Core Viewpoint - Purcell & Lefkowitz LLP is investigating Northwest Bancshares, Inc. to determine if its directors breached fiduciary duties related to recent corporate actions [1] Group 1 - The investigation is on behalf of the shareholders of Northwest Bancshares, Inc. [1] - The law firm specializes in representing shareholders affected by securities fraud and corporate misconduct [3] - Shareholders can obtain additional information regarding their rights and options at no cost [2]

Financial Position - Total assets as of December 31, 2024, were $14.41 billion, slightly down from $14.42 billion in 2023, reflecting a decrease of about 0.1%[501]. - Total liabilities decreased to $12.81 billion in 2024 from $12.87 billion in 2023, representing a reduction of approximately 0.4%[501]. - Deposits increased to $12.14 billion in 2024, up from $11.98 billion in 2023, marking an increase of about 1.4%[501]. - Cash and cash equivalents rose significantly to $288.4 million in 2024 from $122.3 million in 2023, showing an increase of approximately 135.8%[501]. - Marketable securities available-for-sale increased to $1.11 billion in 2024 from $1.04 billion in 2023, reflecting a growth of about 6.5%[501]. - Loans held for investment decreased to $11.18 billion in 2024 from $11.41 billion in 2023, a decline of approximately 2.0%[501]. Interest Rate Sensitivity - Total rate-sensitive assets amount to $13,163,845,000, with $5,636,509,000 maturing within 1 year[1]. - Total rate-sensitive liabilities are $9,999,684,000, with $5,606,583,000 maturing within 1 year[1]. - Cumulative interest sensitivity gap as a percentage of total assets is 21.91%[1]. - Estimated net interest income may decrease by no more than 5%, 10%, and 15% for parallel shifts of 100 bps, 200 bps, and 300 bps, respectively[4]. - Estimated net income may decrease by no more than 10%, 20%, and 30% for parallel shifts of 100 bps, 200 bps, and 300 bps, respectively[5]. - Market value of equity may not decrease by more than 15%, 30%, and 35% for parallel shifts of 100 bps, 200 bps, and 300 bps, respectively[6]. - Projected percentage decrease in net interest income for a 300 bps increase is (3.7)% and for a 300 bps decrease is (6.4)%[8]. - Projected percentage decrease in net income for a 300 bps increase is (8.8)% and for a 300 bps decrease is (15.4)%[8]. Credit Losses and Allowances - The allowance for credit losses for loans held for investment was $116.8 million as of December 31, 2024, down from $125.2 million in 2023, indicating a decrease of approximately 6.4%[493]. - The total allowance for credit losses as of December 31, 2024, is $116.819 million, down from $125.243 million as of December 31, 2023, representing a decrease of approximately 6.4%[620]. - Personal Banking's total allowance for credit losses decreased from $51.706 million in 2023 to $43.464 million in 2024, a reduction of about 16%[625]. - Commercial Banking's total allowance for credit losses remained relatively stable, decreasing slightly from $73.537 million in 2023 to $73.355 million in 2024[625]. - Provision for credit losses on loans increased to $27,679 thousand in 2024 from $18,664 thousand in 2023[504]. - The company did not recognize an allowance for credit losses in its investment portfolio for the years ended December 31, 2024, 2023, and 2022[606]. Income and Expenses - Total interest income for 2024 increased to $669,196 thousand, up 13.8% from $587,922 thousand in 2023[504]. - Net interest income after provision for credit losses was $411,073 thousand in 2024, slightly down from $412,809 thousand in 2023[504]. - Noninterest income decreased to $87,010 thousand in 2024, a decline of 23.6% compared to $113,823 thousand in 2023[504]. - Total noninterest expense rose to $368,537 thousand in 2024, an increase of 4.8% from $351,554 thousand in 2023[504]. - Net income for 2024 was $100,278 thousand, down 25.5% from $134,957 thousand in 2023[506]. - Basic earnings per share decreased to $0.79 in 2024 from $1.06 in 2023[504]. - Total comprehensive income for 2024 was $138,856 thousand, compared to $156,623 thousand in 2023[506]. Marketable Securities - Total marketable securities available-for-sale amounted to $1,108,944 million as of December 31, 2024, with gross unrealized losses of $170,918 million[603]. - The Company recognized a total of $750,586 million in marketable securities held-to-maturity as of December 31, 2024, with gross unrealized losses of $112,639 million[603]. - The total residential mortgage-backed securities available-for-sale as of December 31, 2024, had an amortized cost of $1,139,018 million and a fair value of $988,707 million[607]. - The company sold marketable securities classified as available-for-sale for $276 million in 2024, incurring gross realized losses of $39 million[606]. Loans and Nonaccruals - The company reported a total loans receivable of $11,180,014 million as of December 31, 2024, with a net total of $11,063,195 million after accounting for an allowance for credit losses of $116,819 million[614]. - Nonaccrual loans as of December 31, 2024, total 61,401, compared to 94,384 as of December 31, 2023, reflecting a significant reduction of about 34.9%[625]. - The company reported a total of $656 thousand in loans that are 90 days past due and accruing as of December 31, 2024, down from $2.698 million in 2023[625]. - The total loans modified for borrowers in financial distress included a combination of term extensions and interest rate reductions, with a total of $1,733,000 in 2024[634]. Operational and Regulatory Aspects - Management concluded that the Company's internal control over financial reporting is effective as of December 31, 2024[11]. - The consolidated financial statements present fairly the financial position of the company as of December 31, 2024, in conformity with U.S. generally accepted accounting principles[488]. - The company has maintained a consistent approach to evaluating expected credit losses, utilizing a twenty-four-month reasonable and supportable forecast period[496]. - The company has 141 banking locations across Pennsylvania, New York, Ohio, and Indiana, focusing on personal and commercial banking products[518]. - The company adopted ASU No. 2023-02 effective January 1, 2024, which did not have a material impact on its financial statements[594].

Core Insights - BAD BEAT Investing, led by Quad 7 Capital, has been providing investment opportunities for nearly 12 years, known for their significant market calls and a strategy that is predominantly long [1] - The team consists of 7 analysts with diverse expertise in various fields, focusing on short- and medium-term investments, income generation, special situations, and momentum trades [1] Group 1 - The company emphasizes teaching investors to become proficient traders through a structured playbook, aiming to save time by providing in-depth, high-quality research with clear entry and exit targets [1] - BAD BEAT Investing has maintained an average position of 95% long and 5% short since May 2020, indicating a strong bullish stance in the market [1] - The firm is recognized for its successful track record, particularly highlighted by their February 2020 recommendation to sell everything and go short [1] Group 2 - Benefits of BAD BEAT Investing include understanding market dynamics, executing well-researched trade ideas weekly, and access to multiple chat rooms for discussions [2] - Members receive daily summaries of key analyst upgrades and downgrades, along with learning opportunities in basic options trading and access to extensive trading tools [2]

Financial Data and Key Metrics Changes - The company reported solid returns in the fourth quarter, indicating a significant improvement in net interest income [6]. Business Line Data and Key Metrics Changes - Specific details regarding changes in various business lines were not provided in the available content. Market Data and Key Metrics Changes - Information on market data and key metrics changes was not included in the provided content. Company Strategy and Development Direction and Industry Competition - The company expressed satisfaction with its core financial performance, suggesting a focus on maintaining strong operational results [6]. Management's Comments on Operating Environment and Future Outlook - Management highlighted a positive outlook for the future, emphasizing the solid returns achieved in the fourth quarter [6]. Other Important Information - The call included a mention of a supplemental earnings release presentation available on the Investor Relations website, indicating transparency and accessibility of financial information [5]. Q&A Session Summary - No specific questions and answers from the Q&A session were provided in the available content.

Fourth Quarter 2024 Earnings Conference Call January 24, 2025 Louis J. Torchio T.K. Creal President and Chief Executive Officer Chief Credit Officer Douglas M. Schosser Michael D. Perry Chief Financial Officer Investor Relations Sean P. Morrow Treasurer Corporate Development & Strategy 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," ...

Core Insights - Northwest Bancshares (NWBI) reported revenue of $154.26 million for Q4 2024, marking a year-over-year increase of 13.9% and exceeding the Zacks Consensus Estimate by 9.40% [1] - The earnings per share (EPS) for the same quarter was $0.27, up from $0.24 a year ago, with an EPS surprise of 3.85% over the consensus estimate of $0.26 [1] Financial Performance Metrics - Efficiency Ratio was reported at 61.8%, better than the estimated 64.6% [4] - Net interest margin stood at 3.4%, slightly above the estimated 3.3% [4] - Average balance of total interest-earning assets was $13.39 billion, compared to the estimated $13.43 billion [4] - Net charge-offs to average loans, annualized, were 0.9%, higher than the average estimate of 0.2% [4] - Total noninterest income was $40.06 million, significantly exceeding the estimated $29.37 million [4] - Mortgage banking income was reported at $0.22 million, below the estimated $0.86 million [4] - Trust and other financial services income was $7.49 million, slightly below the estimated $8.04 million [4] - Other operating income reached $13.30 million, far exceeding the estimated $2.53 million [4] - Service charges and fees were reported at $15.98 million, in line with the estimated $15.97 million [4] - Net Interest Income was $114.20 million, above the estimated $111.46 million [4] - Income from bank-owned life insurance was $2.02 million, surpassing the estimated $1.23 million [4] Stock Performance - Shares of Northwest Bancshares have returned -1.9% over the past month, contrasting with the Zacks S&P 500 composite's +2.5% change [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

Group 1 - Northwest Bancshares reported quarterly earnings of $0.27 per share, exceeding the Zacks Consensus Estimate of $0.26 per share, and up from $0.24 per share a year ago, representing an earnings surprise of 3.85% [1] - The company posted revenues of $154.26 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 9.40%, compared to year-ago revenues of $135.47 million [2] - The stock has underperformed the market with a loss of about 0.1% since the beginning of the year, while the S&P 500 has gained 4% [3] Group 2 - The current consensus EPS estimate for the coming quarter is $0.24 on revenues of $140.65 million, and for the current fiscal year, it is $1.09 on revenues of $625.42 million [7] - The Zacks Industry Rank for Financial - Savings and Loan is currently in the top 12% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - Northwest Bancshares has a Zacks Rank of 1 (Strong Buy), suggesting that the shares are expected to outperform the market in the near future [6]

Financial Performance - Northwest Bancshares, Inc. reported a net income of $33 million, or $0.26 per diluted share for Q4 2024, an increase of 13.8% from $29 million, or $0.23 per diluted share in Q4 2023[4]. - Adjusted net income (non-GAAP) for Q4 2024 was $35 million, or $0.27 per diluted share, up from $34 million, or $0.26 per diluted share in the prior quarter[5]. - The net income for the quarter ended December 31, 2024, showed an increase compared to the previous quarter, although specific figures were not disclosed[18]. - Net income for Q4 2024 was $32,750 thousand, slightly down from $29,014 thousand in Q4 2023, resulting in a basic and diluted earnings per share of $0.26[28]. - The company reported a net income of $100,278 thousand for the year ended December 31, 2024, compared to $134,957 thousand in 2023, indicating a decrease of 25.5%[31]. Interest Income and Margin - The net interest margin expanded by 9 basis points to 3.42%, driven by a $13 million increase in interest income due to redeployment into higher-yielding loans[10]. - Total interest income for Q4 2024 was $170,722 thousand, an increase from $157,388 thousand in Q4 2023, representing an 8.5% year-over-year growth[28]. - For the year ended December 31, 2024, total interest income reached $669,196 thousand, up from $587,922 thousand in 2023, reflecting a 13.8% increase[31]. - The average yield on loans improved to 5.56% for Q4 2024, up from 5.19% in Q4 2023, reflecting the impact of higher market interest rates[10]. - The yield on total interest-earning assets improved to 5.00% in 2024, up from 4.42% in 2023, an increase of 13.14%[73]. Loan and Deposit Trends - Average loans receivable decreased by 0.2% from the prior quarter to $11.20 billion, while average deposits declined by 0.6% to $12.03 billion[9]. - Total loans as of December 31, 2024, reached $11,180,014, an increase from $11,056,780 on December 31, 2023, representing a growth of approximately 1.1%[58]. - Total deposits increased to $12,144,554 as of December 31, 2024, compared to $11,979,902 a year ago, reflecting a growth of approximately 1.38%[26]. - The company reported a total loans receivable of $11,180,014 as of December 31, 2024, down from $11,406,041 a year earlier, indicating a decrease of about 1.98%[26]. - Uninsured deposits amounted to $3,131,231 thousand, accounting for 25.8% of total deposits as of December 31, 2024[40]. Credit Losses and Provisions - The total provision for credit losses increased by 239.8% to $16.6 million, primarily due to elevated charge-offs and growth in the commercial lending portfolio[12]. - Provision for credit losses on loans increased significantly to $15,549 thousand in Q4 2024 from $3,801 thousand in Q4 2023, indicating a rise in expected credit losses[28]. - The provision for credit losses for the quarter ended December 31, 2024, was $15,549 million, significantly higher than $5,727 million in the previous quarter[64]. - The ending balance of the allowance for credit losses was $116,819 million as of December 31, 2024, down from $125,813 million in the previous quarter[64]. - Net charge-offs to average loans, annualized, increased to 0.87% for the quarter ended December 31, 2024, compared to 0.18% in the previous quarter[64]. Operational Efficiency - The efficiency ratio improved to 61.8%, reflecting the company's focus on cost management and operational efficiency[3]. - The efficiency ratio for Q4 2024 improved to 61.80% from 66.93% in Q4 2023, suggesting better cost management[28]. - Efficiency ratio, excluding certain expenses, improved to 59.61% for the quarter ended December 31, 2024, down from 64.66% a year earlier[38]. Mergers and Acquisitions - Northwest Bancshares announced an agreement to acquire Penns Woods Bancorp, expected to close in Q3 2025, enhancing its market position[7]. - The company is in the process of a proposed merger with Penns Woods Bancorp, Inc., which is subject to various risks and uncertainties[20]. - The expected cost savings and revenue synergies from the proposed merger may not be fully realized within the anticipated timeframes[20]. Asset and Equity Metrics - As of December 31, 2024, total assets of Northwest Bancshares, Inc. amounted to $14,408,224, a slight decrease from $14,419,105 a year earlier[26]. - Total shareholders' equity increased to $1,596,856 thousand as of December 31, 2024, compared to $1,551,317 thousand a year earlier, reflecting a growth of 2.9%[35]. - The equity to assets ratio stood at 11.08% as of December 31, 2024, slightly up from 10.76% a year earlier[26]. - Tangible common equity to tangible assets improved to 8.65% as of December 31, 2024, up from 8.30% a year ago[35]. - The company reported a tangible book value per share of $9.51 as of December 31, 2024, up from $9.17 a year ago[35].

Core Insights - Northwest Bancshares, Inc. reported an adjusted net income of $35 million, or $0.27 per diluted share for the quarter ended December 31, 2024, reflecting a $1 million increase from the prior quarter [2] - The company declared its 121st consecutive quarterly dividend of $0.20 per share, representing an annualized dividend yield of approximately 6.1% [3] - The company announced an agreement to acquire Penns Woods Bancorp, Inc., expected to close in the third quarter of 2025, which will enhance its market position [5] Financial Performance - Net income for the quarter was $33 million, or $0.26 per diluted share, an increase from $29 million, or $0.23 per diluted share in the same quarter last year [1] - The annualized returns on average shareholders' equity and average assets for the quarter were 8.20% and 0.91%, respectively, compared to 7.64% and 0.80% for the same quarter last year [1] - The efficiency ratio improved to 61.8% [1] Income Statement Highlights - Interest income for the quarter was $170.7 million, with net interest income at $114.2 million, reflecting a 2.6% increase from the prior quarter [7] - The net interest margin expanded to 3.42%, up from 3.33% in the previous quarter [7] - Noninterest income increased to $40.1 million, a 43.9% increase from the previous quarter [12] Provision for Credit Losses - The total provision for credit losses was $16.6 million, significantly higher than $4.9 million in the prior quarter, driven by elevated charge-offs [10][11] - Net charge-offs to average loans, annualized, were 0.87% [10] Balance Sheet Highlights - Average loans receivable decreased by $47 million from the previous year, while average deposits grew by $232 million [8] - Total assets as of December 31, 2024, were $14.4 billion, with total liabilities at $12.8 billion [23] Strategic Initiatives - The company is focusing on commercial banking and deposit growth, which has led to an increase in average commercial and industrial loans [4] - The acquisition of Penns Woods Bancorp is part of the long-term growth strategy to enhance market presence [5]

Group 1 - Northwest Bancshares (NWBI) is expected to report quarterly earnings of $0.26 per share, reflecting a year-over-year increase of 8.3% [1] - Anticipated revenues for the quarter are projected to be $141.01 million, showing a 4.1% increase compared to the same quarter last year [1] - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a collective reevaluation by analysts [2] Group 2 - Analysts project the 'Efficiency Ratio' to reach 64.6%, down from 66.9% a year ago [5] - The 'Net Interest Margin' is forecasted to be 3.3%, slightly up from 3.2% in the previous year [5] - The consensus for 'Average Balance - Total interest-earning assets' is $13.43 billion, unchanged from the year-ago value [5] Group 3 - 'Total noninterest (loss)/income' is expected to reach $29.37 million, compared to $29.17 million reported in the same quarter last year [6] - 'Trust and other financial services income' is projected at $8.04 million, up from $6.88 million in the previous year [6] - 'Service charges and fees' are anticipated to be $15.97 million, slightly higher than the $15.92 million reported last year [7] Group 4 - 'Net Interest Income' is forecasted to reach $111.46 million, compared to $106.30 million in the same quarter of the previous year [7] - Shares of Northwest Bancshares have seen a -1.4% change in the past month, compared to a -0.4% move of the Zacks S&P 500 composite [8] - With a Zacks Rank 1 (Strong Buy), NWBI is expected to outperform the overall market in the near future [8]