8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 23, 2024

Northwest Bancshares, Inc.

(Exact name of registrant as specified in its charter)

Maryland	001-34582	27-0950358
(State or other jurisdiction of incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

3 Easton Oval Suite 500	Columbus	Ohio	43219
(Address of principal executive office)			(Zip code)

(814) 726-2140

(Registrant’s telephone number, including area code)  

Not Applicable

(Former name or former address, if changed since last report)

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

    Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

    Indicate by a check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ 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. ☐

Item 2.02                                           Results of Operations and Financial Condition

    On July 23, 2024, Northwest Bancshares, Inc. issued a press release announcing its financial results for the three and six month period ended June 30, 2024 (the "Press Release"), and posted on its website its second quarter 2024 supplemental earnings release presentation (the "Supplemental Earnings Release Presentation"). The Press Release and Supplemental Earnings Release Presentation are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively.

The information in the preceding paragraph, as well as Exhibit 99.1 and Exhibit 99.2 referenced therein, is being furnished to the SEC and shall not be deemed “filed” for any purpose.

Item 9.01                                           Financial Statements and Exhibits

(a)                                 Not applicable

(b)                                 Not applicable

(c)                                  Not applicable

(d)                                 Exhibits

Exhibit No.	Description
99.1	Press release dated July 23, 2024
99.2	Supplemental Earnings Release Presentation reviewed during the conference call
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

		NORTHWEST BANCSHARES, INC.
Date:	July 23, 2024	By:	/s/ Douglas M. Schosser
			Douglas M. Schosser
			Chief Financial Officer

EX-99.1

EXHIBIT 99.1

PRESS RELEASE OF NORTHWEST BANCSHARES, INC.

EARNINGS RELEASE

FOR IMMEDIATE RELEASE

Contact:	Louis J. Torchio, President and Chief Executive Officer
	Douglas M. Schosser, Chief Financial Officer (814) 726-2140

Northwest Bancshares, Inc. Announces Second Quarter 2024 net income of $5 million,

or $0.04 per diluted share

The Company’s adjusted net operating income was $35 million, or $0.27 per diluted share(1)

Previously announced balance sheet restructure successfully completed

Net interest margin expands 10 basis points to 3.20%

Credit quality remains strong

119th consecutive quarterly dividend of $0.20 per share declared

Columbus, Ohio — July 23, 2024

Northwest Bancshares, Inc., (the “Company”), (NasdaqGS: NWBI) announced net income for the quarter ended June 30, 2024 of $5 million, or $0.04 per diluted share. This represents a decrease of $28 million compared to the same quarter last year, when net income was $33 million, or $0.26 per diluted share, and a decrease of $24 million compared to the prior quarter, when net income was $29 million, or $0.23 per diluted share. The annualized returns on average shareholders’ equity and average assets for the quarter ended June 30, 2024 were 1.24% and 0.13% compared to 8.72% and 0.93% for the same quarter last year and 7.57% and 0.81% from the prior quarter.

Excluding loss on the sale of investments of $28 million, net of tax, and restructuring expense of $1 million, net of tax, the Company’s adjusted net operating income was $35 million, or $0.27 per diluted share for the quarter ended June 30, 2024. This represents an increase of $1 million from the same quarter last year, when adjusted net operating income was $34 million, or $0.27 per diluted share, and an increase of $5 million compared to the prior quarter, where adjusted net operating income was $30 million, or $0.23 per diluted share. The adjusted annualized returns on average shareholders’ equity and average assets for the quarter ended June 30, 2024 were 9.00% and 0.96% compared to 9.02% and 0.96% for the same quarter last year and 7.75% and 0.83% from the prior quarter.

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share payable on August 14, 2024 to shareholders of record as of August 2, 2024. This is the 119th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company’s common stock as of June 30, 2024, this represents an annualized dividend yield of approximately 6.9%.

In the quarter, as previously disclosed, the Company repositioned its security portfolio by selling 15% of its investment securities with proceeds totaling $276 million at a pre-tax loss of $39 million, or $28 million after tax. The proceeds of the sale were immediately used to repay short-term borrowings. In addition, $258 million has already been invested into securities netting a 420 basis point higher yield. The Company currently expects to earn-back the loss over the next three years.

Louis J. Torchio, President and CEO, added, “Our core earnings this quarter reflect our commitment to responsible growth, with particularly strong performance in our commercial division. I’m especially proud of the flawless execution of our previously announced securities restructuring, which has yielded results surpassing our initial projections. This success underscores our team’s ability to implement strategic initiatives effectively while maintaining focus on our core business objectives.”

“Performance this quarter highlights the significant progress in our commercial transformation strategy. We’ve seen solid loan growth, particularly in commercial and industrial originations, which aligns with our strategic focus. This targeted growth outpaces less preferred categories in the current market, such as commercial office space or long-term health care. Our success in this area not only validates our strategic direction but also positions us well for sustained, quality growth in the commercial sector.”

(1) See reconciliation of non-GAAP financial measures for additional information relating to these items.

1

Balance Sheet Highlights

Dollars in thousands					Change 2Q24 vs.
	2Q24		1Q24	2Q23	1Q24		2Q23
Average loans receivable	$	11,368,749	11,345,308	11,065,660	0.2	%	2.7	%
Average investments	2,021,347		2,051,058	2,233,987	(1.4)	%	(9.5)	%
Average deposits	12,086,362		11,887,954	11,420,702	1.7	%	5.8	%
Average borrowed funds	323,191		469,697	837,358	(31.2)	%	(61.4)	%

•Average loans receivable increased $303 million from the quarter ended June 30, 2023 driven by our commercial banking portfolio, which grew by $631 million in total, including a $444 million increase in our commercial and industrial portfolio as we have continued to build-out our commercial lending verticals. Compared to the first quarter of 2024, average loans receivable increased by $23 million, also driven by growth in the commercial banking portfolio.

•Average investments declined $213 million from the quarter ended June 30, 2023 and $30 million from the quarter ended March 31, 2024. The decline from the prior year was driven by the investment portfolio restructure described above and from lack of reinvestment of cash flow over the past year. The decline in investments from the prior quarter is expected to be temporary and was also driven by the timing of the investment portfolio repositioning activity.

•Average deposits grew $666 million from the quarter ended June 30, 2023, driven by a $1.1 billion increase in our average time deposits as we continued competitively positioning our deposit products. This increase was partially offset by a decrease in money market balances as customers shifted balances into higher yielding time deposit accounts. Compared to the first quarter of 2024, average deposits grew $198 million, also driven by an increase in time deposits.

•Average borrowings saw a significant reduction of $514 million compared to the quarter end June 30, 2023 and $147 million compared to the quarter ended March 31, 2024. The decrease in average borrowings is primarily attributable to the strategic pay-down of wholesale borrowings. This decrease was made possible by our repositioning of our securities portfolio as well as a substantial increase in cash reserves resulting from the notable rise in the average balance of deposits noted above.

Income Statement Highlights

Dollars in thousands								Change 2Q24 vs.
	2Q24			1Q24		2Q23		1Q24		2Q23
Interest income	$	166,854		160,239		143,996		4.1	%	15.9	%
Interest expense	60,013			57,001		35,447		5.3	%	69.3	%
Net interest income	$	106,841		103,238		108,549		3.5	%	(1.6)	%
Net interest margin	3.20		%	3.10	%	3.28	%

Net interest income decreased $2 million and net interest margin decreased to 3.20% for the quarter ended June 30, 2024 from 3.28% for the quarter ended June 30, 2023. This decrease in net interest income resulted primarily from:

•A $23 million increase in interest income that was the result of cash and marketable securities being redeployed into higher yielding loans. Driven by higher market interest rates, the average yield on loans improved to 5.47% for the quarter ended June 30, 2024 from 4.83% for the quarter ended June 30, 2023.

•A $25 million increase in interest expense more than offset the increase in interest income as the result of higher costs of deposits due to the higher interest rate environment and competitive pressure for liquidity. The cost of interest-bearing liabilities increased to 2.40% for the quarter ended June 30, 2024 from 1.47% for the quarter ended June 30, 2023.

Compared to the quarter ended March 31, 2024, net interest income increased$4 million and net interest margin increased to 3.20% for the quarter ended June 30, 2024. This increase in net interest income resulted from the following:

•A $7 million increase in interest income driven by higher interest income on loans receivable as both the average balance and average yield increased compared to the prior quarter. The average yield on loans improved to 5.47% from 5.33% for the quarter ended March 31, 2024.

•Partially offsetting the increase in interest income was a $3 million increase in interest expense due to increases in both the average balance and average yield of interest-earning deposits. The cost of interest-bearing liabilities increased to 2.40% from 2.28% for the quarter ended March 31, 2024.

2

Dollars in thousands					Change 2Q24 vs.
	2Q24		1Q24	2Q23	1Q24		2Q23
Provision for credit losses - loans	$	2,169	4,234	6,010	(48.8)	%	(63.9)	%
Provision for credit losses - unfunded commitments	(2,539)		(799)	2,920	217.8	%	(187.0)	%
Total provision for credit losses expense	$	(370)	3,435	8,930	(110.8)	%	(104.1)	%

The total provision for credit losses for the quarter ended June 30, 2024 was a credit of $0.4 million primarily driven by improvements in the economic forecasts coupled with a decline in our reserves for unfunded commitments in the current period. This decline is based on the timing of origination and funding of commercial construction loans and lines of credit.

Additionally, the Company continued to experience low levels of classified loans with a slight increase to $257 million or 2.26% of total loans at June 30, 2024 from $214 million, or 1.90% of total loans, at June 30, 2023 and $229 million, or 1.99% of total loans, at March 31, 2024.

Dollars in thousands					Change 2Q24 vs.
	2Q24		1Q24	2Q23	1Q24		2Q23
Noninterest income:
Loss on sale of investments	$	(39,413)	—	(8,306)	NA		374.5	%
Gain on sale of mortgage servicing rights	—		—	8,305	NA		(100.0)	%
Gain on sale of SBA loans	1,457		873	832	66.9	%	75.1	%
Service charges and fees	15,527		15,523	14,833	—	%	4.7	%
Trust and other financial services income	7,566		7,127	6,866	6.2	%	10.2	%
Gain on real estate owned, net	487		57	785	754.4	%	(38.0)	%
Income from bank-owned life insurance	1,371		1,502	1,304	(8.7)	%	5.1	%
Mortgage banking income	901		452	1,028	99.3	%	(12.4)	%
Other operating income	3,255		2,429	4,150	34.0	%	(21.6)	%
Total noninterest (loss)/income	(8,849)		27,963	29,797	(131.6)	%	(129.7)	%

Noninterest income for the quarter ended June 30, 2024 showed a loss of $9 million inclusive of a $39 million loss on the sale of investment securities, excluding the loss on sale of securities net interest income grew by $1 million, or 3%, from the quarter ended June 30, 2023 and $3 million, or 9% from the quarter ended March 31, 2024. In addition, in the prior year period we realized a gain on sale of mortgage servicing rights of $8 million and an offsetting loss on the sale of investments of $8 million.

Dollars in thousands					Change 2Q24 vs.
	2Q24		1Q24	2Q23	1Q24		2Q23
Noninterest expense:
Personnel expense	$	53,531	51,540	47,650	3.9	%	12.3	%
Non personnel expense	38,889		38,484	38,208	1.1	%	1.8	%
Total noninterest expense	$	92,420	90,024	85,858	2.7	%	7.6	%

Noninterest expense increased from the quarter ended June 30, 2023 due to a $6 million increase in personnel expenses driven by the build-out of the commercial business and related credit, risk management and internal audit support functions over the past year.

Compared to the quarter ended March 31, 2024, noninterest expense increased due to a $2 million increase in personnel expense driven by an annual salary merit increase, additional contracted employees utilized during the quarter and an increase in incentive compensation expenses.

Dollars in thousands					Change 2Q24 vs.
	2Q24		1Q24	2Q23	1Q24		2Q23
Income before income taxes	$	5,942	37,742	43,558	(84.3)	%	(86.4)	%
Income tax expense	1,195		8,579	10,514	(86.1)	%	(88.6)	%
Net income	$	4,747	29,163	33,044	(83.7)	%	(85.6)	%

The provision for income taxes decreased by $9 million from the quarter ended June 30, 2023 and $7 million from the quarter ended March 31, 2024 primarily due to lower income before income taxes.

3

Net income declined compared to both the quarter ended June 30, 2023 and the quarter ended March 31, 2024 due to loss on sale of investments from the current period balance sheet restructuring as well as the additional factors discussed above.

Headquartered in Columbus, Ohio, Northwest Bancshares, Inc. is the bank holding company of Northwest Bank. Founded in 1896 Northwest Bank is a full-service financial institution offering a complete line of business and personal banking products, as well as employee benefits and wealth management services. As of June 30, 2024, Northwest operated 131 full-service financial centers and eight free standing drive-through facilities in Pennsylvania, New York, Ohio and Indiana. Northwest Bancshares, Inc.’s common stock is listed on the NASDAQ Global Select Market (“NWBI”). Additional information regarding Northwest Bancshares, Inc. and Northwest Bank can be accessed on-line at www.northwest.com.

#                      #                      #

Forward-Looking Statements - This release may contain forward-looking statements with respect to the financial condition and results of operations of Northwest Bancshares, Inc. including, without limitations, statements relating to the earnings outlook of the Company. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements, include among others, the following possibilities: (1) changes in the interest rate environment; (2) competitive pressure among financial services companies; (3) general economic conditions including inflation and an increase in non-performing loans; (4) changes in legislation or regulatory requirements; (5) difficulties in continuing to improve operating efficiencies; (6) difficulties in the integration of acquired businesses or the ability to complete sales transactions; (7) increased risk associated with commercial real-estate and business loans; (8) changes in liquidity, including the size and composition of our deposit portfolio; (9) reduction in the value of our goodwill and other intangible assets; and (10) the effect of any pandemic, including COVID-19, war or act of terrorism. Management has no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this release.

4

Northwest Bancshares, Inc. and Subsidiaries

Consolidated Statements of Financial Condition (Unaudited)

(dollars in thousands, except per share amounts)

	June 30, 2024			December 31, 2023		June 30, 2023
Assets
Cash and cash equivalents	$	228,433		122,260		127,627
Marketable securities available-for-sale (amortized cost of $1,202,354, $1,240,003 and $1,287,101, respectively)	1,029,191			1,043,359		1,073,952
Marketable securities held-to-maturity (fair value of $663,292, $699,506 and $718,676, respectively)	784,208			814,839		847,845
Total cash and cash equivalents and marketable securities	2,041,832			1,980,458		2,049,424
Loans held-for-sale	9,445			8,768		16,077
Residential mortgage loans	3,315,303			3,419,417		3,479,080
Home equity loans	1,180,486			1,227,858		1,276,062
Consumer loans	2,080,058			2,126,027		2,201,062
Commercial real estate loans	3,026,958			2,974,010		2,895,224
Commercial loans	1,742,114			1,658,729		1,403,726
Total loans receivable	11,354,364			11,414,809		11,271,231
Allowance for credit losses	(125,070)			(125,243)		(124,423)
Loans receivable, net	11,229,294			11,289,566		11,146,808
FHLB stock, at cost	20,842			30,146		44,613
Accrued interest receivable	48,739			47,353		37,281
Real estate owned, net	74			104		371
Premises and equipment, net	128,208			138,838		139,915
Bank-owned life insurance	253,890			251,895		257,614
Goodwill	380,997			380,997		380,997
Other intangible assets, net	3,954			5,290		6,809
Other assets	277,723			294,458		227,659
Total assets	$	14,385,553		14,419,105		14,291,491
Liabilities and shareholders’ equity
Liabilities
Noninterest-bearing demand deposits	$	2,581,699		2,669,023		2,820,563
Interest-bearing demand deposits	2,565,750			2,634,546		2,577,653
Money market deposit accounts	1,964,841			1,968,218		2,154,253
Savings deposits	2,148,727			2,105,234		2,120,215
Time deposits	2,826,362			2,602,881		1,989,711
Total deposits	12,087,379			11,979,902		11,662,395
Borrowed funds	242,363			398,895		632,313
Subordinated debt	114,364			114,189		114,015
Junior subordinated debentures	129,703			129,574		129,444
Advances by borrowers for taxes and insurance	52,271			45,253		57,143
Accrued interest payable	21,423			13,669		4,936
Other liabilities	181,452			186,306		179,744
Total liabilities	12,828,955			12,867,788		12,779,990
Shareholders’ equity
Preferred stock, $0.01 par value: 50,000,000 shares authorized, no shares issued	—			—		—
Common stock, $0.01 par value: 500,000,000 shares authorized, 127,307,997, 127,110,453 and 127,088,963 shares issued and outstanding, respectively	1,273			1,271		1,271
Additional paid-in capital	1,027,703			1,024,852		1,022,189
Retained earnings	657,706			674,686		657,292
Accumulated other comprehensive loss	(130,084)			(149,492)		(169,251)
Total shareholders’ equity	1,556,598			1,551,317		1,511,501
Total liabilities and shareholders’ equity	$	14,385,553		14,419,105		14,291,491
Equity to assets	10.82		%	10.76	%	10.58	%
Tangible common equity to assets*	8.37		%	8.30	%	8.08	%
Book value per share	$	12.23		12.20		11.89
Tangible book value per share*	$	9.20		9.17		8.84
Closing market price per share	$	11.55		12.48		10.60
Full time equivalent employees	1,991			2,098		2,025
Number of banking offices	139			142		142

*    Excludes goodwill and other intangible assets (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items.

5

Northwest Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income (Unaudited)

(dollars in thousands, except per share amounts)

	Quarter ended
	June 30, 2024			March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Interest income:
Loans receivable	$	153,954		149,571		146,523		140,667		132,724
Mortgage-backed securities	9,426			7,944		7,951		8,072		8,326
Taxable investment securities	728			794		786		786		841
Tax-free investment securities	457			491		492		491		667
FHLB stock dividends	498			607		666		668		844
Interest-earning deposits	1,791			832		970		914		594
Total interest income	166,854			160,239		157,388		151,598		143,996
Interest expense:
Deposits	52,754			47,686		40,600		31,688		21,817
Borrowed funds	7,259			9,315		10,486		11,542		13,630
Total interest expense	60,013			57,001		51,086		43,230		35,447
Net interest income	106,841			103,238		106,302		108,368		108,549
Provision for credit losses - loans	2,169			4,234		3,801		3,983		6,010
Provision for credit losses - unfunded commitments	(2,539)			(799)		4,145		(2,981)		2,920
Net interest income after provision for credit losses	107,211			99,803		98,356		107,366		99,619
Noninterest income:
Loss on sale of investments	(39,413)			—		(1)		—		(8,306)
Gain on sale of mortgage servicing rights	—			—		—		—		8,305
Gain on sale of SBA loans	1,457			873		388		301		832
Gain on sale of loans	—			—		726		—		—
Service charges and fees	15,527			15,523		15,922		15,270		14,833
Trust and other financial services income	7,566			7,127		6,884		7,085		6,866
Gain on real estate owned, net	487			57		1,084		29		785
Income from bank-owned life insurance	1,371			1,502		1,454		4,561		1,304
Mortgage banking income	901			452		247		632		1,028
Other operating income	3,255			2,429		2,465		3,010		4,150
Total noninterest (loss)/income	(8,849)			27,963		29,169		30,888		29,797
Noninterest expense:
Compensation and employee benefits	53,531			51,540		50,194		51,243		47,650
Premises and occupancy costs	7,464			7,627		7,049		7,052		7,579
Office operations	3,819			2,767		3,747		3,398		2,800
Collections expense	406			336		328		551		429
Processing expenses	14,695			14,725		15,017		14,672		14,648
Marketing expenses	2,410			2,149		1,317		2,379		2,856
Federal deposit insurance premiums	2,865			3,023		2,643		2,341		2,064
Professional services	3,728			4,065		6,255		3,002		3,804
Amortization of intangible assets	635			701		724		795		842
Real estate owned expense	57			66		51		141		83
Merger, asset disposition and restructuring expense	1,915			955		2,354		—		1,593
Other expenses	895			2,070		997		1,996		1,510
Total noninterest expense	92,420			90,024		90,676		87,570		85,858
Income before income taxes	5,942			37,742		36,849		50,684		43,558
Income tax expense	1,195			8,579		7,835		11,464		10,514
Net income	$	4,747		29,163		29,014		39,220		33,044
Basic earnings per share	$	0.04		0.23		0.23		0.31		0.26
Diluted earnings per share	$	0.04		0.23		0.23		0.31		0.26
Annualized return on average equity	1.24		%	7.57	%	7.64	%	10.27	%	8.72	%
Annualized return on average assets	0.13		%	0.81	%	0.80	%	1.08	%	0.93	%
Annualized return on average tangible common equity *	1.65		%	10.08	%	10.28	%	13.80	%	11.71	%
Efficiency ratio	94.31		%	68.62	%	66.93	%	62.88	%	62.06	%
Efficiency ratio, excluding certain items **	65.41		%	67.35	%	64.66	%	62.31	%	60.30	%
Annualized noninterest expense to average assets	2.57		%	2.51	%	2.51	%	2.42	%	2.42	%
Annualized noninterest expense to average assets, excluding certain items**	2.50		%	2.47	%	2.43	%	2.39	%	2.35	%

*    Excludes goodwill and other intangible assets (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items.

**    Excludes loss on sale of investments, gain on sale of mortgage servicing rights, amortization of intangible assets and merger, asset disposition and restructuring expenses (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items.

6

Northwest Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income (Unaudited)

(dollars in thousands, except per share amounts)

	Six months ended June 30,
	2024			2023
Interest income:
Loans receivable	$	303,525		256,469
Mortgage-backed securities	17,370			16,863
Taxable investment securities	1,522			1,686
Tax-free investment securities	948			1,367
FHLB stock dividends	1,105			1,534
Interest-earning deposits	2,623			1,017
Total interest income	327,093			278,936
Interest expense:
Deposits	100,440			33,055
Borrowed funds	16,574			24,868
Total interest expense	117,014			57,923
Net interest income	210,079			221,013
Provision for credit losses - loans	6,403			10,880
Provision for credit losses - unfunded commitments	(3,338)			3,046
Net interest income after provision for credit losses	207,014			207,087
Noninterest income:
Loss on sale of investments	(39,413)			(8,306)
Gain on sale of mortgage servicing rights	—			8,305
Gain on sale of SBA loans	2,330			1,111
Service charges and fees	31,050			28,022
Trust and other financial services income	14,693			13,315
Gain on real estate owned, net	544			893
Income from bank-owned life insurance	2,873			2,573
Mortgage banking income	1,353			1,552
Other operating income	5,684			6,301
Total noninterest income	19,114			53,766
Noninterest expense:
Compensation and employee benefits	105,071			94,254
Premises and occupancy costs	15,091			15,050
Office operations	6,586			5,810
Collections expense	742			816
Processing expenses	29,420			28,998
Marketing expenses	4,559			5,748
Federal deposit insurance premiums	5,888			4,287
Professional services	7,793			8,562
Amortization of intangible assets	1,336			1,751
Real estate owned expense	123			264
Merger, asset disposition and restructuring expense	2,870			4,395
Other expenses	2,965			3,373
Total noninterest expense	182,444			173,308
Income before income taxes	43,684			87,545
Income tax expense	9,774			20,822
Net income	$	33,910		66,723
Basic earnings per share	$	0.27		0.53
Diluted earnings per share	$	0.27		0.52
Annualized return on average equity	4.41		%	8.91	%
Annualized return on average assets	0.47		%	0.95	%
Annualized return on tangible common equity *	5.88		%	12.01	%
Efficiency ratio	79.60		%	63.07	%
Efficiency ratio, excluding certain items **	66.36		%	60.83	%
Annualized noninterest expense to average assets	2.54		%	2.46	%
Annualized noninterest expense to average assets, excluding certain items **	2.48		%	2.38	%

*    Excludes goodwill and other intangible assets (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items.

**    Excludes loss on sale of investments, gain on sale of mortgage servicing rights, amortization of intangible assets and merger, asset disposition and restructuring expenses (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items.

7

Northwest Bancshares, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures (Unaudited) *

(dollars in thousands, except per share amounts)

	Quarter ended							Six months ended June 30,
	June 30, 2024			March 31, 2024		June 30, 2023		2024		2023
Reconciliation of net income to adjusted net operating income:
Net income (GAAP)	$	4,747		29,163		33,044		33,910		66,723
Non-GAAP adjustments
Add: merger, asset disposition and restructuring expense	1,915			955		1,593		2,870		4,395
Add: loss on the sale of investments	39,413			—		8,306		39,413		8,306
Less: gain on sale of mortgage servicing rights	—			—		(8,305)		—		(8,305)
Less: tax benefit of non-GAAP adjustments	(11,572)			(267)		(446)		(11,839)		(1,231)
Adjusted net operating income (non-GAAP)	$	34,503		29,851		34,192		64,354		69,888
Diluted earnings per share (GAAP)	$	0.04		0.23		0.26		0.27		0.52
Diluted adjusted operating earnings per share (non-GAAP)	$	0.27		0.23		0.27		0.51		0.55
Average equity	$	1,541,434		1,549,870		1,519,990		1,545,651		1,509,466
Average assets	14,458,592			14,408,612		14,245,917		14,433,602		14,184,050
Annualized return on average equity (GAAP)	1.24		%	7.57	%	8.72	%	4.41	%	8.91	%
Annualized return on average assets (GAAP)	0.13		%	0.81	%	0.93	%	0.47	%	0.95	%
Annualized return on average equity, excluding merger, asset disposition and restructuring expense, loss on the sale of investments and gain on sale of mortgage servicing rights, net of tax (non-GAAP)	9.00		%	7.75	%	9.02	%	8.37	%	9.34	%
Annualized return on average assets, excluding merger, asset disposition and restructuring expense, loss on sale of investments, and gain on sale of mortgage servicing rights, net of tax (non-GAAP)	0.96		%	0.83	%	0.96	%	0.90	%	0.99	%

The following non-GAAP financial measures used by the Company provide information useful to investors in understanding our operating performance and trends, and facilitate comparisons with the performance of our peers. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s Consolidated Statements of Financial Condition.

	June 30, 2024			December 31, 2023		June 30, 2023
Tangible common equity to assets
Total shareholders’ equity	$	1,556,598		1,551,317		1,511,501
Less: goodwill and intangible assets	(384,951)			(386,287)		(387,806)
Tangible common equity	$	1,171,647		1,165,030		1,123,695
Total assets	$	14,385,553		14,419,105		14,291,491
Less: goodwill and intangible assets	(384,951)			(386,287)		(387,806)
Tangible assets	$	14,000,602		14,032,818		13,903,685
Tangible common equity to tangible assets	8.37		%	8.30	%	8.08	%
Tangible common equity to tangible assets, including unrealized losses on held-to-maturity investments
Tangible common equity	$	1,171,647		1,165,030		1,123,695
Less: unrealized losses on held to maturity investments	(120,916)			(115,334)		(129,169)
Add: deferred taxes on unrealized losses on held to maturity investments	33,856			32,294		36,167
Tangible common equity, including unrealized losses on held-to-maturity investments	$	1,084,587		1,081,990		1,030,693
Tangible assets	$	14,000,602		14,032,818		13,903,685
Tangible common equity to tangible assets, including unrealized losses on held-to-maturity investments	7.75		%	7.71	%	7.41	%
Tangible book value per share
Tangible common equity	$	1,171,647		1,165,030		1,123,695
Common shares outstanding	127,307,997			127,110,453		127,088,963
Tangible book value per share	9.20			9.17		8.84

8

Northwest Bancshares, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures (Unaudited) *

(dollars in thousands, except per share amounts)

The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s Consolidated Statements of Income.

	Quarter ended													Six months ended June 30,
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023		June 30, 2023		2024		2023
Annualized return on average tangible common equity
Net income	$	4,747		29,163			29,014			39,220		33,044		33,910		66,723
Average shareholders’ equity	1,541,434			1,549,870			1,506,895			1,515,287		1,519,990		1,545,651		1,509,466
Less: average goodwill and intangible assets	(385,364)			(386,038)			(386,761)			(387,523)		(388,354)		(385,701)		(388,793)
Average tangible common equity	$	1,156,070		1,163,832			1,120,134			1,127,764		1,131,636		1,159,950		1,120,673
Annualized return on average tangible common equity	1.65		%	10.08	%		10.28	%		13.80	%	11.71	%	5.88	%	12.01	%
Efficiency ratio, excluding loss on the sale of investments, gain on the sale of mortgage servicing rights, amortization and merger, asset disposition and restructuring expenses
Non-interest expense	$	92,420		90,024			90,676			87,570		85,858		182,444		173,308
Less: amortization expense	(635)			(701)			(724)			(795)		(842)		(1,336)		(1,751)
Less: merger, asset disposition and restructuring expenses	(1,915)			(955)			(2,354)			—		(1,593)		(2,870)		(4,395)
Non-interest expense, excluding amortization and merger, assets disposition and restructuring expenses	$	89,870		88,368			87,598			86,775		83,423		178,238		167,162
Net interest income	$	106,841		103,238			106,302			108,368		108,549		210,079		221,013
Non-interest income	(8,849)			27,963			29,169			30,888		29,797		19,114		53,766
Add: loss on the sale of investments	39,413			—			1			—		8,306		39,413		8,306
Less: gain on sale of mortgage servicing rights	—			—		—	—		—	—		(8,305)		—		(8,305)
Net interest income plus non-interest income, excluding loss on sale of investments and gain on sale of mortgage servicing rights	$	137,405		131,201			135,472			139,256		138,347		268,606		274,780
Efficiency ratio, excluding loss on sale of investments, gain on sale of mortgage servicing rights, amortization and merger, asset disposition and restructuring expenses	65.41		%	67.35	%		64.66	%		62.31	%	60.30	%	66.36	%	60.83	%
Annualized non-interest expense to average assets, excluding amortization and merger, asset disposition and restructuring expense
Non-interest expense excluding amortization and merger, asset disposition and restructuring expenses	$	89,870		88,368			87,598			86,775		83,423		178,238		167,162
Average assets	14,458,592			14,408,612			14,329,020			14,379,323		14,245,917		14,433,602		14,184,050
Annualized non-interest expense to average assets, excluding amortization and merger, asset disposition and restructuring expense	2.50		%	2.47	%		2.43	%		2.39	%	2.35	%	2.48	%	2.38	%

*    The table summarizes the Company’s results from operations on a GAAP basis and on an operating (non-GAAP) basis for the periods indicated. Operating results exclude merger, asset disposition and restructuring expense, loss on sale of investments and gain on sale of mortgage servicing rights. The net tax effect was calculated using statutory tax rates of approximately 28.0%. The Company believes this non-GAAP presentation provides a meaningful comparison of operational performance and facilitates a more effective evaluation and comparison of results to assess performance in relation to ongoing operations.

9

Northwest Bancshares, Inc. and Subsidiaries

Deposits (Unaudited)

(dollars in thousands)

Generally, deposits in excess of $250,000 are not federally insured. The following table provides details regarding the Company’s uninsured deposits portfolio:

	As of June 30, 2024
	Balance		Percent of total deposits		Number of relationships
Uninsured deposits per the Call Report (1)	$	3,019,897	24.98	%	5,062
Less intercompany deposit accounts	1,163,566		9.62	%	12
Less collateralized deposit accounts	468,815		3.88	%	243
Uninsured deposits excluding intercompany and collateralized accounts	$	1,387,516	11.48	%	4,807

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

Our largest uninsured depositor, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $19.4 million, or 0.16% of total deposits, as of June 30, 2024. Our top ten largest uninsured depositors, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $102 million, or 0.84% of total deposits, as of June 30, 2024. The average uninsured deposit account balance, excluding intercompany and collateralized accounts, was $289,000 as of June 30, 2024.

The following table provides additional details for the Company’s deposit portfolio:

	As of June 30, 2024
	Balance		Percent of total deposits		Number of accounts
Personal noninterest bearing demand deposits	$	1,350,520	11.2	%	286,513
Business noninterest bearing demand deposits	1,231,179		10.2	%	43,499
Personal interest-bearing demand deposits	1,396,825		11.5	%	57,185
Business interest-bearing demand deposits	1,168,925		9.7	%	7,786
Personal money market deposits	1,390,162		11.5	%	24,906
Business money market deposits	574,679		4.7	%	2,777
Savings deposits	2,148,727		17.8	%	187,406
Time deposits	2,826,362		23.4	%	81,844
Total deposits	$	12,087,379	100.0	%	691,916

Our average deposit account balance as of June 30, 2024 was $17,000. The Company’s insured cash sweep deposit balance was $394 million as of June 30, 2024.

The following table provides additional details regarding the Company’s deposit portfolio over time:

	12/31/2022		3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024
Personal noninterest bearing demand deposits	$	1,412,227	1,428,232	1,397,167	1,375,144	1,357,875	1,369,294	1,350,520
Business noninterest bearing demand deposits	1,581,016		1,467,860	1,423,396	1,399,147	1,311,148	1,249,085	1,231,179
Personal interest-bearing demand deposits	1,718,806		1,627,546	1,535,254	1,477,617	1,464,058	1,427,140	1,396,825
Business interest-bearing demand deposits	499,059		466,105	624,252	689,914	812,433	805,069	815,358
Municipal demand deposits	468,566		447,852	418,147	430,549	358,055	325,657	353,567
Personal money market deposits	1,832,583		1,626,614	1,511,652	1,463,689	1,435,939	1,393,532	1,390,162
Business money market deposits	624,986		701,436	642,601	579,124	532,279	559,005	574,679
Savings deposits	2,275,020		2,194,743	2,120,215	2,116,360	2,105,234	2,156,048	2,148,727
Time deposits	1,052,285		1,576,791	1,989,711	2,258,338	2,602,881	2,786,814	2,826,362
Total deposits	$	11,464,548	11,537,179	11,662,395	11,789,882	11,979,902	12,071,644	12,087,379

10

Northwest Bancshares, Inc. and Subsidiaries

Regulatory Capital Requirements (Unaudited)

(dollars in thousands)

	At June 30, 2024
	Actual				Minimum capital requirements (1)				Well capitalized requirements
	Amount		Ratio		Amount		Ratio		Amount		Ratio
Total capital (to risk weighted assets)
Northwest Bancshares, Inc.	$	1,784,604	16.674	%	$	1,123,831	10.500	%	$	1,070,315	10.000	%
Northwest Bank	1,537,783		14.380	%	1,122,827		10.500	%	1,069,359		10.000	%
Tier 1 capital (to risk weighted assets)
Northwest Bancshares, Inc.	1,536,552		14.356	%	909,768		8.500	%	856,252		8.000	%
Northwest Bank	1,404,095		13.130	%	908,955		8.500	%	855,487		8.000	%
Common equity tier 1 capital (to risk weighted assets)
Northwest Bancshares, Inc.	1,410,837		13.182	%	749,220		7.000	%	695,705		6.500	%
Northwest Bank	1,404,095		13.130	%	748,551		7.000	%	695,083		6.500	%
Tier 1 capital (leverage) (to average assets)
Northwest Bancshares, Inc.	1,536,552		10.654	%	576,913		4.000	%	721,142		5.000	%
Northwest Bank	1,404,095		9.742	%	576,521		4.000	%	720,651		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). For further information related to the capital conservation buffer, see "Item 1. Business - Supervision and Regulation" of our 2023 Annual Report on Form 10-K.

11

Northwest Bancshares, Inc. and Subsidiaries

Marketable Securities (Unaudited)

(dollars in thousands)

	June 30, 2024
Marketable securities available-for-sale	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value	Weighted average duration
Debt issued by the U.S. government and agencies:
Due after ten years	$	47,263	—	(10,292)	36,971	6.08
Debt issued by government sponsored enterprises:
Due after one year through five years	185		—	(5)	180	1.19
Municipal securities:
Due after one year through five years	880		8	(3)	885	1.83
Due after five years through ten years	9,157		5	(1,565)	7,597	7.89
Due after ten years	58,872		13	(8,626)	50,259	10.17
Corporate debt issues:
Due after five years through ten years	14,373		20	(886)	13,507	4.79
Due after ten years	3,250		—	—	3,250	10.04
Mortgage-backed agency securities:
Fixed rate pass-through	228,855		83	(16,874)	212,064	7.64
Variable rate pass-through	4,093		24	(13)	4,104	3.59
Fixed rate agency CMOs	789,673		293	(135,258)	654,708	4.72
Variable rate agency CMOs	45,753		38	(125)	45,666	7.18
Total mortgage-backed agency securities	1,068,374		438	(152,270)	916,542	5.52
Total marketable securities available-for-sale	$	1,202,354	484	(173,647)	1,029,191	5.78
Marketable securities held-to-maturity
Government sponsored
Due after one year through five years	$	89,472	—	(10,845)	78,627	3.66
Due after five years through ten years	34,988		—	(5,645)	29,343	5.08
Mortgage-backed agency securities:
Fixed rate pass-through	140,245		—	(21,704)	118,541	4.84
Variable rate pass-through	414		—	(4)	410	4.23
Fixed rate agency CMOs	518,560		—	(82,714)	435,846	5.85
Variable rate agency CMOs	529		—	(4)	525	5.09
Total mortgage-backed agency securities	659,748		—	(104,426)	555,322	5.63
Total marketable securities held-to-maturity	$	784,208	—	(120,916)	663,292	5.38

12

Northwest Bancshares, Inc. and Subsidiaries

Borrowed Funds (Unaudited)

(dollars in thousands)

	June 30, 2024
	Amount		Average rate
Term notes payable to the FHLB of Pittsburgh, due within one year	$	175,000	5.65	%
Collateralized borrowings, due within one year	26,213		1.83	%
Collateral received, due within one year	41,150		5.17	%
Subordinated debentures, net of issuance costs	114,364		4.28	%
Junior subordinated debentures	129,703		7.61	%
Total borrowed funds *	$	486,430	5.61	%

*    As of June 30, 2024, the Company had $3.4 billion of additional borrowing capacity available with the FHLB of Pittsburgh, including a $250 million overnight line of credit, which has no balance as of June 30, 2024, as well as $404 million of borrowing capacity available with the Federal Reserve Bank and $105 million with two correspondent banks.

13

Northwest Bancshares, Inc. and Subsidiaries

Analysis of Loan Portfolio by Loan Sector (Unaudited)

Commercial real estate loans outstanding

The following table provides the various loan sectors in our commercial real estate portfolio at June 30, 2024:

Property type	Percent of portfolio
5 or more unit dwelling	16.8	%
Nursing home	12.5
Retail building	11.7
Commercial office building - non-owner occupied	8.9
Manufacturing & industrial building	4.8
Residential acquisition & development - 1-4 family, townhouses and apartments	4.3
Multi-use building - commercial, retail and residential	4.0
Warehouse/storage building	3.9
Commercial office building - owner occupied	3.9
Multi-use building - office and warehouse	3.0
Other medical facility	3.0
Single family dwelling	2.6
Student housing	2.1
Hotel/motel	2.1
Agricultural real estate	2.0
All other	14.4
Total	100.0	%

The following table describes the collateral of our commercial real estate portfolio by state at June 30, 2024:

State	Percent of portfolio
New York	32.7	%
Pennsylvania	29.4
Ohio	20.7
Indiana	9.0
All other	8.2
Total	100.0	%

14

Northwest Bancshares, Inc. and Subsidiaries

Asset Quality (Unaudited)

(dollars in thousands)

	June 30, 2024			March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Nonaccrual loans current:
Residential mortgage loans	$	1,563		1,351		959		1,951		1,559
Home equity loans	1,088			974		871		947		1,089
Consumer loans	1,268			1,295		1,051		1,049		1,009
Commercial real estate loans	66,181			66,895		64,603		44,639		48,468
Commercial loans	788			934		1,182		1,369		995
Total nonaccrual loans current	$	70,888		71,449		68,666		49,955		53,120
Nonaccrual loans delinquent 30 days to 59 days:
Residential mortgage loans	$	100		1,454		933		48		49
Home equity loans	260			125		174		92		37
Consumer loans	305			294		225		274		309
Commercial real estate loans	699			574		51		1,913		1,697
Commercial loans	183			161		139		90		855
Total nonaccrual loans delinquent 30 days to 59 days	$	1,547		2,608		1,522		2,417		2,947
Nonaccrual loans delinquent 60 days to 89 days:
Residential mortgage loans	$	578		—		511		66		185
Home equity loans	234			488		347		319		363
Consumer loans	603			381		557		312		360
Commercial real estate loans	2,243			52		831		212		210
Commercial loans	8,088			201		56		291		245
Total nonaccrual loans delinquent 60 days to 89 days	$	11,746		1,122		2,302		1,200		1,363
Nonaccrual loans delinquent 90 days or more:
Residential mortgage loans	$	4,162		4,304		6,324		7,695		6,290
Home equity loans	2,473			2,822		3,100		2,073		1,965
Consumer loans	2,433			2,659		3,212		2,463		2,033
Commercial real estate loans	5,849			6,931		6,488		8,416		8,575
Commercial loans	3,061			3,165		2,770		2,435		2,296
Total nonaccrual loans delinquent 90 days or more	$	17,978		19,881		21,894		23,082		21,159
Total nonaccrual loans	$	102,159		95,060		94,384		76,654		78,589
Total nonaccrual loans	$	102,159		95,060		94,384		76,654		78,589
Loans 90 days past due and still accruing	2,511			2,452		2,698		728		532
Nonperforming loans	104,670			97,512		97,082		77,382		79,121
Real estate owned, net	74			50		104		363		371
Nonperforming assets	$	104,744		97,562		97,186		77,745		79,492
Nonperforming loans to total loans	0.92		%	0.85	%	0.85	%	0.68	%	0.70	%
Nonperforming assets to total assets	0.73		%	0.67	%	0.67	%	0.54	%	0.56	%
Allowance for credit losses to total loans	1.10		%	1.09	%	1.10	%	1.10	%	1.10	%
Allowance for credit losses to nonperforming loans	119.49		%	128.08	%	129.01	%	161.33	%	157.26	%

15

Northwest Bancshares, Inc. and Subsidiaries

Loans by Credit Quality Indicators (Unaudited)

(dollars in thousands)

At June 30, 2024	Pass		Special    mention *	Substandard **	Doubtful	Loss	Loans receivable
Personal Banking:
Residential mortgage loans	$	3,312,368	—	11,700	—	—	3,324,068
Home equity loans	1,176,187		—	4,299	—	—	1,180,486
Consumer loans	2,074,869		—	5,189	—	—	2,080,058
Total Personal Banking	6,563,424		—	21,188	—	—	6,584,612
Commercial Banking:
Commercial real estate loans	2,682,766		130,879	213,993	—	—	3,027,638
Commercial loans	1,673,052		47,400	21,662	—	—	1,742,114
Total Commercial Banking	4,355,818		178,279	235,655	—	—	4,769,752
Total loans	$	10,919,242	178,279	256,843	—	—	11,354,364
At March 31, 2024
Personal Banking:
Residential mortgage loans	$	3,370,307	—	12,541	—	—	3,382,848
Home equity loans	1,191,957		—	4,650	—	—	1,196,607
Consumer loans	2,113,050		—	5,317	—	—	2,118,367
Total Personal Banking	6,675,314		—	22,508	—	—	6,697,822
Commercial Banking:
Commercial real estate loans	2,714,857		131,247	182,424	—	—	3,028,528
Commercial loans	1,698,519		52,461	23,916	—	—	1,774,896
Total Commercial Banking	4,413,376		183,708	206,340	—	—	4,803,424
Total loans	$	11,088,690	183,708	228,848	—	—	11,501,246
At December 31, 2023
Personal Banking:
Residential mortgage loans	$	3,413,846	—	14,339	—	—	3,428,185
Home equity loans	1,223,097		—	4,761	—	—	1,227,858
Consumer loans	2,120,216		—	5,811	—	—	2,126,027
Total Personal Banking	6,757,159		—	24,911	—	—	6,782,070
Commercial Banking:
Commercial real estate loans	2,670,510		124,116	179,384	—	—	2,974,010
Commercial loans	1,637,879		6,678	14,172	—	—	1,658,729
Total Commercial Banking	4,308,389		130,794	193,556	—	—	4,632,739
Total loans	$	11,065,548	130,794	218,467	—	—	11,414,809
At September 30, 2023
Personal Banking:
Residential mortgage loans	$	3,459,251	—	13,512	—	—	3,472,763
Home equity loans	1,254,985		—	3,780	—	—	1,258,765
Consumer loans	2,150,464		—	4,655	—	—	2,155,119
Total Personal Banking	6,864,700		—	21,947	—	—	6,886,647
Commercial Banking:
Commercial real estate loans	2,632,472		123,935	166,610	—	—	2,923,017
Commercial loans	1,476,833		3,690	20,086	—	—	1,500,609
Total Commercial Banking	4,109,305		127,625	186,696	—	—	4,423,626
Total loans	$	10,974,005	127,625	208,643	—	—	11,310,273
At June 30, 2023
Personal Banking:
Residential mortgage loans	$	3,483,098	—	12,059	—	—	3,495,157
Home equity loans	1,272,363		—	3,699	—	—	1,276,062
Consumer loans	2,196,938		—	4,124	—	—	2,201,062
Total Personal Banking	6,952,399		—	19,882	—	—	6,972,281
Commercial Banking:
Commercial real estate loans	2,649,535		74,170	171,519	—	—	2,895,224
Commercial loans	1,377,981		3,040	22,705	—	—	1,403,726
Total Commercial Banking	4,027,516		77,210	194,224	—	—	4,298,950
Total loans	$	10,979,915	77,210	214,106	—	—	11,271,231

*    Includes $2.5 million, $2.4 million, $7.8 million, $6.9 million, and $4.9 million of acquired loans at June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively.

**    Includes $24.3 million, $27.2 million, $20.3 million, $28.9 million, and $31.2 million of acquired loans at June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively.

16

Northwest Bancshares, Inc. and Subsidiaries

Loan Delinquency (Unaudited)

(dollars in thousands)

	June 30, 2024			*		March 31, 2024			*		December 31, 2023			*		September 30, 2023			*		June 30, 2023			*
(Number of loans and dollar amount of loans)
Loans delinquent 30 days to 59 days:
Residential mortgage loans	12	$	616	—	%	351	$	38,502	1.1	%	307	$	30,041	0.9	%	6	$	573	—	%	14	$	627	—	%
Home equity loans	104	3,771		0.3	%	113	4,608		0.4	%	121	5,761		0.5	%	112	4,707		0.4	%	92	3,395		0.3	%
Consumer loans	742	10,372		0.5	%	737	9,911		0.5	%	896	11,211		0.5	%	733	9,874		0.5	%	602	7,955		0.4	%
Commercial real estate loans	21	4,310		0.1	%	25	6,396		0.2	%	23	3,204		0.1	%	22	3,411		0.1	%	13	2,710		0.1	%
Commercial loans	59	4,366		0.3	%	62	3,091		0.2	%	59	4,196		0.3	%	52	2,847		0.2	%	38	15,658		1.1	%
Total loans delinquent 30 days to 59 days	938	$	23,435	0.2	%	1,288	$	62,508	0.5	%	1,406	$	54,413	0.5	%	925	$	21,412	0.2	%	759	$	30,345	0.3	%
Loans delinquent 60 days to 89 days:
Residential mortgage loans	70	$	8,223	0.2	%	3	$	70	—	%	69	$	7,796	0.2	%	56	$	5,395	0.2	%	52	$	3,521	0.1	%
Home equity loans	35	1,065		0.1	%	26	761		0.1	%	37	982		0.1	%	40	1,341		0.1	%	31	1,614		0.1	%
Consumer loans	295	3,198		0.2	%	231	2,545		0.1	%	322	3,754		0.2	%	236	2,707		0.1	%	250	2,584		0.1	%
Commercial real estate loans	9	3,155		0.1	%	5	807		—	%	9	1,031		—	%	13	1,588		0.1	%	12	1,288		—	%
Commercial loans	22	8,732		0.5	%	27	1,284		0.1	%	16	703		—	%	15	981		0.1	%	23	11,092		0.8	%
Total loans delinquent 60 days to 89 days	431	$	24,373	0.2	%	292	$	5,467	—	%	453	$	14,266	0.1	%	360	$	12,012	0.1	%	368	$	20,099	0.2	%
Loans delinquent 90 days or more: **
Residential mortgage loans	53	$	5,553	0.2	%	50	$	5,813	0.2	%	70	$	7,995	0.2	%	79	$	7,695	0.2	%	63	$	6,290	0.2	%
Home equity loans	51	2,506		0.2	%	71	2,823		0.2	%	81	3,126		0.3	%	73	2,206		0.2	%	68	1,965		0.2	%
Consumer loans	358	3,012		0.1	%	398	3,345		0.2	%	440	3,978		0.2	%	357	3,020		0.1	%	314	2,447		0.1	%
Commercial real estate loans	19	6,034		0.2	%	22	6,931		0.2	%	27	6,712		0.2	%	27	8,416		0.3	%	20	8,575		0.3	%
Commercial loans	72	3,385		0.2	%	62	3,421		0.2	%	53	2,780		0.2	%	39	2,472		0.2	%	38	2,414		0.2	%
Total loans delinquent 90 days or more	553	$	20,490	0.2	%	603	$	22,333	0.2	%	671	$	24,591	0.2	%	575	$	23,809	0.2	%	503	$	21,691	0.2	%
Total loans delinquent	1,922	$	68,298	0.6	%	2,183	$	90,308	0.8	%	2,530	$	93,270	0.8	%	1,860	$	57,233	0.5	%	1,630	$	72,135	0.6	%

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

**    Includes purchased credit deteriorated loans of $82,000, $446,000, $646,000, $1.4 million, and $605,000 at June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively.

17

Northwest Bancshares, Inc. and Subsidiaries

Allowance for Credit Losses (Unaudited)

(dollars in thousands)

	Quarter ended
	June 30, 2024			March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Beginning balance	$	124,897		125,243		124,841		124,423		121,257
Provision	2,169			4,234		3,801		3,983		6,010
Charge-offs residential mortgage	(252)			(162)		(266)		(171)		(545)
Charge-offs home equity	(237)			(412)		(133)		(320)		(235)
Charge-offs consumer	(2,561)			(4,573)		(3,860)		(3,085)		(2,772)
Charge-offs commercial real estate	(500)			(349)		(742)		(484)		(483)
Charge-offs commercial	(1,319)			(1,163)		(806)		(1,286)		(1,209)
Recoveries	2,873			2,079		2,408		1,781		2,400
Ending balance	$	125,070		124,897		125,243		124,841		124,423
Net charge-offs to average loans, annualized	0.07		%	0.16	%	0.12	%	0.13	%	0.10	%

	Six months ended June 30,
	2024			2023
Beginning balance	$	125,243		118,036
ASU 2022-02 Adoption	—			426
Provision	6,403			10,880
Charge-offs residential mortgage	(414)			(752)
Charge-offs home equity	(649)			(399)
Charge-offs consumer	(7,134)			(5,506)
Charge-offs commercial real estate	(849)			(1,140)
Charge-offs commercial	(2,482)			(2,074)
Recoveries	4,952			4,952
Ending balance	$	125,070		124,423
Net charge-offs to average loans, annualized	0.12		%	0.09	%

18

Northwest Bancshares, Inc. and Subsidiaries

Average Balance Sheet (Unaudited)

(dollars in thousands) 

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

	Quarter ended
	June 30, 2024					March 31, 2024					December 31, 2023					September 30, 2023					June 30, 2023
	Average balance		Interest	Avg. yield/ cost (h)		Average balance		Interest	Avg. yield/ cost (h)		Average balance		Interest	Avg. yield/ cost (h)		Average balance		Interest	Avg. yield/ cost (h)		Average balance		Interest	Avg. yield/ cost (h)
Assets:
Interest-earning assets:
Residential mortgage loans	$	3,342,749	32,182	3.85	%	$	3,392,524	32,674	3.85	%	$	3,442,308	32,739	3.80	%	$	3,476,446	32,596	3.75	%	$	3,485,517	32,485	3.73	%
Home equity loans	1,183,497		17,303	5.88	%	1,205,273		17,294	5.77	%	1,238,420		17,590	5.64	%	1,264,134		17,435	5.47	%	1,273,298		16,898	5.32	%
Consumer loans	2,048,396		26,334	5.17	%	2,033,620		25,033	4.95	%	2,055,783		24,667	4.76	%	2,092,023		23,521	4.46	%	2,143,804		22,662	4.24	%
Commercial real estate loans	3,023,762		45,658	5.97	%	2,999,224		43,425	5.73	%	2,950,589		43,337	5.75	%	2,911,145		41,611	5.59	%	2,836,443		38,426	5.36	%
Commercial loans	1,770,345		33,229	7.43	%	1,714,667		31,857	7.35	%	1,564,617		28,801	7.20	%	1,447,211		26,239	7.09	%	1,326,598		22,872	6.82	%
Total loans receivable (a) (b) (d)	11,368,749		154,706	5.47	%	11,345,308		150,283	5.33	%	11,251,717		147,134	5.19	%	11,190,959		141,402	5.01	%	11,065,660		133,343	4.83	%
Mortgage-backed securities (c)	1,734,085		9,426	2.17	%	1,717,306		7,944	1.85	%	1,741,687		7,951	1.83	%	1,781,010		8,072	1.81	%	1,859,427		8,326	1.79	%
Investment securities (c) (d)	287,262		1,316	1.83	%	333,752		1,430	1.71	%	335,121		1,425	1.70	%	336,125		1,431	1.70	%	374,560		1,715	1.83	%
FHLB stock, at cost	25,544		498	7.84	%	32,249		607	7.57	%	35,082		665	7.52	%	37,722		668	7.03	%	45,505		844	7.44	%
Other interest-earning deposits	135,520		1,791	5.23	%	61,666		832	5.34	%	71,987		970	5.27	%	67,143		915	5.33	%	46,536		594	5.05	%
Total interest-earning assets	13,551,160		167,737	4.98	%	13,490,281		161,096	4.80	%	13,435,594		158,145	4.67	%	13,412,959		152,488	4.51	%	13,391,688		144,822	4.34	%
Noninterest-earning assets (e)	907,432					918,331					893,426					966,364					854,229
Total assets	$	14,458,592				$	14,408,612				$	14,329,020				$	14,379,323				$	14,245,917
Liabilities and shareholders’ equity:
Interest-bearing liabilities:
Savings deposits (g)	$	2,144,278	5,957	1.12	%	$	2,122,035	5,036	0.95	%	$	2,102,320	4,045	0.76	%	$	2,116,759	2,695	0.51	%	$	2,142,941	1,393	0.26	%
Interest-bearing demand deposits (g)	2,555,863		6,646	1.05	%	2,538,823		5,402	0.86	%	2,573,634		4,921	0.76	%	2,569,229		4,086	0.63	%	2,469,666		1,648	0.27	%
Money market deposit accounts (g)	1,957,990		8,601	1.77	%	1,961,332		7,913	1.62	%	1,997,116		7,446	1.48	%	2,112,228		6,772	1.27	%	2,221,713		6,113	1.10	%
Time deposits (g)	2,832,720		31,550	4.48	%	2,697,983		29,335	4.37	%	2,447,335		24,187	3.92	%	2,164,559		18,136	3.32	%	1,765,454		12,663	2.88	%
Borrowed funds (f)	323,191		3,662	4.56	%	469,697		5,708	4.89	%	548,089		6,826	4.94	%	643,518		7,937	4.89	%	837,358		10,202	4.89	%
Subordinated debt	114,308		1,148	4.02	%	114,225		1,148	4.02	%	114,134		1,148	4.02	%	114,045		1,148	4.03	%	113,958		1,148	4.03	%
Junior subordinated debentures	129,663		2,449	7.47	%	129,597		2,459	7.51	%	129,532		2,512	7.59	%	129,466		2,456	7.42	%	129,401		2,280	6.97	%
Total interest-bearing liabilities	10,058,013		60,013	2.40	%	10,033,692		57,001	2.28	%	9,912,160		51,085	2.04	%	9,849,804		43,230	1.74	%	9,680,491		35,447	1.47	%
Noninterest-bearing demand deposits (g)	2,595,511					2,567,781					2,675,788					2,757,091					2,820,928
Noninterest-bearing liabilities	263,634					257,269					234,177					257,141					224,508
Total liabilities	12,917,158					12,858,742					12,822,125					12,864,036					12,725,927
Shareholders’ equity	1,541,434					1,549,870					1,506,895					1,515,287					1,519,990
Total liabilities and shareholders’ equity	$	14,458,592				$	14,408,612				$	14,329,020				$	14,379,323				$	14,245,917
Net interest income/Interest rate spread			107,724	2.58	%			104,095	2.52	%			107,060	2.63	%			109,258	2.77	%			109,375	2.87	%
Net interest-earning assets/Net interest margin	$	3,493,147		3.20	%	$	3,456,589		3.10	%	$	3,523,434		3.16	%	$	3,563,155		3.23	%	$	3,711,197		3.28	%
Ratio of interest-earning assets to interest-bearing liabilities	1.35X					1.34X					1.36X					1.36X					1.38X

(a)    Average gross loans receivable includes loans held as available-for-sale and loans placed on nonaccrual status.

(b)    Interest income includes accretion/amortization of deferred loan fees/expenses, which was not material.

(c)    Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale.

(d)    Interest income on tax-free investment securities and tax-free loans are presented on a fully taxable equivalent (“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 1.76%, 1.61%, 1.37%, 1.07%, and 0.77%, respectively, and average cost of Interest-bearing deposits were 2.24%, 2.06%, 1.77%, 1.40%, and 1.02%, respectively.

(h)    Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans — 5.45%, 5.30%, 5.17%, 4.99%, and 4.81%, respectively, Investment securities — 1.65%, 1.54%, 1.52%, 1.52%, and 1.61%, respectively, Interest-earning assets — 4.95%, 4.78%, 4.65%, 4.48%, and 4.31%, respectively. GAAP basis net interest rate spreads were 2.55%, 2.49%, 2.60%, 2.74%, and 2.84%, respectively, and GAAP basis net interest margins were 3.17%, 3.08%, 3.14%, 3.21%, and 3.25%, respectively.

19

Northwest Bancshares, Inc. and Subsidiaries

Average Balance Sheet (Unaudited)

(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.

	Six months ended June 30,
	2024					2023
	Average balance		Interest	Avg. yield/ cost (h)		Average balance		Interest	Avg. yield/ cost (h)
Assets
Interest-earning assets:
Residential mortgage loans	$	3,367,636	64,855	3.85	%	$	3,489,545	64,494	3.70	%
Home equity loans	1,194,385		34,596	5.83	%	1,278,831		33,033	5.21	%
Consumer loans	2,041,008		51,367	5.06	%	2,133,794		43,457	4.11	%
Commercial real estate loans	3,011,493		89,066	5.85	%	2,830,316		75,463	5.30	%
Commercial loans	1,742,506		65,083	7.39	%	1,244,404		41,225	6.59	%
Loans receivable (a) (b) (d)	11,357,028		304,967	5.40	%	10,976,890		257,672	4.73	%
Mortgage-backed securities (c)	1,725,696		17,370	2.01	%	1,884,412		16,863	1.79	%
Investment securities (c) (d)	310,507		2,742	1.77	%	379,611		3,478	1.83	%
FHLB stock, at cost	28,897		1,105	7.69	%	42,584		1,534	7.26	%
Other interest-earning deposits	99,252		2,623	5.23	%	42,431		1,017	4.77	%
Total interest-earning assets	13,521,380		328,807	4.89	%	13,325,928		280,564	4.25	%
Noninterest-earning assets (e)	912,222					858,122
Total assets	$	14,433,602				$	14,184,050
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Savings deposits (g)	$	2,133,157	10,993	1.04	%	$	2,187,355	2,082	0.19	%
Interest-bearing demand deposits (g)	2,547,343		12,048	0.95	%	2,540,879		2,599	0.21	%
Money market deposit accounts (g)	1,959,661		16,514	1.69	%	2,314,631		10,516	0.92	%
Time deposits (g)	2,765,351		60,885	4.43	%	1,514,289		17,858	2.38	%
Borrowed funds (f)	396,444		9,370	4.75	%	789,057		18,139	4.64	%
Subordinated debt	114,267		2,296	4.02	%	113,914		2,296	4.03	%
Junior subordinated debentures	129,630		4,908	7.49	%	129,368		4,433	6.82	%
Total interest-bearing liabilities	10,045,853		117,014	2.34	%	9,589,493		57,923	1.22	%
Noninterest-bearing demand deposits (g)	2,581,646					2,855,260
Noninterest-bearing liabilities	260,452					229,831
Total liabilities	12,887,951					12,674,584
Shareholders’ equity	1,545,651					1,509,466
Total liabilities and shareholders’ equity	$	14,433,602				$	14,184,050
Net interest income/Interest rate spread			211,793	2.55	%			222,641	3.03	%
Net interest-earning assets/Net interest margin	$	3,475,527		3.15	%	$	3,736,435		3.37	%
Ratio of interest-earning assets to interest-bearing liabilities	1.35X					1.39X

(a)Average gross loans receivable includes loans held as available-for-sale and loans placed on nonaccrual status.

(b)Interest income includes accretion/amortization of deferred loan fees/expenses, which 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 fully taxable equivalent (“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 1.69% and 0.58%, respectively and average cost of Interest-bearing deposits were 2.15% and 0.78%, respectively.

(h)Shown on a FTE basis. GAAP basis yields were: Loans — 5.37% and 4.71%, respectively; Investment securities — 1.59% and 1.61%, respectively; Interest-earning assets — 4.86% and 4.22%, respectively. GAAP basis net interest rate spreads were 2.52% and 3.00%, respectively; and GAAP basis net interest margins were 3.12% and 3.34%, respectively.

20

EX-99.2

Second Quarter 2024 Earnings Conference Call July 23, 2024 Louis J. Torchio President and Chief Executive Officer Douglas M. Schosser Chief Financial Officer T.K. Creal Chief Credit Officer Jeffrey J. Maddigan Treasurer and Investor Relations

Forward-looking Statements and Additional Information The information contained in this presentation may contain forward-looking statements. When used or incorporated by reference in disclosure documents, the words “believe,” “anticipate,” “estimate,” “expect,” “project,” “target,” “goal” and similar expressions are intended to identify forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. These forward-looking statements include but are not limited to: statements of our goals, intentions and expectations; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward- looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward- looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including but not limited to the following: 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. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, expected or projected. These and other risk factors are more fully described in this presentation and in the Northwest Bancshares, Inc. (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2023 under the section entitled "Item 1A - Risk Factors," and from time to time in other filings made by the Company with the SEC. These forward-looking statements speak only at the date of the presentation. The Company expressly disclaims any obligation to publicly release any updates or revisions to reflect any change in the Company’s expectations with regard to any change in events, conditions or circumstances on which any such statement is based. Use of Non-GAAP Financial Measures This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these “non-GAAP” measures in its analysis of the Company’s performance. Management believes these non-GAAP financial measures allow for better comparability of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. 2

3 FOUNDED 1896 TOTAL ASSETS $14.4B TOTAL DEPOSITS $12.1B TOTAL LOANS $11.4B FINANCIAL CENTERS 131 ROAA 0.13% 0.96%(1) ROAE 1.24% 9.00%(1) NIM 3.20% Northwest Bancshares At-A-Glance Diluted EPS $0.04 $0.27(1) (1) Q2 2024 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. For the quarter ended June 30, 2024

2Q 2024 Highlights: Balance Sheet Management results in Solid Performance 4 Balance Sheet Net Interest Margin Noninterest Income Noninterest Expense Credit Quality • Repositioned through sale of securities hitting announced metrics • Loan growth muted with focus on re-mixing portfolio and profitable growth • Average deposits up 2% allowing for 21% reduction in borrowings • Improved 10 bps due to securities restructure and favorable funding mix • Net interest income increased $3.6 million (+3.6%) QoQ • Loss of $8.8 million inclusive of a $39.4 million loss (or $0.22 EPS) on the sale of investment securities. • Excluding realized loss, 9% increase QoQ led by SBA sale gains up 67% • 3% increase driven by rise in personnel costs • Partially offset by decreasing non-personnel expenses • Includes $1.9 million pre-tax restructuring charges or $0.01 EPS • Non-performing assets remains well controlled • Overall ALLL coverage of 1.10% and $2.2 million provision expense for loan losses

Treasury / Agency, … Municipal, 3% Agency MBS, 19% Agency CMO, 68% Corporate, 1% Securities Portfolio 5 Modified Duration Available for sale Percent of total assets AOCI 2Q24 5.5 Years 61% 13% -$133 Million 1Q24 5.8 Years 62% 13% -$156 Million • Achieved previously announced securities portfolio restructure metrics • Sold $314 million par value (15% of portfolio) at loss of $39.4 million pre-tax with a book yield of 1.79%, providing proceeds of $276 million • To date, $258 million has been re-invested into AFS at a yield of 6.00%, expected yield on fully re-invested funds is 6.17% • Yield pickup over 420 bps providing payback period of approximately 3 years Summary Comments 1.96% 2.45% Securities Book Yield Securities Portfolio quarter-over-quarter change Securities Portfolio $ m ill io ns Amortized Cost

Loan Balances 6 2Q24 vs. 1Q24 2Q24 vs. 2Q23 Average balances ($ Millions) 2Q24 Change $ Change % Change $ Change % Residential mortgage 3,343 -50 -1.5% -143 -4.1% Home equity 1,184 -21 -1.7% -89 -7.0% Consumer 2,048 15 -.07% -96 -4.5% Commercial real estate 3,024 25 0.8% 188 6.6% Commercial 1,770 55 3.2% 443 33.4% Total Loans 11,369 24 0.2% 303 2.7% Change in Loan Mix • Average loans increased 0.2% QoQ as portfolio mix continued to become more commercial weighted • Company focused on profitable growth to drive margin expansion • Average commercial loans increased $55 million compared to 1Q24, or 3.2% despite some significant payoffs • Commercial growth funded through declines in residential and home equity portfolios down, 1.5% and 1.7%, respectively Summary Comments Loan Mix Change Loans grew $24MM or 0.2% +3% +1% $ m ill io ns $ bi lli on s Combined Loan Average Balances 6.90 6.83 6.74 6.63 6.57 4.16 4.36 4.52 4.71 4.79 11.07 11.19 11.25 11.35 11.37 4.83% 5.01% 5.19% 5.33% 5.47% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% - 2.00 4.00 6.00 8.00 10.00 12.00 2Q23 3Q23 4Q23 1Q24 2Q24 Personal Banking Loans Commercial Banking Loans Loan Yield

Deposit Balances 7 2Q24 vs. 1Q24 2Q24 vs. 2Q23 Average balances ($ Millions) 2Q24 Change $ Change % Change $ Change % Demand 2,596 28 1.1% -225 -8.0% Interest-bearing Demand 2,556 17 0.7% 86 3.5% Money Market 1,958 -3 -0.2% -264 -11.9% Savings 2,144 22 1.0% 1 0.0% Time 2,833 135 4.8% 1,067 60.4% Total Deposits 12,086 199 1.6% 665 5.8% Change in Deposit Mix Deposit Growth and Cost of Deposits • Deposit balances remained strong as average total deposits grew 1.6% QoQ and 5.8% versus 2Q23 • The pace of volumes into higher-cost CDs and high-yield savings products beginning to slow • Cost of deposits increased 15 bps QoQ, the lowest in the past six quarters Summary Comments Deposit Mix Change $ m ill io ns $ m ill io ns 7,434 7,443 7,352 7,229 7,296 3,987 4,277 4,444 4,659 4,791 11,421 11,720 11,796 11,888 12,086 0.77% 1.07% 1.37% 1.61% 1.76% (1,000) 1,000 3,000 5,000 7,000 9,000 11,000 13,000 15,000 2Q23 3Q23 4Q23 1Q24 2Q24 Demand and Savings Time and Money Market Cost of Deposits

8,600 8,963 9,120 9,320 9,491 1,081 887 792 714 567 1.47 1.74 2.04 2.28 2.40 7,500 8,000 8,500 9,000 9,500 10,000 10,500 - 1.00 2.00 3.00 4.00 5.00 6.00 2Q23 3Q23 4Q23 1Q24 2Q24 Interest Bearing Deposits Borrowings Cost of Funds % 109.4 109.3 107.1 104.1 107.7 3.28 3.23 3.16 3.10 3.20 2.95 3.15 3.35 3.55 3.75 100.0 102.0 104.0 106.0 108.0 110.0 2Q23 3Q23 4Q23 1Q24 2Q24 Net Intererst Income NIM% Net Interest Income and NIM Trends $ m ill io ns Net Interest Margin 8 • Net interest income increased 3% with NIM expanding to 3.20% from 3.10% in the previous quarter • Increased loan yields from growth and repricing, as well as benefits from the securities restructure offset higher deposit costs • Average borrowing balances decreased $146 million QoQ or 21%, helping to keep the cost of funds low $ m ill io ns Summary Comments Bp s Drivers of Net Interest Margin Change $104 ($5) $2 $2 $4 $108 Net Interest Income ($MM) Cost of Funds

Non-Interest Income 9 • Loss of $8.8 million inclusive of a $39.4 million loss on the sale of investment securities. • Excluding loss from sale of securities, non-interest income increased $2.6 million QoQ, or 9% • Gain on sale of SBA loans accelerating and grew by 67% compared to the previous quarter Summary Comments Non-interest Income Trend $ m ill io ns $ in thousands 2Q24 vs. 1Q24 2Q24 vs. 2Q23 Non-interest Income 2Q24 Change $ Change % Change $ Change % Service charges and fees 15,527 4 0.0% 694 4.7% Trust and other financial services 7,566 439 6.2% 700 10.2% Other operating income 3,255 826 34.0% (895) -21.6% Gain on sale loans 1,457 584 66.9% 625 75.1% Bank-owned life insurance 1,371 (131) -8.7% 67 5.1% Mortgage banking income 901 449 99.3% (127) -12.4% Gain on real estate owned, net 487 430 754.4% (298) -38.0% Gain / (Loss) on Sale MSR - - 0.0% (8,305) -100.0% Gain / (Loss) on Sale Investments (39,413) (39,413) 0.0% (31,107) 374.5% Total Non-interest Income (8,849) (36,812) -131.6% (38,646) -129.7% Total Noninterest Income - Adjusted* 30,564 2,601 9.3% 766 2.6% * Excludes Gain / (Loss) on Sale MSR and Gain / (Loss) on Sale Investments 29.80 30.89 29.17 27.96 (8.85) 29.80 30.89 29.17 27.96 30.56 2Q23 3Q23 4Q23 1Q24 2Q24 Total Non-interest income Total Non-interest income - adjusted*

47.7 51.2 50.2 51.5 53.5 36.6 36.3 38.1 37.5 37.0 1.6 - 2.4 1.0 1.9 85.9 87.6 90.7 90.0 92.4 60.3% 62.3% 64.7% 67.4% 65.4% 50.0% 55.0% 60.0% 65.0% 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% 100.0% - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 2Q23 3Q23 4Q23 1Q24 2Q24 Personnel Non-personnel Restructuring Efficiency Ratio* Non-Interest Expense 10 • Compensation and benefits growth attributed to annual merit increase and additional temporary contracted employees and increased incentive compensation • Professional services reduced and replaced with internal solutions • Office operations increase reflects increase in fraud losses Summary Comments Expense Mix and Efficiency Trend $ m ill io ns * Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. $ in thousands 2Q24 vs. 1Q24 2Q24 vs 2Q23 Non-interest Expense 2Q24 Change $ Change % Change $ Change % Compensation and employee benefits 53,531 1,991 3.9% 5,881 12.3% Processing expenses 14,695 (30) -0.2% 47 0.3% Premises and occupancy costs 7,464 (163) -2.1% (115) -1.5% Office operations 3,819 1,052 38.0% 1,019 36.4% Professional services 3,728 (337) -8.3% (76) -2.0% Federal deposit insurance premiums 2,865 (158) -5.2% 801 38.8% Marketing expenses 2,410 261 12.1% (446) -15.6% Merger, asset disposition and restructuring expense 1,915 960 100.5% 322 20.2% Other 1,993 (1,180) -37.2% (871) -30.4% Total Non-interest Expense 92,420 2,396 2.7% 6,562 7.6% 2Q23 3Q23 4Q23 1Q24 2Q24 Efficiency Ratio 62.1% 62.9% 66.9% 68.6% 94.3% Efficiency Ratio* 60.3% 62.3% 64.7% 67.4% 65.4%

6.0 4.0 3.8 4.2 2.2 0.10% 0.13% 0.12% 0.16% 0.07% 0.00% 0.10% 0.20% 0.30% 0.40% (0.5) 0.5 1.5 2.5 3.5 4.5 5.5 6.5 2Q23 3Q23 4Q23 1Q24 2Q24 Provision for Credit Losses - Loans Net Charge-offs to Average Loans 11,271 11,310 11,415 11,501 11,354 1.10% 1.10% 1.10% 1.09% 1.10% 1.00% 1.05% 1.10% 1.15% 1.20% 1.25% 1.30% 11,050 11,150 11,250 11,350 11,450 11,550 2Q23 3Q23 4Q23 1Q24 2Q24 Loan Balances Allowance to Loans Allowance for Credit Losses 11 $ m ill io ns • Overall ALLL coverage remains strong at 1.10% • Net charge-offs of 7 bps reflects increased recoveries in the quarter • $2.2 million provision expensed for loan losses based on CECL modeling Summary Comments Allowance Quarter-over-Quarter Change Total Loans and Allowance $ m ill io ns Net Charge-offs and Provision $ m ill io ns 1.10% 1.09% Allowance to Loans

72.1 57.2 93.3 90.3 68.3 0.64% 0.50% 0.79% 0.76% 0.59% -0.10% 0.40% 0.90% 1.40% - 20.0 40.0 60.0 80.0 100.0 2Q23 3Q23 4Q23 1Q24 2Q24 Delinquent Loans Delinquency Percentage 79 78 97 98 105 0.56% 0.54% 0.67% 0.67% 0.73% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% - 20 40 60 80 100 120 2Q23 3Q23 4Q23 1Q24 2Q24 Nonperforming Assets Percent of Total Assets Credit Quality 12 $ m ill io ns • Disciplined underwriting focus has resulted in credit risk metrics to remain steady and below pre-pandemic as well as national levels • The uptick this quarter in non-performing assets was primarily a result of one commercial credit • Change in classified assets is reflective of the health care exposure Summary Comments Non-Performing Assets Loan Delinquency $ m ill io ns Classified Assets $ m ill io ns 234.4 221.7 226.6 250.7 283.8 1.64% 1.54% 1.57% 1.73% 1.97% 0.00% 1.00% 2.00% 3.00% 4.00% 0.0 50.0 100.0 150.0 200.0 250.0 300.0 2Q23 3Q23 4Q23 1Q24 2Q24 Classified Assets Classified Assets to Total Assets

Commercial Concentration 13 $ m ill io ns • Diverse portfolio has allowed Northwest to avoid material industry issues; Immaterial large metro office or rent controlled multi- family concentrations • Health care sector credit metrics appear to be leveling off • Maturity and interest rate rollover risk is not significant Summary Comments Criticized – Classified Commitments by Property Type Commercial Commitments By Industry

Balance Sheet Overview 14 2Q24 vs. 1Q24 2Q24 vs. 2Q23 Average balances ($ thousands) 2Q24 Change $ Change % Change $ Change % Total loans 11,368,749 23,441 0% 303,089 3% Investment securities 2,021,347 (29,711) -1% (212.640) -10% Other interest earning assets 159,769 65,854 70% 75,352 89% Deposits 12,086,362 198,408 2% 665,660 6% Borrowed funds and Junior sub-debt 567,162 (146,357) -21% (513,555) -48% Common shareholders’ equity 1,541,434 (8,436) -1% 21,444 1% Period end 2Q24 1Q24 vs. 1Q24 2Q23 Vs. 2Q23 CET1 capital ratio 13.18% 13.19% (1 bp) 13.45% (27 bps) Tangible Common Equity to Tangible Assets 8.37% 8.26% 11 bps 8.08% 29 bps Tangible book value per common share (non-GAAP) $9.20 $9.17 $0.03 $08.84 $0.36

2024 Outlook 15 $ in Millions 1Q24 2Q24 2H24 Guidance Average Loans 11,345 11,369 Profitability and credit discipline keeps growth in low single digits per quarter Average Deposits 11,888 12,086 Stable deposit balances expected through managed cost Net Interest Margin 3.10% 3.20% Modest margin expansion per quarter with full impact of restructuring in Q3 Non-interest Income 28.0 -8.4 Low single digit growth off adjusted base per quarter Non-interest Expense 90.0 92.4 Low single digit growth off adjusted base per quarter Effective Tax Rate 22.7% 20.1% Tax rate normalizes back near Q1 Net charge-offs 0.16% 0.07% Normalize closer to Q1 (within normal range of 15-20 bps through the cycle) Note: Low single digits is 0 – 2%

Non-GAAP Reconciliation 16 Dollars in thousands, except per share amounts * The table summarizes the Company’s results from operations on a GAAP basis and on an operating (non-GAAP) basis for the periods indicated. Operating results exclude merger, asset disposition and restructuring expense, loss on sale of investments and gain on sale of mortgage servicing rights. The net tax effect was calculated using statutory tax rates of approximately 28.0%. The Company believes this non-GAAP presentation provides a meaningful comparison of operational performance and facilitates a more effective evaluation and comparison of results to assess performance in relation to ongoing operations.

Non-GAAP Reconciliation - Continued 17 Dollars in thousands * The table summarizes the Company’s results from operations on a GAAP basis and on an operating (non-GAAP) basis for the periods indicated. Operating results exclude merger, asset disposition and restructuring expense, loss on sale of investments and gain on sale of mortgage servicing rights. The net tax effect was calculated using statutory tax rates of approximately 28.0%. The Company believes this non-GAAP presentation provides a meaningful comparison of operational performance and facilitates a more effective evaluation and comparison of results to assess performance in relation to ongoing operations.

Second Quarter 2024 Earnings Conference Call July 23, 2024 Louis J. Torchio President and Chief Executive Officer Douglas M. Schosser Chief Financial Officer T.K. Creal Chief Credit Officer Jeffrey J. Maddigan Treasurer and Investor Relations

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Cover Page Document	Jul. 23, 2024
Cover page. [Abstract]
Document Type	8-K
Entity Registrant Name	Northwest Bancshares, Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-34582
Entity Tax Identification Number	27-0950358
Entity Address, Address Line One	3 Easton Oval Suite 500
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43219
City Area Code	814
Local Phone Number	726-2140
Title of 12(b) Security	Common Stock, 0.01 Par Value
Trading Symbol	NWBI
Security Exchange Name	NASDAQ
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001471265
Amendment Flag	false
Document Period End Date	Jul. 23, 2024