Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Northwest Bancshares, Inc. | a13-3325_18k.htm |
EXHIBIT 99.1
PRESS RELEASE OF NORTHWEST BANCSHARES, INC.
EARNINGS RELEASE
FOR IMMEDIATE RELEASE
|
Contact: |
William J. Wagner, President and Chief Executive Officer (814) 726-2140 |
|
|
William W. Harvey, Jr., Executive Vice President and Chief Financial Officer (814) 726-2140 |
Northwest Bancshares, Inc. Announces Fourth Quarter 2012 Earnings
Warren, Pennsylvania — January 22, 2013
Northwest Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the quarter ended December 31, 2012 of $16.3 million, or $0.18 per diluted share. This represents an increase of $1.1 million, or 7.6%, over the same quarter last year when net income was $15.2 million, or $0.16 per diluted share, and an increase of $632,000, or 4.0%, over the quarter ended September 30, 2012 when net income was $15.7 million, or $0.17 per diluted share. The annualized returns on average shareholders’ equity and average assets for the current quarter were 5.68% and 0.82% compared to 5.23% and 0.76% for the same quarter last year and 5.37% and 0.78% for the quarter ended September 30, 2012.
As previously announced the Board of Directors declared a quarterly cash dividend of $0.12 per share for the first quarter of 2013 and accelerated its payment into the fourth quarter of 2012. Paid on December 24, 2012, this represents the 73rd consecutive quarter in which the Company has declared a cash dividend.
Net interest income increased by $77,000, or 0.1%, to $66.6 million for the quarter ended December 31, 2012, from $66.5 million for the quarter ended December 31, 2011, as a $5.2 million decrease in interest paid on deposit accounts was partially offset by a $3.2 million decrease in interest income on loans receivable and a $1.9 million decrease in interest income from investment securities. These changes from the previous year were primarily due to decreases in market interest rates and continued competitive pricing pressure.
The provision for loan losses decreased by $2.3 million, or 22.2%, to $8.2 million for the quarter ended December 31, 2012, from $10.5 million for the quarter ended December 31, 2011. As of December 31, 2012, the allowance for loan losses was $73.2 million, or 1.28% of total loans, compared to $71.1 million, or 1.28% of total loans, as of December 31, 2011. The decrease in the provision for loan losses is partially attributable to a decrease in loans that are 90 days or more delinquent to $68.3 million as of December 31, 2012, from $95.8 million as of December 31, 2011 and $80.4 million as of September 30, 2012. Additionally, net charge-offs for the quarter ended
December 31, 2012, decreased by $6.5 million, or 51.2%, to $6.1 million compared to $12.6 million in the same quarter last year.
Noninterest income increased by $1.1 million, or 7.8%, to $15.1 million for the quarter ended December 31, 2012, from $14.0 million for the quarter ended December 30, 2011, due primarily to an increase in mortgage banking income of $1.9 million, as an increased number of residential mortgage loans were sold at favorable pricing levels.
Noninterest expense increased by $2.8 million, or 5.7%, to $51.2 million for the quarter ended December 31, 2012, from $48.4 million for the quarter ended December 30, 2011, due primarily to an increase in compensation and employee benefits of $2.9 million, or 11.3%. This increase is the result of the addition of 92 full-time equivalent employees, primarily in our compliance and lending areas and increased benefit costs. Additionally, real estate owned expense increased by $799,000. Partially offsetting these increases was a decrease in marketing expense of $3.0 million, which was due to the timing of marketing campaigns.
Net income for the year ended December 31, 2012 of $63.6 million represents a decrease of $591,000, or 0.9%, compared to net income of $64.2 million for the year ended December 31, 2011. Even though net income decreased slightly from the previous year, diluted earnings per share increased to $0.68 from $0.64, as there were 5,974,113 fewer diluted average shares outstanding in 2012. The annualized returns on average shareholders’ equity and average assets were 5.48% and 0.79%, respectively, for the year ended December 31, 2012 compared to 5.24% and 0.80%, respectively, in the prior year.
In making this announcement, William J. Wagner, President and CEO, noted, “2012 was a challenging but productive year. During the year, we further enhanced our compliance management system, restructured our Credit Department to strengthen our commercial lending process and exited some of our larger problem loans. In addition, we were able to deploy $230 million of interest-earning cash by increasing investments securities by approximately $100 million and growing our loan portfolio by $150 million. This use of cash, along with continued growth in checking balances enabled us to maintain our net interest margin at 3.65% throughout the year. Credit quality continued to improve and we were able to decrease our provision for loan losses by nearly $8 million from the prior year. Non-performing loans are now at their lowest level in four years and net charge-offs were down approximately 40% from the previous year. Finally, we continued to manage our excess capital position during the quarter by repurchasing more than 4.2 million of our common shares at an average price of $11.81 per share.”
Headquartered in Warren, Pennsylvania, Northwest Bancshares, Inc. is the holding company of Northwest Savings Bank. Founded in 1896, Northwest Savings Bank is a full-service financial institution offering a complete line of business and personal banking products as well as benefits and wealth management services. Northwest operates 165 community banking offices in Pennsylvania, New York, Ohio and Maryland and 52 consumer finance offices in Pennsylvania through its subsidiary, Northwest Consumer Discount Company. Northwest Bancshares, Inc.’s common stock is listed on the NASDAQ Global Select Market. Additional information regarding Northwest Bancshares, Inc. can be accessed on-line at www.northwestsavingsbank.com.
# # #
Forward-Looking Statements - This release may contain forward-looking statements with respect to the financial condition and results of operations of Northwest Bancshares, Inc. including, without limitations, statements relating to the earnings outlook of the Company. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements, include among others, the following possibilities: (1) changes in the interest rate environment; (2) competitive pressure among financial services companies; (3) general economic conditions including an increase in non-performing loans that could result from an economic downturn; (4) changes in legislation or regulatory requirements; (5) difficulties in continuing to improve operating efficiencies; (6) difficulties in the integration of acquired businesses; and (7) increased risk associated with an increase in commercial real-estate and business loans and non-performing loans. Management has no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this release.
Northwest Bancshares, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(Dollars in thousands, except per share amounts)
|
|
|
December 31, |
| ||||
|
|
|
2012 |
|
2011 |
| ||
|
Assets |
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
88,277 |
|
94,276 |
| |
|
Interest-earning deposits in other financial institutions |
|
362,794 |
|
593,388 |
| ||
|
Federal funds sold and other short-term investments |
|
633 |
|
633 |
| ||
|
Marketable securities available-for-sale (amortized cost of $1,053,122 and $885,408) |
|
1,079,074 |
|
908,349 |
| ||
|
Marketable securities held-to-maturity (fair value of $161,969 and $239,412) |
|
155,081 |
|
231,389 |
| ||
|
Total cash, interest-earning deposits and marketable securities |
|
1,685,859 |
|
1,828,035 |
| ||
|
|
|
|
|
|
| ||
|
Residential mortgage loans held for sale |
|
15,441 |
|
967 |
| ||
|
Residential mortgage loans |
|
2,400,208 |
|
2,396,399 |
| ||
|
Home equity loans |
|
1,076,637 |
|
1,084,786 |
| ||
|
Other consumer loans |
|
235,367 |
|
245,689 |
| ||
|
Commercial real estate loans |
|
1,585,833 |
|
1,435,767 |
| ||
|
Commercial loans |
|
388,994 |
|
387,911 |
| ||
|
Total loans receivable |
|
5,702,480 |
|
5,551,519 |
| ||
|
Allowance for loan losses |
|
(73,219 |
) |
(71,138 |
) | ||
|
Loans receivable, net |
|
5,629,261 |
|
5,480,381 |
| ||
|
|
|
|
|
|
| ||
|
Federal Home Loan Bank stock, at cost |
|
46,834 |
|
48,935 |
| ||
|
Accrued interest receivable |
|
23,313 |
|
24,599 |
| ||
|
Real estate owned, net |
|
26,165 |
|
26,887 |
| ||
|
Premises and Equipment, net |
|
138,824 |
|
132,152 |
| ||
|
Bank owned life insurance |
|
137,044 |
|
133,524 |
| ||
|
Goodwill and other intangible assets |
|
178,530 |
|
174,005 |
| ||
|
Other assets |
|
76,770 |
|
109,187 |
| ||
|
Total assets |
|
$ |
7,942,600 |
|
7,957,705 |
| |
|
|
|
|
|
|
| ||
|
Liabilities and Shareholders’ equity |
|
|
|
|
| ||
|
Liabilities |
|
|
|
|
| ||
|
Noninterest-bearing demand deposits |
|
$ |
755,429 |
|
658,560 |
| |
|
Interest-bearing demand deposits |
|
851,771 |
|
800,676 |
| ||
|
Savings deposits |
|
2,271,311 |
|
2,036,272 |
| ||
|
Time deposits |
|
1,886,089 |
|
2,284,817 |
| ||
|
Total deposits |
|
5,764,600 |
|
5,780,325 |
| ||
|
Borrowed funds |
|
860,047 |
|
827,925 |
| ||
|
Advances by borrowers for taxes and insurance |
|
23,325 |
|
23,571 |
| ||
|
Accrued interest payable |
|
888 |
|
1,104 |
| ||
|
Other liabilities |
|
62,177 |
|
66,782 |
| ||
|
Junior subordinated debentures |
|
103,094 |
|
103,094 |
| ||
|
Total liabilities |
|
6,814,131 |
|
6,802,801 |
| ||
|
|
|
|
|
|
| ||
|
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, 93,652,960 shares and 97,493,046 shares issued and outstanding, respectively |
|
937 |
|
975 |
| ||
|
Paid-in-capital |
|
613,249 |
|
659,523 |
| ||
|
Retained earnings |
|
550,296 |
|
543,598 |
| ||
|
Unallocated common stock of Employee Stock Ownership Plan |
|
(24,525 |
) |
(25,966 |
) | ||
|
Accumulated other comprehensive loss |
|
(11,488 |
) |
(23,226 |
) | ||
|
Total shareholders’ equity |
|
1,128,469 |
|
1,154,904 |
| ||
|
Total liabilities and shareholders’ equity |
|
$ |
7,942,600 |
|
7,957,705 |
| |
|
|
|
|
|
|
| ||
|
Equity to assets |
|
14.21 |
% |
14.51 |
% | ||
|
Tangible common equity to assets |
|
12.23 |
% |
12.60 |
% | ||
|
Book value per share |
|
$ |
12.05 |
|
$ |
11.85 |
|
|
Tangible book value per share |
|
$ |
10.14 |
|
$ |
10.06 |
|
|
Closing market price per share |
|
$ |
12.14 |
|
$ |
12.44 |
|
|
Full time equivalent employees |
|
2,042 |
|
1,950 |
| ||
|
Number of banking offices |
|
165 |
|
168 |
| ||
Northwest Bancshares, Inc. and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
|
|
|
Quarter ended |
| |||||
|
|
|
December 31, |
|
September 30, |
| |||
|
|
|
2012 |
|
2011 |
|
2012 |
| |
|
Interest income: |
|
|
|
|
|
|
| |
|
Loans receivable |
|
$ |
76,701 |
|
79,930 |
|
77,109 |
|
|
Mortgage-backed securities |
|
3,697 |
|
5,077 |
|
3,941 |
| |
|
Taxable investment securities |
|
743 |
|
776 |
|
577 |
| |
|
Tax-free investment securities |
|
2,132 |
|
2,600 |
|
2,223 |
| |
|
Interest-earning deposits |
|
382 |
|
423 |
|
364 |
| |
|
Total interest income |
|
83,655 |
|
88,806 |
|
84,214 |
| |
|
|
|
|
|
|
|
|
| |
|
Interest expense: |
|
|
|
|
|
|
| |
|
Deposits |
|
9,042 |
|
14,227 |
|
10,207 |
| |
|
Borrowed funds |
|
7,998 |
|
8,041 |
|
8,013 |
| |
|
Total interest expense |
|
17,040 |
|
22,268 |
|
18,220 |
| |
|
|
|
|
|
|
|
|
| |
|
Net interest income |
|
66,615 |
|
66,538 |
|
65,994 |
| |
|
Provision for loan losses |
|
8,173 |
|
10,502 |
|
6,915 |
| |
|
Net interest income after provision for loan losses |
|
58,442 |
|
56,036 |
|
59,079 |
| |
|
|
|
|
|
|
|
|
| |
|
Noninterest income: |
|
|
|
|
|
|
| |
|
Impairment losses on securities |
|
— |
|
(1,504 |
) |
(340 |
) | |
|
Noncredit related losses on securities not expected to be sold (recognized in other comprehensive income) |
|
— |
|
1,074 |
|
247 |
| |
|
Net impairment losses |
|
— |
|
(430 |
) |
(93 |
) | |
|
Gain/ (loss) on sale of investments, net |
|
394 |
|
157 |
|
260 |
| |
|
Service charges and fees |
|
8,587 |
|
8,630 |
|
8,772 |
| |
|
Trust and other financial services income |
|
2,288 |
|
1,967 |
|
2,122 |
| |
|
Insurance commission income |
|
1,463 |
|
1,582 |
|
1,480 |
| |
|
Loss on real estate owned, net |
|
(2,020 |
) |
(466 |
) |
(1,187 |
) | |
|
Income from bank owned life insurance |
|
1,589 |
|
1,199 |
|
1,148 |
| |
|
Mortgage banking income |
|
1,874 |
|
(29 |
) |
1,484 |
| |
|
Other operating income |
|
964 |
|
1,428 |
|
949 |
| |
|
Total noninterest income |
|
15,139 |
|
14,038 |
|
14,935 |
| |
|
|
|
|
|
|
|
|
| |
|
Noninterest expense: |
|
|
|
|
|
|
| |
|
Compensation and employee benefits |
|
28,302 |
|
25,434 |
|
28,171 |
| |
|
Premises and occupancy costs |
|
5,680 |
|
5,556 |
|
5,498 |
| |
|
Office operations |
|
3,419 |
|
3,286 |
|
3,141 |
| |
|
Processing expenses |
|
6,459 |
|
5,982 |
|
6,340 |
| |
|
Marketing expenses |
|
134 |
|
3,098 |
|
1,830 |
| |
|
Federal deposit insurance premiums |
|
1,211 |
|
933 |
|
1,305 |
| |
|
Professional services |
|
1,869 |
|
1,441 |
|
1,939 |
| |
|
Amortization of intangible assets |
|
219 |
|
374 |
|
219 |
| |
|
Real estate owned expense |
|
1,261 |
|
462 |
|
832 |
| |
|
Other expense |
|
2,662 |
|
1,870 |
|
2,528 |
| |
|
Total noninterest expense |
|
51,216 |
|
48,436 |
|
51,803 |
| |
|
|
|
|
|
|
|
|
| |
|
Income before income taxes |
|
22,365 |
|
21,638 |
|
22,211 |
| |
|
Income tax expense |
|
6,040 |
|
6,463 |
|
6,518 |
| |
|
|
|
|
|
|
|
|
| |
|
Net income |
|
$ |
16,325 |
|
15,175 |
|
15,693 |
|
|
|
|
|
|
|
|
|
| |
|
Basic earnings per share |
|
$ |
0.18 |
|
0.16 |
|
0.17 |
|
|
|
|
|
|
|
|
|
| |
|
Diluted earnings per share |
|
$ |
0.18 |
|
0.16 |
|
0.17 |
|
|
|
|
|
|
|
|
|
| |
|
Annualized return on average equity |
|
5.68 |
% |
5.23 |
% |
5.37 |
% | |
|
Annualized return on average assets |
|
0.82 |
% |
0.76 |
% |
0.78 |
% | |
|
|
|
|
|
|
|
|
| |
|
Basic common shares outstanding |
|
92,716,973 |
|
93,675,589 |
|
94,422,878 |
| |
|
Diluted common shares outstanding |
|
92,937,877 |
|
93,972,187 |
|
94,610,656 |
| |
Northwest Bancshares, Inc. and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
|
|
|
Year ended |
| |||
|
|
|
December 31, |
| |||
|
|
|
2012 |
|
2011 |
| |
|
Interest income: |
|
|
|
|
| |
|
Loans receivable |
|
$ |
309,391 |
|
320,942 |
|
|
Mortgage-backed securities |
|
16,738 |
|
23,450 |
| |
|
Taxable investment securities |
|
2,328 |
|
2,452 |
| |
|
Tax-free investment securities |
|
9,119 |
|
11,514 |
| |
|
Interest-earning deposits |
|
1,599 |
|
1,712 |
| |
|
Total interest income |
|
339,175 |
|
360,070 |
| |
|
|
|
|
|
|
| |
|
Interest expense: |
|
|
|
|
| |
|
Deposits |
|
43,377 |
|
60,721 |
| |
|
Borrowed funds |
|
31,822 |
|
32,080 |
| |
|
Total interest expense |
|
75,199 |
|
92,801 |
| |
|
|
|
|
|
|
| |
|
Net interest income |
|
263,976 |
|
267,269 |
| |
|
Provision for loan losses |
|
26,338 |
|
34,170 |
| |
|
Net interest income after provision for loan losses |
|
237,638 |
|
233,099 |
| |
|
|
|
|
|
|
| |
|
Noninterest income: |
|
|
|
|
| |
|
Impairment losses on securities |
|
(996 |
) |
(2,081 |
) | |
|
Noncredit related losses on securities not expected to be sold (recognized in other comprehensive income) |
|
665 |
|
1,144 |
| |
|
Net impairment losses |
|
(331 |
) |
(937 |
) | |
|
Gain on sale of investments, net |
|
654 |
|
358 |
| |
|
Service charges and fees |
|
34,486 |
|
35,378 |
| |
|
Trust and other financial services income |
|
8,544 |
|
8,125 |
| |
|
Insurance commission income |
|
6,264 |
|
6,548 |
| |
|
Loss on real estate owned, net |
|
(4,859 |
) |
(2,426 |
) | |
|
Income from bank owned life insurance |
|
4,961 |
|
6,019 |
| |
|
Mortgage banking income |
|
4,678 |
|
858 |
| |
|
Other operating income |
|
4,154 |
|
4,213 |
| |
|
Total noninterest income |
|
58,551 |
|
58,136 |
| |
|
|
|
|
|
|
| |
|
Noninterest expense: |
|
|
|
|
| |
|
Compensation and employee benefits |
|
111,727 |
|
106,595 |
| |
|
Premises and occupancy costs |
|
22,409 |
|
23,055 |
| |
|
Office operations |
|
13,224 |
|
12,850 |
| |
|
Processing expenses |
|
25,000 |
|
23,332 |
| |
|
Marketing expenses |
|
7,829 |
|
9,953 |
| |
|
Federal deposit insurance premiums |
|
5,554 |
|
7,101 |
| |
|
Professional services |
|
7,005 |
|
5,224 |
| |
|
Amortization of intangible assets |
|
1,012 |
|
1,819 |
| |
|
Real estate owned expense |
|
3,404 |
|
1,625 |
| |
|
Other expense |
|
9,097 |
|
8,673 |
| |
|
Total noninterest expense |
|
206,261 |
|
200,227 |
| |
|
|
|
|
|
|
| |
|
Income before income taxes |
|
89,928 |
|
91,008 |
| |
|
Income tax expense |
|
26,368 |
|
26,857 |
| |
|
|
|
|
|
|
| |
|
Net income |
|
$ |
63,560 |
|
64,151 |
|
|
|
|
|
|
|
| |
|
Basic earnings per share |
|
$ |
0.68 |
|
0.64 |
|
|
|
|
|
|
|
| |
|
Diluted earnings per share |
|
$ |
0.68 |
|
0.64 |
|
|
|
|
|
|
|
| |
|
Annualized return on average equity |
|
5.48 |
% |
5.24 |
% | |
|
Annualized return on average assets |
|
0.79 |
% |
0.80 |
% | |
|
|
|
|
|
|
| |
|
Basic common shares outstanding |
|
93,912,821 |
|
99,801,783 |
| |
|
Diluted common shares outstanding |
|
94,203,451 |
|
100,177,564 |
| |
Northwest Bancshares, Inc. and Subsidiaries
Asset quality
(Dollars in thousands)
|
|
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Non-accrual loans current: |
|
|
|
|
|
|
|
|
| |
|
Residential mortgage loans |
|
$ |
797 |
|
— |
|
— |
|
— |
|
|
Home equity loans |
|
635 |
|
— |
|
— |
|
— |
| |
|
Other consumer loans |
|
44 |
|
— |
|
— |
|
— |
| |
|
Commercial real estate loans |
|
24,960 |
|
13,057 |
|
7,378 |
|
— |
| |
|
Commercial loans |
|
5,424 |
|
13,480 |
|
23,317 |
|
13,141 |
| |
|
Total non-accrual loans current |
|
$ |
31,860 |
|
26,537 |
|
30,695 |
|
13,141 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Non-accrual loans delinquent 30 days to 59 days: |
|
|
|
|
|
|
|
|
| |
|
Residential mortgage loans |
|
$ |
— |
|
— |
|
— |
|
— |
|
|
Home equity loans |
|
— |
|
— |
|
— |
|
— |
| |
|
Other consumer loans |
|
— |
|
— |
|
— |
|
— |
| |
|
Commercial real estate loans |
|
5,549 |
|
3,274 |
|
4,039 |
|
— |
| |
|
Commercial loans |
|
2,002 |
|
90 |
|
1,465 |
|
— |
| |
|
Total non-accrual loans delinquent 30 days to 59 days |
|
$ |
7,551 |
|
3,364 |
|
5,504 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Non-accrual loans delinquent 60 days to 89 days: |
|
|
|
|
|
|
|
|
| |
|
Residential mortgage loans |
|
$ |
— |
|
— |
|
— |
|
— |
|
|
Home equity loans |
|
— |
|
— |
|
— |
|
— |
| |
|
Other consumer loans |
|
— |
|
— |
|
— |
|
— |
| |
|
Commercial real estate loans |
|
2,802 |
|
1,560 |
|
10,923 |
|
1,705 |
| |
|
Commercial loans |
|
9,652 |
|
3,808 |
|
848 |
|
— |
| |
|
Total non-accrual loans delinquent 60 days to 89 days |
|
$ |
12,454 |
|
5,368 |
|
11,771 |
|
1,705 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Non-accrual loans delinquent 90 days or more: |
|
|
|
|
|
|
|
|
| |
|
Residential mortgage loans |
|
$ |
24,286 |
|
28,221 |
|
29,751 |
|
29,134 |
|
|
Home equity loans |
|
8,479 |
|
9,560 |
|
10,263 |
|
10,008 |
| |
|
Other consumer loans |
|
1,936 |
|
2,667 |
|
2,565 |
|
2,775 |
| |
|
Commercial real estate loans |
|
24,550 |
|
44,603 |
|
44,965 |
|
49,594 |
| |
|
Commercial loans |
|
9,096 |
|
10,785 |
|
12,877 |
|
18,269 |
| |
|
Total non- accrual loans delinquent 90 days or more |
|
$ |
68,347 |
|
95,836 |
|
100,421 |
|
109,780 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total non-accrual loans |
|
$ |
120,212 |
|
131,105 |
|
148,391 |
|
124,626 |
|
|
|
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
| |
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Nonperforming loans |
|
$ |
120,212 |
|
131,105 |
|
148,391 |
|
124,626 |
|
|
Real estate owned, net |
|
26,165 |
|
26,887 |
|
20,780 |
|
20,257 |
| |
|
Nonperforming assets |
|
$ |
146,377 |
|
157,992 |
|
169,171 |
|
144,883 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Non-accrual troubled debt restructuring * |
|
$ |
39,614 |
|
29,575 |
|
41,740 |
|
2,908 |
|
|
Accruing troubled debt restructuring |
|
49,830 |
|
39,854 |
|
10,865 |
|
18,177 |
| |
|
Total troubled debt restructuring |
|
$ |
89,444 |
|
69,429 |
|
52,605 |
|
21,085 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Nonperforming loans to total loans |
|
2.11 |
% |
2.36 |
% |
2.68 |
% |
2.35 |
% | |
|
|
|
|
|
|
|
|
|
|
| |
|
Nonperforming assets to total assets |
|
1.84 |
% |
1.99 |
% |
2.08 |
% |
1.81 |
% | |
|
|
|
|
|
|
|
|
|
|
| |
|
Allowance for loan losses to total loans |
|
1.28 |
% |
1.28 |
% |
1.38 |
% |
1.33 |
% | |
|
|
|
|
|
|
|
|
|
|
| |
|
Allowance for loan losses to nonperforming loans |
|
60.91 |
% |
54.26 |
% |
51.49 |
% |
56.49 |
% | |
* Amounts included in nonperforming loans above.
Northwest Bancshares, Inc. and Subsidiaries
Delinquency
(Dollars in thousands)
Loan delinquency schedule
(Number of loans and dollar amount of loans)
|
|
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
| ||||||||||||||||||||
|
|
|
2012 |
|
* |
|
2011 |
|
* |
|
2010 |
|
* |
|
2009 |
|
* |
| ||||||||||||
|
Loans delinquent 30 days to 59 days: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Residential mortgage loans |
|
430 |
|
$ |
32,921 |
|
1.4 |
% |
427 |
|
$ |
33,671 |
|
1.4 |
% |
427 |
|
$ |
35,329 |
|
1.5 |
% |
343 |
|
$ |
27,913 |
|
1.2 |
% |
|
Home equity loans |
|
224 |
|
6,534 |
|
0.6 |
% |
222 |
|
7,426 |
|
0.7 |
% |
230 |
|
7,317 |
|
0.7 |
% |
184 |
|
7,014 |
|
0.6 |
% | ||||
|
Consumer loans |
|
1,122 |
|
5,456 |
|
2.3 |
% |
903 |
|
4,854 |
|
2.0 |
% |
1,008 |
|
5,318 |
|
2.1 |
% |
923 |
|
4,297 |
|
1.6 |
% | ||||
|
Commercial real estate loans |
|
87 |
|
13,001 |
|
0.8 |
% |
104 |
|
10,680 |
|
0.7 |
% |
82 |
|
16,287 |
|
1.2 |
% |
85 |
|
16,152 |
|
1.3 |
% | ||||
|
Commercial loans |
|
41 |
|
3,233 |
|
0.8 |
% |
32 |
|
2,027 |
|
0.5 |
% |
48 |
|
6,590 |
|
1.5 |
% |
48 |
|
3,293 |
|
0.9 |
% | ||||
|
Total loans delinquent 30 days to 59 days |
|
1,904 |
|
$ |
61,145 |
|
1.1 |
% |
1,688 |
|
58,658 |
|
1.1 |
% |
1,795 |
|
$ |
70,841 |
|
1.3 |
% |
1,583 |
|
$ |
58,669 |
|
1.1 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Loans delinquent 60 days to 89 days: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Residential mortgage loans |
|
100 |
|
$ |
9,387 |
|
0.4 |
% |
99 |
|
$ |
8,629 |
|
0.4 |
% |
106 |
|
$ |
9,848 |
|
0.4 |
% |
77 |
|
$ |
6,657 |
|
0.3 |
% |
|
Home equity loans |
|
65 |
|
1,977 |
|
0.2 |
% |
47 |
|
1,953 |
|
0.2 |
% |
81 |
|
3,249 |
|
0.3 |
% |
52 |
|
1,719 |
|
0.2 |
% | ||||
|
Consumer loans |
|
448 |
|
1,830 |
|
0.8 |
% |
412 |
|
1,787 |
|
0.7 |
% |
356 |
|
1,331 |
|
0.5 |
% |
348 |
|
1,425 |
|
0.5 |
% | ||||
|
Commercial real estate loans |
|
33 |
|
4,596 |
|
0.3 |
% |
38 |
|
3,122 |
|
0.2 |
% |
39 |
|
14,365 |
|
1.1 |
% |
35 |
|
5,811 |
|
0.5 |
% | ||||
|
Commercial loans |
|
17 |
|
10,158 |
|
2.5 |
% |
25 |
|
4,958 |
|
1.3 |
% |
9 |
|
1,678 |
|
0.4 |
% |
26 |
|
2,474 |
|
0.7 |
% | ||||
|
Total loans delinquent 60 days to 89 days |
|
663 |
|
$ |
27,948 |
|
0.5 |
% |
621 |
|
20,449 |
|
0.4 |
% |
591 |
|
$ |
30,471 |
|
0.6 |
% |
538 |
|
$ |
18,086 |
|
0.3 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Loans delinquent 90 days or more: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Residential mortgage loans |
|
266 |
|
$ |
24,286 |
|
1.0 |
% |
273 |
|
$ |
28,221 |
|
1.2 |
% |
275 |
|
$ |
29,751 |
|
1.2 |
% |
265 |
|
$ |
29,134 |
|
1.2 |
% |
|
Home equity loans |
|
175 |
|
8,479 |
|
0.8 |
% |
177 |
|
9,560 |
|
0.9 |
% |
190 |
|
10,263 |
|
0.9 |
% |
195 |
|
10,008 |
|
0.9 |
% | ||||
|
Consumer loans |
|
427 |
|
1,936 |
|
0.8 |
% |
456 |
|
2,667 |
|
1.1 |
% |
374 |
|
2,565 |
|
1.0 |
% |
546 |
|
2,775 |
|
1.0 |
% | ||||
|
Commercial real estate loans |
|
146 |
|
24,550 |
|
1.6 |
% |
131 |
|
44,603 |
|
3.1 |
% |
181 |
|
44,965 |
|
3.3 |
% |
199 |
|
49,594 |
|
4.0 |
% | ||||
|
Commercial loans |
|
61 |
|
9,096 |
|
2.2 |
% |
66 |
|
10,785 |
|
2.8 |
% |
111 |
|
12,877 |
|
3.0 |
% |
124 |
|
18,269 |
|
4.9 |
% | ||||
|
Total loans delinquent 90 days or more |
|
1,075 |
|
$ |
68,347 |
|
1.2 |
% |
1,103 |
|
95,836 |
|
1.7 |
% |
1,131 |
|
$ |
100,421 |
|
1.8 |
% |
1,329 |
|
$ |
109,780 |
|
2.1 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Total loans delinquent |
|
3,642 |
|
$ |
157,440 |
|
2.8 |
% |
3,412 |
|
$ |
174,943 |
|
3.2 |
% |
3,517 |
|
$ |
201,733 |
|
3.7 |
% |
3,450 |
|
$ |
186,535 |
|
3.5 |
% |
* - Represents delinquency, in dollars, divided by the respective total amount of that type of loan outstanding.
Northwest Bancshares, Inc. and Subsidiaries
Loans by credit quality indicators as of December 31, 2012
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Recorded |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
investment |
| |
|
|
|
|
|
Special |
|
|
|
|
|
|
|
in loans |
| |
|
|
|
Pass |
|
mention |
|
Substandard |
|
Doubtful |
|
Loss |
|
receivable |
| |
|
Personal Banking: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Residential mortgage loans |
|
$ |
2,395,809 |
|
— |
|
18,743 |
|
48 |
|
1,049 |
|
2,415,649 |
|
|
Home equity loans |
|
1,068,183 |
|
— |
|
8,454 |
|
— |
|
— |
|
1,076,637 |
| |
|
Other consumer loans |
|
234,106 |
|
— |
|
1,261 |
|
— |
|
— |
|
235,367 |
| |
|
Total Personal Banking |
|
3,698,098 |
|
— |
|
28,458 |
|
48 |
|
1,049 |
|
3,727,653 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Business Banking: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Commercial real estate loans |
|
1,352,118 |
|
68,130 |
|
163,751 |
|
1,834 |
|
— |
|
1,585,833 |
| |
|
Commercial loans |
|
320,228 |
|
13,077 |
|
52,742 |
|
2,947 |
|
— |
|
388,994 |
| |
|
Total Business Banking |
|
1,672,346 |
|
81,207 |
|
216,493 |
|
4,781 |
|
— |
|
1,974,827 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
$ |
5,370,444 |
|
81,207 |
|
244,951 |
|
4,829 |
|
1,049 |
|
5,702,480 |
|
Northwest Bancshares, Inc. and Subsidiaries
Loans by credit quality indicators as of December 31, 2011
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Recorded |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
investment |
| |
|
|
|
|
|
Special |
|
|
|
|
|
|
|
in loans |
| |
|
|
|
Pass |
|
mention |
|
Substandard |
|
Doubtful |
|
Loss |
|
receivable |
| |
|
Personal Banking: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Residential mortgage loans |
|
$ |
2,373,275 |
|
— |
|
22,843 |
|
11 |
|
1,237 |
|
2,397,366 |
|
|
Home equity loans |
|
1,074,512 |
|
— |
|
10,274 |
|
— |
|
— |
|
1,084,786 |
| |
|
Other consumer loans |
|
244,491 |
|
— |
|
1,198 |
|
— |
|
— |
|
245,689 |
| |
|
Total Personal Banking |
|
3,692,278 |
|
— |
|
34,315 |
|
11 |
|
1,237 |
|
3,727,841 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Business Banking: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Commercial real estate loans |
|
1,211,583 |
|
75,981 |
|
144,947 |
|
3,256 |
|
— |
|
1,435,767 |
| |
|
Commercial loans |
|
298,597 |
|
23,887 |
|
62,753 |
|
2,674 |
|
— |
|
387,911 |
| |
|
Total Business Banking |
|
1,510,180 |
|
99,868 |
|
207,700 |
|
5,930 |
|
— |
|
1,823,678 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
$ |
5,202,458 |
|
99,868 |
|
242,015 |
|
5,941 |
|
1,237 |
|
5,551,519 |
|
Northwest Bancshares, Inc. and Subsidiaries
Allowance for loan losses
(Dollars in thousands)
|
|
|
Quarter ended |
|
Year ended |
| |||||
|
|
|
December 31, |
|
December 31, |
| |||||
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
| |
|
Allowance for loan losses |
|
|
|
|
|
|
|
|
| |
|
Beginning balance |
|
$ |
71,177 |
|
73,208 |
|
71,138 |
|
76,412 |
|
|
Provision |
|
8,173 |
|
10,502 |
|
26,338 |
|
34,170 |
| |
|
Charge-offs residential mortgage |
|
(836 |
) |
(1,530 |
) |
(4,295 |
) |
(4,198 |
) | |
|
Charge-offs home equity |
|
(1,317 |
) |
(998 |
) |
(4,066 |
) |
(4,734 |
) | |
|
Charge-offs other consumer |
|
(1,592 |
) |
(1,467 |
) |
(5,919 |
) |
(5,283 |
) | |
|
Charge-offs commercial real estate |
|
(4,102 |
) |
(4,288 |
) |
(9,919 |
) |
(12,508 |
) | |
|
Charge-offs commercial |
|
(1,245 |
) |
(4,935 |
) |
(6,254 |
) |
(15,641 |
) | |
|
Recoveries |
|
2,961 |
|
646 |
|
6,196 |
|
2,920 |
| |
|
Ending balance |
|
$ |
73,219 |
|
71,138 |
|
73,219 |
|
71,138 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Net charge-offs to average loans, annualized |
|
0.43 |
% |
0.91 |
% |
0.43 |
% |
0.72 |
% | |
Northwest Bancshares, Inc. and Subsidiaries
Municipal securities portfolio
(Dollars in thousands)
|
|
|
December 31, 2012 |
|
As a % |
| |||||
|
|
|
Market |
|
Book |
|
Unrealized |
|
of book |
| |
|
|
|
value |
|
value |
|
gain |
|
value |
| |
|
Municipal securities by state: |
|
|
|
|
|
|
|
|
| |
|
Pennsylvania |
|
|
|
|
|
|
|
|
| |
|
School districts |
|
$ |
96,271 |
|
91,951 |
|
4,320 |
|
46.7 |
% |
|
General obligations |
|
37,205 |
|
35,418 |
|
1,787 |
|
18.0 |
% | |
|
Revenue bonds |
|
3,006 |
|
2,948 |
|
58 |
|
1.5 |
% | |
|
Total Pennsylvania |
|
136,482 |
|
130,317 |
|
6,165 |
|
66.2 |
% | |
|
New York |
|
26,831 |
|
25,954 |
|
877 |
|
13.2 |
% | |
|
Ohio |
|
6,390 |
|
5,973 |
|
417 |
|
3.0 |
% | |
|
All other states |
|
37,683 |
|
34,659 |
|
3,024 |
|
17.6 |
% | |
|
|
|
$ |
207,386 |
|
196,903 |
|
10,483 |
|
|
|
|
|
|
December 31, 2011 |
|
As a % |
| |||||
|
|
|
Market |
|
Book |
|
Unrealized |
|
of book |
| |
|
|
|
value |
|
value |
|
gain |
|
value |
| |
|
Municipal securities by state: |
|
|
|
|
|
|
|
|
| |
|
Pennsylvania |
|
|
|
|
|
|
|
|
| |
|
School districts |
|
$ |
119,920 |
|
114,699 |
|
5,221 |
|
48.4 |
% |
|
General obligations |
|
43,129 |
|
41,766 |
|
1,363 |
|
17.6 |
% | |
|
Revenue bonds |
|
4,717 |
|
4,709 |
|
8 |
|
2.0 |
% | |
|
Total Pennsylvania |
|
167,766 |
|
161,174 |
|
6,592 |
|
68.0 |
% | |
|
New York |
|
35,269 |
|
33,679 |
|
1,590 |
|
14.2 |
% | |
|
Ohio |
|
6,661 |
|
6,426 |
|
235 |
|
2.7 |
% | |
|
All other states |
|
38,073 |
|
35,904 |
|
2,169 |
|
15.1 |
% | |
|
|
|
$ |
247,769 |
|
237,183 |
|
10,586 |
|
|
|
Northwest Bancshares, Inc. and Subsidiaries
Average balance sheet
(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 December 31, |
| |||||||||||
|
|
|
2012 |
|
2011 |
| |||||||||
|
|
|
|
|
|
|
Avg. |
|
|
|
|
|
Avg. |
| |
|
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
| |
|
|
|
Balance |
|
Interest |
|
Cost (h) |
|
Balance |
|
Interest |
|
Cost (h) |
| |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Loans receivable (a) (b) (d) |
|
$ |
5,709,603 |
|
77,279 |
|
5.41 |
% |
5,544,194 |
|
80,395 |
|
5.79 |
% |
|
Mortgage-backed securities (c) |
|
717,028 |
|
3,697 |
|
2.06 |
% |
797,071 |
|
5,077 |
|
2.55 |
% | |
|
Investment securities (c) (d) |
|
408,925 |
|
4,022 |
|
3.93 |
% |
376,545 |
|
4,776 |
|
5.07 |
% | |
|
FHLB stock |
|
46,833 |
|
51 |
|
0.44 |
% |
49,775 |
|
— |
|
— |
| |
|
Other interest-earning deposits |
|
608,772 |
|
382 |
|
0.25 |
% |
615,906 |
|
423 |
|
0.27 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total interest-earning assets |
|
7,491,161 |
|
85,431 |
|
4.56 |
% |
7,383,491 |
|
90,671 |
|
4.90 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Noninterest earning assets (e) |
|
502,514 |
|
|
|
|
|
571,873 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total assets |
|
$ |
7,993,675 |
|
|
|
|
|
7,955,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Liabilities and shareholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Savings accounts |
|
$ |
1,145,405 |
|
1,019 |
|
0.35 |
% |
1,064,533 |
|
1,139 |
|
0.42 |
% |
|
Interest-bearing demand accounts |
|
837,955 |
|
145 |
|
0.07 |
% |
787,674 |
|
238 |
|
0.12 |
% | |
|
Money market accounts |
|
1,115,655 |
|
842 |
|
0.30 |
% |
959,378 |
|
1,013 |
|
0.42 |
% | |
|
Certificate accounts |
|
1,923,699 |
|
7,036 |
|
1.46 |
% |
2,308,440 |
|
11,837 |
|
2.03 |
% | |
|
Borrowed funds (f) |
|
864,085 |
|
6,562 |
|
3.02 |
% |
836,948 |
|
6,604 |
|
3.13 |
% | |
|
Junior subordinated debentures |
|
103,094 |
|
1,436 |
|
5.45 |
% |
103,094 |
|
1,437 |
|
5.45 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total interest-bearing liabilities |
|
5,989,893 |
|
17,040 |
|
1.13 |
% |
6,060,067 |
|
22,268 |
|
1.46 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Noninterest bearing liabilities (g) |
|
854,786 |
|
|
|
|
|
734,898 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total liabilities |
|
6,844,679 |
|
|
|
|
|
6,794,965 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shareholders’ equity |
|
1,148,996 |
|
|
|
|
|
1,160,399 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total liabilities and shareholders’ equity |
|
$ |
7,993,675 |
|
|
|
|
|
7,955,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Net interest income/ Interest rate spread |
|
|
|
68,391 |
|
3.43 |
% |
|
|
68,403 |
|
3.44 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Net interest-earning assets/ Net interest margin |
|
$ |
1,501,268 |
|
|
|
3.65 |
% |
1,323,424 |
|
|
|
3.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Ratio of interest-earning assets to interest-bearing liabilities |
|
1.25X |
|
|
|
|
|
1.22X |
|
|
|
|
| |
(a) Average gross loans receivable includes loans held as available-for-sale and loans placed on nonaccrual status.
(b) Interest income includes accretion/ amortization of deferred loan fees/ expenses, which was not material.
(c) Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale.
(d) Interest income on tax-free investment securities and tax-free loans are presented on a fully taxable equivalent basis.
(e) Average balances include the effect of unrealized gains or losses on securities held as available-for-sale.
(f) Average balances include FHLB borrowings and securities sold under agreements to repurchase.
(g) Average balances include non-interest bearing demand deposits (checking accounts).
(h) Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans - 5.37% and 5.76%, respectively, Investment securities - 2.81% and 3.59%, respectively, Interest-earning assets - 4.47% and 4.80%, respectively. GAAP basis net interest rate spreads were 3.34% and 3.34%, respectively, and GAAP basis net interest margins were 3.56% and 3.60%, respectively.
Northwest Bancshares, Inc. and Subsidiaries
Average balance sheet
(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.
|
|
|
Year ended December 31, |
| |||||||||||
|
|
|
2012 |
|
2011 |
| |||||||||
|
|
|
|
|
|
|
Avg. |
|
|
|
|
|
Avg. |
| |
|
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
| |
|
|
|
Balance |
|
Interest |
|
Cost (h) |
|
Balance |
|
Interest |
|
Cost (h) |
| |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Loans receivable (a) (b) (d) |
|
$ |
5,655,179 |
|
311,650 |
|
5.51 |
% |
5,508,790 |
|
322,656 |
|
5.85 |
% |
|
Mortgage-backed securities (c) |
|
736,896 |
|
16,738 |
|
2.27 |
% |
874,366 |
|
23,450 |
|
2.68 |
% | |
|
Investment securities (c) (d) |
|
353,431 |
|
16,357 |
|
4.63 |
% |
384,389 |
|
20,166 |
|
5.25 |
% | |
|
FHLB stock |
|
47,205 |
|
87 |
|
0.18 |
% |
53,985 |
|
— |
|
— |
| |
|
Other interest-earning deposits |
|
638,366 |
|
1,599 |
|
0.25 |
% |
665,074 |
|
1,712 |
|
0.25 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total interest-earning assets |
|
7,431,077 |
|
346,431 |
|
4.66 |
% |
7,486,604 |
|
367,984 |
|
4.91 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Noninterest earning assets (e) |
|
581,429 |
|
|
|
|
|
570,888 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total assets |
|
$ |
8,012,506 |
|
|
|
|
|
8,057,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Liabilities and shareholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Savings accounts |
|
$ |
1,136,774 |
|
4,219 |
|
0.37 |
% |
1,075,890 |
|
5,000 |
|
0.46 |
% |
|
Interest-bearing demand accounts |
|
822,626 |
|
792 |
|
0.10 |
% |
793,287 |
|
960 |
|
0.12 |
% | |
|
Money market accounts |
|
1,047,894 |
|
3,605 |
|
0.34 |
% |
939,317 |
|
4,243 |
|
0.45 |
% | |
|
Certificate accounts |
|
2,059,702 |
|
34,761 |
|
1.69 |
% |
2,362,313 |
|
50,518 |
|
2.14 |
% | |
|
Borrowed funds (f) |
|
850,171 |
|
26,105 |
|
3.07 |
% |
841,748 |
|
26,381 |
|
3.13 |
% | |
|
Junior subordinated debentures |
|
103,094 |
|
5,717 |
|
5.47 |
% |
103,094 |
|
5,699 |
|
5.45 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total interest-bearing liabilities |
|
6,020,261 |
|
75,199 |
|
1.25 |
% |
6,115,649 |
|
92,801 |
|
1.52 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Noninterest bearing liabilities (g) |
|
833,149 |
|
|
|
|
|
718,434 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total liabilities |
|
6,853,410 |
|
|
|
|
|
6,834,083 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shareholders’ equity |
|
1,159,096 |
|
|
|
|
|
1,223,409 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total liabilities and shareholders’ equity |
|
$ |
8,012,506 |
|
|
|
|
|
8,057,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Net interest income/ Interest rate spread |
|
|
|
271,232 |
|
3.41 |
% |
|
|
275,183 |
|
3.39 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Net interest-earning assets/ Net interest margin |
|
$ |
1,410,816 |
|
|
|
3.65 |
% |
1,370,955 |
|
|
|
3.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Ratio of interest-earning assets to interest-bearing liabilities |
|
1.23X |
|
|
|
|
|
1.22X |
|
|
|
|
| |
(a) Average gross loans receivable includes loans held as available-for-sale and loans placed on nonaccrual status.
(b) Interest income includes accretion/ amortization of deferred loan fees/ expenses, which was not material.
(c) Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale.
(d) Interest income on tax-free investment securities and tax-free loans are presented on a fully taxable equivalent basis.
(e) Average balances include the effect of unrealized gains or losses on securities held as available-for-sale.
(f) Average balances include FHLB borrowings and securities sold under agreements to repurchase.
(g) Average balances include non-interest bearing demand deposits (checking accounts).
(h) Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans - 5.47% and 5.82%, respectively, Investment securities - 3.24% and 3.63%, respectively, Interest-earning assets - 4.57% and 4.80%, respectively. GAAP basis net interest rate spreads were 3.32% and 3.28%, respectively, and GAAP basis net interest margins were 3.55% and 3.57%, respectively.
Northwest Bancshares, Inc. and Subsidiaries
Average balance sheet
(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 |
|
Quarter ended |
| |||||||||
|
|
|
December 31, 2012 |
|
September 30, 2012 |
| |||||||||
|
|
|
|
|
|
|
Avg. |
|
|
|
|
|
Avg. |
| |
|
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
| |
|
|
|
Balance |
|
Interest |
|
Cost (h) |
|
Balance |
|
Interest |
|
Cost (h) |
| |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Loans receivable (a) (b) (d) |
|
$ |
5,709,603 |
|
77,279 |
|
5.41 |
% |
5,703,380 |
|
77,698 |
|
5.43 |
% |
|
Mortgage-backed securities (c) |
|
717,028 |
|
3,697 |
|
2.06 |
% |
722,368 |
|
3,941 |
|
2.18 |
% | |
|
Investment securities (c) (d) |
|
408,925 |
|
4,022 |
|
3.93 |
% |
350,081 |
|
3,997 |
|
4.57 |
% | |
|
FHLB stock |
|
46,833 |
|
51 |
|
0.44 |
% |
46,834 |
|
12 |
|
0.10 |
% | |
|
Other interest-earning deposits |
|
608,772 |
|
382 |
|
0.25 |
% |
598,114 |
|
364 |
|
0.24 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total interest-earning assets |
|
7,491,161 |
|
85,431 |
|
4.56 |
% |
7,420,777 |
|
86,012 |
|
4.62 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Noninterest earning assets (e) |
|
502,514 |
|
|
|
|
|
625,460 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total assets |
|
$ |
7,993,675 |
|
|
|
|
|
8,046,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Liabilities and shareholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Savings accounts |
|
$ |
1,145,405 |
|
1,019 |
|
0.35 |
% |
1,154,104 |
|
1,060 |
|
0.37 |
% |
|
Interest-bearing demand accounts |
|
837,955 |
|
145 |
|
0.07 |
% |
834,890 |
|
180 |
|
0.09 |
% | |
|
Money market accounts |
|
1,115,655 |
|
842 |
|
0.30 |
% |
1,076,799 |
|
920 |
|
0.34 |
% | |
|
Certificate accounts |
|
1,923,699 |
|
7,036 |
|
1.46 |
% |
1,991,987 |
|
8,047 |
|
1.61 |
% | |
|
Borrowed funds (f) |
|
864,085 |
|
6,562 |
|
3.02 |
% |
856,292 |
|
6,576 |
|
3.06 |
% | |
|
Junior subordinated debentures |
|
103,094 |
|
1,436 |
|
5.45 |
% |
103,094 |
|
1,437 |
|
5.45 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total interest-bearing liabilities |
|
5,989,893 |
|
17,040 |
|
1.13 |
% |
6,017,166 |
|
18,220 |
|
1.20 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Noninterest bearing liabilities (g) |
|
854,786 |
|
|
|
|
|
859,553 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total liabilities |
|
6,844,679 |
|
|
|
|
|
6,876,719 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shareholders’ equity |
|
1,148,996 |
|
|
|
|
|
1,169,518 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total liabilities and shareholders’ equity |
|
$ |
7,993,675 |
|
|
|
|
|
8,046,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Net interest income/ Interest rate spread |
|
|
|
68,391 |
|
3.43 |
% |
|
|
67,792 |
|
3.42 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Net interest-earning assets/ Net interest margin |
|
$ |
1,501,268 |
|
|
|
3.65 |
% |
1,403,611 |
|
|
|
3.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Ratio of interest-earning assets to interest-bearing liabilities |
|
1.25X |
|
|
|
|
|
1.23X |
|
|
|
|
| |
(a) Average gross loans receivable includes loans held as available-for-sale and loans placed on nonaccrual status.
(b) Interest income includes accretion/ amortization of deferred loan fees/ expenses, which was not material.
(c) Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale.
(d) Interest income on tax-free investment securities and tax-free loans are presented on a fully taxable equivalent basis.
(e) Average balances include the effect of unrealized gains or losses on securities held as available-for-sale.
(f) Average balances include FHLB borrowings and securities sold under agreements to repurchase.
(g) Average balances include non-interest bearing demand deposits (checking accounts).
(h) Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans - 5.37% and 5.39%, respectively, Investment securities - 2.81% and 3.20%, respectively, Interest-earning assets - 4.47% and 4.52%, respectively. GAAP basis net interest rate spreads were 3.34% and 3.32%, respectively, and GAAP basis net interest margins were 3.56% and 3.56%, respectively.