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

Rhea-AI Summary

Northwest Bancshares (NASDAQ: NWBI) reported GAAP net income of $51 million for Q1 2026, or $0.34 per diluted share, up $7 million year-over-year and $5 million sequentially. Adjusted net income was $51 million, or $0.35 per diluted share. The Board declared a $0.20 quarterly dividend payable May 20, 2026, and approved a $50 million share repurchase program over 24 months. Key operating metrics: net interest margin 3.70%, C&I loan growth ~28% YoY, annualized net charge-offs 0.16%, and nonperforming assets 0.70%.

Positive

• GAAP net income $51M Q1 2026
• Adjusted EPS $0.35 per diluted share
• Quarterly dividend $0.20 payable May 20, 2026
• $50M share repurchase program authorized (24 months)
• 28% C&I loan growth year-over-year

Negative

• Net interest margin down YoY from 3.87% to 3.70%
• Noninterest income down $5M QoQ
• Classified loans $498M (3.81% of total loans)
• Nonperforming assets 0.70%

News Market Reaction – NWBI

+4.97%

13 alerts

+4.97% Session close to close

$2.09B Market Cap

1.1x Rel. Volume

In the Apr 28 session, NWBI gained 4.97%, reflecting a moderate positive market reaction. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details a record quarter with GAAP net income of $51 million, net interest margin ...

Analysis

This announcement details a record quarter with GAAP net income of $51 million, net interest margin of 3.70%, and stable returns on equity and assets, alongside a $0.20 dividend marking the 126th consecutive quarterly payout and a new $50 million buyback plan. Historical earnings releases have produced modest price swings, while a new automatic shelf registration adds capital-raising flexibility. Investors may watch loan growth, credit quality metrics, and execution on integration and efficiency targets in upcoming quarters.

Key Figures

GAAP net income: $51 million GAAP diluted EPS: $0.34 per share Adjusted diluted EPS: $0.35 per share +5 more

8 metrics

GAAP net income $51 million Quarter ended March 31, 2026

GAAP diluted EPS $0.34 per share Quarter ended March 31, 2026

Adjusted diluted EPS $0.35 per share Non-GAAP, quarter ended March 31, 2026

Net interest margin 3.70% Quarter ended March 31, 2026

Annualized ROE 10.86% Quarter ended March 31, 2026

Annualized ROA 1.22% Quarter ended March 31, 2026

Quarterly dividend $0.20 per share Payable May 20, 2026; 126th consecutive dividend

Buyback authorization $50 million New share repurchase program over next 24 months

Previous Earnings Reports

5 past events · Latest: Apr 07 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 07	Earnings call details	Positive	+2.3%	Announcement of timing and access details for Q1 2026 earnings call.
Jan 26	Quarterly results	Positive	+0.8%	Reported record Q4 2025 revenue, higher net income and steady dividend.
Jan 06	Earnings call details	Neutral	-1.0%	Call logistics for upcoming Q4 2025 earnings release and annual meeting date.
Oct 27	Quarterly results	Negative	-3.7%	Q3 2025 GAAP earnings dropped sharply despite record revenue and adjusted profit.
Oct 06	Earnings call details	Neutral	-0.8%	Announcement of Q3 2025 results release date and webcast arrangements.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent earnings-related items (results plus call notices) have produced mixed but generally modest price reactions, with both positive and negative moves around small single digits.

Recent Company History

Over the past few quarters, Northwest’s earnings and related communications have highlighted record revenue, expanding net interest margin, and the integration of the Penns Woods acquisition. Events on Oct 27, 2025 and Jan 26, 2026 emphasized elevated revenue and adjusted profitability, while multiple call-detail releases around earnings dates showed that the market’s reactions were typically contained within a few percent. Today’s first‑quarter 2026 results continue this sequence of detailed financial updates and dividend continuity.

Key Terms

gaap, non-gaap, net interest margin, annualized net charge-offs, +4 more

8 terms

gaap financial

"Northwest Bancshares, Inc. Announces First Quarter 2026 GAAP net income of $51 million"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial

"Adjusted net income (non-GAAP) of $51 million, or $0.35 per diluted share"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

net interest margin financial

"Net interest margin continues to expand to 3.70%"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

annualized net charge-offs financial

"annualized net charge-offs of 0.16% and nonperforming assets of 0.70%"

Annualized net charge-offs measure the pace at which a lender writes off loans as uncollectible, converted to a full-year rate so short-period results can be compared over time. Think of it as the percentage of a bank’s loan book that’s effectively treated as a loss over a year; investors watch it because rising charge-offs signal deteriorating loan quality and can cut profits, reduce capital, and increase risk for shareholders.

nonperforming assets financial

"annualized net charge-offs of 0.16% and nonperforming assets of 0.70%"

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

provision for credit losses financial

"Provision for credit losses - loans | $ 4,954 |"

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

efficiency ratio financial

"our expense management discipline led to a 59.4% efficiency ratio, which was 57.8% on an adjusted basis"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

restricted stock unit financial

"upon vesting of a restricted stock unit award"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Adjusted net income (non-GAAP) of $51 million, or $0.35 per diluted share

Net interest margin continues to expand to 3.70%

28% average commercial and industrial loan growth from prior year

Credit quality remained strong with annualized net charge-offs of 0.16% and nonperforming assets of 0.70%

COLUMBUS, Ohio, April 27, 2026 /PRNewswire/ -- Northwest Bancshares, Inc., (the "Company"), (Nasdaq: NWBI) announced net income for the quarter ended March 31, 2026 of $51 million, or $0.34 per diluted share. This represents an increase of $7 million compared to the same quarter last year, when net income was $43 million, or $0.34 per diluted share, and an increase of $5 million compared to the prior quarter, when net income was $46 million, or $0.31 per share. The annualized returns on average shareholders' equity and average assets for the quarter ended March 31, 2026 were 10.86% and 1.22% compared to 10.90% and 1.22% for the same quarter last year and 9.70% and 1.10% for the prior quarter. 

Adjusted net income (non-GAAP) for the quarter ended March 31, 2026 was $51 million, or $0.35, per diluted share, which increased by $2 million from $49 million, or $0.33, per diluted share, in the prior quarter. This increase was primarily driven by a decrease in adjusted noninterest expense of $6 million and a decrease in provision for credit losses expense of $3 million which were partially offset by a decrease in noninterest income of $5 million. The adjusted annualized returns on average shareholders' equity (non-GAAP) and average assets (non-GAAP) for the quarter ended March 31, 2026 were 10.95% and 1.23% compared to 10.33% and 1.17% 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, 2026 to shareholders of record as of May 7, 2026. This is the 126th 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, 2026, this represents an annualized dividend yield of approximately 6.3%.

In addition, the Board of Directors approved a share repurchase program authorizing the Company to purchase, from time to time, up to an aggregate $50 million of its outstanding common shares over the next 24 months. This new program replaces the prior share repurchase program approved by the Board of Directors on December 13, 2012. Under the share repurchase program, shares may be repurchased from time to time in the open market or through negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws. The timing and amount of share repurchases under the stock repurchase program will depend on several factors, including the Company's stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal and regulatory requirements.

Louis J. Torchio, President and CEO, Northwest Bancshares commented, "I am delighted with Northwest's strong first quarter performance delivering record net income in the Company's 130-year history, more than 16% year-over-year growth, supported by a balanced and consistent performance across the whole bank. We drove 28% year-over-year loan growth in our C&I business, with disciplined growth in our national specialty business verticals, and our deposit franchise continues as a core strength with our third consecutive quarter of lower deposit costs, one of the best-in-class among our peers. On the cost side, our expense management discipline led to a 59.4% efficiency ratio, which was 57.8% on an adjusted basis (non-GAAP), and our rigorous credit and risk management approach led to a decline in non-performing assets and overall delinquencies this quarter and lower annualized net charge-offs. We achieved these outstanding results while continuing to invest in talent, technology, and new financial centers to support our future growth."

"We have another year of growth ahead of us, with our first financial centers in the Columbus market on track to open this year, and our team already delivering an impact in the market attracting new talent, customers, and deposits. The growing momentum and continuing transformation at Northwest, coupled with our consistent execution across the organization, gives me great confidence in our ability to capitalize on further opportunities for profitable and sustainable core growth."

Balance Sheet Highlights

Dollars in thousands							Change 1Q26 vs.
	1Q26		4Q25		1Q25		4Q25		1Q25
Average loans receivable	$   13,083,837		12,982,499		11,176,516		0.8 %		17.1 %
Average investments	2,466,992		2,201,221		2,037,227		12.1 %		21.1 %
Average deposits	14,046,735		13,771,215		12,088,371		2.0 %		16.2 %
Average borrowed funds	404,547		354,894		224,122		14.0 %		80.5 %

• Average loans receivable increased $1.9 billion from the quarter ended March 31, 2025, primarily driven by the Penns Woods acquisition. Compared to the quarter ended December 31, 2025, average loans receivable increased $101 million driven by growth in our commercial and industrial and consumer loan portfolios.
• Average investments grew $430 million from the quarter ended March 31, 2025 and $266 million from the quarter ended December 31, 2025. The growth in average investments was primarily due to the Penns Woods Bancorp, Inc. ("Penns Woods") acquisition and a targeted increase in the overall securities portfolio.
• Average deposits grew $2.0 billion from the quarter ended March 31, 2025 primarily driven by an increase in interest-bearing account balances primarily due to the addition of the Penns Woods deposit accounts. Average deposits grew $276 million from the quarter ended December 31, 2025 across all interest-bearing products due to internal growth and the higher use of brokered CDs.  
• Average borrowings increased $180 million compared to the quarter end March 31, 2025 due to the acquisition of long term borrowings from Penns Woods. Average borrowings increased $50 million compared to the quarter ended December 31, 2025. The increase in average borrowings is attributable to the addition of short term borrowings to fund loan and securities growth.

Income Statement Highlights

Dollars in thousands							Change 1Q26 vs.
	1Q26		4Q25		1Q25		4Q25		1Q25
Interest income	$  201,550		202,825		180,595		(0.6) %		11.6 %
Interest expense	59,068		60,659		52,777		(2.6) %		11.9 %
Net interest income	$  142,482		142,166		127,818		0.2 %		11.5 %
Net interest margin	3.70 %		3.69 %		3.87 %

Compared to the quarter ended March 31, 2025, net interest income increased $15 million and net interest margin decreased to 3.70% from 3.87% for the quarter ended March 31, 2025. This increase in net interest income resulted primarily from:

• A $21 million increase in interest income that was the result of higher average yields coupled with increase in average earning assets. The increase in average earnings assets was driven by the Penns Woods acquisition during the third quarter 2025. The average yield on loans declined to 5.62% for the quarter ended March 31, 2026 from 6.00% for the quarter ended March 31, 2025, which included 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%. The increase in yield, excluding the recovery, was driven by loan mix shift towards higher yielding commercial loans, partially offset by the impact of fourth quarter 2025 rate cuts.
• A $6 million increase in interest expense is the result of an increase in the average balance of interest-bearing liabilities partially offset by a decline in the cost of deposits. The cost of interest-bearing liabilities decreased to 2.06% for the quarter ended March 31, 2026 from 2.15% for the quarter ended March 31, 2025.

Compared to the quarter ended December 31, 2025, net interest income increased slightly and net interest margin increased to 3.70% for the quarter ended March 31, 2026 from 3.69%. This increase in net interest income resulted from the following:

• A $1 million decrease in interest income driven by growth in the average interest earning balances and an increase on investments yields compared to the prior quarter which was offset by a decrease in loan yields. The average yield on loans decreased to 5.62% from 5.65% and average investment yields increased to 3.17% from 2.98% for the quarter ended December 31, 2025.  The decrease in loan yields was driven by a decline in the accretion of loan fair value marks, based on timing of loan payoffs, coupled the impact of the fourth quarter 2025 rate cuts. 
• A $2 million decrease in interest expense driven by lower interest expense on deposits which was partially offset by an increase in interest expense on borrowings. Average cost of interest-bearing deposits declined compared to the prior quarter to 1.89% from 1.97% for the quarter ended December 31, 2025 while average cost of borrowings increased to 3.88% from 3.83% for the quarter ended December 31, 2025.

Dollars in thousands							Change 1Q26 vs.
	1Q26		4Q25		1Q25		4Q25		1Q25
Provision for credit losses - loans	$      4,954		5,743		8,256		(13.7) %		(40.0) %
Provision for credit losses - unfunded commitments	(585)		1,981		(345)		(129.5) %		69.6 %
Total provision for credit losses expense	$      4,369		7,724		7,911		(43.4) %		(44.8) %

The total provision for credit losses for the quarter ended March 31, 2026 was $4 million primarily driven by growth in our commercial lending portfolio and increased uncertainty in the economic outlook. Total provision for credit losses for the quarter ended December 31, 2025 was $8 million driven by growth in our commercial lending portfolio and net charge-offs in the period.

The Company saw an increase in classified loans to $498 million, or 3.81% of total loans, at March 31, 2026 from $279 million, or 2.49% of total loans, at March 31, 2025 and $453 million, or 3.49% of total loans, at December 31, 2025. The increase from the prior quarter was driven by changes in our commercial portfolio which increased $30 million. The increase from the prior year was primarily due to classified loans acquired in the Penns Woods acquisition.  

Dollars in thousands							Change 1Q26 vs.
	1Q26		4Q25		1Q25		4Q25		1Q25
Noninterest income:
Gain on sale of investments	$         11		142		—		(92.3) %		NA
Gain on sale of SBA loans	1,186		437		1,238		171.4 %		(4.2) %
Service charges and fees	17,118		17,377		14,987		(1.5) %		14.2 %
Trust and other financial services income	8,618		8,416		7,910		2.4 %		9.0 %
Gain on real estate owned, net	70		148		84		(52.7) %		(16.7) %
Income from bank-owned life insurance	2,042		8,269		1,331		(75.3) %		53.4 %
Mortgage banking income	329		379		696		(13.2) %		(52.7) %
Other operating income	3,208		2,609		2,109		23.0 %		52.1 %
Total noninterest income	$     32,582		37,777		28,355		(13.8) %		14.9 %

Noninterest income increased $4 million from the quarter ended March 31, 2025 driven by an increase in service charges and fees driven by deposit related fees based on customer activity related to the Penns Woods acquisition and other operating income driven by a gain on equity method investments during the current quarter. Noninterest income decreased by $5 million from the quarter ended December 31, 2025, due to a decrease in income from bank-owned life insurance due to a large claim recognized in the prior quarter.

Dollars in thousands							Change 1Q26 vs.
	1Q26		4Q25		1Q25		4Q25		1Q25
Noninterest expense:
Personnel expense	$     58,330		65,143		54,540		(10.5) %		6.9 %
Non-personnel expense	45,708		48,378		37,197		(5.5) %		22.9 %
Total noninterest expense	$    104,038		113,521		91,737		(8.4) %		13.4 %

Noninterest expense increased from the quarter ended March 31, 2025 due to a $4 million increase in personnel expenses driven by an increase in core compensation and benefits expense due to the addition of Penns Woods employees. Additionally, non-personnel expense increased by $9 million due an increase of $2 million in amortization of intangible expense related to the acquisition coupled with increases in operating and processing expenses due to the addition of the Penns Woods branches to our footprint.   

Noninterest expense decreased from the quarter ended December 31, 2025 due to declines in personnel and non-personnel expenses.  Personnel expense decreased $7 million driven by lower incentive compensation and medical expenses. Non-personnel expense decreased by $3 million due to an decrease of $4 million in merger and restructuring expenses in the quarter ended March 31, 2026, partly offset by a $2 million increase in premises and occupancy expenses based on seasonal operating expenses during the quarter.

Dollars in thousands							Change 1Q26 vs.
	1Q26		4Q25		1Q25		4Q25		1Q25
Income before income taxes	$     66,657		58,698		56,525		13.6 %		17.9 %
Income tax expense	16,121		12,985		13,067		24.2 %		23.4 %
Net income	$     50,536		45,713		43,458		10.6 %		16.3 %

The provision for income taxes increased by $3 million from the quarter ended March 31, 2025 and the quarter ended December 31, 2025 primarily due to the quarterly change in income before income taxes.

Net income increased from the quarter ended March 31, 2025 and the quarter ended December 31, 2025 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, 2026, Northwest operated 151 full-service financial centers and ten free standing drive-up facilities in Pennsylvania, New York, Ohio and Indiana. Northwest Bancshares, Inc.'s common stock is listed on The Nasdaq Stock Market LLC ("NWBI"). Additional information regarding Northwest Bancshares, Inc. and Northwest Bank can be accessed online at www.northwest.com.

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

#                      #                      #

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

Use of Non-GAAP Financial Measures

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

Northwest Bancshares, Inc. and Subsidiaries Consolidated Statements of Financial Condition (Unaudited) (dollars in thousands, except per share amounts)
	March 31, 2026		December 31, 2025		March 31, 2025
Assets
Cash and cash equivalents	$     286,707		233,647		353,203
Marketable securities available-for-sale (amortized cost of $1,884,060, $1,710,978 and $1,304,760, respectively)	1,746,919		1,586,382		1,153,385
Marketable securities held-to-maturity (fair value of $567,470, $605,929 and $637,803, respectively)	646,661		683,369		735,909
Total cash and cash equivalents and marketable securities	2,680,287		2,503,398		2,242,497
Loans held-for-sale	16,846		22,437		71,206
Residential mortgage loans	3,035,984		3,100,780		3,121,647
Home equity loans	1,495,800		1,507,532		1,141,577
Consumer loans	2,660,567		2,563,890		2,081,469
Commercial real estate loans	3,161,314		3,296,902		2,792,734
Commercial and industrial loans	2,702,283		2,538,212		2,079,018
Total loans receivable	13,055,948		13,007,316		11,216,445
Allowance for credit losses	(150,045)		(150,212)		(122,809)
Loans receivable, net	12,905,903		12,857,104		11,093,636
FHLB stock, at cost	32,781		36,628		17,941
Accrued interest receivable	57,221		56,291		45,949
Real estate owned, net	65		76		80
Premises and equipment, net	141,477		140,381		123,138
Bank-owned life insurance	292,103		294,386		254,444
Goodwill	444,330		444,330		380,997
Other intangible assets, net	37,478		39,667		2,334
Other assets	298,558		371,919		221,505
Total assets	$  16,907,049		16,766,617		14,453,727
Liabilities and shareholders' equity
Liabilities
Noninterest-bearing demand deposits	$   3,121,044		3,123,229		2,640,943
Interest-bearing demand deposits	2,937,654		2,995,759		2,590,568
Money market deposit accounts	2,734,781		2,540,818		2,124,293
Savings deposits	2,444,799		2,366,513		2,221,901
Time deposits	2,975,026		2,916,698		2,596,451
Total deposits	14,213,304		13,943,017		12,174,156
Borrowed funds	350,884		446,283		197,270
Subordinated debt	114,800		114,800		114,625
Junior subordinated debentures	130,158		130,093		129,899
Advances by borrowers for taxes and insurance	40,127		37,309		44,121
Accrued interest payable	8,585		6,846		6,843
Other liabilities	144,884		197,845		157,858
Total liabilities	15,002,742		14,876,193		12,824,772
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, 146,302,025, 146,107,964 and 127,736,303 shares issued and outstanding, respectively	1,463		1,461		1,277
Additional paid-in capital	1,271,372		1,270,444		1,035,093
Retained earnings	710,351		689,210		691,066
Accumulated other comprehensive loss	(78,879)		(70,691)		(98,481)
Total shareholders' equity	1,904,307		1,890,424		1,628,955
Total liabilities and shareholders' equity	$  16,907,049		16,766,617		14,453,727
Equity to assets	11.26 %		11.27 %		11.27 %
Tangible common equity to tangible assets*	8.66 %		8.64 %		8.85 %
Book value per share	$          13.02		12.94		12.75
Tangible book value per share*	$            9.72		9.63		9.75
Closing market price per share	$          12.69		12.00		12.02
Full time equivalent employees	2,170		2,169		1,996
Number of banking offices	161		161		141

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

 

Northwest Bancshares, Inc. and Subsidiaries Consolidated Statements of Income (Unaudited) (dollars in thousands, except per share amounts)
	Quarter ended
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Interest income:
Loans receivable	$    180,549		184,047		177,723		154,914		164,638
Mortgage-backed securities	16,999		14,071		12,668		12,154		11,730
Taxable investment securities	1,601		1,324		1,183		999		933
Tax-free investment securities	762		777		752		512		512
FHLB stock dividends	768		701		652		318		366
Interest-earning deposits	871		1,905		1,700		2,673		2,416
Total interest income	201,550		202,825		194,678		171,570		180,595
Interest expense:
Deposits	51,083		52,947		51,880		46,826		47,325
Borrowed funds	7,985		7,712		6,824		5,300		5,452
Total interest expense	59,068		60,659		58,704		52,126		52,777
Net interest income	142,482		142,166		135,974		119,444		127,818
Provision for credit losses - loans	4,954		5,743		31,394		11,456		8,256
Provision for credit losses - unfunded commitments	(585)		1,981		(189)		(2,712)		(345)
Net interest income after provision for credit losses	138,113		134,442		104,769		110,700		119,907
Noninterest income:
Gain on sale of investments	11		142		36		—		—
Gain on sale of SBA loans	1,186		437		341		819		1,238
Service charges and fees	17,118		17,377		16,911		15,797		14,987
Trust and other financial services income	8,618		8,416		8,040		7,948		7,910
Gain on real estate owned, net	70		148		132		258		84
Income from bank-owned life insurance	2,042		8,269		1,751		1,421		1,331
Mortgage banking income	329		379		1,003		1,075		696
Other operating income	3,208		2,609		3,984		3,620		2,109
Total noninterest income	32,582		37,777		32,198		30,938		28,355
Noninterest expense:
Compensation and employee benefits	58,330		65,143		63,014		55,213		54,540
Premises and occupancy costs	9,863		8,170		7,707		7,122		8,400
Office operations	3,875		4,217		3,495		2,910		2,977
Collections expense	878		856		776		838		328
Processing expenses	16,806		16,454		15,072		12,973		13,990
Marketing expenses	1,668		1,827		1,932		3,018		1,880
Federal deposit insurance premiums	2,895		3,538		3,361		2,296		2,328
Professional services	3,523		3,366		3,010		3,990		2,756
Amortization of intangible assets	2,189		2,257		1,974		436		504
Merger, asset disposition and restructuring expense	631		4,160		31,260		6,244		1,123
Other expenses	3,380		3,533		1,897		2,500		2,911
Total noninterest expense	104,038		113,521		133,498		97,540		91,737
Income before income taxes	66,657		58,698		3,469		44,098		56,525
Income tax expense	16,121		12,985		302		10,423		13,067
Net income	$     50,536		45,713		3,167		33,675		43,458
Basic earnings per share	$        0.35		0.31		0.02		0.26		0.34
Diluted earnings per share	$        0.34		0.31		0.02		0.26		0.34
Weighted average common shares outstanding - diluted	146,850,635		146,703,966		141,175,516		128,114,509		128,299,013
Annualized return on average equity	10.86 %		9.70 %		0.69 %		8.26 %		10.90 %
Annualized return on average assets	1.22 %		1.10 %		0.08 %		0.93 %		1.22 %
Annualized return on average tangible common equity*	14.59 %		13.10 %		0.90 %		10.78 %		14.29 %
Efficiency ratio	59.43 %		63.09 %		79.38 %		64.86 %		58.74 %
Efficiency ratio, excluding certain items**	57.82 %		59.52 %		59.62 %		60.42 %		57.70 %

*	Excludes goodwill and other intangible assets (non-GAAP).  See reconciliation of non-GAAP financial measures for additional information relating to these items.
**	Excludes 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, 2026		December 31, 2025		March 31, 2025
Reconciliation of net income to adjusted net income:
Net income (GAAP)	$       50,536		45,713		43,458
Non-GAAP adjustments
Add: merger, asset disposition and restructuring expense	631		4,160		1,123
Less: tax benefit of non-GAAP adjustments	(177)		(1,165)		(314)
Adjusted net income (non-GAAP)	$       50,990		48,708		44,267
Diluted earnings per share (GAAP)	$           0.34		0.31		0.34
Diluted adjusted earnings per share (non-GAAP)	$           0.35		0.33		0.35
Average equity	$  1,887,742		1,870,088		1,616,611
Average assets	16,832,777		16,494,008		14,402,483
Annualized return on average equity (GAAP)	10.86 %		9.70 %		10.90 %
Annualized return on average assets (GAAP)	1.22 %		1.10 %		1.22 %
Annualized return on average equity, excluding merger, asset disposition and restructuring expense, net of tax (non-GAAP)	10.95 %		10.33 %		11.11 %
Annualized return on average assets, excluding merger, asset disposition and restructuring expense, net of tax (non-GAAP)	1.23 %		1.17 %		1.25 %

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, 2026		December 31, 2025		March 31, 2025
Tangible common equity to assets
Total shareholders' equity	$   1,904,307		1,890,424		1,628,955
Less: goodwill and intangible assets	(481,808)		(483,997)		(383,331)
Tangible common equity	$   1,422,499		1,406,427		1,245,624
Total assets	$  16,907,049		16,766,617		14,453,727
Less: goodwill and intangible assets	(481,808)		(483,997)		(383,331)
Tangible assets	$  16,425,241		16,282,620		14,070,396
Tangible common equity to tangible assets	8.66 %		8.64 %		8.85 %
Tangible book value per share
Tangible common equity	$   1,422,499		1,406,427		1,245,624
Common shares outstanding	146,302,025		146,107,964		127,736,303
Tangible book value per share	9.72		9.63		9.75

 

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, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Annualized return on average tangible common equity
Net income	$     50,536		45,713		3,167		33,675		43,458
Average shareholders' equity	1,887,742		1,870,088		1,809,395		1,635,966		1,616,611
Less: average goodwill and intangible assets	(483,240)		(485,252)		(409,875)		(383,152)		(383,649)
Average tangible common equity	$  1,404,502		1,384,836		1,399,520		1,252,814		1,232,962
Annualized return on average tangible common equity	14.59 %		13.10 %		0.90 %		10.78 %		14.29 %
Efficiency ratio, excluding amortization and merger, asset disposition and restructuring expenses
Noninterest expense	$    104,038		113,521		133,498		97,540		91,737
Less: amortization expense	(2,189)		(2,257)		(1,974)		(436)		(504)
Less: merger, asset disposition and restructuring expenses	(631)		(4,160)		(31,260)		(6,244)		(1,123)
Noninterest expense, excluding amortization and merger, assets disposition and restructuring expenses	$    101,218		107,104		100,264		90,860		90,110
Net interest income	$    142,482		142,166		135,974		119,444		127,818
Noninterest income	32,582		37,777		32,198		30,938		28,355
Net interest income plus noninterest income	$    175,064		179,943		168,172		150,382		156,173
Efficiency ratio, excluding amortization and merger, asset disposition and restructuring expenses	57.82 %		59.52 %		59.62 %		60.42 %		57.70 %

*

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 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 March 31, 2026
	Balance		Percent of total deposits		Number of relationships
Uninsured deposits per the Call Report (1)	$               3,832,582		27.0 %		6,389
Less intercompany deposit accounts	1,349,832		9.5 %		12
Less collateralized deposit accounts	423,037		3.0 %		253
Uninsured deposits excluding intercompany and collateralized accounts	$               2,059,713		14.5 %		6,124

(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 $134.0 million, or 0.95% of total deposits, as of March 31, 2026. Our top ten largest uninsured depositors, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $358 million, or 2.53% of total deposits, as of March 31, 2026. The average uninsured deposit account balance, excluding intercompany and collateralized accounts, was $336,335 as of March 31, 2026.

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

	As of March 31, 2026
	Balance		Percent of total deposits		Number of accounts
Personal noninterest bearing demand deposits	$         1,725,740		12.1 %		310,693
Business noninterest bearing demand deposits	1,395,304		9.8 %		47,840
Personal interest-bearing demand deposits	1,387,497		9.8 %		54,470
Business interest-bearing demand deposits	1,550,157		10.9 %		9,004
Personal money market deposits	1,806,277		12.7 %		27,709
Business money market deposits	928,504		6.5 %		3,207
Savings deposits	2,444,799		17.2 %		187,189
Time deposits	2,975,026		21.0 %		78,925
Total deposits	$        14,213,304		100.0 %		719,037

Our average deposit account balance as of March 31, 2026 was $19,767. The Company's insured cash sweep deposit balance was $731 million as of March 31, 2026.

 

Northwest Bancshares, Inc. and Subsidiaries Regulatory Capital Requirements (Unaudited) (dollars in thousands)
	At March 31, 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.	$    1,902,851		15.24 %		$    1,311,082		10.50 %		$    1,248,650		10.00 %
Northwest Bank	1,759,855		14.11 %		1,309,651		10.50 %		1,247,287		10.00 %
Tier 1 capital (to risk weighted assets)
Northwest Bancshares, Inc.	1,528,581		12.24 %		1,061,352		8.50 %		749,190		6.00 %
Northwest Bank	1,603,762		12.86 %		1,060,194		8.50 %		997,829		8.00 %
Common equity tier 1 capital (to risk weighted assets)
Northwest Bancshares, Inc.	1,528,581		12.24 %		874,055		7.00 %		N/A		N/A
Northwest Bank	1,603,762		12.86 %		873,101		7.00 %		810,736		6.50 %
Tier 1 capital (leverage)  (to average assets)
Northwest Bancshares, Inc.	1,528,581		9.19 %		665,184		4.00 %		N/A		N/A
Northwest Bank	1,603,762		9.72 %		660,322		4.00 %		825,403		5.00 %

(1)	March 31, 2026 figures are estimated.
(2)	Amounts and ratios include the capital conservation buffer of 2.5%, which does not apply to Tier 1 capital to average assets (leverage ratio). For further information related to the capital conservation buffer, see "Item 1. Business - Supervision and Regulation" of our 2025 Annual Report on Form 10-K.

 

Northwest Bancshares, Inc. and Subsidiaries Marketable Securities (Unaudited) (dollars in thousands)
		March 31, 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 five years through ten years		$          1,571		11		(11)		1,571		3.06
Due after ten years		40,722		—		(7,230)		33,492		5.80
Debt issued by government sponsored enterprises:
Due after one year through five years		1,022		4		(1)		1,025		1.27
Due after five years through ten years		996		3		—		999		5.99
Municipal securities:
Due in one year or less		2,475		6		—		2,481		0.50
Due after one year through five years		10,492		72		(13)		10,551		2.22
Due after five years through ten years		26,140		343		(1,607)		24,876		6.55
Due after ten years		51,009		239		(7,459)		43,789		9.22
Corporate debt issues:
Due in one year or less		500		—		—		500		—
Due after one year through five years		12,627		74		(160)		12,541		2.88
Due after five years through ten years		71,460		1,380		(367)		72,473		5.37
Mortgage-backed agency securities:
Fixed rate pass-through		513,746		2,160		(12,893)		503,013		6.98
Variable rate pass-through		2,835		55		(2)		2,888		3.70
Fixed rate agency CMBS		640,409		771		(76,538)		564,642		3.76
Variable rate agency CMBS		7,732		—		(6)		7,726		1.94
Fixed rate agency CMOs		464,103		693		(36,816)		427,980		4.95
Variable rate agency CMOs		36,221		161		(10)		36,372		5.02
Total mortgage-backed agency securities		1,665,046		3,840		(126,265)		1,542,621		5.51
Total marketable securities available-for-sale		$      1,884,060		5,972		(143,113)		1,746,919		5.56
Marketable securities held-to-maturity
Government sponsored
Due after one year through five years		107,989		—		(8,248)		99,741		2.73
Mortgage-backed agency securities:
Fixed rate pass-through		95,150		—		(9,957)		85,193		4.14
Variable rate pass-through		301		2		—		303		4.64
Fixed rate agency CMBS		72,498		—		(12,718)		59,780		3.46
Fixed rate agency CMOs		370,195		—		(48,269)		321,926		5.70
Variable rate agency CMOs		528		—		(1)		527		4.03
Total mortgage-backed agency securities		538,672		2		(70,945)		467,729		5.12
Total marketable securities held-to-maturity		$        646,661		2		(79,193)		567,470		4.72

 

Northwest Bancshares, Inc. and Subsidiaries Asset Quality (Unaudited) (dollars in thousands)
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Nonaccrual loans:
Residential mortgage loans	$      10,500		12,247		11,497		8,482		7,025
Home equity loans	4,780		3,755		6,979		3,507		3,004
Consumer loans	5,732		5,711		5,898		4,418		5,201
Commercial real estate loans	47,337		57,485		82,580		62,091		31,763
Commercial and industrial loans	22,594		28,085		21,371		23,896		11,757
Total nonaccrual loans	90,943		107,283		128,325		102,394		58,750
Loans 90 days past due and still accruing	543		646		701		493		603
Nonperforming loans	91,486		107,929		129,026		102,887		59,353
Real estate owned, net	65		76		174		48		80
Other nonperforming assets (1)	—		—		—		—		16,102
Nonperforming assets	$      91,551		108,005		129,200		102,935		75,535
Nonperforming loans to total loans	0.70 %		0.83 %		1.00 %		0.91 %		0.53 %
Nonperforming assets to total assets	0.54 %		0.64 %		0.79 %		0.71 %		0.52 %
Allowance for credit losses to total loans	1.15 %		1.15 %		1.22 %		1.14 %		1.09 %
Allowance for credit losses to nonperforming loans	164.01 %		139.18 %		121.99 %		125.53 %		206.91 %

(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, 2026		Pass		Special    mention *		Substandard **		Doubtful		Loss		Loans receivable
Personal Banking:
Residential mortgage loans		$     3,025,485		—		10,499		—		—		3,035,984
Home equity loans		1,491,020		—		4,780		—		—		1,495,800
Consumer loans		2,654,310		—		6,257		—		—		2,660,567
Total Personal Banking		7,170,815		—		21,536		—		—		7,192,351
Commercial Banking:
Commercial real estate loans		2,651,304		147,384		362,626		—		—		3,161,314
Commercial and industrial loans		2,543,444		45,383		113,456		—		—		2,702,283
Total Commercial Banking		5,194,748		192,767		476,082		—		—		5,863,597
Total loans		$   12,365,563		192,767		497,618		—		—		13,055,948
At December 31, 2025
Personal Banking:
Residential mortgage loans		$     3,088,533		—		12,247		—		—		3,100,780
Home equity loans		1,503,777		—		3,755		—		—		1,507,532
Consumer loans		2,557,577		—		6,313		—		—		2,563,890
Total Personal Banking		7,149,887		—		22,315		—		—		7,172,202
Commercial Banking:
Commercial real estate loans		2,817,802		131,589		347,511		—		—		3,296,902
Commercial and industrial loans		2,392,830		61,852		83,530		—		—		2,538,212
Total Commercial Banking		5,210,632		193,441		431,041		—		—		5,835,114
Total loans		$   12,360,519		193,441		453,356		—		—		13,007,316
At September 30, 2025
Personal Banking:
Residential mortgage loans		$     3,146,355		—		11,498		—		—		3,157,853
Home equity loans		1,513,914		—		6,979		—		—		1,520,893
Consumer loans		2,447,208		—		6,597		—		—		2,453,805
Total Personal Banking		7,107,477		—		25,074		—		—		7,132,551
Commercial Banking:
Commercial real estate loans		2,912,166		171,005		412,493		—		—		3,495,664
Commercial and industrial loans		2,141,236		82,009		89,473		—		—		2,312,718
Total Commercial Banking		5,053,402		253,014		501,966		—		—		5,808,382
Total loans		$   12,160,879		253,014		527,040		—		—		12,940,933
At June 30, 2025
Personal Banking:
Residential mortgage loans		$     3,039,809		—		12,317		—		—		3,052,126
Home equity loans		1,153,808		—		3,712		—		—		1,157,520
Consumer loans		2,206,363		—		4,912		—		—		2,211,275
Total Personal Banking		6,399,980		—		20,941		—		—		6,420,921
Commercial Banking:
Commercial real estate loans		2,266,057		112,852		403,495		—		—		2,782,404
Commercial and industrial loans		1,956,751		87,951		93,797		—		—		2,138,499
Total Commercial Banking		4,222,808		200,803		497,292		—		—		4,920,903
Total loans		$   10,622,788		200,803		518,233		—		—		11,341,824
At March 31, 2025
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 and industrial 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

*	Includes $85.6 million, $38.2 million, $41.0 million, $4.0 million, and $4.7 million of acquired loans at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.
**	Includes $100.4 million, $93.2 million, $96.9 million, $19.2 million, and $18.0 million of acquired loans at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

 

Northwest Bancshares, Inc. and Subsidiaries Loan Delinquency (Unaudited) (dollars in thousands)
	March 31, 2026		*		December 31, 2025		*		September 30, 2025		*		June 30, 2025		*		March 31, 2025		*
Loans delinquent 30 days to 59 days:
Residential mortgage loans	$      44,502		1.5 %		$      41,180		1.3 %		$        1,639		0.1 %		$       561		— %		$      32,840		1.0 %
Home equity loans	5,932		0.4 %		6,488		0.4 %		4,644		0.3 %		4,664		0.4 %		3,882		0.3 %
Consumer loans	10,429		0.4 %		14,063		0.5 %		12,257		0.5 %		9,174		0.4 %		8,792		0.4 %
Commercial real estate loans	17,541		0.6 %		28,645		0.9 %		14,600		0.4 %		4,585		0.2 %		8,536		0.3 %
Commercial and industrial loans	7,127		0.3 %		5,657		0.2 %		9,974		0.4 %		5,569		0.3 %		6,841		0.3 %
Total loans delinquent 30 days to 59 days	$      85,531		0.7 %		$      96,033		0.7 %		$       43,114		0.3 %		$    24,553		0.2 %		$      60,891		0.5 %
Loans delinquent 60 days to 89 days:
Residential mortgage loans	$       2,531		0.1 %		$      10,934		0.4 %		$        7,917		0.3 %		$      8,958		0.3 %		$       3,074		0.1 %
Home equity loans	2,946		0.2 %		2,316		0.2 %		2,671		0.2 %		985		0.1 %		1,290		0.1 %
Consumer loans	4,264		0.2 %		4,599		0.2 %		3,691		0.2 %		3,233		0.1 %		2,808		0.1 %
Commercial real estate loans	25,859		0.8 %		12,941		0.4 %		1,575		— %		13,240		0.5 %		2,001		0.1 %
Commercial and industrial loans	8,432		0.3 %		2,899		0.1 %		1,915		0.1 %		2,031		0.1 %		2,676		0.1 %
Total loans delinquent 60 days to 89 days	$      44,032		0.3 %		$      33,689		0.3 %		$       17,769		0.1 %		$    28,447		0.3 %		$      11,849		0.1 %
Loans delinquent 90 days or more:
Residential mortgage loans	$       6,468		0.2 %		$      10,001		0.3 %		$        9,427		0.3 %		$      6,905		0.2 %		$       4,005		0.1 %
Home equity loans	3,263		0.2 %		2,492		0.2 %		2,963		0.2 %		1,879		0.2 %		1,893		0.2 %
Consumer loans	4,561		0.2 %		4,893		0.2 %		4,865		0.2 %		3,486		0.2 %		4,026		0.2 %
Commercial real estate loans	18,282		0.6 %		32,745		1.0 %		56,453		1.6 %		41,875		1.5 %		23,433		0.8 %
Commercial and industrial loans	11,266		0.4 %		16,269		0.6 %		9,490		0.4 %		10,433		0.5 %		5,994		0.3 %
Total loans delinquent 90 days or more	$      43,840		0.3 %		$      66,400		0.5 %		$       83,198		0.6 %		$    64,578		0.6 %		$      39,351		0.3 %
Total loans delinquent	$     173,403		1.3 %		$     196,122		1.5 %		$     144,081		1.1 %		$   117,578		1.0 %		$     112,091		1.0 %

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

 

Northwest Bancshares, Inc. and Subsidiaries Allowance for Credit Losses (Unaudited) (dollars in thousands)
	Quarter ended
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Beginning balance	$    150,212		157,396		129,159		122,809		116,819
Initial allowance on loans purchased with credit deterioration	—		—		6,029		—		—
Provision	4,954		5,743		31,394		11,456		8,256
Charge-offs residential mortgage	(1,001)		(228)		(137)		(273)		(588)
Charge-offs home equity	(291)		(558)		(336)		(413)		(273)
Charge-offs consumer	(4,531)		(4,139)		(3,994)		(3,331)		(3,805)
Charge-offs commercial real estate	(254)		(9,765)		(4,312)		(293)		(116)
Charge-offs commercial and industrial	(1,155)		(532)		(2,395)		(3,597)		(571)
Recoveries	2,111		2,295		1,988		2,801		3,087
Ending balance	$    150,045		150,212		157,396		129,159		122,809
Net charge-offs to average loans, annualized	0.16 %		0.40 %		0.29 %		0.18 %		0.08 %

 

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, 2026						December 31, 2025						September 30, 2025						June 30, 2025						March 31, 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	$ 3,078,476		30,596		3.98 %		$ 3,147,858		31,814		4.04 %		$ 3,160,008		31,386		3.97 %		$ 3,091,324		29,978		3.88 %		$ 3,155,738		30,394		3.85 %
Home equity loans	1,501,203		21,512		5.81 %		1,512,049		22,802		5.98 %		1,421,717		21,080		5.88 %		1,145,655		16,265		5.69 %		1,139,728		16,164		5.75 %
Consumer loans	2,529,868		34,270		5.49 %		2,412,579		34,436		5.66 %		2,330,173		32,729		5.57 %		2,073,103		28,648		5.54 %		1,948,230		26,273		5.47 %
Commercial real estate loans	3,342,140		51,337		6.14 %		3,468,667		53,345		6.02 %		3,377,740		51,761		6.00 %		2,836,757		43,457		6.06 %		2,879,607		56,508		7.85 %
Commercial and industrial loans	2,632,150		43,497		6.61 %		2,441,346		42,447		6.80 %		2,278,859		41,519		7.13 %		2,102,115		37,287		7.02 %		2,053,213		36,012		7.02 %
Total loans receivable (a) (b) (d)	13,083,837		181,212		5.62 %		12,982,499		184,844		5.65 %		12,568,497		178,475		5.63 %		11,248,954		155,635		5.55 %		11,176,516		165,351		6.00 %
Mortgage-backed securities (c)	2,148,996		16,999		3.16 %		1,892,074		14,071		2.97 %		1,810,209		12,668		2.80 %		1,790,423		12,154		2.72 %		1,773,402		11,730		2.65 %
Investment securities (c) (d)	317,996		2,566		3.23 %		309,147		2,339		3.03 %		301,719		2,153		2.85 %		266,053		1,668		2.51 %		263,825		1,599		2.43 %
FHLB stock, at cost	36,220		768		8.59 %		32,876		701		8.46 %		30,434		652		8.51 %		17,838		318		7.15 %		20,862		366		7.11 %
Other interest-earning deposits	139,970		871		2.49 %		170,370		1,905		4.37 %		164,131		1,700		4.05 %		220,416		2,673		4.85 %		243,412		2,416		3.97 %
Total interest-earning assets	15,727,019		202,416		5.22 %		15,386,966		203,860		5.26 %		14,874,990		195,648		5.22 %		13,543,684		172,448		5.11 %		13,478,017		181,462		5.46 %
Noninterest-earning assets (e)	1,105,758						1,107,042						1,067,450						924,513						924,466
Total assets	$ 16,832,777						$ 16,494,008						$ 15,942,440						$ 14,468,197						$ 14,402,483
Liabilities and shareholders' equity:
Interest-bearing liabilities:
Savings deposits	$ 2,395,887		6,072		1.03 %		$ 2,362,215		6,324		1.06 %		$ 2,343,137		6,679		1.13 %		$ 2,212,175		6,521		1.18 %		$ 2,194,305		6,452		1.19 %
Interest-bearing demand deposit	2,999,478		8,741		1.18 %		2,940,296		9,084		1.23 %		2,782,369		8,258		1.18 %		2,609,887		7,192		1.11 %		2,593,228		7,063		1.10 %
Money market deposit accounts	2,609,333		12,128		1.88 %		2,522,362		12,499		1.97 %		2,392,748		11,785		1.95 %		2,121,088		9,658		1.83 %		2,082,948		9,306		1.81 %
Time deposits	2,967,098		24,142		3.30 %		2,841,234		25,040		3.50 %		2,818,526		25,158		3.54 %		2,599,254		23,455		3.62 %		2,629,388		24,504		3.78 %
Total interest bearing deposits (g)	10,971,796		51,083		1.89 %		10,666,107		52,947		1.97 %		10,336,780		51,880		1.99 %		9,542,404		46,826		1.97 %		9,499,869		47,325		2.02 %
Borrowed funds (f)	404,547		3,875		3.88 %		354,894		3,425		3.83 %		347,357		3,366		3.84 %		208,342		2,046		3.94 %		224,122		2,206		3.99 %
Subordinated debt	114,800		2,204		7.68 %		114,800		2,285		7.79 %		114,745		1,335		4.65 %		114,661		1,148		4.00 %		114,576		1,148		4.01 %
Junior subordinated debentures	130,121		1,906		5.86 %		130,051		2,002		6.02 %		129,986		2,123		6.39 %		129,921		2,106		6.41 %		129,856		2,098		6.46 %
Total interest-bearing liabilities	11,621,264		59,068		2.06 %		11,265,852		60,659		2.14 %		10,928,868		58,704		2.13 %		9,995,328		52,126		2.09 %		9,968,423		52,777		2.15 %
Noninterest-bearing demand deposits (g)	3,074,939						3,105,108						2,959,871						2,611,597						2,588,502
Noninterest-bearing liabilities	248,832						252,960						244,306						225,306						228,947
Total liabilities	14,945,035						14,623,920						14,133,045						12,832,231						12,785,872
Shareholders' equity	1,887,742						1,870,088						1,809,395						1,635,966						1,616,611
Total liabilities and shareholders' equity	$ 16,832,777						$ 16,494,008						$ 15,942,440						$ 14,468,197						$ 14,402,483
Net interest income/Interest rate spread FTE			143,348		3.16 %				143,201		3.12 %				136,944		3.09 %				120,322		3.02 %				128,685		3.31 %
Net interest-earning assets/Net interest margin FTE	$ 4,105,755				3.70 %		$ 4,121,114				3.69 %		$ 3,946,122				3.65 %		$ 3,548,356				3.56 %		$ 3,509,594				3.87 %
Tax equivalent adjustment (d)			866						1,035						970						878						867
Net interest income, GAAP basis			142,482						142,166						135,974						119,444						127,818
Ratio of interest-earning assets to interest-bearing liabilities	1.35X						1.37X						1.36X						1.36X						1.35X

(a) Average gross loans receivable includes loans held as available-for-sale and loans placed on nonaccrual status.

(b) Interest income includes accretion/amortization of deferred loan fees/expenses, which was not material.

(c) Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale.

(d) Interest income on tax-free investment securities and tax-free loans are presented on a fully taxable equivalent ("FTE") basis.

(e)  Average balances include the effect of unrealized gains or losses on securities held as available-for-sale.

(f)  Average balances include FHLB borrowings and collateralized borrowings.

(g) Average cost of total deposits were 1.48%, 1.53%, 1.55%, 1.55%, and 1.59%, respectively.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/northwest-bancshares-inc-announces-first-quarter-2026-gaap-net-income-of-51-million-or-0-34-per-diluted-share-302754686.html

SOURCE Northwest Bancshares, Inc.

FAQ

What did NWBI report for Q1 2026 GAAP net income and EPS?

Yes. Northwest reported GAAP net income of $51 million and EPS $0.34 for Q1 2026. According to the company, this was a year-over-year increase of $7 million and a quarter-over-quarter rise of $5 million, driven by loan growth and expense management.

What dividend did NWBI declare and when is the payment date?

Northwest declared a $0.20 per share quarterly cash dividend payable May 20, 2026. According to the company, shareholders of record as of May 7, 2026 will receive the payment; this marks the company's 126th consecutive quarterly dividend.

How large is NWBI's new share repurchase program (NWBI)?

The Board approved a repurchase program authorizing up to $50 million of common shares over the next 24 months. According to the company, repurchases may occur in the open market or negotiated transactions and depend on capital planning and market conditions.

What drove NWBI's quarter-over-quarter adjusted net income improvement in Q1 2026?

Adjusted net income rose partly due to a $6 million decrease in adjusted noninterest expense and a $3 million lower provision for credit losses. According to the company, those decreases were partially offset by a $5 million decline in noninterest income.

How did NWBI's lending and credit metrics perform in Q1 2026?

Lending growth included roughly 28% year-over-year C&I loan growth, while credit metrics showed annualized net charge-offs of 0.16% and nonperforming assets at 0.70%. According to the company, classified loans totaled $498 million (3.81% of loans).