Northwest Bancshares, Inc. Announces First Quarter 2025 net income of $43 million, or $0.34 per diluted share

Rhea-AI Summary

Northwest Bancshares reported strong Q1 2025 financial results with net income of $43 million, or $0.34 per diluted share, marking a significant increase from $29 million in Q1 2024. The company's performance showed notable improvements with:

• Net interest margin expanded to 3.87%, marking the 4th consecutive quarter of improvement
• Total revenue grew 19% from first quarter 2024
• Credit quality remained stable with nonperforming assets at 0.52% of total assets

Key financial highlights include a quarterly cash dividend of $0.20 per share, representing an annualized yield of 6.7%. The bank's average deposits grew by $200 million year-over-year, while average loans decreased by $169 million. The company received all regulatory and shareholder approvals for the Penns Woods merger, expected to close by late July 2025.

Northwest Bank operates 130 financial centers and 11 drive-up facilities across Pennsylvania, New York, Ohio, and Indiana, offering business, personal banking, and wealth management services.

Positive

• Net income increased 49% YoY to $43 million ($0.34 per share) from $29 million
• Net interest margin expanded 45 basis points to 3.87%, marking 4th consecutive quarter of improvement
• Total revenue grew 19% from Q1 2024
• Achieved 3rd consecutive quarter of reduced cost of funds
• Quarterly cash dividend of $0.20 per share represents 6.7% annualized yield
• All regulatory and shareholder approvals received for Penns Woods merger
• Average deposits grew by $200 million YoY
• Net interest income increased by $25 million YoY

Negative

• Average loans receivable decreased $169 million YoY
• Classified loans increased to $279 million (2.49% of total loans) from $229 million YoY
• Noninterest expense increased due to higher personnel costs and medical expenses
• Provision for credit losses increased to $8 million from $3.4 million YoY
• Noninterest income remained flat YoY and decreased $12 million QoQ

Insights

Banking Financial Analyst

Northwest Bancshares delivers exceptional Q1 with 49% YoY earnings growth, expanding margins and positive merger progress despite moderate credit quality concerns.

Northwest Bancshares has delivered impressive Q1 2025 results, reporting $43 million in net income ($0.34 per diluted share), representing a substantial 49% increase from Q1 2024 and 33% growth from the previous quarter. The bank's performance was primarily driven by significant net interest margin expansion of 45 basis points to 3.87%, marking the fourth consecutive quarter of improvement.

Revenue grew 19% year-over-year, fueled by a 23.8% increase in net interest income. However, this performance was notably boosted by a $13.1 million interest recovery on a non-accrual commercial loan. Excluding this one-time benefit, the net interest margin would have been 3.48% – still a meaningful improvement over the 3.10% reported in Q1 2024.

Profitability metrics show substantial enhancement with return on equity reaching 10.90% (up from 7.57% a year ago) and return on assets hitting 1.22% (up from 0.81%). The bank has successfully reduced its cost of funds for the third consecutive quarter while strategically decreasing wholesale borrowings by 52.3% year-over-year.

While average loans declined by 1.5% year-over-year, this reflects a deliberate strategic shift from the personal banking portfolio toward higher-yielding commercial loans, particularly in C&I lending. Credit quality metrics show some pressure with classified loans increasing to 2.49% of total loans from 1.99% a year ago, though nonperforming assets remained relatively stable at 0.52% of total assets.

The bank announced all regulatory and shareholder approvals have been received for its Penns Woods merger, with financial close and systems conversion expected by late July 2025. The board declared a $0.20 quarterly dividend, representing an annualized yield of approximately 6.7%.

Net interest margin expands 45 basis points to 3.87% our 4th consecutive quarter of improved margin

All regulatory and shareholder approvals received for Penns Woods merger

Total revenue grew 19% from first quarter 2024

3rd consecutive quarter of reduced costs of funds

Credit quality remains stable with nonperforming assets at 0.52% of total assets

COLUMBUS, Ohio, April 28, 2025 /PRNewswire/ -- Northwest Bancshares, Inc., (the "Company"), (Nasdaq: NWBI) announced net income for the quarter ended March 31, 2025 of $43 million, or $0.34 per diluted share. This represents an increase of $14 million compared to the same quarter last year, when net income was $29 million, or $0.23 per diluted share, and an increase of $11 million compared to the prior quarter, when net income was $33 million, or $0.26 per diluted share. The annualized returns on average shareholders' equity and average assets for the quarter ended March 31, 2025 were 10.90% and 1.22% compared to 7.57% and 0.81% for the same quarter last year and 8.20% and 0.91% from the prior quarter. 

Compared to adjusted net income (non-GAAP) of $35 million, or $0.27, per diluted share in the prior quarter, adjusted net income (non-GAAP) increased by $9 million to $44 million, or $0.35, per diluted share for the quarter ended March 31, 2025. This increase was driven by a $14 million increase in net interest income impacted by a large non-accrual interest income recovery. The adjusted annualized returns on average shareholders' equity (non-GAAP) and average assets (non-GAAP) for the quarter ended March 31, 2025 were 11.11% and 1.25% compared to 8.71% and 0.97% 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 May 20, 2025 to shareholders of record as of May 8, 2025. This is the 122^th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company's common stock as of March 31, 2025, this represents an annualized dividend yield of approximately 6.7%.

Louis J. Torchio, President and CEO, Northwest Bancshares commented, "Our strong performance, with record earnings for a first quarter and one of the best quarters in Northwest's history, is a result of the Northwest team's continued rigorous focus on execution, and cost control and risk management discipline. We continue to enhance our capabilities, expand our footprint, and provide personalized services and expertise to our consumers, companies, and the communities we serve."  

"Despite the unpredictable operating environment, I remain confident and excited about Northwest's prospects for the year ahead. We continue to focus on managing the factors within our control, such as serving our core customers and communities, building on our strong and stable financial foundations, maintaining prudent cost control and risk management discipline, and executing to plan on our financial close and systems conversion for the Penns Woods acquisition by late July 2025. We are well prepared to capitalize on opportunities aligned with our strategy for sustainable, responsible, and profitable growth, when and where they arise in the coming months."

Balance Sheet Highlights

Dollars in thousands							Change 1Q25 vs.
	1Q25		4Q24		1Q24		4Q24		1Q24
Average loans receivable	$     11,176,516		11,204,781		11,345,308		(0.3) %		(1.5) %
Average investments	2,037,227		2,033,991		2,051,058		0.2 %		(0.7) %
Average deposits	12,088,371		12,028,417		11,887,954		0.5 %		1.7 %
Average borrowed funds	224,122		222,506		469,697		0.7 %		(52.3) %

 

• Average loans receivable decreased $169 million from the quarter ended March 31, 2024 driven by our personal banking portfolio, which decreased by $388 million as cash flows from this portfolio were reinvested in our commercial portfolios.  This was partially offset by growth in our commercial banking portfolio, which grew by $219 million in total, including a $339 million increase in our commercial and industrial portfolio as we have continued to build-out our commercial lending verticals. Compared to the fourth quarter of 2024, average loans receivable decreased by $28 million. Growth was muted in the quarter as we continue to reinvest cash flows from our personal banking portfolio and focus on profitability and credit discipline.
• Average investments declined $14 million from the quarter ended March 31, 2024 and increased $3 million from the quarter ended December 31, 2024. The decline from the prior year was driven by the investment portfolio restructure which occurred in the second quarter of 2024 as a portion of the proceeds from the investment sale were used to reduce outstanding borrowings. The growth in average investments from the prior quarter was due to an increase in net portfolio purchases during the quarter to reach a normalized percentage of total assets for liquidity purposes.
• Average deposits grew $200 million from the quarter ended March 31, 2024 and $60 million from the quarter ended December 31, 2024. The growth in both periods was driven by an increase in both money market and saving account balances partly due to customers shifting funds to these competitively priced products as their time deposits matured. These  increases were partially offset by a decrease in brokered time deposit balances as growth in core deposits provided sufficient funding.
• Average borrowings decreased $246 million compared to the quarter end March 31, 2024 and increased $2 million compared to the quarter ended December 31, 2024. The decrease in average borrowings from the prior year is primarily attributable to the strategic pay-down of wholesale borrowings with the proceeds from our investment portfolio restructuring in the second quarter of 2024. 

Income Statement Highlights

Dollars in thousands							Change 1Q25 vs.
	1Q25		4Q24		1Q24		4Q24		1Q24
Interest income	$    180,595		170,722		160,239		5.8 %		12.7 %
Interest expense	52,777		56,525		57,001		(6.6) %		(7.4) %
Net interest income	$    127,818		114,197		103,238		11.9 %		23.8 %
Net interest margin	3.87 %		3.42 %		3.10 %

 

Compared to the quarter ended March 31, 2024, net interest income increased $25 million and net interest margin increased to 3.87% from 3.10% for the quarter ended March 31, 2024. This increase in net interest income resulted primarily from:

• A $20 million increase in interest income that was the result of higher average yields, partly offset by lower average earning assets. The average yield on loans improved to 6.00% for the quarter ended March 31, 2025 from 5.33% for the quarter ended March 31, 2024. This increase was driven by a loan mix shift towards  higher yielding commercial loans and also includes an interest recovery of $13.1 million on a non-accrual commercial loan payoff during the quarter ended March 31, 2025. Excluding this interest recovery, the yield on loans for the quarter ended March 31, 2025 was 5.52% and the net interest margin was 3.48%. The average yields on investments increased due to a portfolio restructuring completed in the second quarter of 2024.
• A $4 million decrease in interest expense as the result of a decline in the average balance of borrowings and higher cost brokered CDs that was accomplished by growth in core deposits. The cost of interest-bearing liabilities decreased to 2.15% for the quarter ended March 31, 2025 from 2.28% for the quarter ended March 31, 2024.

Compared to the quarter ended December 31, 2024, net interest income increased $14 million and net interest margin increased to 3.87% for the quarter ended March 31, 2025 from 3.42% for the quarter ended December 31, 2024. This increase in net interest income resulted from the following:

• A $10 million increase in interest income driven by higher interest income on loans receivable and investments as average yield increased compared to the prior quarter. The average yield on loans improved to 6.00% from 5.56% and average investment yields increased to 2.62% from 2.57% for the quarter ended December 31, 2024. The increase in loan yields was impacted by non-accrual interest recoveries in both the current and prior quarter, partially offset by the full impact of fourth quarter 2024 rate cuts. 
• A $4 million decrease in interest expense driven by lower interest expense on deposits as average cost declined compared to the prior quarter to 2.02% from 2.14% for the quarter ended December 31, 2024.

Dollars in thousands							Change 1Q25 vs.
	1Q25		4Q24		1Q24		4Q24		1Q24
Provision for credit losses - loans	$           8,256		15,549		4,234		(46.9) %		95.0 %
Provision for credit losses - unfunded commitments	(345)		1,016		(799)		(134.0) %		(56.8) %
Total provision for credit losses expense	$           7,911		16,565		3,435		(52.2) %		130.3 %

 

The total provision for credit losses for the quarter ended March 31, 2025 was $8 million primarily driven by growth within our commercial lending portfolio and changes in the economic forecasts. Total provision for credit losses for the quarter ended December 31, 2024 was $17 million as the result of steps taken to de-risk our loan portfolio and reduce our levels of nonperforming, criticized and classified loans by completing two loan pool sales and transferring certain loans within our Long Term Healthcare portfolio into held for sale. As a result we saw an elevated level of charge-offs during the fourth quarter as the loans noted above were written-down to fair market value prior to sale. Total charge-offs related to the loan sales and transfer to loans held-for-sale was a combined $15 million.

The Company saw an increase in classified loans to $279 million, or 2.49% of total loans, at March 31, 2025 from $229 million, or 1.99% of total loans, at March 31, 2024 and $272 million, or 2.44% of total loans, at December 31, 2024. 

Dollars in thousands							Change 1Q25 vs.
	1Q25		4Q24		1Q24		4Q24		1Q24
Noninterest income:
Gain on sale of SBA loans	$           1,238		822		873		50.6 %		41.8 %
Service charges and fees	14,987		15,975		15,523		(6.2) %		(3.5) %
Trust and other financial services income	7,910		7,485		7,127		5.7 %		11.0 %
Gain on real estate owned, net	84		238		57		(64.7) %		47.4 %
Income from bank-owned life insurance	1,331		2,020		1,502		(34.1) %		(11.4) %
Mortgage banking income	696		224		452		210.7 %		54.0 %
Other operating income	2,109		13,299		2,429		(84.1) %		(13.2) %
Total noninterest income	$         28,355		40,063		27,963		(29.2) %		1.4 %

             

Noninterest income remained flat from the quarter ended March 31, 2024 and decreased by $12 million from the quarter ended December 31, 2024, due primarily to a decrease in other operating income driven by a gain on sale of Visa B shares and a gain on a low income housing tax credit investment that occurred in the quarter ended December 31, 2024.

Dollars in thousands							Change 1Q25 vs.
	1Q25		4Q24		1Q24		4Q24		1Q24
Noninterest expense:
Personnel expense	$         54,540		53,198		51,540		2.5 %		5.8 %
Non-personnel expense	37,197		42,128		38,484		(11.7) %		(3.3) %
Total noninterest expense	$         91,737		95,326		90,024		(3.8) %		1.9 %

 

Noninterest expense increased from the quarter ended March 31, 2024 due to a $3 million increase in personnel expenses driven by an increase in incentive compensation and an increase in medical expenses, which was partially offset by a decrease in non-personnel expense of $1 million  due to the decline in professional services fees. 

Compared to the quarter ended December 31, 2024, noninterest expense decreased due to a decrease in non-personnel expense of $5 million due to restructuring expenses in the prior quarter and a decrease in processing expense due to technology investments in the prior period. 

Dollars in thousands							Change 1Q25 vs.
	1Q25		4Q24		1Q24		4Q24		1Q24
Income before income taxes	$         56,525		42,369		37,742		33.4 %		49.8 %
Income tax expense	13,067		9,619		8,579		35.8 %		52.3 %
Net income	$         43,458		32,750		29,163		32.7 %		49.0 %

 

The provision for income taxes increased by $4 million from the quarter ended March 31, 2024 and increased $3 million from the quarter ended December 31, 2024 primarily due to the quarterly change in income before income taxes.

Net income increased from the quarter ended March 31, 2024 and December 31, 2024 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 March 31, 2025, Northwest operated 130 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.

#                      #                      #

Forward-Looking Statements - This release may contain forward-looking statements with respect to the financial condition and results of operations of Northwest Bancshares, Inc. including, without limitation, statements relating to the earnings outlook of the Company. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) changes in the interest rate environment; (2) competitive pressure among financial services companies; (3) general economic conditions including inflation and an increase in non-performing loans; (4) changes in legislation or regulatory requirements; (5) difficulties in continuing to improve operating efficiencies; (6) difficulties in the integration of acquired businesses or the ability to complete sales transactions; (7) increased risk associated with commercial real-estate and business loans; (8) changes in liquidity, including the size and composition of our deposit portfolio; (9) reduction in the value of our goodwill and other intangible assets; and (10) the effect of any pandemic, war or act of terrorism. This release also contains forward-looking statements with respect to the proposed merger between the Company and Penns Woods Bancorp, Inc. ("Penns Woods") including, without limitation, statements with respect to the expected timing of the proposed merger. Such statements are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by such statements for a variety of factors including, without limitation: the proposed merger may not be consummated within the anticipated time period or at all.  Management has no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this release, except as required by law.

Investor Contact: Michael Perry, Corporate Development & Strategy (814) 726-2140
Media Contact: Ian Bailey, External Communications (380) 400-2423

Northwest Bancshares, Inc. and Subsidiaries Consolidated Statements of Financial Condition (Unaudited) (dollars in thousands, except per share amounts)
	March 31, 2025		December 31, 2024		March 31, 2024
Assets
Cash and cash equivalents	$       353,203		288,378		119,319
Marketable securities available-for-sale (amortized cost of $1,304,760, $1,278,665 and $1,298,108, respectively)	1,153,385		1,108,944		1,094,009
Marketable securities held-to-maturity (fair value of $637,803, $637,948 and $680,353, respectively)	735,909		750,586		801,107
Total cash and cash equivalents and marketable securities	2,242,497		2,147,908		2,014,435
Loans held-for-sale	71,206		76,331		8,082
Residential mortgage loans	3,121,647		3,178,269		3,374,980
Home equity loans	1,141,577		1,149,396		1,196,607
Consumer loans	2,081,469		1,995,085		2,118,367
Commercial real estate loans	2,792,734		2,849,862		3,028,314
Commercial loans	2,079,018		2,007,402		1,774,896
Total loans receivable	11,216,445		11,180,014		11,493,164
Allowance for credit losses	(122,809)		(116,819)		(124,897)
Loans receivable, net	11,093,636		11,063,195		11,368,267
FHLB stock, at cost	17,941		21,006		30,811
Accrued interest receivable	45,949		46,356		50,680
Real estate owned, net	80		35		50
Premises and equipment, net	123,138		124,246		130,565
Bank-owned life insurance	254,444		253,137		252,842
Goodwill	380,997		380,997		380,997
Other intangible assets, net	2,334		2,837		4,589
Other assets	221,505		292,176		268,945
Total assets	$   14,453,727		14,408,224		14,510,263
Liabilities and shareholders' equity
Liabilities
Noninterest-bearing demand deposits	$     2,640,943		2,621,415		2,618,379
Interest-bearing demand deposits	2,590,568		2,666,504		2,557,866
Money market deposit accounts	2,124,293		2,007,739		1,952,537
Savings deposits	2,221,901		2,171,251		2,156,048
Time deposits	2,596,451		2,677,645		2,786,814
Total deposits	12,174,156		12,144,554		12,071,644
Borrowed funds	197,270		200,331		400,783
Subordinated debt	114,625		114,538		114,276
Junior subordinated debentures	129,899		129,834		129,639
Advances by borrowers for taxes and insurance	44,121		42,042		46,970
Accrued interest payable	6,843		6,935		17,395
Other liabilities	157,858		173,134		177,107
Total liabilities	12,824,772		12,811,368		12,957,814
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, 127,736,303, 127,508,003 and 127,253,189 shares issued and outstanding, respectively	1,277		1,275		1,273
Additional paid-in capital	1,035,093		1,033,385		1,026,173
Retained earnings	691,066		673,110		678,427
Accumulated other comprehensive loss	(98,481)		(110,914)		(153,424)
Total shareholders' equity	1,628,955		1,596,856		1,552,449
Total liabilities and shareholders' equity	$   14,453,727		14,408,224		14,510,263
Equity to assets	11.27 %		11.08 %		10.70 %
Tangible common equity to tangible assets*	8.85 %		8.65 %		8.26 %
Book value per share	$           12.75		12.52		12.20
Tangible book value per share*	$             9.75		9.51		9.17
Closing market price per share	$           12.02		13.19		11.65
Full time equivalent employees	1,996		1,956		2,060
Number of banking offices	141		141		142

*          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
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Interest income:
Loans receivable	$     164,638		155,838		156,413		153,954		149,571
Mortgage-backed securities	11,730		11,515		10,908		9,426		7,944
Taxable investment securities	933		910		842		728		794
Tax-free investment securities	512		515		512		457		491
FHLB stock dividends	366		392		394		498		607
Interest-earning deposits	2,416		1,552		2,312		1,791		832
Total interest income	180,595		170,722		171,381		166,854		160,239
Interest expense:
Deposits	47,325		50,854		54,198		52,754		47,686
Borrowed funds	5,452		5,671		5,881		7,259		9,315
Total interest expense	52,777		56,525		60,079		60,013		57,001
Net interest income	127,818		114,197		111,302		106,841		103,238
Provision for credit losses - loans	8,256		15,549		5,727		2,169		4,234
Provision for credit losses - unfunded commitments	(345)		1,016		(852)		(2,539)		(799)
Net interest income after provision for credit losses	119,907		97,632		106,427		107,211		99,803
Noninterest income:
Loss on sale of investments	—		—		—		(39,413)		—
Gain on sale of SBA loans	1,238		822		667		1,457		873
Service charges and fees	14,987		15,975		15,932		15,527		15,523
Trust and other financial services income	7,910		7,485		7,924		7,566		7,127
Gain on real estate owned, net	84		238		105		487		57
Income from bank-owned life insurance	1,331		2,020		1,434		1,371		1,502
Mortgage banking income	696		224		744		901		452
Other operating income	2,109		13,299		1,027		3,255		2,429
Total noninterest income/(loss)	28,355		40,063		27,833		(8,849)		27,963
Noninterest expense:
Compensation and employee benefits	54,540		53,198		56,186		53,531		51,540
Premises and occupancy costs	8,400		7,263		7,115		7,464		7,627
Office operations	2,977		3,036		2,811		3,819		2,767
Collections expense	328		905		474		406		336
Processing expenses	13,990		15,361		14,570		14,695		14,725
Marketing expenses	1,880		2,327		2,004		2,410		2,149
Federal deposit insurance premiums	2,328		2,949		2,763		2,865		3,023
Professional services	2,756		3,788		3,302		3,728		4,065
Amortization of intangible assets	504		526		590		635		701
Merger, asset disposition and restructuring expense	1,123		2,850		43		1,915		955
Other expenses	2,911		3,123		909		952		2,136
Total noninterest expense	91,737		95,326		90,767		92,420		90,024
Income before income taxes	56,525		42,369		43,493		5,942		37,742
Income tax expense	13,067		9,619		9,875		1,195		8,579
Net income	$       43,458		32,750		33,618		4,747		29,163
Basic earnings per share	$          0.34		0.26		0.26		0.04		0.23
Diluted earnings per share	$          0.34		0.26		0.26		0.04		0.23
Weighted average common shares outstanding - diluted	128,299,013		127,968,910		127,714,511		127,199,039		127,598,971
Annualized return on average equity	10.90 %		8.20 %		8.50 %		1.24 %		7.57 %
Annualized return on average assets	1.22 %		0.91 %		0.93 %		0.13 %		0.81 %
Annualized return on average tangible common equity *	14.29 %		10.81 %		11.26 %		1.65 %		10.08 %
Efficiency ratio	58.74 %		61.80 %		65.24 %		94.31 %		68.62 %
Efficiency ratio, excluding certain items  **	57.70 %		59.61 %		64.78 %		65.41 %		67.35 %

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

**       Excludes loss on sale of investments, amortization of intangible assets and merger, asset disposition and restructuring expenses (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items.

 

Northwest Bancshares, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited) * (dollars in thousands, except per share amounts)
	Quarter ended
	March 31, 2025		December 31, 2024		March 31,  2024
Reconciliation of net income to adjusted net income:
Net income (GAAP)	$       43,458		32,750		29,163
Non-GAAP adjustments
Add: merger, asset disposition and restructuring expense	1,123		2,850		955
Less: tax benefit of non-GAAP adjustments	(314)		(798)		(267)
Adjusted net income (non-GAAP)	$       44,267		34,802		29,851
Diluted earnings per share (GAAP)	$          0.34		0.26		0.23
Diluted adjusted earnings per share (non-GAAP)	$          0.35		0.27		0.23
Average equity	$  1,616,611		1,589,228		1,549,870
Average assets	14,402,483		14,322,864		14,408,612
Annualized return on average equity (GAAP)	10.90 %		8.20 %		7.57 %
Annualized return on average assets (GAAP)	1.22 %		0.91 %		0.81 %
Annualized return on average equity, excluding merger, asset disposition and restructuring expense and loss on the sale of investments, net of tax (non-GAAP)	11.11 %		8.71 %		7.75 %
Annualized return on average assets, excluding merger, asset disposition and restructuring expense and loss on sale of investments, net of tax (non-GAAP)	1.25 %		0.97 %		0.83 %

 

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.

 

	March 31, 2025		December 31, 2024		March 31, 2024
Tangible common equity to assets
Total shareholders' equity	$     1,628,955		1,596,856		1,552,449
Less: goodwill and intangible assets	(383,331)		(383,834)		(385,586)
Tangible common equity	$     1,245,624		1,213,022		1,166,863
Total assets	$   14,453,727		14,408,224		14,510,263
Less: goodwill and intangible assets	(383,331)		(383,834)		(385,586)
Tangible assets	$   14,070,396		14,024,390		14,124,677
Tangible common equity to tangible assets	8.85 %		8.65 %		8.26 %
Tangible book value per share
Tangible common equity	$     1,245,624		1,213,022		1,166,863
Common shares outstanding	127,736,303		127,508,003		127,253,189
Tangible book value per share	9.75		9.51		9.17

 

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
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Annualized return on average tangible common equity
Net income	$        43,458		32,750		33,618		4,747		29,163
Average shareholders' equity	1,616,611		1,589,228		1,572,897		1,541,434		1,549,870
Less: average goodwill and intangible assets	(383,649)		(384,178)		(384,730)		(385,364)		(386,038)
Average tangible common equity	$   1,232,962		1,205,050		1,188,167		1,156,070		1,163,832
Annualized return on average tangible common equity	14.29 %		10.81 %		11.26 %		1.65 %		10.08 %
Efficiency ratio, excluding loss on the sale of investments, gain on the sale of mortgage servicing rights, amortization and merger, asset disposition and restructuring expenses
Non-interest expense	$        91,737		95,326		90,767		92,420		90,024
Less: amortization expense	(504)		(526)		(590)		(635)		(701)
Less: merger, asset disposition and restructuring expenses	(1,123)		(2,850)		(43)		(1,915)		(955)
Non-interest expense, excluding amortization and merger, assets disposition and restructuring expenses	$        90,110		91,950		90,134		89,870		88,368
Net interest income	$      127,818		114,197		111,302		106,841		103,238
Non-interest income	28,355		40,063		27,833		(8,849)		27,963
Add: loss on the sale of investments	—		—		—		39,413		—
Net interest income plus non-interest income, excluding loss on sale of investments	$      156,173		154,260		139,135		137,405		131,201
Efficiency ratio, excluding loss on sale of investments, amortization and merger, asset disposition and restructuring expenses	57.70 %		59.61 %		64.78 %		65.41 %		67.35 %

*    The table summarizes the Company's results from operations on a GAAP basis and on an operating (non-GAAP) basis for the periods indicated. Operating results exclude merger, asset disposition and restructuring expense, amortization expense and loss on sale of investments. The net tax effect was calculated using statutory tax rates of approximately 28.0%. The Company believes this non-GAAP presentation provides a meaningful comparison of operational performance and facilitates a more effective evaluation and comparison of results to assess performance in relation to ongoing operations.

 

Northwest Bancshares, Inc. and Subsidiaries Deposits (Unaudited) (dollars in thousands)
Generally, deposits in excess of $250,000 are not federally insured. The following table provides details regarding the Company's uninsured deposits portfolio:
	As of March 31, 2025
	Balance		Percent of total deposits		Number of relationships
Uninsured deposits per the Call Report (1)	$                      3,222,098		26.5 %		5,345
Less intercompany deposit accounts	1,282,989		10.5 %		12
Less collateralized deposit accounts	395,737		3.3 %		237
Uninsured deposits excluding intercompany and collateralized accounts	$                      1,543,372		12.7 %		5,096

(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 $29.2 million, or 0.24% of total deposits, as of March 31, 2025. Our top ten largest uninsured depositors, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $186.0 million, or 1.53% of total deposits, as of March 31, 2025. The average uninsured deposit account balance, excluding intercompany and collateralized accounts, was $303,000 as of March 31, 2025.

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

 

	As of March 31, 2025
	Balance		Percent of total deposits		Number of accounts
Personal noninterest bearing demand deposits	$              1,404,770		11.5 %		284,530
Business noninterest bearing demand deposits	1,236,173		10.2 %		42,964
Personal interest-bearing demand deposits	1,374,998		11.3 %		55,371
Business interest-bearing demand deposits	1,215,570		10.0 %		7,486
Personal money market deposits	1,512,596		12.4 %		24,817
Business money market deposits	611,697		5.0 %		2,675
Savings deposits	2,221,901		18.3 %		178,473
Time deposits	2,596,451		21.3 %		78,677
Total deposits	$            12,174,156		100.0 %		674,993

 

Our average deposit account balance as of March 31, 2025 was $18,036. The Company's insured cash sweep deposit balance was $501 million as of March 31, 2025.

 

Northwest Bancshares, Inc. and Subsidiaries Regulatory Capital Requirements (Unaudited) (dollars in thousands)
	At March 31, 2025
	Actual (1)				Minimum capital requirements (2)				Well capitalized requirements
	Amount		Ratio		Amount		Ratio		Amount		Ratio
Total capital (to risk weighted assets)
Northwest Bancshares, Inc.	$     1,743,262		16.468 %		$     1,111,489		10.500 %		$     1,058,561		10.000 %
Northwest Bank	1,504,956		14.231 %		1,110,402		10.500 %		1,057,526		10.000 %
Tier 1 capital (to risk weighted assets)
Northwest Bancshares, Inc.	1,496,161		14.134 %		899,777		8.500 %		635,136		6.000 %
Northwest Bank	1,372,608		12.979 %		898,897		8.500 %		846,021		8.000 %
Common equity tier 1 capital (to risk weighted assets)
Northwest Bancshares, Inc.	1,370,251		12.944 %		740,992		7.000 %		N/A		N/A
Northwest Bank	1,372,608		12.979 %		740,268		7.000 %		687,392		6.500 %
Tier 1 capital (leverage)  (to average assets)
Northwest Bancshares, Inc.	1,496,161		10.512 %		569,332		4.000 %		N/A		N/A
Northwest Bank	1,372,608		9.650 %		568,942		4.000 %		711,177		5.000 %

(1)	March 31, 2025 figures are estimated.
(2)	Amounts and ratios include the capital conservation buffer of 2.5%, which does not apply to Tier 1 capital to average assets (leverage ratio). For further information related to the capital conservation buffer, see "Item 1. Business - Supervision and Regulation" of our 2024 Annual Report on Form 10-K.

 

Northwest Bancshares, Inc. and Subsidiaries Marketable Securities (Unaudited) (dollars in thousands)
		March 31, 2025
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		$              44,404		—		(8,913)		35,491		5.96
Debt issued by government sponsored enterprises:
Due after one year through five years		106		—		(4)		102		1.73
Municipal securities:
Due after one year through five years		848		11		—		859		1.45
Due after five years through ten years		17,783		120		(1,947)		15,956		7.34
Due after ten years		50,075		82		(8,823)		41,334		9.97
Corporate debt issues:
Due after one year through five years		5,486		1		(58)		5,429		2.59
Due after five years through ten years		19,968		773		(57)		20,684		3.74
Due after ten years		3,000		5		—		3,005		4.28
Mortgage-backed agency securities:
Fixed rate pass-through		240,994		1,176		(13,799)		228,371		6.55
Variable rate pass-through		3,521		57		(3)		3,575		3.42
Fixed rate agency CMOs		874,552		1,613		(121,492)		754,673		4.64
Variable rate agency CMOs		44,023		28		(145)		43,906		6.34
Total mortgage-backed agency securities		1,163,090		2,874		(135,439)		1,030,525		5.13
Total marketable securities available-for-sale		$         1,304,760		3,866		(155,241)		1,153,385		5.32
Marketable securities held-to-maturity
Government sponsored
Due in one year or less		$              16,478		—		(497)		15,981		0.98
Due after one year through five years		107,985		—		(11,667)		96,318		3.70
Mortgage-backed agency securities:
Fixed rate pass-through		129,505		—		(17,095)		112,410		4.70
Variable rate pass-through		356		2		—		358		5.41
Fixed rate agency CMOs		481,057		—		(68,846)		412,211		5.99
Variable rate agency CMOs		528		—		(3)		525		4.51
Total mortgage-backed agency securities		611,446		2		(85,944)		525,504		5.71
Total marketable securities held-to-maturity		$            735,909		2		(98,108)		637,803		5.31

 

Northwest Bancshares, Inc. and Subsidiaries Asset Quality (Unaudited) (dollars in thousands)
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Nonaccrual loans:
Residential mortgage loans	$           7,025		6,951		7,541		6,403		7,109
Home equity loans	3,004		3,332		4,041		4,055		4,409
Consumer loans	5,201		5,028		5,205		4,609		4,629
Commercial real estate loans	31,763		36,967		43,471		74,972		74,452
Commercial loans	11,757		9,123		16,570		12,120		4,461
Total nonaccrual loans	58,750		61,401		76,828		102,159		95,060
Loans 90 days past due and still accruing	603		656		1,045		2,511		2,452
Nonperforming loans	59,353		62,057		77,873		104,670		97,512
Real estate owned, net	80		35		76		74		50
Other nonperforming assets (1)	16,102		16,102		—		—		—
Nonperforming assets	$         75,535		78,194		77,949		104,744		97,562
Nonperforming loans to total loans	0.53 %		0.56 %		0.69 %		0.92 %		0.85 %
Nonperforming assets to total assets	0.52 %		0.54 %		0.54 %		0.73 %		0.67 %
Allowance for credit losses to total loans	1.09 %		1.04 %		1.11 %		1.10 %		1.09 %
Allowance for credit losses to nonperforming loans	206.91 %		188.24 %		161.56 %		119.49 %		128.08 %

(1)  Other nonperforming assets includes nonaccrual loans held-for-sale.

 

Northwest Bancshares, Inc. and Subsidiaries Loans by Credit Quality Indicators (Unaudited) (dollars in thousands)
At March 31, 2025		Pass		Special    mention *		Substandard **		Doubtful		Loss		Loans receivable
Personal Banking:
Residential mortgage loans		$       3,110,770		—		10,877		—		—		3,121,647
Home equity loans		1,138,367		—		3,210		—		—		1,141,577
Consumer loans		2,075,719		—		5,750		—		—		2,081,469
Total Personal Banking		6,324,856		—		19,837		—		—		6,344,693
Commercial Banking:
Commercial real estate loans		2,497,722		86,779		208,233		—		—		2,792,734
Commercial loans		1,964,699		63,249		51,070		—		—		2,079,018
Total Commercial Banking		4,462,421		150,028		259,303		—		—		4,871,752
Total loans		$     10,787,277		150,028		279,140		—		—		11,216,445
At December 31, 2024
Personal Banking:
Residential mortgage loans		$       3,167,447		—		10,822		—		—		3,178,269
Home equity loans		1,145,856		—		3,540		—		—		1,149,396
Consumer loans		1,989,479		—		5,606		—		—		1,995,085
Total Personal Banking		6,302,782		—		19,968		—		—		6,322,750
Commercial Banking:
Commercial real estate loans		2,571,915		72,601		205,346		—		—		2,849,862
Commercial loans		1,923,382		37,063		46,957		—		—		2,007,402
Total Commercial Banking		4,495,297		109,664		252,303		—		—		4,857,264
Total loans		$     10,798,079		109,664		272,271		—		—		11,180,014
At September 30, 2024
Personal Banking:
Residential mortgage loans		$       3,237,357		—		11,431		—		—		3,248,788
Home equity loans		1,162,951		—		4,251		—		—		1,167,202
Consumer loans		1,992,110		—		5,922		—		—		1,998,032
Total Personal Banking		6,392,418		—		21,604		—		—		6,414,022
Commercial Banking:
Commercial real estate loans		2,634,987		87,693		271,699		—		—		2,994,379
Commercial loans		1,808,433		51,714		26,640		—		—		1,886,787
Total Commercial Banking		4,443,420		139,407		298,339		—		—		4,881,166
Total loans		$     10,835,838		139,407		319,943		—		—		11,295,188
At June 30, 2024
Personal Banking:
Residential mortgage loans		$       3,303,603		—		11,700		—		—		3,315,303
Home equity loans		1,176,187		—		4,299		—		—		1,180,486
Consumer loans		2,074,869		—		5,189		—		—		2,080,058
Total Personal Banking		6,554,659		—		21,188		—		—		6,575,847
Commercial Banking:
Commercial real estate loans		2,682,086		130,879		213,993		—		—		3,026,958
Commercial loans		1,673,052		47,400		21,662		—		—		1,742,114
Total Commercial Banking		4,355,138		178,279		235,655		—		—		4,769,072
Total loans		$     10,909,797		178,279		256,843		—		—		11,344,919
At March 31, 2024
Personal Banking:
Residential mortgage loans		$       3,362,439		—		12,541		—		—		3,374,980
Home equity loans		1,191,957		—		4,650		—		—		1,196,607
Consumer loans		2,113,050		—		5,317		—		—		2,118,367
Total Personal Banking		6,667,446		—		22,508		—		—		6,689,954
Commercial Banking:
Commercial real estate loans		2,714,643		131,247		182,424		—		—		3,028,314
Commercial loans		1,698,519		52,461		23,916		—		—		1,774,896
Total Commercial Banking		4,413,162		183,708		206,340		—		—		4,803,210
Total loans		$     11,080,608		183,708		228,848		—		—		11,493,164

*        Includes $4.7 million, $2.7 million, $2.9 million, $2.5 million, and $2.4 million of acquired loans at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.

**       Includes $18.0 million, $19.8 million, $26.0 million, $24.3 million, and $27.2 million of acquired loans at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.

 

Northwest Bancshares, Inc. and Subsidiaries Loan Delinquency (Unaudited) (dollars in thousands)
	March 31, 2025		*		December 31, 2024		*		September 30, 2024		*		June 30, 2024		*		March 31, 2024		*
Loans delinquent 30 days to 59 days:
Residential mortgage loans	$       32,840		1.0 %		$            28,690		0.9 %		$                 685		— %		$           616		— %		$       38,502		1.1 %
Home equity loans	3,882		0.3 %		5,365		0.5 %		3,907		0.3 %		3,771		0.3 %		4,608		0.4 %
Consumer loans	8,792		0.4 %		11,102		0.6 %		10,777		0.5 %		10,372		0.5 %		9,911		0.5 %
Commercial real estate loans	8,536		0.3 %		5,215		0.2 %		5,919		0.2 %		4,310		0.1 %		6,396		0.2 %
Commercial loans	6,841		0.3 %		5,632		0.3 %		3,260		0.2 %		4,366		0.3 %		3,091		0.2 %
Total loans delinquent 30 days to 59 days	$       60,891		0.5 %		$            56,004		0.5 %		$            24,548		0.2 %		$       23,435		0.2 %		$       62,508		0.5 %
Loans delinquent 60 days to 89 days:
Residential mortgage loans	$         3,074		0.1 %		$            10,112		0.3 %		$              9,027		0.3 %		$         8,223		0.2 %		$             70		— %
Home equity loans	1,290		0.1 %		1,434		0.1 %		882		0.1 %		1,065		0.1 %		761		0.1 %
Consumer loans	2,808		0.1 %		3,640		0.2 %		3,600		0.2 %		3,198		0.2 %		2,545		0.1 %
Commercial real estate loans	2,001		0.1 %		915		— %		7,643		0.3 %		3,155		0.1 %		807		— %
Commercial loans	2,676		0.1 %		1,726		0.1 %		753		— %		8,732		0.5 %		1,284		0.1 %
Total loans delinquent 60 days to 89 days	$       11,849		0.1 %		$            17,827		0.2 %		$            21,905		0.2 %		$       24,373		0.2 %		$         5,467		— %
Loans delinquent 90 days or more: **
Residential mortgage loans	$         4,005		0.1 %		$              4,931		0.2 %		$              5,370		0.2 %		$         5,553		0.2 %		$         5,813		0.2 %
Home equity loans	1,893		0.2 %		2,250		0.2 %		2,558		0.2 %		2,506		0.2 %		2,823		0.2 %
Consumer loans	4,026		0.2 %		3,967		0.2 %		3,983		0.2 %		3,012		0.1 %		3,345		0.2 %
Commercial real estate loans	23,433		0.8 %		7,702		0.3 %		6,167		0.2 %		6,034		0.2 %		6,931		0.2 %
Commercial loans	5,994		0.3 %		7,335		0.4 %		14,484		0.8 %		3,385		0.2 %		3,421		0.2 %
Total loans delinquent 90 days or more	$       39,351		0.3 %		$            26,185		0.2 %		$            32,562		0.3 %		$       20,490		0.2 %		$       22,333		0.2 %
Total loans delinquent	$     112,091		1.0 %		$          100,016		0.9 %		$            79,015		0.7 %		$       68,298		0.6 %		$       90,308		0.8 %

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

**    Includes purchased credit deteriorated loans of $0.2 million, $0.2 million, $0.2 million, $0.1 million, and $0.4 million at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.

 

Northwest Bancshares, Inc. and Subsidiaries Allowance for Credit Losses (Unaudited) (dollars in thousands)
	Quarter ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Beginning balance	$      116,819		125,813		125,070		124,897		125,243
Provision	8,256		15,549		5,727		2,169		4,234
Charge-offs residential mortgage	(588)		(176)		(255)		(252)		(162)
Charge-offs home equity	(273)		(197)		(890)		(237)		(412)
Charge-offs consumer	(3,805)		(4,044)		(3,560)		(2,561)		(4,573)
Charge-offs commercial real estate	(116)		(13,997)		(475)		(500)		(349)
Charge-offs commercial	(571)		(10,400)		(1,580)		(1,319)		(1,163)
Recoveries	3,087		4,271		1,776		2,873		2,079
Ending balance	$      122,809		116,819		125,813		125,070		124,897
Net charge-offs to average loans, annualized	0.08 %		0.87 %		0.18 %		0.07 %		0.16 %

 

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
	March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
	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	$  3,155,738		30,394		3.85 %		$  3,215,596		31,107		3.87 %		$  3,286,316		31,537		3.84 %		$  3,342,749		32,182		3.85 %		$  3,392,524		32,674		3.85 %
Home equity loans	1,139,728		16,164		5.75 %		1,154,456		16,801		5.79 %		1,166,866		17,296		5.90 %		1,183,497		17,303		5.88 %		1,205,273		17,294		5.77 %
Consumer loans	1,948,230		26,273		5.47 %		1,918,356		26,293		5.45 %		1,955,988		26,034		5.29 %		2,048,396		26,334		5.17 %		2,033,620		25,033		4.95 %
Commercial real estate loans	2,879,607		56,508		7.85 %		2,983,946		46,933		6.15 %		2,995,032		47,473		6.31 %		3,023,762		45,658		5.97 %		2,999,224		43,425		5.73 %
Commercial loans	2,053,213		36,012		7.02 %		1,932,427		35,404		7.17 %		1,819,400		34,837		7.62 %		1,770,345		33,229		7.43 %		1,714,667		31,857		7.35 %
Total loans receivable (a) (b) (d)	11,176,516		165,351		6.00 %		11,204,781		156,538		5.56 %		11,223,602		157,177		5.57 %		11,368,749		154,706		5.47 %		11,345,308		150,283		5.33 %
Mortgage-backed securities (c)	1,773,402		11,730		2.65 %		1,769,151		11,514		2.60 %		1,735,728		10,908		2.51 %		1,734,085		9,426		2.17 %		1,717,306		7,944		1.85 %
Investment securities (c) (d)	263,825		1,599		2.43 %		264,840		1,575		2.38 %		263,127		1,504		2.29 %		287,262		1,316		1.83 %		333,752		1,430		1.71 %
FHLB stock, at cost	20,862		366		7.11 %		21,237		392		7.35 %		20,849		394		7.51 %		25,544		498		7.84 %		32,249		607		7.57 %
Other interest-earning deposits	243,412		2,415		3.97 %		132,273		1,554		4.60 %		173,770		2,312		5.29 %		135,520		1,791		5.23 %		61,666		832		5.34 %
Total interest-earning assets	13,478,017		181,461		5.46 %		13,392,282		171,573		5.10 %		13,417,076		172,295		5.11 %		13,551,160		167,737		4.98 %		13,490,281		161,096		4.80 %
Noninterest-earning assets (e)	924,466						930,582						934,593						907,432						918,331
Total assets	$   14,402,483						$   14,322,864						$   14,351,669						$   14,458,592						$   14,408,612
Liabilities and shareholders' equity:
Interest-bearing liabilities:
Savings deposits	$  2,194,305		6,452		1.19 %		$  2,152,955		6,549		1.21 %		$  2,151,933		6,680		1.23 %		$  2,144,278		5,957		1.12 %		$  2,122,035		5,036		0.95 %
Interest-bearing demand deposit	2,593,228		7,063		1.10 %		2,636,279		7,894		1.19 %		2,567,682		7,452		1.15 %		2,555,863		6,646		1.05 %		2,538,823		5,402		0.86 %
Money market deposit accounts	2,082,948		9,306		1.81 %		1,980,769		8,880		1.78 %		1,966,684		9,170		1.85 %		1,957,990		8,601		1.77 %		1,961,332		7,913		1.62 %
Time deposits	2,629,388		24,504		3.78 %		2,671,343		27,531		4.10 %		2,830,737		30,896		4.34 %		2,832,720		31,550		4.48 %		2,697,983		29,335		4.37 %
Total interesting bearing deposits (g)	9,499,869		47,325		2.02 %		9,441,346		50,854		2.14 %		9,517,036		54,198		2.27 %		9,490,851		52,754		2.24 %		9,320,173		47,686		2.07 %
Borrowed funds (f)	224,122		2,206		3.99 %		222,506		2,246		4.02 %		220,677		2,266		4.09 %		323,191		3,662		4.56 %		469,697		5,708		4.89 %
Subordinated debt	114,576		1,148		4.01 %		114,488		1,148		4.01 %		114,396		1,148		4.01 %		114,308		1,148		4.02 %		114,225		1,148		4.02 %
Junior subordinated debentures	129,856		2,098		6.46 %		129,791		2,277		6.87 %		129,727		2,467		7.56 %		129,663		2,449		7.47 %		129,597		2,459		7.51 %
Total interest-bearing liabilities	9,968,423		52,777		2.15 %		9,908,131		56,525		2.27 %		9,981,836		60,079		2.39 %		10,058,013		60,013		2.40 %		10,033,692		57,001		2.28 %
Noninterest-bearing demand deposits (g)	2,588,502						2,587,071						2,579,775						2,595,511						2,567,781
Noninterest-bearing liabilities	228,947						238,434						217,161						263,634						257,269
Total liabilities	12,785,872						12,733,636						12,778,772						12,917,158						12,858,742
Shareholders' equity	1,616,611						1,589,228						1,572,897						1,541,434						1,549,870
Total liabilities and shareholders' equity	$   14,402,483						$   14,322,864						$   14,351,669						$   14,458,592						$   14,408,612
Net interest income/Interest rate spread FTE			128,684		3.31 %				115,048		2.83 %				112,216		2.72 %				107,724		2.58 %				104,095		2.52 %
Net interest-earning assets/Net interest margin FTE	$  3,509,594				3.87 %		$  3,484,151				3.42 %		$  3,435,240				3.33 %		$  3,493,147				3.20 %		$  3,456,589				3.10 %
Tax equivalent adjustment (d)			866						851						914						883						857
Net interest income, GAAP basis			127,818						114,197						111,302						106,841						103,238
Ratio of interest-earning assets to interest-bearing liabilities	1.35X						1.35X						1.34X						1.35X						1.34X

(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 1.59%, 1.68%, 1.78%, 1.76%, and 1.61%, respectively.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/northwest-bancshares-inc-announces-first-quarter-2025-net-income-of-43-million-or-0-34-per-diluted-share-302438750.html

SOURCE Northwest Bancshares, Inc.

FAQ

What was Northwest Bancshares (NWBI) Q1 2025 earnings per share?

Northwest Bancshares reported earnings of $0.34 per diluted share for Q1 2025, up from $0.23 in Q1 2024 and $0.26 in Q4 2024.

How much is Northwest Bancshares (NWBI) quarterly dividend in 2025?

Northwest Bancshares declared a quarterly cash dividend of $0.20 per share, payable on May 20, 2025, representing an annualized dividend yield of 6.7% based on March 31, 2025 market value.

What is Northwest Bancshares (NWBI) net interest margin in Q1 2025?

Northwest Bancshares' net interest margin expanded by 45 basis points to 3.87% in Q1 2025, marking their fourth consecutive quarter of improved margin.

When will Northwest Bancshares complete the Penns Woods merger?

Northwest Bancshares has received all regulatory and shareholder approvals for the Penns Woods merger, with financial close and systems conversion expected by late July 2025.

How much did Northwest Bancshares (NWBI) total revenue grow in Q1 2025?

Northwest Bancshares reported a 19% growth in total revenue compared to the first quarter of 2024.

What is Northwest Bancshares (NWBI) credit quality status in Q1 2025?

Northwest Bancshares maintained stable credit quality with nonperforming assets at 0.52% of total assets, though classified loans increased to 2.49% of total loans compared to 1.99% in Q1 2024.