harvey, Jr.
|
|
|
William W. Harvey, Jr.
|
||
|
Chief Financial Officer
|
Contact:
|
William J. Wagner, President and Chief Executive Officer (814) 726-2140
|
Northwest Bancshares, Inc. and Subsidiaries
|
Consolidated Statements of Financial Condition
|
(Dollars in thousands, except per share amounts)
|
(Unaudited)
|
||||||||
June 30,
|
December 31,
|
|||||||
Assets
|
2011
|
2010
|
||||||
Cash and cash equivalents
|
$ | 80,889 | 40,708 | |||||
Interest-earning deposits in other financial institutions
|
631,957 | 677,771 | ||||||
Federal funds sold and other short-term investments
|
633 | 632 | ||||||
Marketable securities available-for-sale (amortized cost of $1,023,829 and $945,791)
|
1,040,547 | 950,683 | ||||||
Marketable securities held-to-maturity (fair value of $284,685 and $354,126)
|
280,782 | 357,922 | ||||||
Total cash, interest-earning deposits and marketable securities
|
2,034,808 | 2,027,716 | ||||||
Loans held for sale
|
8,035 | 11,376 | ||||||
Residental mortgage loans
|
2,342,904 | 2,386,928 | ||||||
Home equity loans
|
1,083,301 | 1,092,606 | ||||||
Consumer loans
|
247,182 | 259,123 | ||||||
Commercial real estate loans
|
1,375,090 | 1,350,319 | ||||||
Commercial loans
|
432,666 | 433,653 | ||||||
Total loans receivable
|
5,489,178 | 5,534,005 | ||||||
Allowance for loan losses
|
(75,455 | ) | (76,412 | ) | ||||
Loans receivable, net
|
5,413,723 | 5,457,593 | ||||||
Federal Home Loan Bank stock, at cost
|
54,222 | 60,080 | ||||||
Accrued interest receivable
|
25,647 | 26,216 | ||||||
Real estate owned, net
|
21,389 | 20,780 | ||||||
Premises and Equipment, net
|
126,303 | 128,101 | ||||||
Bank owned life insurance
|
133,358 | 132,237 | ||||||
Goodwill
|
171,882 | 171,882 | ||||||
Other intangible assets
|
2,972 | 3,942 | ||||||
Other assets
|
103,041 | 119,608 | ||||||
Total assets
|
$ | 8,087,345 | 8,148,155 | |||||
Liabilities and Shareholders' equity
|
||||||||
Liabilities
|
||||||||
Noninterest-bearing demand deposits
|
$ | 614,718 | 575,281 | |||||
Interest-bearing demand deposits
|
796,482 | 782,257 | ||||||
Savings deposits
|
2,042,618 | 1,948,882 | ||||||
Time deposits
|
2,365,488 | 2,457,916 | ||||||
Total deposits
|
5,819,306 | 5,764,336 | ||||||
Borrowed funds
|
847,450 | 891,293 | ||||||
Advances by borrowers for taxes and insurance
|
30,371 | 22,868 | ||||||
Accrued interest payable
|
1,155 | 1,716 | ||||||
Other liabilities
|
58,828 | 57,398 | ||||||
Junior subordinated debentures
|
103,094 | 103,094 | ||||||
Total liabilities
|
6,860,204 | 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, 103,266,045 shares
|
||||||||
and 110,295,117 shares issued, respectively
|
1,033 | 1,103 | ||||||
Paid-in-capital
|
726,207 | 824,164 | ||||||
Retained earnings
|
533,229 | 523,089 | ||||||
Unallocated common stock of Employee Stock Ownership Plan
|
(26,639 | ) | (27,409 | ) | ||||
Accumulated other comprehensive loss
|
(6,689 | ) | (13,497 | ) | ||||
Total shareholders' equity
|
1,227,141 | 1,307,450 | ||||||
Total liabilities and shareholders' equity
|
$ | 8,087,345 | 8,148,155 | |||||
Equity to assets
|
15.17 | % | 16.05 | % | ||||
Tangible common equity to assets
|
13.30 | % | 14.19 | % | ||||
Book value per share
|
$ | 11.88 | $ | 11.85 | ||||
Tangible book value per share
|
$ | 10.19 | $ | 10.26 | ||||
Closing market price per share
|
$ | 12.58 | $ | 11.78 | ||||
Full time equivalent employees
|
1,923 | 1,881 | ||||||
Number of banking offices
|
169 | 171 |
Northwest Bancshares, Inc. and Subsidiaries
|
Consolidated Statements of Income - Unaudited
|
(Dollars in thousands, except per share amounts)
|
Three months ended
|
||||||||||||
June 30,
|
March 31,
|
|||||||||||
2011
|
2010
|
2011
|
||||||||||
Interest income:
|
||||||||||||
Loans receivable
|
$ | 79,993 | 81,734 | $ | 80,457 | |||||||
Mortgage-backed securities
|
6,073 | 6,706 | 6,756 | |||||||||
Taxable investment securities
|
594 | 599 | 398 | |||||||||
Tax-free investment securities
|
2,992 | 2,853 | 3,074 | |||||||||
Interest-earning deposits
|
489 | 512 | 407 | |||||||||
Total interest income
|
90,141 | 92,404 | 91,092 | |||||||||
Interest expense:
|
||||||||||||
Deposits
|
15,473 | 18,973 | 16,063 | |||||||||
Borrowed funds
|
7,989 | 9,704 | 7,989 | |||||||||
Total interest expense
|
23,462 | 28,677 | 24,052 | |||||||||
Net interest income
|
66,679 | 63,727 | 67,040 | |||||||||
Provision for loan losses
|
8,367 | 7,896 | 7,244 | |||||||||
Net interest income after provision
|
||||||||||||
for loan losses
|
58,312 | 55,831 | 59,796 | |||||||||
Noninterest income:
|
||||||||||||
Impairment losses on securities
|
(577 | ) | (1,824 | ) | - | |||||||
Noncredit related losses on securities not expected
|
||||||||||||
to be sold (recognized in other comprehensive income)
|
70 | 1,606 | - | |||||||||
Net impairment losses
|
(507 | ) | (218 | ) | - | |||||||
Gain on sale of investments, net
|
45 | 94 | 4 | |||||||||
Service charges and fees
|
9,321 | 9,902 | 8,928 | |||||||||
Trust and other financial services income
|
2,185 | 1,912 | 1,910 | |||||||||
Insurance commission income
|
1,790 | 1,293 | 1,380 | |||||||||
Loss on real estate owned, net
|
(593 | ) | (255 | ) | (27 | ) | ||||||
Income from bank owned life insurance
|
1,716 | 1,474 | 1,166 | |||||||||
Mortgage banking income
|
290 | 29 | 197 | |||||||||
Other operating income
|
1,015 | 1,314 | 768 | |||||||||
Total noninterest income
|
15,262 | 15,545 | 14,326 | |||||||||
Noninterest expense:
|
||||||||||||
Compensation and employee benefits
|
29,804 | * | 24,960 | 25,353 | ||||||||
Premises and occupancy costs
|
5,650 | 5,340 | 6,191 | |||||||||
Office operations
|
3,255 | 2,934 | 3,100 | |||||||||
Processing expenses
|
5,687 | 5,552 | 5,767 | |||||||||
Marketing expenses
|
2,108 | 3,294 | 1,959 | |||||||||
Federal deposit insurance premiums
|
2,355 | 2,148 | 2,427 | |||||||||
Professional services
|
1,289 | 583 | 1,256 | |||||||||
Amortization of intangible assets
|
333 | 759 | 637 | |||||||||
Real estate owned expense
|
249 | 712 | 431 | |||||||||
Other expense
|
1,760 | 1,875 | 2,257 | |||||||||
Total noninterest expense
|
52,490 | 48,157 | 49,378 | |||||||||
Income before income taxes
|
21,084 | 23,219 | 24,744 | |||||||||
Income tax expense
|
6,081 | 7,078 | 7,491 | |||||||||
Net income
|
$ | 15,003 | 16,141 | 17,253 | ||||||||
Basic earnings per share
|
$ | 0.15 | $ | 0.15 | $ | 0.16 | ||||||
Diluted earnings per share
|
$ | 0.15 | $ | 0.15 | $ | 0.16 | ||||||
Annualized return on average equity
|
4.81 | % | 4.95 | % | 5.39 | % | ||||||
Annualized return on average assets
|
0.74 | % | 0.79 | % | 0.86 | % | ||||||
Basic common shares outstanding
|
102,216,892 | 108,227,678 | 106,571,262 | |||||||||
Diluted common shares outstanding
|
102,536,202 | 108,960,333 | 107,258,320 |
* -
|
Includes $2.8 million of stock benefit plan expense related to awards granted in May, 2011.
|
Approximately 40% of the awards approved by shareholders in April, 2011 were awarded in May, 2011.
|
|
Awards vest over a ten year period with the first vesting occurring on the date of grant. It is anticipated that the remaining 60% of the awards will be granted over the next six years.
|
Northwest Bancshares, Inc. and Subsidiaries
|
Consolidated Statements of Income - Unaudited
|
(Dollars in thousands, except per share amounts)
|
Six months ended
|
||||||||
June 30,
|
||||||||
2011
|
2010
|
|||||||
Interest income:
|
||||||||
Loans receivable
|
$ | 160,450 | 162,480 | |||||
Mortgage-backed securities
|
12,829 | 12,851 | ||||||
Taxable investment securities
|
992 | 1,597 | ||||||
Tax-free investment securities
|
6,066 | 5,537 | ||||||
Interest-earning deposits
|
896 | 1,077 | ||||||
Total interest income
|
181,233 | 183,542 | ||||||
Interest expense:
|
||||||||
Deposits
|
31,536 | 40,377 | ||||||
Borrowed funds
|
15,978 | 19,404 | ||||||
Total interest expense
|
47,514 | 59,781 | ||||||
Net interest income
|
133,719 | 123,761 | ||||||
Provision for loan losses
|
15,611 | 16,697 | ||||||
Net interest income after provision
|
||||||||
for loan losses
|
118,108 | 107,064 | ||||||
Noninterest income:
|
||||||||
Impairment losses on securities
|
(577 | ) | (1,921 | ) | ||||
Noncredit related losses on securities not expected
|
||||||||
to be sold (recognized in other comprehensive income)
|
70 | 1,606 | ||||||
Net impairment losses
|
(507 | ) | (315 | ) | ||||
Gain on sale of investments, net
|
49 | 2,177 | ||||||
Service charges and fees
|
18,249 | 18,804 | ||||||
Trust and other financial services income
|
4,095 | 3,745 | ||||||
Insurance commission income
|
3,170 | 2,435 | ||||||
Loss on real estate owned, net
|
(620 | ) | (279 | ) | ||||
Income from bank owned life insurance
|
2,882 | 2,640 | ||||||
Mortgage banking income
|
487 | 21 | ||||||
Other operating income
|
1,783 | 2,174 | ||||||
Total noninterest income
|
29,588 | 31,402 | ||||||
Noninterest expense:
|
||||||||
Compensation and employee benefits
|
55,157 | 50,816 | ||||||
Premises and occupancy costs
|
11,841 | 11,342 | ||||||
Office operations
|
6,355 | 6,171 | ||||||
Processing expenses
|
11,454 | 11,248 | ||||||
Marketing expenses
|
4,067 | 4,737 | ||||||
Federal deposit insurance premiums
|
4,782 | 4,296 | ||||||
Professional services
|
2,545 | 1,311 | ||||||
Amortization of intangible assets
|
970 | 1,541 | ||||||
Real estate owned expense
|
680 | 1,611 | ||||||
Other expense
|
4,017 | 3,688 | ||||||
Total noninterest expense
|
101,868 | 96,761 | ||||||
Income before income taxes
|
45,828 | 41,705 | ||||||
Income tax expense
|
13,572 | 12,411 | ||||||
Net income
|
32,256 | 29,294 | ||||||
Basic earnings per share
|
$ | 0.31 | $ | 0.27 | ||||
Diluted earnings per share
|
$ | 0.31 | $ | 0.27 | ||||
Annualized return on average equity
|
5.07 | % | 4.49 | % | ||||
Annualized return on average assets
|
0.79 | % | 0.73 | % | ||||
Basic common shares outstanding
|
104,381,955 | 108,278,912 | ||||||
Diluted common shares outstanding
|
104,884,123 | 108,982,981 |
Northwest Bancshares, Inc. and Subsidiaries
|
Asset quality
|
(Dollars in thousands)
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Allowance for loan losses
|
||||||||||||||||
Beginning balance
|
$ | 76,450 | 74,836 | 76,412 | 70,403 | |||||||||||
Provision
|
8,367 | 7,896 | 15,611 | 16,697 | ||||||||||||
Charge-offs residential mortgage
|
(829 | ) | (600 | ) | (2,034 | ) | (1,275 | ) | ||||||||
Charge-offs home equity
|
(893 | ) | (1,120 | ) | (3,148 | ) | (1,721 | ) | ||||||||
Charge-offs consumer
|
(1,277 | ) | (1,674 | ) | (2,509 | ) | (2,934 | ) | ||||||||
Charge-offs commercial real estate
|
(2,269 | ) | (1,900 | ) | (4,545 | ) | (3,135 | ) | ||||||||
Charge-offs commercial
|
(4,874 | ) | (2,518 | ) | (5,915 | ) | (3,617 | ) | ||||||||
Recoveries
|
780 |
#
|
497 | 1,583 | 999 | |||||||||||
Ending balance
|
$ | 75,455 | 75,417 | 75,455 | 75,417 | |||||||||||
Net charge-offs to average loans, annualized
|
0.68 | % | 0.54 | % | 0.60 | % | 0.43 | % |
June 30,
|
December 31,
|
|||||||||||||||
2011
|
2010
|
2010
|
2009
|
|||||||||||||
Nonperforming loans
|
$ | 161,115 | 130,329 | 148,391 | 124,626 | |||||||||||
Real estate owned, net
|
21,389 | 22,191 | 20,780 | 20,257 | ||||||||||||
Nonperforming assets
|
$ | 182,504 | 152,520 | 169,171 | 144,883 | |||||||||||
Nonperforming loans to total loans
|
2.94 | % | 2.35 | % | 2.68 | % | 2.35 | % | ||||||||
Nonperforming assets to total assets
|
2.26 | % | 1.87 | % | 2.08 | % | 1.81 | % | ||||||||
Allowance for loan losses to total loans
|
1.37 | % | 1.36 | % | 1.38 | % | 1.33 | % | ||||||||
Allowance for loan losses to nonperforming loans
|
46.83 | % | 57.87 | % | 51.49 | % | 56.49 | % |
Northwest Bancshares, Inc. and Subsidiaries
|
Delinquency
|
(Dollars in thousands)
|
Loan delinquency schedule
|
||||||||||||||||||||||||||||||||||||
(Number of loans and dollar amount of loans)
|
||||||||||||||||||||||||||||||||||||
June 30,
|
December 31,
|
|||||||||||||||||||||||||||||||||||
2011 | * | 2010 | * | 2009 | * | |||||||||||||||||||||||||||||||
Loans delinquent 30 days to 59 days:
|
||||||||||||||||||||||||||||||||||||
Residential mortgage loans
|
84 | $ | 4,627 | 0.2 | % | 427 | $ | 35,329 | 1.5 | % | 350 | $ | 27,998 | 1.2 | % | |||||||||||||||||||||
Home equity loans
|
174 | $ | 5,763 | 0.5 | % | 230 | $ | 7,317 | 0.7 | % | 177 | $ | 6,928 | 0.7 | % | |||||||||||||||||||||
Consumer loans
|
825 | 3,816 | 1.5 | % | 1,008 | 5,318 | 2.1 | % | 923 | 4,298 | 1.5 | % | ||||||||||||||||||||||||
Commercial real estate loans
|
58 | 7,902 | 0.6 | % | 82 | 16,287 | 1.2 | % | 85 | 16,152 | 1.3 | % | ||||||||||||||||||||||||
Commercial loans
|
40 | 2,264 | 0.5 | % | 48 | 6,590 | 1.5 | % | 48 | 3,293 | 0.9 | % | ||||||||||||||||||||||||
Total loans delinquent 30 days to 59 days
|
1,181 | $ | 24,372 | 0.4 | % | 1,795 | $ | 70,841 | 1.3 | % | 1,583 | $ | 58,669 | 1.1 | % | |||||||||||||||||||||
Loans delinquent 60 days to 89 days:
|
||||||||||||||||||||||||||||||||||||
Residential mortgage loans
|
84 | $ | 8,044 | 0.3 | % | 106 | $ | 9,848 | 0.4 | % | 85 | $ | 6,772 | 0.3 | % | |||||||||||||||||||||
Home equity loans
|
60 | $ | 2,602 | 0.2 | % | 81 | $ | 3,249 | 0.3 | % | 44 | $ | 1,603 | 0.2 | % | |||||||||||||||||||||
Consumer loans
|
349 | 1,195 | 0.5 | % | 356 | 1,331 | 0.5 | % | 348 | 1,426 | 0.5 | % | ||||||||||||||||||||||||
Commercial real estate loans
|
23 | 3,348 | 0.2 | % | 39 | 14,365 | 1.1 | % | 35 | 5,811 | 0.5 | % | ||||||||||||||||||||||||
Commercial loans
|
22 | 3,887 | 0.9 | % | 9 | 1,678 | 0.4 | % | 26 | 2,474 | 0.7 | % | ||||||||||||||||||||||||
Total loans delinquent 60 days to 89 days
|
538 | $ | 19,076 | 0.3 | % | 591 | $ | 30,471 | 0.6 | % | 538 | $ | 18,086 | 0.3 | % | |||||||||||||||||||||
Loans delinquent 90 days or more:
|
||||||||||||||||||||||||||||||||||||
Residential mortgage loans
|
268 | $ | 30,594 | 1.3 | % | 275 | $ | 29,751 | 1.2 | % | 279 | $ | 29,373 | 1.3 | % | |||||||||||||||||||||
Home equity loans
|
173 | $ | 9,069 | 0.8 | % | 190 | $ | 10,263 | 0.9 | % | 181 | $ | 9,769 | 0.9 | % | |||||||||||||||||||||
Consumer loans
|
314 | 1,825 | 0.7 | % | 374 | 2,565 | 1.0 | % | 546 | 2,775 | 1.0 | % | ||||||||||||||||||||||||
Commercial real estate loans
|
151 | 55,512 | 4.0 | % | 181 | 44,965 | 3.3 | % | 199 | 49,594 | 4.0 | % | ||||||||||||||||||||||||
Commercial loans
|
55 | 18,802 | 4.3 | % | 111 | 12,877 | 3.0 | % | 124 | 18,269 | 4.9 | % | ||||||||||||||||||||||||
Total loans delinquent 90 days or more
|
961 | $ | 115,802 | 2.1 | % | 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 June 30, 2011 - unaudited:
|
(Dollars in thousands)
|
Loans outstanding:
|
Commercial
|
|||||||||||||||||||||||||||||||||||||||||||||||
Residental
|
Home
|
Real estate
|
Commercial
|
|||||||||||||||||||||||||||||||||||||||||||||
mortgage
|
(1)
|
equity
|
(2)
|
Consumer
|
(3)
|
loans
|
(4)
|
loans
|
(5)
|
Total
|
(6)
|
|||||||||||||||||||||||||||||||||||||
Pennsylvania
|
$ | 1,915,898 | 81.4 | % | 924,463 | 85.3 | % | 225,296 | 91.2 | % | 813,236 | 59.1 | % | 279,894 | 64.7 | % | 4,158,787 | 75.8 | % | |||||||||||||||||||||||||||||
New York
|
158,728 | 6.8 | % | 102,441 | 9.5 | % | 11,317 | 4.6 | % | 322,890 | 23.5 | % | 63,785 | 14.7 | % | 659,161 | 12.0 | % | ||||||||||||||||||||||||||||||
Ohio
|
20,198 | 0.9 | % | 11,459 | 1.1 | % | 2,804 | 1.1 | % | 35,090 | 2.6 | % | 8,822 | 2.0 | % | 78,373 | 1.4 | % | ||||||||||||||||||||||||||||||
Maryland
|
180,739 | 7.7 | % | 34,084 | 3.1 | % | 1,414 | 0.6 | % | 114,382 | 8.3 | % | 22,455 | 5.2 | % | 353,074 | 6.4 | % | ||||||||||||||||||||||||||||||
Florida
|
29,697 | 1.3 | % | 8,893 | 0.8 | % | 1,807 | 0.7 | % | 46,301 | 3.4 | % | 23,187 | 5.4 | % | 109,885 | 2.0 | % | ||||||||||||||||||||||||||||||
All other
|
45,679 | 1.9 | % | 1,961 | 0.2 | % | 4,544 | 1.8 | % | 43,191 | 3.1 | % | 34,523 | 8.0 | % | 129,898 | 2.4 | % | ||||||||||||||||||||||||||||||
Total
|
$ | 2,350,939 | 100.0 | % | 1,083,301 | 100.0 | % | 247,182 | 100.0 | % | 1,375,090 | 100.0 | % | 432,666 | 100.0 | % | 5,489,178 | 100.0 | % |
(1) - Percentage of total residential mortgage loans
|
(2) - Percentage of total home equity loans
|
(3) - Percentage of total consumer loans
|
(4) - Percentage of total commercial real estate loans
|
(5) - Percentage of total commercial loans
|
(6) - Percentage of total loans
|
Loans 90 or more past due:
|
Commercial
|
|||||||||||||||||||||||||||||||||||||||||||||||
Residental
|
Home
|
Real estate
|
Commercial
|
|||||||||||||||||||||||||||||||||||||||||||||
mortgage
|
(7)
|
equity
|
(8)
|
Consumer
|
(9)
|
loans
|
(10)
|
loans
|
(11)
|
Total
|
(12)
|
|||||||||||||||||||||||||||||||||||||
Pennsylvania
|
$ | 18,487 | 1.0 | % | 6,663 | 0.7 | % | 1,648 | 0.7 | % | 26,022 | 3.2 | % | 5,114 | 1.8 | % | 57,934 | 1.4 | % | |||||||||||||||||||||||||||||
New York
|
1,050 | 0.7 | % | 561 | 0.5 | % | 48 | 0.4 | % | 7,728 | 2.4 | % | 8,950 | 14.0 | % | 18,337 | 2.8 | % | ||||||||||||||||||||||||||||||
Ohio
|
310 | 1.5 | % | 54 | 0.5 | % | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | 364 | 0.5 | % | ||||||||||||||||||||||||||||||
Maryland
|
5,471 | 3.0 | % | 1,352 | 4.0 | % | - | 0.0 | % | 8,447 | 7.4 | % | 153 | 0.7 | % | 15,423 | 4.4 | % | ||||||||||||||||||||||||||||||
Florida
|
4,629 | 15.6 | % | 404 | 4.5 | % | 5 | 0.3 | % | 6,002 | 13.0 | % | 4,010 | 17.3 | % | 15,050 | 13.7 | % | ||||||||||||||||||||||||||||||
All other
|
760 | 1.7 | % | 37 | 1.9 | % | 8 | 0.2 | % | 7,313 | 16.9 | % | 576 | 1.7 | % | 8,694 | 6.7 | % | ||||||||||||||||||||||||||||||
Total
|
$ | 30,707 | 1.3 | % | 9,071 | 0.8 | % | 1,709 | 0.7 | % | 55,512 | 4.0 | % | 18,803 | 4.3 | % | 115,802 | 2.1 | % |
(7) - Percentage of total residental mortgage loans in that geographic area
|
(8) - Percentage of total home equity loans in that geographic area
|
(9) - Percentage of total 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 June 30, 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
|
$ | 63 | - | - | 63 | |||||||||||
Debt issued by government sponsored enterprises:
|
||||||||||||||||
Due in one year or less
|
1,995 | 46 | - | 2,041 | ||||||||||||
Due in one year - five years
|
64,298 | 350 | - | 64,648 | ||||||||||||
Due in five years - ten years
|
35,200 | 612 | (107 | ) | 35,705 | |||||||||||
Due after ten years
|
9,952 | - | (56 | ) | 9,896 | |||||||||||
Equity securities
|
6,218 | 395 | (1 | ) | 6,612 | |||||||||||
Municipal securities:
|
||||||||||||||||
Due in one year - five years
|
7,122 | 258 | - | 7,380 | ||||||||||||
Due in five years - ten years
|
30,210 | 1,124 | - | 31,334 | ||||||||||||
Due after ten years
|
164,405 | 2,317 | (1,520 | ) | 165,202 | |||||||||||
Corporate trust preferred securities:
|
||||||||||||||||
Due in one year or less
|
500 | - | - | 500 | ||||||||||||
Due after ten years
|
25,384 | 338 | (4,933 | ) | 20,789 | |||||||||||
Mortgage-backed securities:
|
||||||||||||||||
Fixed rate pass-through
|
115,138 | 7,275 | (6 | ) | 122,407 | |||||||||||
Variable rate pass-through
|
150,022 | 6,837 | (4 | ) | 156,855 | |||||||||||
Fixed rate non-agency CMO
|
11,329 | 178 | (639 | ) | 10,868 | |||||||||||
Fixed rate agency CMO
|
135,274 | 3,095 | (1 | ) | 138,368 | |||||||||||
Variable rate non-agency CMO
|
1,577 | - | (136 | ) | 1,441 | |||||||||||
Variable rate agency CMO
|
265,142 | 1,750 | (454 | ) | 266,438 | |||||||||||
Total mortgage-backed securities
|
678,482 | 19,135 | (1,240 | ) | 696,377 | |||||||||||
Total marketable securities available-for-sale
|
$ | 1,023,829 | 24,575 | (7,857 | ) | 1,040,547 |
Marketable securities held-to-maturity as of June 30, 2011:
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
unrealized
|
unrealized
|
|||||||||||||||
Amortized
|
holding
|
holding
|
Market
|
|||||||||||||
cost
|
gains
|
losses
|
value
|
|||||||||||||
Municipal securities:
|
||||||||||||||||
Due in five years - ten years
|
$ | 1,086 | 16 | - | 1,102 | |||||||||||
Due after ten years
|
76,735 | 477 | (270 | ) | 76,942 | |||||||||||
Mortgage-backed securities:
|
||||||||||||||||
Fixed rate pass-through
|
27,564 | 743 | - | 28,307 | ||||||||||||
Variable rate pass-through
|
9,530 | 69 | - | 9,599 | ||||||||||||
Fixed rate agency CMO
|
147,066 | 2,614 | (65 | ) | 149,615 | |||||||||||
Variable rate agency CMO
|
18,801 | 319 | - | 19,120 | ||||||||||||
Total mortgage-backed securities
|
202,961 | 3,745 | (65 | ) | 206,641 | |||||||||||
Total marketable securities held-to-maturity
|
$ | 280,782 | 4,238 | (335 | ) | 284,685 | ||||||||||
Issuers of mortgage-backed securities as of June 30, 2011:
|
||||||||||||||||
Fannie Mae
|
$ | 341,283 | 9,727 | (200 | ) | 350,810 | ||||||||||
Ginnie Mae
|
180,537 | 3,646 | (81 | ) | 184,102 | |||||||||||
Freddie Mac
|
325,235 | 9,318 | (243 | ) | 334,310 | |||||||||||
SBA
|
20,746 | 11 | - | 20,757 | ||||||||||||
Non-agency
|
13,642 | 178 | (781 | ) | 13,039 | |||||||||||
Total
|
$ | 881,443 | 22,880 | (1,305 | ) | 903,018 |
Northwest Bancshares, Inc. and Subsidiaries
|
Municipal Securities Portfolio
|
(Dollars in thousands)
|
Book
|
As a %
|
|||||||
Value
|
of Book
|
|||||||
6/30/2011
|
Value
|
|||||||
Municipal securities by state:
|
||||||||
Pennsylvania
|
||||||||
School districts
|
$ | 135,151 | 48.34 | % | ||||
General obligations
|
53,008 | 18.96 | % | |||||
Revenue bonds
|
14,060 | 5.03 | % | |||||
Total Pennsylvania
|
202,219 | 72.34 | % | |||||
New York
|
33,927 | 12.14 | % | |||||
Ohio
|
6,426 | 2.30 | % | |||||
All other states
|
36,986 | 13.23 | % | |||||
$ | 279,558 |
Average Balance Sheet - unaudited
|
(Dollars in thousands)
|
Three months ended June 30,
|
|||||||||||||||||||
2011
|
2010
|
||||||||||||||||||
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
||||||||||||||
Balance
|
Yield/
|
Balance
|
Yield/
|
||||||||||||||||
Cost
|
Cost
|
||||||||||||||||||
Assets:
|
|||||||||||||||||||
Interest-earning assets:
|
|||||||||||||||||||
Loans receivable (a) (b) (d)
|
$ | 5,484,194 | 80,389 | 5.86% | 5,465,373 | 81,866 | 6.03% | ||||||||||||
Mortgage-backed securities (c)
|
917,748 | 6,073 | 2.65% | 792,412 | 6,706 | 3.39% | |||||||||||||
Investment securities (c) (d)
|
392,963 | 5,196 | 5.29% | 376,206 | 4,989 | 5.30% | |||||||||||||
FHLB stock
|
55,100 | - | - | 63,242 | - | - | |||||||||||||
Other interest-earning deposits
|
705,568 | 489 | 0.27% | 845,947 | 512 | 0.24% | |||||||||||||
Total interest-earning assets
|
7,555,573 | 92,147 | 4.87% | 7,543,180 | 94,073 | 5.02% | |||||||||||||
Noninterest earning assets (e)
|
556,085 | 584,203 | |||||||||||||||||
Total assets
|
$ | 8,111,658 | 8,127,383 | ||||||||||||||||
Liabilities and shareholders' equity:
|
|||||||||||||||||||
Interest-bearing liabilities:
|
|||||||||||||||||||
Savings accounts
|
$ | 1,093,539 | 1,275 | 0.47% | 1,033,707 | 2,236 | 0.87% | ||||||||||||
Interest-bearing demand accounts
|
813,179 | 246 | 0.12% | 785,619 | 319 | 0.16% | |||||||||||||
Money market accounts
|
933,288 | 1,059 | 0.46% | 901,439 | 1,630 | 0.73% | |||||||||||||
Certificate accounts
|
2,372,039 | 12,893 | 2.18% | 2,470,706 | 14,788 | 2.40% | |||||||||||||
Borrowed funds (f)
|
841,835 | 6,569 | 3.13% | 895,650 | 8,283 | 3.71% | |||||||||||||
Junior subordinated debentures
|
103,094 | 1,420 | 5.45% | 103,094 | 1,421 | 5.45% | |||||||||||||
Total interest-bearing liabilities
|
6,156,974 | 23,462 | 1.53% | 6,190,215 | 28,677 | 1.86% | |||||||||||||
Noninterest bearing liabilities
|
708,310 | 632,037 | |||||||||||||||||
Total liabilities
|
6,865,284 | 6,822,252 | |||||||||||||||||
Shareholders' equity
|
1,246,374 | 1,305,131 | |||||||||||||||||
Total liabilities and shareholders' equity
|
$ | 8,111,658 | 8,127,383 | ||||||||||||||||
Net interest income/ Interest rate spread
|
68,685 | 3.34% | 65,396 | 3.16% | |||||||||||||||
Net interest-earning assets/ Net interest margin
|
$ | 1,398,599 | 3.64% | 1,352,965 | 3.47% | ||||||||||||||
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.
|
Average Balance Sheet - unaudited
|
(Dollars in thousands)
|
Six months ended June 30,
|
||||||||||||||||||||
2011
|
2010
|
|||||||||||||||||||
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|||||||||||||||
Balance
|
Yield/
|
Balance
|
Yield/
|
|||||||||||||||||
Cost
|
Cost
|
|||||||||||||||||||
Assets:
|
||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||
Loans receivable (a) (b) (d)
|
$ | 5,500,134 | 161,237 | 5.88% | 5,406,464 | 163,188 | 6.07% | |||||||||||||
Mortgage-backed securities (c)
|
922,024 | 12,829 | 2.78% | 764,690 | 12,851 | 3.36% | ||||||||||||||
Investment securities (c) (d)
|
373,870 | 10,324 | 5.52% | 367,856 | 10,116 | 5.50% | ||||||||||||||
FHLB stock
|
56,962 | - | - | 63,242 | - | - | ||||||||||||||
Other interest-earning deposits
|
695,717 | 896 | 0.26% | 896,321 | 1,077 | 0.24% | ||||||||||||||
Total interest-earning assets
|
7,548,707 | 185,286 | 4.92% | 7,498,573 | 187,232 | 5.02% | ||||||||||||||
Noninterest earning assets (e)
|
574,662 | 576,136 | ||||||||||||||||||
Total assets
|
$ | 8,123,369 | 8,074,709 | |||||||||||||||||
Liabilities and shareholders' equity:
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||
Savings accounts
|
$ | 1,078,700 | 2,704 | 0.51% | 997,126 | 4,269 | 0.86% | |||||||||||||
Interest-bearing demand accounts
|
793,526 | 478 | 0.12% | 769,531 | 718 | 0.19% | ||||||||||||||
Money market accounts
|
924,383 | 2,214 | 0.48% | 871,291 | 3,467 | 0.80% | ||||||||||||||
Certificate accounts
|
2,401,829 | 26,140 | 2.19% | 2,526,314 | 31,923 | 2.55% | ||||||||||||||
Borrowed funds (f)
|
844,793 | 13,153 | 3.14% | 898,169 | 16,578 | 3.72% | ||||||||||||||
Junior subordinated debentures
|
103,094 | 2,825 | 5.45% | 103,094 | 2,826 | 5.45% | ||||||||||||||
Total interest-bearing liabilities
|
6,146,325 | 47,514 | 1.56% | 6,165,525 | 59,781 | 1.96% | ||||||||||||||
Noninterest bearing liabilities
|
705,098 | 604,859 | ||||||||||||||||||
Total liabilities
|
6,851,423 | 6,770,384 | ||||||||||||||||||
Shareholders' equity
|
1,271,946 | 1,304,325 | ||||||||||||||||||
Total liabilities and shareholders' equity
|
$ | 8,123,369 | 8,074,709 | |||||||||||||||||
Net interest income/ Interest rate spread
|
137,772 | 3.36% | 127,451 | 3.06% | ||||||||||||||||
Net interest-earning assets/ Net interest margin
|
$ | 1,402,382 | 3.65% | 1,333,048 | 3.40% | |||||||||||||||
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.
|
Average Balance Sheet - unaudited
|
(Dollars in thousands)
|
Three months ended
|
Three months ended
|
|||||||||||||||||||
June 30, 2011
|
March 31, 2011
|
|||||||||||||||||||
Average
|
Interest
|
Avg.
|
Average
|
Interest
|
Avg.
|
|||||||||||||||
Balance
|
Yield/
|
Balance
|
Yield/
|
|||||||||||||||||
Cost
|
Cost
|
|||||||||||||||||||
Assets:
|
||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||
Loans receivable (a) (b) (d)
|
$ | 5,484,194 | 80,389 | 5.86 | $ | 5,516,254 | 80,847 | 5.89 | ||||||||||||
Mortgage-backed securities (c)
|
917,748 | 6,073 | 2.65 | 926,349 | 6,756 | 2.92 | ||||||||||||||
Investment securities (c) (d)
|
392,963 | 5,196 | 5.29 | 354,786 | 5,128 | 5.78 | ||||||||||||||
FHLB stock
|
55,100 | - | - | 58,845 | - | - | ||||||||||||||
Other interest-earning deposits
|
705,568 | 489 | 0.27 | 685,864 | 407 | 0.24 | ||||||||||||||
Total interest-earning assets
|
7,555,573 | 92,147 | 4.87 | 7,542,098 | 93,138 | 4.96 | ||||||||||||||
Noninterest earning assets (e)
|
556,085 | 592,981 | ||||||||||||||||||
Total assets
|
$ | 8,111,658 | $ | 8,135,079 | ||||||||||||||||
Liabilities and shareholders' equity:
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||
Savings accounts
|
$ | 1,093,539 | 1,275 | 0.47 | $ | 1,063,696 | 1,429 | 0.55 | ||||||||||||
Interest-bearing demand accounts
|
813,179 | 246 | 0.12 | 773,633 | 232 | 0.12 | ||||||||||||||
Money market accounts
|
933,288 | 1,059 | 0.46 | 915,768 | 1,155 | 0.51 | ||||||||||||||
Certificate accounts
|
2,372,039 | 12,893 | 2.18 | 2,431,952 | 13,247 | 2.21 | ||||||||||||||
Borrowed funds (f)
|
841,835 | 6,569 | 3.13 | 847,784 | 6,584 | 3.15 | ||||||||||||||
Junior subordinated debentures
|
103,094 | 1,420 | 5.45 | 103,094 | 1,405 | 5.45 | ||||||||||||||
Total interest-bearing liabilities
|
6,156,974 | 23,462 | 1.53 | 6,135,927 | 24,052 | 1.59 | ||||||||||||||
Noninterest bearing liabilities
|
708,310 | 701,633 | ||||||||||||||||||
Total liabilities
|
6,865,284 | 6,837,560 | ||||||||||||||||||
Shareholders' equity
|
1,246,374 | 1,297,519 | ||||||||||||||||||
Total liabilities and shareholders' equity
|
$ | 8,111,658 | $ | 8,135,079 | ||||||||||||||||
Net interest income/ Interest rate spread
|
68,685 | 3.34 | 69,086 | 3.37 | ||||||||||||||||
Net interest-earning assets/ Net interest margin
|
$ | 1,398,599 | 3.64 | $ | 1,406,171 | 3.66 | ||||||||||||||
Ratio of interest-earning assets to
|
||||||||||||||||||||
interest-bearing liabilities
|
1.23X | 1.23X |
(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.
|