Northwest Bancshares, Inc. Announces Third Quarter 2026 GAAP net income of $51 million, or $0.34 per diluted share

PR Newswire

COLUMBUS, Ohio, Oct. 26, 2026

Record total revenue and net interest income

Adjusted diluted EPS (non-GAAP) of $0.35 per share

31% average C&I loan growth from prior year

Credit quality remained strong with annualized net charge-offs of 0.15% and nonperforming loans of 0.74%

COLUMBUS, Ohio, Oct. 26, 2026 /PRNewswire/ — Northwest Bancshares, Inc. (the “Company”) (Nasdaq: NWBI) announced net income for the quarter ended September 30, 2026 of $51 million, or $0.34 per diluted share. This represents an increase of $48 million compared to the same quarter last year, when net income was $3 million, or $0.02 per diluted share, and a decrease of $3 million compared to the prior quarter, when net income was $54 million, or $0.36 per diluted share. The annualized returns on average shareholders’ equity and average assets for the quarter ended September 30, 2026 were 10.42% and 1.18% compared to 0.69% and 0.08% for the same quarter last year and 11.20% and 1.27% for the prior quarter. 

Adjusted net income (non-GAAP) for the quarter ended September 30, 2026 was $51 million, or $0.35, per diluted share, which decreased by $3 million from $54 million, or $0.37, per diluted share, in the prior quarter. This decrease was primarily driven by an increase in provision for credit losses expense of $2 million and an increase in noninterest expense of $5 million which were partially offset by an increase in net interest income of $2 million and an increase in noninterest income of $2 million. The adjusted annualized returns on average shareholders’ equity (non-GAAP) and average assets (non-GAAP) for the quarter ended September 30, 2026 were 10.45% and 1.18% compared to 11.26% and 1.28% 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 November 17, 2026 to shareholders of record as of November 5, 2026. This is the 128th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company’s common stock as of September 30, 2026, this represents an annualized dividend yield of approximately 5.4%.

Louis J. Torchio, President and CEO, Northwest Bancshares commented, “The Northwest Team delivered yet another quarter of strong performance, with record total revenue and net interest income, and a balanced and consistent performance across the whole bank. We drove 31% year-over-year average loan growth in our C&I business, with continued growth in our national specialty business verticals and middle market portfolio, and benefited from the strength of our retail deposit franchise and low deposit costs, one of the best-in-class among our peers. 

We continue to execute our strategy for delivering sustainable, responsible growth, investing in its key drivers, including our people, our communities and the physical infrastructure that make it possible. In the third quarter we opened our first two financial centers in Columbus, added talent in the Columbus market and to our senior leadership team, and maintained our expense management discipline, with an efficiency ratio of 58.9% and adjusted efficiency ratio of 57.8%. We were also recognized in Forbes’ World’s Top Performing Banks 2026.

We look forward to a strong finish in the fourth quarter of 2026, as we build on the momentum the team is developing in Columbus and across our entire retail footprint and commercial network. Our focus remains on driving excellence across all aspects of the bank, continuing to optimize our operations, and serving our core customers and communities with the personal approach they value.”

Balance Sheet Highlights

Dollars in thousands

Change 3Q26 vs.

3Q26

2Q26

3Q25

2Q26

3Q25

Average loans receivable

$   13,302,278

13,094,235

12,568,497

1.6 %

5.8 %

Average investments

2,604,899

2,531,603

2,111,928

2.9 %

23.3 %

Average deposits

14,139,954

14,133,825

13,296,651

— %

6.3 %

Average borrowed funds

617,533

379,262

347,357

62.8 %

77.8 %

Balance sheet highlights compared to the quarter ended September 30, 2025

  • Average loans receivable increased $734 million primarily driven by the Penns Woods Bancorp, Inc. (“Penns Woods”) acquisition
  • Average investments grew $493 million primarily driven by the Penns Woods acquisition and a targeted increase in the overall securities portfolio
  • Average deposits grew $843 million primarily driven by an increase in interest-bearing account balances primarily due to the addition of the Penns Woods deposit accounts
  • Average borrowings increased $270 million due to average loan and investment growth exceeding the rate of average deposit growth

Balance sheet highlights compared to the quarter ended June 30, 2026

  • Average loans receivable increased $208 million driven by growth in our commercial and industrial and consumer loan portfolios offset by a decline in our commercial real estate portfolio
  • Average investments grew $73 million due to a targeted increase in the overall securities portfolio
  • Average deposits grew $6 million primarily driven by an increase in non-interest bearing and money market deposit account balances partly due to customers shifting funds to these products as their time deposits matured
  • Average borrowings increased $238 million for the same reason noted above

Income Statement Highlights

Dollars in thousands

Change 3Q26 vs.

3Q26

2Q26

3Q25

2Q26

3Q25

Interest income

$  210,171

205,140

194,678

2.5 %

8.0 %

Interest expense

61,221

58,202

58,704

5.2 %

4.3 %

Net interest income

$  148,950

146,938

135,974

1.4 %

9.5 %

Net interest margin FTE

3.70 %

3.75 %

3.65 %

Compared to the quarter ended September 30, 2025, net interest income increased $13 million and net interest margin increased to 3.70% from 3.65%. This increase in net interest income resulted primarily from the following:

  • A $15 million increase in interest income that was the result of:
    • An increase in average interest-earning assets partially driven by the Penns Woods acquisition during the third quarter 2025
    • Yields on average interest-earning assets was 5.22% for both periods with an increase in investment yields offset by a decline in loan yields
  • A $3 million increase in interest expense that was the result of :
    • An increase in the average balance of interest-bearing liabilities partially driven by the Penns Woods acquisition
    • Partially offset by a decline in the cost of interest-bearing liabilities to 2.05% from 2.13%

Compared to the quarter ended June 30, 2026, net interest income increased $2 million and net interest margin decreased to 3.70% for the quarter ended September 30, 2026 from 3.75%. This increase in net interest income resulted primarily from the following:

  • A $5 million increase in interest income that was driven by:
    • Growth in the average interest-earning balances
    • Yields on average interest-earning assets declined to 5.22% from 5.23% with an increase in investment yields offset by a decline in loan yields which was driven by a decline in the accretion of acquired loan fair value marks coupled with a change in portfolio mix 
  • A $3 million increase in interest expense driven by:
    • An increase in the average balance and average cost of interest-bearing liabilities
    • Average cost of interest-bearing deposits increased to 1.85% from 1.83% while average cost of borrowings declined slightly to 3.94% from 3.96% 

Dollars in thousands

Change 3Q26 vs.

3Q26

2Q26

3Q25

2Q26

3Q25

Provision for credit losses – loans

$    5,220

4,280

31,394

22.0 %

(83.4) %

Provision for credit losses – unfunded commitments

3,896

2,357

(189)

65.3 %

2161.4 %

Total provision for credit losses expense

$    9,116

6,637

31,205

37.4 %

(70.8) %

Classified loans

$  468,968

524,056

527,040

(10.5) %

(11.0) %

Classified loans as a percent of total loans

3.50 %

3.96 %

4.07 %

Compared to the quarter ended September 30, 2025:

  • Total provision for credit losses decreased $22 million primarily driven by the Day 1 initial provision from the Penns Woods acquisition of $20.6 million
  • Classified loans decreased $58 million driven by changes in our commercial real estate portfolio primarily due to the payoff of classified loans during the quarter 

Compared to the quarter ended June 30, 2026:

  • Total provision for credit losses increased $2 million primarily driven by growth in our commercial lending portfolio, including unfunded commitments
  • Classified loans decreased $55 million driven by the same factors discussed above   

Dollars in thousands

Change 3Q26 vs.

3Q26

2Q26

3Q25

2Q26

3Q25

Noninterest income:

Gain on sale of investments

$        313

336

36

(6.8) %

769.4 %

Gain on sale of SBA loans

1,081

1,217

341

(11.2) %

217.0 %

Service charges and fees

17,935

16,908

16,911

6.1 %

6.1 %

Trust and other financial services income

10,108

9,449

8,040

7.0 %

25.7 %

Gain on real estate owned, net

315

20

132

1475.0 %

138.6 %

Income from bank-owned life insurance

2,222

2,013

1,751

10.4 %

26.9 %

Mortgage banking income

363

738

1,003

(50.8) %

(63.8) %

Other operating income

3,590

3,548

3,984

1.2 %

(9.9) %

Total noninterest income

$     35,927

34,229

32,198

5.0 %

11.6 %

Noninterest income increased $4 million from the quarter ended September 30, 2025 from the following reasons:

  • $1 million increase in service charges and fees driven by deposit related fees based on customer activity related to the Penns Woods acquisition
  • $2 million increase in trust and other financial services income due to growth in our wealth management business

Noninterest income increased by $2 million from the quarter ended June 30, 2026 from the following reasons:

  • $1 million increase in service charges and fees driven by both loan and deposit related fees based on customer activity
  • $1 million increase in trust and other financial services income due to growth in our wealth management business

Dollars in thousands

Change 3Q26 vs.

3Q26

2Q26

3Q25

2Q26

3Q25

Noninterest expense:

Personnel expense

$     63,931

63,476

63,014

0.7 %

1.5 %

Non-personnel expense

45,040

40,807

70,484

10.4 %

(36.1) %

Total noninterest expense

$    108,971

104,283

133,498

4.5 %

(18.4) %

Noninterest expense decreased $25 million from the quarter ended September 30, 2025 due to the following reasons:

  • Personnel expense increased $1 million driven by an increase in core compensation and benefits expense due to the addition of Penns Woods employees
  • Non-personnel expense decreased by $25 million due to a $31 million decrease in merger, asset disposition and restructuring expense. This decrease was partially offset by an increase of $2 million in processing expenses and a $1 million increase in operating expense primarily due to the addition of the Penns Woods branches to our footprint.  

Noninterest expense increased $5 million from the quarter ended June 30, 2026 due to the following reasons:

  • Non-personnel expense increased by $4 million due to an increase of $3 million in FDIC insurance premium expense, as the prior quarter included a benefit related to prior period assessment rate changes

Dollars in thousands

Change 3Q26 vs.

3Q26

2Q26

3Q25

2Q26

3Q25

Income before income taxes

$     66,790

70,247

3,469

(4.9) %

1825.3 %

Income tax expense

16,071

16,701

302

(3.8) %

5221.5 %

Net income

$     50,719

53,546

3,167

(5.3) %

1501.5 %

The provision for income taxes increased by $16 million from the quarter ended September 30, 2025 and decreased $1 million for the quarter ended June 30, 2026 primarily due to the quarterly change in income before income taxes.

Net income increased from the quarter ended September 30, 2025 and decreased from the quarter ended June 30, 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 September 30, 2026, Northwest operated 153 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. The words “believe,” “anticipate,” “estimate,” “expect,” “project,” “target,” “goal” and similar expressions are examples of language 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 regarding our goals, intentions and expectations; statements regarding our financial condition and results of operations, including statements related to our earnings outlook; future dividend payments; our business plans, prospects, growth, customers, investments and operating strategies; 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, assumptions, and other important factors including but not limited to the following: 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; volatility in fuel prices and resulting macroeconomic impacts; 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 and increased risk due to artificial intelligence; 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, geopolitical uncertainty, 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 our Annual Report on Form 10-K for the year ended December 31, 2025, including under the section entitled “Item 1A – Risk Factors,” and in subsequent filings made by us with the SEC. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation to publicly release any updates or revisions to reflect any change in our expectations with regard to any change in events, conditions or circumstances on which any such statement is based, unless required by law.

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)

September 30,
2026

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

Assets

Cash and cash equivalents

$   223,310

248,499

286,707

233,647

278,817

Marketable securities available-for-sale (amortized cost of $1,974,633,
$1,972,165, $1,884,060, $1,710,978 and $1,405,959, respectively)

1,751,568

1,829,179

1,746,919

1,586,382

1,270,880

Marketable securities held-to-maturity (fair value of $518,383, $550,416,
$567,470, $605,929 and $618,633, respectively)

612,731

630,802

646,661

683,369

702,392

Total cash and cash equivalents and marketable securities

2,587,609

2,708,480

2,680,287

2,503,398

2,252,089

Loans held-for-sale

8,374

15,391

16,846

22,437

22,297

Residential mortgage loans

2,984,204

3,001,908

3,035,984

3,100,780

3,157,853

Home equity loans

1,496,559

1,497,157

1,495,800

1,507,532

1,520,893

Consumer loans

2,918,083

2,843,058

2,660,567

2,563,890

2,453,805

Commercial real estate loans

2,931,601

2,988,237

3,161,314

3,296,902

3,495,664

Commercial and industrial loans

3,062,849

2,898,867

2,702,283

2,538,212

2,312,718

Total loans receivable

13,393,296

13,229,227

13,055,948

13,007,316

12,940,933

Allowance for credit losses

(149,626)

(149,321)

(150,045)

(150,212)

(157,396)

Loans receivable, net

13,243,670

13,079,906

12,905,903

12,857,104

12,783,537

FHLB stock, at cost

51,439

43,345

32,781

36,628

33,349

Accrued interest receivable

59,783

57,473

57,221

56,291

55,549

Real estate owned, net

2,772

63

65

76

174

Premises and equipment, net

148,843

144,423

141,477

140,381

139,491

Bank-owned life insurance

294,011

293,354

292,103

294,386

303,115

Goodwill

444,997

444,997

444,330

444,330

438,402

Other intangible assets, net

33,242

35,312

37,478

39,667

47,924

Other assets

435,119

384,395

298,558

371,919

305,082

Total assets

$ 17,309,859

17,207,139

16,907,049

16,766,617

16,381,009

Liabilities and shareholders’ equity

Liabilities

Noninterest-bearing demand deposits

$ 3,166,262

3,191,560

3,121,044

3,123,229

3,089,963

Interest-bearing demand deposits

3,041,379

2,916,518

2,937,654

2,995,759

2,898,350

Money market deposit accounts

2,831,245

2,766,675

2,734,781

2,540,818

2,462,979

Savings deposits

2,438,182

2,459,255

2,444,799

2,366,513

2,373,413

Time deposits

2,797,970

2,827,810

2,975,026

2,916,698

2,871,544

Total deposits

14,275,038

14,161,818

14,213,304

13,943,017

13,696,249

Borrowed funds

786,715

612,075

350,884

446,283

368,241

Subordinated debt

—

114,800

114,800

114,800

114,800

Junior subordinated debentures

130,288

130,223

130,158

130,093

130,028

Advances by borrowers for taxes and insurance

20,300

47,400

40,127

37,309

21,840

Accrued interest payable

7,616

8,385

8,585

6,846

10,555

Other liabilities

197,668

205,031

144,884

197,845

183,560

Total liabilities

15,417,625

15,279,732

15,002,742

14,876,193

14,525,273

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, 146,559,425;
146,396,520; 146,302,025; 146,107,964 and 146,097,057 shares issued and
outstanding, respectively

1,466

1,464

1,463

1,461

1,461

Additional paid-in capital

1,277,121

1,274,117

1,271,372

1,270,444

1,268,694

Retained earnings

755,548

734,423

710,351

689,210

672,843

Accumulated other comprehensive loss

(141,901)

(82,597)

(78,879)

(70,691)

(87,262)

Total shareholders’ equity

1,892,234

1,927,407

1,904,307

1,890,424

1,855,736

Total liabilities and shareholders’ equity

$ 17,309,859

17,207,139

16,907,049

16,766,617

16,381,009

Equity to assets

10.93 %

11.20 %

11.26 %

11.27 %

11.33 %

Tangible common equity to tangible assets*

8.40 %

8.65 %

8.66 %

8.64 %

8.62 %

Book value per share

$     12.91

13.17

13.02

12.94

12.70

Tangible book value per share*

$       9.65

9.88

9.72

9.63

9.37

Closing market price per share

$     14.84

15.16

12.69

12.00

12.39

Full time equivalent employees

2,157

2,183

2,170

2,169

2,190

Number of banking offices

164

162

161

161

161

*    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

September 30,
2026

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

Interest income:

Loans receivable

$    186,750

182,469

180,549

184,047

177,723

Mortgage-backed securities

19,001

18,024

16,999

14,071

12,668

Taxable investment securities

1,990

1,799

1,601

1,324

1,183

Tax-free investment securities

594

674

762

777

752

FHLB stock dividends

1,061

738

768

701

652

Interest-earning deposits

775

1,436

871

1,905

1,700

Total interest income

210,171

205,140

201,550

202,825

194,678

Interest expense:

Deposits

51,298

50,384

51,083

52,947

51,880

Borrowed funds

9,923

7,818

7,985

7,712

6,824

Total interest expense

61,221

58,202

59,068

60,659

58,704

Net interest income

148,950

146,938

142,482

142,166

135,974

Provision for credit losses – loans

5,220

4,280

4,954

5,743

31,394

Provision for credit losses – unfunded commitments

3,896

2,357

(585)

1,981

(189)

Net interest income after provision for credit losses

139,834

140,301

138,113

134,442

104,769

Noninterest income:

Gain on sale of investments

313

336

11

142

36

Gain on sale of SBA loans

1,081

1,217

1,186

437

341

Service charges and fees

17,935

16,908

17,118

17,377

16,911

Trust and other financial services income

10,108

9,449

8,618

8,416

8,040

Gain on real estate owned, net

315

20

70

148

132

Income from bank-owned life insurance

2,222

2,013

2,042

8,269

1,751

Mortgage banking income

363

738

329

379

1,003

Other operating income

3,590

3,548

3,208

2,609

3,984

Total noninterest income

35,927

34,229

32,582

37,777

32,198

Noninterest expense:

Compensation and employee benefits

63,931

63,476

58,330

65,143

63,014

Premises and occupancy costs

8,943

8,494

9,863

8,170

7,707

Office operations

3,651

3,660

3,875

4,217

3,495

Collections expense

1,109

665

878

856

776

Processing expenses

17,452

16,948

16,806

16,454

15,072

Marketing expenses

2,662

2,362

1,668

1,827

1,932

Federal deposit insurance premiums

3,169

(291)

2,895

3,538

3,361

Professional services

3,094

3,490

3,523

3,366

3,010

Amortization of intangible assets

2,070

2,166

2,189

2,257

1,974

Merger, asset disposition and restructuring expense

238

426

631

4,160

31,260

Other expenses

2,652

2,887

3,380

3,533

1,897

Total noninterest expense

108,971

104,283

104,038

113,521

133,498

Income before income taxes

66,790

70,247

66,657

58,698

3,469

Income tax expense

16,071

16,701

16,121

12,985

302

Net income

$     50,719

53,546

50,536

45,713

3,167

Basic earnings per share

$       0.35

0.37

0.35

0.31

0.02

Diluted earnings per share

$       0.34

0.36

0.34

0.31

0.02

Weighted average common shares outstanding – diluted

147,460,563

147,127,223

146,850,635

146,703,966

141,175,516

Annualized return on average equity

10.42 %

11.20 %

10.86 %

9.70 %

0.69 %

Annualized return on average assets

1.18 %

1.27 %

1.22 %

1.10 %

0.08 %

Annualized return on average tangible common equity*

13.86 %

14.94 %

14.59 %

13.10 %

0.90 %

Efficiency ratio

58.94 %

57.56 %

59.43 %

63.09 %

79.38 %

Efficiency ratio, excluding certain items**

57.79 %

56.24 %

57.82 %

59.57 %

59.63 %

*

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)

Nine months ended September 30,

2026

2025

Interest income:

Loans receivable

$                549,768

497,275

Mortgage-backed securities

54,024

36,552

Taxable investment securities

5,390

3,115

Tax-free investment securities

2,030

1,776

FHLB stock dividends

2,567

1,336

Interest-earning deposits

3,082

6,789

Total interest income

616,861

546,843

Interest expense:

Deposits

152,765

146,031

Borrowed funds

25,726

17,576

Total interest expense

178,491

163,607

Net interest income

438,370

383,236

Provision for credit losses – loans

14,454

51,106

Provision for credit losses – unfunded commitments

5,668

(3,246)

Net interest income after provision for credit losses

418,248

335,376

Noninterest income:

Gain on sale of investments

660

36

Gain on sale of SBA loans

3,484

2,398

Service charges and fees

51,961

47,695

Trust and other financial services income

28,175

23,898

Gain on real estate owned, net

405

474

Income from bank-owned life insurance

6,277

4,503

Mortgage banking income

1,430

2,774

Other operating income

10,346

9,713

Total noninterest income

102,738

91,491

Noninterest expense:

Compensation and employee benefits

185,737

172,767

Premises and occupancy costs

27,300

23,229

Office operations

11,186

9,382

Collections expense

2,652

1,942

Processing expenses

51,206

42,035

Marketing expenses

6,692

6,830

Federal deposit insurance premiums

5,773

7,985

Professional services

10,107

9,756

Amortization of intangible assets

6,425

2,914

Merger, asset disposition and restructuring expense

1,295

38,627

Other expenses

8,919

7,308

Total noninterest expense

317,292

322,775

Income before income taxes

203,694

104,092

Income tax expense

48,893

23,792

Net income

$                154,801

80,300

Basic earnings per share

$                    1.06

0.61

Diluted earnings per share

$                    1.05

0.61

Weighted average common shares outstanding – diluted

147,161,720

132,700,517

Annualized return on average equity

10.82 %

6.36 %

Annualized return on average assets

1.22 %

0.72 %

Annualized return on tangible common equity*

14.46 %

8.29 %

Efficiency ratio

58.64 %

67.99 %

Efficiency ratio, excluding certain items**

57.28 %

59.25 %

*

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

Nine months ended
September 30,

September 30,
2026

June 30,
2026

September 30,
2025

2026

2025

Reconciliation of net income to adjusted net income:

Net income (GAAP)

$     50,719

53,546

3,167

154,801

80,300

Non-GAAP adjustments

Add: merger, asset disposition and restructuring expense

238

426

31,260

1,295

38,627

Add: CECL Day 1 non-PCD and unfunded provision expense

—

—

20,664

—

20,664

Less: tax benefit of non-GAAP adjustments

(67)

(119)

(14,539)

(363)

(16,601)

Adjusted net income (non-GAAP)

$     50,890

53,853

40,552

155,733

122,990

Diluted earnings per share (GAAP)

$       0.34

0.36

0.02

1.05

0.61

Diluted adjusted earnings per share (non-GAAP)

$       0.35

0.37

0.29

1.06

0.93

Average equity

$  1,931,345

1,918,135

1,809,395

1,912,567

1,688,030

Average assets

17,122,498

16,863,639

15,942,440

16,940,700

14,943,347

Annualized return on average equity (GAAP)

10.42 %

11.20 %

0.69 %

10.82 %

6.36 %

Annualized return on average assets (GAAP)

1.18 %

1.27 %

0.08 %

1.22 %

0.72 %

Annualized return on average equity, excluding merger, asset disposition and
restructuring expense and CECL Day 1 non-PCD and unfunded provision
expense, net of tax (non-GAAP)

10.45 %

11.26 %

8.89 %

10.89 %

9.74 %

Annualized return on average assets, excluding merger, asset disposition and
restructuring expense and CECL Day 1 non-PCD and unfunded provision
expense, net of tax (non-GAAP)

1.18 %

1.28 %

1.01 %

1.23 %

1.10 %

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.

September 30,
2026

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

Tangible common equity to assets

Total shareholders’ equity

$   1,892,234

1,927,407

1,904,307

1,890,424

1,855,736

  Less: goodwill and intangible assets

(478,239)

(480,309)

(481,808)

(483,997)

(486,326)

Tangible common equity

$   1,413,995

1,447,098

1,422,499

1,406,427

1,369,410

Total assets

$  17,309,859

17,207,139

16,907,049

16,766,617

16,381,009

Less: goodwill and intangible assets

(478,239)

(480,309)

(481,808)

(483,997)

(486,326)

  Tangible assets

$  16,831,620

16,726,830

16,425,241

16,282,620

15,894,683

Tangible common equity to tangible assets

8.40 %

8.65 %

8.66 %

8.64 %

8.62 %

Tangible book value per share

Tangible common equity

$   1,413,995

1,447,098

1,422,499

1,406,427

1,369,410

Common shares outstanding

146,559,425

146,396,520

146,302,025

146,107,964

146,097,057

Tangible book value per share

9.65

9.88

9.72

9.63

9.37

 

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

Nine months ended September
30,

September 30,
2026

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

2026

2025

Annualized return on average tangible common equity

Net income

$     50,719

53,546

50,536

45,713

3,167

154,801

80,300

Average shareholders’ equity

1,931,345

1,918,135

1,887,742

1,870,088

1,809,395

1,912,567

1,688,030

Less: average goodwill and intangible assets

(479,590)

(481,022)

(483,240)

(485,252)

(409,875)

(481,271)

(392,321)

Average tangible common equity

$  1,451,755

1,437,113

1,404,502

1,384,836

1,399,520

1,431,296

1,295,709

Annualized return on average tangible common equity

13.86 %

14.94 %

14.59 %

13.10 %

0.90 %

14.46 %

8.29 %

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

Noninterest expense

$    108,971

104,283

104,038

113,521

133,498

317,292

322,775

Less: amortization expense

(2,070)

(2,166)

(2,189)

(2,257)

(1,974)

(6,425)

(2,914)

Less: merger, asset disposition and restructuring expenses

(238)

(426)

(631)

(4,160)

(31,260)

(1,295)

(38,627)

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

$    106,663

101,691

101,218

107,104

100,264

309,572

281,234

Net interest income

$    148,950

146,938

142,482

142,166

135,974

438,370

383,236

Noninterest income

35,927

34,229

32,582

37,777

32,198

102,738

91,491

  Less: gain on the sale of investments

(313)

(336)

(11)

(142)

(36)

(660)

(36)

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

$    184,564

180,831

175,053

179,801

168,136

540,448

474,691

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

57.79 %

56.24 %

57.82 %

59.57 %

59.63 %

57.28 %

59.25 %

*

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 September 30, 2026

Balance

Percent of
total deposits

Number of
relationships

Uninsured deposits per the Call Report (1)

$              4,084,262

28.6 %

6,330

Less intercompany deposit accounts

1,445,562

10.1 %

12

Less collateralized deposit accounts

446,859

3.1 %

253

Uninsured deposits excluding intercompany and collateralized accounts

$              2,191,841

15.4 %

6,065

(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 $236 million, or 1.7% of total deposits, as of September 30, 2026. Our top ten largest uninsured depositors, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $443 million, or 3.1% of total deposits, as of September 30, 2026. The average uninsured deposit account balance, excluding intercompany and collateralized accounts, was $361,392 as of September 30, 2026.

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

As of September 30, 2026

Balance

Percent of
total deposits

Number of
accounts

Personal noninterest-bearing demand deposits

$         1,729,843

12.1 %

311,740

Business noninterest-bearing demand deposits

1,436,419

10.1 %

47,697

Personal interest-bearing demand deposits

1,361,249

9.5 %

53,980

Business interest-bearing demand deposits

1,680,130

11.8 %

8,690

Personal money market deposits

1,818,126

12.7 %

28,796

Business money market deposits

1,013,119

7.1 %

3,180

Savings deposits

2,438,182

17.1 %

187,586

Time deposits

2,797,970

19.6 %

74,195

Total deposits

$        14,275,038

100.0 %

715,864

Our average deposit account balance as of September 30, 2026 was $19,941. The Company’s insured cash sweep deposit balance was $827 million as of September 30, 2026.

Northwest Bancshares, Inc. and Subsidiaries
Regulatory Capital Requirements (Unaudited)
(dollars in thousands)

At September 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.

$   1,872,875

14.39 %

$   1,366,301

10.50 %

$   1,301,239

10.00 %

Northwest Bank

1,730,470

13.34 %

1,361,617

10.50 %

1,296,778

10.00 %

Tier 1 capital (to risk weighted assets)

Northwest Bancshares, Inc.

1,583,750

12.17 %

1,106,053

8.50 %

780,744

6.00 %

Northwest Bank

1,568,195

12.09 %

1,102,262

8.50 %

1,037,423

8.00 %

Common equity tier 1 capital (to risk weighted assets)

Northwest Bancshares, Inc.

1,583,750

12.17 %

910,868

7.00 %

N/A

N/A

Northwest Bank

1,568,195

12.09 %

907,745

7.00 %

842,906

6.50 %

Tier 1 capital (leverage)  (to average assets)

Northwest Bancshares, Inc.

1,583,750

9.40 %

674,178

4.00 %

N/A

N/A

Northwest Bank

1,568,195

9.31 %

673,786

4.00 %

842,232

5.00 %

(1)

September 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.

 

9Northwest Bancshares, Inc. and Subsidiaries
Marketable Securities (Unaudited)
(dollars in thousands)

September 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

$         39,019

—

(8,492)

30,527

5.71

   Municipal securities:

   Due in one year or less

3,578

—

(28)

3,550

0.65

Due after one year through five years

3,299

—

(101)

3,198

3.05

Due after five years through ten years

21,308

—

(2,707)

18,601

6.48

Due after ten years

47,057

87

(10,475)

36,669

9.73

   Corporate debt issues:

Due after one year through five years

16,276

107

(367)

16,016

3.31

   Due after five years through ten years

84,266

856

(1,909)

83,213

6.05

Due after ten years

12,000

19

—

12,019

4.33

   Mortgage-backed agency securities:

   Fixed rate pass-through

516,430

—

(39,526)

476,904

7.57

   Variable rate pass-through

344

2

—

346

2.67

   Fixed rate agency CMBS

625,167

—

(106,348)

518,819

3.65

   Variable rate agency CMBS

6,248

—

(6)

6,242

2.22

   Fixed rate agency CMOs

571,932

10

(54,214)

517,728

5.03

   Variable rate agency CMOs

27,709

34

(7)

27,736

6.52

   Total mortgage-backed agency securities

1,747,830

46

(200,101)

1,547,775

5.36

   Total marketable securities available-for-sale

$      1,974,633

1,115

(224,180)

1,751,568

5.47

Marketable securities held-to-maturity

Government sponsored:

Due after one year through five years

$        107,991

—

(9,180)

98,811

2.25

   Mortgage-backed agency securities:

   Fixed rate pass-through

87,879

—

(12,431)

75,448

3.70

   Variable rate pass-through

280

—

—

280

3.66

   Fixed rate agency CMBS

70,093

—

(14,157)

55,936

3.40

   Fixed rate agency CMOs

345,960

—

(58,577)

287,383

5.17

   Variable rate agency CMOs

528

—

(3)

525

3.42

   Total mortgage-backed agency securities

504,740

—

(85,168)

419,572

4.67

   Total marketable securities held-to-maturity

$        612,731

—

(94,348)

518,383

4.24

 

Northwest Bancshares, Inc. and Subsidiaries
Asset Quality (Unaudited)
(dollars in thousands)

September 30,
2026

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

Nonaccrual loans:

Residential mortgage loans

$      12,508

11,766

10,500

12,247

11,497

Home equity loans

6,245

5,370

4,780

3,755

6,979

Consumer loans

5,080

4,791

5,732

5,711

5,898

Commercial real estate loans

40,348

47,440

47,337

57,485

82,580

Commercial and industrial loans

34,506

21,984

22,594

28,085

21,371

Total nonaccrual loans

98,687

91,351

90,943

107,283

128,325

Loans 90 days past due and still accruing

484

573

543

646

701

Nonperforming loans

99,171

91,924

91,486

107,929

129,026

Real estate owned, net

2,772

63

65

76

174

Nonperforming assets

$     101,943

91,987

91,551

108,005

129,200

Nonperforming loans to total loans

0.74 %

0.69 %

0.70 %

0.83 %

1.00 %

Nonperforming assets to total assets

0.59 %

0.53 %

0.54 %

0.64 %

0.79 %

Allowance for credit losses to total loans

1.12 %

1.13 %

1.15 %

1.15 %

1.22 %

Allowance for credit losses to nonperforming loans

150.88 %

162.44 %

164.01 %

139.18 %

121.99 %

 

Northwest Bancshares, Inc. and Subsidiaries
Loans by Credit Quality Indicators (Unaudited)
(dollars in thousands)

At September 30, 2026

Pass

Special mention *

Substandard **

Doubtful

Loss

Loans

receivable

Personal Banking:

Residential mortgage loans

$    2,971,697

—

12,507

—

—

2,984,204

Home equity loans

1,490,313

—

6,246

—

—

1,496,559

Consumer loans

2,912,520

—

5,563

—

—

2,918,083

Total Personal Banking

7,374,530

—

24,316

—

—

7,398,846

Commercial Banking:

Commercial real estate loans

2,438,398

148,563

344,640

—

—

2,931,601

Commercial and industrial loans

2,915,066

47,771

98,674

1,338

—

3,062,849

Total Commercial Banking

5,353,464

196,334

443,314

1,338

—

5,994,450

Total loans

$   12,727,994

196,334

467,630

1,338

—

13,393,296

At June 30, 2026

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

*

Includes $67.2 million, $79.1 million, $85.6 million, $38.2 million, and $41.0 million of acquired loans at September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively.

**

Includes $177.5 million, $163.0 million, $100.4 million, $93.2 million, and $96.9 million of acquired loans at September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively.

 

Northwest Bancshares, Inc. and Subsidiaries
Loan Delinquency (Unaudited)
(dollars in thousands)

September 30,
2026

*

June 30,
2026

*

March 31,
2026

*

December 31,
2025

*

September 30,
2025

*

Loans delinquent 30 days to 59 days:

Residential mortgage loans

$        1,233

— %

$     1,140

— %

$   44,502

1.5 %

$       41,180

1.3 %

$        1,639

0.1 %

Home equity loans

6,535

0.4 %

6,611

0.4 %

5,932

0.4 %

6,488

0.4 %

4,644

0.3 %

Consumer loans

13,411

0.5 %

11,812

0.4 %

10,429

0.4 %

14,063

0.5 %

12,257

0.5 %

Commercial real estate loans

6,457

0.2 %

4,370

0.1 %

17,541

0.6 %

28,645

0.9 %

14,600

0.4 %

Commercial and industrial loans

1,297

— %

2,844

0.1 %

7,127

0.3 %

5,657

0.2 %

9,974

0.4 %

Total loans delinquent 30 days to 59 days

$       28,933

0.2 %

$   26,777

0.2 %

$   85,531

0.7 %

$       96,033

0.7 %

$       43,114

0.3 %

Loans delinquent 60 days to 89 days:

Residential mortgage loans

$        5,830

0.2 %

$     7,468

0.2 %

$     2,531

0.1 %

$       10,934

0.4 %

$        7,917

0.3 %

Home equity loans

1,603

0.1 %

2,116

0.1 %

2,946

0.2 %

2,316

0.2 %

2,671

0.2 %

Consumer loans

4,478

0.2 %

3,508

0.1 %

4,264

0.2 %

4,599

0.2 %

3,691

0.2 %

Commercial real estate loans

5,416

0.2 %

3,208

0.1 %

25,859

0.8 %

12,941

0.4 %

1,575

— %

Commercial and industrial loans

22,661

0.7 %

5,837

0.2 %

8,432

0.3 %

2,899

0.1 %

1,915

0.1 %

Total loans delinquent 60 days to 89 days

$       39,988

0.3 %

$   22,137

0.2 %

$   44,032

0.3 %

$       33,689

0.3 %

$       17,769

0.1 %

Loans delinquent 90 days or more:

Residential mortgage loans

$       10,901

0.4 %

$   10,671

0.4 %

$     6,468

0.2 %

$       10,001

0.3 %

$        9,427

0.3 %

Home equity loans

5,014

0.3 %

4,343

0.3 %

3,263

0.2 %

2,492

0.2 %

2,963

0.2 %

Consumer loans

4,224

0.1 %

4,038

0.1 %

4,561

0.2 %

4,893

0.2 %

4,865

0.2 %

Commercial real estate loans

15,944

0.5 %

29,840

1.0 %

18,282

0.6 %

32,745

1.0 %

56,453

1.6 %

Commercial and industrial loans

11,945

0.4 %

15,659

0.5 %

11,266

0.4 %

16,269

0.6 %

9,490

0.4 %

Total loans delinquent 90 days or more

$       48,028

0.4 %

$   64,551

0.5 %

$   43,840

0.3 %

$       66,400

0.5 %

$       83,198

0.6 %

Total loans delinquent

$     116,949

0.9 %

$  113,465

0.9 %

$  173,403

1.3 %

$      196,122

1.5 %

$     144,081

1.1 %

*   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

September 30,
2026

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

Beginning balance

$    149,321

150,045

150,212

157,396

129,159

Initial allowance on loans purchased with credit deterioration

—

—

—

—

6,029

Provision

5,220

4,280

4,954

5,743

31,394

Charge-offs residential mortgage

(617)

(465)

(1,001)

(228)

(137)

Charge-offs home equity

(199)

(383)

(291)

(558)

(336)

Charge-offs consumer

(3,543)

(4,121)

(4,531)

(4,139)

(3,994)

Charge-offs commercial real estate

(1,694)

(889)

(254)

(9,765)

(4,312)

Charge-offs commercial and industrial

(1,565)

(945)

(1,155)

(532)

(2,395)

Recoveries

2,703

1,799

2,111

2,295

1,988

Ending balance

$    149,626

149,321

150,045

150,212

157,396

Net charge-offs to average loans, annualized

0.15 %

0.15 %

0.16 %

0.40 %

0.29 %

 

Nine months ended September 30,

2026

2025

Beginning balance

$             150,212

116,819

Initial allowance on loans purchased with credit deterioration

—

6,029

Provision

14,454

51,106

Charge-offs residential mortgage

(2,083)

(998)

Charge-offs home equity

(873)

(1,022)

Charge-offs consumer

(12,195)

(11,130)

Charge-offs commercial real estate

(2,837)

(4,721)

Charge-offs commercial and industrial

(3,665)

(6,563)

Recoveries

6,613

7,876

Ending balance

$             149,626

157,396

Net charge-offs to average loans, annualized

0.15 %

0.19 %

 

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 

September 30, 2026

June 30, 2026

March 31, 2026

December 31, 2025

September 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

$ 3,003,745

30,494

4.06 %

$ 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 %

Home equity loans

1,490,806

22,127

5.89 %

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 %

Consumer loans

2,798,690

38,147

5.41 %

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 %

Commercial real estate loans

3,028,012

47,304

6.11 %

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 %

Commercial and industrial loans

2,981,025

49,361

6.48 %

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 %

Total loans receivable (a) (b) (d)

13,302,278

187,433

5.59 %

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 %

Mortgage-backed securities (c)

2,301,769

19,001

3.30 %

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 %

Investment securities (c) (d)

303,130

2,741

3.62 %

299,068

2,652

3.55 %

317,996

2,566

3.23 %

309,147

2,339

3.03 %

301,719

2,153

2.85 %

FHLB stock, at cost

44,956

1,061

9.36 %

34,416

738

8.60 %

36,220

768

8.59 %

32,876

701

8.46 %

30,434

652

8.51 %

Other interest-earning deposits

93,723

775

3.24 %

141,898

1,436

4.00 %

139,970

871

2.49 %

170,370

1,905

4.37 %

164,131

1,700

4.05 %

Total interest-earning assets

16,045,856

211,011

5.22 %

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 %

Noninterest-earning assets (e)

1,076,642

1,061,487

1,105,758

1,107,042

1,067,450

Total assets

$         17,122,498

$         16,863,639

$         16,832,777

$         16,494,008

$         15,942,440

Liabilities and shareholders’ equity:

Interest-bearing liabilities:

Savings deposits

$ 2,447,880

6,918

1.12 %

$ 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 %

Interest-bearing demand deposit

2,960,536

8,505

1.14 %

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 %

Money market deposit accounts

2,802,942

13,828

1.96 %

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 %

Time deposits

2,799,072

22,047

3.12 %

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 %

Total interest-bearing deposits (g)

11,010,430

51,298

1.85 %

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 %

Borrowed funds (f)

617,533

6,128

3.94 %

379,262

3,740

3.96 %

404,547

3,875

3.88 %

354,894

3,425

3.83 %

347,357

3,366

3.84 %

Subordinated debt

94,835

1,862

7.68 %

114,800

2,200

7.58 %

114,800

2,204

7.68 %

114,800

2,285

7.79 %

114,745

1,335

4.65 %

Junior subordinated debentures

130,245

1,933

5.81 %

130,181

1,878

5.70 %

130,121

1,906

5.86 %

130,051

2,002

6.02 %

129,986

2,123

6.39 %

Total interest-bearing liabilities

11,853,043

61,221

2.05 %

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 %

Noninterest-bearing demand deposits (g)

3,129,524

3,101,574

3,074,939

3,105,108

2,959,871

Noninterest-bearing liabilities

208,586

187,436

248,832

252,960

244,306

Total liabilities

15,191,153

14,945,504

14,945,035

14,623,920

14,133,045

Shareholders’ equity

1,931,345

1,918,135

1,887,742

1,870,088

1,809,395

Total liabilities and shareholders’ equity

$         17,122,498

$         16,863,639

$         16,832,777

$         16,494,008

$         15,942,440

Net interest income/Interest rate spread FTE

149,790

3.17 %

147,773

3.23 %

143,348

3.16 %

143,201

3.12 %

136,944

3.09 %

Net interest-earning assets/Net interest margin FTE

$ 4,192,813

3.70 %

$ 4,145,658

3.75 %

$ 4,105,755

3.70 %

$ 4,121,114

3.69 %

$ 3,946,122

3.65 %

Tax equivalent adjustment (d)

840

835

866

1,035

970

Net interest income, GAAP basis

148,950

146,938

142,482

142,166

135,974

Ratio of interest-earning assets to interest-bearing liabilities

1.35X

1.36X

1.35X

1.37X

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 1.44%, 1.43%, 1.48%, 1.53%, 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.

Nine months ended September 30,

2026

2025

Average

balance

Interest

Avg.

yield/cost

Average

balance

Interest

Avg.

yield/cost

Assets

Interest-earning assets:

Residential mortgage loans

$   3,037,212

91,308

4.01 %

$   3,135,705

91,758

3.90 %

Home equity loans

1,495,315

65,437

5.85 %

1,236,733

53,509

5.78 %

Consumer loans

2,663,316

108,481

5.45 %

2,118,568

87,650

5.53 %

Commercial real estate loans

3,166,082

147,933

6.16 %

3,033,193

151,726

6.60 %

Commercial loans

2,798,992

138,610

6.53 %

2,145,555

114,818

7.06 %

Loans receivable (a) (b) (d)

13,160,917

551,769

5.61 %

11,669,754

499,461

5.72 %

Mortgage-backed securities (c)

2,228,326

54,024

3.23 %

1,791,479

36,552

2.72 %

Investment securities (c) (d)

306,677

7,960

3.46 %

277,338

5,420

2.61 %

FHLB stock, at cost

38,563

2,567

8.90 %

23,080

1,336

7.74 %

Other interest-earning deposits

125,197

3,082

3.25 %

209,320

6,789

4.28 %

Total interest-earning assets

15,859,680

619,402

5.22 %

13,970,971

549,558

5.26 %

Noninterest-earning assets (e)

1,081,020

972,376

Total assets

$  16,940,700

$  14,943,347

Liabilities and shareholders’ equity

Interest-bearing liabilities:

Savings deposits

$   2,430,620

19,521

1.07 %

$   2,250,418

19,653

1.17 %

Interest-bearing demand deposits

2,977,822

25,667

1.15 %

2,662,521

22,513

1.13 %

Money market deposit accounts

2,714,331

38,680

1.91 %

2,200,063

30,748

1.87 %

Time deposits

2,882,195

68,897

3.20 %

2,683,081

73,117

3.64 %

Total interest-bearing deposits (g)

11,004,968

152,765

1.86 %

9,796,083

146,031

1.99 %

Borrowed funds (f)

467,894

13,744

3.93 %

260,392

7,618

3.91 %

Subordinated debt

108,072

6,266

7.65 %

114,661

3,631

4.22 %

Junior subordinated debentures

130,183

5,716

5.79 %

129,922

6,327

6.42 %

Total interest-bearing liabilities

11,711,117

178,491

2.04 %

10,301,058

163,607

2.12 %

Noninterest-bearing demand deposits (g)

3,102,212

2,721,350

Noninterest-bearing liabilities

214,804

232,909

Total liabilities

15,028,133

13,255,317

Shareholders’ equity

1,912,567

1,688,030

Total liabilities and shareholders’ equity

$  16,940,700

$  14,943,347

Net interest income/Interest rate spread

440,911

3.18 %

385,951

3.14 %

Net interest-earning assets/Net interest margin

$   4,148,563

3.72 %

$   3,669,913

3.69 %

Tax equivalent adjustment (d)

2,541

2,715

Net interest income, GAAP basis

438,370

383,236

Ratio of interest-earning assets to interest-bearing liabilities

1.35X

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 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 1.56%, respectively.

 

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Northwest Bancshares, Inc.