Net interest margin expands 13 basis points to 3.33%, inclusive of 4bps from an interest recovery Average deposits grew $10 million while cost of funds remained stable Noninterest expense declines $2 million due to disciplined expense management 120th consecutive quarterly dividend of $0.20 per share declared COLUMBUS, Ohio, Oct. 29, 2024 /PRNewswire/ -- Northwest Bancshares, Inc., (the "Company"), (NasdaqGS: NWBI) announced net income for the quarter ended September 30, 2024 of $34 million, or $0.26 per di ...

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COLUMBUS, Ohio, Oct. 8, 2024 /PRNewswire/ -- Northwest Bancshares, Inc. (NASDAQ: NWBI) will host a conference call to review third-quarter 2024 financial results on Tuesday, October 29 at 9:00 a.m. (EDT). The results are scheduled to be released at approximately 7:30 a.m. (EDT). The live audio webcast and presentation slides will be available on www.northwest.com under Investor Relations, Events & Presentations. Northwest will notify the public that financial results have been issued through its social medi ...

Northwest Bancshares (NWBI) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. Indi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2024 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 001-34582 NORTHWEST BANCSHARES, INC. (Exact name of registrant as specified in its charter) Maryland 27-0950358 (State or othe ...

Financial Data and Key Metrics Changes - The company reported a net income of $5 million or $0.04 per diluted share, with adjusted EPS at $0.27, exceeding analyst consensus by $0.05 [77] - Net interest margin (NIM) improved to 320 basis points, a 10 basis point increase from the previous quarter, reflecting reduced borrowings and higher loan yields [65][62] - Non-interest income grew by 9% or $2.6 million quarter-over-quarter, excluding losses from securities restructuring [5][4] Business Line Data and Key Metrics Changes - Commercial and industrial loans grew by 3.2% since last quarter and 33.4% year-over-year, while residential mortgages declined by $143 million or 4.1% [79] - The average overall portfolio yield increased to 2.45%, up from 1.96% at the end of the first quarter [63] - The cost of deposits rose by 15 basis points to 1.76%, the lowest increase in five quarters [4] Market Data and Key Metrics Changes - The company experienced a 1.6% growth in deposits since the last quarter and a 5.8% increase year-over-year [4] - The commercial real estate (CRE) concentration ratio stood at 168% [35] - The allowance for loans coverage increased slightly to 1.10% with net charge-offs at just 7 basis points for the quarter [80] Company Strategy and Development Direction - The company is focused on organic growth and optimizing its operations while considering acquisitions in contiguous states [21][25] - New commercial lending verticals have been established, including sponsor finance and equipment finance, which are showing promising early results [59] - The company aims to maintain a disciplined approach to loan pricing and deposit management to support NIM expansion [67][62] Management's Comments on Operating Environment and Future Outlook - Management noted that credit performance remains strong despite a slight increase in nonperforming assets, indicating a stable overall credit quality [15] - The company anticipates low-single-digit loan growth and flat deposit levels, with a focus on managing deposit costs [67] - Management expressed confidence in the positive changes to the securities portfolio, expecting strong positioning for future quarters [60] Other Important Information - The company declared a quarterly dividend of $0.20 per share to shareholders of record as of August 2, 2024 [10] - The restructuring of the securities portfolio involved selling $314 million or 15% of the portfolio at a loss of $39.4 million, with reinvestments yielding an average of 6% [63][76] Q&A Session Summary Question: What are the expectations for loan growth and credit quality? - Management indicated that loan growth was muted due to a focus on improving loan yields, with expectations for low-single-digit growth in the commercial space [62][67] Question: Can you provide details on the securities restructuring impact? - The restructuring had a positive impact on NIM, with an anticipated incremental benefit of 4 to 5 basis points expected in Q3 [17][91] Question: What is the company's approach to M&A opportunities? - The company is actively considering acquisitions to expand into higher-growth markets while being selective to ensure strategic alignment [21][25] Question: How does the company plan to manage deposit costs? - Management plans to keep deposit maturities short and take advantage of opportunities to reprice as market rates decline [48][67] Question: What is the current status of the commercial loan portfolio? - The commercial loan portfolio is seeing a mix shift towards C&I loans, with a focus on maintaining adequate margins on new loans [64][79]

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 Northwest Bancshares At-A-Glance | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------|--------------|-----------------------|-----------------------|-------|-------|-------| | For the quarter ended June 30, 2024 | FOUNDED 1896 | FINANCIAL ...

Core Viewpoint - Northwest Bancshares reported revenues of $97.99 million for the quarter ended June 2024, which was a 26.75% miss compared to the Zacks Consensus Estimate and a decline from $138.35 million year-over-year [1] Financial Performance - The company is expected to post quarterly earnings of $0.41 per share, reflecting a year-over-year decrease of 14.6%, with the consensus EPS estimate revised 2.4% lower in the last 30 days [3] - The actual quarterly earnings reported were $0.27 per share, surpassing the Zacks Consensus Estimate of $0.23 per share, consistent with earnings of $0.27 per share from the previous year [10] - The company has exceeded consensus EPS estimates two times over the last four quarters [14] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.23 on revenues of $136.36 million, and for the current fiscal year, it is $0.92 on revenues of $539.76 million [6] - The stock has gained approximately 6.7% since the beginning of the year, compared to a 16.7% increase in the S&P 500 [11] - The Zacks Rank for Northwest Bancshares is currently 3 (Hold), indicating expected performance in line with the market in the near future [12] Industry Context - The Financial - Savings and Loan industry is currently ranked in the bottom 31% of over 250 Zacks industries, suggesting that the outlook for the industry could significantly impact the stock's performance [15]

Financial Performance - Net income for the quarter ended June 30, 2024, was $4,747 thousand, a decline of 83.7% compared to $33,044 thousand in the same quarter last year[17]. - Net income for the quarter ended June 30, 2024, was $29,163 million, slightly up from $33,044 million in the same quarter last year, showing a decrease of 11.7%[34]. - Adjusted net operating income (non-GAAP) for the quarter was $34,503 thousand, up from $29,851 thousand year-over-year[38]. - Net income for the quarter ended June 30, 2024, was $5 million, a decrease of $28 million compared to the same quarter last year[66]. Interest Income and Expense - Total interest income for the quarter ended June 30, 2024, was $166,854 million, an increase from $143,996 million in the same quarter last year, representing a growth of 15.8%[34]. - Total interest expense for the quarter ended June 30, 2024, was $60,013 million, compared to $35,447 million in the same quarter last year, reflecting an increase of 69.4%[34]. - Net interest income was reported at $107,724 million with an interest rate spread of 2.58%[62]. - The net interest margin expanded by 10 basis points to 3.20%[68]. Deposits and Loans - Total deposits increased to $11,979,902, up from $11,789,882 in the previous quarter, representing a growth of 1.6%[5]. - Total loans receivable decreased slightly to $11,354,364 thousand from $11,414,809 thousand, a decline of 0.5%[31]. - Total deposits as of June 30, 2024, amounted to $12,087,379, with an average deposit account balance of $17,000[44]. - Average loans receivable increased by $303 million year-over-year, reaching $11,368,749, driven by a $631 million growth in the commercial banking portfolio[46]. Non-Interest Income and Expenses - Noninterest income showed a loss of $8,849 thousand for the quarter, primarily due to a $39,413 thousand loss on the sale of investment securities[14]. - Total noninterest expense for the quarter ended June 30, 2024, was $92,420 million, up from $85,858 million in the same quarter last year, indicating an increase of 7.5%[34]. - Noninterest expense, excluding amortization and merger, asset disposition and restructuring expenses was $89,870 for the latest quarter, up from $88,368 in the previous quarter[1]. Asset Quality - Total nonaccrual loans increased to $102,159 thousand as of June 30, 2024, up from $95,060 thousand in the previous quarter, representing an increase of 1.15%[11]. - Nonperforming loans to total loans ratio rose to 0.92% from 0.85% in the previous quarter, indicating a slight deterioration in loan quality[11]. - The allowance for credit losses to total loans remained stable at 1.10% for the quarter ended June 30, 2024[11]. - Classified loans slightly increased to $257 million, or 2.26% of total loans, compared to $214 million, or 1.90% a year earlier[13]. Capital Ratios - Total capital to risk-weighted assets for Northwest Bancshares, Inc. is $1,784,604, representing a ratio of 16.674%[25]. - Tier 1 capital to risk-weighted assets for Northwest Bancshares, Inc. is $1,536,552, with a ratio of 14.356%[25]. - Common equity tier 1 capital to risk-weighted assets for Northwest Bancshares, Inc. is $1,410,837, equating to a ratio of 13.182%[25]. - Tier 1 capital (leverage) to average assets for Northwest Bancshares, Inc. is 10.654%[25]. Employee and Office Metrics - Full-time equivalent employees decreased to 1,991 from 2,098, a reduction of 5.1%[31]. - The number of banking offices decreased to 139 from 142, indicating a contraction in physical presence[31]. Market Performance - The closing market price per share decreased to $11.55 from $12.48, a decline of 7.4%[31]. - Book value per share rose to $12.23 from $12.20, indicating a slight increase[31]. - Tangible book value per share increased to $9.20 from $8.84 year-over-year[38]. Efficiency Metrics - The efficiency ratio for the quarter ended June 30, 2024, was 68.62%, compared to 62.06% in the same quarter last year, indicating a decline in operational efficiency[34]. - The efficiency ratio, excluding certain losses and gains, improved to 65.41% from 67.35% in the previous quarter[41].

Core Viewpoint - The company reported a significant decline in net income for the quarter ended June 30, 2024, primarily due to a loss on the sale of investments and restructuring expenses, despite an increase in adjusted net operating income and strong performance in the commercial banking sector [15][17]. Financial Performance - The adjusted net operating income was $35 million, or $0.27 per diluted share, for the quarter ended June 30, 2024, representing an increase of $1 million from the same quarter last year [15]. - Net income for the same quarter was $4.7 million, or $0.04 per diluted share, a decrease of $28 million compared to the same quarter last year [15][17]. - The annualized return on average equity was 1.24% and on average assets was 0.13% for the quarter, down from 8.72% and 0.93% respectively in the same quarter last year [15][17]. Noninterest Income and Expenses - Noninterest income showed a loss of $8.8 million, significantly impacted by a $39 million loss on the sale of investment securities [17]. - Total noninterest expense increased to $92.4 million, driven by a $6 million rise in personnel expenses related to the expansion of the commercial business [17]. Loan and Deposit Growth - Average loans receivable increased by $303 million year-over-year, with a notable $631 million growth in the commercial banking portfolio [15]. - Average deposits grew by $666 million from the same quarter last year, primarily due to a $1.1 billion increase in average time deposits [15]. Securities Portfolio Restructuring - The company repositioned its securities portfolio by selling 15% of its investment securities, resulting in a pre-tax loss of $39 million [15]. - Proceeds from the sale were used to repay short-term borrowings, and the company expects to recover the loss over the next three years [15]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.20 per share, marking the 119th consecutive quarter of dividend payments [15].