(State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) |
(Address of principal executive office) | (Zip code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
Press release dated October 23, 2023 | ||||||||
104 | Press release dated Cover Page Interactive Data File (embedded within the Inline XBRL document) |
NORTHWEST BANCSHARES, INC. | ||||||||||||||
Date: | October 23, 2023 | By: | /s/ William W. Harvey, Jr. | |||||||||||
William W. Harvey, Jr. | ||||||||||||||
Chief Operating Officer and Chief Financial Officer |
Contact: | Louis J. Torchio, President and Chief Executive Officer | ||||
William W. Harvey, Jr., Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer (814) 726-2140 |
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 161,995 | 139,365 | 118,549 | |||||||||||||
Marketable securities available-for-sale (amortized cost of $1,262,080, $1,431,728 and $1,466,883, respectively) | 1,010,076 | 1,218,108 | 1,251,791 | ||||||||||||||
Marketable securities held-to-maturity (fair value of $682,681, $751,384 and $771,238, respectively) | 830,106 | 881,249 | 899,411 | ||||||||||||||
Total cash and cash equivalents and marketable securities | 2,002,177 | 2,238,722 | 2,269,751 | ||||||||||||||
Loans held-for-sale | 10,592 | 9,913 | 15,834 | ||||||||||||||
Residential mortgage loans | 3,462,606 | 3,488,686 | 3,386,064 | ||||||||||||||
Home equity loans | 1,258,765 | 1,297,674 | 1,284,989 | ||||||||||||||
Consumer loans | 2,155,119 | 2,168,655 | 2,116,238 | ||||||||||||||
Commercial real estate loans | 2,922,582 | 2,823,555 | 2,812,830 | ||||||||||||||
Commercial loans | 1,500,609 | 1,131,969 | 1,125,570 | ||||||||||||||
Total loans receivable | 11,310,273 | 10,920,452 | 10,741,525 | ||||||||||||||
Allowance for credit losses | (124,841) | (118,036) | (109,819) | ||||||||||||||
Loans receivable, net | 11,185,432 | 10,802,416 | 10,631,706 | ||||||||||||||
FHLB stock, at cost | 40,404 | 40,143 | 19,281 | ||||||||||||||
Accrued interest receivable | 42,624 | 35,528 | 29,536 | ||||||||||||||
Real estate owned, net | 363 | 413 | 450 | ||||||||||||||
Premises and equipment, net | 138,041 | 145,909 | 146,173 | ||||||||||||||
Bank-owned life insurance | 250,502 | 255,062 | 255,015 | ||||||||||||||
Goodwill | 380,997 | 380,997 | 380,997 | ||||||||||||||
Other intangible assets, net | 6,013 | 8,560 | 9,491 | ||||||||||||||
Other assets | 315,648 | 205,574 | 210,744 | ||||||||||||||
Total assets | $ | 14,362,201 | 14,113,324 | 13,953,144 | |||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||
Liabilities | |||||||||||||||||
Noninterest-bearing demand deposits | $ | 2,774,291 | 2,993,243 | 3,094,120 | |||||||||||||
Interest-bearing demand deposits | 2,598,080 | 2,686,431 | 2,812,730 | ||||||||||||||
Money market deposit accounts | 2,042,813 | 2,457,569 | 2,577,013 | ||||||||||||||
Savings deposits | 2,116,360 | 2,275,020 | 2,327,419 | ||||||||||||||
Time deposits | 2,258,338 | 1,052,285 | 1,067,110 | ||||||||||||||
Total deposits | 11,789,882 | 11,464,548 | 11,878,392 | ||||||||||||||
Borrowed funds | 604,587 | 681,166 | 150,036 | ||||||||||||||
Subordinated debt | 114,102 | 113,840 | 113,753 | ||||||||||||||
Junior subordinated debentures | 129,509 | 129,314 | 129,249 | ||||||||||||||
Advances by borrowers for taxes and insurance | 27,653 | 47,613 | 29,647 | ||||||||||||||
Accrued interest payable | 7,915 | 3,231 | 831 | ||||||||||||||
Other liabilities | 190,122 | 182,126 | 191,450 | ||||||||||||||
Total liabilities | 12,863,770 | 12,621,838 | 12,493,358 | ||||||||||||||
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, 127,101,349, 127,028,848 and 126,921,989 shares issued and outstanding, respectively | 1,271 | 1,270 | 1,269 | ||||||||||||||
Additional paid-in capital | 1,023,591 | 1,019,647 | 1,017,189 | ||||||||||||||
Retained earnings | 671,092 | 641,727 | 632,476 | ||||||||||||||
Accumulated other comprehensive loss | (197,523) | (171,158) | (191,148) | ||||||||||||||
Total shareholders’ equity | 1,498,431 | 1,491,486 | 1,459,786 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 14,362,201 | 14,113,324 | 13,953,144 | |||||||||||||
Equity to assets | 10.43 | % | 10.57 | % | 10.46 | % | |||||||||||
Tangible common equity to assets* | 7.95 | % | 8.03 | % | 7.88 | % | |||||||||||
Book value per share | $ | 11.79 | 11.74 | 11.50 | |||||||||||||
Tangible book value per share* | $ | 8.74 | 8.67 | 8.42 | |||||||||||||
Closing market price per share | $ | 10.23 | 13.98 | 13.51 | |||||||||||||
Full time equivalent employees | 2,084 | 2,160 | 2,191 | ||||||||||||||
Number of banking offices | 142 | 150 | 150 |
Quarter ended | |||||||||||||||||||||||||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||
Loans receivable | $ | 140,667 | 132,724 | 123,745 | 117,137 | 106,943 | |||||||||||||||||||||||
Mortgage-backed securities | 8,072 | 8,326 | 8,537 | 8,603 | 8,683 | ||||||||||||||||||||||||
Taxable investment securities | 786 | 841 | 845 | 840 | 838 | ||||||||||||||||||||||||
Tax-free investment securities | 491 | 667 | 700 | 701 | 709 | ||||||||||||||||||||||||
FHLB stock dividends | 668 | 844 | 690 | 419 | 148 | ||||||||||||||||||||||||
Interest-earning deposits | 914 | 594 | 423 | 153 | 1,295 | ||||||||||||||||||||||||
Total interest income | 151,598 | 143,996 | 134,940 | 127,853 | 118,616 | ||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||
Deposits | 31,688 | 21,817 | 11,238 | 3,871 | 3,157 | ||||||||||||||||||||||||
Borrowed funds | 11,542 | 13,630 | 11,238 | 6,938 | 2,710 | ||||||||||||||||||||||||
Total interest expense | 43,230 | 35,447 | 22,476 | 10,809 | 5,867 | ||||||||||||||||||||||||
Net interest income | 108,368 | 108,549 | 112,464 | 117,044 | 112,749 | ||||||||||||||||||||||||
Provision for credit losses - loans | 3,983 | 6,010 | 4,870 | 9,023 | 7,689 | ||||||||||||||||||||||||
Provision for credit losses - unfunded commitments (1) | (2,981) | 2,920 | 126 | 1,876 | 3,585 | ||||||||||||||||||||||||
Net interest income after provision for credit losses | 107,366 | 99,619 | 107,468 | 106,145 | 101,475 | ||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||
Loss on sale of investments | — | (8,306) | — | (1) | (2) | ||||||||||||||||||||||||
Gain on sale of mortgage servicing rights | — | 8,305 | — | — | — | ||||||||||||||||||||||||
Gain on sale of SBA loans | 301 | 832 | 279 | — | — | ||||||||||||||||||||||||
Service charges and fees | 15,270 | 14,833 | 13,189 | 14,125 | 14,323 | ||||||||||||||||||||||||
Trust and other financial services income | 7,085 | 6,866 | 6,449 | 6,642 | 6,650 | ||||||||||||||||||||||||
Gain on real estate owned, net | 29 | 785 | 108 | 51 | 290 | ||||||||||||||||||||||||
Income from bank-owned life insurance | 4,561 | 1,304 | 1,269 | 1,663 | 1,475 | ||||||||||||||||||||||||
Mortgage banking income | 632 | 1,028 | 524 | 477 | 766 | ||||||||||||||||||||||||
Other operating income | 3,010 | 4,150 | 2,151 | 4,901 | 3,301 | ||||||||||||||||||||||||
Total noninterest income | 30,888 | 29,797 | 23,969 | 27,858 | 26,803 | ||||||||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||||||||
Compensation and employee benefits | 51,243 | 47,650 | 46,604 | 46,658 | 46,711 | ||||||||||||||||||||||||
Premises and occupancy costs | 7,052 | 7,579 | 7,471 | 7,370 | 7,171 | ||||||||||||||||||||||||
Office operations | 3,398 | 2,800 | 3,010 | 3,544 | 3,229 | ||||||||||||||||||||||||
Collections expense | 551 | 429 | 387 | 563 | 322 | ||||||||||||||||||||||||
Processing expenses | 14,672 | 14,648 | 14,350 | 13,585 | 13,416 | ||||||||||||||||||||||||
Marketing expenses | 2,379 | 2,856 | 2,892 | 2,773 | 2,147 | ||||||||||||||||||||||||
Federal deposit insurance premiums | 2,341 | 2,064 | 2,223 | 1,319 | 1,200 | ||||||||||||||||||||||||
Professional services | 3,002 | 3,804 | 4,758 | 5,434 | 3,363 | ||||||||||||||||||||||||
Amortization of intangible assets | 795 | 842 | 909 | 932 | 1,047 | ||||||||||||||||||||||||
Real estate owned expense | 141 | 83 | 181 | 53 | 61 | ||||||||||||||||||||||||
Merger, asset disposition and restructuring expense | — | 1,593 | 2,802 | 4,243 | — | ||||||||||||||||||||||||
Other expenses | 1,996 | 1,510 | 1,863 | 2,304 | 321 | ||||||||||||||||||||||||
Total noninterest expense | 87,570 | 85,858 | 87,450 | 88,778 | 78,988 | ||||||||||||||||||||||||
Income before income taxes | 50,684 | 43,558 | 43,987 | 45,225 | 49,290 | ||||||||||||||||||||||||
Income tax expense | 11,464 | 10,514 | 10,308 | 10,576 | 11,986 | ||||||||||||||||||||||||
Net income | $ | 39,220 | 33,044 | 33,679 | 34,649 | 37,304 | |||||||||||||||||||||||
Basic earnings per share | $ | 0.31 | 0.26 | 0.27 | 0.27 | 0.29 | |||||||||||||||||||||||
Diluted earnings per share | $ | 0.31 | 0.26 | 0.26 | 0.27 | 0.29 | |||||||||||||||||||||||
Annualized return on average equity | 10.27 | % | 8.72 | % | 9.11 | % | 9.38 | % | 9.84 | % | |||||||||||||||||||
Annualized return on average assets | 1.08 | % | 0.93 | % | 0.97 | % | 0.98 | % | 1.05 | % | |||||||||||||||||||
Annualized return on tangible common equity * | 14.00 | % | 11.79 | % | 12.15 | % | 12.48 | % | 13.84 | % | |||||||||||||||||||
Efficiency ratio | 62.88 | % | 62.06 | % | 64.10 | % | 61.27 | % | 56.60 | % | |||||||||||||||||||
Efficiency ratio, excluding certain items (1) ** | 62.31 | % | 60.30 | % | 61.38 | % | 57.70 | % | 55.85 | % | |||||||||||||||||||
Annualized noninterest expense to average assets | 2.42 | % | 2.42 | % | 2.51 | % | 2.52 | % | 2.23 | % | |||||||||||||||||||
Annualized noninterest expense to average assets, excluding certain items (1) ** | 2.39 | % | 2.35 | % | 2.40 | % | 2.37 | % | 2.20 | % |
Nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Interest income: | |||||||||||
Loans receivable | $ | 397,136 | 290,691 | ||||||||
Mortgage-backed securities | 24,935 | 22,201 | |||||||||
Taxable investment securities | 2,472 | 2,230 | |||||||||
Tax-free investment securities | 1,858 | 2,066 | |||||||||
FHLB stock dividends | 2,202 | 311 | |||||||||
Interest-earning deposits | 1,931 | 3,446 | |||||||||
Total interest income | 430,534 | 320,945 | |||||||||
Interest expense: | |||||||||||
Deposits | 64,743 | 10,249 | |||||||||
Borrowed funds | 36,410 | 7,059 | |||||||||
Total interest expense | 101,153 | 17,308 | |||||||||
Net interest income | 329,381 | 303,637 | |||||||||
Provision for credit losses - loans | 14,863 | 8,837 | |||||||||
Provision for credit losses - unfunded commitments (1) | 65 | 8,577 | |||||||||
Net interest income after provision for credit losses | 314,453 | 286,223 | |||||||||
Noninterest income: | |||||||||||
Loss on sale of investments | (8,306) | (7) | |||||||||
Gain on sale of mortgage servicing rights | 8,305 | — | |||||||||
Gain on sale of SBA loans | 1,412 | — | |||||||||
Service charges and fees | 43,292 | 41,063 | |||||||||
Trust and other financial services income | 20,400 | 21,123 | |||||||||
Gain on real estate owned, net | 922 | 552 | |||||||||
Income from bank-owned life insurance | 7,134 | 5,466 | |||||||||
Mortgage banking income | 2,184 | 4,388 | |||||||||
Other operating income | 9,311 | 10,406 | |||||||||
Total noninterest income | 84,654 | 82,991 | |||||||||
Noninterest expense: | |||||||||||
Compensation and employee benefits | 145,497 | 141,701 | |||||||||
Premises and occupancy costs | 22,102 | 22,248 | |||||||||
Office operations | 9,208 | 9,774 | |||||||||
Collections expense | 1,367 | 1,245 | |||||||||
Processing expenses | 43,670 | 38,911 | |||||||||
Marketing expenses | 8,127 | 6,322 | |||||||||
Federal deposit insurance premiums | 6,628 | 3,459 | |||||||||
Professional services | 11,564 | 9,269 | |||||||||
Amortization of intangible assets | 2,546 | 3,345 | |||||||||
Real estate owned expense | 405 | 170 | |||||||||
Merger, asset disposition and restructuring expense | 4,395 | 1,374 | |||||||||
Other expenses | 5,369 | 2,929 | |||||||||
Total noninterest expense | 260,878 | 240,747 | |||||||||
Income before income taxes | 138,229 | 128,467 | |||||||||
Income tax expense | 32,286 | 29,450 | |||||||||
Net income | $ | 105,943 | 99,017 | ||||||||
Basic earnings per share | $ | 0.83 | 0.78 | ||||||||
Diluted earnings per share | $ | 0.83 | 0.78 | ||||||||
Annualized return on average equity | 9.37 | % | 8.61 | % | |||||||
Annualized return on average assets | 0.99 | % | 0.93 | % | |||||||
Annualized return on tangible common equity * | 12.74 | % | 12.38 | % | |||||||
Efficiency ratio | 63.01 | % | 62.27 | % | |||||||
Efficiency ratio, excluding certain items (1) ** | 61.33 | % | 61.05 | % | |||||||
Annualized noninterest expense to average assets | 2.45 | % | 2.26 | % | |||||||
Annualized noninterest expense to average assets, excluding certain items (1) ** | 2.38 | % | 2.22 | % |
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of net income to adjusted net operating income: | |||||||||||||||||||||||
Net income (GAAP) | $ | 39,220 | 37,304 | 105,943 | 99,017 | ||||||||||||||||||
Non-GAAP adjustments | |||||||||||||||||||||||
Add: merger, asset disposition and restructuring expense | — | — | 4,395 | 1,374 | |||||||||||||||||||
Less: tax benefit of merger, asset disposition and restructuring expense | — | — | (1,231) | (385) | |||||||||||||||||||
Adjusted net operating income (non-GAAP) | $ | 39,220 | 37,304 | 109,107 | 100,006 | ||||||||||||||||||
Diluted earnings per share (GAAP) | $ | 0.31 | 0.29 | 0.83 | 0.78 | ||||||||||||||||||
Diluted adjusted operating earnings per share (non-GAAP) | $ | 0.31 | 0.29 | 0.86 | 0.79 | ||||||||||||||||||
Average equity | $ | 1,515,287 | 1,503,626 | 1,511,428 | 1,536,706 | ||||||||||||||||||
Average assets | 14,379,323 | 14,052,919 | 14,249,857 | 14,243,277 | |||||||||||||||||||
Annualized return on average equity (GAAP) | 10.27 | % | 9.84 | % | 9.37 | % | 8.61 | % | |||||||||||||||
Annualized return on average assets (GAAP) | 1.08 | % | 1.05 | % | 0.99 | % | 0.93 | % | |||||||||||||||
Annualized return on average equity, excluding merger, asset disposition and restructuring expense, net of tax (non-GAAP) | 10.27 | % | 9.84 | % | 9.65 | % | 8.70 | % | |||||||||||||||
Annualized return on average assets, excluding merger, asset disposition and restructuring expense, net of tax (non-GAAP) | 1.08 | % | 1.05 | % | 1.02 | % | 0.94 | % | |||||||||||||||
September 30, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||
Tangible common equity to assets | |||||||||||||||||
Total shareholders’ equity | $ | 1,498,431 | 1,491,486 | 1,459,786 | |||||||||||||
Less: goodwill and intangible assets | (387,010) | (389,557) | (390,488) | ||||||||||||||
Tangible common equity | $ | 1,111,421 | 1,101,929 | 1,069,298 | |||||||||||||
Total assets | $ | 14,362,201 | 14,113,324 | 13,953,144 | |||||||||||||
Less: goodwill and intangible assets | (387,010) | (389,557) | (390,488) | ||||||||||||||
Tangible assets | $ | 13,975,191 | 13,723,767 | 13,562,656 | |||||||||||||
Tangible common equity to tangible assets | 7.95 | % | 8.03 | % | 7.88 | % | |||||||||||
Tangible common equity to tangible assets, including unrealized losses on held-to-maturity investments | |||||||||||||||||
Tangible common equity | $ | 1,111,421 | 1,101,929 | 1,069,298 | |||||||||||||
Less: unrealized losses on held to maturity investments | (147,425) | (129,865) | (128,174) | ||||||||||||||
Add: deferred taxes on unrealized losses on held to maturity investments | 41,279 | 36,362 | 35,889 | ||||||||||||||
Tangible common equity, including unrealized losses on held-to-maturity investments | $ | 1,005,275 | 1,008,426 | 977,013 | |||||||||||||
Tangible assets | 13,975,191 | 13,723,767 | 13,562,656 | ||||||||||||||
Tangible common equity to tangible assets, including unrealized losses on held-to-maturity investments | 7.19 | % | 7.35 | % | 7.20 | % | |||||||||||
Tangible book value per share | |||||||||||||||||
Tangible common equity | $ | 1,111,421 | 1,101,929 | 1,069,298 | |||||||||||||
Common shares outstanding | 127,101,349 | 127,028,848 | 126,921,989 | ||||||||||||||
Tangible book value per share | 8.74 | 8.67 | 8.42 |
Quarter ended | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||
Annualized return on tangible common equity | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 39,220 | 33,044 | 33,679 | 34,649 | 37,304 | 105,943 | 99,017 | |||||||||||||||||||||||||||||||||
Total shareholders’ equity | 1,498,431 | 1,511,501 | 1,513,275 | 1,491,486 | 1,459,786 | 1,498,431 | 1,459,786 | ||||||||||||||||||||||||||||||||||
Less: goodwill and intangible assets | (387,010) | (387,806) | (388,648) | (389,557) | (390,488) | (387,010) | (390,488) | ||||||||||||||||||||||||||||||||||
Tangible common equity | $ | 1,111,421 | 1,123,695 | 1,124,627 | 1,101,929 | 1,069,298 | 1,111,421 | 1,069,298 | |||||||||||||||||||||||||||||||||
Annualized return on tangible common equity | 14.00 | % | 11.79 | % | 12.15 | % | 12.48 | % | 13.84 | % | 12.74 | % | 12.38 | % | |||||||||||||||||||||||||||
Efficiency ratio, excluding amortization and merger, asset disposition and restructuring expenses | |||||||||||||||||||||||||||||||||||||||||
Non-interest expense | $ | 87,570 | 85,858 | 87,450 | 88,778 | 78,988 | 260,878 | 240,747 | |||||||||||||||||||||||||||||||||
Less: amortization expense | (795) | (842) | (909) | (932) | (1,047) | (2,546) | (3,345) | ||||||||||||||||||||||||||||||||||
Less: merger, asset disposition and restructuring expenses | — | (1,593) | (2,802) | (4,243) | — | (4,395) | (1,374) | ||||||||||||||||||||||||||||||||||
Non-interest expense, excluding amortization and merger, assets disposition and restructuring expenses | $ | 86,775 | 83,423 | 83,739 | 83,603 | 77,941 | 253,937 | 236,028 | |||||||||||||||||||||||||||||||||
Net interest income | $ | 108,368 | 108,549 | 112,464 | 117,044 | 112,749 | 329,381 | 303,637 | |||||||||||||||||||||||||||||||||
Non-interest income | 30,888 | 29,797 | 23,969 | 27,858 | 26,803 | 84,654 | 82,991 | ||||||||||||||||||||||||||||||||||
Net interest income plus non-interest income | $ | 139,256 | 138,346 | 136,433 | 144,902 | 139,552 | 414,035 | 386,628 | |||||||||||||||||||||||||||||||||
Efficiency ratio, excluding amortization and merger, asset disposition and restructuring expenses | 62.31 | % | 60.30 | % | 61.38 | % | 57.70 | % | 55.85 | % | 61.33 | % | 61.05 | % | |||||||||||||||||||||||||||
Annualized non-interest expense to average assets, excluding amortization and merger, asset disposition and restructuring expense | |||||||||||||||||||||||||||||||||||||||||
Non-interest expense excluding amortization and merger, asset disposition and restructuring expenses | 86,775 | 83,423 | 83,739 | 83,603 | 77,941 | 253,937 | 236,028 | ||||||||||||||||||||||||||||||||||
Average assets | 14,379,323 | 14,245,917 | 14,121,496 | 13,983,100 | 14,052,919 | 14,249,857 | 14,243,277 | ||||||||||||||||||||||||||||||||||
Annualized non-interest expense to average assets, excluding amortization and merger, asset disposition and restructuring expense | 2.39 | % | 2.35 | % | 2.40 | % | 2.37 | % | 2.20 | % | 2.38 | % | 2.22 | % |
As of September 30, 2023 | |||||||||||||||||
Balance | Percent of total deposits | Number of relationships | |||||||||||||||
Uninsured deposits per the Call Report (1) | $ | 2,868,596 | 24.33 | % | 4,943 | ||||||||||||
Less intercompany deposit accounts | 922,235 | 7.82 | % | 13 | |||||||||||||
Less collateralized deposit accounts | 524,715 | 4.45 | % | 274 | |||||||||||||
Uninsured deposits excluding intercompany and collateralized accounts | $ | 1,421,646 | 12.06 | % | 4,656 | ||||||||||||
As of September 30, 2023 | |||||||||||||||||
Balance | Percent of total deposits | Number of accounts | |||||||||||||||
Personal noninterest bearing demand deposits | $ | 1,375,144 | 11.66 | % | 290,763 | ||||||||||||
Business noninterest bearing demand deposits | 1,399,147 | 11.87 | 45,435 | ||||||||||||||
Personal interest-bearing demand deposits | 1,477,617 | 12.53 | 59,309 | ||||||||||||||
Business interest-bearing demand deposits | 1,120,463 | 9.50 | 8,110 | ||||||||||||||
Personal money market deposits | 1,463,689 | 12.42 | 25,884 | ||||||||||||||
Business money market deposits | 579,124 | 4.91 | 2,916 | ||||||||||||||
Savings deposits | 2,116,360 | 17.95 | 210,196 | ||||||||||||||
Time deposits | 2,258,338 | 19.16 | 70,762 | ||||||||||||||
Total deposits | $ | 11,789,882 | 100.00 | % | 713,375 |
3/31/2022 | 6/30/2022 | 9/30/2022 | 12/31/2022 | 3/31/2023 | 6/30/2023 | 9/30/2023 | |||||||||||||||||||||||||||||||||||
Personal noninterest bearing demand deposits | $ | 1,413,732 | 1,388,690 | 1,413,781 | 1,412,227 | 1,428,232 | 1,397,167 | 1,375,144 | |||||||||||||||||||||||||||||||||
Business noninterest bearing demand deposits | 1,715,117 | 1,669,559 | 1,680,339 | 1,581,016 | 1,467,860 | 1,423,396 | 1,399,147 | ||||||||||||||||||||||||||||||||||
Personal interest-bearing demand deposits | 1,787,295 | 1,785,761 | 1,742,173 | 1,718,806 | 1,627,546 | 1,535,254 | 1,477,617 | ||||||||||||||||||||||||||||||||||
Business interest-bearing demand deposits | 588,850 | 529,357 | 498,937 | 499,059 | 466,105 | 624,252 | 689,914 | ||||||||||||||||||||||||||||||||||
Municipal demand deposits | 515,477 | 543,573 | 571,620 | 468,566 | 447,852 | 418,147 | 430,549 | ||||||||||||||||||||||||||||||||||
Personal money market deposits | 1,999,564 | 1,994,907 | 1,949,379 | 1,832,583 | 1,626,614 | 1,511,652 | 1,463,689 | ||||||||||||||||||||||||||||||||||
Business money market deposits | 681,049 | 636,805 | 627,634 | 624,986 | 701,436 | 642,601 | 579,124 | ||||||||||||||||||||||||||||||||||
Savings deposits | 2,367,438 | 2,362,725 | 2,327,419 | 2,275,020 | 2,194,743 | 2,120,215 | 2,116,360 | ||||||||||||||||||||||||||||||||||
Time deposits | 1,251,878 | 1,155,878 | 1,067,110 | 1,052,285 | 1,576,791 | 1,989,711 | 2,258,338 | ||||||||||||||||||||||||||||||||||
Total deposits | $ | 12,320,400 | 12,067,255 | 11,878,392 | 11,464,548 | 11,537,179 | 11,662,395 | 11,789,882 |
September 30, 2023 | ||||||||||||||||||||||||||||||||
Marketable securities available-for-sale | Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | Weighted average duration | |||||||||||||||||||||||||||
Debt issued by the U.S. government and agencies: | ||||||||||||||||||||||||||||||||
Due after one year through five years | $ | 20,000 | — | (1,750) | 18,250 | 3.12 | ||||||||||||||||||||||||||
Due after ten years | 50,166 | — | (11,890) | 38,276 | 6.20 | |||||||||||||||||||||||||||
Debt issued by government sponsored enterprises: | ||||||||||||||||||||||||||||||||
Due after one year through five years | 45,985 | — | (7,502) | 38,483 | 4.58 | |||||||||||||||||||||||||||
Due after five years through ten years | 434 | — | (11) | 423 | 1.94 | |||||||||||||||||||||||||||
Municipal securities: | ||||||||||||||||||||||||||||||||
Due after one year through five years | 954 | 3 | (9) | 948 | 3.64 | |||||||||||||||||||||||||||
Due after five years through ten years | 21,976 | — | (3,055) | 18,921 | 7.05 | |||||||||||||||||||||||||||
Due after ten years | 62,990 | — | (14,788) | 48,202 | 10.76 | |||||||||||||||||||||||||||
Corporate debt issues: | ||||||||||||||||||||||||||||||||
Due after five years through ten years | 8,464 | — | (1,000) | 7,464 | 5.49 | |||||||||||||||||||||||||||
Residential mortgage-backed agency securities: | ||||||||||||||||||||||||||||||||
Fixed rate pass-through | 213,849 | — | (35,305) | 178,544 | 6.17 | |||||||||||||||||||||||||||
Variable rate pass-through | 7,501 | 2 | (169) | 7,334 | 4.01 | |||||||||||||||||||||||||||
Fixed rate agency CMOs | 805,086 | — | (175,985) | 629,101 | 4.88 | |||||||||||||||||||||||||||
Variable rate agency CMOs | 24,675 | 28 | (573) | 24,130 | 3.37 | |||||||||||||||||||||||||||
Total residential mortgage-backed agency securities | 1,051,111 | 30 | (212,032) | 839,109 | 5.10 | |||||||||||||||||||||||||||
Total marketable securities available-for-sale | $ | 1,262,080 | 33 | (252,037) | 1,010,076 | 5.40 | ||||||||||||||||||||||||||
Marketable securities held-to-maturity | ||||||||||||||||||||||||||||||||
Government sponsored | ||||||||||||||||||||||||||||||||
Due after one year through five years | $ | 49,471 | — | (6,830) | 42,641 | 3.75 | ||||||||||||||||||||||||||
Due after five years through ten years | 74,986 | — | (14,901) | 60,085 | 5.43 | |||||||||||||||||||||||||||
Residential mortgage-backed agency securities: | ||||||||||||||||||||||||||||||||
Fixed rate pass-through | 151,411 | — | (27,070) | 124,341 | 5.18 | |||||||||||||||||||||||||||
Variable rate pass-through | 468 | — | (8) | 460 | 3.48 | |||||||||||||||||||||||||||
Fixed rate agency CMOs | 553,241 | — | (98,606) | 454,635 | 5.85 | |||||||||||||||||||||||||||
Variable rate agency CMOs | 529 | — | (10) | 519 | 5.40 | |||||||||||||||||||||||||||
Total residential mortgage-backed agency securities | 705,649 | — | (125,694) | 579,955 | 5.71 | |||||||||||||||||||||||||||
Total marketable securities held-to-maturity | $ | 830,106 | — | (147,425) | 682,681 | 5.56 |
September 30, 2023 | |||||||||||
Amount | Average rate | ||||||||||
Term notes payable to the FHLB of Pittsburgh, due within one year | $ | 375,400 | 5.65 | % | |||||||
Notes payable to the FHLB of Pittsburgh, due within one year | 119,000 | 5.68 | % | ||||||||
Total term notes payable to the FHLB | 494,400 | 5.65 | % | ||||||||
Collateralized borrowings, due within one year | 48,587 | 1.52 | % | ||||||||
Collateral received, due within one year | 61,600 | 5.16 | % | ||||||||
Subordinated debentures, net of issuance costs | 114,102 | 4.28 | % | ||||||||
Junior subordinated debentures | 129,509 | 7.50 | % | ||||||||
Total borrowed funds * | $ | 848,198 | 5.48 | % |
September 30, 2023 | ||||||||
Property type | Percent of portfolio | |||||||
5 or more unit dwelling | 14.3 | % | ||||||
Nursing home | 12.8 | |||||||
Retail building | 11.7 | |||||||
Commercial office building - non-owner occupied | 8.4 | |||||||
Residential acquisition & development - 1-4 family, townhouses and apartments | 5.0 | |||||||
Warehouse/storage building | 4.0 | |||||||
Manufacturing & industrial building | 3.4 | |||||||
Commercial acquisition and development | 3.4 | |||||||
Commercial office building - owner occupied | 3.3 | |||||||
Multi-use building - office and warehouse | 3.3 | |||||||
Hotel/motel | 2.9 | |||||||
Single family dwelling | 2.8 | |||||||
Other medical facility | 2.7 | |||||||
Student housing | 2.6 | |||||||
Multi-use building - commercial, retail and residential | 2.6 | |||||||
2-4 family | 2.3 | |||||||
Agricultural real estate | 2.1 | |||||||
All other | 12.4 | |||||||
Total | 100.0 | % |
September 30, 2023 | ||||||||
State | Percent of portfolio | |||||||
Pennsylvania | 31.9 | % | ||||||
New York | 31.7 | |||||||
Ohio | 20.4 | |||||||
Indiana | 8.5 | |||||||
All other | 7.5 | |||||||
Total | 100.0 | % |
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Nonaccrual loans current: | |||||||||||||||||||||||||||||
Residential mortgage loans | $ | 1,951 | 1,559 | 1,423 | 1,496 | 2,186 | |||||||||||||||||||||||
Home equity loans | 947 | 1,089 | 1,084 | 1,418 | 1,158 | ||||||||||||||||||||||||
Consumer loans | 1,049 | 1,009 | 911 | 836 | 833 | ||||||||||||||||||||||||
Commercial real estate loans | 44,639 | 48,468 | 50,045 | 53,303 | 56,193 | ||||||||||||||||||||||||
Commercial loans | 1,369 | 995 | 1,468 | 895 | 1,801 | ||||||||||||||||||||||||
Total nonaccrual loans current | $ | 49,955 | 53,120 | 54,931 | 57,948 | 62,171 | |||||||||||||||||||||||
Nonaccrual loans delinquent 30 days to 59 days: | |||||||||||||||||||||||||||||
Residential mortgage loans | $ | 48 | 49 | 688 | 473 | 54 | |||||||||||||||||||||||
Home equity loans | 92 | 37 | 18 | 180 | 316 | ||||||||||||||||||||||||
Consumer loans | 274 | 309 | 223 | 178 | 155 | ||||||||||||||||||||||||
Commercial real estate loans | 1,913 | 1,697 | 1,900 | 1,220 | 55 | ||||||||||||||||||||||||
Commercial loans | 90 | 855 | 341 | 145 | 237 | ||||||||||||||||||||||||
Total nonaccrual loans delinquent 30 days to 59 days | $ | 2,417 | 2,947 | 3,170 | 2,196 | 817 | |||||||||||||||||||||||
Nonaccrual loans delinquent 60 days to 89 days: | |||||||||||||||||||||||||||||
Residential mortgage loans | $ | 66 | 185 | 919 | 31 | 32 | |||||||||||||||||||||||
Home equity loans | 319 | 363 | 338 | 290 | 432 | ||||||||||||||||||||||||
Consumer loans | 312 | 360 | 340 | 341 | 382 | ||||||||||||||||||||||||
Commercial real estate loans | 212 | 210 | 1,355 | 473 | 848 | ||||||||||||||||||||||||
Commercial loans | 291 | 245 | 126 | 96 | 132 | ||||||||||||||||||||||||
Total nonaccrual loans delinquent 60 days to 89 days | $ | 1,200 | 1,363 | 3,078 | 1,231 | 1,826 | |||||||||||||||||||||||
Nonaccrual loans delinquent 90 days or more: | |||||||||||||||||||||||||||||
Residential mortgage loans | $ | 7,695 | 6,290 | 3,300 | 5,574 | 5,544 | |||||||||||||||||||||||
Home equity loans | 2,073 | 1,965 | 2,190 | 2,257 | 1,779 | ||||||||||||||||||||||||
Consumer loans | 2,463 | 2,033 | 2,791 | 2,672 | 2,031 | ||||||||||||||||||||||||
Commercial real estate loans | 8,416 | 8,575 | 8,010 | 7,867 | 8,821 | ||||||||||||||||||||||||
Commercial loans | 2,435 | 2,296 | 1,139 | 1,491 | 638 | ||||||||||||||||||||||||
Total nonaccrual loans delinquent 90 days or more | $ | 23,082 | 21,159 | 17,430 | 19,861 | 18,813 | |||||||||||||||||||||||
Total nonaccrual loans | $ | 76,654 | 78,589 | 78,609 | 81,236 | 83,627 | |||||||||||||||||||||||
Total nonaccrual loans | $ | 76,654 | 78,589 | 78,609 | 81,236 | 83,627 | |||||||||||||||||||||||
Loans 90 days past due and still accruing | 728 | 532 | 652 | 744 | 357 | ||||||||||||||||||||||||
Nonperforming loans | 77,382 | 79,121 | 79,261 | 81,980 | 83,984 | ||||||||||||||||||||||||
Real estate owned, net | 363 | 371 | 524 | 413 | 450 | ||||||||||||||||||||||||
Nonperforming assets | $ | 77,745 | 79,492 | 79,785 | 82,393 | 84,434 | |||||||||||||||||||||||
Nonperforming loans to total loans | 0.68 | % | 0.70 | % | 0.71 | % | 0.75 | % | 0.78 | % | |||||||||||||||||||
Nonperforming assets to total assets | 0.54 | % | 0.56 | % | 0.56 | % | 0.58 | % | 0.61 | % | |||||||||||||||||||
Allowance for credit losses to total loans | 1.10 | % | 1.10 | % | 1.09 | % | 1.08 | % | 1.02 | % | |||||||||||||||||||
Allowance for total loans excluding PPP loan balances | 1.10 | % | 1.10 | % | 1.09 | % | 1.08 | % | 1.02 | % | |||||||||||||||||||
Allowance for credit losses to nonperforming loans | 161.33 | % | 157.26 | % | 152.98 | % | 143.98 | % | 130.76 | % |
At September 30, 2023 | Pass | Special mention * | Substandard ** | Doubtful | Loss | Loans receivable | ||||||||||||||||||||||||||||||||
Personal Banking: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 3,459,251 | — | 13,512 | — | — | 3,472,763 | |||||||||||||||||||||||||||||||
Home equity loans | 1,254,985 | — | 3,780 | — | — | 1,258,765 | ||||||||||||||||||||||||||||||||
Consumer loans | 2,150,464 | — | 4,655 | — | — | 2,155,119 | ||||||||||||||||||||||||||||||||
Total Personal Banking | 6,864,700 | — | 21,947 | — | — | 6,886,647 | ||||||||||||||||||||||||||||||||
Commercial Banking: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 2,632,472 | 123,935 | 166,610 | — | — | 2,923,017 | ||||||||||||||||||||||||||||||||
Commercial loans | 1,476,833 | 3,690 | 20,086 | — | — | 1,500,609 | ||||||||||||||||||||||||||||||||
Total Commercial Banking | 4,109,305 | 127,625 | 186,696 | — | — | 4,423,626 | ||||||||||||||||||||||||||||||||
Total loans | $ | 10,974,005 | 127,625 | 208,643 | — | — | 11,310,273 | |||||||||||||||||||||||||||||||
At June 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Personal Banking: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 3,483,098 | — | 12,059 | — | — | 3,495,157 | |||||||||||||||||||||||||||||||
Home equity loans | 1,272,363 | — | 3,699 | — | — | 1,276,062 | ||||||||||||||||||||||||||||||||
Consumer loans | 2,196,938 | — | 4,124 | — | — | 2,201,062 | ||||||||||||||||||||||||||||||||
Total Personal Banking | 6,952,399 | — | 19,882 | — | — | 6,972,281 | ||||||||||||||||||||||||||||||||
Commercial Banking: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 2,649,535 | 74,170 | 171,519 | — | — | 2,895,224 | ||||||||||||||||||||||||||||||||
Commercial loans | 1,377,981 | 3,040 | 22,705 | — | — | 1,403,726 | ||||||||||||||||||||||||||||||||
Total Commercial Banking | 4,027,516 | 77,210 | 194,224 | — | — | 4,298,950 | ||||||||||||||||||||||||||||||||
Total loans | $ | 10,979,915 | 77,210 | 214,106 | — | — | 11,271,231 | |||||||||||||||||||||||||||||||
At March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Personal Banking: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 3,499,135 | — | 6,330 | — | — | 3,505,465 | |||||||||||||||||||||||||||||||
Home equity loans | 1,277,915 | — | 3,631 | — | — | 1,281,546 | ||||||||||||||||||||||||||||||||
Consumer loans | 2,227,379 | — | 4,754 | — | — | 2,232,133 | ||||||||||||||||||||||||||||||||
Total Personal Banking | 7,004,429 | — | 14,715 | — | — | 7,019,144 | ||||||||||||||||||||||||||||||||
Commercial Banking: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 2,585,676 | 69,837 | 171,591 | — | — | 2,827,104 | ||||||||||||||||||||||||||||||||
Commercial loans | 1,217,344 | 6,381 | 22,298 | — | — | 1,246,023 | ||||||||||||||||||||||||||||||||
Total Commercial Banking | 3,803,020 | 76,218 | 193,889 | — | — | 4,073,127 | ||||||||||||||||||||||||||||||||
Total loans | $ | 10,807,449 | 76,218 | 208,604 | — | — | 11,092,271 | |||||||||||||||||||||||||||||||
At December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Personal Banking: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 3,484,870 | — | 13,729 | — | — | 3,498,599 | |||||||||||||||||||||||||||||||
Home equity loans | 1,292,146 | — | 5,528 | — | — | 1,297,674 | ||||||||||||||||||||||||||||||||
Consumer loans | 2,164,220 | — | 4,435 | — | — | 2,168,655 | ||||||||||||||||||||||||||||||||
Total Personal Banking | 6,941,236 | — | 23,692 | — | — | 6,964,928 | ||||||||||||||||||||||||||||||||
Commercial Banking: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 2,579,809 | 55,076 | 188,670 | — | — | 2,823,555 | ||||||||||||||||||||||||||||||||
Commercial loans | 1,100,707 | 7,384 | 23,878 | — | — | 1,131,969 | ||||||||||||||||||||||||||||||||
Total Commercial Banking | 3,680,516 | 62,460 | 212,548 | — | — | 3,955,524 | ||||||||||||||||||||||||||||||||
Total loans | $ | 10,621,752 | 62,460 | 236,240 | — | — | 10,920,452 | |||||||||||||||||||||||||||||||
At September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Personal Banking: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 3,388,168 | — | 13,730 | — | — | 3,401,898 | |||||||||||||||||||||||||||||||
Home equity loans | 1,279,968 | — | 5,021 | — | — | 1,284,989 | ||||||||||||||||||||||||||||||||
Consumer loans | 2,112,478 | — | 3,760 | — | — | 2,116,238 | ||||||||||||||||||||||||||||||||
Total Personal Banking | 6,780,614 | — | 22,511 | — | — | 6,803,125 | ||||||||||||||||||||||||||||||||
Commercial Banking: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 2,589,648 | 34,684 | 188,498 | — | — | 2,812,830 | ||||||||||||||||||||||||||||||||
Commercial loans | 1,094,830 | 4,004 | 26,736 | — | — | 1,125,570 | ||||||||||||||||||||||||||||||||
Total Commercial Banking | 3,684,478 | 38,688 | 215,234 | — | — | 3,938,400 | ||||||||||||||||||||||||||||||||
Total loans | $ | 10,465,092 | 38,688 | 237,745 | — | — | 10,741,525 |
September 30, 2023 | * | June 30, 2023 | * | March 31, 2023 | * | December 31, 2022 | * | September 30, 2022 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Number of loans and dollar amount of loans) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans delinquent 30 days to 59 days: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 6 | $ | 573 | — | % | 14 | $ | 627 | — | % | 259 | $ | 26,992 | 0.8 | % | 304 | $ | 29,487 | 0.8 | % | 26 | $ | 1,052 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | 112 | 4,707 | 0.4 | % | 92 | 3,395 | 0.3 | % | 111 | 4,235 | 0.3 | % | 145 | 6,657 | 0.5 | % | 88 | 3,278 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 733 | 9,874 | 0.5 | % | 602 | 7,955 | 0.4 | % | 587 | 6,930 | 0.3 | % | 737 | 9,435 | 0.4 | % | 549 | 6,546 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 22 | 3,411 | 0.1 | % | 13 | 2,710 | 0.1 | % | 23 | 4,834 | 0.2 | % | 29 | 4,008 | 0.1 | % | 13 | 1,332 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 52 | 2,847 | 0.2 | % | 38 | 15,658 | 1.1 | % | 46 | 4,253 | 0.3 | % | 51 | 2,648 | 0.2 | % | 48 | 2,582 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans delinquent 30 days to 59 days | 925 | $ | 21,412 | 0.2 | % | 759 | $ | 30,345 | 0.3 | % | 1,026 | $ | 47,244 | 0.4 | % | 1,266 | $ | 52,235 | 0.5 | % | 724 | $ | 14,790 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans delinquent 60 days to 89 days: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 56 | $ | 5,395 | 0.2 | % | 52 | $ | 3,521 | 0.1 | % | 23 | $ | 1,922 | 0.1 | % | 65 | $ | 5,563 | 0.2 | % | 51 | $ | 4,320 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | 40 | 1,341 | 0.1 | % | 31 | 1,614 | 0.1 | % | 31 | 1,061 | 0.1 | % | 29 | 975 | 0.1 | % | 36 | 1,227 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 236 | 2,707 | 0.1 | % | 250 | 2,584 | 0.1 | % | 185 | 2,083 | 0.1 | % | 255 | 3,070 | 0.1 | % | 223 | 2,663 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 13 | 1,588 | 0.1 | % | 12 | 1,288 | — | % | 17 | 1,949 | 0.1 | % | 16 | 2,377 | 0.1 | % | 13 | 1,741 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 15 | 981 | 0.1 | % | 23 | 11,092 | 0.8 | % | 19 | 1,088 | 0.1 | % | 24 | 1,115 | 0.1 | % | 14 | 808 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans delinquent 60 days to 89 days | 360 | $ | 12,012 | 0.1 | % | 368 | $ | 20,099 | 0.2 | % | 275 | $ | 8,103 | 0.1 | % | 389 | $ | 13,100 | 0.1 | % | 337 | $ | 10,759 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans delinquent 90 days or more: ** | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 79 | $ | 7,695 | 0.2 | % | 63 | $ | 6,290 | 0.2 | % | 39 | $ | 3,300 | 0.1 | % | 65 | $ | 5,574 | 0.2 | % | 64 | $ | 5,544 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | 73 | 2,206 | 0.2 | % | 68 | 1,965 | 0.2 | % | 65 | 2,190 | 0.2 | % | 68 | 2,257 | 0.2 | % | 65 | 1,779 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 357 | 3,020 | 0.1 | % | 314 | 2,447 | 0.1 | % | 313 | 3,279 | 0.1 | % | 334 | 3,079 | 0.1 | % | 289 | 2,388 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 27 | 8,416 | 0.3 | % | 20 | 8,575 | 0.3 | % | 18 | 8,010 | 0.3 | % | 19 | 7,867 | 0.3 | % | 22 | 8,821 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 39 | 2,472 | 0.2 | % | 38 | 2,414 | 0.2 | % | 24 | 1,302 | 0.1 | % | 15 | 1,829 | 0.2 | % | 11 | 638 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans delinquent 90 days or more | 575 | $ | 23,809 | 0.2 | % | 503 | $ | 21,691 | 0.2 | % | 459 | $ | 18,081 | 0.2 | % | 501 | $ | 20,606 | 0.2 | % | 451 | $ | 19,170 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans delinquent | 1,860 | $ | 57,233 | 0.5 | % | 1,630 | $ | 72,135 | 0.6 | % | 1,760 | $ | 73,428 | 0.7 | % | 2,156 | $ | 85,941 | 0.8 | % | 1,512 | $ | 44,719 | 0.4 | % |
Quarter ended | |||||||||||||||||||||||||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Beginning balance | $ | 124,423 | 121,257 | 118,036 | 109,819 | 98,355 | |||||||||||||||||||||||
ASU 2022-02 Adoption | — | — | 426 | — | — | ||||||||||||||||||||||||
Provision | 3,983 | 6,010 | 4,870 | 9,023 | 7,689 | ||||||||||||||||||||||||
Charge-offs residential mortgage | (171) | (545) | (207) | (546) | (166) | ||||||||||||||||||||||||
Charge-offs home equity | (320) | (235) | (164) | (232) | (535) | ||||||||||||||||||||||||
Charge-offs consumer | (3,085) | (2,772) | (2,734) | (2,430) | (2,341) | ||||||||||||||||||||||||
Charge-offs commercial real estate | (484) | (483) | (657) | (621) | (1,329) | ||||||||||||||||||||||||
Charge-offs commercial | (1,286) | (1,209) | (865) | (404) | (243) | ||||||||||||||||||||||||
Recoveries | 1,781 | 2,400 | 2,552 | 3,427 | 8,389 | ||||||||||||||||||||||||
Ending balance | $ | 124,841 | 124,423 | 121,257 | 118,036 | 109,819 | |||||||||||||||||||||||
Net charge-offs to average loans, annualized | 0.13 | % | 0.10 | % | 0.08 | % | 0.03 | % | (0.14) | % |
Nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Beginning balance | $ | 118,036 | 102,241 | ||||||||
ASU 2022-02 Adoption | 426 | — | |||||||||
Provision | 14,863 | 8,837 | |||||||||
Charge-offs residential mortgage | (923) | (1,487) | |||||||||
Charge-offs home equity | (719) | (1,237) | |||||||||
Charge-offs consumer | (8,591) | (5,976) | |||||||||
Charge-offs commercial real estate | (1,624) | (6,745) | |||||||||
Charge-offs commercial | (3,360) | (1,253) | |||||||||
Recoveries | 6,733 | 15,439 | |||||||||
Ending balance | $ | 124,841 | 109,819 | ||||||||
Net charge-offs to average loans, annualized | 0.10 | % | 0.02 | % |
Quarter ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 3,476,446 | 32,596 | 3.75 | % | $ | 3,485,517 | 32,485 | 3.73 | % | $ | 3,493,617 | 32,009 | 3.66 | % | $ | 3,439,401 | 30,974 | 3.60 | % | $ | 3,331,173 | 29,414 | 3.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans | 1,264,134 | 17,435 | 5.47 | % | 1,273,298 | 16,898 | 5.32 | % | 1,284,425 | 16,134 | 5.09 | % | 1,282,733 | 15,264 | 4.72 | % | 1,274,918 | 13,658 | 4.25 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 2,092,023 | 23,521 | 4.46 | % | 2,143,804 | 22,662 | 4.24 | % | 2,123,672 | 20,794 | 3.97 | % | 2,069,207 | 19,709 | 3.78 | % | 1,981,754 | 17,256 | 3.45 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate loans | 2,911,145 | 41,611 | 5.67 | % | 2,836,443 | 38,426 | 5.43 | % | 2,824,120 | 37,031 | 5.24 | % | 2,822,008 | 35,428 | 4.91 | % | 2,842,597 | 34,158 | 4.70 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 1,447,211 | 26,239 | 7.19 | % | 1,326,598 | 22,872 | 6.92 | % | 1,161,298 | 18,353 | 6.32 | % | 1,113,178 | 16,315 | 5.74 | % | 1,050,124 | 12,978 | 4.84 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable (a) (b) (d) | 11,190,959 | 141,402 | 5.01 | % | 11,065,660 | 133,343 | 4.83 | % | 10,887,132 | 124,321 | 4.63 | % | 10,726,527 | 117,690 | 4.35 | % | 10,480,566 | 107,464 | 4.07 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (c) | 1,781,010 | 8,072 | 1.81 | % | 1,859,427 | 8,326 | 1.79 | % | 1,909,676 | 8,537 | 1.79 | % | 1,956,167 | 8,603 | 1.76 | % | 2,019,715 | 8,683 | 1.72 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (c) (d) | 336,125 | 1,431 | 1.70 | % | 374,560 | 1,715 | 1.83 | % | 384,717 | 1,761 | 1.83 | % | 386,468 | 1,753 | 1.81 | % | 388,755 | 1,762 | 1.81 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock, at cost | 37,722 | 668 | 7.03 | % | 45,505 | 844 | 7.44 | % | 39,631 | 690 | 7.06 | % | 26,827 | 419 | 6.19 | % | 14,028 | 148 | 4.19 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning deposits | 59,433 | 915 | 6.11 | % | 38,912 | 594 | 6.12 | % | 30,774 | 423 | 5.50 | % | 9,990 | 153 | 5.99 | % | 253,192 | 1,295 | 2.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 13,405,249 | 152,488 | 4.51 | % | 13,384,064 | 144,822 | 4.34 | % | 13,251,930 | 135,732 | 4.15 | % | 13,105,979 | 128,618 | 3.89 | % | 13,156,256 | 119,352 | 3.60 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets (e) | 974,074 | 861,853 | 869,566 | 877,121 | 896,663 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 14,379,323 | $ | 14,245,917 | $ | 14,121,496 | $ | 13,983,100 | $ | 14,052,919 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits (g) | $ | 2,116,759 | 2,695 | 0.51 | % | $ | 2,142,941 | 1,393 | 0.26 | % | $ | 2,198,988 | 690 | 0.13 | % | $ | 2,298,451 | 585 | 0.10 | % | $ | 2,350,248 | 594 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (g) | 2,569,229 | 4,086 | 0.63 | % | 2,469,666 | 1,648 | 0.27 | % | 2,612,883 | 951 | 0.15 | % | 2,718,360 | 509 | 0.07 | % | 2,794,338 | 360 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts (g) | 2,112,228 | 6,772 | 1.27 | % | 2,221,713 | 6,113 | 1.10 | % | 2,408,582 | 4,403 | 0.74 | % | 2,512,892 | 1,310 | 0.21 | % | 2,620,850 | 692 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits (g) | 2,164,559 | 18,136 | 3.32 | % | 1,765,454 | 12,663 | 2.88 | % | 1,293,609 | 5,194 | 1.63 | % | 1,024,895 | 1,467 | 0.57 | % | 1,110,906 | 1,511 | 0.54 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds (f) | 643,518 | 7,937 | 4.89 | % | 837,358 | 10,202 | 4.89 | % | 740,218 | 7,938 | 4.35 | % | 451,369 | 3,967 | 3.49 | % | 127,073 | 239 | 0.75 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt | 114,045 | 1,148 | 4.03 | % | 113,958 | 1,148 | 4.03 | % | 113,870 | 1,148 | 4.03 | % | 113,783 | 1,148 | 4.04 | % | 113,695 | 1,149 | 4.04 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | 129,466 | 2,456 | 7.42 | % | 129,401 | 2,280 | 6.97 | % | 129,335 | 2,152 | 6.66 | % | 129,271 | 1,823 | 5.52 | % | 129,207 | 1,322 | 4.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 9,849,804 | 43,230 | 1.74 | % | 9,680,491 | 35,447 | 1.47 | % | 9,497,485 | 22,476 | 0.96 | % | 9,249,021 | 10,809 | 0.46 | % | 9,246,317 | 5,867 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits (g) | 2,757,091 | 2,820,928 | 2,889,973 | 3,039,000 | 3,093,490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 257,141 | 224,508 | 235,213 | 229,794 | 209,486 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 12,864,036 | 12,725,927 | 12,622,671 | 12,517,815 | 12,549,293 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,515,287 | 1,519,990 | 1,498,825 | 1,465,285 | 1,503,626 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 14,379,323 | $ | 14,245,917 | $ | 14,121,496 | $ | 13,983,100 | $ | 14,052,919 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/Interest rate spread | 109,258 | 2.77 | % | 109,375 | 2.87 | % | 113,256 | 3.19 | % | 117,809 | 3.43 | % | 113,485 | 3.35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest-earning assets/Net interest margin | $ | 3,555,445 | 3.23 | % | $ | 3,703,573 | 3.28 | % | $ | 3,754,445 | 3.47 | % | $ | 3,856,958 | 3.57 | % | $ | 3,909,939 | 3.42 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.36X | 1.38X | 1.40X | 1.42X | 1.42X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 3,485,130 | 97,090 | 3.71 | % | $ | 3,162,758 | 82,282 | 3.47 | % | |||||||||||||||||||||||||
Home equity loans | 1,273,878 | 50,467 | 5.30 | % | 1,282,045 | 37,443 | 3.90 | % | |||||||||||||||||||||||||||
Consumer loans | 2,119,717 | 66,977 | 4.22 | % | 1,887,843 | 47,588 | 3.37 | % | |||||||||||||||||||||||||||
Commercial real estate loans | 2,857,555 | 117,074 | 5.48 | % | 2,918,940 | 95,813 | 4.33 | % | |||||||||||||||||||||||||||
Commercial loans | 1,312,750 | 67,465 | 6.87 | % | 929,942 | 28,981 | 4.11 | % | |||||||||||||||||||||||||||
Loans receivable (a) (b) (d) | 11,049,030 | 399,073 | 4.83 | % | 10,181,528 | 292,107 | 3.84 | % | |||||||||||||||||||||||||||
Mortgage-backed securities (c) | 1,849,567 | 24,935 | 1.80 | % | 1,972,694 | 22,201 | 1.50 | % | |||||||||||||||||||||||||||
Investment securities (c) (d) | 364,956 | 4,909 | 1.79 | % | 379,850 | 4,923 | 1.73 | % | |||||||||||||||||||||||||||
FHLB stock, at cost | 40,945 | 2,202 | 7.19 | % | 13,776 | 311 | 3.02 | % | |||||||||||||||||||||||||||
Other interest-earning deposits | 64,560 | 1,931 | 4.00 | % | 753,482 | 3,447 | 0.60 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 13,369,058 | 433,050 | 4.33 | % | 13,301,330 | 322,989 | 3.25 | % | |||||||||||||||||||||||||||
Noninterest-earning assets (e) | 880,799 | 941,947 | |||||||||||||||||||||||||||||||||
Total assets | $ | 14,249,857 | $ | 14,243,277 | |||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings deposits (g) | $ | 2,163,564 | 4,777 | 0.30 | % | $ | 2,348,944 | 1,758 | 0.10 | % | |||||||||||||||||||||||||
Interest-bearing demand deposits (g) | 2,550,433 | 6,684 | 0.35 | % | 2,842,071 | 1,008 | 0.05 | % | |||||||||||||||||||||||||||
Money market deposit accounts (g) | 2,246,422 | 17,289 | 1.03 | % | 2,647,301 | 2,067 | 0.10 | % | |||||||||||||||||||||||||||
Time deposits (g) | 1,733,428 | 35,993 | 2.78 | % | 1,207,444 | 5,416 | 0.60 | % | |||||||||||||||||||||||||||
Borrowed funds (f) | 740,011 | 26,077 | 4.71 | % | 131,368 | 563 | 0.57 | % | |||||||||||||||||||||||||||
Subordinated debt | 113,958 | 3,444 | 4.03 | % | 118,919 | 3,603 | 4.04 | % | |||||||||||||||||||||||||||
Junior subordinated debentures | 129,401 | 6,889 | 7.02 | % | 129,142 | 2,893 | 2.95 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 9,677,217 | 101,153 | 1.40 | % | 9,425,189 | 17,308 | 0.25 | % | |||||||||||||||||||||||||||
Noninterest-bearing demand deposits (g) | 2,822,178 | 3,081,640 | |||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 239,034 | 199,742 | |||||||||||||||||||||||||||||||||
Total liabilities | 12,738,429 | 12,706,571 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,511,428 | 1,536,706 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 14,249,857 | $ | 14,243,277 | |||||||||||||||||||||||||||||||
Net interest income/Interest rate spread | 331,897 | 2.93 | % | 305,681 | 3.00 | % | |||||||||||||||||||||||||||||
Net interest-earning assets/Net interest margin | $ | 3,691,841 | 3.32 | % | $ | 3,876,141 | 3.07 | % | |||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.38X | 1.41X |
Cover Page Document |
Jul. 24, 2023 |
---|---|
Cover page. [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 23, 2023 |
Entity Registrant Name | Northwest Bancshares, Inc. |
Entity Incorporation, State or Country Code | MD |
Entity File Number | 001-34582 |
Entity Tax Identification Number | 27-0950358 |
Entity Address, Address Line One | 3 Easton Oval Suite 500 |
Entity Address, City or Town | Columbus |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 43219 |
City Area Code | 814 |
Local Phone Number | 726-2140 |
Title of 12(b) Security | Common Stock, 0.01 Par Value |
Trading Symbol | NWBI |
Security Exchange Name | NASDAQ |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001471265 |
Amendment Flag | false |
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