10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 FORM 10-Q

☒    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2024

 OR

☐    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                   to                 

Commission File Number 001-34582

NORTHWEST BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Maryland				27-0950358
(State or other jurisdiction of incorporation or organization)				(I.R.S. Employer Identification No.)
3 Easton Oval	Suite 500	Columbus	Ohio	43219
(Address of Principal Executive Offices)				(Zip Code)

(814) 726-2140

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value	NWBI	NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

    ☒    Large accelerated filer    ☐    Accelerated filer

    ☐    Non-accelerated filer     ☐    Smaller reporting company

            ☐    Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

    Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Common Stock ($0.01 par value), 127,264,095 shares outstanding as of April 30, 2024.

NORTHWEST BANCSHARES, INC.

Table of Contents 

PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Financial Condition at March 31, 2024 and December 31, 2023 (Unaudited)	1
	Consolidated Statements of Income for the quarters ended March 31, 2024 and 2023 (Unaudited)	2
	Consolidated Statements of Comprehensive Income/(Loss) for the quarters ended March 31, 2024 and 2023 (Unaudited)	3
	Consolidated Statements of Changes in Shareholders’ Equity for the quarters ended March 31, 2024 and 2023 (Unaudited)	4
	Consolidated Statements of Cash Flows for the quarters ended March 31, 2024 and 2023 (Unaudited)	5
	Notes to Consolidated Financial Statements (Unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	48
Item 4.	Controls and Procedures	49
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 3.	Defaults Upon Senior Securities	50
Item 4.	Mine Safety Disclosures	50
Item 5.	Other Information	50
Item 6.	Exhibits	51
	Signature	52

Item 1.        FINANCIAL STATEMENTS

NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

(in thousands, except share data)

	March 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	119,319	122,260
Marketable securities available-for-sale (amortized cost of $1,298,108 and $1,240,003, respectively)	1,094,009		1,043,359
Marketable securities held-to-maturity (fair value of $680,353 and $699,506, respectively)	801,107		814,839
Total cash and cash equivalents and marketable securities	2,014,435		1,980,458
Loans held-for-sale	8,082		8,768
Loans held for investment	11,493,164		11,406,041
Allowance for credit losses	(124,897)		(125,243)
Loans receivable, net	11,376,349		11,289,566
FHLB stock, at cost	30,811		30,146
Accrued interest receivable	50,680		47,353
Real estate owned, net	50		104
Premises and equipment, net	130,565		138,838
Bank-owned life insurance	252,842		251,895
Goodwill	380,997		380,997
Other intangible assets, net	4,589		5,290
Other assets	268,945		294,458
Total assets	$	14,510,263	14,419,105
Liabilities and shareholders’ equity
Liabilities:
Noninterest-bearing demand deposits	$	2,618,379	2,669,023
Interest-bearing demand deposits	2,557,866		2,634,546
Money market deposit accounts	1,952,537		1,968,218
Savings deposits	2,156,048		2,105,234
Time deposits	2,786,814		2,602,881
Total deposits	12,071,644		11,979,902
Borrowed funds	400,783		398,895
Subordinated debt	114,276		114,189
Junior subordinated debentures	129,639		129,574
Advances by borrowers for taxes and insurance	46,970		45,253
Accrued interest payable	17,395		13,669
Other liabilities	177,107		186,306
Total liabilities	12,957,814		12,867,788
Shareholders’ equity:
Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued	—		—
Common stock, $0.01 par value: 500,000,000 shares authorized, 127,253,189 and 127,110,453 shares issued and outstanding, respectively	1,273		1,271
Additional paid-in capital	1,026,173		1,024,852
Retained earnings	678,427		674,686
Accumulated other comprehensive loss	(153,424)		(149,492)
Total shareholders’ equity	1,552,449		1,551,317
Total liabilities and shareholders’ equity	$	14,510,263	14,419,105

See accompanying notes to unaudited Consolidated Financial Statements.

1

NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in thousands, except share data) 

	Quarter ended March 31,
	2024		2023
Interest income:
Loans receivable	$	149,571	123,745
Mortgage-backed securities	7,944		8,537
Taxable investment securities	794		845
Tax-free investment securities	491		700
FHLB stock dividends	607		690
Interest-earning deposits	832		423
Total interest income	160,239		134,940
Interest expense:
Deposits	47,686		11,238
Borrowed funds	9,315		11,238
Total interest expense	57,001		22,476
Net interest income	103,238		112,464
Provision for credit losses - loans	4,234		4,870
Provision for credit losses - unfunded commitments	(799)		126
Net interest income after provision for credit losses	99,803		107,468
Noninterest income:
Gain on sale of SBA loans	873		279
Service charges and fees	15,523		13,189
Trust and other financial services income	7,127		6,449
Gain on real estate owned, net	57		108
Income from bank-owned life insurance	1,502		1,269
Mortgage banking income	452		524
Other operating income	2,429		2,151
Total noninterest income	27,963		23,969
Noninterest expense:
Compensation and employee benefits	51,540		46,604
Premises and occupancy costs	7,627		7,471
Office operations	2,767		3,010
Collections expense	336		387
Processing expenses	14,725		14,350
Marketing expenses	2,149		2,892
Federal deposit insurance premiums	3,023		2,223
Professional services	4,065		4,758
Amortization of intangible assets	701		909
Real estate owned expense	66		181
Merger, asset disposition and restructuring expense	955		2,802
Other expenses	2,070		1,863
Total noninterest expense	90,024		87,450
Income before income taxes	37,742		43,987
Federal and state income taxes expense	8,579		10,308
Net income	$	29,163	33,679
Basic earnings per share	$	0.23	0.27
Diluted earnings per share	$	0.23	0.26

See accompanying notes to unaudited Consolidated Financial Statements.

2

NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited)

(in thousands)

	Quarter ended March 31,
	2024		2023
Net income	$	29,163	33,679
Other comprehensive (loss)/income net of tax:
Net unrealized holding (losses)/gains on marketable securities:
Unrealized holding (losses)/gains, net of tax of $1,758 and ($3,308), respectively	(5,698)		13,017
Reclassification adjustment for losses/(gains) included in net income, net of tax of $0 and $0, respectively	—		—
Net unrealized holding (losses)/gains on marketable securities	(5,698)		13,017
Change in fair value of interest rate swaps, net of tax of ($630) and $0, respectively	2,154		—
Defined benefit plan:
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, net of tax of $147 and $152, respectively	(388)		(382)
Other comprehensive (loss)/income	(3,932)		12,635
Total comprehensive income	$	25,231	46,314

See accompanying notes to unaudited Consolidated Financial Statements.

3

NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

(in thousands, expect share data) 

				Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Total shareholders’ equity
	Common stock
Quarter ended March 31, 2024	Shares	Amount
Beginning balance at December 31, 2023	127,110,453	$	1,271	1,024,852	674,686	(149,492)	1,551,317
Comprehensive income:
Net income	—	—		—	29,163	—	29,163
Other comprehensive loss, net of tax of $1,275	—	—		—	—	(3,932)	(3,932)
Total comprehensive income/(loss)	—	—		—	29,163	(3,932)	25,231
Exercise of stock options	10	—		20	—	—	20
Stock-based compensation expense	146,086	2		1,301	—	—	1,303
Stock-based compensation forfeited	(3,360)	—		—	—	—	—
Dividends paid ($0.20 per share)	—	—		—	(25,422)	—	(25,422)
Ending balance at March 31, 2024	127,253,189	$	1,273	1,026,173	678,427	(153,424)	1,552,449

				Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Total shareholders’ equity
	Common stock
Quarter ended March 31, 2023	Shares	Amount
Beginning balance at December 31, 2022	127,028,848	$	1,270	1,019,647	641,727	(171,158)	1,491,486
Comprehensive income:
Net income	—	—		—	33,679	—	33,679
Other comprehensive income, net of tax of ($3,157)	—	—		—	—	12,635	12,635
Total comprehensive income	—	—		—	33,679	12,635	46,314
Adoption of ASU No. 2022-02	—	—		—	(329)	—	(329)
Exercise of stock options	38,218	1		464	—	—	465
Stock-based compensation expense	33,048	—		744	—	—	744
Stock-based compensation forfeited	(34,714)	—		—	—	—	—
Dividends paid ($0.20 per share)	—	—		—	(25,405)	—	(25,405)
Ending balance at March 31, 2023	127,065,400	$	1,271	1,020,855	649,672	(158,523)	1,513,275

See accompanying notes to unaudited Consolidated Financial Statements.

4

NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)

	Quarter ended March 31,
	2024		2023
Operating activities:
Net income	$	29,163	33,679
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	3,435		4,996
Net (gain)/loss on sale of assets	(6,023)		1,254
Mortgage banking activity	(794)		(179)
Gain on sale of SBA loans	(852)		—
Net depreciation, amortization and accretion	4,646		2,154
Decrease in other assets	33,565		6,958
Decrease in other liabilities	(2,427)		(24,494)
Net amortization on marketable securities	625		876
Noncash compensation expense related to stock benefit plans	1,303		744
Noncash write-down of other assets	5,929		37
Origination of loans held-for-sale	(43,052)		(30,712)
Proceeds from sale of loans held-for-sale	45,183		34,530
Net cash provided by operating activities	70,701		29,843
Investing activities:
Purchase of marketable securities available-for-sale	(79,052)		—
Proceeds from maturities and principal reductions of marketable securities held-to-maturity	13,553		15,028
Proceeds from maturities and principal reductions of marketable securities available-for-sale	20,501		28,246
Proceeds from bank-owned life insurance	—		1,633
Loan originations	(1,055,402)		(923,686)
Proceeds from loan maturities and principal reductions	962,835		748,472
Net redemptions of FHLB stock	(665)		(1,376)
Proceeds from sale of real estate owned	114		186
(Purchases)/disposals of premises and equipment, net	(5,471)		1,340
Net cash used in investing activities	(143,587)		(130,157)
Financing activities:
Net increase in deposits	91,742		72,631
Net increase in short-term borrowings	1,888		7,475
Increase in advances by borrowers for taxes and insurance	1,717		2,280
Cash dividends paid on common stock	(25,422)		(25,405)
Proceeds from stock options exercised	20		465
Net cash provided by financing activities	69,945		57,446
Net decrease in cash and cash equivalents	$	(2,941)	$	(42,868)
Cash and cash equivalents at beginning of period	$	122,260	139,365
Net decrease in cash and cash equivalents	(2,941)		(42,868)
Cash and cash equivalents at end of period	$	119,319	96,497
Cash paid during the period for:
Interest on deposits and borrowings (including interest credited to deposit accounts of $37,257 and $10,676, respectively)	$	53,275	23,471
Income taxes	612		291
Non-cash activities:
Loan foreclosures and repossessions	$	1,148	847

See accompanying notes to unaudited Consolidated Financial Statements.

5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(1)    Basis of Presentation and Informational Disclosures

Northwest Bancshares, Inc. (the “Company” or “NWBI”), a Maryland corporation headquartered in Columbus, Ohio, is a bank holding company regulated by the Board of Governors of the Federal Reserve System (“FRB”). The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest”). Northwest is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking. Northwest operates 142 community-banking offices throughout Pennsylvania, Western New York, Eastern Ohio, and Indiana.

The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiary, Northwest, and Northwest’s subsidiaries Northwest Capital Group, Inc., Great Northwest Corporation, and Mutual Federal Interest Company, Inc. The unaudited Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The Consolidated Financial Statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 updated, as required, for any new pronouncements or changes.

Certain items previously reported have been reclassified to conform to the current year’s reporting format.

The results of operations for the quarter ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any other period.

Recently Adopted Accounting Standards

In March 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-02, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." This ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Entities must make an accounting policy election to apply the proportional amortization method on a tax credit-program-by-tax-credit-program basis. The ASU’s amendments also remove the specialized guidance for low-income-housing tax credit ("LIHTC") investments that are not accounted for using the proportional amortization method and instead require that those LIHTC investments be accounted for using the guidance in other accounting standards. This guidance is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. This ASU is applied on a modified retrospective or retrospective basis with the amendments to remove the specialized guidance for LIHTC also being able to be applied on a prospective basis. This guidance was adopted on January 1, 2024 and did not have a material impact to the Company's financial statements.

6

(2)    Marketable Securities

The following table shows the portfolio of marketable securities available-for-sale at March 31, 2024 (in thousands):

	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by the U.S government and agencies:
Due after one year through five years	$	20,000	—	(1,204)	18,796
Due after ten years	48,182		—	(10,260)	37,922
Debt issued by government-sponsored enterprises:
Due after one year through five years	45,987		—	(5,819)	40,168
Due after five years through ten years	360		—	(9)	351
Municipal securities:
Due after one year through five years	4,279		14	(426)	3,867
Due after five years through ten years	27,921		47	(1,886)	26,082
Due after ten years	53,464		—	(9,142)	44,322
Corporate debt issues:
Due after five years through ten years	8,467		—	(833)	7,634
Residential mortgage-backed securities:
Fixed rate pass-through	232,854		93	(26,711)	206,236
Variable rate pass-through	6,738		12	(69)	6,681
Fixed rate agency CMOs	776,087		—	(147,127)	628,960
Variable rate agency CMOs	73,769		35	(814)	72,990
Total residential mortgage-backed securities	1,089,448		140	(174,721)	914,867
Total marketable securities available-for-sale	$	1,298,108	201	(204,300)	1,094,009

7

The following table shows the portfolio of marketable securities available-for-sale at December 31, 2023 (in thousands):

	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by the U.S. government and agencies:
Due after one year through five years	$	20,000	—	(1,135)	18,865
Due after ten years	49,383		—	(9,934)	39,449
Debt issued by government-sponsored enterprises:
Due after one year through five years	45,986		—	(5,763)	40,223
Due after five years through ten years	386		—	(12)	374
Municipal securities:
Due after one year through five years	4,279		22	(427)	3,874
Due after five years through ten years	20,725		—	(1,437)	19,288
Due after ten years	60,762		125	(8,580)	52,307
Corporate debt issues:
Due after five years through ten years	8,466		—	(778)	7,688
Residential mortgage-backed securities:
Fixed rate pass-through	209,069		27	(25,222)	183,874
Variable rate pass-through	7,140		11	(71)	7,080
Fixed rate agency CMOs	789,842		—	(143,055)	646,787
Variable rate agency CMOs	23,965		38	(453)	23,550
Total residential mortgage-backed securities	1,030,016		76	(168,801)	861,291
Total marketable securities available-for-sale	$	1,240,003	223	(196,867)	1,043,359

The following table shows the portfolio of marketable securities held-to-maturity at March 31, 2024 (in thousands):

	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by government-sponsored enterprises:
Due after one year through five years	$	89,472	—	(11,232)	78,240
Due after five years through ten years	34,987		—	(5,877)	29,110
Residential mortgage-backed securities:
Fixed rate pass-through	144,158		—	(21,062)	123,096
Variable rate pass-through	432		1	—	433
Fixed rate agency CMOs	531,529		—	(82,578)	448,951
Variable rate agency CMOs	529		—	(6)	523
Total residential mortgage-backed securities	676,648		1	(103,646)	573,003
Total marketable securities held-to-maturity	$	801,107	1	(120,755)	680,353

8

The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2023 (in thousands): 

	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by government-sponsored enterprises:
Due after one year through five years	$	69,471	—	(8,100)	61,371
Due after five years through ten years	54,987		—	(8,700)	46,287
Residential mortgage-backed securities:
Fixed rate pass-through	147,874		—	(20,834)	127,040
Variable rate pass-through	449		1	—	450
Fixed rate agency CMOs	541,529		—	(77,694)	463,835
Variable rate agency CMOs	529		—	(6)	523
Total residential mortgage-backed securities	690,381		1	(98,534)	591,848
Total marketable securities held-to-maturity	$	814,839	1	(115,334)	699,506

The following table shows the contractual maturity of our residential mortgage-backed securities available-for-sale at March 31, 2024 (in thousands):

	Amortized cost		Fair value
Residential mortgage-backed securities:
Due within one year	$	116	116
Due after one year through five years	22,934		21,419
Due after five years through ten years	26,966		25,177
Due after ten years	1,039,432		868,155
Total residential mortgage-backed securities	$	1,089,448	914,867

The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at March 31, 2024 (in thousands):

	Amortized cost		Fair value
Residential mortgage-backed securities:
Due in less than one year	$	38	38
Due after one year through five years	20,144		17,635
Due after five years through ten years	20,209		16,304
Due after ten years	636,257		539,026
Total residential mortgage-backed securities	$	676,648	573,003

The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2024 (in thousands):

	Less than 12 months			12 months or more		Total
	Fair  value		Unrealized loss	Fair  value	Unrealized loss	Fair  value	Unrealized loss
U.S. government-sponsored enterprises	$	—	—	204,587	(34,401)	204,587	(34,401)
Municipal securities	498		(2)	67,691	(11,452)	68,189	(11,454)
Corporate issues	—		—	7,634	(833)	7,634	(833)
Residential mortgage-backed securities - agency	57,715		(855)	1,380,123	(277,512)	1,437,838	(278,367)
Total	$	58,213	(857)	1,660,035	(324,198)	1,718,248	(325,055)

9

The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2023 (in thousands):

	Less than 12 months			12 months or more		Total
	Fair  value		Unrealized loss	Fair  value	Unrealized loss	Fair  value	Unrealized loss
U.S. government-sponsored enterprises	$	—	—	206,569	(33,644)	206,569	(33,644)
Corporate debt issues	—		—	7,688	(778)	7,688	(778)
Municipal securities	2,753		(81)	66,046	(10,363)	68,799	(10,444)
Residential mortgage-backed securities - agency	17,976		(242)	1,423,707	(267,093)	1,441,683	(267,335)
Total	$	20,729	(323)	1,704,010	(311,878)	1,724,739	(312,201)

The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position as of March 31, 2024, which were comprised of 497 individual securities, represents a credit loss impairment. All of these securities were issued by U.S. government agencies, U.S. government-sponsored enterprises, local municipalities, or represent corporate debt. The securities issued by the U.S. government agencies or U.S. government-sponsored enterprises are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The securities issued by local municipalities and the corporate debt issues were all highly rated by major rating agencies and have no history of credit losses. The unrealized losses were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities. As of March 31, 2024, the Company does not have the intent to sell these investment securities and it is more likely than not that we will not be required to sell these securities before their anticipated recovery, which may be at maturity.

All of the Company’s held-to-maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The decline in fair value of the held-to-maturity debt securities were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities, therefore, the Company did not record an allowance for credit losses for these securities as of March 31, 2024.

The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of March 31, 2024 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, and they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of March 31, 2024.

	AA+		Total
Held-to-maturity securities (at amortized cost):
Debt issued by the U.S. government-sponsored enterprises	$	124,459	124,459
Residential mortgage-backed securities	676,648		676,648
Total marketable securities held-to-maturity	$	801,107	801,107

10

(3)    Loans Receivable

The following table shows a summary of our loans receivable at amortized cost basis at March 31, 2024 and December 31, 2023 (in thousands): 

	March 31, 2024				December 31, 2023
	Originated (1)		Acquired (2)	Total	Originated (1)	Acquired (2)	Total
Personal Banking:
Residential mortgage loans (3)	$	3,243,079	139,769	3,382,848	3,283,299	144,886	3,428,185
Home equity loans	1,079,671		116,936	1,196,607	1,103,410	124,448	1,227,858
Vehicle loans	1,944,752		60,104	2,004,856	1,943,540	65,061	2,008,601
Consumer loans	108,035		5,476	113,511	111,446	5,980	117,426
Total Personal Banking	6,375,537		322,285	6,697,822	6,441,695	340,375	6,782,070
Commercial Banking:
Commercial real estate loans (4)	2,436,853		227,137	2,663,990	2,389,537	238,920	2,628,457
Commercial real estate loans - owner occupied	338,744		25,794	364,538	319,195	26,358	345,553
Commercial loans	1,743,656		31,240	1,774,896	1,623,481	35,248	1,658,729
Total Commercial Banking	4,519,253		284,171	4,803,424	4,332,213	300,526	4,632,739
Total loans receivable, gross	10,894,790		606,456	11,501,246	10,773,908	640,901	11,414,809
Allowance for credit losses	(118,837)		(6,060)	(124,897)	(118,079)	(7,164)	(125,243)
Total loans receivable, net (5)	$	10,775,953	600,396	11,376,349	10,655,829	633,737	11,289,566

(1) Includes originated and loan pools purchased in an asset acquisition.

(2) Includes loans subject to purchase accounting in a business combination.

(3) Includes $8 million and $9 million of loans held-for-sale at March 31, 2024 and December 31, 2023, respectively.

(4) Includes $213,000 and $0 of loans held-for-sale at March 31, 2024 and December 31, 2023, respectively.

(5) Includes $68 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at March 31, 2024 and December 31, 2023.

11

The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2024 (in thousands):

	Balance as of March 31, 2024		Current period provision	Charge-offs	Recoveries	Balance as of December 31, 2023
Allowance for Credit Losses
Personal Banking:
Residential mortgage loans	$	16,821	(1,399)	(162)	189	18,193
Home equity loans	5,334		145	(412)	198	5,403
Vehicle loans	21,061		(3,694)	(2,588)	432	26,911
Consumer loans	1,452		1,849	(1,985)	389	1,199
Total Personal Banking	44,668		(3,099)	(5,147)	1,208	51,706
Commercial Banking:
Commercial real estate loans	54,474		3,073	(349)	483	51,267
Commercial real estate loans - owner occupied	4,055		272	—	8	3,775
Commercial loans	21,700		3,988	(1,163)	380	18,495
Total Commercial Banking	80,229		7,333	(1,512)	871	73,537
Total	$	124,897	4,234	(6,659)	2,079	125,243
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Residential mortgage loans	$	1	(1)	—	—	2
Home equity loans	64		(1)	—	—	65
Total Personal Banking	65		(2)	—	—	67
Commercial Banking:
Commercial real estate loans	6,218		71	—	—	6,147
Commercial real estate loans - owner occupied	154		(19)	—	—	173
Commercial loans	9,887		(849)	—	—	10,736
Total Commercial Banking	16,259		(797)	—	—	17,056
Total off-balance sheet exposure	$	16,324	(799)	—	—	17,123

12

The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2023 (in thousands):

	Balance as of March 31, 2023		Current period provision	Charge-offs	Recoveries	ASU 2022-02 Adoption	Balance as of December 31, 2022
Allowance for Credit Losses
Personal Banking:
Residential mortgage loans	$	19,238	(1)	(207)	185	—	19,261
Home equity loans	5,481		(450)	(164)	193	—	5,902
Vehicle loans	26,166		4,253	(1,668)	522	—	23,059
Consumer loans	732		796	(1,066)	337	—	665
Total Personal Banking	51,617		4,598	(3,105)	1,237	—	48,887
Commercial Banking:
Commercial real estate loans	45,404		121	(657)	1,008	426	44,506
Commercial real estate loans - owner occupied	3,351		(674)	—	21	—	4,004
Commercial loans	20,885		825	(865)	286	—	20,639
Total Commercial Banking	69,640		272	(1,522)	1,315	426	69,149
Total	$	121,257	4,870	(4,627)	2,552	426	118,036
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Residential mortgage loans	$	3	(1)	—	—	—	4
Home equity loans	60		(14)	—	—	—	74
Total Personal Banking	63		(15)	—	—	—	78
Commercial Banking:
Commercial real estate loans	5,924		549	—	—	—	5,375
Commercial real estate loans - owner occupied	441		62	—	—	—	379
Commercial loans	6,611		(470)	—	—	—	7,081
Total Commercial Banking	12,976		141	—	—	—	12,835
Total off-balance sheet exposure	$	13,039	126	—	—	—	12,913

13

The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at March 31, 2024 (in thousands):

	Total loans receivable		Allowance for credit losses	Nonaccrual loans	Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans	$	3,382,848	16,821	7,109	1,509
Home equity loans	1,196,607		5,334	4,409	1
Vehicle loans	2,004,856		21,061	4,360	59
Consumer loans	113,511		1,452	269	627
Total Personal Banking	6,697,822		44,668	16,147	2,196
Commercial Banking:
Commercial real estate loans	2,663,990		54,474	73,133	—
Commercial real estate loans - owner occupied	364,538		4,055	1,319	—
Commercial loans	1,774,896		21,700	4,461	256
Total Commercial Banking	4,803,424		80,229	78,913	256
Total	$	11,501,246	124,897	95,060	2,452

The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2023 (in thousands): 

	Total loans receivable		Allowance for credit losses	Nonaccrual loans	Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans	$	3,428,185	18,193	8,727	1,671
Home equity loans	1,227,858		5,403	4,492	26
Vehicle loans	2,008,601		26,911	4,816	44
Consumer loans	117,426		1,199	229	722
Total Personal Banking	6,782,070		51,706	18,264	2,463
Commercial Banking:
Commercial real estate loans	2,628,457		51,267	71,297	225
Commercial real estate loans - owner occupied	345,553		3,775	676	—
Commercial loans	1,658,729		18,495	4,147	10
Total Commercial Banking	4,632,739		73,537	76,120	235
Total	$	11,414,809	125,243	94,384	2,698

14

We present the amortized cost of our loans on nonaccrual status including such loans with no allowance. The following table presents the amortized cost of our loans on nonaccrual status as of the beginning and end of the quarter ended March 31, 2024 (in thousands): 

			March 31, 2024
	Nonaccrual loans at January 1, 2024		Nonaccrual loans with an allowance	Nonaccrual loans with no allowance	Total nonaccrual loans at the end of the period	Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans	$	8,727	6,703	406	7,109	1,509
Home equity loans	4,492		4,254	155	4,409	1
Vehicle loans	4,816		3,481	879	4,360	59
Consumer loans	229		269	—	269	627
Total Personal Banking	18,264		14,707	1,440	16,147	2,196
Commercial Banking:
Commercial real estate loans	71,297		50,794	22,339	73,133	—
Commercial real estate loans - owner occupied	676		1,319	—	1,319	—
Commercial loans	4,147		4,305	156	4,461	256
Total Commercial Banking	76,120		56,418	22,495	78,913	256
Total	$	94,384	71,125	23,935	95,060	2,452

During the quarter ended March 31, 2024, we did not recognize any interest income on nonaccrual loans.

The following table presents the amortized cost of our loans on nonaccrual status as of the year ended December 31, 2023 (in thousands): 

			December 31, 2023
	Nonaccrual loans at January 1, 2023		Nonaccrual loans with an allowance	Nonaccrual loans with no allowance	Total nonaccrual loans at the end of the period	Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans	$	7,574	8,304	423	8,727	1,671
Home equity loans	4,145		4,084	408	4,492	26
Vehicle loans	3,771		4,187	629	4,816	44
Consumer loans	256		229	—	229	722
Total Personal Banking	15,746		16,804	1,460	18,264	2,463
Commercial Banking:
Commercial real estate loans	62,239		47,359	23,938	71,297	225
Commercial real estate loans - owner occupied	624		676	—	676	—
Commercial loans	2,627		3,996	151	4,147	10
Total Commercial Banking	65,490		52,031	24,089	76,120	235
Total	$	81,236	68,835	25,549	94,384	2,698

During the year ended December 31, 2023, we did not recognize any interest income on nonaccrual loans.

15

A loan is considered to be collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. The following table presents the amortized cost basis of collateral-dependent loans by class of loans and collateral type as of as of March 31, 2024 (in thousands):

	Real estate		Equipment	Total
Commercial Banking:
Commercial real estate loans	$	66,587	1,256	67,843
Commercial loans	146		—	146
Total Commercial Banking	66,733		1,256	67,989
Total	$	66,733	1,256	67,989

The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2023 (in thousands):

	Real estate		Total
Commercial Banking:
Commercial real estate loans	$	66,934	66,934
Commercial loans	150		150
Total Commercial Banking	67,084		67,084
Total	$	67,084	67,084

Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extensions, an other-than-insignificant payment delay, or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged off against the allowance for credit losses.

In some cases, the Company provides multiple types of concessions to one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension, principal forgiveness, an other-than-insignificant payment delay, and/or an interest rate reduction.

The following table presents the amortized cost basis of loans for the periods indicated that were both experiencing financial difficulty and modified during the respective period, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financial receivable is also presented below (dollars in thousands).

	For the quarter ended March 31,
	2024						2023
	Payment delay		Term extension	Combination term extension and interest rate reduction	Total class of financing receivable		Term extension	Combination term extension and interest rate reduction	Total class of financing receivable
Personal Banking:
Residential mortgage loans	$	364	490	—	0.03	%	180	—	0.01	%
Home equity loans	—		552	84	0.05	%	110	—	0.01	%
Consumer loans	—		—	2	—	%	—	3	—	%
Total Personal Banking	364		1,042	86	0.02	%	290	3	—	%
Commercial Banking:
Commercial real estate loans	28,877		243	—	1.09	%	242	—	0.01	%
Commercial loans	—		56	10	—	%	765	—	0.06	%
Total Commercial Banking	28,877		299	10	0.61	%	1,007	—	0.02	%
Total	$	29,241	1,341	96	0.27	%	1,297	3	0.01	%

16

As of March 31, 2024 and December 31, 2023, the Company has committed to lend additional amounts totaling $41,000 and $31,000, respectively, to the borrowers experiencing financial difficulty for which the terms of the loan have been modified.

The following table presents the effect of the loan modifications presented above to borrowers experiencing financial difficulty for the periods indicated:

	For the quarter ended March 31,
	2024				2023
	Weighted-average interest rate reduction		Weighted-average term extension in months	Weighted-average payment deferral in years	Weighted-average interest rate reduction		Weighted-average term extension in months
Personal Banking:
Residential mortgage loans	—	%	143	0.50	—	%	147
Home equity loans	2	%	97	—	—	%	115
Consumer loans	12	%	356	—	12	%	356
Total Personal Banking	3	%	118	0.50	12	%	137
Commercial Banking:
Commercial real estate loans	—	%	106	1.00	—	%	24
Commercial loans	4	%	118	—	—	%	9
Total Commercial Banking	4	%	108	1.00	—	%	13
Total loans	3	%	116	1.00	12	%	41

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of loans modified within the previous twelve months of March 31, 2024:

	Current		30-59 days delinquent	60-89 days delinquent	90 days or greater delinquent
Personal Banking:
Residential mortgage loans	$	406	84	—	364
Home equity loans	616		3	—	17
Consumer loans	2		—	—	—
Total Personal Banking	1,024		87	—	381
Commercial Banking:
Commercial real estate loans	29,121		—	—	—
Commercial loans	10		9	47	—
Total Commercial Banking	29,131		9	47	—
Total loans	$	30,155	96	47	381

All loans modified since the adoption of ASU 2022-02 were current on their payments as of March 31, 2023.

A modification is considered to be in default when the loan is 90 days or more past due. The following table provides the amortized cost basis of financing receivables that had a payment default during the period ended March 31, 2024 and were modified within the previous twelve months to borrowers experiencing financial difficulty (in thousands):

	Term extension		Payment delay
Personal Banking:
Residential mortgage loans	$	—	$	364
Home equity loans	17		—
Total Personal Banking	17		364
Total	$	17	$	364

No loans modified since the adoption of ASU 2022-02 subsequently defaulted during the quarter ended March 31, 2023.

17

The modifications to borrowers experiencing financial distress are included in their respective portfolio segment and the current loan balance and updated loan terms are run through their respective ACL models to arrive at the quantitative portion of the ACL. Subsequent performance of the loans will be measured by delinquency status and will be captured through our ACL models or our qualitative factor assessment, as deemed appropriate. If we no longer believe the loan demonstrates similar risks to their respective portfolio segment an individual assessment will be performed. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

The following table provides information related to the amortized cost basis of loan payment delinquencies at March 31, 2024 (in thousands):

	30-59 days delinquent		60-89 days delinquent	90 days or greater delinquent	Total delinquency	Current	Total loans receivable	90 days or greater delinquent and accruing
Personal Banking:
Residential mortgage loans	$	38,502	70	5,813	44,385	3,338,463	3,382,848	1,509
Home equity loans	4,608		761	2,823	8,192	1,188,415	1,196,607	1
Vehicle loans	9,177		2,246	2,496	13,919	1,990,937	2,004,856	59
Consumer loans	734		299	849	1,882	111,629	113,511	627
Total Personal Banking	53,021		3,376	11,981	68,378	6,629,444	6,697,822	2,196
Commercial Banking:
Commercial real estate loans	6,181		807	6,041	13,029	2,650,961	2,663,990	—
Commercial real estate loans - owner occupied	215		—	890	1,105	363,433	364,538	—
Commercial loans	3,091		1,284	3,421	7,796	1,767,100	1,774,896	256
Total Commercial Banking	9,487		2,091	10,352	21,930	4,781,494	4,803,424	256
Total loans	$	62,508	5,467	22,333	90,308	11,410,938	11,501,246	2,452

The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2023 (in thousands):

	30-59 days delinquent		60-89 days delinquent	90 days or greater delinquent	Total delinquency	Current	Total loans receivable	90 days or greater delinquent and accruing
Personal Banking:
Residential mortgage loans	$	30,041	7,796	7,995	45,832	3,382,353	3,428,185	1,671
Home equity loans	5,761		982	3,126	9,869	1,217,989	1,227,858	26
Vehicle loans	10,382		3,326	3,051	16,759	1,991,842	2,008,601	44
Consumer loans	829		428	927	2,184	115,242	117,426	722
Total Personal Banking	47,013		12,532	15,099	74,644	6,707,426	6,782,070	2,463
Commercial Banking:
Commercial real estate loans	2,010		1,031	6,535	9,576	2,618,881	2,628,457	225
Commercial real estate loans - owner occupied	1,194		—	177	1,371	344,182	345,553	—
Commercial loans	4,196		703	2,780	7,679	1,651,050	1,658,729	10
Total Commercial Banking	7,400		1,734	9,492	18,626	4,614,113	4,632,739	235
Total originated loans	$	54,413	14,266	24,591	93,270	11,321,539	11,414,809	2,698

18

Credit Quality Indicators: For Commercial Banking we categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We analyze loans individually by classifying the loans by credit risk. Credit relationships greater than or equal to $1.0 million classified as special mention or substandard are reviewed quarterly for deterioration or improvement to determine if the loan is appropriately classified. We use the following definitions for risk ratings other than pass:

Special Mention — Loans designated as special mention have specific, well-defined risk issues, which create a high level of uncertainty regarding the long-term viability of the business. Loans in this class are considered to have high-risk characteristics. A special mention loan exhibits material negative financial trends due to company-specific or systemic conditions. If these potential weaknesses are not mitigated, they threaten the borrower’s capacity to meet its debt obligations. Special mention loans still demonstrate sufficient financial flexibility to react to and positively address the root cause of the adverse financial trends without significant deviations from their current business strategy. Their potential weaknesses deserve our close attention and warrant enhanced monitoring.

 Substandard — Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.

Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified as substandard. In addition, those weaknesses make collection or liquidation in full highly questionable and improbable. A loan classified as doubtful exhibits discernible loss potential, but a complete loss seems very unlikely. The possibility of a loss on a doubtful loan is high, but because of certain important and reasonably specific pending factors that may strengthen the loan, its classification as an estimated loss is deferred until a more exact status can be determined.

Loss — Loans classified as loss are considered uncollectible and of such value that the continuance as a loan is not warranted. A loss classification does not mean that the loan has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off all or a portion of a basically worthless loan even though partial recovery may be possible in the future.

For Personal Banking loans a pass risk rating is maintained until they are 90 days or greater past due, and risk rating reclassification is based primarily on past due status of the loan. The risk rating categories can generally be described by the following groupings:

Pass — Loans classified as pass are homogeneous loans that are less than 90 days past due from the required payment date at month-end.

Substandard — Loans classified as substandard are homogeneous loans that are greater than 90 days past due from the required payment date at month-end, or homogenous retail loans that are greater than 180 days past due from the required payment date at month-end that has been written down to the value of underlying collateral, less costs to sell.

Doubtful — Loans classified as doubtful are homogeneous loans that are greater than 180 days past due from the required payment date at month-end and not written down to the value of underlying collateral. These loans are generally charged-off in the month in which the 180 day period elapses.

19

The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator and the current period charge-offs by year of origination for each portfolio segment as of March 31, 2024 (in thousands):

	YTD March 31, 2024		2023	2022	2021	2020	Prior	Revolving loans	Revolving loans converted to term loans	Total loans receivable
Personal Banking:
Residential mortgage loans
Pass	$	7,577	192,489	660,443	782,217	496,755	1,230,826	—	—	3,370,307
Substandard	—		89	2,551	357	1,208	8,336	—	—	12,541
Total residential mortgage loans	7,577		192,578	662,994	782,574	497,963	1,239,162	—	—	3,382,848
Residential mortgage current period charge-offs	—		—	—	—	(113)	(49)	—	—	(162)
Home equity loans
Pass	5,488		67,059	97,697	101,645	140,326	276,751	460,391	42,600	1,191,957
Substandard	—		—	98	54	197	2,027	1,086	1,188	4,650
Total home equity loans	5,488		67,059	97,795	101,699	140,523	278,778	461,477	43,788	1,196,607
Home equity current period charge-offs	—		—	(35)	(2)	—	(154)	(189)	(32)	(412)
Vehicle loans
Pass	196,998		615,730	618,045	351,286	113,020	105,357	—	—	2,000,436
Substandard	—		753	1,310	1,274	257	826	—	—	4,420
Total vehicle loans	196,998		616,483	619,355	352,560	113,277	106,183	—	—	2,004,856
Vehicle current period charge-offs	—		(715)	(664)	(748)	(117)	(344)	—	—	(2,588)
Consumer loans
Pass	7,204		21,506	10,028	4,627	1,667	5,099	61,766	717	112,614
Substandard	—		51	63	9	—	51	622	101	897
Total consumer loans	7,204		21,557	10,091	4,636	1,667	5,150	62,388	818	113,511
Consumer loan current period charge-offs	(13)		(1,263)	(139)	(83)	(13)	(247)	(206)	(21)	(1,985)
Total Personal Banking	217,267		897,677	1,390,235	1,241,469	753,430	1,629,273	523,865	44,606	6,697,822
Commercial Banking:
Commercial real estate loans
Pass	62,822		232,766	496,664	303,781	319,596	931,515	28,002	24,423	2,399,569
Special mention	—		2,831	24,683	27,294	7,111	28,946	733	—	91,598
Substandard	1,256		1,909	2,779	29,626	19,575	117,501	78	99	172,823
Total commercial real estate loans	64,078		237,506	524,126	360,701	346,282	1,077,962	28,813	24,522	2,663,990
Commercial real estate current period charge-offs	—		—	(44)	—	—	(305)	—	—	(349)
Commercial real estate loans - owner occupied
Pass	22,976		12,903	51,065	47,955	13,886	163,028	2,171	1,304	315,288
Special mention	—		13,365	2,381	1,210	1,728	20,965	—	—	39,649
Substandard	—		—	—	111	1,647	6,145	—	1,698	9,601
Total commercial real estate loans - owner occupied	22,976		26,268	53,446	49,276	17,261	190,138	2,171	3,002	364,538
Commercial real estate - owner occupied current period charge-offs	—		—	—	—	—	—	—	—	—
Commercial loans
Pass	203,185		424,258	402,658	67,493	24,976	79,847	492,660	3,442	1,698,519
Special mention	8,019		31,014	3,860	4	298	217	9,045	4	52,461
Substandard	—		8,050	3,954	886	222	3,162	3,884	3,758	23,916
Total commercial loans	211,204		463,322	410,472	68,383	25,496	83,226	505,589	7,204	1,774,896
Commercial loans current period charge-offs	—		(47)	(734)	(75)	(175)	(132)	—	—	(1,163)
Total Commercial Banking	298,258		727,096	988,044	478,360	389,039	1,351,326	536,573	34,728	4,803,424
Total loans	$	515,525	1,624,773	2,378,279	1,719,829	1,142,469	2,980,599	1,060,438	79,334	11,501,246

For the quarter ended March 31, 2024, $3 million of revolving loans were converted to term loans.

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The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of December 31, 2023 (in thousands): 

	2023		2022	2021	2020	2019	Prior	Revolving loans	Revolving loans converted to term loans	Total loans receivable
Personal Banking:
Residential mortgage loans
Pass	$	186,081	665,379	792,488	506,068	244,678	1,019,152	—	—	3,413,846
Substandard	—		1,581	—	1,252	311	11,195	—	—	14,339
Total residential mortgage loans	186,081		666,960	792,488	507,320	244,989	1,030,347	—	—	3,428,185
Residential mortgage current period charge-offs	—		(9)	(5)	(130)	(23)	(1,023)	—	—	(1,189)
Home equity loans
Pass	71,497		100,639	106,043	146,121	94,144	197,259	463,868	43,526	1,223,097
Substandard	—		236	54	197	35	1,733	1,447	1,059	4,761
Total home equity loans	71,497		100,875	106,097	146,318	94,179	198,992	465,315	44,585	1,227,858
Home equity current period charge-offs	—		(53)	(46)	—	(48)	(352)	(144)	(209)	(852)
Vehicle loans
Pass	664,876		682,275	397,809	132,775	67,853	58,153	—	—	2,003,741
Substandard	646		1,418	1,453	299	556	488	—	—	4,860
Total vehicle loans	665,522		683,693	399,262	133,074	68,409	58,641	—	—	2,008,601
Vehicle current period charge-offs	(678)		(1,844)	(1,967)	(475)	(652)	(853)	—	—	(6,468)
Consumer loans
Pass	24,277		11,582	5,552	2,072	1,355	6,603	64,214	820	116,475
Substandard	55		43	19	6	6	46	726	50	951
Total consumer loans	24,332		11,625	5,571	2,078	1,361	6,649	64,940	870	117,426
Consumer loan current period charge-offs	(3,412)		(511)	(390)	(157)	(177)	(980)	(317)	(38)	(5,983)
Total Personal Banking	947,432		1,463,153	1,303,418	788,790	408,938	1,294,629	530,255	45,455	6,782,070
Commercial Banking:
Commercial real estate loans
Pass	223,335		470,762	303,873	332,620	228,382	745,244	27,583	24,804	2,356,603
Special Mention	2,819		24,735	27,871	5,365	4,053	38,665	711	—	104,219
Substandard	1,920		750	26,850	18,167	37,044	82,717	79	108	167,635
Total commercial real estate loans	228,074		496,247	358,594	356,152	269,479	866,626	28,373	24,912	2,628,457
Commercial real estate current period charge-offs	(14)		—	(492)	—	(51)	(1,741)	—	—	(2,298)
Commercial real estate loans - owner occupied
Pass	24,725		51,986	47,655	15,984	28,614	140,175	2,378	2,390	313,907
Special Mention	1,221		120	1,218	—	14,386	2,952	—	—	19,897
Substandard	—		—	118	1,666	4,646	4,641	—	678	11,749
Total commercial real estate loans - owner occupied	25,946		52,106	48,991	17,650	47,646	147,768	2,378	3,068	345,553
Commercial real estate - owner occupied current period charge-offs	—		—	—	—	—	(68)	—	—	(68)
Commercial loans
Pass	482,605		430,378	73,469	26,868	34,090	54,617	531,742	4,110	1,637,879
Special Mention	508		3,671	52	299	240	26	1,882	—	6,678
Substandard	—		3,015	872	356	2,361	840	4,729	1,999	14,172
Total commercial loans	483,113		437,064	74,393	27,523	36,691	55,483	538,353	6,109	1,658,729
Commercial loans current period charge-offs	(35)		(2,072)	(517)	(430)	(205)	(845)	(60)	(2)	(4,166)
Total Commercial Banking	737,133		985,417	481,978	401,325	353,816	1,069,877	569,104	34,089	4,632,739
Total loans	$	1,684,565	2,448,570	1,785,396	1,190,115	762,754	2,364,506	1,099,359	79,544	11,414,809

For the year ended December 31, 2023, $19 million of revolving loans were converted to term loans.

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(4)    Goodwill and Other Intangible Assets

The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands):

	March 31, 2024		December 31, 2023
Amortizable intangible assets:
Core deposit intangibles - gross	$	74,899	74,899
Less: accumulated amortization	(70,310)		(69,609)
Core deposit intangibles - net	$	4,589	5,290
Total intangible assets - net	$	4,589	5,290

The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2024 and 2023, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the succeeding fiscal years until the intangible assets are fully amortized (in thousands):

For the quarter ended March 31, 2024	$	701
For the quarter ended March 31, 2023	909
For the year ending December 31, 2024	2,452
For the year ending December 31, 2025	1,662
For the year ending December 31, 2026	871
For the year ending December 31, 2027	305

The following table provides information for the changes in the carrying amount of goodwill (in thousands):

	Total
Balance at December 31, 2023	$	380,997
Balance at March 31, 2024	$	380,997

We performed our annual goodwill impairment test as of June 30, 2023 in accordance with ASC 350, Intangibles - Goodwill and Other, and concluded that goodwill was not impaired.

(5)    Borrowed Funds

(a)    Borrowings

Borrowed funds at March 31, 2024 and December 31, 2023 are presented in the following table:

	March 31, 2024				December 31, 2023
	Amount		Average rate		Amount		Average rate
Term notes payable to the FHLB of Pittsburgh, due within one year	$	275,000	5.65	%	$	175,000	5.71	%
Notes payable to the FHLB of Pittsburgh, due within one year	55,600		5.67	%	163,500		5.70	%
Collateralized borrowings, due within one year	29,882		1.62	%	35,495		1.72	%
Collateral received, due within one year	40,301		5.08	%	24,900		5.26	%
Total borrowed funds	$	400,783			$	398,895

Borrowings from the Federal Home Loan Bank (“FHLB”) of Pittsburgh, if any, are secured by our residential first mortgage and other qualifying loans. At March 31, 2024, the carrying value of these loans was $6.0 billion. Certain of these borrowings are subject to restrictions or penalties in the event of prepayment.

The revolving line of credit with the FHLB of Pittsburgh carries a commitment of $250 million. The rate is adjusted daily by the FHLB of Pittsburgh, and any borrowings on this line may be repaid at any time without penalty. At March 31, 2024 and December 31, 2023, the balance of the revolving line of credit was $56 million and $164 million, respectively.

At March 31, 2024 and December 31, 2023, collateralized borrowings due within one year were $30 million and $35 million, respectively. These borrowings are collateralized by cash or various securities held in safekeeping by the FHLB. At March 31, 2024, the carrying value of the cash and securities used as collateral was $50 million.

At March 31, 2024 and December 31, 2023, collateral received was $40 million and $25 million, respectively. This represents collateral posted to us from our derivative counterparties.

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At March 31, 2024 and December 31, 2023, term notes payable to the FHLB of Pittsburgh due within one year were $275 million and $175 million, respectively. The March 31, 2024 total is made up of eight advances: $100 million at 5.68% maturing April 5, 2024; $25 million at 5.63% maturing April 26, 2024; $25 million at 5.61% maturing April 30, 2024; $25 million at 5.65% maturing May 9, 2024; $25 million at 5.64% maturing May 13, 2024; $25 million at 5.64% maturing May 13, 2024; $25 million at 5.63% maturing May 20, 2024; $25 million at 5.63% maturing May 31, 2024.

On September 9, 2020, the Company issued $125 million of 4.00% fixed-to-floating rate subordinated notes with a maturity date of September 15, 2030. The subordinated notes, which qualify as Tier 2 capital, bear interest at an annual rate of 4.00%, payable semi-annually in arrears commencing on March 15, 2021, and a floating rate of interest equivalent to the 3-month Secured Overnight Financing Rate (“SOFR”) plus 3.89% payable quarterly in arrears commencing on December 15, 2025. During the year-ended December 31, 2023 the Company repurchased $10 million of subordinated notes leaving $115 million of subordinated notes outstanding. The subordinated debt issuance costs of approximately $2 million are being amortized over five years on a straight-line basis into interest expense. At March 31, 2024 and December 31, 2023, subordinated debentures, net of issuance costs, were $114 million. For the three months ended March 31, 2024 and March 31, 2023 total interest expense paid on the subordinate notes was $1.2 million.

(b)    Trust Preferred Securities

The Company has seven statutory business trusts: Northwest Bancorp Capital Trust III, a Delaware statutory business trust, Northwest Bancorp Statutory Trust IV, a Connecticut statutory business trust, LNB Trust II, a Delaware statutory business trust, Union National Capital Trust I (“UNCT I”), a Delaware statutory business trust, Union National Capital Trust II (“UNCT II”), a Delaware statutory business trust, MFBC Statutory Trust I, a Delaware statutory trust, and Universal Preferred Trust, a Delaware statutory trust (the “Trusts”). The Trusts exist solely to issue preferred securities to third parties for cash, issue common securities to the Company in exchange for capitalization of the Trusts, invest the proceeds from the sale of trust securities in an equivalent amount of debentures of the Company, and engage in other activities that are incidental to those previously listed. 

The Trusts have invested the proceeds of the offerings in junior subordinated deferrable interest debentures issued by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. These subordinated debentures are the sole assets of the Trusts. As the shareholders of the trust preferred securities are the primary beneficiaries of the Trusts, the Trusts are not consolidated in our financial statements.

The following table sets forth a summary of the cumulative trust preferred securities and the junior subordinated debt held by the Trust as of the date listed (dollars in thousands).

	Maturity date	Interest rate	Capital debt securities		March 31, 2024		December 31, 2023
Northwest Bancorp Capital Trust III	December 30, 2035	3-month SOFR plus 1.38%	$	50,000	$	51,547	51,547
Northwest Bancorp Statutory Trust IV	December 15, 2035	3-month SOFR plus 1.38%	50,000		51,547		51,547
LNB Trust II	June 15, 2037	3-month SOFR plus 1.48%	7,875		8,119		8,119
Union National Capital Trust I (1)	January 23, 2034	3-month SOFR plus 2.85%	8,000		8,005		7,999
Union National Capital Trust II (1)	November 23, 2034	3-month SOFR plus 2.00%	3,000		2,803		2,796
MFBC Statutory Trust I (1)	September 15, 2035	3-month SOFR plus 1.70%	5,000		3,814		3,788
Universal Preferred Trust (1)	October 7, 2035	3-month SOFR plus 1.69%	5,000		3,804		3,778
			$	128,875	129,639		129,574

(1) Net of discounts due to the fair value adjustment made at the time of acquisition.

Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We have the right to defer payment of interest on the subordinated debentures at any time, or from time-to-time, for periods not exceeding five years. If interest payments on the subordinated debentures are deferred, the distributions on the trust securities also are deferred. To date there have been no interest deferrals. Interest on the subordinated debentures and distributions on the trust securities is cumulative. Our obligation constitutes a full, irrevocable, and unconditional guarantee on a subordinated basis of the obligations of the trust under the preferred securities. For each of the three month periods ended March 31, 2024 and March 31, 2023 total interest expense paid on trust preferred securities was $2 million.

The Trusts must redeem the preferred securities when the debentures are paid at maturity or upon an earlier redemption of the debentures to the extent the debentures are redeemed. All or part of the debentures may be redeemed at any time. Also, the debentures may be redeemed at any time if existing laws or regulations, or the interpretation or application of these laws or regulations, change causing:

•the interest on the debentures to no longer be deductible by the Company for federal income tax purposes;

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•the trusts to become subject to federal income tax or to certain other taxes or governmental charges;

•the trusts to register as an investment company; or

•the preferred securities to no longer qualify as Tier I capital. 

We may, at any time, dissolve any of the Trusts and distribute the debentures to the trust security holders, subject to receipt of any required regulatory approvals.

(6)    Guarantees

We issue standby letters of credit in the normal course of business. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. We are required to perform under a standby letter of credit when drawn upon by the guaranteed third party in the case of nonperformance by our customer. The credit risk associated with standby letters of credit is essentially the same as that involved in extending loans to customers and is subject to normal loan underwriting procedures. Collateral may be obtained based on management’s credit assessment of the customer. At March 31, 2024, the maximum potential amount of future payments we could be required to make under these non-recourse standby letters of credit was $60 million, of which $43 million is fully collateralized. At March 31, 2024, we had a liability which represents deferred income of $1 million related to the standby letters of credit.

In addition, we maintain a $10 million unsecured line of credit with a correspondent bank for private label credit card facilities for certain existing commercial clients of the Bank, of which $9 million in notional value of credit cards have been issued. These issued credit cards had an outstanding balance of $1 million at March 31, 2024. The clients of the Bank are responsible for repaying any balances due on these credit cards directly to the correspondent bank; however, if the customer fails to repay their balance, the Bank could be required to satisfy the obligation to correspondent bank and initiate collection from our customer as part of the existing credit facility of that customer.

(7)    Earnings Per Share

Basic earnings per common share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.

The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts): 

	Quarter ended March 31,
	2024		2023
Net income	$	29,163	33,679
Less: Dividends and undistributed earnings allocated to participating securities	74		146
Net income available to common shareholders	$	29,089	33,533
Weighted average common shares outstanding	126,814,233		126,498,512
Add: Effect of common share options and other stock awards	784,738		551,751
Total weighted average common shares and dilutive potential shares	127,598,971		127,050,263
Basic earnings per share	$	0.23	0.27
Diluted earnings per share	$	0.23	0.26

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(8)    Pension and Other Post-Retirement Benefits

The following table sets forth the net periodic costs for the defined benefit pension plans and post-retirement healthcare plans for the periods indicated (in thousands):

	Quarter ended March 31,
	Pension benefits			Other post-retirement benefits
	2024		2023	2024	2023
Service cost	$	1,425	1,560	—	—
Interest cost	2,205		2,245	15	7
Expected return on plan assets	(3,776)		(3,479)	—	—
Amortization of prior service cost	(563)		(564)	—	—
Amortization of the net loss	18		20	10	10
Net periodic cost	$	(691)	(218)	25	17

Because of the current funding status, we do not anticipate a funding requirement during the year ending December 31, 2024.

(9)    Disclosures About Fair Value of Financial Instruments

We are required to disclose fair value information about financial instruments whether or not recognized in the Consolidated Statement of Financial Condition. Fair value information of certain financial instruments and all nonfinancial instruments is not required to be disclosed. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

Financial assets and liabilities recognized or disclosed at fair value on a recurring basis and certain financial assets and liabilities on a non-recurring basis are accounted for using a three-level hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. This hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest level input that has a significant impact on fair value measurement is used.

Financial assets and liabilities are categorized based upon the following characteristics or inputs to the valuation techniques:

•    Level 1 - Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in actively traded markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities.

•    Level 2 - Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets or liabilities that are actively traded. Level 2 also includes pricing models in which the inputs are corroborated by market data, for example, matrix pricing.

•     Level 3 - Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include the following:

◦Quotes from brokers or other external sources that are not considered binding;

◦Quotes from brokers or other external sources where it cannot be determined that market participants would in fact transact for the asset or liability at the quoted price; and

◦Quotes and other information from brokers or other external sources where the inputs are not deemed observable.

We are responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. We perform due diligence to understand the inputs used or how the data was calculated or derived. We also corroborate the reasonableness of external inputs in the valuation process.

The carrying amounts reported in the Consolidated Statement of Financial Condition approximate fair value for the following financial instruments: cash and cash equivalents, marketable securities available-for-sale, loans held-for-sale, accrued interest receivable, interest rate lock commitments, forward commitments, interest rate swaps, savings and checking deposits, foreign exchange swaps, risk participation agreements, and accrued interest payable.

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Marketable Securities

Where available, market values are based on quoted market prices, dealer quotes, and prices obtained from independent pricing services.

Debt Securities — available-for-sale - Generally, debt securities are valued using pricing for similar securities, recently executed transactions and other pricing models utilizing observable inputs. The valuation for most debt securities is classified as Level 2. Securities within Level 2 include corporate bonds, municipal bonds, mortgage-backed securities and U.S. government obligations. Certain debt securities which were AAA rated at purchase do not have an active market, and as such we have used an alternative method to determine the fair value of these securities. The fair value has been determined using a discounted cash flow model using market assumptions, which generally include cash flow, collateral and other market assumptions. As such, securities which otherwise would have been classified as Level 2 securities if an active market for those assets or similar assets existed are included herein as Level 3 assets.

Debt Securities — held-to-maturity - The fair value of debt securities held-to-maturity is determined in the same manner as debt securities available-for-sale.

Loans Receivable

Loans with comparable characteristics including collateral and re-pricing structures are segregated for valuation purposes. Each loan pool is separately valued utilizing a discounted cash flow analysis. Projected monthly cash flows are discounted to present value using a market rate for comparable loans, which is not considered an exit price. Characteristics of comparable loans include remaining term, coupon interest, and estimated prepayment speeds. Delinquent loans are separately evaluated given the impact delinquency has on the projected future cash flow of the loan including the approximate discount or market rate, which is not considered an exit price.

Loans Held-for-Sale

The estimated fair value of loans held-for-sale is based on market bids obtained from potential buyers.

FHLB Stock

Due to the restrictions placed on transferability of FHLB stock, it is not practical to determine the fair value. FHLB stock is recorded at cost.

Deposit Liabilities

The estimated fair value of deposits with no stated maturity, which includes demand deposits, money market, and other savings accounts, is the amount payable on demand. Although market premiums paid for depository institutions reflect an additional value for these low-cost deposits, adjusting fair value for any value expected to be derived from retaining those deposits for a future period of time or from the benefit that results from the ability to fund interest-earning assets with these deposit liabilities is prohibited. The fair value estimates of deposit liabilities do not include the benefit that results from the low-cost funding provided by these deposits compared to the cost of borrowing funds in the market. Fair values for time deposits are estimated using a discounted cash flow calculation that applies contractual cost currently being offered in the existing portfolio to current market rates being offered locally for deposits of similar remaining maturities. The valuation adjustment for the portfolio consists of the present value of the difference of these two cash flows, discounted at the assumed market rate of the corresponding maturity.

Borrowed Funds

Fixed rate advances are valued by comparing their contractual cost to the prevailing market cost. The carrying amount of repurchase agreements approximates their fair value.

Subordinated Debentures

The fair value of our subordinated debentures is calculated using the discounted cash flows at rates observable for other similarly traded liabilities.

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Junior Subordinated Debentures

The fair value of junior subordinated debentures is calculated using the discounted cash flows at the prevailing rate of interest.

Interest Rate Lock Commitments and Forward Commitments

The fair value of interest rate lock commitments is based on the value of underlying loans held-for-sale which is based on quoted prices for similar loans in the secondary market. This value is then adjusted based on the probability of the loan closing (i.e., the “pull-through” amount, a significant unobservable input). The fair value of forward sale commitments is based on quoted prices from the secondary market based on the settlement date of the contracts.

Cash Flow Hedges, Interest Rate and Foreign Exchange Swap Agreements and Risk Participation Agreements

The fair value of interest rate swaps is based upon the present value of the expected future cash flows using the SOFR discount curve, the basis for the underlying interest rate. To price interest rate swaps, cash flows are first projected for each payment date using the fixed rate for the fixed side of the swap and the forward rates for the floating side of the swap. These swap cash flows are then discounted to time zero using SOFR zero-coupon interest rates. The sum of the present value of both legs is the fair market value of the interest rate swap. These valuations have been derived from our third party vendor’s proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions that we believe to be reasonable. The fair value of the foreign exchange swap is derived from proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions that we believe to be reasonable. Risk participation agreements are entered into when Northwest purchases a portion of a commercial loan that has an interest rate swap. Northwest assumes credit risk on its portion of the interest rate swap should the borrower fail to pay as agreed. The value of risk participation agreements is determined based on the value of the swap after considering the credit quality, probability of default, and loss given default of the borrower.

Off-Balance Sheet Financial Instruments

These financial instruments generally are not sold or traded, and estimated fair values are not readily available. However, the fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. Commitments to extend credit are generally short-term in nature and, if drawn upon, are issued under current market terms. At March 31, 2024 and December 31, 2023, there was no significant unrealized appreciation or depreciation on these financial instruments.

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The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at March 31, 2024 (in thousands): 

	Carrying amount		Estimated fair value	Level 1	Level 2	Level 3
Financial assets:
Cash and cash equivalents	$	119,319	119,319	119,319	—	—
Securities available-for-sale	1,094,009		1,094,009	—	1,094,009	—
Securities held-to-maturity	801,107		680,353	—	680,353	—
Loans receivable, net	11,368,267		10,370,310	—	—	10,370,310
Loans held-for-sale	8,082		8,082	—	213	7,869
Accrued interest receivable	50,680		50,680	50,680	—	—
Interest rate lock commitments	479		479	—	—	479
Forward commitments	58		58	—	58	—
Foreign exchange swaps	2		2	—	2	—
Interest rate swaps designated as hedging instruments	2,300		2,300	—	2,300	—
Interest rate swaps not designated as hedging instruments	45,188		45,188	—	45,188	—
FHLB stock	30,811		30,811	—	—	—
Total financial assets	$	13,520,302	12,401,591	169,999	1,822,123	10,378,658
Financial liabilities:
Savings and checking deposits	$	9,284,830	9,284,830	9,284,830	—	—
Time deposits	2,786,814		2,333,365	—	—	2,333,365
Borrowed funds	400,783		389,997	389,997	—	—
Subordinated debt	114,276		112,027	—	112,027	—
Junior subordinated debentures	129,639		123,167	—	—	123,167
Interest rate swaps not designated as hedging instruments	45,220		45,220	—	45,220	—
Risk participation agreements	17		17	—	17	—
Accrued interest payable	17,395		17,395	17,395	—	—
Total financial liabilities	$	12,778,974	12,306,018	9,692,222	157,264	2,456,532

28

The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2023 (in thousands): 

	Carrying amount		Estimated fair value	Level 1	Level 2	Level 3
Financial assets:
Cash and cash equivalents	$	122,260	122,260	122,260	—	—
Securities available-for-sale	1,043,359		1,043,359	—	1,043,359	—
Securities held-to-maturity	814,839		699,506	—	699,506	—
Loans receivable, net	11,280,798		10,274,593	—	—	10,274,593
Residential mortgage loans held-for-sale	8,768		8,768	—	—	8,768
Accrued interest receivable	47,353		47,353	47,353	—	—
Interest rate lock commitments	641		641	—	—	641
Forward commitments	12		12	—	12	—
Interest rate swaps designated as hedging instruments	713		713	—	713	—
Interest rate swaps not designated as hedging instruments	41,406		41,406	—	41,406	—
FHLB stock	30,146		30,146	—	—	—
Total financial assets	$	13,390,295	12,268,757	169,613	1,784,996	10,284,002
Financial liabilities:
Savings and checking accounts	$	9,377,021	9,377,021	9,377,021	—	—
Time deposits	2,602,881		2,113,177	—	—	2,113,177
Borrowed funds	398,895		386,446	386,446	—	—
Subordinated debt	114,189		109,471	—	109,471	—
Junior subordinated debentures	129,574		112,159	—	—	112,159
Foreign exchange swaps	291		291	—	291	—
Interest rate swaps designated as hedging instruments	1,198		1,198	—	1,198	—
Interest rate swaps not designated as hedging instruments	41,437		41,437	—	41,437	—
Risk participation agreements	14		14	—	14	—
Accrued interest payable	13,669		13,669	13,669	—	—
Total financial liabilities	$	12,679,169	12,154,883	9,777,136	152,411	2,225,336

Fair value estimates are made at a point-in-time, based on relevant market data and information about the instrument. The methods and assumptions detailed above were used in estimating the fair value of financial instruments at both March 31, 2024 and December 31, 2023.

29

The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2024 (in thousands):

	Level 1		Level 2	Level 3	Total assets  at fair value
Debt securities:
U.S. government and agencies	$	—	56,718	—	56,718
Government-sponsored enterprises	—		40,519	—	40,519
States and political subdivisions	—		74,271	—	74,271
Corporate	—		7,634	—	7,634
Total debt securities	—		179,142	—	179,142
Residential mortgage-backed securities:
GNMA	—		31,305	—	31,305
FNMA	—		98,861	—	98,861
FHLMC	—		82,746	—	82,746
Non-agency	—		5	—	5
Collateralized mortgage obligations:
GNMA	—		374,391	—	374,391
FNMA	—		144,489	—	144,489
FHLMC	—		183,070	—	183,070
Total mortgage-backed securities	—		914,867	—	914,867
Interest rate lock commitments	—		—	479	479
Forward commitments	—		58	—	58
Foreign exchange swaps	—		2	—	2
Interest rate swaps designated as hedging instruments	—		2,300	—	2,300
Interest rate swaps not designated as hedging instruments	—		45,188	—	45,188
Total assets	$	—	1,141,557	479	1,142,036
Interest rate swaps not designated as hedging instruments	—		45,220	—	45,220
Risk participation agreements	—		17	—	17
Total liabilities	$	—	45,237	—	45,237

30

The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2023 (in thousands):

	Level 1		Level 2	Level 3	Total assets  at fair value
Debt securities:
U.S. government and agencies	$	—	58,314	—	58,314
Government-sponsored enterprises	—		40,597	—	40,597
States and political subdivisions	—		75,469	—	75,469
Corporate	—		7,688	—	7,688
Total debt securities	—		182,068	—	182,068
Residential mortgage-backed securities:
GNMA	—		17,441	—	17,441
FNMA	—		102,678	—	102,678
FHLMC	—		70,830	—	70,830
Non-agency	—		5	—	5
Collateralized mortgage obligations:
GNMA	—		331,784	—	331,784
FNMA	—		148,892	—	148,892
FHLMC	—		189,661	—	189,661
Total mortgage-backed securities	—		861,291	—	861,291
Interest rate lock commitments	—		—	641	641
Forward commitments	—		12	—	12
Interest rate swaps designated as hedging instruments	—		713	—	713
Interest rate swaps not designated as hedging instruments	—		41,406	—	41,406
Total assets	$	—	1,085,490	641	1,086,131
Foreign exchange swaps	$	—	291	—	291
Interest rate swaps designated as hedging instruments	—		1,198	—	1,198
Interest rate swaps not designated as hedging instruments	—		41,437	—	41,437
Risk participation agreements	—		14	—	14
Total liabilities	$	—	42,940	—	42,940

The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands):

	For the quarter ended March 31,
	2024		2023
Beginning balance,	$	641	559
Interest rate lock commitments:
Net activity	(162)		(173)
Ending balance	$	479	386

Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans held-for-sale, loans individually assessed, real estate owned, and mortgage servicing rights.

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The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of March 31, 2024 (in thousands):

	Level 1		Level 2	Level 3	Total assets  at fair value
Loans individually assessed	$	—	—	39,123	39,123
Mortgage servicing rights	—		—	173	173
Real estate owned, net	—		—	50	50
Total assets	$	—	—	39,346	39,346

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2023 (in thousands): 

	Level 1		Level 2	Level 3	Total assets  at fair value
Loans individually assessed	$	—	—	36,747	36,747
Mortgage servicing rights	—		—	133	133
Real estate owned, net	—		—	104	104
Total assets	$	—	—	36,984	36,984

Individually Assessed Loans - A loan is considered to be individually assessed as described in Note 1(f) of the Notes to the Consolidated Financial Statements in Item 8 of Part II of our 2023 Annual Report on Form 10-K. We classify loans individually assessed as nonrecurring Level 3.

Mortgage servicing rights - Mortgage servicing rights represent the value of servicing residential mortgage loans, when the mortgage loans have been sold into the secondary market and the associated servicing has been retained. The value is determined through a discounted cash flow analysis, which uses interest rates, prepayment speeds and delinquency rate assumptions as inputs. All of these assumptions require a significant degree of management judgment. Servicing rights and the related mortgage loans are segregated into categories or homogeneous pools based upon common characteristics. Adjustments are only made when the estimated discounted future cash flows are less than the carrying value, as determined by individual pool. As such, mortgage servicing rights are classified as nonrecurring Level 3.

Real Estate Owned - Real estate owned is comprised of property acquired through foreclosure or voluntarily conveyed by borrowers. These assets are recorded on the date acquired at the lower of the related loan balance or fair value, less estimated disposition costs, with the fair value being determined by appraisal. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or fair value, less estimated disposition costs. We classify real estate owned as nonrecurring Level 3. 

The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2024 (in thousands): 

	Fair value		Valuation techniques	Significant unobservable inputs	Range  (weighted average)
Loans individually assessed	$	39,123	Appraisal value (1)	Estimated cost to sell	10%
Mortgage servicing rights	173		Discounted cash flow	Annual service cost	$89
				Prepayment rate	6.6% to 18.2% (10.7%)
				Expected life (months)	51.0 to 102.3 (72.3)
				Option adjusted spread	729 basis points
				Forward yield curve	5.43% to 5.33%
Real estate owned, net	50		Appraisal value (1)	Estimated cost to sell	10%
Loans held for sale	7,869		Quoted prices for similar loans in active markets adjusted by an expected pull-through rate	Estimated pull-through rate	100%

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent.

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(10)    Derivative Financial Instruments

We are a party to derivative financial instruments in the normal course of business to manage our own exposure to fluctuations in interest rates and to meet the needs of our customers. The primary derivatives that we use are interest rate swaps and caps and foreign exchange contracts, which are entered into with counterparties that meet established credit standards. We believe that the credit risk inherent in all of our derivative contracts is minimal based on our credit standards and the netting and collateral provisions of the interest rate swap agreements.

Derivatives Designated as Hedging Instruments

During the year-ended December 31, 2023, the Company entered into seven separate pay-fixed interest rate swaps in order to synthetically convert short-term three month FHLB advances to fixed-rate term funding with an aggregate value of $175 million with maturities ranging from three to five years. Our risk management objective and strategy for these interest rate swaps at such time was to reduce our exposure to variability in interest-related cash outflows attributable to changes in the USD-SOFR swap rate, the designated benchmark interest rate being hedged. Based upon our contemporaneous quantitative analysis at the inception of the interest rate swaps, we have determined these interest rate swaps qualify for hedge accounting in accordance with ASC 815, Derivatives and Hedging. Our cash flow hedges are recorded within other assets on the Consolidated Statement of Financial Condition at their estimated fair value.

As long as the hedge remains highly effective, the changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. A hedging relationship that is determined to not be highly effective no longer qualifies for hedge accounting and any gain or loss is recognized immediately into earnings. Amount reclassified into earnings are included in interest expense in the Consolidated Statement of Income.

Derivatives Not Designated as Hedging Instruments

We act as an interest rate or foreign exchange swap counterparty for certain commercial borrowers in the normal course of servicing our customers, which are accounted for at fair value. We manage our exposure to such interest rate or foreign exchange swaps by entering into corresponding and offsetting interest rate swaps with third parties that mirror the terms of the swaps we have with the commercial borrowers. These positions (referred to as “customer swaps”) directly offset each other and our exposure is the fair value of the derivatives due to changes in credit risk of our commercial borrowers and third parties. Customer swaps are recorded within other assets or other liabilities on the Consolidated Statement of Financial Condition at their estimated fair value. Changes to the fair value of assets and liabilities arising from these derivatives are included, net, in other operating income in the Consolidated Statement of Income.

We enter into interest rate lock commitments for residential mortgage loans which commit us to lend funds to a potential borrower at a specific interest rate within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that will be held-for-sale are considered derivative financial instruments under applicable accounting guidance. Interest rate lock commitments on loans held-for-sale are carried at fair value in other assets on the Consolidated Statement of Financial Condition. Northwest sells loans to the secondary market on a mandatory or best efforts basis. The loans sold on a mandatory basis commit us to deliver a specific principal amount of mortgage loans to an investor at a specified price, by a specified date, or the commitment must be paired off. These forward commitments entered into on a mandatory delivery basis meet the definition of a derivative financial instrument. All closed loans to be sold on a mandatory delivery basis are classified as held-for-sale on the Consolidated Statement of Financial Condition. Changes to the fair value of the interest rate lock commitments and the forward commitments are recorded in mortgage banking income in the Consolidated Statements of Income.

We enter into risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. These risk participation agreements are recorded within other liabilities on the Consolidated Statement of Financial Condition at their estimated fair value. Changes to the fair value of the the risk participation agreements are included in other operating income in the Consolidated Statement of Income.

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The following table presents information regarding our derivative financial instruments for the periods indicated (in thousands):

	Asset derivatives			Liability derivatives
	Notional amount		Fair value	Notional amount	Fair value
At March 31, 2024
Derivatives designated as hedging instruments:
Interest rate swap agreements	$	175,000	2,300	—	—
Derivatives not designated as hedging instruments:
Interest rate swap agreements	740,173		45,188	740,173	45,220
Foreign exchange swap agreements	2,975		2	—	—
Interest rate lock commitments	18,591		479	—	—
Forward commitments	2,713		58	—	—
Risk participation agreements	—		—	92,281	17
Total Derivatives	$	939,452	48,027	832,454	45,237
At December 31, 2023
Derivatives designated as hedging instruments:
Interest rate swap agreements	$	75,000	713	100,000	1,198
Derivatives not designated as hedging instruments:
Interest rate swap agreements	725,139		41,406	725,139	41,437
Foreign exchange swap agreements	—		—	12,278	291
Interest rate lock commitments	21,857		641	—	—
Forward commitments	281		12	—	—
Risk participation agreements	—		—	101,727	14
Total derivatives	$	822,277	42,772	939,144	42,940

The following table presents income or expense recognized on derivatives for the periods indicated (in thousands):

	For the quarter ended March 31,
	2024		2023
Hedging derivatives:
Decrease in interest expense	$	733	—
Non-hedging swap derivatives:
Increase/(decrease) in other income	$	287	(202)
Decrease in mortgage banking income	$	(115)	(174)

The following table presents information regarding our derivative financial instruments designated as hedging for the quarter ended March 31, 2024 (in thousands):

	Notional amount		Effective rate		Estimated decrease to interest expense in the next twelve months		Maturity date	Remaining term (in months)
Interest rate products:
Issued May 11, 2023	$	25,000	3.50	%	$	(546)	5/11/2027	37
Issued May 12, 2023	25,000		3.55	%	(534)		5/12/2028	49
Issued May 19, 2023	25,000		3.83	%	(460)		11/19/2027	44
Issued May 31, 2023	25,000		4.03	%	(406)		11/30/2026	32
Issued July 26, 2023	25,000		4.22	%	(359)		7/26/2028	52
Issued July 31, 2023	25,000		4.30	%	(336)		1/31/2028	46
Issued August 9, 2023	25,000		4.32	%	(339)		8/9/2027	40
Total	$	175,000			$	(2,980)

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(11)    Legal Proceedings

We establish accruals for legal proceedings when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. As of March 31, 2024, we do not anticipate that the aggregate ultimate liability arising out of any pending or threatened legal proceedings will be material to our Consolidated Financial Statements. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances. Due to the inherent subjectivity of assessments and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate loss to us from legal proceedings.

(12)    Changes in Accumulated Other Comprehensive Income

The following tables show the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): 

	For the quarter ended March 31, 2024
	Unrealized  losses on securities  available-for-sale		Change in  fair value  of interest  rate swaps	Change in  defined benefit  pension plans	Total
Balance as of December 31, 2023	$	(150,659)	(374)	1,541	(149,492)
Other comprehensive (loss)/income before reclassification adjustments (1) (2)	(5,698)		2,154	—	(3,544)
Amounts reclassified from accumulated other comprehensive income (3)	—		—	(388)	(388)
Net other comprehensive (loss)/income	(5,698)		2,154	(388)	(3,932)
Balance as of March 31, 2024	$	(156,357)	1,780	1,153	(153,424)

	For the quarter ended March 31, 2023
	Unrealized  losses on securities  available-for-sale		Change in  defined benefit  pension plans	Total
Balance as of December 31, 2022	$	(164,206)	(6,952)	(171,158)
Other comprehensive income before reclassification adjustments (4)	13,017		—	13,017
Amounts reclassified from accumulated other comprehensive income (5)	—		(382)	(382)
Net other comprehensive income/(loss)	13,017		(382)	12,635
Balance as of March 31, 2023	$	(151,189)	(7,334)	(158,523)

(1)Consists of unrealized holding losses, net of tax of $1,758.

(2)Change in fair value of interest rate swaps, net of tax ($630).

(3)Consists of realized gains, net of tax of $147.

(4)Consists of unrealized holding gains, net of tax of ($3,308).

(5)Consists of realized gains, net of tax of $152.

(13)    Subsequent Events

    In April 2024, the Company approved and announced its intention to pursue a limited, strategic repositioning of the securities portfolio to optimize its balance sheet by liquidating lower-yielding securities in an effort to generate additional future earnings. This initiative will be accomplished through the sale of up to 15% of the Company’s available-for-sale investment securities portfolio. The securities losses recognized will be limited to $40 million, equivalent to approximately $30 million after tax. The Company expects a yield gain of 375 to 400 basis points from the repositioning and will attempt to manage the payback period so that it will be approximately three years. The characteristics of investment securities to be sold have an average yield less than 2.00% with a remaining maturity of greater than four years. The proceeds will be used to reduce borrowings in the short term while also opportunistically reinvesting into securities with similar risk, maturity and duration characteristics.

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Item 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

In addition to historical information, this document may contain certain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, as they reflect management’s analysis only as of the date of this report. We have no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this report.

     Important factors that might cause such a difference include, but are not limited to:

•    inflation and changes in the interest rate environment that reduce our margins, our loan origination, or the fair value of financial instruments;     

•    changes in asset quality, including increases in default rates on loans and higher levels of nonperforming loans and loan charge-offs generally;

•    changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;

•    changes in federal, state, or local tax laws and tax rates;

•    general economic conditions, either nationally or in our market areas, that are different than expected, including inflationary or recessionary pressures;

•    adverse changes in the securities and credit markets;

•    cyber-security concerns, including an interruption or breach in the security of our website or other information systems;

•    technological changes that may be more difficult or expensive than expected;

•    changes in liquidity, including the size and composition of our deposit portfolio, and the percentage of uninsured deposits in the portfolio;

•    the ability of third-party providers to perform their obligations to us;

•    competition among depository and other financial institutions, including with respect to deposit gathering, service charges and fees;

•    our ability to enter new markets successfully and capitalize on growth opportunities;

•    our ability to manage our internal growth and our ability to successfully integrate acquired entities, businesses or branch offices;

•    changes in consumer spending, borrowing and savings habits;

•    our ability to continue to increase and manage our commercial and personal loans;

•    possible impairments of securities held by us, including those issued by government entities and government sponsored enterprises;

•    changes in the value of our goodwill or other intangible assets;

•    the impact of the economy on our loan portfolio (including cash flow and collateral values), investment portfolio, customers and capital market activities;

•    our ability to receive regulatory approvals for proposed transactions or new lines of business;

•    the effects of any federal government shutdown or the inability of the federal government to manage debt limits;

•    changes in the financial performance and/or condition of our borrowers;

•    the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (“FASB”) and other accounting standard setters;

•    changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses;

•    our ability to access cost-effective funding;

•    the effect of global or national war, conflict, or terrorism;

•    our ability to manage market risk, credit risk and operational risk;

•    the disruption to local, regional, national and global economic activity caused by infectious disease outbreaks, and the significant impact that any such outbreaks may have on our growth, operations and earnings;

•     the effects of natural disasters and extreme weather events;

•     changes in our ability to continue to pay dividends, either at current rates or at all;

•    our ability to retain key employees; and

•    our compensation expense associated with equity allocated or awarded to our employees.

36

Overview of Critical Accounting Policies Involving Estimates

Please refer to Note 1 of the Notes to Consolidated Financial Statements in Item 8 of Part II of our 2023 Annual Report on Form 10-K.

Recently Issued Accounting Standards

The following Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board ("FASB") have

not yet been adopted.

In October 2023, the FASB issued ASU No. 2023-06, "Disclosure Improvements." This ASU includes amendments on several subtopics in the FASB Accounting Standards Codification ("Codification") to incorporate certain disclosures and presentation requirements currently residing in SEC Regulations S-X and S-K. The adoption of this ASU may lead to certain disclosure being relocated into the financial statements. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. These amendments are to be applied prospectively. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. We do not believe this guidance will have a material impact on the Company's financial statements.

In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures." This ASU requires additional disaggregated disclosures on entity's effective tax rate reconciliation and additional details on income taxes paid. This guidance is effective for annual periods beginning after December 15, 2025, with early adoption permitted. This ASU is applied prospectively with the option to apply the ASU retrospectively. We do not believe this guidance will have a material impact on the Company's financial statements.

Comparison of Financial Condition

Total assets at March 31, 2024 were $14.5 billion, an increase of $91 million, or 1%, from $14.4 billion at December 31, 2023. This increase in assets was primarily driven by increases in loans receivable and marketable securities. A discussion of significant changes follows.

Total marketable securities remained consistent at $1.9 billion at March 31, 2024, an increase of $37 million, or 2%, from December 31, 2023. Available-for-sale securities increased by $51 million, driven by securities purchases during the current period, while held-to-maturity securities decreased $14 million, driven by maturity and regular monthly cash flows.

Gross loans receivable increased by $86 million, or 1%, to $11.5 billion at March 31, 2024, from $11.4 billion at December 31, 2023. This increase was attributable to organic loan growth. Our commercial banking portfolio increased by $170 million, or 4%, to $4.8 billion at March 31, 2024, from $4.6 billion at December 31, 2023, primarily as a result of the new commercial lending verticals that we implemented during the prior year. Specifically, our commercial and industrial (C&I) loan portfolio increased by $116 million, or 7%. The increase in our total commercial banking was partially offset by a decrease in our personal banking loan portfolio by $84 million, or 1%, to $6.7 billion at March 31, 2024 from $6.8 billion at December 31, 2023. Cash flows from our personal banking portfolio were redirected to partially fund commercial banking growth.

37

The following table provides the various loan sectors in our commercial real estate portfolio at March 31, 2024:

Property type	Percent of portfolio
5 or more unit dwelling	15.2	%
Nursing home	12.8
Retail building	11.8
Commercial office building - non-owner occupied	9.1
Manufacturing & industrial building	5.0
Residential acquisition & development - 1-4 family, townhouses and apartments	4.3
Multi-use building - commercial, retail and residential	4.1
Warehouse/storage building	3.9
Multi-use building - office and warehouse	3.3
Commercial office building - owner occupied	3.3
Other medical facility	3.1
Single family dwelling	2.7
Student housing	2.2
Hotel/motel	2.1
Agricultural real estate	2.0
2-4 family	2.0
All other	13.1
Total	100.0	%

The following table describes the collateral of our commercial real estate portfolio by state at March 31, 2024:

State	Percent of portfolio
New York	33.0	%
Pennsylvania	30.2
Ohio	20.3
Indiana	8.1
All other	8.4
Total	100.0	%

Total deposits increased by $92 million, or 1%, to $12.1 billion at March 31, 2024 from $12.0 billion at December 31, 2023. This increase was driven by a $184 million, or 7%, increase in time deposits as we continued competitively positioning our deposit products, and a $51 million, or 2%, increase in savings deposits. Partially offsetting this increase was a decrease in demand deposit accounts by $127 million, or 2%, as customers shifted balances into higher yielding time deposit accounts.

As of March 31, 2024, we had $449 million of brokered deposits, which made up 16% of our time deposits and 4.0% of our total deposit balance at year end. The balance carried an average all-in cost of 5.43% and an average original term of 12 months. These deposits were purchased through a registered broker, as part of an Asset/Liability Committee (“ALCO”) strategy to increase and diversify funding sources.

In addition, at quarter end we had $527 million of deposits through our participation in the Intrafi Network Deposits and FIS Insured Deposit programs. These deposits are part of a reciprocal program that allows our depositors to receive expanded FDIC coverage by placing multiple interest-bearing demand accounts at other member banks and Northwest receives an equal amount of deposits from other member banks. The balance carried an average cost of 3.88%.

At March 31, 2024 and December 31, 2023, we had total deposits in excess of $250,000 (the limit for FDIC insurance) of $1.8 billion. At those dates, we had no deposits that were uninsured for any other reason. The following table presents details regarding the Company's uninsured deposits portfolio:

	As of March 31, 2024
	Balance	Percent of total deposits		Number of relationships
Uninsured deposits per the Call Report (1)	$2,806,650	23.25	%	4,965
Less intercompany deposit accounts	1,019,792	8.45	%	12
Less collateralized deposit accounts	408,083	3.38	%	255
Uninsured deposits excluding intercompany and collateralized accounts	$1,378,775	11.42	%	4,698

(1)     Uninsured deposits presented may be different from actual amounts due to titling of accounts.

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Our largest uninsured depositor, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $19 million, or 0.16% of total deposits, as of March 31, 2024. Our top ten largest uninsured depositors, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $103 million, or 0.85% of total deposits, as of March 31, 2024. The average uninsured deposit account balance, excluding intercompany and collateralized accounts, was $293,000 as of March 31, 2024.

Total shareholders’ equity remained steady at $1.6 billion, or $12.20 per share, at both March 31, 2024 and December 31, 2023, increasing by $1 million in the current quarter. This increase was the result of year-to-date earnings of $29 million, partially offset by $25 million of cash dividend payments for the quarter ended March 31, 2024, as well as a change in accumulated other comprehensive loss of $4 million, or 3%, primarily due to an increase in unrealized loss on our available-for-sale investment portfolio as a result of higher market interest rates.

Regulatory Capital

Financial institutions and their holding companies are subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a direct, material effect on a company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, financial institutions must meet specific capital guidelines that involve quantitative measures of its assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting guidelines. Capital amounts and classifications are also subject to qualitative judgments made by the regulators about components, risk-weighting and other factors.

Applicable rules limit an organization’s capital distributions and certain discretionary bonus payments if the organization does not hold a “capital conservation buffer” consisting of 2.5% of Total, Tier 1 and Common Equity Tier 1 (“CET1”) capital to risk-weighted assets in addition to the amount necessary to meet its minimum risk-based capital requirements.

Quantitative measures, established by regulation to ensure capital adequacy, require financial institutions to maintain minimum amounts and ratios (set forth in the table below) of Total, CET1 and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to average assets (as defined). Capital requirements are presented in the tables below (dollars in thousands).

	At March 31, 2024
	Actual				Minimum capital requirements (1)				Well capitalized requirements
	Amount		Ratio		Amount		Ratio		Amount		Ratio
Total capital (to risk weighted assets)
Northwest Bancshares, Inc.	$	1,805,374	15.951	%	$	1,188,406	10.500	%	$	1,131,815	10.000	%
Northwest Bank	1,529,840		13.529	%	1,187,335		10.500	%	1,130,795		10.000	%
Tier 1 capital (to risk weighted assets)
Northwest Bancshares, Inc.	1,555,043		13.739	%	962,043		8.500	%	905,452		8.000	%
Northwest Bank	1,393,786		12.326	%	961,176		8.500	%	904,636		8.000	%
CET1 capital (to risk weighted assets)
Northwest Bancshares, Inc.	1,429,393		12.629	%	792,270		7.000	%	735,680		6.500	%
Northwest Bank	1,393,786		12.326	%	791,557		7.000	%	735,017		6.500	%
Tier 1 capital (leverage) (to average assets)
Northwest Bancshares, Inc.	1,555,043		10.828	%	574,453		4.000	%	718,066		5.000	%
Northwest Bank	1,393,786		9.712	%	574,060		4.000	%	717,575		5.000	%

(1) Amounts and ratios include the capital conservation buffer of 2.5%, which does not apply to Tier 1 capital to average assets (leverage ratio).

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	At December 31, 2023
	Actual				Minimum capital requirements (1)				Well capitalized requirements
	Amount		Ratio		Amount		Ratio		Amount		Ratio
Total capital (to risk weighted assets)
Northwest Bancshares, Inc.	$	1,799,883	16.040	%	$	1,178,234	10.500	%	$	1,122,128	10.000	%
Northwest Bank	1,520,736		13.564	%	1,177,257		10.500	%	1,121,197		10.000	%
Tier I capital (to risk weighted assets)
Northwest Bancshares, Inc.	1,553,766		13.847	%	953,809		8.500	%	897,702		8.000	%
Northwest Bank	1,388,808		12.387	%	953,018		8.500	%	896,958		8.000	%
CET1 capital (to risk weighted assets)
Northwest Bancshares, Inc.	1,428,181		12.727	%	785,489		7.000	%	729,383		6.500	%
Northwest Bank	1,388,808		12.387	%	784,838		7.000	%	728,778		6.500	%
Tier I capital (leverage) (to average assets)
Northwest Bancshares, Inc.	1,553,766		10.841	%	573,290		4.000	%	716,612		5.000	%
Northwest Bank	1,388,808		9.697	%	572,903		4.000	%	716,128		5.000	%

(1) Amounts and ratios include the capital conservation buffer of 2.5%, which does not apply to Tier 1 capital to average assets (leverage ratio).

Liquidity

We are required to maintain a sufficient level of liquid assets, as determined by management and reviewed for adequacy by the FDIC and the Pennsylvania Department of Banking and Securities during their regular examinations. Northwest frequently monitors its liquidity position primarily using the ratio of unencumbered available-for-sale liquid assets as a percentage of deposits and borrowings (“liquidity ratio”). Northwest Bank’s liquidity ratio at March 31, 2024 was 9.77%. We adjust liquidity levels in order to meet funding needs for deposit outflows, payment of real estate taxes and insurance on mortgage loan escrow accounts, repayment of borrowings and loan commitments. At March 31, 2024, Northwest had $3.3 billion of additional borrowing capacity available with the FHLB, including $250 million on an overnight line of credit, which had a drawn balance of $56 million at March 31, 2024, as well as $264 million of borrowing capacity available with the Federal Reserve Bank and $105 million with two correspondent banks.

Dividends

We paid $25 million in cash dividends during the quarters ended March 31, 2024 and 2023. The common stock dividend payout ratio (dividends declared per share divided by net income per diluted share) for March 31, 2024 and 2023 was 87.0% and 76.9% on dividends of $0.20 per share. On April 17, 2024, the Board of Directors declared a cash dividend of $0.20 per share payable on May 15, 2024 to shareholders of record as of May 2, 2024. This represents the 118th consecutive quarter we have paid a cash dividend.

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Nonperforming Assets

The following table sets forth information with respect to nonperforming assets. Nonaccrual loans are those loans on which the accrual of interest has ceased. Generally, when a loan is 90 days past due, we fully reverse all accrued interest thereon and cease to accrue interest thereafter. Exceptions are made for loans that have contractually matured, are in the process of being modified to extend the maturity date and are otherwise current as to principal and interest, and well-secured loans that are in the process of collection. Loans may also be placed on nonaccrual before they reach 90 days past due if conditions exist that call into question our ability to collect all contractual interest. Other nonperforming assets represent property acquired through foreclosure or repossession. Foreclosed property is carried at the lower of its fair value less estimated costs to sell or the principal balance of the related loan.

	March 31, 2024			December 31, 2023
	(in thousands)
Loans 90 days or more past due:
Residential mortgage loans	$	5,813		7,995
Home equity loans	2,823			3,126
Vehicle loans	2,496			3,051
Other consumer loans	849			927
Commercial real estate loans	6,041			6,535
Commercial real estate - owner occupied	890			177
Commercial loans	3,421			2,780
Total loans 90 days or more past due	$	22,333		24,591
Total real estate owned (REO)	$	50		104
Total loans 90 days or more past due and REO	22,383			24,695
Total loans 90 days or more past due to net loans receivable	0.20		%	0.22	%
Total loans 90 days or more past due and REO to total assets	0.15		%	0.17	%
Nonperforming assets:
Nonaccrual loans - loans 90 days or more past due	19,881			21,894
Nonaccrual loans - loans less than 90 days past due	75,179			72,490
Loans 90 days or more past due still accruing	2,452			2,698
Total nonperforming loans	97,512			97,082
Total nonperforming assets	$	97,562		97,186
Total nonaccrual loans to total loans	0.83		%	0.83	%

Allowance for Credit Losses

On an ongoing basis, the Credit Administration department, as well as loan officers and department heads, review and monitor the loan portfolio for problem loans. This portfolio monitoring includes a review of the monthly delinquency reports as well as historical comparisons and trend analysis. Personal and small business commercial loans are classified primarily by delinquency status. In addition, a meeting is held every quarter with each vertical to monitor the performance and status of commercial loans on an internal watch list. On an on-going basis, the loan officer, in conjunction with a portfolio manager, grades or classifies problem commercial loans or potential problem commercial loans based upon their knowledge of the lending relationship and other information previously accumulated. This rating is also reviewed independently by our Loan Review department on a periodic basis. Our loan grading system for problem commercial loans is consistent with industry regulatory guidelines which classifies loans as “substandard”, “doubtful” or “loss”. Loans that do not expose us to risk sufficient to warrant classification in one of the previous categories, but which possess some weaknesses, are designated as “special mention”. A “substandard” loan is any loan that is 90 days or more contractually delinquent or is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as “doubtful” have all the weaknesses inherent in those classified as “substandard” with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions or values, highly questionable and improbable. Loans classified as “loss” have all the weakness inherent in those classified as “doubtful” and are considered uncollectible.    

Credit relationships that have been classified as substandard or doubtful and are greater than or equal to $1.0 million are reviewed by the Credit Administration department to determine if they no longer continue to demonstrate similar risk characteristics to their loan pool. If a loan no longer demonstrates similar risk characteristics to their loan pool they are removed from the pool and an individual assessment will be performed.

If it is determined that a loan needs to be individually assessed, the Credit Administration department determines the proper measure of fair value for each loan based on one of three methods: (1) the present value of expected future cash flows discounted at

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the loan’s effective interest rate; (2) the loan’s observable market price; or (3) the fair value of the collateral if the loan is collateral dependent, less costs of sale or disposal. If the measurement of the fair value of the loan is more or less than the amortized cost basis of the loan, the Credit Administration department adjusts the specific allowance associated with that individual loan accordingly.

If a substandard or doubtful loan is not individually assessed, it is grouped with other loans that possess common characteristics for credit losses and analysis. For the purpose of calculating reserves, we have grouped our loans into seven segments: residential mortgage loans, home equity loans, vehicle loans, consumer loans, commercial real estate loans, commercial real estate loans - owner occupied and commercial loans. The allowance for credit losses is measured using a combination of statistical models and qualitative assessments. We use a twenty four month forecasting period and revert to historical average loss rates thereafter. Reversion to average loss rates takes place over twelve months. Historical average loss rates are calculated using historical data beginning in October 2009 through the current period.

The credit losses for individually assessed loans along with the estimated loss for each homogeneous pool are consolidated into one summary document. This summary schedule along with the support documentation used to establish this schedule is presented to management’s Allowance for Credit Losses Committee (“ACL Committee”) monthly. The ACL Committee reviews and approves the processes and ACL documentation presented. Based on this review and discussion, the appropriate amount of ACL is estimated and any adjustments to reconcile the actual ACL with this estimate are determined. The ACL Committee also considers if any changes to the methodology are needed. In addition to the ACL Committee’s review and approval, a review is performed by the Risk Management Committee of the Board of Directors on a quarterly basis and annually by internal audit.

In addition to the reviews by management’s ACL Committee and the Board of Directors’ Risk Management Committee, regulators from either the FDIC and/or the Pennsylvania Department of Banking and Securities perform an extensive review on at least an annual basis for the adequacy of the ACL and its conformity with regulatory guidelines and pronouncements. Any recommendations or enhancements from these independent parties are considered by management and the ACL Committee and implemented accordingly.

We acknowledge that this is a dynamic process and consists of factors, many of which are external and out of our control that can change frequently, rapidly and substantially. The adequacy of the ACL is based upon estimates using all the information previously discussed as well as current and known circumstances and events. There is no assurance that actual portfolio losses will not be substantially different than those that were estimated.

We utilize a structured methodology each period when analyzing the adequacy of the allowance for credit losses and the related provision for credit losses, which the ACL Committee assesses regularly for appropriateness. As part of the analysis as of March 31, 2024, we considered the most recent economic conditions and forecasts available which incorporated the impact of material recent economic events. In addition, we considered the overall trends in asset quality, reserves on individually assessed loans, historical loss rates and collateral valuations. The ACL decreased by $346,000 to $125 million, or 1.09% of total loans at March 31, 2024 from $125 million, or 1.10% of total loans, at December 31, 2023. This decrease was primarily attributable to changes within our personal banking loan portfolio driven by improvements in economic forecasts, which was offset by growth within our commercial loan portfolio during the year.

Total classified loans remain low with a slight increase to $229 million at March 31, 2024 from $218 million at December 31, 2023. This increase was primarily within our commercial portfolio.

We also consider how the levels of nonaccrual loans and historical charge-offs have influenced the required amount of allowance for credit losses. Nonaccrual loans of $95 million at March 31, 2024, remained steady, increasing by $1 million, or 1%, from $94 million at December 31, 2023, or 0.83% of total loans receivable as of both period ends. As a percentage of average loans, annualized net charge-offs increased slightly to 0.16% for the quarter ended March 31, 2024 compared to 0.11% for the year ended December 31, 2023.

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Comparison of Operating Results for the Quarters Ended March 31, 2024 and 2023

Net income for the quarter ended March 31, 2024 was $29 million, or $0.23 per diluted share, a decrease of $5 million, or 13%, from net income of $34 million, or $0.26 per diluted share, for the quarter ended March 31, 2023. The decrease in net income resulted primarily from a decrease in net interest income, partially offset by an increase in noninterest income. Net interest income decreased by $9 million, or 8%, and noninterest income increased $4 million, or 17%. Net income for the quarter ended March 31, 2024 represents annualized returns on average equity and average assets of 7.57% and 0.81%, respectively, compared to 9.11% and 0.97% for the same quarter last year. A further discussion of notable changes follows.

To make it easier to compare both the results across several periods and the yields on various types of earning assets (some taxable, some not), we present net interest income in the discussion below on a fully taxable equivalent “FTE basis” (i.e., as if all income were taxable and at the same rate). For example, $100 of tax-exempt income would be presented as $126, an amount that, if taxed at the statutory federal income tax rate of 21%, would yield $100. See the "Average Balance Sheet" for information regarding tax-equivalent adjustments and GAAP results.

Net Interest Income

Net interest income (FTE) was $104 million for the quarter ended March 31, 2024 and net interest margin was 3.10%. Compared to the same quarter of the prior year, net interest income (FTE) decreased $9 million and net interest margin decreased by 36 basis points. The decrease in net interest income (FTE) and the net interest margin reflects higher interest-bearing deposit costs and a shift in funding mix to higher cost deposits and borrowings due to the higher interest rate environment. Partly offsetting the decline in net interest income and the net interest margin were higher earning asset balances and yields.

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Average loans receivable increased 4% from the quarter ended March 31, 2023 driven by commercial loans, which grew by $553 million, as we have continued to build-out our commercial lending verticals. Interest income on loans receivable increased by $26 million, or 21%, from the same quarter in prior year as the result of increases in both the average yield and the average balance on loans receivable. The average yield on loans receivable increased to 5.33% for the quarter ended March 31, 2024 due to the elevated market interest rates as well as a change in mix to higher yield loan products.

Average investments declined 11% from the first quarter of 2023 driven by the sale of investment securities during the prior year coupled with principal payments and maturities. Interest income on investment securities decreased by $1 million, or 8%, from the quarter ended March 31, 2023.

Average deposits grew 4% from the quarter ended March 31, 2023 driven by a $1.4 billion increase in our average time deposits due to customer preferences for this fixed maturity product type. This increase was partially offset by a decrease in money market balances as customers shifted balances into higher yielding time deposit accounts. Interest expense on deposits increased by $36 million primarily attributable to increases in the interest rates paid on deposit accounts as we continued competitively positioning our deposit products, as well as a change in mix to higher cost products.

Compared to the quarter ended March 31, 2023, average borrowings saw a 37% reduction, primarily attributable to the strategic pay-down of wholesale borrowings. This decrease was made possible by a substantial increase in cash reserves, resulting from a notable rise in the average balance of deposits, which also decreased interest expense on borrowings by $2 million.

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Average Balance Sheet

(in thousands)

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

	Quarter ended March 31,
	2024					2023
	Average balance		Interest	Avg. yield/ cost (h)		Average balance		Interest	Avg. yield/ cost (h)
Assets
Interest-earning assets:
Residential mortgage loans	$	3,392,524	32,674	3.85	%	$	3,493,617	32,009	3.66	%
Home equity loans	1,205,273		17,294	5.77	%	1,284,425		16,134	5.09	%
Consumer loans	2,033,620		25,033	4.95	%	2,123,672		20,794	3.97	%
Commercial real estate loans	2,999,224		43,425	5.73	%	2,824,120		37,031	5.24	%
Commercial loans	1,714,667		31,857	7.35	%	1,161,298		18,353	6.32	%
Loans receivable (a) (b) (d) (includes FTE adjustments of $712 and $576, respectively)	11,345,308		150,283	5.33	%	10,887,132		124,321	4.63	%
Mortgage-backed securities (c)	1,717,306		7,944	1.85	%	1,909,676		8,537	1.79	%
Investment securities (c) (d) (includes FTE adjustments of $145 and $216, respectively)	333,752		1,430	1.71	%	384,717		1,761	1.83	%
FHLB stock, at cost	32,249		607	7.57	%	39,631		690	7.06	%
Other interest-earning deposits	61,666		832	5.34	%	38,324		423	4.41	%
Total interest-earning assets (includes FTE adjustments of $857 and $792, respectively)	13,490,281		161,096	4.80	%	13,259,480		135,732	4.15	%
Noninterest-earning assets (e)	918,331					862,016
Total assets	$	14,408,612				$	14,121,496
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Savings deposits (g)	$	2,122,035	5,036	0.95	%	$	2,198,988	690	0.13	%
Interest-bearing demand deposits (g)	2,538,823		5,402	0.86	%	2,612,883		951	0.15	%
Money market deposit accounts (g)	1,961,332		7,913	1.62	%	2,408,582		4,403	0.74	%
Time deposits (g)	2,697,983		29,335	4.37	%	1,293,609		5,194	1.63	%
Borrowed funds (f)	469,697		5,708	4.89	%	740,218		7,938	4.35	%
Subordinated debentures	114,225		1,148	4.02	%	113,870		1,148	4.03	%
Junior subordinated debentures	129,597		2,459	7.51	%	129,335		2,152	6.66	%
Total interest-bearing liabilities	10,033,692		57,001	2.28	%	9,497,485		22,476	0.96	%
Noninterest-bearing demand deposits (g)	2,567,781					2,889,973
Noninterest-bearing liabilities	257,269					235,213
Total liabilities	12,858,742					12,622,671
Shareholders’ equity	1,549,870					1,498,825
Total liabilities and shareholders’ equity	$	14,408,612				$	14,121,496
Net interest income/Interest rate spread			104,095	2.52	%			113,256	3.19	%
Net interest-earning assets/Net interest margin	$	3,456,589		3.10	%	$	3,761,995		3.46	%
Ratio of interest-earning assets to interest- bearing liabilities	1.34X					1.40X

(a)Average gross loans 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 were 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 FTE basis.

(e)Average balances include the effect of unrealized gains or losses on securities held as available-for-sale.

(f)Average balances include FHLB borrowings and collateralized borrowings.

(g)Average cost of deposits were 1.61% and 0.40%, respectively, average cost of interest-bearing deposits were 2.06% and 0.54%, respectively .

(h)Annualized. Shown on a FTE basis. The FTE basis adjusts for the tax benefit of income on certain tax exempt loans and investments using the federal statutory rate applicable to each period presented. We believe this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts. GAAP basis yields were: loans — 5.30% and 4.61%, respectively; investment securities — 1.54% and 1.61%, respectively; interest-earning assets — 4.78% and 4.13%, respectively. GAAP basis net interest rate spreads were 2.49% and 3.17%, respectively; and GAAP basis net interest margins were 3.08% and 3.44%, respectively.

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Rate/Volume Analysis

(in thousands)

The following table represents the extent to which changes in interest rates and changes in the volume of interest-earning assets and interest-bearing liabilities have affected interest income and interest expense during the periods indicated. Information is provided in each category with respect to (i) changes attributable to changes in volume (changes in volume multiplied by prior rate), (ii) changes attributable to changes in rate (changes in rate multiplied by prior volume), and (iii) net change. Changes that cannot be attributed to either rate or volume have been allocated to both rate and volume.

	For the quarter ended March 31, 2024 vs. 2023
	Increase/(decrease) due to			Total  increase/(decrease)
	Rate		Volume
Interest-earning assets:
Loans receivable	$	19,893	6,069	25,962
Mortgage-backed securities	296		(889)	(593)
Investment securities	(112)		(219)	(331)
FHLB stock, at cost	56		(139)	(83)
Other interest-earning deposits	95		314	409
Total interest-earning assets	20,228		5,136	25,364
Interest-bearing liabilities:
Savings deposits	4,529		(183)	4,346
Interest-bearing demand deposits	4,609		(158)	4,451
Money market deposit accounts	5,314		(1,804)	3,510
Time deposits	8,871		15,270	24,141
Borrowed funds	1,057		(3,287)	(2,230)
Subordinated debt	(4)		4	—
Junior subordinated debentures	302		5	307
Total interest-bearing liabilities	24,678		9,847	34,525
Net change in net interest income	$	(4,450)	(4,711)	(9,161)

Provision for Credit Losses

	1Q23		2Q23		3Q23		4Q23		1Q24
Provision for credit losses - loans (in thousands)	$4,870		6,010		3,983		3,801		4,234
Provision for credit losses - unfunded commitments (in thousands)	126		2,920		(2,981)		4,145		(799)
Annualized net charge-offs to average loans	0.08	%	0.10	%	0.13	%	0.12	%	0.16	%

The provision for credit losses decreased by $2 million, or 31%, from the quarter ended March 31, 2023. This decrease included a $1 million decrease in the provision for credit losses - loans driven by changes in the economic forecasts reflected in our allowance for credit loss models, as well as a $1 million decrease in the provision for credit losses - unfunded commitments driven by the timing of origination and funding of commercial construction loans and lines of credit. Classified assets continue to remain low at $229 million, at March 31, 2024 from $209 million at March 31, 2023, or 2% of total loans as of both periods.

In determining the amount of the current period provision, we considered current and forecasted economic conditions, including but not limited to improvements in unemployment levels, expected economic growth, bankruptcy filings, and changes in real estate values and the impact of these factors on the quality of our loan portfolio and historical loss experience. We analyze the allowance for credit losses as described in the section entitled “Allowance for Credit Losses.” The provision that is recorded is sufficient, in our judgment, to bring this reserve to a level that reflects the current expected lifetime losses in our loan portfolio relative to loan mix, a reasonable and supportable economic forecast period and historical loss experience at March 31, 2024.

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Noninterest Income

(a) Other noninterest income includes the gain on sale of SBA loans, net gain on real estate owned, mortgage banking income, and other operating income. See the "Consolidated Statements of Income" in Item 1. Financial Statements of this report.

Noninterest income increased by $4 million, or 17%, from the quarter ended March 31, 2023. This increase was primarily due to a $2 million, or 18%, increase in service charges and fees to $16 million for the quarter ended March 31, 2024 from $13 million for the quarter ended March 31, 2023 driven by commercial loan fees and deposit related fees based on customer activity in the current quarter as well as gain on sale of SBA loans and improvements in trust and other financial services income.

Noninterest Expense

(a) Other noninterest expense includes office operations, collections expense, marketing expense, FDIC insurance expense, amortization of intangible assets, real estate owned expense, merger, asset disposition and restructuring expense, and other expenses. See the "Consolidated Statements of Income" in Item 1. Financial Statements of this report.

Noninterest expense increased by $3 million, or 3%, from the quarter ended March 31, 2023. This increase was primarily attributable to an increase in compensation and employee benefits expense of $5 million, or 11%, to $52 million for the quarter ended March 31, 2024, from $47 million for the quarter ended March 31, 2023 driven primarily by the build out of the commercial business and related credit, risk management, and internal audit support functions. Partially offsetting this increase was a decrease in non-personnel expense related to a decline in merger, asset disposition and restructuring expense of $2 million, or 66%, as a result of the severance and fixed asset charges related to the branch optimization and personnel reduction incurred during the first quarter of the prior year.

Income Taxes

The provision for income taxes decreased by $1.7 million, or 17%, to $8.6 million for the quarter ended March 31, 2024 from $10.3 million for the quarter ended March 31, 2023. This decrease in income taxes was due primarily to a decrease in our income before taxes in the current year. We anticipate our effective tax rate to be between 22.0% and 24.0% for the year ending December 31, 2024.

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Item 3.        QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As the holding company for a savings bank, one of our primary market risks is interest rate risk. Interest rate risk is the sensitivity of net interest income to variations in interest rates over a specified time period. The sensitivity results from differences in the time periods in which interest rate sensitive assets and liabilities mature or re-price. We attempt to control interest rate risk by matching, within acceptable limits, the re-pricing periods of assets and liabilities. We have attempted to limit our exposure to interest sensitivity by increasing core deposits, enticing customers to extend certificates of deposit maturities, borrowing funds with fixed-rates and longer maturities and by shortening the maturities of our assets by emphasizing the origination of more short-term fixed rate loans and adjustable rate loans. We also have the ability to sell a portion of the long-term, fixed-rate mortgage loans that we originate. In addition, we purchase shorter term or adjustable-rate investment securities and mortgage-backed securities.

We have an Asset/Liability Committee consisting of members of management which meets monthly to review market interest rates, economic conditions, the pricing of interest-earning assets and interest-bearing liabilities and the balance sheet structure. On a quarterly basis, this Committee also reviews the interest rate risk position and cash flow projections.

The Board of Directors has a Risk Management Committee which meets quarterly and reviews interest rate risk and trends, our interest sensitivity position, the liquidity position and the market risk inherent in the investment portfolio.

In an effort to assess interest rate risk and market risk, we utilize a simulation model to determine the effect of immediate incremental increases and decreases in interest rates on net income and the market value of equity. Certain assumptions are made regarding loan prepayments and decay rates of savings and interest-bearing demand accounts. Because it is difficult to accurately project the market reaction of depositors and borrowers, the effect of actual changes in interest rates on these assumptions may differ from simulated results. We have established the following guidelines for assessing interest rate risk:

Net interest income simulation. Given a parallel shift of 100 basis points (“bps”), 200 bps and 300 bps in interest rates, the estimated net income may not decrease by more than 5%, 10% and 15%, respectively, within a one-year period.

Net income simulation. Given a parallel shift of 100 bps, 200 bps and 300 bps in interest rates, the estimated net income may not decrease by more than 10%, 20% and 30%, respectively, within a one-year period.

Market value of equity simulation. The market value of equity is the present value of assets and liabilities. Given a parallel shift of 100 bps, 200 bps and 300 bps in interest rates, the market value of equity may not decrease by more than 15%, 30% and 35%, respectively, from the computed economic value at current interest rate levels.

The following table illustrates the simulated impact of a 100 bps, 200 bps or 300 bps upward or a 100 bps, 200 bps or 300 bps downward movement in interest rates on net income, return on average equity, earnings per share and market value of equity. This analysis was prepared assuming that interest-earning asset and interest-bearing liability levels at March 31, 2024 remain constant. The impact of the rate movements was computed by simulating the effect of an immediate and sustained shift in interest rates over a twelve-month period from March 31, 2024 levels.

	Increase									Decrease
Parallel shift in interest rates over the next 12 months	100 bps			200 bps			300 bps			100 bps			200 bps			300 bps
Projected percentage increase/(decrease) in net interest income	(1.7)		%	(3.7)		%	(5.7)		%	(1.4		%)	(6.2		%)	(11.6		%)
Projected percentage increase/(decrease) in net income	(4.0)		%	(8.9)		%	(13.8)		%	(3.4		%)	(15.1		%)	(28.4		%)
Projected increase/(decrease) in return on average equity	(3.9)		%	(8.5)		%	(13.3)		%	(3.2		%)	(14.5		%)	(27.4		%)
Projected increase/(decrease) in earnings per share	$	(0.05)		$	(0.10)		$	(0.15)		$	(0.04)		$	(0.17)		$	(0.31)
Projected percentage increase/(decrease) in market value of equity	(8.1		%)	(16.5		%)	(24.5		%)	6.6		%	8.7		%	8.1		%

The figures included in the table above represent projections that were computed based upon certain assumptions including prepayment rates and decay rates. These assumptions are inherently uncertain and, as a result, cannot precisely predict the impact of changes in interest rates. Actual results may differ significantly due to timing, magnitude and frequency of interest rate changes and changes in market conditions, and actions that may be taken by management in response to interest rate changes.

48

Item 4.        CONTROLS AND PROCEDURES

Under the supervision of and with the participation of management, including the Principal Executive Officer and Principal Financial Officer, we evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report (the “Evaluation Date”). Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that, as of the Evaluation Date, these disclosure controls and procedures were effective.

There were no changes in the internal controls over financial reporting during the period covered by this report or in other factors that have materially affected, or are reasonably likely to materially affect the internal controls over financial reporting.

PART II.    OTHER INFORMATION

Item 1.        LEGAL PROCEEDINGS

We are subject to a number of asserted and unasserted claims encountered in the normal course of business. We believe that any additional liability, other than that which has already been accrued, that may result from such potential litigation will not have a material adverse effect on the financial statements. However, we cannot presently determine whether or not any claims against us will have a material adverse effect on our results of operations in any future reporting period. Refer to Note 11.

Item 1A.    RISK FACTORS

Except as previously disclosed, there have been no material updates or additions to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission. Additional risks not presently known to us, or that we currently deem immaterial, may also adversely affect our business, financial condition or results of operations.

49

Item 2.    UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES

a)    Not applicable.

b)    Not applicable.

c)    On December 13, 2012, the Board of Directors approved a program that authorizes the repurchase of approximately 5,000,000 shares of common stock. This program does not have an expiration date. During the quarter ended March 31, 2024, there were no shares of common stock repurchased and there are a maximum of 2,261,130 remaining shares that can be purchased under the current repurchase program.

Item 3.        DEFAULTS UPON SENIOR SECURITIES

Not applicable.

Item 4.        MINE SAFETY DISCLOSURES

Not applicable.

Item 5.        OTHER INFORMATION

During the three months ended March 31, 2024, no directors or executive officers of the Company adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) and/or any “Rule 10b5-1 trading arrangement.”

50

Item 6.        EXHIBITS

10.1	Employment Agreement by and between Northwest Bank, Northwest Bancshares, Inc. and Douglas M. Schosser
31.1	Certification of the Chief Executive Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of the Chief Financial Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS	The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase.
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104	The cover page of this Quarterly Report on Form 10-Q, formatted in inline XBRL.

51

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed by the undersigned thereunto duly authorized.

NORTHWEST BANCSHARES, INC.
(Registrant)
Date:	May 3, 2024	By:	/s/ Louis J. Torchio
			Louis J. Torchio
			President and Chief Executive Officer
			(Duly Authorized Officer)
Date:	May 3, 2024	By:	/s/ Jeffrey J. Maddigan
			Jeffrey J. Maddigan
			Executive Vice President, Finance, Accounting and Corporate Treasurer
			(Principal Accounting Officer)

52

EX-31.1

Exhibit 31.1

Certification

I, Louis J. Torchio, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Northwest Bancshares, Inc.;

2. Based on my knowledge, this report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 3, 2024	/s/ Louis J. Torchio
Date	Louis J. Torchio
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification

I, Douglas M. Schosser, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Northwest Bancshares, Inc.;

2. Based on my knowledge, this report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 3, 2024	/s/ Douglas M. Schosser
Date	Douglas M. Schosser
	Senior Executive Vice President, Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification by the Chief Executive Officer and Chief Financial Officer

The undersigned officers of Northwest Bancshares, Inc. (the “Company”) hereby certify that, to the best of their knowledge:

1. The Company’s quarterly report on Form 10-Q for the period ended March 31, 2024 (the “Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 3, 2024	/s/ Louis J. Torchio
Date	Louis J. Torchio
	President and Chief Executive Officer
May 3, 2024	/s/ Douglas M. Schosser
Date	Douglas M. Schosser
	Senior Executive Vice President, Chief Financial Officer

The purpose of this statement is solely to comply with Title 18, Chapter 63, Section 1350 of the United States Code, as amended by Section 906 of the Sarbanes-Oxley Act of 2002.

A signed original of this written statement required by Section 906 has been provided to Northwest Bancshares, Inc. and will be retained by Northwest Bancshares, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-34582
Entity Registrant Name	NORTHWEST BANCSHARES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-0950358
Entity Address, Address Line One	3 Easton Oval
Entity Address, Address Line Two	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
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	NWBI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		127,264,095
Entity Central Index Key	0001471265
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

XML

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 119,319	$ 122,260
Marketable securities available-for-sale (amortized cost of $1,298,108 and $1,240,003, respectively)	1,094,009	1,043,359
Marketable securities held-to-maturity (fair value of $680,353 and $699,506, respectively)	801,107	814,839
Total cash and cash equivalents and marketable securities	2,014,435	1,980,458
Loans held-for-sale	8,082	8,768
Loans held for investment	11,493,164	11,406,041
Allowance for credit losses	(124,897)	(125,243)
Loans receivable, net	11,376,349	11,289,566
FHLB stock, at cost	30,811	30,146
Accrued interest receivable	50,680	47,353
Real estate owned, net	50	104
Premises and equipment, net	130,565	138,838
Bank-owned life insurance	252,842	251,895
Goodwill	380,997	380,997
Other intangible assets, net	4,589	5,290
Other assets	268,945	294,458
Total assets	14,510,263	14,419,105
Liabilities:
Noninterest-bearing demand deposits	2,618,379	2,669,023
Interest-bearing demand deposits	2,557,866	2,634,546
Money market deposit accounts	1,952,537	1,968,218
Savings deposits	2,156,048	2,105,234
Time deposits	2,786,814	2,602,881
Total deposits	12,071,644	11,979,902
Borrowed funds	400,783	398,895
Subordinated debt	114,276	114,189
Junior subordinated debentures	129,639	129,574
Advances by borrowers for taxes and insurance	46,970	45,253
Accrued interest payable	17,395	13,669
Other liabilities	177,107	186,306
Total liabilities	12,957,814	12,867,788
Shareholders’ equity:
Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued	0	0
Common stock, $0.01 par value: 500,000,000 shares authorized, 127,253,189 and 127,110,453 shares issued and outstanding, respectively	1,273	1,271
Additional paid-in capital	1,026,173	1,024,852
Retained earnings	678,427	674,686
Accumulated other comprehensive loss	(153,424)	(149,492)
Total shareholders’ equity	1,552,449	1,551,317
Total liabilities and shareholders’ equity	$ 14,510,263	$ 14,419,105

XML

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Marketable securities available-for-sale, amortized cost	$ 1,298,108	$ 1,240,003
Securities held-to-maturity	$ 680,353	$ 699,506
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	127,253,189	127,110,453
Common stock, shares outstanding (in shares)	127,253,189	127,110,453

XML

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest income:
Loans receivable	$ 149,571	$ 123,745
Mortgage-backed securities	7,944	8,537
Taxable investment securities	794	845
Tax-free investment securities	491	700
FHLB stock dividends	607	690
Interest-earning deposits	832	423
Total interest income	160,239	134,940
Interest expense:
Deposits	47,686	11,238
Borrowed funds	9,315	11,238
Total interest expense	57,001	22,476
Net interest income	103,238	112,464
Provision for credit losses - loans	4,234	4,870
Provision for credit losses - unfunded commitments	(799)	126
Net interest income after provision for credit losses	99,803	107,468
Noninterest income:
Gain on sale of SBA loans	873	279
Service charges and fees	15,523	13,189
Trust and other financial services income	7,127	6,449
Gain on real estate owned, net	57	108
Income from bank-owned life insurance	1,502	1,269
Mortgage banking income	452	524
Other operating income	2,429	2,151
Total noninterest income	27,963	23,969
Noninterest expense:
Compensation and employee benefits	51,540	46,604
Premises and occupancy costs	7,627	7,471
Office operations	2,767	3,010
Collections expense	336	387
Processing expenses	14,725	14,350
Marketing expenses	2,149	2,892
Federal deposit insurance premiums	3,023	2,223
Professional services	4,065	4,758
Amortization of intangible assets	701	909
Real estate owned expense	66	181
Merger, asset disposition and restructuring expense	955	2,802
Other expenses	2,070	1,863
Total noninterest expense	90,024	87,450
Income before income taxes	37,742	43,987
Federal and state income taxes expense	8,579	10,308
Net income	$ 29,163	$ 33,679
Basic earnings per share (in dollars per share)	$ 0.23	$ 0.27
Diluted earnings per share (in dollars per share)	$ 0.23	$ 0.26

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 29,163	$ 33,679
Net unrealized holding (losses)/gains on marketable securities:
Unrealized holding (losses)/gains, net of tax of $1,758 and ($3,308), respectively	(5,698)	13,017
Reclassification adjustment for losses/(gains) included in net income, net of tax of $0 and $0, respectively	0	0
Net unrealized holding (losses)/gains on marketable securities	(5,698)	13,017
Change in fair value of interest rate swaps, net of tax of ($630) and $0, respectively	2,154	0
Defined benefit plan:
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, net of tax of $147 and $152, respectively	(388)	(382)
Other comprehensive (loss)/income	(3,932)	12,635
Total comprehensive income	$ 25,231	$ 46,314

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized holding losses, tax	$ 1,758	$ (3,308)
Reclassification adjustment for gains included in net income, tax	0	0
Change in fair value of interest rate swaps, tax	(630)	0
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, tax	$ 147	$ 152

XML

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	ASU 2022-02 Adoption	Common stock	Additional paid-in capital	Retained earnings	Retained earnings ASU 2022-02 Adoption	Accumulated other comprehensive income/(loss)
Beginning balance (in shares) at Dec. 31, 2022			127,028,848
Beginning balance at Dec. 31, 2022	$ 1,491,486	$ (329)	$ 1,270	$ 1,019,647	$ 641,727	$ (329)	$ (171,158)
Comprehensive income:
Net income	33,679				33,679
Other comprehensive income (loss), net of tax	12,635						12,635
Total comprehensive income	46,314				33,679		12,635
Exercise of stock options (in shares)			38,218
Exercise of stock options	465		$ 1	464
Stock-based compensation expense (in shares)			33,048
Stock-based compensation expense	744			744
Stock-based compensation forfeited (in shares)			(34,714)
Dividends paid	(25,405)				(25,405)
Ending balance (in shares) at Mar. 31, 2023			127,065,400
Ending balance at Mar. 31, 2023	$ 1,513,275		$ 1,271	1,020,855	649,672		(158,523)
Beginning balance (in shares) at Dec. 31, 2023	127,110,453		127,110,453
Beginning balance at Dec. 31, 2023	$ 1,551,317		$ 1,271	1,024,852	674,686		(149,492)
Comprehensive income:
Net income	29,163				29,163
Other comprehensive income (loss), net of tax	(3,932)						(3,932)
Total comprehensive income	25,231				29,163		(3,932)
Exercise of stock options (in shares)			10
Exercise of stock options	20			20
Stock-based compensation expense (in shares)			146,086
Stock-based compensation expense	1,303		$ 2	1,301
Stock-based compensation forfeited (in shares)			(3,360)
Dividends paid	$ (25,422)				(25,422)
Ending balance (in shares) at Mar. 31, 2024	127,253,189		127,253,189
Ending balance at Mar. 31, 2024	$ 1,552,449		$ 1,273	$ 1,026,173	$ 678,427		$ (153,424)

XML

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Other comprehensive loss, net of tax	$ 1,275	$ (3,157)
Dividends paid, per share (in dollars per share)	$ 0.20	$ 0.20

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 29,163	$ 33,679
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	3,435	4,996
Net (gain)/loss on sale of assets	(6,023)	1,254
Mortgage banking activity	(794)	(179)
Gain on sale of SBA loans	(852)	0
Net depreciation, amortization and accretion	4,646	2,154
Decrease in other assets	33,565	6,958
Decrease in other liabilities	(2,427)	(24,494)
Net amortization on marketable securities	625	876
Noncash compensation expense related to stock benefit plans	1,303	744
Noncash write-down of other assets	5,929	37
Origination of loans held-for-sale	(43,052)	(30,712)
Proceeds from sale of loans held-for-sale	45,183	34,530
Net cash provided by operating activities	70,701	29,843
Investing activities:
Purchase of marketable securities available-for-sale	(79,052)	0
Proceeds from maturities and principal reductions of marketable securities held-to-maturity	13,553	15,028
Proceeds from maturities and principal reductions of marketable securities available-for-sale	20,501	28,246
Proceeds from bank-owned life insurance	0	1,633
Loan originations	(1,055,402)	(923,686)
Proceeds from loan maturities and principal reductions	962,835	748,472
Net redemptions of FHLB stock	(665)	(1,376)
Proceeds from sale of real estate owned	114	186
(Purchases)/disposals of premises and equipment, net	(5,471)	1,340
Net cash used in investing activities	(143,587)	(130,157)
Financing activities:
Net increase in deposits	91,742	72,631
Net increase in short-term borrowings	1,888	7,475
Increase in advances by borrowers for taxes and insurance	1,717	2,280
Cash dividends paid on common stock	(25,422)	(25,405)
Proceeds from stock options exercised	20	465
Net cash provided by financing activities	69,945	57,446
Net decrease in cash and cash equivalents	(2,941)	(42,868)
Cash and cash equivalents at beginning of period	122,260	139,365
Net decrease in cash and cash equivalents	(2,941)	(42,868)
Cash and cash equivalents at end of period	119,319	96,497
Cash paid during the period for:
Interest on deposits and borrowings (including interest credited to deposit accounts of $37,257 and $10,676, respectively)	53,275	23,471
Income taxes	612	291
Non-cash activities:
Loan foreclosures and repossessions	$ 1,148	$ 847

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Interest on deposits and borrowings, interest credited to deposit accounts	$ 37,257	$ 10,676

XML

Basis of Presentation and Informational Disclosures

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Informational Disclosures

Basis of Presentation and Informational Disclosures

Northwest Bancshares, Inc. (the “Company” or “NWBI”), a Maryland corporation headquartered in Columbus, Ohio, is a bank holding company regulated by the Board of Governors of the Federal Reserve System (“FRB”). The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest”). Northwest is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking. Northwest operates 142 community-banking offices throughout Pennsylvania, Western New York, Eastern Ohio, and Indiana.

The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiary, Northwest, and Northwest’s subsidiaries Northwest Capital Group, Inc., Great Northwest Corporation, and Mutual Federal Interest Company, Inc. The unaudited Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The Consolidated Financial Statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 updated, as required, for any new pronouncements or changes.

Certain items previously reported have been reclassified to conform to the current year’s reporting format.

The results of operations for the quarter ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any other period.

Recently Adopted Accounting Standards

In March 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-02, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." This ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Entities must make an accounting policy election to apply the proportional amortization method on a tax credit-program-by-tax-credit-program basis. The ASU’s amendments also remove the specialized guidance for low-income-housing tax credit ("LIHTC") investments that are not accounted for using the proportional amortization method and instead require that those LIHTC investments be accounted for using the guidance in other accounting standards. This guidance is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. This ASU is applied on a modified retrospective or retrospective basis with the amendments to remove the specialized guidance for LIHTC also being able to be applied on a prospective basis. This guidance was adopted on January 1, 2024 and did not have a material impact to the Company's financial statements.

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Marketable Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

The following table shows the portfolio of marketable securities available-for-sale at March 31, 2024 (in thousands):

	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by the U.S government and agencies:
Due after one year through five years	$	20,000	—	(1,204)	18,796
Due after ten years	48,182		—	(10,260)	37,922
Debt issued by government-sponsored enterprises:
Due after one year through five years	45,987		—	(5,819)	40,168
Due after five years through ten years	360		—	(9)	351
Municipal securities:
Due after one year through five years	4,279		14	(426)	3,867
Due after five years through ten years	27,921		47	(1,886)	26,082
Due after ten years	53,464		—	(9,142)	44,322
Corporate debt issues:
Due after five years through ten years	8,467		—	(833)	7,634
Residential mortgage-backed securities:
Fixed rate pass-through	232,854		93	(26,711)	206,236
Variable rate pass-through	6,738		12	(69)	6,681
Fixed rate agency CMOs	776,087		—	(147,127)	628,960
Variable rate agency CMOs	73,769		35	(814)	72,990
Total residential mortgage-backed securities	1,089,448		140	(174,721)	914,867
Total marketable securities available-for-sale	$	1,298,108	201	(204,300)	1,094,009

The following table shows the portfolio of marketable securities available-for-sale at December 31, 2023 (in thousands):

	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by the U.S. government and agencies:
Due after one year through five years	$	20,000	—	(1,135)	18,865
Due after ten years	49,383		—	(9,934)	39,449
Debt issued by government-sponsored enterprises:
Due after one year through five years	45,986		—	(5,763)	40,223
Due after five years through ten years	386		—	(12)	374
Municipal securities:
Due after one year through five years	4,279		22	(427)	3,874
Due after five years through ten years	20,725		—	(1,437)	19,288
Due after ten years	60,762		125	(8,580)	52,307
Corporate debt issues:
Due after five years through ten years	8,466		—	(778)	7,688
Residential mortgage-backed securities:
Fixed rate pass-through	209,069		27	(25,222)	183,874
Variable rate pass-through	7,140		11	(71)	7,080
Fixed rate agency CMOs	789,842		—	(143,055)	646,787
Variable rate agency CMOs	23,965		38	(453)	23,550
Total residential mortgage-backed securities	1,030,016		76	(168,801)	861,291
Total marketable securities available-for-sale	$	1,240,003	223	(196,867)	1,043,359

The following table shows the portfolio of marketable securities held-to-maturity at March 31, 2024 (in thousands):

	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by government-sponsored enterprises:
Due after one year through five years	$	89,472	—	(11,232)	78,240
Due after five years through ten years	34,987		—	(5,877)	29,110
Residential mortgage-backed securities:
Fixed rate pass-through	144,158		—	(21,062)	123,096
Variable rate pass-through	432		1	—	433
Fixed rate agency CMOs	531,529		—	(82,578)	448,951
Variable rate agency CMOs	529		—	(6)	523
Total residential mortgage-backed securities	676,648		1	(103,646)	573,003
Total marketable securities held-to-maturity	$	801,107	1	(120,755)	680,353

The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2023 (in thousands): 

	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by government-sponsored enterprises:
Due after one year through five years	$	69,471	—	(8,100)	61,371
Due after five years through ten years	54,987		—	(8,700)	46,287
Residential mortgage-backed securities:
Fixed rate pass-through	147,874		—	(20,834)	127,040
Variable rate pass-through	449		1	—	450
Fixed rate agency CMOs	541,529		—	(77,694)	463,835
Variable rate agency CMOs	529		—	(6)	523
Total residential mortgage-backed securities	690,381		1	(98,534)	591,848
Total marketable securities held-to-maturity	$	814,839	1	(115,334)	699,506

The following table shows the contractual maturity of our residential mortgage-backed securities available-for-sale at March 31, 2024 (in thousands):

	Amortized cost		Fair value
Residential mortgage-backed securities:
Due within one year	$	116	116
Due after one year through five years	22,934		21,419
Due after five years through ten years	26,966		25,177
Due after ten years	1,039,432		868,155
Total residential mortgage-backed securities	$	1,089,448	914,867

The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at March 31, 2024 (in thousands):

	Amortized cost		Fair value
Residential mortgage-backed securities:
Due in less than one year	$	38	38
Due after one year through five years	20,144		17,635
Due after five years through ten years	20,209		16,304
Due after ten years	636,257		539,026
Total residential mortgage-backed securities	$	676,648	573,003

The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2024 (in thousands):

	Less than 12 months			12 months or more		Total
	Fair  value		Unrealized loss	Fair  value	Unrealized loss	Fair  value	Unrealized loss
U.S. government-sponsored enterprises	$	—	—	204,587	(34,401)	204,587	(34,401)
Municipal securities	498		(2)	67,691	(11,452)	68,189	(11,454)
Corporate issues	—		—	7,634	(833)	7,634	(833)
Residential mortgage-backed securities - agency	57,715		(855)	1,380,123	(277,512)	1,437,838	(278,367)
Total	$	58,213	(857)	1,660,035	(324,198)	1,718,248	(325,055)

The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2023 (in thousands):

	Less than 12 months			12 months or more		Total
	Fair  value		Unrealized loss	Fair  value	Unrealized loss	Fair  value	Unrealized loss
U.S. government-sponsored enterprises	$	—	—	206,569	(33,644)	206,569	(33,644)
Corporate debt issues	—		—	7,688	(778)	7,688	(778)
Municipal securities	2,753		(81)	66,046	(10,363)	68,799	(10,444)
Residential mortgage-backed securities - agency	17,976		(242)	1,423,707	(267,093)	1,441,683	(267,335)
Total	$	20,729	(323)	1,704,010	(311,878)	1,724,739	(312,201)

The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position as of March 31, 2024, which were comprised of 497 individual securities, represents a credit loss impairment. All of these securities were issued by U.S. government agencies, U.S. government-sponsored enterprises, local municipalities, or represent corporate debt. The securities issued by the U.S. government agencies or U.S. government-sponsored enterprises are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The securities issued by local municipalities and the corporate debt issues were all highly rated by major rating agencies and have no history of credit losses. The unrealized losses were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities. As of March 31, 2024, the Company does not have the intent to sell these investment securities and it is more likely than not that we will not be required to sell these securities before their anticipated recovery, which may be at maturity.

All of the Company’s held-to-maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The decline in fair value of the held-to-maturity debt securities were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities, therefore, the Company did not record an allowance for credit losses for these securities as of March 31, 2024.

The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of March 31, 2024 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, and they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of March 31, 2024.

	AA+		Total
Held-to-maturity securities (at amortized cost):
Debt issued by the U.S. government-sponsored enterprises	$	124,459	124,459
Residential mortgage-backed securities	676,648		676,648
Total marketable securities held-to-maturity	$	801,107	801,107

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Loans Receivable

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Loans Receivable

Loans Receivable

The following table shows a summary of our loans receivable at amortized cost basis at March 31, 2024 and December 31, 2023 (in thousands): 

	March 31, 2024				December 31, 2023
	Originated (1)		Acquired (2)	Total	Originated (1)	Acquired (2)	Total
Personal Banking:
Residential mortgage loans (3)	$	3,243,079	139,769	3,382,848	3,283,299	144,886	3,428,185
Home equity loans	1,079,671		116,936	1,196,607	1,103,410	124,448	1,227,858
Vehicle loans	1,944,752		60,104	2,004,856	1,943,540	65,061	2,008,601
Consumer loans	108,035		5,476	113,511	111,446	5,980	117,426
Total Personal Banking	6,375,537		322,285	6,697,822	6,441,695	340,375	6,782,070
Commercial Banking:
Commercial real estate loans (4)	2,436,853		227,137	2,663,990	2,389,537	238,920	2,628,457
Commercial real estate loans - owner occupied	338,744		25,794	364,538	319,195	26,358	345,553
Commercial loans	1,743,656		31,240	1,774,896	1,623,481	35,248	1,658,729
Total Commercial Banking	4,519,253		284,171	4,803,424	4,332,213	300,526	4,632,739
Total loans receivable, gross	10,894,790		606,456	11,501,246	10,773,908	640,901	11,414,809
Allowance for credit losses	(118,837)		(6,060)	(124,897)	(118,079)	(7,164)	(125,243)
Total loans receivable, net (5)	$	10,775,953	600,396	11,376,349	10,655,829	633,737	11,289,566

(1) Includes originated and loan pools purchased in an asset acquisition.

(2) Includes loans subject to purchase accounting in a business combination.

(3) Includes $8 million and $9 million of loans held-for-sale at March 31, 2024 and December 31, 2023, respectively.

(4) Includes $213,000 and $0 of loans held-for-sale at March 31, 2024 and December 31, 2023, respectively.

(5) Includes $68 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at March 31, 2024 and December 31, 2023.

The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2024 (in thousands):

	Balance as of March 31, 2024		Current period provision	Charge-offs	Recoveries	Balance as of December 31, 2023
Allowance for Credit Losses
Personal Banking:
Residential mortgage loans	$	16,821	(1,399)	(162)	189	18,193
Home equity loans	5,334		145	(412)	198	5,403
Vehicle loans	21,061		(3,694)	(2,588)	432	26,911
Consumer loans	1,452		1,849	(1,985)	389	1,199
Total Personal Banking	44,668		(3,099)	(5,147)	1,208	51,706
Commercial Banking:
Commercial real estate loans	54,474		3,073	(349)	483	51,267
Commercial real estate loans - owner occupied	4,055		272	—	8	3,775
Commercial loans	21,700		3,988	(1,163)	380	18,495
Total Commercial Banking	80,229		7,333	(1,512)	871	73,537
Total	$	124,897	4,234	(6,659)	2,079	125,243
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Residential mortgage loans	$	1	(1)	—	—	2
Home equity loans	64		(1)	—	—	65
Total Personal Banking	65		(2)	—	—	67
Commercial Banking:
Commercial real estate loans	6,218		71	—	—	6,147
Commercial real estate loans - owner occupied	154		(19)	—	—	173
Commercial loans	9,887		(849)	—	—	10,736
Total Commercial Banking	16,259		(797)	—	—	17,056
Total off-balance sheet exposure	$	16,324	(799)	—	—	17,123

The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2023 (in thousands):

	Balance as of March 31, 2023		Current period provision	Charge-offs	Recoveries	ASU 2022-02 Adoption	Balance as of December 31, 2022
Allowance for Credit Losses
Personal Banking:
Residential mortgage loans	$	19,238	(1)	(207)	185	—	19,261
Home equity loans	5,481		(450)	(164)	193	—	5,902
Vehicle loans	26,166		4,253	(1,668)	522	—	23,059
Consumer loans	732		796	(1,066)	337	—	665
Total Personal Banking	51,617		4,598	(3,105)	1,237	—	48,887
Commercial Banking:
Commercial real estate loans	45,404		121	(657)	1,008	426	44,506
Commercial real estate loans - owner occupied	3,351		(674)	—	21	—	4,004
Commercial loans	20,885		825	(865)	286	—	20,639
Total Commercial Banking	69,640		272	(1,522)	1,315	426	69,149
Total	$	121,257	4,870	(4,627)	2,552	426	118,036
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Residential mortgage loans	$	3	(1)	—	—	—	4
Home equity loans	60		(14)	—	—	—	74
Total Personal Banking	63		(15)	—	—	—	78
Commercial Banking:
Commercial real estate loans	5,924		549	—	—	—	5,375
Commercial real estate loans - owner occupied	441		62	—	—	—	379
Commercial loans	6,611		(470)	—	—	—	7,081
Total Commercial Banking	12,976		141	—	—	—	12,835
Total off-balance sheet exposure	$	13,039	126	—	—	—	12,913

The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at March 31, 2024 (in thousands):

	Total loans receivable		Allowance for credit losses	Nonaccrual loans	Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans	$	3,382,848	16,821	7,109	1,509
Home equity loans	1,196,607		5,334	4,409	1
Vehicle loans	2,004,856		21,061	4,360	59
Consumer loans	113,511		1,452	269	627
Total Personal Banking	6,697,822		44,668	16,147	2,196
Commercial Banking:
Commercial real estate loans	2,663,990		54,474	73,133	—
Commercial real estate loans - owner occupied	364,538		4,055	1,319	—
Commercial loans	1,774,896		21,700	4,461	256
Total Commercial Banking	4,803,424		80,229	78,913	256
Total	$	11,501,246	124,897	95,060	2,452

The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2023 (in thousands): 

	Total loans receivable		Allowance for credit losses	Nonaccrual loans	Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans	$	3,428,185	18,193	8,727	1,671
Home equity loans	1,227,858		5,403	4,492	26
Vehicle loans	2,008,601		26,911	4,816	44
Consumer loans	117,426		1,199	229	722
Total Personal Banking	6,782,070		51,706	18,264	2,463
Commercial Banking:
Commercial real estate loans	2,628,457		51,267	71,297	225
Commercial real estate loans - owner occupied	345,553		3,775	676	—
Commercial loans	1,658,729		18,495	4,147	10
Total Commercial Banking	4,632,739		73,537	76,120	235
Total	$	11,414,809	125,243	94,384	2,698

We present the amortized cost of our loans on nonaccrual status including such loans with no allowance. The following table presents the amortized cost of our loans on nonaccrual status as of the beginning and end of the quarter ended March 31, 2024 (in thousands): 

			March 31, 2024
	Nonaccrual loans at January 1, 2024		Nonaccrual loans with an allowance	Nonaccrual loans with no allowance	Total nonaccrual loans at the end of the period	Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans	$	8,727	6,703	406	7,109	1,509
Home equity loans	4,492		4,254	155	4,409	1
Vehicle loans	4,816		3,481	879	4,360	59
Consumer loans	229		269	—	269	627
Total Personal Banking	18,264		14,707	1,440	16,147	2,196
Commercial Banking:
Commercial real estate loans	71,297		50,794	22,339	73,133	—
Commercial real estate loans - owner occupied	676		1,319	—	1,319	—
Commercial loans	4,147		4,305	156	4,461	256
Total Commercial Banking	76,120		56,418	22,495	78,913	256
Total	$	94,384	71,125	23,935	95,060	2,452

During the quarter ended March 31, 2024, we did not recognize any interest income on nonaccrual loans.

The following table presents the amortized cost of our loans on nonaccrual status as of the year ended December 31, 2023 (in thousands): 

			December 31, 2023
	Nonaccrual loans at January 1, 2023		Nonaccrual loans with an allowance	Nonaccrual loans with no allowance	Total nonaccrual loans at the end of the period	Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans	$	7,574	8,304	423	8,727	1,671
Home equity loans	4,145		4,084	408	4,492	26
Vehicle loans	3,771		4,187	629	4,816	44
Consumer loans	256		229	—	229	722
Total Personal Banking	15,746		16,804	1,460	18,264	2,463
Commercial Banking:
Commercial real estate loans	62,239		47,359	23,938	71,297	225
Commercial real estate loans - owner occupied	624		676	—	676	—
Commercial loans	2,627		3,996	151	4,147	10
Total Commercial Banking	65,490		52,031	24,089	76,120	235
Total	$	81,236	68,835	25,549	94,384	2,698

During the year ended December 31, 2023, we did not recognize any interest income on nonaccrual loans.

A loan is considered to be collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. The following table presents the amortized cost basis of collateral-dependent loans by class of loans and collateral type as of as of March 31, 2024 (in thousands):

	Real estate		Equipment	Total
Commercial Banking:
Commercial real estate loans	$	66,587	1,256	67,843
Commercial loans	146		—	146
Total Commercial Banking	66,733		1,256	67,989
Total	$	66,733	1,256	67,989

The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2023 (in thousands):

	Real estate		Total
Commercial Banking:
Commercial real estate loans	$	66,934	66,934
Commercial loans	150		150
Total Commercial Banking	67,084		67,084
Total	$	67,084	67,084

Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extensions, an other-than-insignificant payment delay, or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged off against the allowance for credit losses.

In some cases, the Company provides multiple types of concessions to one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension, principal forgiveness, an other-than-insignificant payment delay, and/or an interest rate reduction.

The following table presents the amortized cost basis of loans for the periods indicated that were both experiencing financial difficulty and modified during the respective period, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financial receivable is also presented below (dollars in thousands).

	For the quarter ended March 31,
	2024						2023
	Payment delay		Term extension	Combination term extension and interest rate reduction	Total class of financing receivable		Term extension	Combination term extension and interest rate reduction	Total class of financing receivable
Personal Banking:
Residential mortgage loans	$	364	490	—	0.03	%	180	—	0.01	%
Home equity loans	—		552	84	0.05	%	110	—	0.01	%
Consumer loans	—		—	2	—	%	—	3	—	%
Total Personal Banking	364		1,042	86	0.02	%	290	3	—	%
Commercial Banking:
Commercial real estate loans	28,877		243	—	1.09	%	242	—	0.01	%
Commercial loans	—		56	10	—	%	765	—	0.06	%
Total Commercial Banking	28,877		299	10	0.61	%	1,007	—	0.02	%
Total	$	29,241	1,341	96	0.27	%	1,297	3	0.01	%

As of March 31, 2024 and December 31, 2023, the Company has committed to lend additional amounts totaling $41,000 and $31,000, respectively, to the borrowers experiencing financial difficulty for which the terms of the loan have been modified.

The following table presents the effect of the loan modifications presented above to borrowers experiencing financial difficulty for the periods indicated:

	For the quarter ended March 31,
	2024				2023
	Weighted-average interest rate reduction		Weighted-average term extension in months	Weighted-average payment deferral in years	Weighted-average interest rate reduction		Weighted-average term extension in months
Personal Banking:
Residential mortgage loans	—	%	143	0.50	—	%	147
Home equity loans	2	%	97	—	—	%	115
Consumer loans	12	%	356	—	12	%	356
Total Personal Banking	3	%	118	0.50	12	%	137
Commercial Banking:
Commercial real estate loans	—	%	106	1.00	—	%	24
Commercial loans	4	%	118	—	—	%	9
Total Commercial Banking	4	%	108	1.00	—	%	13
Total loans	3	%	116	1.00	12	%	41

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of loans modified within the previous twelve months of March 31, 2024:

	Current		30-59 days delinquent	60-89 days delinquent	90 days or greater delinquent
Personal Banking:
Residential mortgage loans	$	406	84	—	364
Home equity loans	616		3	—	17
Consumer loans	2		—	—	—
Total Personal Banking	1,024		87	—	381
Commercial Banking:
Commercial real estate loans	29,121		—	—	—
Commercial loans	10		9	47	—
Total Commercial Banking	29,131		9	47	—
Total loans	$	30,155	96	47	381

All loans modified since the adoption of ASU 2022-02 were current on their payments as of March 31, 2023.

A modification is considered to be in default when the loan is 90 days or more past due. The following table provides the amortized cost basis of financing receivables that had a payment default during the period ended March 31, 2024 and were modified within the previous twelve months to borrowers experiencing financial difficulty (in thousands):

	Term extension		Payment delay
Personal Banking:
Residential mortgage loans	$	—	$	364
Home equity loans	17		—
Total Personal Banking	17		364
Total	$	17	$	364

No loans modified since the adoption of ASU 2022-02 subsequently defaulted during the quarter ended March 31, 2023.

The modifications to borrowers experiencing financial distress are included in their respective portfolio segment and the current loan balance and updated loan terms are run through their respective ACL models to arrive at the quantitative portion of the ACL. Subsequent performance of the loans will be measured by delinquency status and will be captured through our ACL models or our qualitative factor assessment, as deemed appropriate. If we no longer believe the loan demonstrates similar risks to their respective portfolio segment an individual assessment will be performed. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

The following table provides information related to the amortized cost basis of loan payment delinquencies at March 31, 2024 (in thousands):

	30-59 days delinquent		60-89 days delinquent	90 days or greater delinquent	Total delinquency	Current	Total loans receivable	90 days or greater delinquent and accruing
Personal Banking:
Residential mortgage loans	$	38,502	70	5,813	44,385	3,338,463	3,382,848	1,509
Home equity loans	4,608		761	2,823	8,192	1,188,415	1,196,607	1
Vehicle loans	9,177		2,246	2,496	13,919	1,990,937	2,004,856	59
Consumer loans	734		299	849	1,882	111,629	113,511	627
Total Personal Banking	53,021		3,376	11,981	68,378	6,629,444	6,697,822	2,196
Commercial Banking:
Commercial real estate loans	6,181		807	6,041	13,029	2,650,961	2,663,990	—
Commercial real estate loans - owner occupied	215		—	890	1,105	363,433	364,538	—
Commercial loans	3,091		1,284	3,421	7,796	1,767,100	1,774,896	256
Total Commercial Banking	9,487		2,091	10,352	21,930	4,781,494	4,803,424	256
Total loans	$	62,508	5,467	22,333	90,308	11,410,938	11,501,246	2,452

The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2023 (in thousands):

	30-59 days delinquent		60-89 days delinquent	90 days or greater delinquent	Total delinquency	Current	Total loans receivable	90 days or greater delinquent and accruing
Personal Banking:
Residential mortgage loans	$	30,041	7,796	7,995	45,832	3,382,353	3,428,185	1,671
Home equity loans	5,761		982	3,126	9,869	1,217,989	1,227,858	26
Vehicle loans	10,382		3,326	3,051	16,759	1,991,842	2,008,601	44
Consumer loans	829		428	927	2,184	115,242	117,426	722
Total Personal Banking	47,013		12,532	15,099	74,644	6,707,426	6,782,070	2,463
Commercial Banking:
Commercial real estate loans	2,010		1,031	6,535	9,576	2,618,881	2,628,457	225
Commercial real estate loans - owner occupied	1,194		—	177	1,371	344,182	345,553	—
Commercial loans	4,196		703	2,780	7,679	1,651,050	1,658,729	10
Total Commercial Banking	7,400		1,734	9,492	18,626	4,614,113	4,632,739	235
Total originated loans	$	54,413	14,266	24,591	93,270	11,321,539	11,414,809	2,698

Credit Quality Indicators: For Commercial Banking we categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We analyze loans individually by classifying the loans by credit risk. Credit relationships greater than or equal to $1.0 million classified as special mention or substandard are reviewed quarterly for deterioration or improvement to determine if the loan is appropriately classified. We use the following definitions for risk ratings other than pass:

Special Mention — Loans designated as special mention have specific, well-defined risk issues, which create a high level of uncertainty regarding the long-term viability of the business. Loans in this class are considered to have high-risk characteristics. A special mention loan exhibits material negative financial trends due to company-specific or systemic conditions. If these potential weaknesses are not mitigated, they threaten the borrower’s capacity to meet its debt obligations. Special mention loans still demonstrate sufficient financial flexibility to react to and positively address the root cause of the adverse financial trends without significant deviations from their current business strategy. Their potential weaknesses deserve our close attention and warrant enhanced monitoring.

 Substandard — Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.

Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified as substandard. In addition, those weaknesses make collection or liquidation in full highly questionable and improbable. A loan classified as doubtful exhibits discernible loss potential, but a complete loss seems very unlikely. The possibility of a loss on a doubtful loan is high, but because of certain important and reasonably specific pending factors that may strengthen the loan, its classification as an estimated loss is deferred until a more exact status can be determined.

Loss — Loans classified as loss are considered uncollectible and of such value that the continuance as a loan is not warranted. A loss classification does not mean that the loan has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off all or a portion of a basically worthless loan even though partial recovery may be possible in the future.

For Personal Banking loans a pass risk rating is maintained until they are 90 days or greater past due, and risk rating reclassification is based primarily on past due status of the loan. The risk rating categories can generally be described by the following groupings:

Pass — Loans classified as pass are homogeneous loans that are less than 90 days past due from the required payment date at month-end.

Substandard — Loans classified as substandard are homogeneous loans that are greater than 90 days past due from the required payment date at month-end, or homogenous retail loans that are greater than 180 days past due from the required payment date at month-end that has been written down to the value of underlying collateral, less costs to sell.

Doubtful — Loans classified as doubtful are homogeneous loans that are greater than 180 days past due from the required payment date at month-end and not written down to the value of underlying collateral. These loans are generally charged-off in the month in which the 180 day period elapses.

The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator and the current period charge-offs by year of origination for each portfolio segment as of March 31, 2024 (in thousands):

	YTD March 31, 2024		2023	2022	2021	2020	Prior	Revolving loans	Revolving loans converted to term loans	Total loans receivable
Personal Banking:
Residential mortgage loans
Pass	$	7,577	192,489	660,443	782,217	496,755	1,230,826	—	—	3,370,307
Substandard	—		89	2,551	357	1,208	8,336	—	—	12,541
Total residential mortgage loans	7,577		192,578	662,994	782,574	497,963	1,239,162	—	—	3,382,848
Residential mortgage current period charge-offs	—		—	—	—	(113)	(49)	—	—	(162)
Home equity loans
Pass	5,488		67,059	97,697	101,645	140,326	276,751	460,391	42,600	1,191,957
Substandard	—		—	98	54	197	2,027	1,086	1,188	4,650
Total home equity loans	5,488		67,059	97,795	101,699	140,523	278,778	461,477	43,788	1,196,607
Home equity current period charge-offs	—		—	(35)	(2)	—	(154)	(189)	(32)	(412)
Vehicle loans
Pass	196,998		615,730	618,045	351,286	113,020	105,357	—	—	2,000,436
Substandard	—		753	1,310	1,274	257	826	—	—	4,420
Total vehicle loans	196,998		616,483	619,355	352,560	113,277	106,183	—	—	2,004,856
Vehicle current period charge-offs	—		(715)	(664)	(748)	(117)	(344)	—	—	(2,588)
Consumer loans
Pass	7,204		21,506	10,028	4,627	1,667	5,099	61,766	717	112,614
Substandard	—		51	63	9	—	51	622	101	897
Total consumer loans	7,204		21,557	10,091	4,636	1,667	5,150	62,388	818	113,511
Consumer loan current period charge-offs	(13)		(1,263)	(139)	(83)	(13)	(247)	(206)	(21)	(1,985)
Total Personal Banking	217,267		897,677	1,390,235	1,241,469	753,430	1,629,273	523,865	44,606	6,697,822
Commercial Banking:
Commercial real estate loans
Pass	62,822		232,766	496,664	303,781	319,596	931,515	28,002	24,423	2,399,569
Special mention	—		2,831	24,683	27,294	7,111	28,946	733	—	91,598
Substandard	1,256		1,909	2,779	29,626	19,575	117,501	78	99	172,823
Total commercial real estate loans	64,078		237,506	524,126	360,701	346,282	1,077,962	28,813	24,522	2,663,990
Commercial real estate current period charge-offs	—		—	(44)	—	—	(305)	—	—	(349)
Commercial real estate loans - owner occupied
Pass	22,976		12,903	51,065	47,955	13,886	163,028	2,171	1,304	315,288
Special mention	—		13,365	2,381	1,210	1,728	20,965	—	—	39,649
Substandard	—		—	—	111	1,647	6,145	—	1,698	9,601
Total commercial real estate loans - owner occupied	22,976		26,268	53,446	49,276	17,261	190,138	2,171	3,002	364,538
Commercial real estate - owner occupied current period charge-offs	—		—	—	—	—	—	—	—	—
Commercial loans
Pass	203,185		424,258	402,658	67,493	24,976	79,847	492,660	3,442	1,698,519
Special mention	8,019		31,014	3,860	4	298	217	9,045	4	52,461
Substandard	—		8,050	3,954	886	222	3,162	3,884	3,758	23,916
Total commercial loans	211,204		463,322	410,472	68,383	25,496	83,226	505,589	7,204	1,774,896
Commercial loans current period charge-offs	—		(47)	(734)	(75)	(175)	(132)	—	—	(1,163)
Total Commercial Banking	298,258		727,096	988,044	478,360	389,039	1,351,326	536,573	34,728	4,803,424
Total loans	$	515,525	1,624,773	2,378,279	1,719,829	1,142,469	2,980,599	1,060,438	79,334	11,501,246

For the quarter ended March 31, 2024, $3 million of revolving loans were converted to term loans.

The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of December 31, 2023 (in thousands): 

	2023		2022	2021	2020	2019	Prior	Revolving loans	Revolving loans converted to term loans	Total loans receivable
Personal Banking:
Residential mortgage loans
Pass	$	186,081	665,379	792,488	506,068	244,678	1,019,152	—	—	3,413,846
Substandard	—		1,581	—	1,252	311	11,195	—	—	14,339
Total residential mortgage loans	186,081		666,960	792,488	507,320	244,989	1,030,347	—	—	3,428,185
Residential mortgage current period charge-offs	—		(9)	(5)	(130)	(23)	(1,023)	—	—	(1,189)
Home equity loans
Pass	71,497		100,639	106,043	146,121	94,144	197,259	463,868	43,526	1,223,097
Substandard	—		236	54	197	35	1,733	1,447	1,059	4,761
Total home equity loans	71,497		100,875	106,097	146,318	94,179	198,992	465,315	44,585	1,227,858
Home equity current period charge-offs	—		(53)	(46)	—	(48)	(352)	(144)	(209)	(852)
Vehicle loans
Pass	664,876		682,275	397,809	132,775	67,853	58,153	—	—	2,003,741
Substandard	646		1,418	1,453	299	556	488	—	—	4,860
Total vehicle loans	665,522		683,693	399,262	133,074	68,409	58,641	—	—	2,008,601
Vehicle current period charge-offs	(678)		(1,844)	(1,967)	(475)	(652)	(853)	—	—	(6,468)
Consumer loans
Pass	24,277		11,582	5,552	2,072	1,355	6,603	64,214	820	116,475
Substandard	55		43	19	6	6	46	726	50	951
Total consumer loans	24,332		11,625	5,571	2,078	1,361	6,649	64,940	870	117,426
Consumer loan current period charge-offs	(3,412)		(511)	(390)	(157)	(177)	(980)	(317)	(38)	(5,983)
Total Personal Banking	947,432		1,463,153	1,303,418	788,790	408,938	1,294,629	530,255	45,455	6,782,070
Commercial Banking:
Commercial real estate loans
Pass	223,335		470,762	303,873	332,620	228,382	745,244	27,583	24,804	2,356,603
Special Mention	2,819		24,735	27,871	5,365	4,053	38,665	711	—	104,219
Substandard	1,920		750	26,850	18,167	37,044	82,717	79	108	167,635
Total commercial real estate loans	228,074		496,247	358,594	356,152	269,479	866,626	28,373	24,912	2,628,457
Commercial real estate current period charge-offs	(14)		—	(492)	—	(51)	(1,741)	—	—	(2,298)
Commercial real estate loans - owner occupied
Pass	24,725		51,986	47,655	15,984	28,614	140,175	2,378	2,390	313,907
Special Mention	1,221		120	1,218	—	14,386	2,952	—	—	19,897
Substandard	—		—	118	1,666	4,646	4,641	—	678	11,749
Total commercial real estate loans - owner occupied	25,946		52,106	48,991	17,650	47,646	147,768	2,378	3,068	345,553
Commercial real estate - owner occupied current period charge-offs	—		—	—	—	—	(68)	—	—	(68)
Commercial loans
Pass	482,605		430,378	73,469	26,868	34,090	54,617	531,742	4,110	1,637,879
Special Mention	508		3,671	52	299	240	26	1,882	—	6,678
Substandard	—		3,015	872	356	2,361	840	4,729	1,999	14,172
Total commercial loans	483,113		437,064	74,393	27,523	36,691	55,483	538,353	6,109	1,658,729
Commercial loans current period charge-offs	(35)		(2,072)	(517)	(430)	(205)	(845)	(60)	(2)	(4,166)
Total Commercial Banking	737,133		985,417	481,978	401,325	353,816	1,069,877	569,104	34,089	4,632,739
Total loans	$	1,684,565	2,448,570	1,785,396	1,190,115	762,754	2,364,506	1,099,359	79,544	11,414,809

For the year ended December 31, 2023, $19 million of revolving loans were converted to term loans.

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Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands):

	March 31, 2024		December 31, 2023
Amortizable intangible assets:
Core deposit intangibles - gross	$	74,899	74,899
Less: accumulated amortization	(70,310)		(69,609)
Core deposit intangibles - net	$	4,589	5,290
Total intangible assets - net	$	4,589	5,290

The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2024 and 2023, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the succeeding fiscal years until the intangible assets are fully amortized (in thousands):

For the quarter ended March 31, 2024	$	701
For the quarter ended March 31, 2023	909
For the year ending December 31, 2024	2,452
For the year ending December 31, 2025	1,662
For the year ending December 31, 2026	871
For the year ending December 31, 2027	305

The following table provides information for the changes in the carrying amount of goodwill (in thousands):

	Total
Balance at December 31, 2023	$	380,997
Balance at March 31, 2024	$	380,997

We performed our annual goodwill impairment test as of June 30, 2023 in accordance with ASC 350, Intangibles - Goodwill and Other, and concluded that goodwill was not impaired.

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Borrowed Funds

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowed Funds

Borrowed Funds

(a)    Borrowings

Borrowed funds at March 31, 2024 and December 31, 2023 are presented in the following table:

	March 31, 2024				December 31, 2023
	Amount		Average rate		Amount		Average rate
Term notes payable to the FHLB of Pittsburgh, due within one year	$	275,000	5.65	%	$	175,000	5.71	%
Notes payable to the FHLB of Pittsburgh, due within one year	55,600		5.67	%	163,500		5.70	%
Collateralized borrowings, due within one year	29,882		1.62	%	35,495		1.72	%
Collateral received, due within one year	40,301		5.08	%	24,900		5.26	%
Total borrowed funds	$	400,783			$	398,895

Borrowings from the Federal Home Loan Bank (“FHLB”) of Pittsburgh, if any, are secured by our residential first mortgage and other qualifying loans. At March 31, 2024, the carrying value of these loans was $6.0 billion. Certain of these borrowings are subject to restrictions or penalties in the event of prepayment.

The revolving line of credit with the FHLB of Pittsburgh carries a commitment of $250 million. The rate is adjusted daily by the FHLB of Pittsburgh, and any borrowings on this line may be repaid at any time without penalty. At March 31, 2024 and December 31, 2023, the balance of the revolving line of credit was $56 million and $164 million, respectively.

At March 31, 2024 and December 31, 2023, collateralized borrowings due within one year were $30 million and $35 million, respectively. These borrowings are collateralized by cash or various securities held in safekeeping by the FHLB. At March 31, 2024, the carrying value of the cash and securities used as collateral was $50 million.

At March 31, 2024 and December 31, 2023, collateral received was $40 million and $25 million, respectively. This represents collateral posted to us from our derivative counterparties.

At March 31, 2024 and December 31, 2023, term notes payable to the FHLB of Pittsburgh due within one year were $275 million and $175 million, respectively. The March 31, 2024 total is made up of eight advances: $100 million at 5.68% maturing April 5, 2024; $25 million at 5.63% maturing April 26, 2024; $25 million at 5.61% maturing April 30, 2024; $25 million at 5.65% maturing May 9, 2024; $25 million at 5.64% maturing May 13, 2024; $25 million at 5.64% maturing May 13, 2024; $25 million at 5.63% maturing May 20, 2024; $25 million at 5.63% maturing May 31, 2024.

On September 9, 2020, the Company issued $125 million of 4.00% fixed-to-floating rate subordinated notes with a maturity date of September 15, 2030. The subordinated notes, which qualify as Tier 2 capital, bear interest at an annual rate of 4.00%, payable semi-annually in arrears commencing on March 15, 2021, and a floating rate of interest equivalent to the 3-month Secured Overnight Financing Rate (“SOFR”) plus 3.89% payable quarterly in arrears commencing on December 15, 2025. During the year-ended December 31, 2023 the Company repurchased $10 million of subordinated notes leaving $115 million of subordinated notes outstanding. The subordinated debt issuance costs of approximately $2 million are being amortized over five years on a straight-line basis into interest expense. At March 31, 2024 and December 31, 2023, subordinated debentures, net of issuance costs, were $114 million. For the three months ended March 31, 2024 and March 31, 2023 total interest expense paid on the subordinate notes was $1.2 million.

(b)    Trust Preferred Securities

The Company has seven statutory business trusts: Northwest Bancorp Capital Trust III, a Delaware statutory business trust, Northwest Bancorp Statutory Trust IV, a Connecticut statutory business trust, LNB Trust II, a Delaware statutory business trust, Union National Capital Trust I (“UNCT I”), a Delaware statutory business trust, Union National Capital Trust II (“UNCT II”), a Delaware statutory business trust, MFBC Statutory Trust I, a Delaware statutory trust, and Universal Preferred Trust, a Delaware statutory trust (the “Trusts”). The Trusts exist solely to issue preferred securities to third parties for cash, issue common securities to the Company in exchange for capitalization of the Trusts, invest the proceeds from the sale of trust securities in an equivalent amount of debentures of the Company, and engage in other activities that are incidental to those previously listed. 

The Trusts have invested the proceeds of the offerings in junior subordinated deferrable interest debentures issued by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. These subordinated debentures are the sole assets of the Trusts. As the shareholders of the trust preferred securities are the primary beneficiaries of the Trusts, the Trusts are not consolidated in our financial statements.

The following table sets forth a summary of the cumulative trust preferred securities and the junior subordinated debt held by the Trust as of the date listed (dollars in thousands).

	Maturity date	Interest rate	Capital debt securities		March 31, 2024		December 31, 2023
Northwest Bancorp Capital Trust III	December 30, 2035	3-month SOFR plus 1.38%	$	50,000	$	51,547	51,547
Northwest Bancorp Statutory Trust IV	December 15, 2035	3-month SOFR plus 1.38%	50,000		51,547		51,547
LNB Trust II	June 15, 2037	3-month SOFR plus 1.48%	7,875		8,119		8,119
Union National Capital Trust I (1)	January 23, 2034	3-month SOFR plus 2.85%	8,000		8,005		7,999
Union National Capital Trust II (1)	November 23, 2034	3-month SOFR plus 2.00%	3,000		2,803		2,796
MFBC Statutory Trust I (1)	September 15, 2035	3-month SOFR plus 1.70%	5,000		3,814		3,788
Universal Preferred Trust (1)	October 7, 2035	3-month SOFR plus 1.69%	5,000		3,804		3,778
			$	128,875	129,639		129,574

(1) Net of discounts due to the fair value adjustment made at the time of acquisition.

Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We have the right to defer payment of interest on the subordinated debentures at any time, or from time-to-time, for periods not exceeding five years. If interest payments on the subordinated debentures are deferred, the distributions on the trust securities also are deferred. To date there have been no interest deferrals. Interest on the subordinated debentures and distributions on the trust securities is cumulative. Our obligation constitutes a full, irrevocable, and unconditional guarantee on a subordinated basis of the obligations of the trust under the preferred securities. For each of the three month periods ended March 31, 2024 and March 31, 2023 total interest expense paid on trust preferred securities was $2 million.

The Trusts must redeem the preferred securities when the debentures are paid at maturity or upon an earlier redemption of the debentures to the extent the debentures are redeemed. All or part of the debentures may be redeemed at any time. Also, the debentures may be redeemed at any time if existing laws or regulations, or the interpretation or application of these laws or regulations, change causing:

•the interest on the debentures to no longer be deductible by the Company for federal income tax purposes;

•the trusts to become subject to federal income tax or to certain other taxes or governmental charges;

•the trusts to register as an investment company; or

•the preferred securities to no longer qualify as Tier I capital. 

We may, at any time, dissolve any of the Trusts and distribute the debentures to the trust security holders, subject to receipt of any required regulatory approvals.

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Guarantees

3 Months Ended

Mar. 31, 2024

Guarantees [Abstract]

Guarantees

Guarantees

We issue standby letters of credit in the normal course of business. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. We are required to perform under a standby letter of credit when drawn upon by the guaranteed third party in the case of nonperformance by our customer. The credit risk associated with standby letters of credit is essentially the same as that involved in extending loans to customers and is subject to normal loan underwriting procedures. Collateral may be obtained based on management’s credit assessment of the customer. At March 31, 2024, the maximum potential amount of future payments we could be required to make under these non-recourse standby letters of credit was $60 million, of which $43 million is fully collateralized. At March 31, 2024, we had a liability which represents deferred income of $1 million related to the standby letters of credit.

In addition, we maintain a $10 million unsecured line of credit with a correspondent bank for private label credit card facilities for certain existing commercial clients of the Bank, of which $9 million in notional value of credit cards have been issued. These issued credit cards had an outstanding balance of $1 million at March 31, 2024. The clients of the Bank are responsible for repaying any balances due on these credit cards directly to the correspondent bank; however, if the customer fails to repay their balance, the Bank could be required to satisfy the obligation to correspondent bank and initiate collection from our customer as part of the existing credit facility of that customer.

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Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per common share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.

The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts): 

	Quarter ended March 31,
	2024		2023
Net income	$	29,163	33,679
Less: Dividends and undistributed earnings allocated to participating securities	74		146
Net income available to common shareholders	$	29,089	33,533
Weighted average common shares outstanding	126,814,233		126,498,512
Add: Effect of common share options and other stock awards	784,738		551,751
Total weighted average common shares and dilutive potential shares	127,598,971		127,050,263
Basic earnings per share	$	0.23	0.27
Diluted earnings per share	$	0.23	0.26

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Pension and Other Post-Retirement Benefits

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Pension and Other Post-Retirement Benefits

Pension and Other Post-Retirement Benefits

The following table sets forth the net periodic costs for the defined benefit pension plans and post-retirement healthcare plans for the periods indicated (in thousands):

	Quarter ended March 31,
	Pension benefits			Other post-retirement benefits
	2024		2023	2024	2023
Service cost	$	1,425	1,560	—	—
Interest cost	2,205		2,245	15	7
Expected return on plan assets	(3,776)		(3,479)	—	—
Amortization of prior service cost	(563)		(564)	—	—
Amortization of the net loss	18		20	10	10
Net periodic cost	$	(691)	(218)	25	17

Because of the current funding status, we do not anticipate a funding requirement during the year ending December 31, 2024.

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Disclosures About Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Disclosures About Fair Value of Financial Instruments

Disclosures About Fair Value of Financial Instruments

We are required to disclose fair value information about financial instruments whether or not recognized in the Consolidated Statement of Financial Condition. Fair value information of certain financial instruments and all nonfinancial instruments is not required to be disclosed. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

Financial assets and liabilities recognized or disclosed at fair value on a recurring basis and certain financial assets and liabilities on a non-recurring basis are accounted for using a three-level hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. This hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest level input that has a significant impact on fair value measurement is used.

Financial assets and liabilities are categorized based upon the following characteristics or inputs to the valuation techniques:

•    Level 1 - Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in actively traded markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities.

•    Level 2 - Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets or liabilities that are actively traded. Level 2 also includes pricing models in which the inputs are corroborated by market data, for example, matrix pricing.

•     Level 3 - Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include the following:

◦Quotes from brokers or other external sources that are not considered binding;

◦Quotes from brokers or other external sources where it cannot be determined that market participants would in fact transact for the asset or liability at the quoted price; and

◦Quotes and other information from brokers or other external sources where the inputs are not deemed observable.

We are responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. We perform due diligence to understand the inputs used or how the data was calculated or derived. We also corroborate the reasonableness of external inputs in the valuation process.

The carrying amounts reported in the Consolidated Statement of Financial Condition approximate fair value for the following financial instruments: cash and cash equivalents, marketable securities available-for-sale, loans held-for-sale, accrued interest receivable, interest rate lock commitments, forward commitments, interest rate swaps, savings and checking deposits, foreign exchange swaps, risk participation agreements, and accrued interest payable.

Marketable Securities

Where available, market values are based on quoted market prices, dealer quotes, and prices obtained from independent pricing services.

Debt Securities — available-for-sale - Generally, debt securities are valued using pricing for similar securities, recently executed transactions and other pricing models utilizing observable inputs. The valuation for most debt securities is classified as Level 2. Securities within Level 2 include corporate bonds, municipal bonds, mortgage-backed securities and U.S. government obligations. Certain debt securities which were AAA rated at purchase do not have an active market, and as such we have used an alternative method to determine the fair value of these securities. The fair value has been determined using a discounted cash flow model using market assumptions, which generally include cash flow, collateral and other market assumptions. As such, securities which otherwise would have been classified as Level 2 securities if an active market for those assets or similar assets existed are included herein as Level 3 assets.

Debt Securities — held-to-maturity - The fair value of debt securities held-to-maturity is determined in the same manner as debt securities available-for-sale.

Loans Receivable

Loans with comparable characteristics including collateral and re-pricing structures are segregated for valuation purposes. Each loan pool is separately valued utilizing a discounted cash flow analysis. Projected monthly cash flows are discounted to present value using a market rate for comparable loans, which is not considered an exit price. Characteristics of comparable loans include remaining term, coupon interest, and estimated prepayment speeds. Delinquent loans are separately evaluated given the impact delinquency has on the projected future cash flow of the loan including the approximate discount or market rate, which is not considered an exit price.

Loans Held-for-Sale

The estimated fair value of loans held-for-sale is based on market bids obtained from potential buyers.

FHLB Stock

Due to the restrictions placed on transferability of FHLB stock, it is not practical to determine the fair value. FHLB stock is recorded at cost.

Deposit Liabilities

The estimated fair value of deposits with no stated maturity, which includes demand deposits, money market, and other savings accounts, is the amount payable on demand. Although market premiums paid for depository institutions reflect an additional value for these low-cost deposits, adjusting fair value for any value expected to be derived from retaining those deposits for a future period of time or from the benefit that results from the ability to fund interest-earning assets with these deposit liabilities is prohibited. The fair value estimates of deposit liabilities do not include the benefit that results from the low-cost funding provided by these deposits compared to the cost of borrowing funds in the market. Fair values for time deposits are estimated using a discounted cash flow calculation that applies contractual cost currently being offered in the existing portfolio to current market rates being offered locally for deposits of similar remaining maturities. The valuation adjustment for the portfolio consists of the present value of the difference of these two cash flows, discounted at the assumed market rate of the corresponding maturity.

Borrowed Funds

Fixed rate advances are valued by comparing their contractual cost to the prevailing market cost. The carrying amount of repurchase agreements approximates their fair value.

Subordinated Debentures

The fair value of our subordinated debentures is calculated using the discounted cash flows at rates observable for other similarly traded liabilities.

Junior Subordinated Debentures

The fair value of junior subordinated debentures is calculated using the discounted cash flows at the prevailing rate of interest.

Interest Rate Lock Commitments and Forward Commitments

The fair value of interest rate lock commitments is based on the value of underlying loans held-for-sale which is based on quoted prices for similar loans in the secondary market. This value is then adjusted based on the probability of the loan closing (i.e., the “pull-through” amount, a significant unobservable input). The fair value of forward sale commitments is based on quoted prices from the secondary market based on the settlement date of the contracts.

Cash Flow Hedges, Interest Rate and Foreign Exchange Swap Agreements and Risk Participation Agreements

The fair value of interest rate swaps is based upon the present value of the expected future cash flows using the SOFR discount curve, the basis for the underlying interest rate. To price interest rate swaps, cash flows are first projected for each payment date using the fixed rate for the fixed side of the swap and the forward rates for the floating side of the swap. These swap cash flows are then discounted to time zero using SOFR zero-coupon interest rates. The sum of the present value of both legs is the fair market value of the interest rate swap. These valuations have been derived from our third party vendor’s proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions that we believe to be reasonable. The fair value of the foreign exchange swap is derived from proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions that we believe to be reasonable. Risk participation agreements are entered into when Northwest purchases a portion of a commercial loan that has an interest rate swap. Northwest assumes credit risk on its portion of the interest rate swap should the borrower fail to pay as agreed. The value of risk participation agreements is determined based on the value of the swap after considering the credit quality, probability of default, and loss given default of the borrower.

Off-Balance Sheet Financial Instruments

These financial instruments generally are not sold or traded, and estimated fair values are not readily available. However, the fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. Commitments to extend credit are generally short-term in nature and, if drawn upon, are issued under current market terms. At March 31, 2024 and December 31, 2023, there was no significant unrealized appreciation or depreciation on these financial instruments.

The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at March 31, 2024 (in thousands): 

	Carrying amount		Estimated fair value	Level 1	Level 2	Level 3
Financial assets:
Cash and cash equivalents	$	119,319	119,319	119,319	—	—
Securities available-for-sale	1,094,009		1,094,009	—	1,094,009	—
Securities held-to-maturity	801,107		680,353	—	680,353	—
Loans receivable, net	11,368,267		10,370,310	—	—	10,370,310
Loans held-for-sale	8,082		8,082	—	213	7,869
Accrued interest receivable	50,680		50,680	50,680	—	—
Interest rate lock commitments	479		479	—	—	479
Forward commitments	58		58	—	58	—
Foreign exchange swaps	2		2	—	2	—
Interest rate swaps designated as hedging instruments	2,300		2,300	—	2,300	—
Interest rate swaps not designated as hedging instruments	45,188		45,188	—	45,188	—
FHLB stock	30,811		30,811	—	—	—
Total financial assets	$	13,520,302	12,401,591	169,999	1,822,123	10,378,658
Financial liabilities:
Savings and checking deposits	$	9,284,830	9,284,830	9,284,830	—	—
Time deposits	2,786,814		2,333,365	—	—	2,333,365
Borrowed funds	400,783		389,997	389,997	—	—
Subordinated debt	114,276		112,027	—	112,027	—
Junior subordinated debentures	129,639		123,167	—	—	123,167
Interest rate swaps not designated as hedging instruments	45,220		45,220	—	45,220	—
Risk participation agreements	17		17	—	17	—
Accrued interest payable	17,395		17,395	17,395	—	—
Total financial liabilities	$	12,778,974	12,306,018	9,692,222	157,264	2,456,532

The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2023 (in thousands): 

	Carrying amount		Estimated fair value	Level 1	Level 2	Level 3
Financial assets:
Cash and cash equivalents	$	122,260	122,260	122,260	—	—
Securities available-for-sale	1,043,359		1,043,359	—	1,043,359	—
Securities held-to-maturity	814,839		699,506	—	699,506	—
Loans receivable, net	11,280,798		10,274,593	—	—	10,274,593
Residential mortgage loans held-for-sale	8,768		8,768	—	—	8,768
Accrued interest receivable	47,353		47,353	47,353	—	—
Interest rate lock commitments	641		641	—	—	641
Forward commitments	12		12	—	12	—
Interest rate swaps designated as hedging instruments	713		713	—	713	—
Interest rate swaps not designated as hedging instruments	41,406		41,406	—	41,406	—
FHLB stock	30,146		30,146	—	—	—
Total financial assets	$	13,390,295	12,268,757	169,613	1,784,996	10,284,002
Financial liabilities:
Savings and checking accounts	$	9,377,021	9,377,021	9,377,021	—	—
Time deposits	2,602,881		2,113,177	—	—	2,113,177
Borrowed funds	398,895		386,446	386,446	—	—
Subordinated debt	114,189		109,471	—	109,471	—
Junior subordinated debentures	129,574		112,159	—	—	112,159
Foreign exchange swaps	291		291	—	291	—
Interest rate swaps designated as hedging instruments	1,198		1,198	—	1,198	—
Interest rate swaps not designated as hedging instruments	41,437		41,437	—	41,437	—
Risk participation agreements	14		14	—	14	—
Accrued interest payable	13,669		13,669	13,669	—	—
Total financial liabilities	$	12,679,169	12,154,883	9,777,136	152,411	2,225,336

Fair value estimates are made at a point-in-time, based on relevant market data and information about the instrument. The methods and assumptions detailed above were used in estimating the fair value of financial instruments at both March 31, 2024 and December 31, 2023.

The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2024 (in thousands):

	Level 1		Level 2	Level 3	Total assets  at fair value
Debt securities:
U.S. government and agencies	$	—	56,718	—	56,718
Government-sponsored enterprises	—		40,519	—	40,519
States and political subdivisions	—		74,271	—	74,271
Corporate	—		7,634	—	7,634
Total debt securities	—		179,142	—	179,142
Residential mortgage-backed securities:
GNMA	—		31,305	—	31,305
FNMA	—		98,861	—	98,861
FHLMC	—		82,746	—	82,746
Non-agency	—		5	—	5
Collateralized mortgage obligations:
GNMA	—		374,391	—	374,391
FNMA	—		144,489	—	144,489
FHLMC	—		183,070	—	183,070
Total mortgage-backed securities	—		914,867	—	914,867
Interest rate lock commitments	—		—	479	479
Forward commitments	—		58	—	58
Foreign exchange swaps	—		2	—	2
Interest rate swaps designated as hedging instruments	—		2,300	—	2,300
Interest rate swaps not designated as hedging instruments	—		45,188	—	45,188
Total assets	$	—	1,141,557	479	1,142,036
Interest rate swaps not designated as hedging instruments	—		45,220	—	45,220
Risk participation agreements	—		17	—	17
Total liabilities	$	—	45,237	—	45,237

The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2023 (in thousands):

	Level 1		Level 2	Level 3	Total assets  at fair value
Debt securities:
U.S. government and agencies	$	—	58,314	—	58,314
Government-sponsored enterprises	—		40,597	—	40,597
States and political subdivisions	—		75,469	—	75,469
Corporate	—		7,688	—	7,688
Total debt securities	—		182,068	—	182,068
Residential mortgage-backed securities:
GNMA	—		17,441	—	17,441
FNMA	—		102,678	—	102,678
FHLMC	—		70,830	—	70,830
Non-agency	—		5	—	5
Collateralized mortgage obligations:
GNMA	—		331,784	—	331,784
FNMA	—		148,892	—	148,892
FHLMC	—		189,661	—	189,661
Total mortgage-backed securities	—		861,291	—	861,291
Interest rate lock commitments	—		—	641	641
Forward commitments	—		12	—	12
Interest rate swaps designated as hedging instruments	—		713	—	713
Interest rate swaps not designated as hedging instruments	—		41,406	—	41,406
Total assets	$	—	1,085,490	641	1,086,131
Foreign exchange swaps	$	—	291	—	291
Interest rate swaps designated as hedging instruments	—		1,198	—	1,198
Interest rate swaps not designated as hedging instruments	—		41,437	—	41,437
Risk participation agreements	—		14	—	14
Total liabilities	$	—	42,940	—	42,940

The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands):

	For the quarter ended March 31,
	2024		2023
Beginning balance,	$	641	559
Interest rate lock commitments:
Net activity	(162)		(173)
Ending balance	$	479	386

Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans held-for-sale, loans individually assessed, real estate owned, and mortgage servicing rights.

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of March 31, 2024 (in thousands):

	Level 1		Level 2	Level 3	Total assets  at fair value
Loans individually assessed	$	—	—	39,123	39,123
Mortgage servicing rights	—		—	173	173
Real estate owned, net	—		—	50	50
Total assets	$	—	—	39,346	39,346

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2023 (in thousands): 

	Level 1		Level 2	Level 3	Total assets  at fair value
Loans individually assessed	$	—	—	36,747	36,747
Mortgage servicing rights	—		—	133	133
Real estate owned, net	—		—	104	104
Total assets	$	—	—	36,984	36,984

Individually Assessed Loans - A loan is considered to be individually assessed as described in Note 1(f) of the Notes to the Consolidated Financial Statements in Item 8 of Part II of our 2023 Annual Report on Form 10-K. We classify loans individually assessed as nonrecurring Level 3.

Mortgage servicing rights - Mortgage servicing rights represent the value of servicing residential mortgage loans, when the mortgage loans have been sold into the secondary market and the associated servicing has been retained. The value is determined through a discounted cash flow analysis, which uses interest rates, prepayment speeds and delinquency rate assumptions as inputs. All of these assumptions require a significant degree of management judgment. Servicing rights and the related mortgage loans are segregated into categories or homogeneous pools based upon common characteristics. Adjustments are only made when the estimated discounted future cash flows are less than the carrying value, as determined by individual pool. As such, mortgage servicing rights are classified as nonrecurring Level 3.

Real Estate Owned - Real estate owned is comprised of property acquired through foreclosure or voluntarily conveyed by borrowers. These assets are recorded on the date acquired at the lower of the related loan balance or fair value, less estimated disposition costs, with the fair value being determined by appraisal. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or fair value, less estimated disposition costs. We classify real estate owned as nonrecurring Level 3. 

The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2024 (in thousands): 

	Fair value		Valuation techniques	Significant unobservable inputs	Range  (weighted average)
Loans individually assessed	$	39,123	Appraisal value (1)	Estimated cost to sell	10%
Mortgage servicing rights	173		Discounted cash flow	Annual service cost	$89
				Prepayment rate	6.6% to 18.2% (10.7%)
				Expected life (months)	51.0 to 102.3 (72.3)
				Option adjusted spread	729 basis points
				Forward yield curve	5.43% to 5.33%
Real estate owned, net	50		Appraisal value (1)	Estimated cost to sell	10%
Loans held for sale	7,869		Quoted prices for similar loans in active markets adjusted by an expected pull-through rate	Estimated pull-through rate	100%

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent.

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Derivative Financial Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

We are a party to derivative financial instruments in the normal course of business to manage our own exposure to fluctuations in interest rates and to meet the needs of our customers. The primary derivatives that we use are interest rate swaps and caps and foreign exchange contracts, which are entered into with counterparties that meet established credit standards. We believe that the credit risk inherent in all of our derivative contracts is minimal based on our credit standards and the netting and collateral provisions of the interest rate swap agreements.

Derivatives Designated as Hedging Instruments

During the year-ended December 31, 2023, the Company entered into seven separate pay-fixed interest rate swaps in order to synthetically convert short-term three month FHLB advances to fixed-rate term funding with an aggregate value of $175 million with maturities ranging from three to five years. Our risk management objective and strategy for these interest rate swaps at such time was to reduce our exposure to variability in interest-related cash outflows attributable to changes in the USD-SOFR swap rate, the designated benchmark interest rate being hedged. Based upon our contemporaneous quantitative analysis at the inception of the interest rate swaps, we have determined these interest rate swaps qualify for hedge accounting in accordance with ASC 815, Derivatives and Hedging. Our cash flow hedges are recorded within other assets on the Consolidated Statement of Financial Condition at their estimated fair value.

As long as the hedge remains highly effective, the changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. A hedging relationship that is determined to not be highly effective no longer qualifies for hedge accounting and any gain or loss is recognized immediately into earnings. Amount reclassified into earnings are included in interest expense in the Consolidated Statement of Income.

Derivatives Not Designated as Hedging Instruments

We act as an interest rate or foreign exchange swap counterparty for certain commercial borrowers in the normal course of servicing our customers, which are accounted for at fair value. We manage our exposure to such interest rate or foreign exchange swaps by entering into corresponding and offsetting interest rate swaps with third parties that mirror the terms of the swaps we have with the commercial borrowers. These positions (referred to as “customer swaps”) directly offset each other and our exposure is the fair value of the derivatives due to changes in credit risk of our commercial borrowers and third parties. Customer swaps are recorded within other assets or other liabilities on the Consolidated Statement of Financial Condition at their estimated fair value. Changes to the fair value of assets and liabilities arising from these derivatives are included, net, in other operating income in the Consolidated Statement of Income.

We enter into interest rate lock commitments for residential mortgage loans which commit us to lend funds to a potential borrower at a specific interest rate within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that will be held-for-sale are considered derivative financial instruments under applicable accounting guidance. Interest rate lock commitments on loans held-for-sale are carried at fair value in other assets on the Consolidated Statement of Financial Condition. Northwest sells loans to the secondary market on a mandatory or best efforts basis. The loans sold on a mandatory basis commit us to deliver a specific principal amount of mortgage loans to an investor at a specified price, by a specified date, or the commitment must be paired off. These forward commitments entered into on a mandatory delivery basis meet the definition of a derivative financial instrument. All closed loans to be sold on a mandatory delivery basis are classified as held-for-sale on the Consolidated Statement of Financial Condition. Changes to the fair value of the interest rate lock commitments and the forward commitments are recorded in mortgage banking income in the Consolidated Statements of Income.

We enter into risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. These risk participation agreements are recorded within other liabilities on the Consolidated Statement of Financial Condition at their estimated fair value. Changes to the fair value of the the risk participation agreements are included in other operating income in the Consolidated Statement of Income.

The following table presents information regarding our derivative financial instruments for the periods indicated (in thousands):

	Asset derivatives			Liability derivatives
	Notional amount		Fair value	Notional amount	Fair value
At March 31, 2024
Derivatives designated as hedging instruments:
Interest rate swap agreements	$	175,000	2,300	—	—
Derivatives not designated as hedging instruments:
Interest rate swap agreements	740,173		45,188	740,173	45,220
Foreign exchange swap agreements	2,975		2	—	—
Interest rate lock commitments	18,591		479	—	—
Forward commitments	2,713		58	—	—
Risk participation agreements	—		—	92,281	17
Total Derivatives	$	939,452	48,027	832,454	45,237
At December 31, 2023
Derivatives designated as hedging instruments:
Interest rate swap agreements	$	75,000	713	100,000	1,198
Derivatives not designated as hedging instruments:
Interest rate swap agreements	725,139		41,406	725,139	41,437
Foreign exchange swap agreements	—		—	12,278	291
Interest rate lock commitments	21,857		641	—	—
Forward commitments	281		12	—	—
Risk participation agreements	—		—	101,727	14
Total derivatives	$	822,277	42,772	939,144	42,940

The following table presents income or expense recognized on derivatives for the periods indicated (in thousands):

	For the quarter ended March 31,
	2024		2023
Hedging derivatives:
Decrease in interest expense	$	733	—
Non-hedging swap derivatives:
Increase/(decrease) in other income	$	287	(202)
Decrease in mortgage banking income	$	(115)	(174)

The following table presents information regarding our derivative financial instruments designated as hedging for the quarter ended March 31, 2024 (in thousands):

	Notional amount		Effective rate		Estimated decrease to interest expense in the next twelve months		Maturity date	Remaining term (in months)
Interest rate products:
Issued May 11, 2023	$	25,000	3.50	%	$	(546)	5/11/2027	37
Issued May 12, 2023	25,000		3.55	%	(534)		5/12/2028	49
Issued May 19, 2023	25,000		3.83	%	(460)		11/19/2027	44
Issued May 31, 2023	25,000		4.03	%	(406)		11/30/2026	32
Issued July 26, 2023	25,000		4.22	%	(359)		7/26/2028	52
Issued July 31, 2023	25,000		4.30	%	(336)		1/31/2028	46
Issued August 9, 2023	25,000		4.32	%	(339)		8/9/2027	40
Total	$	175,000			$	(2,980)

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Legal Proceedings

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Legal Proceedings

Legal Proceedings

We establish accruals for legal proceedings when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. As of March 31, 2024, we do not anticipate that the aggregate ultimate liability arising out of any pending or threatened legal proceedings will be material to our Consolidated Financial Statements. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances. Due to the inherent subjectivity of assessments and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate loss to us from legal proceedings.

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Changes in Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Changes in Accumulated Other Comprehensive Income

Changes in Accumulated Other Comprehensive Income

The following tables show the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): 

	For the quarter ended March 31, 2024
	Unrealized  losses on securities  available-for-sale		Change in  fair value  of interest  rate swaps	Change in  defined benefit  pension plans	Total
Balance as of December 31, 2023	$	(150,659)	(374)	1,541	(149,492)
Other comprehensive (loss)/income before reclassification adjustments (1) (2)	(5,698)		2,154	—	(3,544)
Amounts reclassified from accumulated other comprehensive income (3)	—		—	(388)	(388)
Net other comprehensive (loss)/income	(5,698)		2,154	(388)	(3,932)
Balance as of March 31, 2024	$	(156,357)	1,780	1,153	(153,424)

	For the quarter ended March 31, 2023
	Unrealized  losses on securities  available-for-sale		Change in  defined benefit  pension plans	Total
Balance as of December 31, 2022	$	(164,206)	(6,952)	(171,158)
Other comprehensive income before reclassification adjustments (4)	13,017		—	13,017
Amounts reclassified from accumulated other comprehensive income (5)	—		(382)	(382)
Net other comprehensive income/(loss)	13,017		(382)	12,635
Balance as of March 31, 2023	$	(151,189)	(7,334)	(158,523)

(1)Consists of unrealized holding losses, net of tax of $1,758.

(2)Change in fair value of interest rate swaps, net of tax ($630).

(3)Consists of realized gains, net of tax of $147.

(4)Consists of unrealized holding gains, net of tax of ($3,308).

(5)Consists of realized gains, net of tax of $152.

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Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events    In April 2024, the Company approved and announced its intention to pursue a limited, strategic repositioning of the securities portfolio to optimize its balance sheet by liquidating lower-yielding securities in an effort to generate additional future earnings. This initiative will be accomplished through the sale of up to 15% of the Company’s available-for-sale investment securities portfolio. The securities losses recognized will be limited to $40 million, equivalent to approximately $30 million after tax. The Company expects a yield gain of 375 to 400 basis points from the repositioning and will attempt to manage the payback period so that it will be approximately three years. The characteristics of investment securities to be sold have an average yield less than 2.00% with a remaining maturity of greater than four years. The proceeds will be used to reduce borrowings in the short term while also opportunistically reinvesting into securities with similar risk, maturity and duration characteristics.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (loss)	$ 29,163	$ 33,679

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Basis of Presentation and Informational Disclosures (Policies)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Northwest Bancshares, Inc. (the “Company” or “NWBI”), a Maryland corporation headquartered in Columbus, Ohio, is a bank holding company regulated by the Board of Governors of the Federal Reserve System (“FRB”). The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest”). Northwest is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking. Northwest operates 142 community-banking offices throughout Pennsylvania, Western New York, Eastern Ohio, and Indiana.

The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiary, Northwest, and Northwest’s subsidiaries Northwest Capital Group, Inc., Great Northwest Corporation, and Mutual Federal Interest Company, Inc. The unaudited Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The Consolidated Financial Statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 updated, as required, for any new pronouncements or changes.

Reclassifications

Certain items previously reported have been reclassified to conform to the current year’s reporting format.

Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

In March 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-02, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." This ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Entities must make an accounting policy election to apply the proportional amortization method on a tax credit-program-by-tax-credit-program basis. The ASU’s amendments also remove the specialized guidance for low-income-housing tax credit ("LIHTC") investments that are not accounted for using the proportional amortization method and instead require that those LIHTC investments be accounted for using the guidance in other accounting standards. This guidance is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. This ASU is applied on a modified retrospective or retrospective basis with the amendments to remove the specialized guidance for LIHTC also being able to be applied on a prospective basis. This guidance was adopted on January 1, 2024 and did not have a material impact to the Company's financial statements.

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Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of the portfolio of investment securities available-for-sale

The following table shows the portfolio of marketable securities available-for-sale at March 31, 2024 (in thousands):

	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by the U.S government and agencies:
Due after one year through five years	$	20,000	—	(1,204)	18,796
Due after ten years	48,182		—	(10,260)	37,922
Debt issued by government-sponsored enterprises:
Due after one year through five years	45,987		—	(5,819)	40,168
Due after five years through ten years	360		—	(9)	351
Municipal securities:
Due after one year through five years	4,279		14	(426)	3,867
Due after five years through ten years	27,921		47	(1,886)	26,082
Due after ten years	53,464		—	(9,142)	44,322
Corporate debt issues:
Due after five years through ten years	8,467		—	(833)	7,634
Residential mortgage-backed securities:
Fixed rate pass-through	232,854		93	(26,711)	206,236
Variable rate pass-through	6,738		12	(69)	6,681
Fixed rate agency CMOs	776,087		—	(147,127)	628,960
Variable rate agency CMOs	73,769		35	(814)	72,990
Total residential mortgage-backed securities	1,089,448		140	(174,721)	914,867
Total marketable securities available-for-sale	$	1,298,108	201	(204,300)	1,094,009

The following table shows the portfolio of marketable securities available-for-sale at December 31, 2023 (in thousands):

	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by the U.S. government and agencies:
Due after one year through five years	$	20,000	—	(1,135)	18,865
Due after ten years	49,383		—	(9,934)	39,449
Debt issued by government-sponsored enterprises:
Due after one year through five years	45,986		—	(5,763)	40,223
Due after five years through ten years	386		—	(12)	374
Municipal securities:
Due after one year through five years	4,279		22	(427)	3,874
Due after five years through ten years	20,725		—	(1,437)	19,288
Due after ten years	60,762		125	(8,580)	52,307
Corporate debt issues:
Due after five years through ten years	8,466		—	(778)	7,688
Residential mortgage-backed securities:
Fixed rate pass-through	209,069		27	(25,222)	183,874
Variable rate pass-through	7,140		11	(71)	7,080
Fixed rate agency CMOs	789,842		—	(143,055)	646,787
Variable rate agency CMOs	23,965		38	(453)	23,550
Total residential mortgage-backed securities	1,030,016		76	(168,801)	861,291
Total marketable securities available-for-sale	$	1,240,003	223	(196,867)	1,043,359

Schedule of the portfolio of investment securities held-to-maturity

The following table shows the portfolio of marketable securities held-to-maturity at March 31, 2024 (in thousands):

	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by government-sponsored enterprises:
Due after one year through five years	$	89,472	—	(11,232)	78,240
Due after five years through ten years	34,987		—	(5,877)	29,110
Residential mortgage-backed securities:
Fixed rate pass-through	144,158		—	(21,062)	123,096
Variable rate pass-through	432		1	—	433
Fixed rate agency CMOs	531,529		—	(82,578)	448,951
Variable rate agency CMOs	529		—	(6)	523
Total residential mortgage-backed securities	676,648		1	(103,646)	573,003
Total marketable securities held-to-maturity	$	801,107	1	(120,755)	680,353

The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2023 (in thousands): 

	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value
Debt issued by government-sponsored enterprises:
Due after one year through five years	$	69,471	—	(8,100)	61,371
Due after five years through ten years	54,987		—	(8,700)	46,287
Residential mortgage-backed securities:
Fixed rate pass-through	147,874		—	(20,834)	127,040
Variable rate pass-through	449		1	—	450
Fixed rate agency CMOs	541,529		—	(77,694)	463,835
Variable rate agency CMOs	529		—	(6)	523
Total residential mortgage-backed securities	690,381		1	(98,534)	591,848
Total marketable securities held-to-maturity	$	814,839	1	(115,334)	699,506

Information regarding the issuers and the carrying values of the entity's mortgage-backed securities

The following table shows the contractual maturity of our residential mortgage-backed securities available-for-sale at March 31, 2024 (in thousands):

	Amortized cost		Fair value
Residential mortgage-backed securities:
Due within one year	$	116	116
Due after one year through five years	22,934		21,419
Due after five years through ten years	26,966		25,177
Due after ten years	1,039,432		868,155
Total residential mortgage-backed securities	$	1,089,448	914,867

The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at March 31, 2024 (in thousands):

	Amortized cost		Fair value
Residential mortgage-backed securities:
Due in less than one year	$	38	38
Due after one year through five years	20,144		17,635
Due after five years through ten years	20,209		16,304
Due after ten years	636,257		539,026
Total residential mortgage-backed securities	$	676,648	573,003

Schedule of the fair value and gross unrealized losses on investment securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position

The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2024 (in thousands):

	Less than 12 months			12 months or more		Total
	Fair  value		Unrealized loss	Fair  value	Unrealized loss	Fair  value	Unrealized loss
U.S. government-sponsored enterprises	$	—	—	204,587	(34,401)	204,587	(34,401)
Municipal securities	498		(2)	67,691	(11,452)	68,189	(11,454)
Corporate issues	—		—	7,634	(833)	7,634	(833)
Residential mortgage-backed securities - agency	57,715		(855)	1,380,123	(277,512)	1,437,838	(278,367)
Total	$	58,213	(857)	1,660,035	(324,198)	1,718,248	(325,055)

The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2023 (in thousands):

	Less than 12 months			12 months or more		Total
	Fair  value		Unrealized loss	Fair  value	Unrealized loss	Fair  value	Unrealized loss
U.S. government-sponsored enterprises	$	—	—	206,569	(33,644)	206,569	(33,644)
Corporate debt issues	—		—	7,688	(778)	7,688	(778)
Municipal securities	2,753		(81)	66,046	(10,363)	68,799	(10,444)
Residential mortgage-backed securities - agency	17,976		(242)	1,423,707	(267,093)	1,441,683	(267,335)
Total	$	20,729	(323)	1,704,010	(311,878)	1,724,739	(312,201)

Schedule of credit quality of held-to-maturity securities

The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of March 31, 2024 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, and they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of March 31, 2024.

	AA+		Total
Held-to-maturity securities (at amortized cost):
Debt issued by the U.S. government-sponsored enterprises	$	124,459	124,459
Residential mortgage-backed securities	676,648		676,648
Total marketable securities held-to-maturity	$	801,107	801,107

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Loans Receivable (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of loans receivable

The following table shows a summary of our loans receivable at amortized cost basis at March 31, 2024 and December 31, 2023 (in thousands): 

	March 31, 2024				December 31, 2023
	Originated (1)		Acquired (2)	Total	Originated (1)	Acquired (2)	Total
Personal Banking:
Residential mortgage loans (3)	$	3,243,079	139,769	3,382,848	3,283,299	144,886	3,428,185
Home equity loans	1,079,671		116,936	1,196,607	1,103,410	124,448	1,227,858
Vehicle loans	1,944,752		60,104	2,004,856	1,943,540	65,061	2,008,601
Consumer loans	108,035		5,476	113,511	111,446	5,980	117,426
Total Personal Banking	6,375,537		322,285	6,697,822	6,441,695	340,375	6,782,070
Commercial Banking:
Commercial real estate loans (4)	2,436,853		227,137	2,663,990	2,389,537	238,920	2,628,457
Commercial real estate loans - owner occupied	338,744		25,794	364,538	319,195	26,358	345,553
Commercial loans	1,743,656		31,240	1,774,896	1,623,481	35,248	1,658,729
Total Commercial Banking	4,519,253		284,171	4,803,424	4,332,213	300,526	4,632,739
Total loans receivable, gross	10,894,790		606,456	11,501,246	10,773,908	640,901	11,414,809
Allowance for credit losses	(118,837)		(6,060)	(124,897)	(118,079)	(7,164)	(125,243)
Total loans receivable, net (5)	$	10,775,953	600,396	11,376,349	10,655,829	633,737	11,289,566

(1) Includes originated and loan pools purchased in an asset acquisition.

(2) Includes loans subject to purchase accounting in a business combination.

(3) Includes $8 million and $9 million of loans held-for-sale at March 31, 2024 and December 31, 2023, respectively.

(4) Includes $213,000 and $0 of loans held-for-sale at March 31, 2024 and December 31, 2023, respectively.

(5) Includes $68 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at March 31, 2024 and December 31, 2023.

Schedule of the changes in the allowance for losses on loans receivable

The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2024 (in thousands):

	Balance as of March 31, 2024		Current period provision	Charge-offs	Recoveries	Balance as of December 31, 2023
Allowance for Credit Losses
Personal Banking:
Residential mortgage loans	$	16,821	(1,399)	(162)	189	18,193
Home equity loans	5,334		145	(412)	198	5,403
Vehicle loans	21,061		(3,694)	(2,588)	432	26,911
Consumer loans	1,452		1,849	(1,985)	389	1,199
Total Personal Banking	44,668		(3,099)	(5,147)	1,208	51,706
Commercial Banking:
Commercial real estate loans	54,474		3,073	(349)	483	51,267
Commercial real estate loans - owner occupied	4,055		272	—	8	3,775
Commercial loans	21,700		3,988	(1,163)	380	18,495
Total Commercial Banking	80,229		7,333	(1,512)	871	73,537
Total	$	124,897	4,234	(6,659)	2,079	125,243
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Residential mortgage loans	$	1	(1)	—	—	2
Home equity loans	64		(1)	—	—	65
Total Personal Banking	65		(2)	—	—	67
Commercial Banking:
Commercial real estate loans	6,218		71	—	—	6,147
Commercial real estate loans - owner occupied	154		(19)	—	—	173
Commercial loans	9,887		(849)	—	—	10,736
Total Commercial Banking	16,259		(797)	—	—	17,056
Total off-balance sheet exposure	$	16,324	(799)	—	—	17,123

The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2023 (in thousands):

	Balance as of March 31, 2023		Current period provision	Charge-offs	Recoveries	ASU 2022-02 Adoption	Balance as of December 31, 2022
Allowance for Credit Losses
Personal Banking:
Residential mortgage loans	$	19,238	(1)	(207)	185	—	19,261
Home equity loans	5,481		(450)	(164)	193	—	5,902
Vehicle loans	26,166		4,253	(1,668)	522	—	23,059
Consumer loans	732		796	(1,066)	337	—	665
Total Personal Banking	51,617		4,598	(3,105)	1,237	—	48,887
Commercial Banking:
Commercial real estate loans	45,404		121	(657)	1,008	426	44,506
Commercial real estate loans - owner occupied	3,351		(674)	—	21	—	4,004
Commercial loans	20,885		825	(865)	286	—	20,639
Total Commercial Banking	69,640		272	(1,522)	1,315	426	69,149
Total	$	121,257	4,870	(4,627)	2,552	426	118,036
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Residential mortgage loans	$	3	(1)	—	—	—	4
Home equity loans	60		(14)	—	—	—	74
Total Personal Banking	63		(15)	—	—	—	78
Commercial Banking:
Commercial real estate loans	5,924		549	—	—	—	5,375
Commercial real estate loans - owner occupied	441		62	—	—	—	379
Commercial loans	6,611		(470)	—	—	—	7,081
Total Commercial Banking	12,976		141	—	—	—	12,835
Total off-balance sheet exposure	$	13,039	126	—	—	—	12,913

Schedule of loan portfolio by portfolio segment and by class of financing receivable

The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at March 31, 2024 (in thousands):

	Total loans receivable		Allowance for credit losses	Nonaccrual loans	Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans	$	3,382,848	16,821	7,109	1,509
Home equity loans	1,196,607		5,334	4,409	1
Vehicle loans	2,004,856		21,061	4,360	59
Consumer loans	113,511		1,452	269	627
Total Personal Banking	6,697,822		44,668	16,147	2,196
Commercial Banking:
Commercial real estate loans	2,663,990		54,474	73,133	—
Commercial real estate loans - owner occupied	364,538		4,055	1,319	—
Commercial loans	1,774,896		21,700	4,461	256
Total Commercial Banking	4,803,424		80,229	78,913	256
Total	$	11,501,246	124,897	95,060	2,452

The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2023 (in thousands): 

	Total loans receivable		Allowance for credit losses	Nonaccrual loans	Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans	$	3,428,185	18,193	8,727	1,671
Home equity loans	1,227,858		5,403	4,492	26
Vehicle loans	2,008,601		26,911	4,816	44
Consumer loans	117,426		1,199	229	722
Total Personal Banking	6,782,070		51,706	18,264	2,463
Commercial Banking:
Commercial real estate loans	2,628,457		51,267	71,297	225
Commercial real estate loans - owner occupied	345,553		3,775	676	—
Commercial loans	1,658,729		18,495	4,147	10
Total Commercial Banking	4,632,739		73,537	76,120	235
Total	$	11,414,809	125,243	94,384	2,698

Schedule of the composition of nonaccrual loans by portfolio segment and by class of financing receivable

The following table presents the amortized cost of our loans on nonaccrual status as of the beginning and end of the quarter ended March 31, 2024 (in thousands): 

			March 31, 2024
	Nonaccrual loans at January 1, 2024		Nonaccrual loans with an allowance	Nonaccrual loans with no allowance	Total nonaccrual loans at the end of the period	Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans	$	8,727	6,703	406	7,109	1,509
Home equity loans	4,492		4,254	155	4,409	1
Vehicle loans	4,816		3,481	879	4,360	59
Consumer loans	229		269	—	269	627
Total Personal Banking	18,264		14,707	1,440	16,147	2,196
Commercial Banking:
Commercial real estate loans	71,297		50,794	22,339	73,133	—
Commercial real estate loans - owner occupied	676		1,319	—	1,319	—
Commercial loans	4,147		4,305	156	4,461	256
Total Commercial Banking	76,120		56,418	22,495	78,913	256
Total	$	94,384	71,125	23,935	95,060	2,452

The following table presents the amortized cost of our loans on nonaccrual status as of the year ended December 31, 2023 (in thousands): 

			December 31, 2023
	Nonaccrual loans at January 1, 2023		Nonaccrual loans with an allowance	Nonaccrual loans with no allowance	Total nonaccrual loans at the end of the period	Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans	$	7,574	8,304	423	8,727	1,671
Home equity loans	4,145		4,084	408	4,492	26
Vehicle loans	3,771		4,187	629	4,816	44
Consumer loans	256		229	—	229	722
Total Personal Banking	15,746		16,804	1,460	18,264	2,463
Commercial Banking:
Commercial real estate loans	62,239		47,359	23,938	71,297	225
Commercial real estate loans - owner occupied	624		676	—	676	—
Commercial loans	2,627		3,996	151	4,147	10
Total Commercial Banking	65,490		52,031	24,089	76,120	235
Total	$	81,236	68,835	25,549	94,384	2,698

The following table presents the amortized cost basis of collateral-dependent loans by class of loans and collateral type as of as of March 31, 2024 (in thousands):

	Real estate		Equipment	Total
Commercial Banking:
Commercial real estate loans	$	66,587	1,256	67,843
Commercial loans	146		—	146
Total Commercial Banking	66,733		1,256	67,989
Total	$	66,733	1,256	67,989

The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2023 (in thousands):

	Real estate		Total
Commercial Banking:
Commercial real estate loans	$	66,934	66,934
Commercial loans	150		150
Total Commercial Banking	67,084		67,084
Total	$	67,084	67,084

Schedule of troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable

The following table presents the amortized cost basis of loans for the periods indicated that were both experiencing financial difficulty and modified during the respective period, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financial receivable is also presented below (dollars in thousands).

	For the quarter ended March 31,
	2024						2023
	Payment delay		Term extension	Combination term extension and interest rate reduction	Total class of financing receivable		Term extension	Combination term extension and interest rate reduction	Total class of financing receivable
Personal Banking:
Residential mortgage loans	$	364	490	—	0.03	%	180	—	0.01	%
Home equity loans	—		552	84	0.05	%	110	—	0.01	%
Consumer loans	—		—	2	—	%	—	3	—	%
Total Personal Banking	364		1,042	86	0.02	%	290	3	—	%
Commercial Banking:
Commercial real estate loans	28,877		243	—	1.09	%	242	—	0.01	%
Commercial loans	—		56	10	—	%	765	—	0.06	%
Total Commercial Banking	28,877		299	10	0.61	%	1,007	—	0.02	%
Total	$	29,241	1,341	96	0.27	%	1,297	3	0.01	%

The following table presents the effect of the loan modifications presented above to borrowers experiencing financial difficulty for the periods indicated:

	For the quarter ended March 31,
	2024				2023
	Weighted-average interest rate reduction		Weighted-average term extension in months	Weighted-average payment deferral in years	Weighted-average interest rate reduction		Weighted-average term extension in months
Personal Banking:
Residential mortgage loans	—	%	143	0.50	—	%	147
Home equity loans	2	%	97	—	—	%	115
Consumer loans	12	%	356	—	12	%	356
Total Personal Banking	3	%	118	0.50	12	%	137
Commercial Banking:
Commercial real estate loans	—	%	106	1.00	—	%	24
Commercial loans	4	%	118	—	—	%	9
Total Commercial Banking	4	%	108	1.00	—	%	13
Total loans	3	%	116	1.00	12	%	41

The following table presents the performance of loans modified within the previous twelve months of March 31, 2024:

	Current		30-59 days delinquent	60-89 days delinquent	90 days or greater delinquent
Personal Banking:
Residential mortgage loans	$	406	84	—	364
Home equity loans	616		3	—	17
Consumer loans	2		—	—	—
Total Personal Banking	1,024		87	—	381
Commercial Banking:
Commercial real estate loans	29,121		—	—	—
Commercial loans	10		9	47	—
Total Commercial Banking	29,131		9	47	—
Total loans	$	30,155	96	47	381

Schedule of loans with payment default and modified

The following table provides the amortized cost basis of financing receivables that had a payment default during the period ended March 31, 2024 and were modified within the previous twelve months to borrowers experiencing financial difficulty (in thousands):

	Term extension		Payment delay
Personal Banking:
Residential mortgage loans	$	—	$	364
Home equity loans	17		—
Total Personal Banking	17		364
Total	$	17	$	364

Schedule of loan delinquencies

The following table provides information related to the amortized cost basis of loan payment delinquencies at March 31, 2024 (in thousands):

	30-59 days delinquent		60-89 days delinquent	90 days or greater delinquent	Total delinquency	Current	Total loans receivable	90 days or greater delinquent and accruing
Personal Banking:
Residential mortgage loans	$	38,502	70	5,813	44,385	3,338,463	3,382,848	1,509
Home equity loans	4,608		761	2,823	8,192	1,188,415	1,196,607	1
Vehicle loans	9,177		2,246	2,496	13,919	1,990,937	2,004,856	59
Consumer loans	734		299	849	1,882	111,629	113,511	627
Total Personal Banking	53,021		3,376	11,981	68,378	6,629,444	6,697,822	2,196
Commercial Banking:
Commercial real estate loans	6,181		807	6,041	13,029	2,650,961	2,663,990	—
Commercial real estate loans - owner occupied	215		—	890	1,105	363,433	364,538	—
Commercial loans	3,091		1,284	3,421	7,796	1,767,100	1,774,896	256
Total Commercial Banking	9,487		2,091	10,352	21,930	4,781,494	4,803,424	256
Total loans	$	62,508	5,467	22,333	90,308	11,410,938	11,501,246	2,452

The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2023 (in thousands):

	30-59 days delinquent		60-89 days delinquent	90 days or greater delinquent	Total delinquency	Current	Total loans receivable	90 days or greater delinquent and accruing
Personal Banking:
Residential mortgage loans	$	30,041	7,796	7,995	45,832	3,382,353	3,428,185	1,671
Home equity loans	5,761		982	3,126	9,869	1,217,989	1,227,858	26
Vehicle loans	10,382		3,326	3,051	16,759	1,991,842	2,008,601	44
Consumer loans	829		428	927	2,184	115,242	117,426	722
Total Personal Banking	47,013		12,532	15,099	74,644	6,707,426	6,782,070	2,463
Commercial Banking:
Commercial real estate loans	2,010		1,031	6,535	9,576	2,618,881	2,628,457	225
Commercial real estate loans - owner occupied	1,194		—	177	1,371	344,182	345,553	—
Commercial loans	4,196		703	2,780	7,679	1,651,050	1,658,729	10
Total Commercial Banking	7,400		1,734	9,492	18,626	4,614,113	4,632,739	235
Total originated loans	$	54,413	14,266	24,591	93,270	11,321,539	11,414,809	2,698

Schedule of credit quality indicators

The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator and the current period charge-offs by year of origination for each portfolio segment as of March 31, 2024 (in thousands):

	YTD March 31, 2024		2023	2022	2021	2020	Prior	Revolving loans	Revolving loans converted to term loans	Total loans receivable
Personal Banking:
Residential mortgage loans
Pass	$	7,577	192,489	660,443	782,217	496,755	1,230,826	—	—	3,370,307
Substandard	—		89	2,551	357	1,208	8,336	—	—	12,541
Total residential mortgage loans	7,577		192,578	662,994	782,574	497,963	1,239,162	—	—	3,382,848
Residential mortgage current period charge-offs	—		—	—	—	(113)	(49)	—	—	(162)
Home equity loans
Pass	5,488		67,059	97,697	101,645	140,326	276,751	460,391	42,600	1,191,957
Substandard	—		—	98	54	197	2,027	1,086	1,188	4,650
Total home equity loans	5,488		67,059	97,795	101,699	140,523	278,778	461,477	43,788	1,196,607
Home equity current period charge-offs	—		—	(35)	(2)	—	(154)	(189)	(32)	(412)
Vehicle loans
Pass	196,998		615,730	618,045	351,286	113,020	105,357	—	—	2,000,436
Substandard	—		753	1,310	1,274	257	826	—	—	4,420
Total vehicle loans	196,998		616,483	619,355	352,560	113,277	106,183	—	—	2,004,856
Vehicle current period charge-offs	—		(715)	(664)	(748)	(117)	(344)	—	—	(2,588)
Consumer loans
Pass	7,204		21,506	10,028	4,627	1,667	5,099	61,766	717	112,614
Substandard	—		51	63	9	—	51	622	101	897
Total consumer loans	7,204		21,557	10,091	4,636	1,667	5,150	62,388	818	113,511
Consumer loan current period charge-offs	(13)		(1,263)	(139)	(83)	(13)	(247)	(206)	(21)	(1,985)
Total Personal Banking	217,267		897,677	1,390,235	1,241,469	753,430	1,629,273	523,865	44,606	6,697,822
Commercial Banking:
Commercial real estate loans
Pass	62,822		232,766	496,664	303,781	319,596	931,515	28,002	24,423	2,399,569
Special mention	—		2,831	24,683	27,294	7,111	28,946	733	—	91,598
Substandard	1,256		1,909	2,779	29,626	19,575	117,501	78	99	172,823
Total commercial real estate loans	64,078		237,506	524,126	360,701	346,282	1,077,962	28,813	24,522	2,663,990
Commercial real estate current period charge-offs	—		—	(44)	—	—	(305)	—	—	(349)
Commercial real estate loans - owner occupied
Pass	22,976		12,903	51,065	47,955	13,886	163,028	2,171	1,304	315,288
Special mention	—		13,365	2,381	1,210	1,728	20,965	—	—	39,649
Substandard	—		—	—	111	1,647	6,145	—	1,698	9,601
Total commercial real estate loans - owner occupied	22,976		26,268	53,446	49,276	17,261	190,138	2,171	3,002	364,538
Commercial real estate - owner occupied current period charge-offs	—		—	—	—	—	—	—	—	—
Commercial loans
Pass	203,185		424,258	402,658	67,493	24,976	79,847	492,660	3,442	1,698,519
Special mention	8,019		31,014	3,860	4	298	217	9,045	4	52,461
Substandard	—		8,050	3,954	886	222	3,162	3,884	3,758	23,916
Total commercial loans	211,204		463,322	410,472	68,383	25,496	83,226	505,589	7,204	1,774,896
Commercial loans current period charge-offs	—		(47)	(734)	(75)	(175)	(132)	—	—	(1,163)
Total Commercial Banking	298,258		727,096	988,044	478,360	389,039	1,351,326	536,573	34,728	4,803,424
Total loans	$	515,525	1,624,773	2,378,279	1,719,829	1,142,469	2,980,599	1,060,438	79,334	11,501,246

The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of December 31, 2023 (in thousands): 

	2023		2022	2021	2020	2019	Prior	Revolving loans	Revolving loans converted to term loans	Total loans receivable
Personal Banking:
Residential mortgage loans
Pass	$	186,081	665,379	792,488	506,068	244,678	1,019,152	—	—	3,413,846
Substandard	—		1,581	—	1,252	311	11,195	—	—	14,339
Total residential mortgage loans	186,081		666,960	792,488	507,320	244,989	1,030,347	—	—	3,428,185
Residential mortgage current period charge-offs	—		(9)	(5)	(130)	(23)	(1,023)	—	—	(1,189)
Home equity loans
Pass	71,497		100,639	106,043	146,121	94,144	197,259	463,868	43,526	1,223,097
Substandard	—		236	54	197	35	1,733	1,447	1,059	4,761
Total home equity loans	71,497		100,875	106,097	146,318	94,179	198,992	465,315	44,585	1,227,858
Home equity current period charge-offs	—		(53)	(46)	—	(48)	(352)	(144)	(209)	(852)
Vehicle loans
Pass	664,876		682,275	397,809	132,775	67,853	58,153	—	—	2,003,741
Substandard	646		1,418	1,453	299	556	488	—	—	4,860
Total vehicle loans	665,522		683,693	399,262	133,074	68,409	58,641	—	—	2,008,601
Vehicle current period charge-offs	(678)		(1,844)	(1,967)	(475)	(652)	(853)	—	—	(6,468)
Consumer loans
Pass	24,277		11,582	5,552	2,072	1,355	6,603	64,214	820	116,475
Substandard	55		43	19	6	6	46	726	50	951
Total consumer loans	24,332		11,625	5,571	2,078	1,361	6,649	64,940	870	117,426
Consumer loan current period charge-offs	(3,412)		(511)	(390)	(157)	(177)	(980)	(317)	(38)	(5,983)
Total Personal Banking	947,432		1,463,153	1,303,418	788,790	408,938	1,294,629	530,255	45,455	6,782,070
Commercial Banking:
Commercial real estate loans
Pass	223,335		470,762	303,873	332,620	228,382	745,244	27,583	24,804	2,356,603
Special Mention	2,819		24,735	27,871	5,365	4,053	38,665	711	—	104,219
Substandard	1,920		750	26,850	18,167	37,044	82,717	79	108	167,635
Total commercial real estate loans	228,074		496,247	358,594	356,152	269,479	866,626	28,373	24,912	2,628,457
Commercial real estate current period charge-offs	(14)		—	(492)	—	(51)	(1,741)	—	—	(2,298)
Commercial real estate loans - owner occupied
Pass	24,725		51,986	47,655	15,984	28,614	140,175	2,378	2,390	313,907
Special Mention	1,221		120	1,218	—	14,386	2,952	—	—	19,897
Substandard	—		—	118	1,666	4,646	4,641	—	678	11,749
Total commercial real estate loans - owner occupied	25,946		52,106	48,991	17,650	47,646	147,768	2,378	3,068	345,553
Commercial real estate - owner occupied current period charge-offs	—		—	—	—	—	(68)	—	—	(68)
Commercial loans
Pass	482,605		430,378	73,469	26,868	34,090	54,617	531,742	4,110	1,637,879
Special Mention	508		3,671	52	299	240	26	1,882	—	6,678
Substandard	—		3,015	872	356	2,361	840	4,729	1,999	14,172
Total commercial loans	483,113		437,064	74,393	27,523	36,691	55,483	538,353	6,109	1,658,729
Commercial loans current period charge-offs	(35)		(2,072)	(517)	(430)	(205)	(845)	(60)	(2)	(4,166)
Total Commercial Banking	737,133		985,417	481,978	401,325	353,816	1,069,877	569,104	34,089	4,632,739
Total loans	$	1,684,565	2,448,570	1,785,396	1,190,115	762,754	2,364,506	1,099,359	79,544	11,414,809

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Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets subject to amortization

The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands):

	March 31, 2024		December 31, 2023
Amortizable intangible assets:
Core deposit intangibles - gross	$	74,899	74,899
Less: accumulated amortization	(70,310)		(69,609)
Core deposit intangibles - net	$	4,589	5,290
Total intangible assets - net	$	4,589	5,290

Schedule of the actual aggregate amortization expense as well as estimated aggregate amortization expense, based upon current levels of intangible assets

The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2024 and 2023, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the succeeding fiscal years until the intangible assets are fully amortized (in thousands):

For the quarter ended March 31, 2024	$	701
For the quarter ended March 31, 2023	909
For the year ending December 31, 2024	2,452
For the year ending December 31, 2025	1,662
For the year ending December 31, 2026	871
For the year ending December 31, 2027	305

Schedule of the changes in carrying amount of goodwill

The following table provides information for the changes in the carrying amount of goodwill (in thousands):

	Total
Balance at December 31, 2023	$	380,997
Balance at March 31, 2024	$	380,997

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Borrowed Funds (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of borrowed funds

Borrowed funds at March 31, 2024 and December 31, 2023 are presented in the following table:

	March 31, 2024				December 31, 2023
	Amount		Average rate		Amount		Average rate
Term notes payable to the FHLB of Pittsburgh, due within one year	$	275,000	5.65	%	$	175,000	5.71	%
Notes payable to the FHLB of Pittsburgh, due within one year	55,600		5.67	%	163,500		5.70	%
Collateralized borrowings, due within one year	29,882		1.62	%	35,495		1.72	%
Collateral received, due within one year	40,301		5.08	%	24,900		5.26	%
Total borrowed funds	$	400,783			$	398,895

Schedule of capital debt securities and junior subordinated deferrable interest debentures

The following table sets forth a summary of the cumulative trust preferred securities and the junior subordinated debt held by the Trust as of the date listed (dollars in thousands).

	Maturity date	Interest rate	Capital debt securities		March 31, 2024		December 31, 2023
Northwest Bancorp Capital Trust III	December 30, 2035	3-month SOFR plus 1.38%	$	50,000	$	51,547	51,547
Northwest Bancorp Statutory Trust IV	December 15, 2035	3-month SOFR plus 1.38%	50,000		51,547		51,547
LNB Trust II	June 15, 2037	3-month SOFR plus 1.48%	7,875		8,119		8,119
Union National Capital Trust I (1)	January 23, 2034	3-month SOFR plus 2.85%	8,000		8,005		7,999
Union National Capital Trust II (1)	November 23, 2034	3-month SOFR plus 2.00%	3,000		2,803		2,796
MFBC Statutory Trust I (1)	September 15, 2035	3-month SOFR plus 1.70%	5,000		3,814		3,788
Universal Preferred Trust (1)	October 7, 2035	3-month SOFR plus 1.69%	5,000		3,804		3,778
			$	128,875	129,639		129,574

(1) Net of discounts due to the fair value adjustment made at the time of acquisition.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per share

The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts): 

	Quarter ended March 31,
	2024		2023
Net income	$	29,163	33,679
Less: Dividends and undistributed earnings allocated to participating securities	74		146
Net income available to common shareholders	$	29,089	33,533
Weighted average common shares outstanding	126,814,233		126,498,512
Add: Effect of common share options and other stock awards	784,738		551,751
Total weighted average common shares and dilutive potential shares	127,598,971		127,050,263
Basic earnings per share	$	0.23	0.27
Diluted earnings per share	$	0.23	0.26

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Pension and Other Post-Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Schedule of net periodic costs for the defined benefit pension plans and the post retirement healthcare plans

The following table sets forth the net periodic costs for the defined benefit pension plans and post-retirement healthcare plans for the periods indicated (in thousands):

	Quarter ended March 31,
	Pension benefits			Other post-retirement benefits
	2024		2023	2024	2023
Service cost	$	1,425	1,560	—	—
Interest cost	2,205		2,245	15	7
Expected return on plan assets	(3,776)		(3,479)	—	—
Amortization of prior service cost	(563)		(564)	—	—
Amortization of the net loss	18		20	10	10
Net periodic cost	$	(691)	(218)	25	17

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Disclosures About Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of the carrying amount and estimated fair value of the entity's financial instruments included in the consolidated statement of financial condition

The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at March 31, 2024 (in thousands): 

	Carrying amount		Estimated fair value	Level 1	Level 2	Level 3
Financial assets:
Cash and cash equivalents	$	119,319	119,319	119,319	—	—
Securities available-for-sale	1,094,009		1,094,009	—	1,094,009	—
Securities held-to-maturity	801,107		680,353	—	680,353	—
Loans receivable, net	11,368,267		10,370,310	—	—	10,370,310
Loans held-for-sale	8,082		8,082	—	213	7,869
Accrued interest receivable	50,680		50,680	50,680	—	—
Interest rate lock commitments	479		479	—	—	479
Forward commitments	58		58	—	58	—
Foreign exchange swaps	2		2	—	2	—
Interest rate swaps designated as hedging instruments	2,300		2,300	—	2,300	—
Interest rate swaps not designated as hedging instruments	45,188		45,188	—	45,188	—
FHLB stock	30,811		30,811	—	—	—
Total financial assets	$	13,520,302	12,401,591	169,999	1,822,123	10,378,658
Financial liabilities:
Savings and checking deposits	$	9,284,830	9,284,830	9,284,830	—	—
Time deposits	2,786,814		2,333,365	—	—	2,333,365
Borrowed funds	400,783		389,997	389,997	—	—
Subordinated debt	114,276		112,027	—	112,027	—
Junior subordinated debentures	129,639		123,167	—	—	123,167
Interest rate swaps not designated as hedging instruments	45,220		45,220	—	45,220	—
Risk participation agreements	17		17	—	17	—
Accrued interest payable	17,395		17,395	17,395	—	—
Total financial liabilities	$	12,778,974	12,306,018	9,692,222	157,264	2,456,532

The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2023 (in thousands): 

	Carrying amount		Estimated fair value	Level 1	Level 2	Level 3
Financial assets:
Cash and cash equivalents	$	122,260	122,260	122,260	—	—
Securities available-for-sale	1,043,359		1,043,359	—	1,043,359	—
Securities held-to-maturity	814,839		699,506	—	699,506	—
Loans receivable, net	11,280,798		10,274,593	—	—	10,274,593
Residential mortgage loans held-for-sale	8,768		8,768	—	—	8,768
Accrued interest receivable	47,353		47,353	47,353	—	—
Interest rate lock commitments	641		641	—	—	641
Forward commitments	12		12	—	12	—
Interest rate swaps designated as hedging instruments	713		713	—	713	—
Interest rate swaps not designated as hedging instruments	41,406		41,406	—	41,406	—
FHLB stock	30,146		30,146	—	—	—
Total financial assets	$	13,390,295	12,268,757	169,613	1,784,996	10,284,002
Financial liabilities:
Savings and checking accounts	$	9,377,021	9,377,021	9,377,021	—	—
Time deposits	2,602,881		2,113,177	—	—	2,113,177
Borrowed funds	398,895		386,446	386,446	—	—
Subordinated debt	114,189		109,471	—	109,471	—
Junior subordinated debentures	129,574		112,159	—	—	112,159
Foreign exchange swaps	291		291	—	291	—
Interest rate swaps designated as hedging instruments	1,198		1,198	—	1,198	—
Interest rate swaps not designated as hedging instruments	41,437		41,437	—	41,437	—
Risk participation agreements	14		14	—	14	—
Accrued interest payable	13,669		13,669	13,669	—	—
Total financial liabilities	$	12,679,169	12,154,883	9,777,136	152,411	2,225,336

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2024 (in thousands):

	Level 1		Level 2	Level 3	Total assets  at fair value
Debt securities:
U.S. government and agencies	$	—	56,718	—	56,718
Government-sponsored enterprises	—		40,519	—	40,519
States and political subdivisions	—		74,271	—	74,271
Corporate	—		7,634	—	7,634
Total debt securities	—		179,142	—	179,142
Residential mortgage-backed securities:
GNMA	—		31,305	—	31,305
FNMA	—		98,861	—	98,861
FHLMC	—		82,746	—	82,746
Non-agency	—		5	—	5
Collateralized mortgage obligations:
GNMA	—		374,391	—	374,391
FNMA	—		144,489	—	144,489
FHLMC	—		183,070	—	183,070
Total mortgage-backed securities	—		914,867	—	914,867
Interest rate lock commitments	—		—	479	479
Forward commitments	—		58	—	58
Foreign exchange swaps	—		2	—	2
Interest rate swaps designated as hedging instruments	—		2,300	—	2,300
Interest rate swaps not designated as hedging instruments	—		45,188	—	45,188
Total assets	$	—	1,141,557	479	1,142,036
Interest rate swaps not designated as hedging instruments	—		45,220	—	45,220
Risk participation agreements	—		17	—	17
Total liabilities	$	—	45,237	—	45,237

The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2023 (in thousands):

	Level 1		Level 2	Level 3	Total assets  at fair value
Debt securities:
U.S. government and agencies	$	—	58,314	—	58,314
Government-sponsored enterprises	—		40,597	—	40,597
States and political subdivisions	—		75,469	—	75,469
Corporate	—		7,688	—	7,688
Total debt securities	—		182,068	—	182,068
Residential mortgage-backed securities:
GNMA	—		17,441	—	17,441
FNMA	—		102,678	—	102,678
FHLMC	—		70,830	—	70,830
Non-agency	—		5	—	5
Collateralized mortgage obligations:
GNMA	—		331,784	—	331,784
FNMA	—		148,892	—	148,892
FHLMC	—		189,661	—	189,661
Total mortgage-backed securities	—		861,291	—	861,291
Interest rate lock commitments	—		—	641	641
Forward commitments	—		12	—	12
Interest rate swaps designated as hedging instruments	—		713	—	713
Interest rate swaps not designated as hedging instruments	—		41,406	—	41,406
Total assets	$	—	1,085,490	641	1,086,131
Foreign exchange swaps	$	—	291	—	291
Interest rate swaps designated as hedging instruments	—		1,198	—	1,198
Interest rate swaps not designated as hedging instruments	—		41,437	—	41,437
Risk participation agreements	—		14	—	14
Total liabilities	$	—	42,940	—	42,940

Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis

The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands):

	For the quarter ended March 31,
	2024		2023
Beginning balance,	$	641	559
Interest rate lock commitments:
Net activity	(162)		(173)
Ending balance	$	479	386

Schedule of fair value measurement for nonrecurring assets

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of March 31, 2024 (in thousands):

	Level 1		Level 2	Level 3	Total assets  at fair value
Loans individually assessed	$	—	—	39,123	39,123
Mortgage servicing rights	—		—	173	173
Real estate owned, net	—		—	50	50
Total assets	$	—	—	39,346	39,346

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2023 (in thousands): 

	Level 1		Level 2	Level 3	Total assets  at fair value
Loans individually assessed	$	—	—	36,747	36,747
Mortgage servicing rights	—		—	133	133
Real estate owned, net	—		—	104	104
Total assets	$	—	—	36,984	36,984

Schedule of quantitative information about assets measured at fair value on a recurring and nonrecurring basis for Level 3 fair value measurements

The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2024 (in thousands): 

	Fair value		Valuation techniques	Significant unobservable inputs	Range  (weighted average)
Loans individually assessed	$	39,123	Appraisal value (1)	Estimated cost to sell	10%
Mortgage servicing rights	173		Discounted cash flow	Annual service cost	$89
				Prepayment rate	6.6% to 18.2% (10.7%)
				Expected life (months)	51.0 to 102.3 (72.3)
				Option adjusted spread	729 basis points
				Forward yield curve	5.43% to 5.33%
Real estate owned, net	50		Appraisal value (1)	Estimated cost to sell	10%
Loans held for sale	7,869		Quoted prices for similar loans in active markets adjusted by an expected pull-through rate	Estimated pull-through rate	100%

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent.

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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The following table presents information regarding our derivative financial instruments for the periods indicated (in thousands):

	Asset derivatives			Liability derivatives
	Notional amount		Fair value	Notional amount	Fair value
At March 31, 2024
Derivatives designated as hedging instruments:
Interest rate swap agreements	$	175,000	2,300	—	—
Derivatives not designated as hedging instruments:
Interest rate swap agreements	740,173		45,188	740,173	45,220
Foreign exchange swap agreements	2,975		2	—	—
Interest rate lock commitments	18,591		479	—	—
Forward commitments	2,713		58	—	—
Risk participation agreements	—		—	92,281	17
Total Derivatives	$	939,452	48,027	832,454	45,237
At December 31, 2023
Derivatives designated as hedging instruments:
Interest rate swap agreements	$	75,000	713	100,000	1,198
Derivatives not designated as hedging instruments:
Interest rate swap agreements	725,139		41,406	725,139	41,437
Foreign exchange swap agreements	—		—	12,278	291
Interest rate lock commitments	21,857		641	—	—
Forward commitments	281		12	—	—
Risk participation agreements	—		—	101,727	14
Total derivatives	$	822,277	42,772	939,144	42,940

Schedule of gain (loss) on derivative instruments

The following table presents income or expense recognized on derivatives for the periods indicated (in thousands):

	For the quarter ended March 31,
	2024		2023
Hedging derivatives:
Decrease in interest expense	$	733	—
Non-hedging swap derivatives:
Increase/(decrease) in other income	$	287	(202)
Decrease in mortgage banking income	$	(115)	(174)

Schedule of interest rate products designated as hedging instruments

The following table presents information regarding our derivative financial instruments designated as hedging for the quarter ended March 31, 2024 (in thousands):

	Notional amount		Effective rate		Estimated decrease to interest expense in the next twelve months		Maturity date	Remaining term (in months)
Interest rate products:
Issued May 11, 2023	$	25,000	3.50	%	$	(546)	5/11/2027	37
Issued May 12, 2023	25,000		3.55	%	(534)		5/12/2028	49
Issued May 19, 2023	25,000		3.83	%	(460)		11/19/2027	44
Issued May 31, 2023	25,000		4.03	%	(406)		11/30/2026	32
Issued July 26, 2023	25,000		4.22	%	(359)		7/26/2028	52
Issued July 31, 2023	25,000		4.30	%	(336)		1/31/2028	46
Issued August 9, 2023	25,000		4.32	%	(339)		8/9/2027	40
Total	$	175,000			$	(2,980)

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Changes in Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of changes in accumulated other comprehensive income by component

The following tables show the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): 

	For the quarter ended March 31, 2024
	Unrealized  losses on securities  available-for-sale		Change in  fair value  of interest  rate swaps	Change in  defined benefit  pension plans	Total
Balance as of December 31, 2023	$	(150,659)	(374)	1,541	(149,492)
Other comprehensive (loss)/income before reclassification adjustments (1) (2)	(5,698)		2,154	—	(3,544)
Amounts reclassified from accumulated other comprehensive income (3)	—		—	(388)	(388)
Net other comprehensive (loss)/income	(5,698)		2,154	(388)	(3,932)
Balance as of March 31, 2024	$	(156,357)	1,780	1,153	(153,424)

	For the quarter ended March 31, 2023
	Unrealized  losses on securities  available-for-sale		Change in  defined benefit  pension plans	Total
Balance as of December 31, 2022	$	(164,206)	(6,952)	(171,158)
Other comprehensive income before reclassification adjustments (4)	13,017		—	13,017
Amounts reclassified from accumulated other comprehensive income (5)	—		(382)	(382)
Net other comprehensive income/(loss)	13,017		(382)	12,635
Balance as of March 31, 2023	$	(151,189)	(7,334)	(158,523)

(1)Consists of unrealized holding losses, net of tax of $1,758.

(2)Change in fair value of interest rate swaps, net of tax ($630).

(3)Consists of realized gains, net of tax of $147.

(4)Consists of unrealized holding gains, net of tax of ($3,308).

(5)Consists of realized gains, net of tax of $152.

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Basis of Presentation and Informational Disclosures (Details)	Mar. 31, 2024 bank_location
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of banking locations	142

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Marketable Securities - Available For Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized cost
Residential mortgage-backed securities	$ 1,298,108	$ 1,240,003
Gross unrealized holding gains
Residential mortgage-backed securities, gross unrealized holding gains	201	223
Gross unrealized holding losses
Gross unrealized holding losses	(204,300)	(196,867)
Fair value
Fair value	1,094,009	1,043,359
U.S. government and agencies
Amortized cost
Due after one year through five years	20,000	20,000
Due after ten years	48,182	49,383
Gross unrealized holding gains
Due after one year through five years	0	0
Due after ten years	0	0
Gross unrealized holding losses
Due after one year through five years	(1,204)	(1,135)
Due after ten years	(10,260)	(9,934)
Fair value
Due after one year through five years	18,796	18,865
Due after ten years	37,922	39,449
Government-sponsored enterprises
Amortized cost
Due after one year through five years	45,987	45,986
Due after five years through ten years	360	386
Gross unrealized holding gains
Due after one year through five years	0	0
Due after five years through ten years	0	0
Gross unrealized holding losses
Due after one year through five years	(5,819)	(5,763)
Due after five years through ten years	(9)	(12)
Fair value
Due after one year through five years	40,168	40,223
Due after five years through ten years	351	374
Municipal securities
Amortized cost
Due after one year through five years	4,279	4,279
Due after five years through ten years	27,921	20,725
Due after ten years	53,464	60,762
Gross unrealized holding gains
Due after one year through five years	14	22
Due after five years through ten years	47	0
Due after ten years	0	125
Gross unrealized holding losses
Due after one year through five years	(426)	(427)
Due after five years through ten years	(1,886)	(1,437)
Due after ten years	(9,142)	(8,580)
Fair value
Due after one year through five years	3,867	3,874
Due after five years through ten years	26,082	19,288
Due after ten years	44,322	52,307
Corporate debt issues
Amortized cost
Due after five years through ten years	8,467	8,466
Gross unrealized holding gains
Due after five years through ten years	0	0
Gross unrealized holding losses
Due after five years through ten years	(833)	(778)
Fair value
Due after five years through ten years	7,634	7,688
Residential mortgage-backed securities - agency
Amortized cost
Due after one year through five years	22,934
Due after five years through ten years	26,966
Due after ten years	1,039,432
Residential mortgage-backed securities	1,089,448	1,030,016
Gross unrealized holding gains
Residential mortgage-backed securities, gross unrealized holding gains	140	76
Gross unrealized holding losses
Gross unrealized holding losses	(174,721)	(168,801)
Fair value
Due after one year through five years	21,419
Due after five years through ten years	25,177
Due after ten years	868,155
Fair value	914,867	861,291
Fixed rate pass-through
Amortized cost
Residential mortgage-backed securities	232,854	209,069
Gross unrealized holding gains
Residential mortgage-backed securities, gross unrealized holding gains	93	27
Gross unrealized holding losses
Gross unrealized holding losses	(26,711)	(25,222)
Fair value
Fair value	206,236	183,874
Variable rate pass-through
Amortized cost
Residential mortgage-backed securities	6,738	7,140
Gross unrealized holding gains
Residential mortgage-backed securities, gross unrealized holding gains	12	11
Gross unrealized holding losses
Gross unrealized holding losses	(69)	(71)
Fair value
Fair value	6,681	7,080
Fixed rate agency CMOs
Amortized cost
Residential mortgage-backed securities	776,087	789,842
Gross unrealized holding gains
Residential mortgage-backed securities, gross unrealized holding gains	0	0
Gross unrealized holding losses
Gross unrealized holding losses	(147,127)	(143,055)
Fair value
Fair value	628,960	646,787
Variable rate agency CMOs
Amortized cost
Residential mortgage-backed securities	73,769	23,965
Gross unrealized holding gains
Residential mortgage-backed securities, gross unrealized holding gains	35	38
Gross unrealized holding losses
Gross unrealized holding losses	(814)	(453)
Fair value
Fair value	$ 72,990	$ 23,550

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Marketable Securities - Held To Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized cost
Amortized cost	$ 801,107	$ 814,839
Gross unrealized holding gains
Gross unrealized holding gains	1	1
Gross unrealized holding losses
Gross unrealized holding losses	(120,755)	(115,334)
Fair value
Fair value	680,353	699,506
U.S. government-sponsored enterprises
Amortized cost
Due after one year through five years	89,472	69,471
Due after five years through ten years	34,987	54,987
Gross unrealized holding gains
Due after one year through five years	0	0
Due after five years through ten years	0	0
Gross unrealized holding losses
Due after one year through five years	(11,232)	(8,100)
Due after five years through ten years	(5,877)	(8,700)
Fair value
Due after one year through five years	78,240	61,371
Due after five years through ten years	29,110	46,287
Residential mortgage-backed securities - agency
Amortized cost
Due after one year through five years	20,144
Due after five years through ten years	20,209
Amortized cost	676,648	690,381
Gross unrealized holding gains
Gross unrealized holding gains	1	1
Gross unrealized holding losses
Gross unrealized holding losses	(103,646)	(98,534)
Fair value
Due after one year through five years	17,635
Due after five years through ten years	16,304
Fair value	573,003	591,848
Fixed rate pass-through
Amortized cost
Amortized cost	144,158	147,874
Gross unrealized holding gains
Gross unrealized holding gains	0	0
Gross unrealized holding losses
Gross unrealized holding losses	(21,062)	(20,834)
Fair value
Fair value	123,096	127,040
Variable rate pass-through
Amortized cost
Amortized cost	432	449
Gross unrealized holding gains
Gross unrealized holding gains	1	1
Gross unrealized holding losses
Gross unrealized holding losses	0	0
Fair value
Fair value	433	450
Fixed rate agency CMOs
Amortized cost
Amortized cost	531,529	541,529
Gross unrealized holding gains
Gross unrealized holding gains	0	0
Gross unrealized holding losses
Gross unrealized holding losses	(82,578)	(77,694)
Fair value
Fair value	448,951	463,835
Variable rate agency CMOs
Amortized cost
Amortized cost	529	529
Gross unrealized holding gains
Gross unrealized holding gains	0	0
Gross unrealized holding losses
Gross unrealized holding losses	(6)	(6)
Fair value
Fair value	$ 523	$ 523

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Marketable Securities - Available-for-sale, by Contractual Maturity (Details) - Residential mortgage-backed securities - agency $ in Thousands	Mar. 31, 2024 USD ($)
Amortized cost
Due within one year	$ 116
Due after one year through five years	22,934
Due after five years through ten years	26,966
Due after ten years	1,039,432
Total residential mortgage-backed securities	1,089,448
Fair value
Due within one year	116
Due after one year through five years	21,419
Due after five years through ten years	25,177
Due after ten years	868,155
Total residential mortgage-backed securities	$ 914,867

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Marketable Securities - Held To Maturity, by Contractual Maturity (Details) - Residential mortgage-backed securities - agency $ in Thousands	Mar. 31, 2024 USD ($)
Amortized cost
Due in less than one year	$ 38
Due after one year through five years	20,144
Due after five years through ten years	20,209
Due after ten years	636,257
Amortized cost	676,648
Fair value
Due in less than one year	38
Due after one year through five years	17,635
Due after five years through ten years	16,304
Due after ten years	539,026
Total residential mortgage-backed securities	$ 573,003

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Marketable Securities - Fair Value of and Gross Unrealized Losses on Investment Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) position	Dec. 31, 2023 USD ($)
Marketable securities available-for-sale
Less than 12 months - Fair value	$ 58,213	$ 20,729
Less than 12 months - Unrealized loss	(857)	(323)
12 months or more - Fair value	1,660,035	1,704,010
12 months or more - Unrealized loss	(324,198)	(311,878)
Total - Fair value	1,718,248	1,724,739
Total - Unrealized loss	$ (325,055)	(312,201)
Number of investment positions with unrealized losses | position	497
U.S. government-sponsored enterprises
Marketable securities available-for-sale
Less than 12 months - Fair value	$ 0	0
Less than 12 months - Unrealized loss	0	0
12 months or more - Fair value	204,587	206,569
12 months or more - Unrealized loss	(34,401)	(33,644)
Total - Fair value	204,587	206,569
Total - Unrealized loss	(34,401)	(33,644)
Corporate debt issues
Marketable securities available-for-sale
Less than 12 months - Fair value	0	0
Less than 12 months - Unrealized loss	0	0
12 months or more - Fair value	7,634	7,688
12 months or more - Unrealized loss	(833)	(778)
Total - Fair value	7,634	7,688
Total - Unrealized loss	(833)	(778)
Municipal securities
Marketable securities available-for-sale
Less than 12 months - Fair value	498	2,753
Less than 12 months - Unrealized loss	(2)	(81)
12 months or more - Fair value	67,691	66,046
12 months or more - Unrealized loss	(11,452)	(10,363)
Total - Fair value	68,189	68,799
Total - Unrealized loss	(11,454)	(10,444)
Residential mortgage-backed securities - agency
Marketable securities available-for-sale
Less than 12 months - Fair value	57,715	17,976
Less than 12 months - Unrealized loss	(855)	(242)
12 months or more - Fair value	1,380,123	1,423,707
12 months or more - Unrealized loss	(277,512)	(267,093)
Total - Fair value	1,437,838	1,441,683
Total - Unrealized loss	$ (278,367)	$ (267,335)

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Marketable Securities - Credit Quality of Held To Maturity Securities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Held-to-maturity securities	$ 801,107
Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Held-to-maturity securities	676,648
U.S. government and agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Held-to-maturity securities	124,459
AA+
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Held-to-maturity securities	801,107
AA+ | Residential mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Held-to-maturity securities	676,648
AA+ | U.S. government and agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Held-to-maturity securities	$ 124,459

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Loans Receivable - Originated and Acquired Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	$ 11,501,246	$ 11,414,809
Allowance for credit losses	(124,897)	(125,243)	$ (121,257)	$ (118,036)
Total loans receivable, net	11,376,349	11,289,566
Loans held-for-sale	8,082	8,768
Unearned income, unamortized premiums and discounts and deferred fees and costs	68,000	68,000
Personal Banking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	6,697,822	6,782,070
Allowance for credit losses	(44,668)	(51,706)	(51,617)	(48,887)
Personal Banking | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	3,382,848	3,428,185
Allowance for credit losses	(16,821)	(18,193)	(19,238)	(19,261)
Loans held-for-sale	8,000	9,000
Personal Banking | Home equity loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	1,196,607	1,227,858
Allowance for credit losses	(5,334)	(5,403)	(5,481)	(5,902)
Personal Banking | Vehicle loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	2,004,856	2,008,601
Allowance for credit losses	(21,061)	(26,911)	(26,166)	(23,059)
Personal Banking | Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	113,511	117,426
Allowance for credit losses	(1,452)	(1,199)	(732)	(665)
Commercial Banking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	4,803,424	4,632,739
Allowance for credit losses	(80,229)	(73,537)	(69,640)	(69,149)
Commercial Banking | Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	2,663,990	2,628,457
Allowance for credit losses	(54,474)	(51,267)	(45,404)	(44,506)
Loans held-for-sale	213	0
Commercial Banking | Commercial real estate loans - owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	364,538	345,553
Allowance for credit losses	(4,055)	(3,775)	(3,351)	(4,004)
Commercial Banking | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	1,774,896	1,658,729
Allowance for credit losses	(21,700)	(18,495)	$ (20,885)	$ (20,639)
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	10,894,790	10,773,908
Allowance for credit losses	(118,837)	(118,079)
Total loans receivable, net	10,775,953	10,655,829
Originated | Personal Banking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	6,375,537	6,441,695
Originated | Personal Banking | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	3,243,079	3,283,299
Originated | Personal Banking | Home equity loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	1,079,671	1,103,410
Originated | Personal Banking | Vehicle loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	1,944,752	1,943,540
Originated | Personal Banking | Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	108,035	111,446
Originated | Commercial Banking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	4,519,253	4,332,213
Originated | Commercial Banking | Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	2,436,853	2,389,537
Originated | Commercial Banking | Commercial real estate loans - owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	338,744	319,195
Originated | Commercial Banking | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	1,743,656	1,623,481
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	606,456	640,901
Allowance for credit losses	(6,060)	(7,164)
Total loans receivable, net	600,396	633,737
Acquired | Personal Banking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	322,285	340,375
Acquired | Personal Banking | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	139,769	144,886
Acquired | Personal Banking | Home equity loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	116,936	124,448
Acquired | Personal Banking | Vehicle loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	60,104	65,061
Acquired | Personal Banking | Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	5,476	5,980
Acquired | Commercial Banking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	284,171	300,526
Acquired | Commercial Banking | Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	227,137	238,920
Acquired | Commercial Banking | Commercial real estate loans - owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	25,794	26,358
Acquired | Commercial Banking | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable, gross	$ 31,240	$ 35,248

XML

Loans Receivable - Changes in the Allowance for Losses on Loans Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes in allowance for losses on allocated loans receivable
Beginning balance	$ 125,243	$ 118,036
Current period provision	4,234	4,870
Charge-offs	(6,659)	(4,627)
Recoveries	2,079	2,552
Ending balance	124,897	121,257
ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		426
Off-Balance Sheet Exposure
Changes in allowance for losses on allocated loans receivable
Beginning balance	17,123	12,913
Current period provision	(799)	126
Charge-offs	0	0
Recoveries	0	0
Ending balance	16,324	13,039
Off-Balance Sheet Exposure | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		0
Personal Banking
Changes in allowance for losses on allocated loans receivable
Beginning balance	51,706	48,887
Current period provision	(3,099)	4,598
Charge-offs	(5,147)	(3,105)
Recoveries	1,208	1,237
Ending balance	44,668	51,617
Personal Banking | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		0
Personal Banking | Off-Balance Sheet Exposure
Changes in allowance for losses on allocated loans receivable
Beginning balance	67	78
Current period provision	(2)	(15)
Charge-offs	0	0
Recoveries	0	0
Ending balance	65	63
Personal Banking | Off-Balance Sheet Exposure | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		0
Personal Banking | Residential mortgage loans
Changes in allowance for losses on allocated loans receivable
Beginning balance	18,193	19,261
Current period provision	(1,399)	(1)
Charge-offs	(162)	(207)
Recoveries	189	185
Ending balance	16,821	19,238
Personal Banking | Residential mortgage loans | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		0
Personal Banking | Residential mortgage loans | Off-Balance Sheet Exposure
Changes in allowance for losses on allocated loans receivable
Beginning balance	2	4
Current period provision	(1)	(1)
Charge-offs	0	0
Recoveries	0	0
Ending balance	1	3
Personal Banking | Residential mortgage loans | Off-Balance Sheet Exposure | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		0
Personal Banking | Home equity loans
Changes in allowance for losses on allocated loans receivable
Beginning balance	5,403	5,902
Current period provision	145	(450)
Charge-offs	(412)	(164)
Recoveries	198	193
Ending balance	5,334	5,481
Personal Banking | Home equity loans | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		0
Personal Banking | Home equity loans | Off-Balance Sheet Exposure
Changes in allowance for losses on allocated loans receivable
Beginning balance	65	74
Current period provision	(1)	(14)
Charge-offs	0	0
Recoveries	0	0
Ending balance	64	60
Personal Banking | Home equity loans | Off-Balance Sheet Exposure | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		0
Personal Banking | Vehicle loans
Changes in allowance for losses on allocated loans receivable
Beginning balance	26,911	23,059
Current period provision	(3,694)	4,253
Charge-offs	(2,588)	(1,668)
Recoveries	432	522
Ending balance	21,061	26,166
Personal Banking | Vehicle loans | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		0
Personal Banking | Consumer loans
Changes in allowance for losses on allocated loans receivable
Beginning balance	1,199	665
Current period provision	1,849	796
Charge-offs	(1,985)	(1,066)
Recoveries	389	337
Ending balance	1,452	732
Personal Banking | Consumer loans | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		0
Commercial Banking
Changes in allowance for losses on allocated loans receivable
Beginning balance	73,537	69,149
Current period provision	7,333	272
Charge-offs	(1,512)	(1,522)
Recoveries	871	1,315
Ending balance	80,229	69,640
Commercial Banking | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		426
Commercial Banking | Off-Balance Sheet Exposure
Changes in allowance for losses on allocated loans receivable
Beginning balance	17,056	12,835
Current period provision	(797)	141
Charge-offs	0	0
Recoveries	0	0
Ending balance	16,259	12,976
Commercial Banking | Off-Balance Sheet Exposure | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		0
Commercial Banking | Commercial real estate loans
Changes in allowance for losses on allocated loans receivable
Beginning balance	51,267	44,506
Current period provision	3,073	121
Charge-offs	(349)	(657)
Recoveries	483	1,008
Ending balance	54,474	45,404
Commercial Banking | Commercial real estate loans | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		426
Commercial Banking | Commercial real estate loans | Off-Balance Sheet Exposure
Changes in allowance for losses on allocated loans receivable
Beginning balance	6,147	5,375
Current period provision	71	549
Charge-offs	0	0
Recoveries	0	0
Ending balance	6,218	5,924
Commercial Banking | Commercial real estate loans | Off-Balance Sheet Exposure | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		0
Commercial Banking | Commercial real estate loans - owner occupied
Changes in allowance for losses on allocated loans receivable
Beginning balance	3,775	4,004
Current period provision	272	(674)
Charge-offs	0	0
Recoveries	8	21
Ending balance	4,055	3,351
Commercial Banking | Commercial real estate loans - owner occupied | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		0
Commercial Banking | Commercial real estate loans - owner occupied | Off-Balance Sheet Exposure
Changes in allowance for losses on allocated loans receivable
Beginning balance	173	379
Current period provision	(19)	62
Charge-offs	0	0
Recoveries	0	0
Ending balance	154	441
Commercial Banking | Commercial real estate loans - owner occupied | Off-Balance Sheet Exposure | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		0
Commercial Banking | Commercial loans
Changes in allowance for losses on allocated loans receivable
Beginning balance	18,495	20,639
Current period provision	3,988	825
Charge-offs	(1,163)	(865)
Recoveries	380	286
Ending balance	21,700	20,885
Commercial Banking | Commercial loans | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		0
Commercial Banking | Commercial loans | Off-Balance Sheet Exposure
Changes in allowance for losses on allocated loans receivable
Beginning balance	10,736	7,081
Current period provision	(849)	(470)
Charge-offs	0	0
Recoveries	0	0
Ending balance	$ 9,887	6,611
Commercial Banking | Commercial loans | Off-Balance Sheet Exposure | ASU 2022-02 Adoption
Changes in allowance for losses on allocated loans receivable
Beginning balance		$ 0

XML

Loans Receivable - Loan Portfolio by Portfolio Segment and by Class of Financing Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 11,501,246	$ 11,414,809
Allowance for credit losses	124,897	125,243	$ 121,257	$ 118,036
Nonaccrual loans	95,060	94,384		81,236
Loans 90 days past due and accruing	2,452	2,698
Personal Banking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	6,697,822	6,782,070
Allowance for credit losses	44,668	51,706	51,617	48,887
Nonaccrual loans	16,147	18,264		15,746
Loans 90 days past due and accruing	2,196	2,463
Personal Banking | Residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	3,382,848	3,428,185
Allowance for credit losses	16,821	18,193	19,238	19,261
Nonaccrual loans	7,109	8,727		7,574
Loans 90 days past due and accruing	1,509	1,671
Personal Banking | Home equity loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,196,607	1,227,858
Allowance for credit losses	5,334	5,403	5,481	5,902
Nonaccrual loans	4,409	4,492		4,145
Loans 90 days past due and accruing	1	26
Personal Banking | Vehicle loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	2,004,856	2,008,601
Allowance for credit losses	21,061	26,911	26,166	23,059
Nonaccrual loans	4,360	4,816		3,771
Loans 90 days past due and accruing	59	44
Personal Banking | Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	113,511	117,426
Allowance for credit losses	1,452	1,199	732	665
Nonaccrual loans	269	229		256
Loans 90 days past due and accruing	627	722
Commercial Banking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	4,803,424	4,632,739
Allowance for credit losses	80,229	73,537	69,640	69,149
Nonaccrual loans	78,913	76,120		65,490
Loans 90 days past due and accruing	256	235
Commercial Banking | Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	2,663,990	2,628,457
Allowance for credit losses	54,474	51,267	45,404	44,506
Nonaccrual loans	73,133	71,297		62,239
Loans 90 days past due and accruing	0	225
Commercial Banking | Commercial real estate loans - owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	364,538	345,553
Allowance for credit losses	4,055	3,775	3,351	4,004
Nonaccrual loans	1,319	676		624
Loans 90 days past due and accruing	0	0
Commercial Banking | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	1,774,896	1,658,729
Allowance for credit losses	21,700	18,495	$ 20,885	20,639
Nonaccrual loans	4,461	4,147		$ 2,627
Loans 90 days past due and accruing	$ 256	$ 10

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Loans Receivable - Composition of Impaired Loans by Portfolio Segment and Class of Financing Receivable (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Composition of impaired loans by portfolio segment and by class of financing receivable
Nonaccrual loans at beginning balance	$ 94,384,000	$ 81,236,000
Nonaccrual loans with an allowance	71,125,000	68,835,000
Nonaccrual loans with no allowance	23,935,000	25,549,000
Nonaccrual loans at ending balance	95,060,000	94,384,000
Loans 90 days past due and accruing	2,452,000	2,698,000
Interest income, accrual method	0	0
Amortized cost basis of collateral-dependent loans	67,989,000	67,084,000
Real estate
Composition of impaired loans by portfolio segment and by class of financing receivable
Amortized cost basis of collateral-dependent loans	66,733,000	67,084,000
Equipment
Composition of impaired loans by portfolio segment and by class of financing receivable
Amortized cost basis of collateral-dependent loans	1,256,000
Personal Banking
Composition of impaired loans by portfolio segment and by class of financing receivable
Nonaccrual loans at beginning balance	18,264,000	15,746,000
Nonaccrual loans with an allowance	14,707,000	16,804,000
Nonaccrual loans with no allowance	1,440,000	1,460,000
Nonaccrual loans at ending balance	16,147,000	18,264,000
Loans 90 days past due and accruing	2,196,000	2,463,000
Personal Banking | Residential mortgage loans
Composition of impaired loans by portfolio segment and by class of financing receivable
Nonaccrual loans at beginning balance	8,727,000	7,574,000
Nonaccrual loans with an allowance	6,703,000	8,304,000
Nonaccrual loans with no allowance	406,000	423,000
Nonaccrual loans at ending balance	7,109,000	8,727,000
Loans 90 days past due and accruing	1,509,000	1,671,000
Personal Banking | Home equity loans
Composition of impaired loans by portfolio segment and by class of financing receivable
Nonaccrual loans at beginning balance	4,492,000	4,145,000
Nonaccrual loans with an allowance	4,254,000	4,084,000
Nonaccrual loans with no allowance	155,000	408,000
Nonaccrual loans at ending balance	4,409,000	4,492,000
Loans 90 days past due and accruing	1,000	26,000
Personal Banking | Vehicle loans
Composition of impaired loans by portfolio segment and by class of financing receivable
Nonaccrual loans at beginning balance	4,816,000	3,771,000
Nonaccrual loans with an allowance	3,481,000	4,187,000
Nonaccrual loans with no allowance	879,000	629,000
Nonaccrual loans at ending balance	4,360,000	4,816,000
Loans 90 days past due and accruing	59,000	44,000
Personal Banking | Consumer loans
Composition of impaired loans by portfolio segment and by class of financing receivable
Nonaccrual loans at beginning balance	229,000	256,000
Nonaccrual loans with an allowance	269,000	229,000
Nonaccrual loans with no allowance	0	0
Nonaccrual loans at ending balance	269,000	229,000
Loans 90 days past due and accruing	627,000	722,000
Commercial Banking
Composition of impaired loans by portfolio segment and by class of financing receivable
Nonaccrual loans at beginning balance	76,120,000	65,490,000
Nonaccrual loans with an allowance	56,418,000	52,031,000
Nonaccrual loans with no allowance	22,495,000	24,089,000
Nonaccrual loans at ending balance	78,913,000	76,120,000
Loans 90 days past due and accruing	256,000	235,000
Amortized cost basis of collateral-dependent loans	67,989,000	67,084,000
Commercial Banking | Real estate
Composition of impaired loans by portfolio segment and by class of financing receivable
Amortized cost basis of collateral-dependent loans	66,733,000	67,084,000
Commercial Banking | Equipment
Composition of impaired loans by portfolio segment and by class of financing receivable
Amortized cost basis of collateral-dependent loans	1,256,000
Commercial Banking | Commercial real estate loans
Composition of impaired loans by portfolio segment and by class of financing receivable
Nonaccrual loans at beginning balance	71,297,000	62,239,000
Nonaccrual loans with an allowance	50,794,000	47,359,000
Nonaccrual loans with no allowance	22,339,000	23,938,000
Nonaccrual loans at ending balance	73,133,000	71,297,000
Loans 90 days past due and accruing	0	225,000
Amortized cost basis of collateral-dependent loans	67,843,000	66,934,000
Commercial Banking | Commercial real estate loans | Real estate
Composition of impaired loans by portfolio segment and by class of financing receivable
Amortized cost basis of collateral-dependent loans	66,587,000	66,934,000
Commercial Banking | Commercial real estate loans | Equipment
Composition of impaired loans by portfolio segment and by class of financing receivable
Amortized cost basis of collateral-dependent loans	1,256,000
Commercial Banking | Commercial real estate loans - owner occupied
Composition of impaired loans by portfolio segment and by class of financing receivable
Nonaccrual loans at beginning balance	676,000	624,000
Nonaccrual loans with an allowance	1,319,000	676,000
Nonaccrual loans with no allowance	0	0
Nonaccrual loans at ending balance	1,319,000	676,000
Loans 90 days past due and accruing	0	0
Commercial Banking | Commercial loans
Composition of impaired loans by portfolio segment and by class of financing receivable
Nonaccrual loans at beginning balance	4,147,000	2,627,000
Nonaccrual loans with an allowance	4,305,000	3,996,000
Nonaccrual loans with no allowance	156,000	151,000
Nonaccrual loans at ending balance	4,461,000	4,147,000
Loans 90 days past due and accruing	256,000	10,000
Amortized cost basis of collateral-dependent loans	146,000	150,000
Commercial Banking | Commercial loans | Real estate
Composition of impaired loans by portfolio segment and by class of financing receivable
Amortized cost basis of collateral-dependent loans	146,000	$ 150,000
Commercial Banking | Commercial loans | Equipment
Composition of impaired loans by portfolio segment and by class of financing receivable
Amortized cost basis of collateral-dependent loans	$ 0

XML

Loans Receivable - Amortized Cost Basis of Loans Modified (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Troubled debt restructurings
Total class of financing receivable	0.27%	0.01%
Committed to lend additional amounts	$ 41		$ 31
Payment delay
Troubled debt restructurings
Loans modified in period	29,241
Term extension
Troubled debt restructurings
Loans modified in period	1,341	$ 1,297
Combination term extension and interest rate reduction
Troubled debt restructurings
Loans modified in period	$ 96	$ 3
Personal Banking
Troubled debt restructurings
Total class of financing receivable	0.02%	0.00%
Personal Banking | Payment delay
Troubled debt restructurings
Loans modified in period	$ 364
Personal Banking | Term extension
Troubled debt restructurings
Loans modified in period	1,042	$ 290
Personal Banking | Combination term extension and interest rate reduction
Troubled debt restructurings
Loans modified in period	$ 86	$ 3
Personal Banking | Residential mortgage loans
Troubled debt restructurings
Total class of financing receivable	0.03%	0.01%
Personal Banking | Residential mortgage loans | Payment delay
Troubled debt restructurings
Loans modified in period	$ 364
Personal Banking | Residential mortgage loans | Term extension
Troubled debt restructurings
Loans modified in period	490	$ 180
Personal Banking | Residential mortgage loans | Combination term extension and interest rate reduction
Troubled debt restructurings
Loans modified in period	$ 0	$ 0
Personal Banking | Home equity loans
Troubled debt restructurings
Total class of financing receivable	0.05%	0.01%
Personal Banking | Home equity loans | Payment delay
Troubled debt restructurings
Loans modified in period	$ 0
Personal Banking | Home equity loans | Term extension
Troubled debt restructurings
Loans modified in period	552	$ 110
Personal Banking | Home equity loans | Combination term extension and interest rate reduction
Troubled debt restructurings
Loans modified in period	$ 84	$ 0
Personal Banking | Consumer loans
Troubled debt restructurings
Total class of financing receivable	0.00%	0.00%
Personal Banking | Consumer loans | Payment delay
Troubled debt restructurings
Loans modified in period	$ 0
Personal Banking | Consumer loans | Term extension
Troubled debt restructurings
Loans modified in period	0	$ 0
Personal Banking | Consumer loans | Combination term extension and interest rate reduction
Troubled debt restructurings
Loans modified in period	$ 2	$ 3
Commercial Banking
Troubled debt restructurings
Total class of financing receivable	0.61%	0.02%
Commercial Banking | Payment delay
Troubled debt restructurings
Loans modified in period	$ 28,877
Commercial Banking | Term extension
Troubled debt restructurings
Loans modified in period	299	$ 1,007
Commercial Banking | Combination term extension and interest rate reduction
Troubled debt restructurings
Loans modified in period	$ 10	$ 0
Commercial Banking | Commercial real estate loans
Troubled debt restructurings
Total class of financing receivable	1.09%	0.01%
Commercial Banking | Commercial real estate loans | Payment delay
Troubled debt restructurings
Loans modified in period	$ 28,877
Commercial Banking | Commercial real estate loans | Term extension
Troubled debt restructurings
Loans modified in period	243	$ 242
Commercial Banking | Commercial real estate loans | Combination term extension and interest rate reduction
Troubled debt restructurings
Loans modified in period	$ 0	$ 0
Commercial Banking | Commercial loans
Troubled debt restructurings
Total class of financing receivable	0.00%	0.06%
Commercial Banking | Commercial loans | Payment delay
Troubled debt restructurings
Loans modified in period	$ 0
Commercial Banking | Commercial loans | Term extension
Troubled debt restructurings
Loans modified in period	56	$ 765
Commercial Banking | Commercial loans | Combination term extension and interest rate reduction
Troubled debt restructurings
Loans modified in period	$ 10	$ 0

XML

Loans Receivable - Financing Receivable Weighted Average Modified Period (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Troubled debt restructurings
Weighted-average interest rate reduction	3.00%	12.00%
Weighted-average term extension in months	116 months	41 months
Weighted-average payment deferral in years	1 year
Personal Banking
Troubled debt restructurings
Weighted-average interest rate reduction	3.00%	12.00%
Weighted-average term extension in months	118 months	137 months
Weighted-average payment deferral in years	6 months
Personal Banking | Residential mortgage loans
Troubled debt restructurings
Weighted-average interest rate reduction	0.00%
Weighted-average term extension in months	143 months	147 months
Weighted-average payment deferral in years	6 months
Personal Banking | Home equity loans
Troubled debt restructurings
Weighted-average interest rate reduction	2.00%
Weighted-average term extension in months	97 months	115 months
Personal Banking | Consumer loans
Troubled debt restructurings
Weighted-average interest rate reduction	12.00%	12.00%
Weighted-average term extension in months	356 months	356 months
Commercial Banking
Troubled debt restructurings
Weighted-average interest rate reduction	4.00%
Weighted-average term extension in months	108 months	13 months
Weighted-average payment deferral in years	1 year
Commercial Banking | Commercial real estate loans
Troubled debt restructurings
Weighted-average interest rate reduction	0.00%
Weighted-average term extension in months	106 months	24 months
Weighted-average payment deferral in years	1 year
Commercial Banking | Commercial loans
Troubled debt restructurings
Weighted-average interest rate reduction	4.00%
Weighted-average term extension in months	118 months	9 months

XML

Loans Receivable - Performance of Loans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Current
Troubled debt restructurings
Loans modified in period	$ 30,155
30-59 days delinquent
Troubled debt restructurings
Loans modified in period	96
60-89 days delinquent
Troubled debt restructurings
Loans modified in period	47
90 days or greater delinquent
Troubled debt restructurings
Loans modified in period	381
Personal Banking | Current
Troubled debt restructurings
Loans modified in period	1,024
Personal Banking | 30-59 days delinquent
Troubled debt restructurings
Loans modified in period	87
Personal Banking | 90 days or greater delinquent
Troubled debt restructurings
Loans modified in period	381
Personal Banking | Residential mortgage loans | Current
Troubled debt restructurings
Loans modified in period	406
Personal Banking | Residential mortgage loans | 30-59 days delinquent
Troubled debt restructurings
Loans modified in period	84
Personal Banking | Residential mortgage loans | 90 days or greater delinquent
Troubled debt restructurings
Loans modified in period	364
Personal Banking | Home equity loans | Current
Troubled debt restructurings
Loans modified in period	616
Personal Banking | Home equity loans | 30-59 days delinquent
Troubled debt restructurings
Loans modified in period	3
Personal Banking | Home equity loans | 90 days or greater delinquent
Troubled debt restructurings
Loans modified in period	17
Personal Banking | Consumer loans | Current
Troubled debt restructurings
Loans modified in period	2
Commercial Banking | Current
Troubled debt restructurings
Loans modified in period	29,131
Commercial Banking | 30-59 days delinquent
Troubled debt restructurings
Loans modified in period	9
Commercial Banking | 60-89 days delinquent
Troubled debt restructurings
Loans modified in period	47
Commercial Banking | Commercial real estate loans | Current
Troubled debt restructurings
Loans modified in period	29,121
Commercial Banking | Commercial loans | Current
Troubled debt restructurings
Loans modified in period	10
Commercial Banking | Commercial loans | 30-59 days delinquent
Troubled debt restructurings
Loans modified in period	9
Commercial Banking | Commercial loans | 60-89 days delinquent
Troubled debt restructurings
Loans modified in period	$ 47

XML

Loans Receivable - Loans Modified with Payment Default (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Term extension
Financing Receivable, Modified, Subsequent Default [Line Items]
Loans with payment default and modified	$ 17
Payment delay
Financing Receivable, Modified, Subsequent Default [Line Items]
Loans with payment default and modified	364
Personal Banking | Term extension
Financing Receivable, Modified, Subsequent Default [Line Items]
Loans with payment default and modified	17
Personal Banking | Term extension | Residential mortgage loans
Financing Receivable, Modified, Subsequent Default [Line Items]
Loans with payment default and modified	0
Personal Banking | Term extension | Home equity loans
Financing Receivable, Modified, Subsequent Default [Line Items]
Loans with payment default and modified	17
Personal Banking | Payment delay
Financing Receivable, Modified, Subsequent Default [Line Items]
Loans with payment default and modified	364
Personal Banking | Payment delay | Residential mortgage loans
Financing Receivable, Modified, Subsequent Default [Line Items]
Loans with payment default and modified	364
Personal Banking | Payment delay | Home equity loans
Financing Receivable, Modified, Subsequent Default [Line Items]
Loans with payment default and modified	$ 0

XML

Loans Receivable - Loan Delinquencies (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Loan payment delinquencies
Total loans receivable	$ 11,501,246	$ 11,414,809
90 days or greater delinquent and accruing	2,452	2,698
Total delinquency
Loan payment delinquencies
Total loans receivable	90,308	93,270
30-59 days delinquent
Loan payment delinquencies
Total loans receivable	62,508	54,413
60-89 days delinquent
Loan payment delinquencies
Total loans receivable	5,467	14,266
90 days or greater delinquent
Loan payment delinquencies
Total loans receivable	22,333	24,591
Current
Loan payment delinquencies
Total loans receivable	11,410,938	11,321,539
Personal Banking
Loan payment delinquencies
Total loans receivable	6,697,822	6,782,070
90 days or greater delinquent and accruing	2,196	2,463
Personal Banking | Total delinquency
Loan payment delinquencies
Total loans receivable	68,378	74,644
Personal Banking | 30-59 days delinquent
Loan payment delinquencies
Total loans receivable	53,021	47,013
Personal Banking | 60-89 days delinquent
Loan payment delinquencies
Total loans receivable	3,376	12,532
Personal Banking | 90 days or greater delinquent
Loan payment delinquencies
Total loans receivable	11,981	15,099
Personal Banking | Current
Loan payment delinquencies
Total loans receivable	6,629,444	6,707,426
Personal Banking | Residential mortgage loans
Loan payment delinquencies
Total loans receivable	3,382,848	3,428,185
90 days or greater delinquent and accruing	1,509	1,671
Personal Banking | Residential mortgage loans | Total delinquency
Loan payment delinquencies
Total loans receivable	44,385	45,832
Personal Banking | Residential mortgage loans | 30-59 days delinquent
Loan payment delinquencies
Total loans receivable	38,502	30,041
Personal Banking | Residential mortgage loans | 60-89 days delinquent
Loan payment delinquencies
Total loans receivable	70	7,796
Personal Banking | Residential mortgage loans | 90 days or greater delinquent
Loan payment delinquencies
Total loans receivable	5,813	7,995
Personal Banking | Residential mortgage loans | Current
Loan payment delinquencies
Total loans receivable	3,338,463	3,382,353
Personal Banking | Home equity loans
Loan payment delinquencies
Total loans receivable	1,196,607	1,227,858
90 days or greater delinquent and accruing	1	26
Personal Banking | Home equity loans | Total delinquency
Loan payment delinquencies
Total loans receivable	8,192	9,869
Personal Banking | Home equity loans | 30-59 days delinquent
Loan payment delinquencies
Total loans receivable	4,608	5,761
Personal Banking | Home equity loans | 60-89 days delinquent
Loan payment delinquencies
Total loans receivable	761	982
Personal Banking | Home equity loans | 90 days or greater delinquent
Loan payment delinquencies
Total loans receivable	2,823	3,126
Personal Banking | Home equity loans | Current
Loan payment delinquencies
Total loans receivable	1,188,415	1,217,989
Personal Banking | Vehicle loans
Loan payment delinquencies
Total loans receivable	2,004,856	2,008,601
90 days or greater delinquent and accruing	59	44
Personal Banking | Vehicle loans | Total delinquency
Loan payment delinquencies
Total loans receivable	13,919	16,759
Personal Banking | Vehicle loans | 30-59 days delinquent
Loan payment delinquencies
Total loans receivable	9,177	10,382
Personal Banking | Vehicle loans | 60-89 days delinquent
Loan payment delinquencies
Total loans receivable	2,246	3,326
Personal Banking | Vehicle loans | 90 days or greater delinquent
Loan payment delinquencies
Total loans receivable	2,496	3,051
Personal Banking | Vehicle loans | Current
Loan payment delinquencies
Total loans receivable	1,990,937	1,991,842
Personal Banking | Consumer loans
Loan payment delinquencies
Total loans receivable	113,511	117,426
90 days or greater delinquent and accruing	627	722
Personal Banking | Consumer loans | Total delinquency
Loan payment delinquencies
Total loans receivable	1,882	2,184
Personal Banking | Consumer loans | 30-59 days delinquent
Loan payment delinquencies
Total loans receivable	734	829
Personal Banking | Consumer loans | 60-89 days delinquent
Loan payment delinquencies
Total loans receivable	299	428
Personal Banking | Consumer loans | 90 days or greater delinquent
Loan payment delinquencies
Total loans receivable	849	927
Personal Banking | Consumer loans | Current
Loan payment delinquencies
Total loans receivable	111,629	115,242
Commercial Banking
Loan payment delinquencies
Total loans receivable	4,803,424	4,632,739
90 days or greater delinquent and accruing	256	235
Commercial Banking | Total delinquency
Loan payment delinquencies
Total loans receivable	21,930	18,626
Commercial Banking | 30-59 days delinquent
Loan payment delinquencies
Total loans receivable	9,487	7,400
Commercial Banking | 60-89 days delinquent
Loan payment delinquencies
Total loans receivable	2,091	1,734
Commercial Banking | 90 days or greater delinquent
Loan payment delinquencies
Total loans receivable	10,352	9,492
Commercial Banking | Current
Loan payment delinquencies
Total loans receivable	4,781,494	4,614,113
Commercial Banking | Commercial real estate loans
Loan payment delinquencies
Total loans receivable	2,663,990	2,628,457
90 days or greater delinquent and accruing	0	225
Commercial Banking | Commercial real estate loans | Total delinquency
Loan payment delinquencies
Total loans receivable	13,029	9,576
Commercial Banking | Commercial real estate loans | 30-59 days delinquent
Loan payment delinquencies
Total loans receivable	6,181	2,010
Commercial Banking | Commercial real estate loans | 60-89 days delinquent
Loan payment delinquencies
Total loans receivable	807	1,031
Commercial Banking | Commercial real estate loans | 90 days or greater delinquent
Loan payment delinquencies
Total loans receivable	6,041	6,535
Commercial Banking | Commercial real estate loans | Current
Loan payment delinquencies
Total loans receivable	2,650,961	2,618,881
Commercial Banking | Commercial real estate loans - owner occupied
Loan payment delinquencies
Total loans receivable	364,538	345,553
90 days or greater delinquent and accruing	0	0
Commercial Banking | Commercial real estate loans - owner occupied | Total delinquency
Loan payment delinquencies
Total loans receivable	1,105	1,371
Commercial Banking | Commercial real estate loans - owner occupied | 30-59 days delinquent
Loan payment delinquencies
Total loans receivable	215	1,194
Commercial Banking | Commercial real estate loans - owner occupied | 60-89 days delinquent
Loan payment delinquencies
Total loans receivable	0	0
Commercial Banking | Commercial real estate loans - owner occupied | 90 days or greater delinquent
Loan payment delinquencies
Total loans receivable	890	177
Commercial Banking | Commercial real estate loans - owner occupied | Current
Loan payment delinquencies
Total loans receivable	363,433	344,182
Commercial Banking | Commercial loans
Loan payment delinquencies
Total loans receivable	1,774,896	1,658,729
90 days or greater delinquent and accruing	256	10
Commercial Banking | Commercial loans | Total delinquency
Loan payment delinquencies
Total loans receivable	7,796	7,679
Commercial Banking | Commercial loans | 30-59 days delinquent
Loan payment delinquencies
Total loans receivable	3,091	4,196
Commercial Banking | Commercial loans | 60-89 days delinquent
Loan payment delinquencies
Total loans receivable	1,284	703
Commercial Banking | Commercial loans | 90 days or greater delinquent
Loan payment delinquencies
Total loans receivable	3,421	2,780
Commercial Banking | Commercial loans | Current
Loan payment delinquencies
Total loans receivable	$ 1,767,100	$ 1,651,050

XML

Loans Receivable - Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Credit quality indicators
Year one	$ 515,525	$ 1,684,565
Year two	1,624,773	2,448,570
Year three	2,378,279	1,785,396
Year four	1,719,829	1,190,115
Year five	1,142,469	762,754
Prior	2,980,599	2,364,506
Revolving loans	1,060,438	1,099,359
Revolving loans converted to term loans	79,334	79,544
Total loans receivable, gross	11,501,246	11,414,809
Revolving loans converted to term loans during the period	3,000	19,000
Special mention and substandard | Minimum
Credit quality indicators
Total loans receivable, gross	1,000
Personal Banking
Credit quality indicators
Year one	217,267	947,432
Year two	897,677	1,463,153
Year three	1,390,235	1,303,418
Year four	1,241,469	788,790
Year five	753,430	408,938
Prior	1,629,273	1,294,629
Revolving loans	523,865	530,255
Revolving loans converted to term loans	44,606	45,455
Total loans receivable, gross	6,697,822	6,782,070
Personal Banking | Residential mortgage loans
Credit quality indicators
Year one	7,577	186,081
Year two	192,578	666,960
Year three	662,994	792,488
Year four	782,574	507,320
Year five	497,963	244,989
Prior	1,239,162	1,030,347
Revolving loans	0	0
Revolving loans converted to term loans	0	0
Total loans receivable, gross	3,382,848	3,428,185
Year one, charge-offs	0	0
Year two, charge-offs	0	(9)
Year three, charge-offs	0	(5)
Year four, charge-offs	0	(130)
Year five, charge-offs	(113)	(23)
Prior, charge-offs	(49)	(1,023)
Revolving loans, charge-offs	0	0
Revolving loans converted to term loans, charge-offs	0	0
Total loans receivable, charge-offs	(162)	(1,189)
Personal Banking | Residential mortgage loans | Pass
Credit quality indicators
Year one	7,577	186,081
Year two	192,489	665,379
Year three	660,443	792,488
Year four	782,217	506,068
Year five	496,755	244,678
Prior	1,230,826	1,019,152
Revolving loans	0	0
Revolving loans converted to term loans	0	0
Total loans receivable, gross	3,370,307	3,413,846
Personal Banking | Residential mortgage loans | Substandard
Credit quality indicators
Year one	0	0
Year two	89	1,581
Year three	2,551	0
Year four	357	1,252
Year five	1,208	311
Prior	8,336	11,195
Revolving loans	0	0
Revolving loans converted to term loans	0	0
Total loans receivable, gross	12,541	14,339
Personal Banking | Home equity loans
Credit quality indicators
Year one	5,488	71,497
Year two	67,059	100,875
Year three	97,795	106,097
Year four	101,699	146,318
Year five	140,523	94,179
Prior	278,778	198,992
Revolving loans	461,477	465,315
Revolving loans converted to term loans	43,788	44,585
Total loans receivable, gross	1,196,607	1,227,858
Year one, charge-offs	0	0
Year two, charge-offs	0	(53)
Year three, charge-offs	(35)	(46)
Year four, charge-offs	(2)	0
Year five, charge-offs	0	(48)
Prior, charge-offs	(154)	(352)
Revolving loans, charge-offs	(189)	(144)
Revolving loans converted to term loans, charge-offs	(32)	(209)
Total loans receivable, charge-offs	(412)	(852)
Personal Banking | Home equity loans | Pass
Credit quality indicators
Year one	5,488	71,497
Year two	67,059	100,639
Year three	97,697	106,043
Year four	101,645	146,121
Year five	140,326	94,144
Prior	276,751	197,259
Revolving loans	460,391	463,868
Revolving loans converted to term loans	42,600	43,526
Total loans receivable, gross	1,191,957	1,223,097
Personal Banking | Home equity loans | Substandard
Credit quality indicators
Year one	0	0
Year two	0	236
Year three	98	54
Year four	54	197
Year five	197	35
Prior	2,027	1,733
Revolving loans	1,086	1,447
Revolving loans converted to term loans	1,188	1,059
Total loans receivable, gross	4,650	4,761
Personal Banking | Vehicle loans
Credit quality indicators
Year one	196,998	665,522
Year two	616,483	683,693
Year three	619,355	399,262
Year four	352,560	133,074
Year five	113,277	68,409
Prior	106,183	58,641
Revolving loans	0	0
Revolving loans converted to term loans	0	0
Total loans receivable, gross	2,004,856	2,008,601
Year one, charge-offs	0	(678)
Year two, charge-offs	(715)	(1,844)
Year three, charge-offs	(664)	(1,967)
Year four, charge-offs	(748)	(475)
Year five, charge-offs	(117)	(652)
Prior, charge-offs	(344)	(853)
Revolving loans, charge-offs	0	0
Revolving loans converted to term loans, charge-offs	0	0
Total loans receivable, charge-offs	(2,588)	(6,468)
Personal Banking | Vehicle loans | Pass
Credit quality indicators
Year one	196,998	664,876
Year two	615,730	682,275
Year three	618,045	397,809
Year four	351,286	132,775
Year five	113,020	67,853
Prior	105,357	58,153
Revolving loans	0	0
Revolving loans converted to term loans	0	0
Total loans receivable, gross	2,000,436	2,003,741
Personal Banking | Vehicle loans | Substandard
Credit quality indicators
Year one	0	646
Year two	753	1,418
Year three	1,310	1,453
Year four	1,274	299
Year five	257	556
Prior	826	488
Revolving loans	0	0
Revolving loans converted to term loans	0	0
Total loans receivable, gross	4,420	4,860
Personal Banking | Consumer loans
Credit quality indicators
Year one	7,204	24,332
Year two	21,557	11,625
Year three	10,091	5,571
Year four	4,636	2,078
Year five	1,667	1,361
Prior	5,150	6,649
Revolving loans	62,388	64,940
Revolving loans converted to term loans	818	870
Total loans receivable, gross	113,511	117,426
Year one, charge-offs	(13)	(3,412)
Year two, charge-offs	(1,263)	(511)
Year three, charge-offs	(139)	(390)
Year four, charge-offs	(83)	(157)
Year five, charge-offs	(13)	(177)
Prior, charge-offs	(247)	(980)
Revolving loans, charge-offs	(206)	(317)
Revolving loans converted to term loans, charge-offs	(21)	(38)
Total loans receivable, charge-offs	(1,985)	(5,983)
Personal Banking | Consumer loans | Pass
Credit quality indicators
Year one	7,204	24,277
Year two	21,506	11,582
Year three	10,028	5,552
Year four	4,627	2,072
Year five	1,667	1,355
Prior	5,099	6,603
Revolving loans	61,766	64,214
Revolving loans converted to term loans	717	820
Total loans receivable, gross	112,614	116,475
Personal Banking | Consumer loans | Substandard
Credit quality indicators
Year one	0	55
Year two	51	43
Year three	63	19
Year four	9	6
Year five	0	6
Prior	51	46
Revolving loans	622	726
Revolving loans converted to term loans	101	50
Total loans receivable, gross	897	951
Commercial Banking
Credit quality indicators
Year one	298,258	737,133
Year two	727,096	985,417
Year three	988,044	481,978
Year four	478,360	401,325
Year five	389,039	353,816
Prior	1,351,326	1,069,877
Revolving loans	536,573	569,104
Revolving loans converted to term loans	34,728	34,089
Total loans receivable, gross	4,803,424	4,632,739
Commercial Banking | Commercial real estate loans
Credit quality indicators
Year one	64,078	228,074
Year two	237,506	496,247
Year three	524,126	358,594
Year four	360,701	356,152
Year five	346,282	269,479
Prior	1,077,962	866,626
Revolving loans	28,813	28,373
Revolving loans converted to term loans	24,522	24,912
Total loans receivable, gross	2,663,990	2,628,457
Year one, charge-offs	0	(14)
Year two, charge-offs	0	0
Year three, charge-offs	(44)	(492)
Year four, charge-offs	0	0
Year five, charge-offs	0	(51)
Prior, charge-offs	(305)	(1,741)
Revolving loans, charge-offs	0	0
Revolving loans converted to term loans, charge-offs	0	0
Total loans receivable, charge-offs	(349)	(2,298)
Commercial Banking | Commercial real estate loans | Pass
Credit quality indicators
Year one	62,822	223,335
Year two	232,766	470,762
Year three	496,664	303,873
Year four	303,781	332,620
Year five	319,596	228,382
Prior	931,515	745,244
Revolving loans	28,002	27,583
Revolving loans converted to term loans	24,423	24,804
Total loans receivable, gross	2,399,569	2,356,603
Commercial Banking | Commercial real estate loans | Special mention
Credit quality indicators
Year one	0	2,819
Year two	2,831	24,735
Year three	24,683	27,871
Year four	27,294	5,365
Year five	7,111	4,053
Prior	28,946	38,665
Revolving loans	733	711
Revolving loans converted to term loans	0	0
Total loans receivable, gross	91,598	104,219
Commercial Banking | Commercial real estate loans | Substandard
Credit quality indicators
Year one	1,256	1,920
Year two	1,909	750
Year three	2,779	26,850
Year four	29,626	18,167
Year five	19,575	37,044
Prior	117,501	82,717
Revolving loans	78	79
Revolving loans converted to term loans	99	108
Total loans receivable, gross	172,823	167,635
Commercial Banking | Commercial real estate loans - owner occupied
Credit quality indicators
Year one	22,976	25,946
Year two	26,268	52,106
Year three	53,446	48,991
Year four	49,276	17,650
Year five	17,261	47,646
Prior	190,138	147,768
Revolving loans	2,171	2,378
Revolving loans converted to term loans	3,002	3,068
Total loans receivable, gross	364,538	345,553
Year one, charge-offs	0	0
Year two, charge-offs	0	0
Year three, charge-offs	0	0
Year four, charge-offs	0	0
Year five, charge-offs	0	0
Prior, charge-offs	0	(68)
Revolving loans, charge-offs	0	0
Revolving loans converted to term loans, charge-offs	0	0
Total loans receivable, charge-offs	0	(68)
Commercial Banking | Commercial real estate loans - owner occupied | Pass
Credit quality indicators
Year one	22,976	24,725
Year two	12,903	51,986
Year three	51,065	47,655
Year four	47,955	15,984
Year five	13,886	28,614
Prior	163,028	140,175
Revolving loans	2,171	2,378
Revolving loans converted to term loans	1,304	2,390
Total loans receivable, gross	315,288	313,907
Commercial Banking | Commercial real estate loans - owner occupied | Special mention
Credit quality indicators
Year one	0	1,221
Year two	13,365	120
Year three	2,381	1,218
Year four	1,210	0
Year five	1,728	14,386
Prior	20,965	2,952
Revolving loans	0	0
Revolving loans converted to term loans	0	0
Total loans receivable, gross	39,649	19,897
Commercial Banking | Commercial real estate loans - owner occupied | Substandard
Credit quality indicators
Year one	0	0
Year two	0	0
Year three	0	118
Year four	111	1,666
Year five	1,647	4,646
Prior	6,145	4,641
Revolving loans	0	0
Revolving loans converted to term loans	1,698	678
Total loans receivable, gross	9,601	11,749
Commercial Banking | Commercial loans
Credit quality indicators
Year one	211,204	483,113
Year two	463,322	437,064
Year three	410,472	74,393
Year four	68,383	27,523
Year five	25,496	36,691
Prior	83,226	55,483
Revolving loans	505,589	538,353
Revolving loans converted to term loans	7,204	6,109
Total loans receivable, gross	1,774,896	1,658,729
Year one, charge-offs	0	(35)
Year two, charge-offs	(47)	(2,072)
Year three, charge-offs	(734)	(517)
Year four, charge-offs	(75)	(430)
Year five, charge-offs	(175)	(205)
Prior, charge-offs	(132)	(845)
Revolving loans, charge-offs	0	(60)
Revolving loans converted to term loans, charge-offs	0	(2)
Total loans receivable, charge-offs	(1,163)	(4,166)
Commercial Banking | Commercial loans | Pass
Credit quality indicators
Year one	203,185	482,605
Year two	424,258	430,378
Year three	402,658	73,469
Year four	67,493	26,868
Year five	24,976	34,090
Prior	79,847	54,617
Revolving loans	492,660	531,742
Revolving loans converted to term loans	3,442	4,110
Total loans receivable, gross	1,698,519	1,637,879
Commercial Banking | Commercial loans | Special mention
Credit quality indicators
Year one	8,019	508
Year two	31,014	3,671
Year three	3,860	52
Year four	4	299
Year five	298	240
Prior	217	26
Revolving loans	9,045	1,882
Revolving loans converted to term loans	4	0
Total loans receivable, gross	52,461	6,678
Commercial Banking | Commercial loans | Substandard
Credit quality indicators
Year one	0	0
Year two	8,050	3,015
Year three	3,954	872
Year four	886	356
Year five	222	2,361
Prior	3,162	840
Revolving loans	3,884	4,729
Revolving loans converted to term loans	3,758	1,999
Total loans receivable, gross	$ 23,916	$ 14,172

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Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Amortizable intangible assets:
Intangible asset - net	$ 4,589		$ 5,290
Estimated amortization expense
Amortization expense	701	$ 909
For the year ending December 31, 2024	2,452
For the year ending December 31, 2025	1,662
For the year ending December 31, 2026	871
For the year ending December 31, 2027	305
Core Deposits
Amortizable intangible assets:
Intangible asset - gross	74,899		74,899
Less: accumulated amortization	(70,310)		(69,609)
Intangible asset - net	$ 4,589		$ 5,290

XML

Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill		$ 380,997	$ 380,997
Goodwill impairment	$ 0

XML

Borrowed Funds - Schedule of Borrowed Funds (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Borrowed funds	$ 400,783	$ 398,895
Collateralized borrowings, due within one year
Debt Instrument [Line Items]
Borrowed funds	$ 29,882	$ 35,495
Average rate	1.62%	1.72%
Collateral received, due within one year
Debt Instrument [Line Items]
Borrowed funds	$ 40,301	$ 24,900
Average rate	5.08%	5.26%
Federal Home Loan Bank of Pittsburgh | Term notes payable to the FHLB of Pittsburgh, due within one year
Debt Instrument [Line Items]
Borrowed funds	$ 275,000	$ 175,000
Average rate	5.65%	5.71%
Federal Home Loan Bank of Pittsburgh | Notes payable to the FHLB of Pittsburgh, due within one year
Debt Instrument [Line Items]
Borrowed funds	$ 55,600	$ 163,500
Average rate	5.67%	5.70%

XML

Borrowed Funds - Narrative (Details)		3 Months Ended		12 Months Ended
	Sep. 09, 2020 USD ($)	Mar. 31, 2024 USD ($) business_trust advance	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Borrowed funds		$ 400,783,000		$ 398,895,000
Total loans receivable, net		11,376,349,000		11,289,566,000
Subordinated debt		$ 114,276,000		114,189,000
Number of statutory business trusts owned | business_trust		7
Trust Preferred Investments
Debt Instrument [Line Items]
Interest paid, net		$ 2,000,000	$ 2,000,000
Maximum period for which interest payment on the subordinated debentures can be deferred (in years)		5 years
Interest deferral		$ 0
Federal Home Loan Bank of Pittsburgh
Debt Instrument [Line Items]
Number of advances | advance		8
Federal Home Loan Bank of Pittsburgh | Residential First Mortgage and Other Loans
Debt Instrument [Line Items]
Total loans receivable, net		$ 6,000,000,000
Collateral received, due within one year
Debt Instrument [Line Items]
Borrowed funds		40,301,000		24,900,000
Revolving line of credit, FHLB of Pittsburgh | Federal Home Loan Bank of Pittsburgh
Debt Instrument [Line Items]
Maximum borrowing capacity		250,000,000
Revolving line of credit		56,000,000		164,000,000
Collateralized borrowings, due within one year
Debt Instrument [Line Items]
Borrowed funds		29,882,000		35,495,000
Cash and securities collateral		50,000,000
Term notes payable to the FHLB of Pittsburgh, due within one year | Federal Home Loan Bank of Pittsburgh
Debt Instrument [Line Items]
Borrowed funds		275,000,000		175,000,000
Term notes payable to the FHLB of Pittsburgh, due within one year | Federal Home Loan Bank of Pittsburgh | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt issued		$ 100,000,000
Stated rate (as a percent)		5.68%
Term notes payable to the FHLB of Pittsburgh, due within one year | Federal Home Loan Bank of Pittsburgh | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt issued		$ 25,000,000
Stated rate (as a percent)		5.63%
Term notes payable to the FHLB of Pittsburgh, due within one year | Federal Home Loan Bank of Pittsburgh | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt issued		$ 25,000,000
Stated rate (as a percent)		5.61%
Term notes payable to the FHLB of Pittsburgh, due within one year | Federal Home Loan Bank of Pittsburgh | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt issued		$ 25,000,000
Stated rate (as a percent)		5.65%
Term notes payable to the FHLB of Pittsburgh, due within one year | Federal Home Loan Bank of Pittsburgh | Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Debt issued		$ 25,000,000
Stated rate (as a percent)		5.64%
Term notes payable to the FHLB of Pittsburgh, due within one year | Federal Home Loan Bank of Pittsburgh | Debt Instrument, Redemption, Period Six
Debt Instrument [Line Items]
Debt issued		$ 25,000,000
Stated rate (as a percent)		5.64%
Term notes payable to the FHLB of Pittsburgh, due within one year | Federal Home Loan Bank of Pittsburgh | Debt Instrument, Redemption, Period Seven
Debt Instrument [Line Items]
Debt issued		$ 25,000,000
Stated rate (as a percent)		5.63%
Term notes payable to the FHLB of Pittsburgh, due within one year | Federal Home Loan Bank of Pittsburgh | Debt Instrument, Redemption, Period Eight
Debt Instrument [Line Items]
Debt issued		$ 25,000,000
Stated rate (as a percent)		5.63%
Subordinated debt
Debt Instrument [Line Items]
Debt issued	$ 125,000,000
Stated rate (as a percent)	4.00%
Repurchase amount				10,000,000
Amount outstanding after repurchase				115,000,000
Debt issuance costs				$ 2,000,000
Debt issuance amortization period (in years)				5 years
Interest paid, net		$ 1,200,000	$ 1,200,000
Subordinated debt | SOFR
Debt Instrument [Line Items]
Interest rate	3.89%

XML

Borrowed Funds - Capital Debt Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Junior subordinated debentures	$ 129,639	$ 129,574
Trust Preferred Investments
Debt Instrument [Line Items]
Capital debt securities	128,875
Junior subordinated debentures	129,639	129,574
Trust Preferred Investments | Northwest Bancorp Capital Trust III
Debt Instrument [Line Items]
Capital debt securities	50,000
Junior subordinated debentures	$ 51,547	51,547
Trust Preferred Investments | Northwest Bancorp Capital Trust III | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.38%
Trust Preferred Investments | Northwest Bancorp Statutory Trust IV
Debt Instrument [Line Items]
Capital debt securities	$ 50,000
Junior subordinated debentures	$ 51,547	51,547
Trust Preferred Investments | Northwest Bancorp Statutory Trust IV | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.38%
Trust Preferred Investments | LNB Trust II
Debt Instrument [Line Items]
Capital debt securities	$ 7,875
Junior subordinated debentures	$ 8,119	8,119
Trust Preferred Investments | LNB Trust II | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.48%
Trust Preferred Investments | Union National Capital Trust I
Debt Instrument [Line Items]
Capital debt securities	$ 8,000
Junior subordinated debentures	$ 8,005	7,999
Trust Preferred Investments | Union National Capital Trust I | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.85%
Trust Preferred Investments | Union National Capital Trust II
Debt Instrument [Line Items]
Capital debt securities	$ 3,000
Junior subordinated debentures	$ 2,803	2,796
Trust Preferred Investments | Union National Capital Trust II | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%
Trust Preferred Investments | MFBC Statutory Trust I
Debt Instrument [Line Items]
Capital debt securities	$ 5,000
Junior subordinated debentures	$ 3,814	3,788
Trust Preferred Investments | MFBC Statutory Trust I | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.70%
Trust Preferred Investments | Universal Preferred Trust
Debt Instrument [Line Items]
Capital debt securities	$ 5,000
Junior subordinated debentures	$ 3,804	$ 3,778
Trust Preferred Investments | Universal Preferred Trust | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.69%

XML

Guarantees (Details) $ in Millions	Mar. 31, 2024 USD ($)
Private Label Credit Card Facilities
Guarantor Obligations [Line Items]
Credit limit	$ 10
Private Label Credit Card Facilities | Credit Cards Issued
Guarantor Obligations [Line Items]
Credit limit	9
Outstanding balance	1
Standby Letters of Credit
Guarantor Obligations [Line Items]
Maximum potential amount of future payments	60
Maximum exposure collateralized	43
Liability recognized for the obligations	$ 1

XML

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 29,163	$ 33,679
Less: Dividends and undistributed earnings allocated to participating securities	74	146
Net income available to common shareholders	29,089	33,533
Net income available to common shareholders	$ 29,089	$ 33,533
Weighted average common shares outstanding (in shares)	126,814,233	126,498,512
Add: Effect of common share options and other stock awards (in shares)	784,738	551,751
Total weighted average common shares and dilutive potential shares (in shares)	127,598,971	127,050,263
Basic earnings per share (in dollars per share)	$ 0.23	$ 0.27
Diluted earnings per share (in dollars per share)	$ 0.23	$ 0.26

XML

Pension and Other Post-Retirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension benefits
Components of net periodic benefit cost
Service cost	$ 1,425	$ 1,560
Interest cost	2,205	2,245
Expected return on plan assets	(3,776)	(3,479)
Amortization of prior service cost	(563)	(564)
Amortization of the net loss	18	20
Net periodic cost	(691)	(218)
Other post-retirement benefits
Components of net periodic benefit cost
Service cost	0	0
Interest cost	15	7
Expected return on plan assets	0	0
Amortization of prior service cost	0	0
Amortization of the net loss	10	10
Net periodic cost	$ 25	$ 17

XML

Disclosures About Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Significant unrealized appreciation or depreciation in financial instruments	$ 0	$ 0

XML

Disclosures About Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial assets:
Securities held-to-maturity	$ 680,353	$ 699,506
Accrued interest receivable	50,680	47,353
Financial liabilities:
Subordinated debt	114,276	114,189
Junior subordinated debentures	129,639	129,574
Derivatives Not Designated as Hedging Instruments
Financial assets:
Derivative assets	48,027	42,772
Financial liabilities:
Derivative liabilities	45,237	42,940
Level 1
Financial assets:
Cash and cash equivalents	119,319	122,260
Securities available-for-sale	0	0
Securities held-to-maturity	0	0
Loans receivable, net	0	0
Loans held-for-sale	0
Residential mortgage loans held-for-sale		0
Accrued interest receivable	50,680	47,353
FHLB stock	0	0
Total financial assets	169,999	169,613
Financial liabilities:
Savings and checking deposits	9,284,830	9,377,021
Time deposits	0	0
Borrowed funds	389,997	386,446
Subordinated debt	0	0
Junior subordinated debentures	0	0
Accrued interest payable	17,395	13,669
Total financial liabilities	9,692,222	9,777,136
Level 1 | Interest rate lock commitments
Financial assets:
Derivative assets	0	0
Level 1 | Forward commitments
Financial assets:
Derivative assets	0	0
Level 1 | Foreign exchange swaps
Financial assets:
Derivative assets	0
Financial liabilities:
Derivative liabilities		0
Level 1 | Interest rate swap agreements | Derivatives Designated as Hedging Instruments
Financial assets:
Derivative assets	0	0
Financial liabilities:
Derivative liabilities		0
Level 1 | Interest rate swap agreements | Derivatives Not Designated as Hedging Instruments
Financial assets:
Derivative assets	0	0
Financial liabilities:
Derivative liabilities	0	0
Level 1 | Risk participation agreements
Financial liabilities:
Derivative liabilities	0	0
Level 2
Financial assets:
Cash and cash equivalents	0	0
Securities available-for-sale	1,094,009	1,043,359
Securities held-to-maturity	680,353	699,506
Loans receivable, net	0	0
Loans held-for-sale	213
Residential mortgage loans held-for-sale		0
Accrued interest receivable	0	0
FHLB stock	0	0
Total financial assets	1,822,123	1,784,996
Financial liabilities:
Savings and checking deposits	0	0
Time deposits	0	0
Borrowed funds	0	0
Subordinated debt	112,027	109,471
Junior subordinated debentures	0	0
Accrued interest payable	0	0
Total financial liabilities	157,264	152,411
Level 2 | Interest rate lock commitments
Financial assets:
Derivative assets	0	0
Level 2 | Forward commitments
Financial assets:
Derivative assets	58	12
Level 2 | Foreign exchange swaps
Financial assets:
Derivative assets	2
Financial liabilities:
Derivative liabilities		291
Level 2 | Interest rate swap agreements | Derivatives Designated as Hedging Instruments
Financial assets:
Derivative assets	2,300	713
Financial liabilities:
Derivative liabilities		1,198
Level 2 | Interest rate swap agreements | Derivatives Not Designated as Hedging Instruments
Financial assets:
Derivative assets	45,188	41,406
Financial liabilities:
Derivative liabilities	45,220	41,437
Level 2 | Risk participation agreements
Financial liabilities:
Derivative liabilities	17	14
Level 3
Financial assets:
Cash and cash equivalents	0	0
Securities available-for-sale	0	0
Securities held-to-maturity	0	0
Loans receivable, net	10,370,310	10,274,593
Loans held-for-sale	7,869
Residential mortgage loans held-for-sale		8,768
Accrued interest receivable	0	0
FHLB stock	0	0
Total financial assets	10,378,658	10,284,002
Financial liabilities:
Savings and checking deposits	0	0
Time deposits	2,333,365	2,113,177
Borrowed funds	0	0
Subordinated debt	0	0
Junior subordinated debentures	123,167	112,159
Accrued interest payable	0	0
Total financial liabilities	2,456,532	2,225,336
Level 3 | Interest rate lock commitments
Financial assets:
Derivative assets	479	641
Level 3 | Forward commitments
Financial assets:
Derivative assets	0	0
Level 3 | Foreign exchange swaps
Financial assets:
Derivative assets	0
Financial liabilities:
Derivative liabilities		0
Level 3 | Interest rate swap agreements | Derivatives Designated as Hedging Instruments
Financial assets:
Derivative assets	0	0
Financial liabilities:
Derivative liabilities		0
Level 3 | Interest rate swap agreements | Derivatives Not Designated as Hedging Instruments
Financial assets:
Derivative assets	0	0
Financial liabilities:
Derivative liabilities	0	0
Level 3 | Risk participation agreements
Financial liabilities:
Derivative liabilities	0	0
Carrying amount
Financial assets:
Cash and cash equivalents	119,319	122,260
Securities available-for-sale	1,094,009	1,043,359
Securities held-to-maturity	801,107	814,839
Loans receivable, net	11,368,267	11,280,798
Loans held-for-sale	8,082
Residential mortgage loans held-for-sale		8,768
Accrued interest receivable	50,680	47,353
FHLB stock	30,811	30,146
Total financial assets	13,520,302	13,390,295
Financial liabilities:
Savings and checking deposits	9,284,830	9,377,021
Time deposits	2,786,814	2,602,881
Borrowed funds	400,783	398,895
Subordinated debt	114,276	114,189
Junior subordinated debentures	129,639	129,574
Accrued interest payable	17,395	13,669
Total financial liabilities	12,778,974	12,679,169
Carrying amount | Interest rate lock commitments
Financial assets:
Derivative assets	479	641
Carrying amount | Forward commitments
Financial assets:
Derivative assets	58	12
Carrying amount | Foreign exchange swaps
Financial assets:
Derivative assets	2
Financial liabilities:
Derivative liabilities		291
Carrying amount | Interest rate swap agreements | Derivatives Designated as Hedging Instruments
Financial assets:
Derivative assets	2,300	713
Financial liabilities:
Derivative liabilities		1,198
Carrying amount | Interest rate swap agreements | Derivatives Not Designated as Hedging Instruments
Financial assets:
Derivative assets	45,188	41,406
Financial liabilities:
Derivative liabilities	45,220	41,437
Carrying amount | Risk participation agreements
Financial liabilities:
Derivative liabilities	17	14
Estimated fair value
Financial assets:
Cash and cash equivalents	119,319	122,260
Securities available-for-sale	1,094,009	1,043,359
Securities held-to-maturity	680,353	699,506
Loans receivable, net	10,370,310	10,274,593
Loans held-for-sale	8,082
Residential mortgage loans held-for-sale		8,768
Accrued interest receivable	50,680	47,353
FHLB stock	30,811	30,146
Total financial assets	12,401,591	12,268,757
Financial liabilities:
Savings and checking deposits	9,284,830	9,377,021
Time deposits	2,333,365	2,113,177
Borrowed funds	389,997	386,446
Subordinated debt	112,027	109,471
Junior subordinated debentures	123,167	112,159
Accrued interest payable	17,395	13,669
Total financial liabilities	12,306,018	12,154,883
Estimated fair value | Interest rate lock commitments
Financial assets:
Derivative assets	479	641
Estimated fair value | Forward commitments
Financial assets:
Derivative assets	58	12
Estimated fair value | Foreign exchange swaps
Financial assets:
Derivative assets	2
Financial liabilities:
Derivative liabilities		291
Estimated fair value | Interest rate swap agreements | Derivatives Designated as Hedging Instruments
Financial assets:
Derivative assets	2,300	713
Financial liabilities:
Derivative liabilities		1,198
Estimated fair value | Interest rate swap agreements | Derivatives Not Designated as Hedging Instruments
Financial assets:
Derivative assets	45,188	41,406
Financial liabilities:
Derivative liabilities	45,220	41,437
Estimated fair value | Risk participation agreements
Financial liabilities:
Derivative liabilities	$ 17	$ 14

XML

Disclosures About Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying amount
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	$ 1,094,009	$ 1,043,359
Total financial assets	13,520,302	13,390,295
Derivatives Not Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	48,027	42,772
Derivative liabilities	45,237	42,940
Level 1
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	0	0
Total financial assets	169,999	169,613
Level 2
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	1,094,009	1,043,359
Total financial assets	1,822,123	1,784,996
Level 3
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	0	0
Total financial assets	10,378,658	10,284,002
Recurring
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	179,142	182,068
Total mortgage-backed securities	914,867	861,291
Total financial assets	1,142,036	1,086,131
Total liabilities	45,237	42,940
Recurring | Level 1
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	0	0
Total mortgage-backed securities	0	0
Total financial assets	0	0
Total liabilities	0	0
Recurring | Level 2
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	179,142	182,068
Total mortgage-backed securities	914,867	861,291
Total financial assets	1,141,557	1,085,490
Total liabilities	45,237	42,940
Recurring | Level 3
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	0	0
Total mortgage-backed securities	0	0
Total financial assets	479	641
Total liabilities	0	0
U.S. government and agencies | Recurring
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	56,718	58,314
U.S. government and agencies | Recurring | Level 1
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	0	0
U.S. government and agencies | Recurring | Level 2
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	56,718	58,314
U.S. government and agencies | Recurring | Level 3
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	0	0
Government-sponsored enterprises | Recurring
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	40,519	40,597
Government-sponsored enterprises | Recurring | Level 1
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	0	0
Government-sponsored enterprises | Recurring | Level 2
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	40,519	40,597
Government-sponsored enterprises | Recurring | Level 3
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	0	0
States and political subdivisions | Recurring
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	74,271	75,469
States and political subdivisions | Recurring | Level 1
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	0	0
States and political subdivisions | Recurring | Level 2
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	74,271	75,469
States and political subdivisions | Recurring | Level 3
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	0	0
Corporate | Recurring
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	7,634	7,688
Corporate | Recurring | Level 1
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	0	0
Corporate | Recurring | Level 2
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	7,634	7,688
Corporate | Recurring | Level 3
Assets and liabilities measured at fair value on a recurring basis
Securities available-for-sale	0	0
GNMA | Recurring
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	31,305	17,441
Collateralized mortgage obligations	374,391	331,784
GNMA | Recurring | Level 1
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	0	0
Collateralized mortgage obligations	0	0
GNMA | Recurring | Level 2
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	31,305	17,441
Collateralized mortgage obligations	374,391	331,784
GNMA | Recurring | Level 3
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	0	0
Collateralized mortgage obligations	0	0
FNMA | Recurring
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	98,861	102,678
Collateralized mortgage obligations	144,489	148,892
FNMA | Recurring | Level 1
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	0	0
Collateralized mortgage obligations	0	0
FNMA | Recurring | Level 2
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	98,861	102,678
Collateralized mortgage obligations	144,489	148,892
FNMA | Recurring | Level 3
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	0	0
Collateralized mortgage obligations	0	0
FHLMC | Recurring
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	82,746	70,830
Collateralized mortgage obligations	183,070	189,661
FHLMC | Recurring | Level 1
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	0	0
Collateralized mortgage obligations	0	0
FHLMC | Recurring | Level 2
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	82,746	70,830
Collateralized mortgage obligations	183,070	189,661
FHLMC | Recurring | Level 3
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	0	0
Collateralized mortgage obligations	0	0
Non-agency | Recurring
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	5	5
Non-agency | Recurring | Level 1
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	0	0
Non-agency | Recurring | Level 2
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	5	5
Non-agency | Recurring | Level 3
Assets and liabilities measured at fair value on a recurring basis
Residential mortgage-backed securities	0	0
Interest rate lock commitments | Carrying amount
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	479	641
Interest rate lock commitments | Level 1
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Interest rate lock commitments | Level 2
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Interest rate lock commitments | Level 3
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	479	641
Interest rate lock commitments | Recurring
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	479	641
Interest rate lock commitments | Recurring | Level 1
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Interest rate lock commitments | Recurring | Level 2
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Interest rate lock commitments | Recurring | Level 3
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	479	641
Forward commitments | Carrying amount
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	58	12
Forward commitments | Level 1
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Forward commitments | Level 2
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	58	12
Forward commitments | Level 3
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Forward commitments | Recurring
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	58	12
Forward commitments | Recurring | Level 1
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Forward commitments | Recurring | Level 2
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	58	12
Forward commitments | Recurring | Level 3
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Foreign exchange swaps | Carrying amount
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	2
Derivative liabilities		291
Foreign exchange swaps | Level 1
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0
Derivative liabilities		0
Foreign exchange swaps | Level 2
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	2
Derivative liabilities		291
Foreign exchange swaps | Level 3
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0
Derivative liabilities		0
Foreign exchange swaps | Recurring
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	2
Derivative liabilities		291
Foreign exchange swaps | Recurring | Level 1
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0
Derivative liabilities		0
Foreign exchange swaps | Recurring | Level 2
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	2
Derivative liabilities		291
Foreign exchange swaps | Recurring | Level 3
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0
Derivative liabilities		0
Interest rate swap agreements | Derivatives Designated as Hedging Instruments | Carrying amount
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	2,300	713
Derivative liabilities		1,198
Interest rate swap agreements | Derivatives Not Designated as Hedging Instruments | Carrying amount
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	45,188	41,406
Derivative liabilities	45,220	41,437
Interest rate swap agreements | Level 1 | Derivatives Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Derivative liabilities		0
Interest rate swap agreements | Level 1 | Derivatives Not Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Derivative liabilities	0	0
Interest rate swap agreements | Level 2 | Derivatives Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	2,300	713
Derivative liabilities		1,198
Interest rate swap agreements | Level 2 | Derivatives Not Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	45,188	41,406
Derivative liabilities	45,220	41,437
Interest rate swap agreements | Level 3 | Derivatives Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Derivative liabilities		0
Interest rate swap agreements | Level 3 | Derivatives Not Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Derivative liabilities	0	0
Interest rate swap agreements | Recurring | Derivatives Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	2,300	713
Derivative liabilities		1,198
Interest rate swap agreements | Recurring | Derivatives Not Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	45,188	41,406
Derivative liabilities	45,220	41,437
Interest rate swap agreements | Recurring | Level 1 | Derivatives Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Derivative liabilities		0
Interest rate swap agreements | Recurring | Level 1 | Derivatives Not Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Derivative liabilities	0	0
Interest rate swap agreements | Recurring | Level 2 | Derivatives Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	2,300	713
Derivative liabilities		1,198
Interest rate swap agreements | Recurring | Level 2 | Derivatives Not Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	45,188	41,406
Derivative liabilities	45,220	41,437
Interest rate swap agreements | Recurring | Level 3 | Derivatives Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Derivative liabilities		0
Interest rate swap agreements | Recurring | Level 3 | Derivatives Not Designated as Hedging Instruments
Assets and liabilities measured at fair value on a recurring basis
Derivative assets	0	0
Derivative liabilities	0	0
Risk participation agreements | Carrying amount
Assets and liabilities measured at fair value on a recurring basis
Derivative liabilities	17	14
Risk participation agreements | Level 1
Assets and liabilities measured at fair value on a recurring basis
Derivative liabilities	0	0
Risk participation agreements | Level 2
Assets and liabilities measured at fair value on a recurring basis
Derivative liabilities	17	14
Risk participation agreements | Level 3
Assets and liabilities measured at fair value on a recurring basis
Derivative liabilities	0	0
Risk participation agreements | Recurring
Assets and liabilities measured at fair value on a recurring basis
Derivative liabilities	17	14
Risk participation agreements | Recurring | Level 1
Assets and liabilities measured at fair value on a recurring basis
Derivative liabilities	0	0
Risk participation agreements | Recurring | Level 2
Assets and liabilities measured at fair value on a recurring basis
Derivative liabilities	17	14
Risk participation agreements | Recurring | Level 3
Assets and liabilities measured at fair value on a recurring basis
Derivative liabilities	$ 0	$ 0

XML

Disclosures About Fair Value of Financial Instruments - Reconciliation of all Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3)
Beginning balance,	$ 641	$ 559
Interest rate lock commitments:
Net activity	(162)	(173)
Ending balance	$ 479	$ 386

XML

Disclosures About Fair Value of Financial Instruments - Nonrecurring Assets that had Fair Market Values Below the Carrying Amount (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Level 1
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount
Loans individually assessed	$ 0	$ 0
Total assets	169,999	169,613
Level 2
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount
Loans individually assessed	0	0
Total assets	1,822,123	1,784,996
Level 3
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount
Loans individually assessed	10,370,310	10,274,593
Total assets	10,378,658	10,284,002
Nonrecurring
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount
Mortgage servicing rights	173	133
Real estate owned, net	50	104
Total assets	39,346	36,984
Nonrecurring | Loans individually assessed
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount
Loans individually assessed	39,123	36,747
Nonrecurring | Level 1
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount
Mortgage servicing rights	0	0
Real estate owned, net	0	0
Total assets	0	0
Nonrecurring | Level 1 | Loans individually assessed
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount
Loans individually assessed	0	0
Nonrecurring | Level 2
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount
Mortgage servicing rights	0	0
Real estate owned, net	0	0
Total assets	0	0
Nonrecurring | Level 2 | Loans individually assessed
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount
Loans individually assessed	0	0
Nonrecurring | Level 3
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount
Mortgage servicing rights	173	133
Real estate owned, net	50	104
Total assets	39,346	36,984
Nonrecurring | Level 3 | Loans individually assessed
Fair value measurement for nonrecurring assets that had a fair market value below the carrying amount
Loans individually assessed	$ 39,123	$ 36,747

XML

Disclosures About Fair Value of Financial Instruments - Additional Quantitative Information, Assets Measured at Fair Value, Recurring and Nonrecurring Basis, Level 3 Input (Details)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights	$ 173,000	$ 133,000
Real estate owned, net	$ 50,000	104,000
Nonrecurring | Estimated cost to sell | Appraisal Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate owned, net, measurement input	0.10
Nonrecurring | Annual service cost | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights, measurement input	89
Nonrecurring | Prepayment rate | Discounted Cash Flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights, measurement input	0.066
Nonrecurring | Prepayment rate | Discounted Cash Flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights, measurement input	0.182
Nonrecurring | Prepayment rate | Discounted Cash Flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights, measurement input	0.107
Nonrecurring | Expected life (months) | Discounted Cash Flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights, measurement input	51.0
Nonrecurring | Expected life (months) | Discounted Cash Flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights, measurement input	102.3
Nonrecurring | Expected life (months) | Discounted Cash Flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights, measurement input	72.3
Nonrecurring | Option adjusted spread | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights, measurement input	0.0729
Nonrecurring | Forward yield curve | Discounted Cash Flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights, measurement input	0.0543
Nonrecurring | Forward yield curve | Discounted Cash Flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage servicing rights, measurement input	0.0533
Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale	$ 7,869,000
Recurring | Estimated pull-through rate | Quoted prices for similar loans in active markets adjusted by an expected pull-through rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	1
Loans individually assessed | Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans individually assessed	$ 39,123,000	$ 36,747,000
Loans individually assessed | Nonrecurring | Estimated cost to sell | Appraisal Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans individually assessed, measurement input	0.10

XML

Derivative Financial Instruments - Narrative (Details) - Interest rate swap agreements - Derivatives Designated as Hedging Instruments $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) derivative	Mar. 31, 2024 USD ($)
Derivative [Line Items]
Number of derivatives | derivative	7
Derivative, notional amount | $	$ 175,000	$ 175,000
Minimum
Derivative [Line Items]
Derivative contract maturities (in years)	3 years
Maximum
Derivative [Line Items]
Derivative contract maturities (in years)	5 years

XML

Derivative Financial Instruments - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Derivatives Designated as Hedging Instruments | Interest rate swap agreements
Derivative [Line Items]
Asset derivatives, notional amount	$ 175,000	$ 75,000
Asset derivatives, fair value	2,300	713
Liability derivatives, notional amount	0	100,000
Liability derivatives, fair value	0	1,198
Derivatives Not Designated as Hedging Instruments
Derivative [Line Items]
Asset derivatives, notional amount	939,452	822,277
Asset derivatives, fair value	48,027	42,772
Liability derivatives, notional amount	832,454	939,144
Liability derivatives, fair value	45,237	42,940
Derivatives Not Designated as Hedging Instruments | Interest rate swap agreements
Derivative [Line Items]
Asset derivatives, notional amount	740,173	725,139
Asset derivatives, fair value	45,188	41,406
Liability derivatives, notional amount	740,173	725,139
Liability derivatives, fair value	45,220	41,437
Derivatives Not Designated as Hedging Instruments | Foreign exchange swaps
Derivative [Line Items]
Asset derivatives, notional amount	2,975	0
Asset derivatives, fair value	2	0
Liability derivatives, notional amount	0	12,278
Liability derivatives, fair value	0	291
Derivatives Not Designated as Hedging Instruments | Interest rate lock commitments
Derivative [Line Items]
Asset derivatives, notional amount	18,591	21,857
Asset derivatives, fair value	479	641
Liability derivatives, notional amount	0	0
Liability derivatives, fair value	0	0
Derivatives Not Designated as Hedging Instruments | Forward commitments
Derivative [Line Items]
Asset derivatives, notional amount	2,713	281
Asset derivatives, fair value	58	12
Liability derivatives, notional amount	0	0
Liability derivatives, fair value	0	0
Derivatives Not Designated as Hedging Instruments | Risk participation agreements
Derivative [Line Items]
Asset derivatives, notional amount	0	0
Asset derivatives, fair value	0	0
Liability derivatives, notional amount	92,281	101,727
Liability derivatives, fair value	$ 17	$ 14

XML

Derivative Financial Instruments - Gain (Loss) on Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Hedging derivatives:
Decrease in interest expense	$ 733	$ 0
Increase/(decrease) in other income
Non-hedging swap derivatives:
Increase/(decrease) in other income	287	(202)
Decrease in mortgage banking income
Non-hedging swap derivatives:
Increase/(decrease) in other income	$ (115)	$ (174)

XML

Derivative Financial Instruments - Key Characteristics of Interest Rate Derivative Transactions (Details) - Derivatives Designated as Hedging Instruments - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Interest rate swap agreements
Derivative [Line Items]
Notional amount	$ 175,000	$ 175,000
Estimated decrease to interest expense in the next twelve months	(2,980)
Issued May 11, 2023
Derivative [Line Items]
Notional amount	$ 25,000
Effective rate	3.50%
Estimated decrease to interest expense in the next twelve months	$ (546)
Remaining term (in months)	37 months
Issued May 12, 2023
Derivative [Line Items]
Notional amount	$ 25,000
Effective rate	3.55%
Estimated decrease to interest expense in the next twelve months	$ (534)
Remaining term (in months)	49 months
Issued May 19, 2023
Derivative [Line Items]
Notional amount	$ 25,000
Effective rate	3.83%
Estimated decrease to interest expense in the next twelve months	$ (460)
Remaining term (in months)	44 months
Issued May 31, 2023
Derivative [Line Items]
Notional amount	$ 25,000
Effective rate	4.03%
Estimated decrease to interest expense in the next twelve months	$ (406)
Remaining term (in months)	32 months
Issued July 26, 2023
Derivative [Line Items]
Notional amount	$ 25,000
Effective rate	4.22%
Estimated decrease to interest expense in the next twelve months	$ (359)
Remaining term (in months)	52 months
Issued July 31, 2023
Derivative [Line Items]
Notional amount	$ 25,000
Effective rate	4.30%
Estimated decrease to interest expense in the next twelve months	$ (336)
Remaining term (in months)	46 months
Issued August 9, 2023
Derivative [Line Items]
Notional amount	$ 25,000
Effective rate	4.32%
Estimated decrease to interest expense in the next twelve months	$ (339)
Remaining term (in months)	40 months

XML

Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes in accumulated other comprehensive income by component
Beginning balance	$ 1,551,317	$ 1,491,486
Other comprehensive (loss)/income before reclassification adjustments	(3,544)	13,017
Amounts reclassified from accumulated other comprehensive income	(388)	(382)
Other comprehensive (loss)/income	(3,932)	12,635
Ending balance	1,552,449	1,513,275
Unrealized holding gains (losses), tax	1,758	(3,308)
Unrealized holding losses on interest rate swaps, tax	(630)	0
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, tax	147	152
Total
Changes in accumulated other comprehensive income by component
Beginning balance	(149,492)	(171,158)
Other comprehensive (loss)/income	(3,932)	12,635
Ending balance	(153,424)	(158,523)
Unrealized  losses on securities  available-for-sale
Changes in accumulated other comprehensive income by component
Beginning balance	(150,659)	(164,206)
Other comprehensive (loss)/income before reclassification adjustments	(5,698)	13,017
Amounts reclassified from accumulated other comprehensive income	0	0
Other comprehensive (loss)/income	(5,698)	13,017
Ending balance	(156,357)	(151,189)
Change in  fair value  of interest  rate swaps
Changes in accumulated other comprehensive income by component
Beginning balance	(374)
Other comprehensive (loss)/income before reclassification adjustments	2,154
Amounts reclassified from accumulated other comprehensive income	0
Other comprehensive (loss)/income	2,154
Ending balance	1,780
Change in  defined benefit  pension plans
Changes in accumulated other comprehensive income by component
Beginning balance	1,541	(6,952)
Other comprehensive (loss)/income before reclassification adjustments	0	0
Amounts reclassified from accumulated other comprehensive income	(388)	(382)
Other comprehensive (loss)/income	(388)	(382)
Ending balance	$ 1,153	$ (7,334)

XML

Subsequent Events (Details) - Subsequent Event $ in Millions	1 Months Ended
	Apr. 30, 2024 USD ($)
Subsequent Event [Line Items]
Available for sale securities, percentage to be sold	15.00%
Payback period	3 years
Average yield (less than) (as a percent)	2.00%
Remaining maturity period	4 years
Minimum
Subsequent Event [Line Items]
Expected yield (as a percent)	3.75%
Maximum
Subsequent Event [Line Items]
Expected loss	$ 40
Expected loss, after tax	$ 30
Expected yield (as a percent)	4.00%

XML

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2022-02 [Member]