Total revenue grew 54% and net interest income increased 12% over prior year quarter
Successful completion and systems conversion of Penns Woods merger
Strong 2Q net interest margin at 3.56% as we continue to manage our funding costs and maintain our loan yield
Noninterest income grew 9% over prior quarter
2Q25 adjusted (non-GAAP) net income of $38 million, or $0.30 per diluted share
Commercial C&I lending momentum continues with 19% growth in the last year
Northwest Bancshares, Inc., (the “Company”), (Nasdaq: NWBI) announced net income for the quarter ended June 30, 2025 of $34 million, or $0.26 per diluted share. This represents an increase of $29 million compared to the same quarter last year, when net income was $5 million, or $0.04 per diluted share, and a decrease of $10 million compared to the prior quarter, when net income was $43 million, or $0.34 per diluted share. The annualized returns on average shareholders' equity and average assets for the quarter ended June30, 2025 were 8.26% and 0.93% compared to 1.24% and 0.13% for the same quarter last year and 10.90% and 1.22% from the prior quarter.
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Adjusted net income (non-GAAP) for the quarter ended June30, 2025 was $38 million, or $0.30, per diluted share, which decreased by $6 million from $44 million, or $0.35, per diluted share, in the prior quarter. This decrease was primarily driven by an $8 milliondecrease in net interest income impacted by a large non-accrual interest income recovery in the prior quarter. The adjusted annualized returns on average shareholders' equity (non-GAAP) and average assets (non-GAAP) for the quarter ended June30, 2025 were 9.36% and 1.06% compared to 11.11% and 1.25% for the prior quarter.
The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share payable on August19, 2025 to shareholders of record as of August8, 2025. This is the 123rd consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company's common stock as of June30, 2025, this represents an annualized dividend yield of approximately 6.3%.
Louis J. Torchio, President and CEO, Northwest Bancshares commented, “I am pleased with our performance in the second quarter of 2025, as we continue to execute our strategy, delivering on our commitment to sustainable, responsible and profitable growth. Overall, we built on our strong start to the year, with net interest margin expansion and revenue growth, and we continued to exercise prudent expense control, resulting in further improvements in our efficiency ratio.
“Despite a still unpredictable operating environment, I amconfident and excited about Northwest's prospects for the year ahead.Although weare always evaluating acquisition opportunitiesfor additional scale and strategic benefits, with the Penns Woods acquisitionandconversion just behind us, we are primarily focusedon optimizingthe operations and financial performanceof the newly combined entity. We continue to enhance our capabilities, expand ourfootprint thru new branch openings, and provide personalized services and expertise to our customers and communities we serve.”
Dollars in thousands Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24Average loans receivable $ 11,248,954 11,176,516 11,368,749 0.6% (1.1)%Average investments 2,056,476 2,037,227 2,021,347 0.9% 1.7%Average deposits 12,154,001 12,088,371 12,086,362 0.5% 0.6%Average borrowed funds 208,342 224,122 323,191 (7.0)% (35.5)%
— Average loans receivable decreased $120 million from the quarter ended June 30, 2024 driven by our personal banking portfolio, which decreased by $265 million as cash flows from this portfolio were reinvested in our commercial portfolios. This was partially offset by growth in our commercial banking portfolio, which grew by $145 million in total, including a $332 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 2025, average loans receivable increased by $72 million with growth in our personal banking portfolio of $66 million.
— Average investments grew $35 million from the quarter ended June 30, 2024 and $19 million from the quarter ended March 31, 2025. The growth in average investments was primarily due to an increase in net portfolio purchases during the quarter to reach a normalized percentage of total assets for liquidity purposes.
— Average deposits grew $68 million from the quarter ended June 30, 2024 and $66 million from the quarter ended March 31, 2025. The growth in both periods was primarily driven by an increase in money market, interest-bearing checking and saving account balances partly due to customers shifting funds to these competitively priced products as their time deposits matured. These increases were partially offset by a decrease in brokered time deposit balances as growth in core deposits provided sufficient funding.
— Average borrowings decreased $115 million compared to the quarter end June 30, 2024 and decreased $16 million compared to the quarter ended March 31, 2025. The decrease in average borrowings from the prior year is primarily attributable to the strategic pay-down of wholesale borrowings with the proceeds from our investment portfolio restructuring in the second quarter of 2024.
Income Statement Highlights
Dollars in thousands Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24Interest income $ 171,570 180,595 166,854 (5.0)% 2.8%Interest expense 52,126 52,777 60,013 (1.2)% (13.1)%Net interest income $ 119,444 127,818 106,841 (6.6)% 11.8% Net interest margin 3.56% 3.87% 3.20%
Compared to the quarter ended June 30, 2024, net interest income increased $13 million and net interest margin increased to 3.56% from 3.20% for the quarter ended June 30, 2024. This increase in net interest income resulted primarily from:
— A $5 million increase in interest income that was the result of higher average yields, partly offset by lower average earning assets. The average yield on loans improved to 5.55% for the quarter ended June 30, 2025 from 5.47% for the quarter ended June 30, 2024. This increase was driven by a loan mix shift towards higher yielding commercial loans. The average yields on investments increased due to a portfolio restructuring completed in the second quarter of 2024.
— A $8 million decrease in interest expense was the result of a decline in the cost of deposits in conjunction with a decrease in the average balance of borrowings. The cost of interest-bearing liabilities decreased to 2.09% for the quarter ended June 30, 2025 from 2.40% for the quarter ended June 30, 2024.
Compared to the quarter ended March 31, 2025, net interest income decreased $8 million and net interest margin decreased to 3.56% for the quarter ended June 30, 2025 from 3.87%. This decrease in net interest income resulted from the following:
— A $9 million decrease in interest income driven by an interest recovery of $13.1 million on a non-accrual commercial loan payoff during the quarter ended March 31, 2025. This was partially offset by higher growth in the average loan balances and an increase on investments yields compared to the prior quarter. The average yield on loans decreased to 5.55% from 6.00% and average investment yields increased to 2.69% from 2.62% for the quarter ended March 31, 2025. The decrease in loan yields was impacted by the non-accrual interest recoveries in the prior quarter. Excluding this interest recovery, the yield on loans for the quarter ended March 31, 2025 was 5.52% and the net interest margin was 3.48%.
— A $1 million decrease in interest expense driven by lower interest expense on deposits as average cost declined compared to the prior quarter to 1.97% from 2.02% for the quarter ended March 31, 2025.
Dollars in thousands Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24Provision for credit losses – loans $ 11,456 8,256 2,169 38.8% 428.2%Provision for credit losses – unfunded commitments (2,712) (345) (2,539) 686.1% 6.8%Total provision for credit losses expense $ 8,744 7,911 (370) 10.5% (2463.2)%
The total provision for credit losses for the quarter ended June 30, 2025 was $9 million primarily driven by downgrades and individual assessments within our commercial real estate portfolio offset by changes 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.
The Company saw an increase in classified loans to $518 million, or 4.57% of total loans, at June 30, 2025 from $257 million, or 2.26% of total loans, at June 30, 2024 and $279 million, or 2.49% of total loans, at March 31, 2025. This increase was driven by changes in our commercial real estate portfolio which increased $195 million.
Dollars in thousands Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24Noninterest income:Loss on sale of investments $ – – (39,413) NA NAGain on sale of SBA loans 819 1,238 1,457 (33.8)% (43.8)%Service charges and fees 15,797 14,987 15,527 5.4% 1.7%Trust and other financial services income 7,948 7,910 7,566 0.5% 5.0%Gain on real estate owned, net 258 84 487 207.1% (47.0)%Income from bank-owned life insurance 1,421 1,331 1,371 6.8% 3.6%Mortgage banking income 1,075 696 901 54.5% 19.3%Other operating income 3,620 2,109 3,255 71.6% 11.2%Total noninterest income $ 30,938 28,355 (8,849) 9.1% (449.6)%
Noninterest income increased $40million from the quarter ended June30, 2024 driven by a $39 million loss on the sale of investment securities in the prior year quarter. Excluding the loss on sale of securities, noninterest income was flat from the second quarter of 2024. Noninterest income increased by $3 million from the quarter ended March 31, 2025, due primarily to an increase in other operating income, driven by a gain on equity method investments, coupled with an increase in service charges and fees driven by commercial loan fees and deposit related fees based on customer activity.
Dollars in thousands Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24Noninterest expense:Personnel expense $ 55,213 54,540 53,531 1.2% 3.1%Non-personnel expense 42,327 37,197 38,889 13.8% 8.8%Total noninterest expense $ 97,540 91,737 92,420 6.3% 5.5%
Noninterest expense increased from the quarter ended June30, 2024 due to a $2millionincrease in personnel expenses driven by an increase in core and incentive compensation coupled with an increase in non-personnel expense of $3million due to merger and restructuring expenses in the current period.
Compared to the quarter ended March31, 2025, noninterest expense increased due to an increase in non-personnel expense of $5 million due to merger and restructuring expenses in the quarter ended June 30, 2025.
Dollars in thousands Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24Income before income taxes $ 44,098 56,525 5,942 (22.0)% 642.1%Income tax expense 10,423 13,067 1,195 (20.2)% 772.2%Net income $ 33,675 43,458 4,747 (22.5)% 609.4%
The provision for income taxes increased by $9 million from the quarter ended June 30, 2024 and decreased $3 million from the quarter ended March 31, 2025 primarily due to the quarterly change in income before income taxes.
Net income increased from the quarter ended June30, 2024 and decreased from the quarter ended March31, 2025due to the 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 June30, 2025, Northwest operated 131 full-service financial centers and ten free standing drive-up facilities in Pennsylvania, New York, Ohio and Indiana.Northwest Bancshares, Inc.'s common stock is listed on The Nasdaq Stock Market LLC (“NWBI”). Additional information regarding Northwest Bancshares, Inc. and Northwest Bank can be accessed online at www.northwest.com.
Investor Contact: Michael Perry, Corporate Development & Strategy (814) 726-2140 Media Contact: Ian Bailey, External Communications (380) 400-2423
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Forward-Looking Statements – This release may contain forward-looking statements with respect to the financial condition and results of operations of NorthwestBancshares, Inc. including, without limitation, 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 or instability or breakdown in the financial services sector; (3) general economic conditions including inflation, an increase in non-performing loans or changes in monetary, fiscal, regulatory and tariff policies of the U.S. government; (4) changes in legislation or regulatory requirements, including as part of the regulatory reform agenda of the Trump administration; (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, 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, except as required by law.
Northwest Bancshares,Inc. and SubsidiariesConsolidated Statements of Financial Condition (Unaudited)(dollars in thousands, except per share amounts) June 30, December 31, June 30, 2025 2024 2024AssetsCash and cash equivalents $ 267,075 288,378 228,433Marketable securities available-for-sale (amortized cost of $1,341,651, $1,278,665 and $1,202,354, respectively) 1,194,883 1,108,944 1,029,191Marketable securities held-to-maturity (fair value of $628,936, $637,948 and $663,292, respectively) 719,561 750,586 784,208Total cash and cash equivalents and marketable securities 2,181,519 2,147,908 2,041,832Loans held-for-sale 13,104 76,331 9,445Residential mortgage loans 3,052,126 3,178,269 3,315,303Home equity loans 1,157,520 1,149,396 1,180,486Consumer loans 2,211,275 1,995,085 2,080,058Commercial real estate loans 2,782,404 2,849,862 3,026,958Commercial loans 2,138,499 2,007,402 1,742,114Total loans receivable 11,341,824 11,180,014 11,354,364Allowance for credit losses (129,159) (116,819) (125,070)Loans receivable, net 11,212,665 11,063,195 11,229,294FHLB stock, at cost 17,809 21,006 20,842Accrued interest receivable 46,987 46,356 48,739Real estate owned, net 48 35 74Premises and equipment, net 123,402 124,246 128,208Bank-owned life insurance 255,708 253,137 253,890Goodwill 380,997 380,997 380,997Other intangible assets, net 1,897 2,837 3,954Other assets 250,971 292,176 277,723Total assets $ 14,485,107 14,408,224 14,385,553Liabilities and shareholders' equityLiabilitiesNoninterest-bearing demand deposits $ 2,643,099 2,621,415 2,581,699Interest-bearing demand deposits 2,622,695 2,666,504 2,565,750Money market deposit accounts 2,153,078 2,007,739 1,964,841Savings deposits 2,211,509 2,171,251 2,148,727Time deposits 2,570,648 2,677,645 2,826,362Total deposits 12,201,029 12,144,554 12,087,379Borrowed funds 198,008 200,331 242,363Subordinated debt 114,713 114,538 114,364Junior subordinated debentures 129,964 129,834 129,703Advances by borrowers for taxes and insurance 47,865 42,042 52,271Accrued interest payable 7,729 6,935 21,423Other liabilities 143,731 173,134 181,452Total liabilities 12,843,039 12,811,368 12,828,955Shareholders' equityPreferred stock, $0.01 par value: 50,000,000 shares authorized, no shares issued – – -Common stock, $0.01 par value: 500,000,000 shares authorized, 127,842,403, 127,508,003 and 1,278 1,275 1,273127,307,997 shares issued and outstanding, respectivelyAdditional paid-in capital 1,037,615 1,033,385 1,027,703Retained earnings 699,049 673,110 657,706Accumulated other comprehensive loss (95,874) (110,914) (130,084)Total shareholders' equity 1,642,068 1,596,856 1,556,598Total liabilities and shareholders' equity $ 14,485,107 14,408,224 14,385,553Equity to assets 11.34% 11.08% 10.82%Tangible common equity to tangible assets * 8.93% 8.65% 8.37%Book value per share $ 12.84 12.52 12.23Tangible book value per share * $ 9.85 9.51 9.20Closing market price per share $ 12.78 13.19 11.55Full time equivalent employees 1,998 1,956 1,991Number of banking offices 141 141 139
* Excludes goodwill and other intangible assets (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items.
Northwest Bancshares,Inc. and SubsidiariesConsolidated Statements of Income (Unaudited)(dollars in thousands, except per share amounts) Quarterended June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024Interest income:Loans receivable $ 154,914 164,638 155,838 156,413 153,954Mortgage-backed securities 12,154 11,730 11,515 10,908 9,426Taxable investment securities 999 933 910 842 728Tax-free investment securities 512 512 515 512 457FHLB stock dividends 318 366 392 394 498Interest-earning deposits 2,673 2,416 1,552 2,312 1,791Total interest income 171,570 180,595 170,722 171,381 166,854Interest expense:Deposits 46,826 47,325 50,854 54,198 52,754Borrowed funds 5,300 5,452 5,671 5,881 7,259Total interest expense 52,126 52,777 56,525 60,079 60,013Net interest income 119,444 127,818 114,197 111,302 106,841Provision for credit losses – loans 11,456 8,256 15,549 5,727 2,169Provision for credit losses – unfunded commitments (2,712) (345) 1,016 (852) (2,539)Net interest income after provision for credit losses 110,700 119,907 97,632 106,427 107,211Noninterest income:Loss on sale of investments – – – – (39,413)Gain on sale of SBA loans 819 1,238 822 667 1,457Service charges and fees 15,797 14,987 15,975 15,932 15,527Trust and other financial services income 7,948 7,910 7,485 7,924 7,566Gain on real estate owned, net 258 84 238 105 487Income from bank-owned life insurance 1,421 1,331 2,020 1,434 1,371Mortgage banking income 1,075 696 224 744 901Other operating income 3,620 2,109 13,299 1,027 3,255Total noninterest income/(loss) 30,938 28,355 40,063 27,833 (8,849)Noninterest expense:Compensation and employee benefits 55,213 54,540 53,198 56,186 53,531Premises and occupancy costs 7,122 8,400 7,263 7,115 7,464Office operations 2,910 2,977 3,036 2,811 3,819Collections expense 838 328 905 474 406Processing expenses 12,973 13,990 15,361 14,570 14,695Marketing expenses 3,018 1,880 2,327 2,004 2,410Federal deposit insurance premiums 2,296 2,328 2,949 2,763 2,865Professional services 3,990 2,756 3,788 3,302 3,728Amortization of intangible assets 436 504 526 590 635Merger, asset disposition and restructuring expense 6,244 1,123 2,850 43 1,915Other expenses 2,500 2,911 3,123 909 952Total noninterest expense 97,540 91,737 95,326 90,767 92,420Income before income taxes 44,098 56,525 42,369 43,493 5,942Income tax expense 10,423 13,067 9,619 9,875 1,195Net income $ 33,675 43,458 32,750 33,618 4,747Basic earnings per share $ 0.26 0.34 0.26 0.26 0.04Diluted earnings per share $ 0.26 0.34 0.26 0.26 0.04Weighted average common shares outstanding – diluted 128,114,509 128,299,013 127,968,910 127,714,511 127,199,039Annualized return on average equity 8.26% 10.90% 8.20% 8.50% 1.24%Annualized return on average assets 0.93% 1.22% 0.91% 0.93% 0.13%Annualized return on average tangible common equity * 10.78% 14.29% 10.81% 11.26% 1.65%Efficiency ratio 64.86% 58.74% 61.80% 65.24% 94.31%Efficiency ratio, excluding certain items ** 60.42% 57.70% 59.61% 64.78% 65.41%
* 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, 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.
Northwest Bancshares,Inc. and SubsidiariesConsolidated Statements of Income (Unaudited)(dollars in thousands, except per share amounts) Six months ended June 30, 2025 2024Interest income:Loans receivable $ 319,552 303,525Mortgage-backed securities 23,884 17,370Taxable investment securities 1,932 1,522Tax-free investment securities 1,024 948FHLB stock dividends 684 1,105Interest-earning deposits 5,089 2,623Total interest income 352,165 327,093Interest expense:Deposits 94,151 100,440Borrowed funds 10,752 16,574Total interest expense 104,903 117,014Net interest income 247,262 210,079Provision for credit losses – loans 19,712 6,403Provision for credit losses – unfunded commitments (3,057) (3,338)Net interest income after provision for credit losses 230,607 207,014Noninterest income:Loss on sale of investments – (39,413)Gain on sale of SBA loans 2,057 2,330Service charges and fees 30,784 31,050Trust and other financial services income 15,858 14,693Gain on real estate owned, net 342 544Income from bank-owned life insurance 2,752 2,873Mortgage banking income 1,771 1,353Other operating income 5,729 5,684Total noninterest income 59,293 19,114Noninterest expense:Compensation and employee benefits 109,753 105,071Premises and occupancy costs 15,522 15,091Office operations 5,887 6,586Collections expense 1,166 742Processing expenses 26,963 29,420Marketing expenses 4,898 4,559Federal deposit insurance premiums 4,624 5,888Professional services 6,746 7,793Amortization of intangible assets 940 1,336Merger, asset disposition and restructuring expense 7,367 2,870Other expenses 5,411 3,088Total noninterest expense 189,277 182,444Income before income taxes 100,623 43,684Income tax expense 23,490 9,774Net income $ 77,133 33,910Basic earnings per share $ 0.60 0.27Diluted earnings per share $ 0.60 0.27Weighted average common shares outstanding – diluted 128,347,141 127,345,379Annualized return on average equity 9.56% 4.41%Annualized return on average assets 1.08% 0.47%Annualized return on tangible common equity * 12.51% 5.88%Efficiency ratio 61.74% 79.60%Efficiency ratio, excluding certain items ** 59.03% 66.36%
* 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, 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.
Northwest Bancshares,Inc. and SubsidiariesReconciliation of Non-GAAP Financial Measures (Unaudited) *(dollars in thousands, except per share amounts) Quarter ended Six months ended June 30, June 30, March 31, June 30, 2025 2024 2025 2025 2024Reconciliation of net income to adjusted net income:Net income (GAAP) $ 33,675 43,458 4,747 77,133 33,910Non-GAAP adjustmentsAdd: merger, asset disposition and restructuring expense 6,244 1,123 1,915 7,367 2,870Add: loss on the sale of investments – – 39,413 – 39,413Less: tax benefit of non-GAAP adjustments (1,748) (314) (11,572) (2,063) (11,839)Adjusted net income (non-GAAP) $ 38,171 44,267 34,503 82,437 64,354Diluted earnings per share (GAAP) $ 0.26 0.34 0.04 0.60 0.27Diluted adjusted earnings per share (non-GAAP) $ 0.30 0.35 0.27 0.64 0.51Average equity $ 1,635,966 1,616,611 1,541,434 1,626,342 1,545,651Average assets 14,468,197 14,402,483 14,458,592 14,435,522 14,433,602Annualized return on average equity (GAAP) 8.26% 10.90% 1.24% 9.56% 4.41%Annualized return on average assets (GAAP) 0.93% 1.22% 0.13% 1.08% 0.47%Annualized return on average equity, excluding merger, asset disposition and 9.36% 11.11% 9.00% 10.22% 8.37%restructuring expense and loss on the sale of investments, net of tax (non-GAAP)Annualized return on average assets, excluding merger, asset disposition and 1.06% 1.25% 0.96% 1.15% 0.90%restructuring expense and loss on sale of investments, net of tax (non-GAAP)
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, December 31, June 30, 2025 2024 2024Tangible common equity to assetsTotal shareholders' equity $ 1,642,068 1,596,856 1,556,598Less: goodwill and intangible assets (382,894) (383,834) (384,951)Tangible common equity $ 1,259,174 1,213,022 1,171,647Total assets $ 14,485,107 14,408,224 14,385,553Less: goodwill and intangible assets (382,894) (383,834) (384,951)Tangible assets $ 14,102,213 14,024,390 14,000,602Tangible common equity to tangible assets 8.93% 8.65% 8.37%Tangible book value per shareTangible common equity $ 1,259,174 1,213,022 1,171,647Common shares outstanding 127,842,403 127,508,003 127,307,997Tangible book value per share 9.85 9.51 9.20
Northwest Bancshares,Inc. and SubsidiariesReconciliation 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. Quarterended Six months ended June 30, June 30, March 31, December 31, September 30, June 30, 2025 2024 2025 2025 2024 2024 2024Annualized return on average tangible common equityNet income $ 33,675 43,458 32,750 33,618 4,747 77,133 33,910Average shareholders' equity 1,635,966 1,616,611 1,589,228 1,572,897 1,541,434 1,626,342 1,545,651Less: average goodwill and intangible assets (383,152) (383,649) (384,178) (384,730) (385,364) (383,399) (385,701)Average tangible common equity $ 1,252,814 1,232,962 1,205,050 1,188,167 1,156,070 1,242,943 1,159,950Annualized return on average tangible common equity 10.78% 14.29% 10.81% 11.26% 1.65% 12.51% 5.88%Efficiency ratio, excluding loss on the sale of investments, amortization and merger, asset disposition and restructuring expensesNon-interest expense $ 97,540 91,737 95,326 90,767 92,420 189,277 182,444Less: amortization expense (436) (504) (526) (590) (635) (940) (1,336)Less: merger, asset disposition and restructuring expenses (6,244) (1,123) (2,850) (43) (1,915) (7,367) (2,870)Non-interest expense, excluding amortization and merger, assets disposition and restructuring expenses $ 90,860 90,110 91,950 90,134 89,870 180,970 178,238Net interest income $ 119,444 127,818 114,197 111,302 106,841 247,262 210,079Non-interest income 30,938 28,355 40,063 27,833 (8,849) 59,293 19,114Add: loss on the sale of investments – – – – 39,413 – 39,413Net interest income plus non-interest income, excluding loss on sale of investments $ 150,382 156,173 154,260 139,135 137,405 306,555 268,606Efficiency ratio, excluding loss on sale of investments, amortization and merger, asset disposition and restructuring expenses 60.42% 57.70% 59.61% 64.78% 65.41% 59.03% 66.36%
* 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, amortization expense and loss on sale of investments. 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.
Northwest Bancshares,Inc. and SubsidiariesDeposits (Unaudited)(dollars in thousands)Generally, deposits in excess of $250,000 per depositor are not insured by the Federal Deposit Insurance Corporation. The following table provides details regarding the Company's uninsured deposits portfolio: As of June30, 2025 Balance Percent of Number of total deposits relationshipsUninsured deposits per the Call Report (1) $ 3,274,416 26.8% 5,418Less intercompany deposit accounts 1,322,820 10.8% 12Less collateralized deposit accounts 404,411 3.3% 253Uninsured deposits excluding intercompany and collateralized accounts $ 1,547,185 12.7% 5,153
(1) Uninsured deposits presented may be different from actual amounts due to titling of accounts.
Our largest uninsured depositor, excluding intercompany andcollateralized deposit accounts, had an aggregate uninsured deposit balance of $39.5 million, or 0.24% of total deposits, as of June30, 2025. Our top ten largest uninsured depositors, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $194 million, or 1.59% of total deposits, as of June30, 2025. The average uninsured deposit account balance, excluding intercompany and collateralized accounts, was $300,249 as of June30, 2025.The following table provides additional details for the Company's deposit portfolio:
As of June30, 2025 Balance Percent of Number of total deposits accountsPersonal noninterest bearing demand deposits $ 1,385,555 11.4% 284,252Business noninterest bearing demand deposits 1,257,544 10.3% 42,811Personal interest-bearing demand deposits 1,345,985 11.0% 54,853Business interest-bearing demand deposits 1,276,710 10.5% 7,425Personal money market deposits 1,513,265 12.4% 25,159Business money market deposits 639,813 5.2% 2,689Savings deposits 2,211,509 18.1% 175,659Time deposits 2,570,648 21.1% 77,685Total deposits $ 12,201,029 100.0% 670,533
Our average deposit account balance as of June30, 2025 was $18,196. The Company's insured cash sweep deposit balance was $608 million as of June30, 2025.
Northwest Bancshares,Inc. and SubsidiariesRegulatory Capital Requirements (Unaudited)(dollars in thousands) At June 30, 2025 Actual (1) Minimumcapital Wellcapitalized requirements (2) requirements Amount Ratio Amount Ratio Amount RatioTotal capital (to risk weighted assets)Northwest Bancshares,Inc. $ 1,756,799 16.32% $ 1,130,037 10.50% $ 1,076,226 10.00%Northwest Bank 1,521,646 14.15% 1,129,018 10.50% 1,075,255 10.00%Tier 1 capital (to risk weighted assets)Northwest Bancshares,Inc. 1,507,385 14.01% 914,792 8.50% 645,735 6.00%Northwest Bank 1,387,064 12.90% 913,967 8.50% 860,204 8.00%Common equity tier 1 capital (to risk weighted assets)Northwest Bancshares,Inc. 1,381,410 12.84% 753,358 7.00% N/A N/ANorthwest Bank 1,387,064 12.90% 752,679 7.00% 698,916 6.50%Tier 1 capital (leverage) (to average assets)Northwest Bancshares,Inc. 1,507,385 10.55% 571,623 4.00% N/A N/ANorthwest Bank 1,387,064 9.71% 571,230 4.00% 714,037 5.00%
(1) June 30, 2025 figures are estimated.(2) 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 2024 Annual Report on Form 10-K.
Northwest Bancshares,Inc. and SubsidiariesMarketable Securities (Unaudited)(dollars in thousands) June 30, 2025Marketable securities available-for-sale Amortized cost Gross unrealized Gross unrealized Fair value Weighted average holding gains holding losses durationDebt issued by the U.S. government and agencies:Due after ten years $ 43,461 – (8,531) 34,930 5.91Debt issued by government sponsored enterprises:Due after one year through five years 84 – (4) 80 1.11Municipal securities:Due after one year through five years 853 12 – 865 1.32Due after five years through ten years 17,774 109 (1,772) 16,111 7.14Due after ten years 50,029 25 (9,189) 40,865 9.79Corporate debt issues:Due after one year through five years 7,929 56 (67) 7,918 3.87Due after five years through ten years 22,049 873 – 22,922 4.04Mortgage-backed agency securities:Fixed rate pass-through 265,566 1,452 (13,350) 253,668 6.42Variable rate pass-through 3,309 55 (2) 3,362 3.54Fixed rate agency CMOs 887,740 1,996 (118,226) 771,510 4.38Variable rate agency CMOs 42,857 30 (235) 42,652 4.99Total mortgage-backed agency securities 1,199,472 3,533 (131,813) 1,071,192 4.88Total marketable securities available-for-sale $ 1,341,651 4,608 (151,376) 1,194,883 5.08Marketable securities held-to-maturityGovernment sponsoredDue in one year or less $ 16,477 – (381) 16,096 0.73Due after one year through five years 107,986 – (10,215) 97,771 3.46Mortgage-backed agency securities:Fixed rate pass-through 125,996 – (15,293) 110,703 4.48Variable rate pass-through 346 3 – 349 4.81Fixed rate agency CMOs 468,228 – (64,736) 403,492 5.56Variable rate agency CMOs 528 – (3) 525 4.18Total mortgage-backed agency securities 595,098 3 (80,032) 515,069 5.33Total marketable securities held-to-maturity $ 719,561 3 (90,628) 628,936 4.95
Northwest Bancshares,Inc. and SubsidiariesAsset Quality (Unaudited)(dollars in thousands) June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024Nonaccrual loans:Residential mortgage loans $ 8,482 7,025 6,951 7,541 6,403Home equity loans 3,507 3,004 3,332 4,041 4,055Consumer loans 4,418 5,201 5,028 5,205 4,609Commercial real estate loans 62,091 31,763 36,967 43,471 74,972Commercial loans 23,896 11,757 9,123 16,570 12,120Total nonaccrual loans 102,394 58,750 61,401 76,828 102,159Loans 90 days past due and still accruing 493 603 656 1,045 2,511Nonperforming loans 102,887 59,353 62,057 77,873 104,670Real estate owned, net 48 80 35 76 74Other nonperforming assets (1) – 16,102 16,102 – -Nonperforming assets $ 102,935 75,535 78,194 77,949 104,744Nonperforming loans to total loans 0.91% 0.53% 0.56% 0.69% 0.92%Nonperforming assets to total assets 0.71% 0.52% 0.54% 0.54% 0.73%Allowance for credit losses to total loans 1.14% 1.09% 1.04% 1.11% 1.10%Allowance for credit losses to nonperforming loans 125.53% 206.91% 188.24% 161.56% 119.49%
(1) Othernonperforming assets includes nonaccrual loans held-for-sale.
Northwest Bancshares,Inc. and SubsidiariesLoans by Credit Quality Indicators (Unaudited)(dollars in thousands)At June 30, 2025 Pass Special Substandard ** Doubtful Loss Loans mention * receivablePersonal Banking:Residential mortgage loans $ 3,039,809 – 12,317 – – 3,052,126Home equity loans 1,153,808 – 3,712 – – 1,157,520Consumer loans 2,206,363 – 4,912 – – 2,211,275Total Personal Banking 6,399,980 – 20,941 – – 6,420,921Commercial Banking:Commercial real estate loans 2,266,057 112,852 403,495 – – 2,782,404Commercial loans 1,956,751 87,951 93,797 – – 2,138,499Total Commercial Banking 4,222,808 200,803 497,292 – – 4,920,903Total loans $ 10,622,788 200,803 518,233 – – 11,341,824At March 31, 2025Personal Banking:Residential mortgage loans $ 3,110,770 – 10,877 – – 3,121,647Home equity loans 1,138,367 – 3,210 – – 1,141,577Consumer loans 2,075,719 – 5,750 – – 2,081,469Total Personal Banking 6,324,856 – 19,837 – – 6,344,693Commercial Banking:Commercial real estate loans 2,497,722 86,779 208,233 – – 2,792,734Commercial loans 1,964,699 63,249 51,070 – – 2,079,018Total Commercial Banking 4,462,421 150,028 259,303 – – 4,871,752Total loans $ 10,787,277 150,028 279,140 – – 11,216,445At December 31, 2024Personal Banking:Residential mortgage loans $ 3,167,447 – 10,822 – – 3,178,269Home equity loans 1,145,856 – 3,540 – – 1,149,396Consumer loans 1,989,479 – 5,606 – – 1,995,085Total Personal Banking 6,302,782 – 19,968 – – 6,322,750Commercial Banking:Commercial real estate loans 2,571,915 72,601 205,346 – – 2,849,862Commercial loans 1,923,382 37,063 46,957 – – 2,007,402Total Commercial Banking 4,495,297 109,664 252,303 – – 4,857,264Total loans $ 10,798,079 109,664 272,271 – – 11,180,014At September 30, 2024Personal Banking:Residential mortgage loans $ 3,237,357 – 11,431 – – 3,248,788Home equity loans 1,162,951 – 4,251 – – 1,167,202Consumer loans 1,992,110 – 5,922 – – 1,998,032Total Personal Banking 6,392,418 – 21,604 – – 6,414,022Commercial Banking:Commercial real estate loans 2,634,987 87,693 271,699 – – 2,994,379Commercial loans 1,808,433 51,714 26,640 – – 1,886,787Total Commercial Banking 4,443,420 139,407 298,339 – – 4,881,166Total loans $ 10,835,838 139,407 319,943 – – 11,295,188At June 30, 2024Personal Banking:Residential mortgage loans $ 3,303,603 – 11,700 – – 3,315,303Home equity loans 1,176,187 – 4,299 – – 1,180,486Consumer loans 2,074,869 – 5,189 – – 2,080,058Total Personal Banking 6,554,659 – 21,188 – – 6,575,847Commercial Banking:Commercial real estate loans 2,682,086 130,879 213,993 – – 3,026,958Commercial loans 1,673,052 47,400 21,662 – – 1,742,114Total Commercial Banking 4,355,138 178,279 235,655 – – 4,769,072Total loans $ 10,909,797 178,279 256,843 – – 11,344,919
* Includes $4.0 million, $4.7 million, $2.7 million, $2.9 million, and $2.5 million of acquired loans at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively.** Includes $19.2 million, $18.0 million, $19.8 million, $26.0 million, and $24.3 million of acquired loans at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively.
Northwest Bancshares,Inc. and SubsidiariesLoan Delinquency (Unaudited)(dollars in thousands) June 30, * March 31, * December 31, * September 30, * June 30, * 2025 2025 2024 2024 2024Loans delinquent 30 days to 59 days:Residential mortgage loans $ 561 -% $ 32,840 1.0% $ 28,690 0.9% $ 685 -% $ 616 -%Home equity loans 4,664 0.4% 3,882 0.3% 5,365 0.5% 3,907 0.3% 3,771 0.3%Consumer loans 9,174 0.4% 8,792 0.4% 11,102 0.6% 10,777 0.5% 10,372 0.5%Commercial real estate loans 4,585 0.2% 8,536 0.3% 5,215 0.2% 5,919 0.2% 4,310 0.1%Commercial loans 5,569 0.3% 6,841 0.3% 5,632 0.3% 3,260 0.2% 4,366 0.3%Total loans delinquent 30 days to 59 days $ 24,553 0.2% $ 60,891 0.5% $ 56,004 0.5% $ 24,548 0.2% $ 23,435 0.2%Loans delinquent 60 days to 89 days:Residential mortgage loans $ 8,958 0.3% $ 3,074 0.1% $ 10,112 0.3% $ 9,027 0.3% $ 8,223 0.2%Home equity loans 985 0.1% 1,290 0.1% 1,434 0.1% 882 0.1% 1,065 0.1%Consumer loans 3,233 0.1% 2,808 0.1% 3,640 0.2% 3,600 0.2% 3,198 0.2%Commercial real estate loans 13,240 0.5% 2,001 0.1% 915 -% 7,643 0.3% 3,155 0.1%Commercial loans 2,031 0.1% 2,676 0.1% 1,726 0.1% 753 -% 8,732 0.5%Total loans delinquent 60 days to 89 days $ 28,447 0.3% $ 11,849 0.1% $ 17,827 0.2% $ 21,905 0.2% $ 24,373 0.2%Loans delinquent 90 days or more: **Residential mortgage loans $ 6,905 0.2% $ 4,005 0.1% $ 4,931 0.2% $ 5,370 0.2% $ 5,553 0.2%Home equity loans 1,879 0.2% 1,893 0.2% 2,250 0.2% 2,558 0.2% 2,506 0.2%Consumer loans 3,486 0.2% 4,026 0.2% 3,967 0.2% 3,983 0.2% 3,012 0.1%Commercial real estate loans 41,875 1.5% 23,433 0.8% 7,702 0.3% 6,167 0.2% 6,034 0.2%Commercial loans 10,433 0.5% 5,994 0.3% 7,335 0.4% 14,484 0.8% 3,385 0.2%Total loans delinquent 90 days or more $ 64,578 0.6% $ 39,351 0.3% $ 26,185 0.2% $ 32,562 0.3% $ 20,490 0.2%Total loans delinquent $ 117,578 1.0% $ 112,091 1.0% $ 100,016 0.9% $ 79,015 0.7% $ 68,298 0.6%
* Represents delinquency, in dollars, divided by the respective total amount of that type of loan outstanding.** Includes purchased credit deteriorated loans of $0.3 million, $0.2 million, $0.2 million, $0.2 million, and $0.1 million at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively.
Northwest Bancshares,Inc. and SubsidiariesAllowance for Credit Losses (Unaudited)(dollars in thousands) Quarterended June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024Beginning balance $ 122,809 116,819 125,813 125,070 124,897Provision 11,456 8,256 15,549 5,727 2,169Charge-offs residential mortgage (273) (588) (176) (255) (252)Charge-offs home equity (413) (273) (197) (890) (237)Charge-offs consumer (3,331) (3,805) (4,044) (3,560) (2,561)Charge-offs commercial real estate (293) (116) (13,997) (475) (500)Charge-offs commercial (3,597) (571) (10,400) (1,580) (1,319)Recoveries 2,801 3,087 4,271 1,776 2,873Ending balance $ 129,159 122,809 116,819 125,813 125,070Net charge-offs to average loans, annualized 0.18% 0.08% 0.87% 0.18% 0.07%
Six months ended June 30, 2025 2024Beginning balance $ 116,819 125,243Provision 19,712 6,403Charge-offs residential mortgage (861) (414)Charge-offs home equity (686) (649)Charge-offs consumer (7,136) (7,134)Charge-offs commercial real estate (409) (849)Charge-offs commercial (4,168) (2,482)Recoveries 5,888 4,952Ending balance $ 129,159 125,070Net charge-offs to average loans, annualized 0.13% 0.12%
Northwest Bancshares,Inc. and SubsidiariesAverage 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. Quarterended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Average Interest Avg. Average Interest Avg. Average Interest Avg. Average Interest Avg. Average Interest Avg. balance yield/ balance yield/ balance yield/ balance yield/ balance yield/ cost cost cost cost costAssets:Interest-earning assets:Residential mortgage loans $ 3,091,324 29,978 3.88% $ 3,155,738 30,394 3.85% $ 3,215,596 31,107 3.87% $ 3,286,316 31,537 3.84% $ 3,342,749 32,182 3.85%Home equity loans 1,145,655 16,265 5.69% 1,139,728 16,164 5.75% 1,154,456 16,801 5.79% 1,166,866 17,296 5.90% 1,183,497 17,303 5.88%Consumer loans 2,073,103 28,648 5.54% 1,948,230 26,273 5.47% 1,918,356 26,293 5.45% 1,955,988 26,034 5.29% 2,048,396 26,334 5.17%Commercial real estate loans 2,836,757 43,457 6.06% 2,879,607 56,508 7.85% 2,983,946 46,933 6.15% 2,995,032 47,473 6.31% 3,023,762 45,658 5.97%Commercial loans 2,102,115 37,287 7.02% 2,053,213 36,012 7.02% 1,932,427 35,404 7.17% 1,819,400 34,837 7.62% 1,770,345 33,229 7.43%Total loans receivable (a)(b)(d) 11,248,954 155,635 5.55% 11,176,516 165,351 6.00% 11,204,781 156,538 5.56% 11,223,602 157,177 5.57% 11,368,749 154,706 5.47%Mortgage-backed securities (c) 1,790,423 12,154 2.72% 1,773,402 11,730 2.65% 1,769,151 11,514 2.60% 1,735,728 10,908 2.51% 1,734,085 9,426 2.17%Investment securities (c)(d) 266,053 1,668 2.51% 263,825 1,599 2.43% 264,840 1,575 2.38% 263,127 1,504 2.29% 287,262 1,316 1.83%FHLB stock, at cost 17,838 318 7.15% 20,862 366 7.11% 21,237 392 7.35% 20,849 394 7.51% 25,544 498 7.84%Other interest-earning deposits 220,416 2,673 4.85% 243,412 2,416 3.97% 132,273 1,554 4.60% 173,770 2,312 5.29% 135,520 1,791 5.23%Total interest-earning assets 13,543,684 172,448 5.11% 13,478,017 181,462 5.46% 13,392,282 171,573 5.10% 13,417,076 172,295 5.11% 13,551,160 167,737 4.98%Noninterest-earning assets (e) 924,513 924,466 930,582 934,593 907,432Total assets $ 14,468,197 $ 14,402,483 $ 14,322,864 $ 14,351,669 $ 14,458,592Liabilities and shareholders' equity:Interest-bearing liabilities:Savings deposits $ 2,212,175 6,521 1.18% $ 2,194,305 6,452 1.19% $ 2,152,955 6,549 1.21% $ 2,151,933 6,680 1.23% $ 2,144,278 5,957 1.12%Interest-bearing demand deposit 2,609,887 7,192 1.11% 2,593,228 7,063 1.10% 2,636,279 7,894 1.19% 2,567,682 7,452 1.15% 2,555,863 6,646 1.05%Money market deposit accounts 2,121,088 9,658 1.83% 2,082,948 9,306 1.81% 1,980,769 8,880 1.78% 1,966,684 9,170 1.85% 1,957,990 8,601 1.77%Time deposits 2,599,254 23,455 3.62% 2,629,388 24,504 3.78% 2,671,343 27,531 4.10% 2,830,737 30,896 4.34% 2,832,720 31,550 4.48%Total interesting bearing deposits (g) 9,542,404 46,826 1.97% 9,499,869 47,325 2.02% 9,441,346 50,854 2.14% 9,517,036 54,198 2.27% 9,490,851 52,754 2.24%Borrowed funds (f) 208,342 2,046 3.94% 224,122 2,206 3.99% 222,506 2,246 4.02% 220,677 2,266 4.09% 323,191 3,662 4.56%Subordinated debt 114,661 1,148 4.00% 114,576 1,148 4.01% 114,488 1,148 4.01% 114,396 1,148 4.01% 114,308 1,148 4.02%Junior subordinated debentures 129,921 2,106 6.41% 129,856 2,098 6.46% 129,791 2,277 6.87% 129,727 2,467 7.56% 129,663 2,449 7.47%Total interest-bearing liabilities 9,995,328 52,126 2.09% 9,968,423 52,777 2.15% 9,908,131 56,525 2.27% 9,981,836 60,079 2.39% 10,058,013 60,013 2.40%Noninterest-bearing demand deposits (g) 2,611,597 2,588,502 2,587,071 2,579,775 2,595,511Noninterest-bearing liabilities 225,306 228,947 238,434 217,161 263,634Total liabilities 12,832,231 12,785,872 12,733,636 12,778,772 12,917,158Shareholders' equity 1,635,966 1,616,611 1,589,228 1,572,897 1,541,434Total liabilities and shareholders' equity $ 14,468,197 $ 14,402,483 $ 14,322,864 $ 14,351,669 $ 14,458,592Net interest income/Interest rate spread FTE 120,322 3.02% 128,685 3.31% 115,048 2.83% 112,216 2.72% 107,724 2.58%Net interest-earning assets/Net interest margin FTE $ 3,548,356 3.56% $ 3,509,594 3.87% $ 3,484,151 3.42% $ 3,435,240 3.33% $ 3,493,147 3.20%Tax equivalent adjustment (d) 878 867 851 914 883Net interest income, GAAP basis 119,444 127,818 114,197 111,302 106,841Ratio of interest-earning assets to interest-bearing liabilities 1.36X 1.35X 1.35X 1.34X 1.35X
(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 total deposits were 1.55%, 1.59%, 1.68%, 1.78%, and 1.76%, respectively.
Northwest Bancshares,Inc. and SubsidiariesAverage 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, 2025 2024 Average Interest Avg. Average Interest Avg. balance yield/ balance yield/ cost(h) cost(h)AssetsInterest-earning assets:Residential mortgage loans $ 3,123,353 60,372 3.87% $ 3,367,636 64,855 3.85%Home equity loans 1,142,708 32,429 5.72% 1,194,385 34,596 5.83%Consumer loans 2,011,012 54,921 5.51% 2,041,008 51,367 5.06%Commercial real estate loans 2,858,064 99,973 6.96% 3,011,493 89,066 5.85%Commercial loans 2,077,799 73,299 7.02% 1,742,506 65,083 7.39%Loans receivable (a)(b) (d) 11,212,936 320,994 5.77% 11,357,028 304,967 5.40%Mortgage-backed securities (c) 1,781,959 23,884 2.68% 1,725,696 17,370 2.01%Investment securities (c) (d) 264,945 3,269 2.47% 310,507 2,742 1.77%FHLB stock, at cost 19,342 684 7.13% 28,897 1,105 7.69%Other interest-earning deposits 231,914 5,089 4.36% 99,252 2,623 5.23%Total interest-earning assets 13,511,096 353,920 5.28% 13,521,380 328,807 4.89%Noninterest-earning assets (e) 924,426 912,222Total assets $ 14,435,522 $ 14,433,602Liabilities and shareholders' equityInterest-bearing liabilities:Savings deposits $ 2,203,289 12,973 1.19% $ 2,133,157 10,993 1.04%Interest-bearing demand deposits 2,601,604 14,255 1.10% 2,547,343 12,048 0.95%Money market deposit accounts 2,102,124 18,964 1.82% 1,959,661 16,514 1.69%Time deposits 2,614,238 47,959 3.70% 2,765,351 60,885 4.43%Total interesting bearing deposits (g) 9,521,255 94,151 1.99% 9,405,512 100,440 2.15%Borrowed funds (f) 216,189 4,252 3.97% 396,444 9,370 4.75%Subordinated debt 114,618 2,296 4.01% 114,267 2,296 4.02%Junior subordinated debentures 129,889 4,204 6.44% 129,630 4,908 7.49%Total interest-bearing liabilities 9,981,951 104,903 2.12% 10,045,853 117,014 2.34%Noninterest-bearing demand deposits (g) 2,600,113 2,581,646Noninterest-bearing liabilities 227,116 260,452Total liabilities 12,809,180 12,887,951Shareholders' equity 1,626,342 1,545,651Total liabilities and shareholders' equity $ 14,435,522 $ 14,433,602Net interest income/Interest rate spread 249,017 3.16% 211,793 2.55%Net interest-earning assets/Net interest margin $ 3,529,145 3.72% $ 3,475,527 3.15%Tax equivalent adjustment (d) 1,755 1,714Net interest income, GAAP basis 247,262 210,079Ratio of interest-earning assets to interest-bearing liabilities 1.35X 1.35X
(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 1.57% and 1.69%, respectively.
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