Northwest Bancshares, Inc. Announces Record Second Quarter 2026 GAAP net income of $54 million, or $0.36 per diluted share

PR Newswire

COLUMBUS, Ohio, July 27, 2026

Adjusted diluted EPS (non-GAAP) of $0.37 per share

Net interest margin continues to expand to 3.75%

5.3% annualized loan growth from prior quarter

Credit quality remained strong with annualized net charge-offs of 0.15% and nonperforming assets of 0.69%

COLUMBUS, Ohio, July 27, 2026 /PRNewswire/ — Northwest Bancshares, Inc., (the “Company”), (Nasdaq: NWBI) announced record  net income for the quarter ended June 30, 2026 of $54 million, or $0.36 per diluted share. This represents an increase of $20 million compared to the same quarter last year, when net income was $34 million, or $0.26 per diluted share, and an increase of $3 million compared to the prior quarter, when net income was $51 million, or $0.34 per share. The annualized returns on average shareholders’ equity and average assets for the quarter ended June 30, 2026 were 11.20% and 1.27% compared to 8.26% and 0.93% for the same quarter last year and 10.86% and 1.22% for the prior quarter. 

Adjusted net income (non-GAAP) for the quarter ended June 30, 2026 was $54 million, or $0.37, per diluted share, which increased by $3 million from $51 million, or $0.35, per diluted share, in the prior quarter. This increase was primarily driven by an increase in net interest income of $4 million and an increase in noninterest income of $2 million which were partially offset by an increase in provision for credit losses expense of $2 million. The adjusted annualized returns on average shareholders’ equity (non-GAAP) and average assets (non-GAAP) for the quarter ended June 30, 2026 were 11.26% and 1.28% compared to 10.95% and 1.23% 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 August 18, 2026 to shareholders of record as of August 6, 2026. This is the 127th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company’s common stock as of June 30, 2026, this represents an annualized dividend yield of approximately 5.3%.

Louis J. Torchio, President and CEO, Northwest Bancshares commented, “I am pleased to report a strong second quarter performance, with Northwest delivering another quarter of record net income, more than 59% year-over-year growth, supported by a balanced and consistent performance across the whole bank. We drove 32% year-over-year average loan growth in our C&I business, with disciplined growth in our national specialty business verticals, and benefited from the strength of our retail deposit franchise, achieving our fourth consecutive quarter of lower deposit costs, one of the best-in-class among our peers. 

We produced these results while continuing to invest in talent, technology, and new financial centers, and maintaining expense management discipline, driving another quarter of improved performance with our efficiency ratio at 57.6% and our adjusted efficiency ratio at 56.2% for the quarter. 

Building on our strong first half performance, and our team already making an impact in the Columbus market, attracting new talent, customers, and deposits, we continue to focus on organic growth initiatives, further optimizing our financial performance, expanding our financial center network, and serving our core customers and communities.”

Balance Sheet Highlights

Dollars in thousands

Change 2Q26 vs.

2Q26

1Q26

2Q25

1Q26

2Q25

Average loans receivable

$   13,094,235

13,083,837

11,248,954

0.1 %

16.4 %

Average investments

2,531,603

2,466,992

2,056,476

2.6 %

23.1 %

Average deposits

14,133,825

14,046,735

12,154,001

0.6 %

16.3 %

Average borrowed funds

379,262

404,547

208,342

(6.3) %

82.0 %
  • Average loans receivable increased $1.8 billion from the quarter ended June 30, 2025, primarily driven by the Penns Woods Bancorp, Inc. (“Penns Woods”) acquisition. Compared to the quarter ended March 31, 2026, average loans receivable increased $10 million driven by growth in our commercial and industrial and consumer loan portfolios.
  • Average investments grew $475 million from the quarter ended June 30, 2025 and $65 million from the quarter ended March 31, 2026. The growth in average investments was primarily due to the Penns Woods acquisition and a targeted increase in the overall securities portfolio.
  • Average deposits grew $2.0 billion from the quarter ended June 30, 2025 primarily driven by an increase in interest-bearing account balances primarily due to the addition of the Penns Woods deposit accounts. Average deposits grew $87 million from the quarter ended March 31, 2026 primarily driven by increase in savings and money market account balances partly due to customers shifting funds to these products as their time deposits matured.  
  • Average borrowings increased $171 million compared to the quarter end June 30, 2025 due to the acquisition of long term borrowings from Penns Woods. Average borrowings decreased $25 million compared to the quarter ended March 31, 2026. The decrease in average borrowings is attributable to the reduction of short term borrowings needs primarily due to growth in average deposits exceeding average loan and securities growth.

Income Statement Highlights

Dollars in thousands

Change 2Q26 vs.

2Q26

1Q26

2Q25

1Q26

2Q25

Interest income

$  205,140

201,550

171,570

1.8 %

19.6 %

Interest expense

58,202

59,068

52,126

(1.5) %

11.7 %

Net interest income

$  146,938

142,482

119,444

3.1 %

23.0 %

Net interest margin FTE

3.75 %

3.70 %

3.56 %

Compared to the quarter ended June 30, 2025, net interest income increased $27 million and net interest margin increased to 3.75% from 3.56% for the quarter ended June 30, 2025. This increase in net interest income resulted primarily from:

  • A $34 million increase in interest income that was the result of higher average yields coupled with an increase in average earning assets. The increase in average earnings assets was driven by the Penns Woods acquisition during the third quarter 2025. The average yield on loans increased to 5.61% for the quarter ended June 30, 2026 from 5.55% for the quarter ended June 30, 2025.  The increase in yield was driven by loan mix shift towards higher yielding commercial loans, partially offset by the impact of fourth quarter 2025 rate cuts.
  • A $6 million increase in interest expense is the result of an increase in the average balance of interest-bearing liabilities partially offset by a decline in the cost of deposits. The cost of interest-bearing liabilities decreased to 2.00% for the quarter ended June 30, 2026 from 2.09% for the quarter ended June 30, 2025.

Compared to the quarter ended March 31, 2026, net interest income increased $4 million and net interest margin increased to 3.75% for the quarter ended June 30, 2026 from 3.70%. This increase in net interest income resulted from the following:

  • A $4 million increase in interest income driven by growth in the average interest earning balances and an increase on investments yields compared to the prior quarter which was partially offset by a decrease in loan yields. The average yield on loans decreased 1 bps to 5.61% and average investment yields increased to 3.27% from 3.17% for the quarter ended March 31, 2026.  The decrease in loan yields was driven by a decline in the accretion of loan fair value marks, based on timing of loan payoffs, coupled with a change in portfolio mix. 
  • A $1 million decrease in interest expense driven by lower interest expense on deposits. Average cost of interest-bearing deposits declined compared to the prior quarter to 1.83% from 1.89% for the quarter ended March 31, 2026 while average cost of borrowings increased to 3.96% from 3.88% for the quarter ended March 31, 2026. 

Dollars in thousands

Change 2Q26 vs.

2Q26

1Q26

2Q25

1Q26

2Q25

Provision for credit losses – loans

$      4,280

4,954

11,456

(13.6) %

(62.6) %

Provision for credit losses – unfunded commitments

2,357

(585)

(2,712)

(502.9) %

(186.9) %

Total provision for credit losses expense

$      6,637

4,369

8,744

51.9 %

(24.1) %

The total provision for credit losses for the quarter ended June 30, 2026 was $7 million primarily driven by growth in our commercial lending portfolio, including unfunded commitments. Total provision for credit losses for the quarter ended March 31, 2026 was $4 million driven by growth in our commercial lending portfolio and increased uncertainty in the economic outlook.

The Company saw an increase in classified loans to $524 million, or 3.96% of total loans, at June 30, 2026 from $518 million, or 4.57% of total loans, at June 30, 2025 and $498 million, or 3.81% of total loans, at March 31, 2026. The increase from the prior quarter was driven by changes in our commercial real estate portfolio which increased $29 million. The increase from the prior year was primarily due to classified loans acquired in the Penns Woods acquisition.  

Dollars in thousands

Change 2Q26 vs.

2Q26

1Q26

2Q25

1Q26

2Q25

Noninterest income:

Gain on sale of investments

$        336

11

—

2954.5 %

NA

Gain on sale of SBA loans

1,217

1,186

819

2.6 %

48.6 %

Service charges and fees

16,908

17,118

15,797

(1.2) %

7.0 %

Trust and other financial services income

9,449

8,618

7,948

9.6 %

18.9 %

Gain on real estate owned, net

20

70

258

(71.4) %

(92.2) %

Income from bank-owned life insurance

2,013

2,042

1,421

(1.4) %

41.7 %

Mortgage banking income

738

329

1,075

124.3 %

(31.3) %

Other operating income

3,548

3,208

3,620

10.6 %

(2.0) %

Total noninterest income

$     34,229

32,582

30,938

5.1 %

10.6 %

Noninterest income increased $3 million from the quarter ended June 30, 2025 driven by an increase in service charges and fees driven by deposit related fees based on customer activity related to the Penns Woods acquisition and trust and other financial services income due to growth in our wealth management business. Noninterest income increased by $2 million from the quarter ended March 31, 2026, also due to an increase in trust and other financial services income due to growth in our wealth management business. 

Dollars in thousands

Change 2Q26 vs.

2Q26

1Q26

2Q25

1Q26

2Q25

Noninterest expense:

Personnel expense

$     63,476

58,330

55,213

8.8 %

15.0 %

Non-personnel expense

40,807

45,708

42,327

(10.7) %

(3.6) %

Total noninterest expense

$    104,283

104,038

97,540

0.2 %

6.9 %

Noninterest expense increased from the quarter ended June 30, 2025 due to a $8 million increase in personnel expenses driven by an increase in core compensation and benefits expense due to the addition of Penns Woods employees. Additionally, non-personnel expense decreased by $2 million due to a $6 million decrease in merger, asset disposition and restructuring expense coupled with a $3 million decrease in federal deposit insurance (FDIC) premium expense. The decrease in FDIC premiums expense related to prior period assessment rate changes. These decreases were partially offset by an increase of $2 million in amortization of intangible expense related to the acquisition coupled with increases in operating and processing expenses due to the addition of the Penns Woods branches to our footprint.  

Noninterest expense remained flat from the quarter ended March 31, 2026 due to an increase in personnel expense which was offset by a decrease in non-personnel expenses. Personnel expense increased $5 million driven by higher base salaries, reflecting annual merit increases and one additional business day, and higher incentive compensation expenses. Non-personnel expense decreased by $5 million due to an decrease of $3 million in FDIC insurance premiums in the quarter ended June 30, 2026 for the same reasons discussed above coupled with a $1 million decrease in premises and occupancy expenses based on seasonal operating expenses during the first quarter.

Dollars in thousands

Change 2Q26 vs.

2Q26

1Q26

2Q25

1Q26

2Q25

Income before income taxes

$     70,247

66,657

44,098

5.4 %

59.3 %

Income tax expense

16,701

16,121

10,423

3.6 %

60.2 %

Net income

$     53,546

50,536

33,675

6.0 %

59.0 %

The provision for income taxes increased by $6 million from the quarter ended June 30, 2025 and $1 million for the quarter ended March 31, 2026 primarily due to the quarterly change in income before income taxes.

Net income increased from the quarter ended June 30, 2025 and the quarter ended March 31, 2026 due 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 June 30, 2026, Northwest operated 151 full-service financial centers and eleven 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

#                      #                      #

This release may contain forward-looking statements. When used or incorporated by reference in disclosure documents, the words “believe,” “anticipate,” “estimate,” “expect,” “project,” “target,” “goal” and similar expressions are intended to identify forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. These forward-looking statements include but are not limited to: statements of our goals, intentions and expectations; statements regarding our financial condition and results of operations, including statements related to our earnings outlook; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including but not limited to the following: the possibility that any of the anticipated benefits of the merger with Penns Woods will not be realized or will not be realized within the expected time period; the effect of the merger on the combined company’s customer and employee relationships and operating results; and other factors that may affect the results of operations and financial condition of the combined company; inflation and changes in the interest rate environment that reduce our margins, our loan origination, or the fair value of financial instruments; changes in asset quality, including increases in default rates on loans and higher levels of nonperforming loans and loan charge-offs generally; changes in laws, government regulations or supervision, examination and enforcement priorities affecting financial institutions, including as part of the regulatory reform agenda of the Trump administration, as well as changes in regulatory fees and capital requirements; changes in federal, state, or local tax laws and tax rates; general economic conditions, either nationally or in our market areas, that are different than expected, including inflationary or recessionary pressures or those related to changes in monetary, fiscal, regulatory, tariff and international trade policies of the U.S. government, including policies of the U.S. Department of Treasury and Board of Governors of the Federal Reserve System, and any related increases in compliance and other costs; trade disputes, barriers to trade or the emergence of trade restrictions and the resulting impacts on market volatility and global trade; growing fiscal deficits; potential recession or slowing of growth in the U.S., Europe and other regions; developments in the Middle East; adverse changes in the securities and credit markets; instability or breakdown in the financial services sector, including failures or rumors of failures of other depository institutions, along with actions taken by governmental agencies to address such turmoil; cyber-security concerns, including an interruption or breach in the security of our website or other information systems; technological changes that may be more difficult or expensive than expected; changes in liquidity, including the size and composition of our deposit portfolio, and the percentage of uninsured deposits in the portfolio; the ability of third-party providers to perform their obligations to us; competition among depository and other financial institutions, including with respect to deposit gathering, service charges and fees; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to manage our internal growth and our ability to successfully integrate acquired entities, businesses or branch offices; changes in consumer spending, borrowing and savings habits; our ability to continue to increase and manage our commercial and personal loans; possible impairments of securities held by us, including those issued by government entities and government sponsored enterprises; changes in the value of our goodwill or other intangible assets; the impact of the economy on our loan portfolio (including cash flow and collateral values), investment portfolio, customers and capital market activities; our ability to receive regulatory approvals for proposed transactions or new lines of business; the effects of any federal government shutdown or the inability of the federal government to manage debt limits; changes in the financial performance and/or condition of our borrowers; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Securities and Exchange Commission (the “SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (“FASB”) and other accounting standard setters; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the effect of global or national war, conflict, or terrorism; our ability to manage market risk, credit risk and operational risk; the disruption to local, regional, national and global economic activity caused by infectious disease outbreaks, and the significant impact that any such outbreaks may have on our growth, operations and earnings; the effects of natural disasters and extreme weather events; changes in our ability to continue to pay dividends, either at current rates or at all; our ability to retain key employees; and our compensation expense associated with equity allocated or awarded to our employees. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, expected or projected. These and other risk factors are more fully described in this presentation and in the Northwest Bancshares, Inc. (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2025 under the section entitled “Item 1A – Risk Factors,” and from time to time in other filings made by the Company with the SEC. These forward-looking statements speak only at the date of the presentation. The Company expressly disclaims any obligation to publicly release any updates or revisions to reflect any change in the Company’s expectations with regard to any change in events, conditions or circumstances on which any such statement is based.

Use of Non-GAAP Financial Measures

This release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these “non-GAAP” measures in its analysis of the Company’s performance. Management believes these non-GAAP financial measures allow for better comparability of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. See the pages 9 and 10 of this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures where applicable.

Northwest Bancshares, Inc. and Subsidiaries

Consolidated Statements of Financial Condition (Unaudited)

(dollars in thousands, except per share amounts)

June 30,
2026

December 31,
2025

June 30,
2025

Assets

Cash and cash equivalents

$     248,499

233,647

267,075

Marketable securities available-for-sale (amortized cost of $1,972,165, $1,710,978 and $1,341,651, respectively)

1,829,179

1,586,382

1,194,883

Marketable securities held-to-maturity (fair value of $550,416, $605,929 and $628,936, respectively)

630,802

683,369

719,561

Total cash and cash equivalents and marketable securities

2,708,480

2,503,398

2,181,519

Loans held-for-sale

15,391

22,437

13,104

Residential mortgage loans

3,001,908

3,100,780

3,052,126

Home equity loans

1,497,157

1,507,532

1,157,520

Consumer loans

2,843,058

2,563,890

2,211,275

Commercial real estate loans

2,988,237

3,296,902

2,782,404

Commercial and industrial loans

2,898,867

2,538,212

2,138,499

Total loans receivable

13,229,227

13,007,316

11,341,824

Allowance for credit losses

(149,321)

(150,212)

(129,159)

Loans receivable, net

13,079,906

12,857,104

11,212,665

FHLB stock, at cost

43,345

36,628

17,809

Accrued interest receivable

57,473

56,291

46,987

Real estate owned, net

63

76

48

Premises and equipment, net

144,423

140,381

123,402

Bank-owned life insurance

293,354

294,386

255,708

Goodwill

444,997

444,330

380,997

Other intangible assets, net

35,312

39,667

1,897

Other assets

384,395

371,919

250,971

Total assets

$  17,207,139

16,766,617

14,485,107

Liabilities and shareholders’ equity

Liabilities

Noninterest-bearing demand deposits

$   3,191,560

3,123,229

2,643,099

Interest-bearing demand deposits

2,916,518

2,995,759

2,622,695

Money market deposit accounts

2,766,675

2,540,818

2,153,078

Savings deposits

2,459,255

2,366,513

2,211,509

Time deposits

2,827,810

2,916,698

2,570,648

Total deposits

14,161,818

13,943,017

12,201,029

Borrowed funds

612,075

446,283

198,008

Subordinated debt

114,800

114,800

114,713

Junior subordinated debentures

130,223

130,093

129,964

Advances by borrowers for taxes and insurance

47,400

37,309

47,865

Accrued interest payable

8,385

6,846

7,729

Other liabilities

205,031

197,845

143,731

Total liabilities

15,279,732

14,876,193

12,843,039

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, 146,396,520, 146,107,964 and
127,842,403 shares issued and outstanding, respectively

1,464

1,461

1,278

Additional paid-in capital

1,274,117

1,270,444

1,037,615

Retained earnings

734,423

689,210

699,049

Accumulated other comprehensive loss

(82,597)

(70,691)

(95,874)

Total shareholders’ equity

1,927,407

1,890,424

1,642,068

Total liabilities and shareholders’ equity

$  17,207,139

16,766,617

14,485,107

Equity to assets

11.20 %

11.27 %

11.34 %

Tangible common equity to tangible assets*

8.65 %

8.64 %

8.93 %

Book value per share

$       13.17

12.94

12.84

Tangible book value per share*

$        9.88

9.63

9.85

Closing market price per share

$       15.16

12.00

12.78

Full time equivalent employees

2,183

2,169

1,998

Number of banking offices

162

161

141

*

 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 Subsidiaries

Consolidated Statements of Income (Unaudited)

(dollars in thousands, except per share amounts)

Quarter ended

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Interest income:

Loans receivable

$  182,469

180,549

184,047

177,723

154,914

Mortgage-backed securities

18,024

16,999

14,071

12,668

12,154

Taxable investment securities

1,799

1,601

1,324

1,183

999

Tax-free investment securities

674

762

777

752

512

FHLB stock dividends

738

768

701

652

318

Interest-earning deposits

1,436

871

1,905

1,700

2,673

Total interest income

205,140

201,550

202,825

194,678

171,570

Interest expense:

Deposits

50,384

51,083

52,947

51,880

46,826

Borrowed funds

7,818

7,985

7,712

6,824

5,300

Total interest expense

58,202

59,068

60,659

58,704

52,126

Net interest income

146,938

142,482

142,166

135,974

119,444

Provision for credit losses – loans

4,280

4,954

5,743

31,394

11,456

Provision for credit losses – unfunded commitments

2,357

(585)

1,981

(189)

(2,712)

Net interest income after provision for credit losses

140,301

138,113

134,442

104,769

110,700

Noninterest income:

Gain on sale of investments

336

11

142

36

—

Gain on sale of SBA loans

1,217

1,186

437

341

819

Service charges and fees

16,908

17,118

17,377

16,911

15,797

Trust and other financial services income

9,449

8,618

8,416

8,040

7,948

Gain on real estate owned, net

20

70

148

132

258

Income from bank-owned life insurance

2,013

2,042

8,269

1,751

1,421

Mortgage banking income

738

329

379

1,003

1,075

Other operating income

3,548

3,208

2,609

3,984

3,620

Total noninterest income

34,229

32,582

37,777

32,198

30,938

Noninterest expense:

Compensation and employee benefits

63,476

58,330

65,143

63,014

55,213

Premises and occupancy costs

8,494

9,863

8,170

7,707

7,122

Office operations

3,660

3,875

4,217

3,495

2,910

Collections expense

665

878

856

776

838

Processing expenses

16,948

16,806

16,454

15,072

12,973

Marketing expenses

2,362

1,668

1,827

1,932

3,018

Federal deposit insurance premiums

(291)

2,895

3,538

3,361

2,296

Professional services

3,490

3,523

3,366

3,010

3,990

Amortization of intangible assets

2,166

2,189

2,257

1,974

436

Merger, asset disposition and restructuring expense

426

631

4,160

31,260

6,244

Other expenses

2,887

3,380

3,533

1,897

2,500

Total noninterest expense

104,283

104,038

113,521

133,498

97,540

Income before income taxes

70,247

66,657

58,698

3,469

44,098

Income tax expense

16,701

16,121

12,985

302

10,423

Net income

$   53,546

50,536

45,713

3,167

33,675

Basic earnings per share

$      0.37

0.35

0.31

0.02

0.26

Diluted earnings per share

$      0.36

0.34

0.31

0.02

0.26

Weighted average common shares outstanding – diluted

147,127,223

146,850,635

146,703,966

141,175,516

128,114,509

Annualized return on average equity

11.20 %

10.86 %

9.70 %

0.69 %

8.26 %

Annualized return on average assets

1.27 %

1.22 %

1.10 %

0.08 %

0.93 %

Annualized return on average tangible common equity*

14.94 %

14.59 %

13.10 %

0.90 %

10.78 %

Efficiency ratio

57.56 %

59.43 %

63.09 %

79.38 %

64.86 %

Efficiency ratio, excluding certain items**

56.24 %

57.82 %

59.57 %

59.63 %

60.42 %

*

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

**

Excludes gain 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 Subsidiaries

Consolidated Statements of Income (Unaudited)

(dollars in thousands, except per share amounts)

Six months ended June 30,

2026

2025

Interest income:

Loans receivable

$                363,018

319,552

Mortgage-backed securities

35,023

23,884

Taxable investment securities

3,400

1,932

Tax-free investment securities

1,436

1,024

FHLB stock dividends

1,506

684

Interest-earning deposits

2,307

5,089

Total interest income

406,690

352,165

Interest expense:

Deposits

101,467

94,151

Borrowed funds

15,803

10,752

Total interest expense

117,270

104,903

Net interest income

289,420

247,262

Provision for credit losses – loans

9,234

19,712

Provision for credit losses – unfunded commitments

1,772

(3,057)

Net interest income after provision for credit losses

278,414

230,607

Noninterest income:

Gain on sale of investments

347

—

Gain on sale of SBA loans

2,403

2,057

Service charges and fees

34,026

30,784

Trust and other financial services income

18,067

15,858

Gain on real estate owned, net

90

342

Income from bank-owned life insurance

4,055

2,752

Mortgage banking income

1,067

1,771

Other operating income

6,756

5,729

Total noninterest income

66,811

59,293

Noninterest expense:

Compensation and employee benefits

121,806

109,753

Premises and occupancy costs

18,357

15,522

Office operations

7,535

5,887

Collections expense

1,543

1,166

Processing expenses

33,754

26,963

Marketing expenses

4,030

4,898

Federal deposit insurance premiums

2,604

4,624

Professional services

7,013

6,746

Amortization of intangible assets

4,355

940

Merger, asset disposition and restructuring expense

1,057

7,367

Other expenses

6,267

5,411

Total noninterest expense

208,321

189,277

Income before income taxes

136,904

100,623

Income tax expense

32,822

23,490

Net income

$                104,082

77,133

Basic earnings per share

$                    0.71

0.60

Diluted earnings per share

$                    0.71

0.60

Weighted average common shares outstanding – diluted

146,990,065

128,347,141

Annualized return on average equity

11.03 %

9.56 %

Annualized return on average assets

1.25 %

1.08 %

Annualized return on tangible common equity*

14.77 %

12.51 %

Efficiency ratio

58.48 %

61.74 %

Efficiency ratio, excluding certain items**

57.02 %

59.03 %

*

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

**

Excludes gain 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 Subsidiaries

Reconciliation of Non-GAAP Financial Measures (Unaudited) *

(dollars in thousands, except per share amounts)

Quarter ended

Six months ended June 30,

June 30,
2026

March 31,
2026

June 30,
2025

2026

2025

Reconciliation of net income to adjusted net income:

Net income (GAAP)

$   53,546

50,536

33,675

104,082

77,133

Non-GAAP adjustments

Add: merger, asset disposition and restructuring expense

426

631

6,244

1,057

7,367

Less: tax benefit of non-GAAP adjustments

(119)

(177)

(1,748)

(296)

(2,063)

Adjusted net income (non-GAAP)

$   53,853

50,990

38,171

104,843

82,437

Diluted earnings per share (GAAP)

$     0.36

0.34

0.26

0.71

0.60

Diluted adjusted earnings per share (non-GAAP)

$     0.37

0.35

0.30

0.71

0.64

Average equity

$ 1,918,135

1,887,742

1,635,966

1,903,023

1,626,342

Average assets

16,863,639

16,832,777

14,468,197

16,848,293

14,435,522

Annualized return on average equity (GAAP)

11.20 %

10.86 %

8.26 %

11.03 %

9.56 %

Annualized return on average assets (GAAP)

1.27 %

1.22 %

0.93 %

1.25 %

1.08 %

Annualized return on average equity, excluding merger, asset disposition and
restructuring expense, net of tax (non-GAAP)

11.26 %

10.95 %

9.36 %

11.11 %

10.22 %

Annualized return on average assets, excluding merger, asset disposition and
restructuring expense, net of tax (non-GAAP)

1.28 %

1.23 %

1.06 %

1.25 %

1.15 %

 

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,
2026

December 31,
2025

June 30,
2025

Tangible common equity to assets

Total shareholders’ equity

$   1,927,407

1,890,424

1,642,068

  Less: goodwill and intangible assets

(480,309)

(483,997)

(382,894)

Tangible common equity

$   1,447,098

1,406,427

1,259,174

Total assets

$  17,207,139

16,766,617

14,485,107

Less: goodwill and intangible assets

(480,309)

(483,997)

(382,894)

  Tangible assets

$  16,726,830

16,282,620

14,102,213

Tangible common equity to tangible assets

8.65 %

8.64 %

8.93 %

Tangible book value per share

Tangible common equity

$   1,447,098

1,406,427

1,259,174

Common shares outstanding

146,396,520

146,107,964

127,842,403

Tangible book value per share

9.88

9.63

9.85

 

Northwest Bancshares, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures (Unaudited) *

(dollars in thousands, except per share amounts)

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

Quarter ended

Six months ended June 30,

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

2026

2025

Annualized return on average tangible common equity

Net income

$     53,546

50,536

45,713

3,167

33,675

104,082

77,133

Average shareholders’ equity

1,918,135

1,887,742

1,870,088

1,809,395

1,635,966

1,903,023

1,626,342

Less: average goodwill and intangible assets

(481,022)

(483,240)

(485,252)

(409,875)

(383,152)

(482,125)

(383,399)

Average tangible common equity

$  1,437,113

1,404,502

1,384,836

1,399,520

1,252,814

1,420,898

1,242,943

Annualized return on average tangible common equity

14.94 %

14.59 %

13.10 %

0.90 %

10.78 %

14.77 %

12.51 %

Efficiency ratio, excluding gain on sale of investments, amortization and merger, asset
disposition and restructuring expenses

Noninterest expense

$    104,283

104,038

113,521

133,498

97,540

208,321

189,277

Less: amortization expense

(2,166)

(2,189)

(2,257)

(1,974)

(436)

(4,355)

(940)

Less: merger, asset disposition and restructuring expenses

(426)

(631)

(4,160)

(31,260)

(6,244)

(1,057)

(7,367)

Noninterest expense, excluding amortization and merger, assets disposition and
restructuring expenses

$    101,691

101,218

107,104

100,264

90,860

202,909

180,970

Net interest income

$    146,938

142,482

142,166

135,974

119,444

289,420

247,262

Noninterest income

34,229

32,582

37,777

32,198

30,938

66,811

59,293

  Less: gain on the sale of investments

(336)

(11)

(142)

(36)

—

(347)

—

Net interest income plus noninterest income, excluding gain on sale of investments

$    180,831

175,053

179,801

168,136

150,382

355,884

306,555

Efficiency ratio, excluding gain on sale of investments, amortization and merger, asset
disposition and restructuring expenses

56.24 %

57.82 %

59.57 %

59.63 %

60.42 %

57.02 %

59.03 %

*

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, gain on sale of investments, asset disposition and restructuring expense and amortization expense. 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 Subsidiaries

Deposits (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 June 30, 2026

Balance

Percent of
total deposits

Number of
relationships

Uninsured deposits per the Call Report (1)

$              3,945,748

27.9 %

6,287

Less intercompany deposit accounts

1,427,595

10.1 %

12

Less collateralized deposit accounts

445,460

3.2 %

253

Uninsured deposits excluding intercompany and collateralized accounts

$              2,072,693

14.6 %

6,022

(1)

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

 

Our largest uninsured depositor, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $185 million, or 1.3% of total deposits, as of June 30, 2026. Our top ten largest uninsured depositors, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $404 million, or 2.9% of total deposits, as of June 30, 2026. The average uninsured deposit account balance, excluding intercompany and collateralized accounts, was $344,187 as of June 30, 2026.

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

As of June 30, 2026

Balance

Percent of
total deposits

Number of
accounts

Personal noninterest bearing demand deposits

$         1,750,490

12.3 %

310,031

Business noninterest bearing demand deposits

1,441,070

10.2 %

47,768

Personal interest-bearing demand deposits

1,372,409

9.7 %

54,166

Business interest-bearing demand deposits

1,544,109

10.9 %

8,805

Personal money market deposits

1,788,118

12.6 %

28,151

Business money market deposits

978,557

6.9 %

3,179

Savings deposits

2,459,255

17.4 %

187,619

Time deposits

2,827,810

20.0 %

76,448

Total deposits

$        14,161,818

100.0 %

716,167

Our average deposit account balance as of June 30, 2026 was $19,774. The Company’s insured cash sweep deposit balance was $743 million as of June 30, 2026.

 

Northwest Bancshares, Inc. and Subsidiaries

Regulatory Capital Requirements (Unaudited)

(dollars in thousands)

At June 30, 2026

Actual (1)

Minimum capital

requirements (2)

Well capitalized

requirements 

Amount

Ratio

Amount

Ratio

Amount

Ratio

Total capital (to risk weighted assets)

Northwest Bancshares, Inc.

$   1,934,993

15.17 %

$   1,339,188

10.50 %

$   1,275,417

10.00 %

Northwest Bank

1,789,556

14.04 %

1,337,925

10.50 %

1,274,214

10.00 %

Tier 1 capital (to risk weighted assets)

Northwest Bancshares, Inc.

1,557,333

12.21 %

1,084,105

8.50 %

765,250

6.00 %

Northwest Bank

1,630,118

12.79 %

1,083,082

8.50 %

1,019,371

8.00 %

Common equity tier 1 capital (to risk weighted assets)

Northwest Bancshares, Inc.

1,557,333

12.21 %

892,792

7.00 %

N/A

N/A

Northwest Bank

1,630,118

12.79 %

891,950

7.00 %

828,239

6.50 %

Tier 1 capital (leverage)  (to average assets)

Northwest Bancshares, Inc.

1,557,333

9.37 %

664,478

4.00 %

N/A

N/A

Northwest Bank

1,630,118

9.83 %

663,100

4.00 %

828,874

5.00 %

(1)

June 30, 2026 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 2025 Annual Report on Form 10-K.

 

Northwest Bancshares, Inc. and Subsidiaries

Marketable Securities (Unaudited)

(dollars in thousands)

June 30, 2026

Marketable securities available-for-sale

Amortized cost

Gross unrealized

holding gains

Gross unrealized

holding losses

Fair value

Weighted average
duration

   Debt issued by the U.S. government and agencies:

Due after ten years

$         39,877

—

(7,237)

32,640

5.75

   Municipal securities:

   Due in one year or less

1,250

1

—

1,251

0.47

Due after one year through five years

5,605

13

(22)

5,596

2.18

Due after five years through ten years

20,303

160

(1,333)

19,130

6.51

Due after ten years

48,105

182

(6,234)

42,053

9.14

   Corporate debt issues:

Due after one year through five years

16,405

15

(107)

16,313

2.92

   Due after five years through ten years

76,798

1,557

(635)

77,720

5.59

Due after ten years

5,000

25

—

5,025

4.36

   Mortgage-backed agency securities:

   Fixed rate pass-through

527,666

1,750

(14,661)

514,755

7.24

   Variable rate pass-through

364

5

—

369

3.00

   Fixed rate agency CMBS

634,265

198

(79,321)

555,142

3.67

   Variable rate agency CMBS

6,283

—

(5)

6,278

1.74

   Fixed rate agency CMOs

562,128

478

(37,872)

524,734

4.50

   Variable rate agency CMOs

28,116

62

(5)

28,173

4.77

   Total mortgage-backed agency securities

1,758,822

2,493

(131,864)

1,629,451

5.07

   Total marketable securities available-for-sale

$      1,972,165

4,446

(147,432)

1,829,179

5.18

Marketable securities held-to-maturity

Government sponsored

Due after one year through five years

$        107,990

—

(8,338)

99,652

2.49

   Mortgage-backed agency securities:

   Fixed rate pass-through

91,615

—

(10,366)

81,249

3.92

   Variable rate pass-through

294

1

—

295

4.94

   Fixed rate agency CMBS

72,220

—

(12,750)

59,470

3.52

   Fixed rate agency CMOs

358,155

—

(48,933)

309,222

5.38

   Variable rate agency CMOs

528

—

—

528

3.58

   Total mortgage-backed agency securities

522,812

1

(72,049)

450,764

4.87

   Total marketable securities held-to-maturity

$        630,802

1

(80,387)

550,416

4.46

 

Northwest Bancshares, Inc. and Subsidiaries

Asset Quality (Unaudited)

(dollars in thousands)

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Nonaccrual loans:

Residential mortgage loans

$      11,766

10,500

12,247

11,497

8,482

Home equity loans

5,370

4,780

3,755

6,979

3,507

Consumer loans

4,791

5,732

5,711

5,898

4,418

Commercial real estate loans

47,440

47,337

57,485

82,580

62,091

Commercial and industrial loans

21,984

22,594

28,085

21,371

23,896

Total nonaccrual loans

91,351

90,943

107,283

128,325

102,394

Loans 90 days past due and still accruing

573

543

646

701

493

Nonperforming loans

91,924

91,486

107,929

129,026

102,887

Real estate owned, net

63

65

76

174

48

Nonperforming assets

$      91,987

91,551

108,005

129,200

102,935

Nonperforming loans to total loans

0.69 %

0.70 %

0.83 %

1.00 %

0.91 %

Nonperforming assets to total assets

0.53 %

0.54 %

0.64 %

0.79 %

0.71 %

Allowance for credit losses to total loans

1.13 %

1.15 %

1.15 %

1.22 %

1.14 %

Allowance for credit losses to nonperforming loans

162.44 %

164.01 %

139.18 %

121.99 %

125.53 %

 

Northwest Bancshares, Inc. and Subsidiaries

Loans by Credit Quality Indicators (Unaudited)

(dollars in thousands)

 

At June 30, 2026

Pass

Special mention *

Substandard **

Doubtful

Loss

Loans

receivable

Personal Banking:

Residential mortgage loans

$    2,990,142

—

11,766

—

—

3,001,908

Home equity loans

1,491,787

—

5,370

—

—

1,497,157

Consumer loans

2,837,791

—

5,267

—

—

2,843,058

Total Personal Banking

7,319,720

—

22,403

—

—

7,342,123

Commercial Banking:

Commercial real estate loans

2,443,890

152,441

391,906

—

—

2,988,237

Commercial and industrial loans

2,742,819

46,301

109,747

—

—

2,898,867

Total Commercial Banking

5,186,709

198,742

501,653

—

—

5,887,104

Total loans

$   12,506,429

198,742

524,056

—

—

13,229,227

At March 31, 2026

Personal Banking:

Residential mortgage loans

$    3,025,485

—

10,499

—

—

3,035,984

Home equity loans

1,491,020

—

4,780

—

—

1,495,800

Consumer loans

2,654,310

—

6,257

—

—

2,660,567

Total Personal Banking

7,170,815

—

21,536

—

—

7,192,351

Commercial Banking:

Commercial real estate loans

2,651,304

147,384

362,626

—

—

3,161,314

Commercial and industrial loans

2,543,444

45,383

113,456

—

—

2,702,283

Total Commercial Banking

5,194,748

192,767

476,082

—

—

5,863,597

Total loans

$   12,365,563

192,767

497,618

—

—

13,055,948

At December 31, 2025

Personal Banking:

Residential mortgage loans

$    3,088,533

—

12,247

—

—

3,100,780

Home equity loans

1,503,777

—

3,755

—

—

1,507,532

Consumer loans

2,557,577

—

6,313

—

—

2,563,890

Total Personal Banking

7,149,887

—

22,315

—

—

7,172,202

Commercial Banking:

Commercial real estate loans

2,817,802

131,589

347,511

—

—

3,296,902

Commercial and industrial loans

2,392,830

61,852

83,530

—

—

2,538,212

Total Commercial Banking

5,210,632

193,441

431,041

—

—

5,835,114

Total loans

$   12,360,519

193,441

453,356

—

—

13,007,316

At September 30, 2025

Personal Banking:

Residential mortgage loans

$    3,146,355

—

11,498

—

—

3,157,853

Home equity loans

1,513,914

—

6,979

—

—

1,520,893

Consumer loans

2,447,208

—

6,597

—

—

2,453,805

Total Personal Banking

7,107,477

—

25,074

—

—

7,132,551

Commercial Banking:

Commercial real estate loans

2,912,166

171,005

412,493

—

—

3,495,664

Commercial and industrial loans

2,141,236

82,009

89,473

—

—

2,312,718

Total Commercial Banking

5,053,402

253,014

501,966

—

—

5,808,382

Total loans

$   12,160,879

253,014

527,040

—

—

12,940,933

At June 30, 2025

Personal Banking:

Residential mortgage loans

$    3,039,809

—

12,317

—

—

3,052,126

Home equity loans

1,153,808

—

3,712

—

—

1,157,520

Consumer loans

2,206,363

—

4,912

—

—

2,211,275

Total Personal Banking

6,399,980

—

20,941

—

—

6,420,921

Commercial Banking:

Commercial real estate loans

2,266,057

112,852

403,495

—

—

2,782,404

Commercial and industrial loans

1,956,751

87,951

93,797

—

—

2,138,499

Total Commercial Banking

4,222,808

200,803

497,292

—

—

4,920,903

Total loans

$   10,622,788

200,803

518,233

—

—

11,341,824

*

Includes $79.1 million, $85.6 million, $38.2 million, $41.0 million, and $4.0 million of acquired loans at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.

**

Includes $163.0 million, $100.4 million, $93.2 million, $96.9 million, and $19.2 million of acquired loans at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.

 

Northwest Bancshares, Inc. and Subsidiaries

Loan Delinquency (Unaudited)

(dollars in thousands)

June 30,
2026

*

March 31,
2026

*

December 31,
2025

*

September 30,
2025

*

June 30,
2025

*

Loans delinquent 30 days to 59 days:

Residential mortgage loans

$     1,140

— %

$      44,502

1.5 %

$      41,180

1.3 %

$         1,639

0.1 %

$       561

— %

Home equity loans

6,611

0.4 %

5,932

0.4 %

6,488

0.4 %

4,644

0.3 %

4,664

0.4 %

Consumer loans

11,812

0.4 %

10,429

0.4 %

14,063

0.5 %

12,257

0.5 %

9,174

0.4 %

Commercial real estate loans

4,370

0.1 %

17,541

0.6 %

28,645

0.9 %

14,600

0.4 %

4,585

0.2 %

Commercial and industrial loans

2,844

0.1 %

7,127

0.3 %

5,657

0.2 %

9,974

0.4 %

5,569

0.3 %

Total loans delinquent 30 days to 59 days

$    26,777

0.2 %

$      85,531

0.7 %

$      96,033

0.7 %

$       43,114

0.3 %

$    24,553

0.2 %

Loans delinquent 60 days to 89 days:

Residential mortgage loans

$     7,468

0.2 %

$       2,531

0.1 %

$      10,934

0.4 %

$         7,917

0.3 %

$     8,958

0.3 %

Home equity loans

2,116

0.1 %

2,946

0.2 %

2,316

0.2 %

2,671

0.2 %

985

0.1 %

Consumer loans

3,508

0.1 %

4,264

0.2 %

4,599

0.2 %

3,691

0.2 %

3,233

0.1 %

Commercial real estate loans

3,208

0.1 %

25,859

0.8 %

12,941

0.4 %

1,575

— %

13,240

0.5 %

Commercial and industrial loans

5,837

0.2 %

8,432

0.3 %

2,899

0.1 %

1,915

0.1 %

2,031

0.1 %

Total loans delinquent 60 days to 89 days

$    22,137

0.2 %

$      44,032

0.3 %

$      33,689

0.3 %

$       17,769

0.1 %

$    28,447

0.3 %

Loans delinquent 90 days or more:

Residential mortgage loans

$    10,671

0.4 %

$       6,468

0.2 %

$      10,001

0.3 %

$         9,427

0.3 %

$     6,905

0.2 %

Home equity loans

4,343

0.3 %

3,263

0.2 %

2,492

0.2 %

2,963

0.2 %

1,879

0.2 %

Consumer loans

4,038

0.1 %

4,561

0.2 %

4,893

0.2 %

4,865

0.2 %

3,486

0.2 %

Commercial real estate loans

29,840

1.0 %

18,282

0.6 %

32,745

1.0 %

56,453

1.6 %

41,875

1.5 %

Commercial and industrial loans

15,659

0.5 %

11,266

0.4 %

16,269

0.6 %

9,490

0.4 %

10,433

0.5 %

Total loans delinquent 90 days or more

$    64,551

0.5 %

$      43,840

0.3 %

$      66,400

0.5 %

$       83,198

0.6 %

$    64,578

0.6 %

Total loans delinquent

$   113,465

0.9 %

$     173,403

1.3 %

$     196,122

1.5 %

$      144,081

1.1 %

$   117,578

1.0 %

*

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

 

Northwest Bancshares, Inc. and Subsidiaries

Allowance for Credit Losses (Unaudited)

(dollars in thousands)

Quarter ended

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Beginning balance

$    150,045

150,212

157,396

129,159

122,809

Initial allowance on loans purchased with credit deterioration

—

—

—

6,029

—

Provision

4,280

4,954

5,743

31,394

11,456

Charge-offs residential mortgage

(465)

(1,001)

(228)

(137)

(273)

Charge-offs home equity

(383)

(291)

(558)

(336)

(413)

Charge-offs consumer

(4,121)

(4,531)

(4,139)

(3,994)

(3,331)

Charge-offs commercial real estate

(889)

(254)

(9,765)

(4,312)

(293)

Charge-offs commercial and industrial

(945)

(1,155)

(532)

(2,395)

(3,597)

Recoveries

1,799

2,111

2,295

1,988

2,801

Ending balance

$    149,321

150,045

150,212

157,396

129,159

Net charge-offs to average loans, annualized

0.15 %

0.16 %

0.40 %

0.29 %

0.18 %

Six months ended June 30,

2026

2025

Beginning balance

$             150,212

116,819

Provision

9,234

19,712

Charge-offs residential mortgage

(1,466)

(861)

Charge-offs home equity

(674)

(686)

Charge-offs consumer

(8,652)

(7,136)

Charge-offs commercial real estate

(1,143)

(409)

Charge-offs commercial and industrial

(2,100)

(4,168)

Recoveries

3,910

5,888

Ending balance

$             149,321

129,159

Net charge-offs to average loans, annualized

0.16 %

0.13 %

 

Northwest Bancshares, Inc. and Subsidiaries

Average Balance Sheet (Unaudited)

(dollars in thousands) 

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

Quarter ended 

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

Average

balance

Interest

Avg.
yield/
cost

Average

balance

Interest

Avg.

yield/

cost

Average

balance

Interest

Avg.

yield/

cost 

Average

balance

Interest

Avg.

yield/

cost

Average

balance

Interest

Avg.

yield/

cost

Assets:

Interest-earning assets:

Residential mortgage loans

$ 3,030,237

30,219

3.99 %

$ 3,078,476

30,596

3.98 %

$ 3,147,858

31,814

4.04 %

$ 3,160,008

31,386

3.97 %

$ 3,091,324

29,978

3.88 %

Home equity loans

1,494,049

21,798

5.85 %

1,501,203

21,512

5.81 %

1,512,049

22,802

5.98 %

1,421,717

21,080

5.88 %

1,145,655

16,265

5.69 %

Consumer loans

2,658,435

36,064

5.44 %

2,529,868

34,270

5.49 %

2,412,579

34,436

5.66 %

2,330,173

32,729

5.57 %

2,073,103

28,648

5.54 %

Commercial real estate loans

3,131,545

49,291

6.23 %

3,342,140

51,337

6.14 %

3,468,667

53,345

6.02 %

3,377,740

51,761

6.00 %

2,836,757

43,457

6.06 %

Commercial and industrial loans

2,779,969

45,753

6.51 %

2,632,150

43,497

6.61 %

2,441,346

42,447

6.80 %

2,278,859

41,519

7.13 %

2,102,115

37,287

7.02 %

Total loans receivable (a) (b) (d)

13,094,235

183,125

5.61 %

13,083,837

181,212

5.62 %

12,982,499

184,844

5.65 %

12,568,497

178,475

5.63 %

11,248,954

155,635

5.55 %

Mortgage-backed securities (c)

2,232,535

18,024

3.23 %

2,148,996

16,999

3.16 %

1,892,074

14,071

2.97 %

1,810,209

12,668

2.80 %

1,790,423

12,154

2.72 %

Investment securities (c) (d)

299,068

2,652

3.55 %

317,996

2,566

3.23 %

309,147

2,339

3.03 %

301,719

2,153

2.85 %

266,053

1,668

2.51 %

FHLB stock, at cost

34,416

738

8.60 %

36,220

768

8.59 %

32,876

701

8.46 %

30,434

652

8.51 %

17,838

318

7.15 %

Other interest-earning deposits

141,898

1,436

4.00 %

139,970

871

2.49 %

170,370

1,905

4.37 %

164,131

1,700

4.05 %

220,416

2,673

4.85 %

Total interest-earning assets

15,802,152

205,975

5.23 %

15,727,019

202,416

5.22 %

15,386,966

203,860

5.26 %

14,874,990

195,648

5.22 %

13,543,684

172,448

5.11 %

Noninterest-earning assets (e)

1,061,487

1,105,758

1,107,042

1,067,450

924,513

Total assets

$         16,863,639

$         16,832,777

$         16,494,008

$         15,942,440

$         14,468,197

Liabilities and shareholders’ equity:

Interest-bearing liabilities:

Savings deposits

$ 2,447,522

6,531

1.07 %

$ 2,395,887

6,072

1.03 %

$ 2,362,215

6,324

1.06 %

$ 2,343,137

6,679

1.13 %

$ 2,212,175

6,521

1.18 %

Interest-bearing demand deposit

2,973,878

8,422

1.14 %

2,999,478

8,741

1.18 %

2,940,296

9,084

1.23 %

2,782,369

8,258

1.18 %

2,609,887

7,192

1.11 %

Money market deposit accounts

2,728,590

12,723

1.87 %

2,609,333

12,128

1.88 %

2,522,362

12,499

1.97 %

2,392,748

11,785

1.95 %

2,121,088

9,658

1.83 %

Time deposits

2,882,261

22,708

3.16 %

2,967,098

24,142

3.30 %

2,841,234

25,040

3.50 %

2,818,526

25,158

3.54 %

2,599,254

23,455

3.62 %

Total interest bearing deposits (g)

11,032,251

50,384

1.83 %

10,971,796

51,083

1.89 %

10,666,107

52,947

1.97 %

10,336,780

51,880

1.99 %

9,542,404

46,826

1.97 %

Borrowed funds (f)

379,262

3,740

3.96 %

404,547

3,875

3.88 %

354,894

3,425

3.83 %

347,357

3,366

3.84 %

208,342

2,046

3.94 %

Subordinated debt

114,800

2,200

7.58 %

114,800

2,204

7.68 %

114,800

2,285

7.79 %

114,745

1,335

4.65 %

114,661

1,148

4.00 %

Junior subordinated debentures

130,181

1,878

5.70 %

130,121

1,906

5.86 %

130,051

2,002

6.02 %

129,986

2,123

6.39 %

129,921

2,106

6.41 %

Total interest-bearing liabilities

11,656,494

58,202

2.00 %

11,621,264

59,068

2.06 %

11,265,852

60,659

2.14 %

10,928,868

58,704

2.13 %

9,995,328

52,126

2.09 %

Noninterest-bearing demand deposits (g)

3,101,574

3,074,939

3,105,108

2,959,871

2,611,597

Noninterest-bearing liabilities

187,436

248,832

252,960

244,306

225,306

Total liabilities

14,945,504

14,945,035

14,623,920

14,133,045

12,832,231

Shareholders’ equity

1,918,135

1,887,742

1,870,088

1,809,395

1,635,966

Total liabilities and shareholders’ equity

$         16,863,639

$         16,832,777

$         16,494,008

$         15,942,440

$         14,468,197

Net interest income/Interest rate spread FTE

147,773

3.23 %

143,348

3.16 %

143,201

3.12 %

136,944

3.09 %

120,322

3.02 %

Net interest-earning assets/Net interest margin FTE

$ 4,145,658

3.75 %

$ 4,105,755

3.70 %

$ 4,121,114

3.69 %

$ 3,946,122

3.65 %

$ 3,548,356

3.56 %

Tax equivalent adjustment (d)

835

866

1,035

970

878

Net interest income, GAAP basis

146,938

142,482

142,166

135,974

119,444

Ratio of interest-earning assets to interest-bearing liabilities

1.36X

1.35X

1.37X

1.36X

1.36X

(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 1.43%, 1.48%, 1.53%, 1.55%, and 1.55%, respectively.

 

Northwest Bancshares, Inc. and Subsidiaries

Average Balance Sheet (Unaudited)

(in thousands)

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

Six months ended June 30,

2026

2025

Average

balance

Interest

Avg.

yield/cost

Average

balance

Interest

Avg.

yield/cost

Assets

Interest-earning assets:

Residential mortgage loans

$   3,054,223

60,815

3.98 %

$   3,123,353

60,372

3.87 %

Home equity loans

1,497,606

43,310

5.83 %

1,142,708

32,429

5.72 %

Consumer loans

2,594,507

70,334

5.47 %

2,011,012

54,921

5.51 %

Commercial real estate loans

3,236,260

100,628

6.18 %

2,858,064

99,973

6.96 %

Commercial loans

2,706,468

89,250

6.56 %

2,077,799

73,299

7.02 %

Loans receivable (a) (b) (d)

13,089,064

364,337

5.61 %

11,212,936

320,994

5.77 %

Mortgage-backed securities (c)

2,190,996

35,023

3.20 %

1,781,959

23,884

2.68 %

Investment securities (c) (d)

308,480

5,218

3.38 %

264,945

3,269

2.47 %

FHLB stock, at cost

35,313

1,505

8.60 %

19,342

684

7.13 %

Other interest-earning deposits

140,934

2,307

3.26 %

231,914

5,089

4.36 %

Total interest-earning assets

15,764,787

408,390

5.22 %

13,511,096

353,920

5.28 %

Noninterest-earning assets (e)

1,083,506

924,426

Total assets

$  16,848,293

$  14,435,522

Liabilities and shareholders’ equity

Interest-bearing liabilities:

Savings deposits

$   2,421,847

12,603

1.05 %

$   2,203,289

12,973

1.19 %

Interest-bearing demand deposits

2,986,607

17,163

1.16 %

2,601,604

14,255

1.10 %

Money market deposit accounts

2,669,291

24,851

1.88 %

2,102,124

18,964

1.82 %

Time deposits

2,924,445

46,850

3.23 %

2,614,238

47,959

3.70 %

Total interest bearing deposits (g)

11,002,190

101,467

1.86 %

9,521,255

94,151

1.99 %

Borrowed funds (f)

391,835

7,615

3.92 %

216,189

4,252

3.97 %

Subordinated debt

114,800

4,405

7.63 %

114,618

2,296

4.01 %

Junior subordinated debentures

130,151

3,783

5.78 %

129,889

4,204

6.44 %

Total interest-bearing liabilities

11,638,976

117,270

2.03 %

9,981,951

104,903

2.12 %

Noninterest-bearing demand deposits (g)

3,088,330

2,600,113

Noninterest-bearing liabilities

217,964

227,116

Total liabilities

14,945,270

12,809,180

Shareholders’ equity

1,903,023

1,626,342

Total liabilities and shareholders’ equity

$  16,848,293

$  14,435,522

Net interest income/Interest rate spread

291,120

3.19 %

249,017

3.16 %

Net interest-earning assets/Net interest margin

$   4,125,811

3.72 %

$   3,529,145

3.72 %

Tax equivalent adjustment (d)

1,700

1,755

Net interest income, GAAP basis

289,420

247,262

Ratio 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 1.45% and 1.57%, respectively.

 

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