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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 FORM 10-Q
 
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2022
 OR
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                   to                 
Commission File Number 001-34582
 
NORTHWEST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Maryland 27-0950358
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
   
3 Easton Oval
    Suite 500
Columbus
   Ohio
 43219
(Address of Principal Executive Offices) (Zip Code)
 
(814) 726-2140
(Registrant’s telephone number, including area code)

Not applicable
(Former name, former address and former fiscal year, if changed since last report)
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes No 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, 0.01 Par ValueNWBINASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
        Large accelerated filer        Accelerated filer
        Non-accelerated filer         Smaller reporting company
                Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
    Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common Stock ($0.01 par value), 126,710,453 shares outstanding as of April 30, 2022.

NORTHWEST BANCSHARES, INC.
Table of Contents
 
    
PART I FINANCIAL INFORMATION 
    
   
     
   
     
   
     
   
     
   
     
   
     
   
     
  
     
  
     
  
     
  
     
  
     
  
     
  
     
  
     
  
     
  
     
  
     
   
     
   



Item 1.        FINANCIAL STATEMENTS
 
NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands, except share data)
March 31, 2022December 31, 2021
Assets  
Cash and cash equivalents $1,161,006 1,279,259 
Marketable securities available-for-sale (amortized cost of $1,542,170 and $1,565,002, respectively)
1,442,098 1,548,592 
Marketable securities held-to-maturity (fair value of $677,376 and $751,513, respectively)
737,730 768,154 
Total cash and cash equivalents and marketable securities3,340,834 3,596,005 
Loans held-for-sale19,272 25,056 
Loans held for investment10,119,762 9,991,336 
Allowance for credit losses(99,295)(102,241)
Loans receivable, net10,039,739 9,914,151 
FHLB stock, at cost13,318 14,184 
Accrued interest receivable26,268 25,599 
Real estate owned, net929 873 
Premises and equipment, net149,970 156,524 
Bank-owned life insurance254,109 256,213 
Goodwill380,997 380,997 
Other intangible assets, net11,654 12,836 
Other assets193,365 144,126 
Total assets$14,411,183 14,501,508 
Liabilities and shareholders’ equity  
Liabilities:  
Noninterest-bearing demand deposits$3,128,849 3,099,526 
Interest-bearing demand deposits2,891,622 2,940,442 
Money market deposit accounts2,680,613 2,629,882 
Savings deposits2,367,438 2,303,760 
Time deposits1,251,878 1,327,555 
Total deposits12,320,400 12,301,165 
Borrowed funds121,436 139,093 
Subordinated debt123,670 123,575 
Junior subordinated debentures 129,119 129,054 
Advances by borrowers for taxes and insurance44,022 44,582 
Accrued interest payable563 1,804 
Other liabilities148,461 178,664 
Total liabilities12,887,671 12,917,937 
Shareholders’ equity:  
Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued
  
Common stock, $0.01 par value: 500,000,000 shares authorized, 126,686,373 and 126,612,183 shares issued and outstanding, respectively
1,267 1,266 
Additional paid-in capital1,012,308 1,010,405 
Retained earnings612,481 609,529 
Accumulated other comprehensive loss(102,544)(37,629)
Total shareholders’ equity1,523,512 1,583,571 
Total liabilities and shareholders’ equity$14,411,183 14,501,508 
See accompanying notes to unaudited Consolidated Financial Statements.
1

NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except share data) 
Quarter ended March 31,
 20222021
Interest income:  
Loans receivable$88,174 102,318 
Mortgage-backed securities6,360 4,200 
Taxable investment securities677 634 
Tax-free investment securities674 575 
FHLB stock dividends81 116 
Interest-earning deposits467 183 
Total interest income
96,433 108,026 
Interest expense:  
Deposits3,751 5,514 
Borrowed funds2,059 2,054 
Total interest expense
5,810 7,568 
Net interest income
90,623 100,458 
Provision for credit losses(1,481)(5,620)
Net interest income after provision for credit losses
92,104 106,078 
Noninterest income:  
Loss on sale of investments(2)(21)
Service charges and fees13,067 12,394 
Trust and other financial services income7,012 6,484 
Insurance commission income 2,546 
Loss on real estate owned, net(29)(42)
Income from bank-owned life insurance1,983 1,736 
Mortgage banking income1,465 6,020 
Other operating income2,244 2,836 
Total noninterest income
25,740 31,953 
Noninterest expense:  
Compensation and employee benefits46,917 47,239 
Premises and occupancy costs7,797 8,814 
Office operations3,383 3,165 
Collections expense520 616 
Processing expenses12,548 13,456 
Marketing expenses2,128 1,980 
Federal deposit insurance premiums1,129 1,307 
Professional services2,573 4,582 
Amortization of intangible assets1,183 1,594 
Real estate owned expense37 75 
Merger, asset disposition and restructuring expense1,374 9 
Other expenses2,355 3,354 
Total noninterest expense
81,944 86,191 
Income before income taxes35,900 51,840 
Federal and state income taxes expense7,613 11,603 
Net income$28,287 40,237 
Basic earnings per share$0.22 0.32 
Diluted earnings per share$0.22 0.32 
See accompanying notes to unaudited Consolidated Financial Statements.
2

NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
Quarter ended March 31,
 20222021
Net income$28,287 40,237 
Other comprehensive income net of tax:  
Net unrealized holding losses on marketable securities:  
Unrealized holding losses, net of tax of $18,877 and $5,981, respectively
(64,783)(17,421)
Reclassification adjustment for gains included in net income, net of tax of $0 and $22, respectively
(1)(75)
Net unrealized holding losses on marketable securities(64,784)(17,496)
Defined benefit plan:  
Actuarial reclassification adjustments for prior period service costs and actuarial (gains)/losses included in net income, net of tax of $50 and ($129), respectively
(131)333 
Other comprehensive loss(64,915)(17,163)
Total comprehensive (loss)/income$(36,628)23,074 
See accompanying notes to unaudited Consolidated Financial Statements.

3

NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(in thousands, expect share data) 
Additional paid-in capitalRetained earningsAccumulated
other comprehensive loss
Total shareholders’ equity
 Common stock
Quarter ended March 31, 2022SharesAmount
Beginning balance at December 31, 2021126,612,183 $1,266 1,010,405 609,529 (37,629)1,583,571 
Comprehensive income:      
Net income— — — 28,287 — 28,287 
Other comprehensive loss, net of tax of $18,927
— — — — (64,915)(64,915)
Total comprehensive income/(loss)— — — 28,287 (64,915)(36,628)
Exercise of stock options101,613 1 1,204 — — 1,205 
Stock-based compensation expense10,222 — 699 — — 699 
Stock-based compensation forfeited(37,645)— — — — — 
Dividends paid ($0.20 per share)
— — — (25,335)— (25,335)
Ending balance at March 31, 2022126,686,373 $1,267 1,012,308 612,481 (102,544)1,523,512 

Additional paid-in capitalRetained earningsAccumulated
other comprehensive income/(loss)
Total shareholders’ equity
 Common stock
Quarter ended March 31, 2021SharesAmount
Beginning balance at December 31, 2020127,019,452 $1,270 1,015,502 555,480 (33,549)1,538,703 
Comprehensive income:      
Net income— — — 40,237 — 40,237 
Other comprehensive loss, net of tax of $5,874
— — — — (17,163)(17,163)
Total comprehensive income/(loss)— — — 40,237 (17,163)23,074 
Exercise of stock options567,429 6 6,921 — — 6,927 
Stock-based compensation expense1,930 — 961 — — 961 
Share repurchases(353,552)(4)(4,562)— — (4,566)
Stock-based compensation forfeited (12,611)— — — — — 
Dividends paid ($0.19 per share)
— — — (24,105)— (24,105)
Ending balance at March 31, 2021127,222,648 $1,272 1,018,822 571,612 (50,712)1,540,994 
See accompanying notes to unaudited Consolidated Financial Statements.

4

NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)
Quarter ended March 31,
 20222021
Operating activities:  
Net income$28,287 40,237 
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:  
Provision for credit losses(1,481)(5,620)
Net loss/(gain) on sale of assets780 (262)
Mortgage banking activity677 (8,429)
Net depreciation, amortization and accretion3,595 6,514 
(Increase)/decrease in other assets(30,666)33,746 
Decrease in other liabilities(31,625)(21,034)
Net amortization on marketable securities1,505 2,154 
Noncash compensation expense related to stock benefit plans699 961 
Noncash write-down of real estate owned29 123 
Origination of loans held-for-sale(104,535)(240,765)
Proceeds from sale of loans held-for-sale110,278 260,394 
Net cash (used in)/provided by operating activities(22,457)68,019 
Investing activities:  
Purchase of marketable securities held-to-maturity (428,861)
Purchase of marketable securities available-for-sale(61,640)(220,666)
Proceeds from maturities and principal reductions of marketable securities held-to-maturity30,092 3,374 
Proceeds from maturities and principal reductions of marketable securities available-for-sale83,295 128,556 
Proceeds from sale of marketable securities available-for-sale 35,357 
Proceeds from bank-owned life insurance1,354 1,750 
Loan originations(901,499)(975,141)
Loan purchases(210,775) 
Proceeds from loan maturities and principal reductions985,218 1,169,026 
Net proceeds/(redemptions) of FHLB stock866 (113)
Proceeds from sale of real estate owned 479 
Proceeds from sale of real estate owned for investment, net76 76 
Disposals/(purchases) of premises and equipment, net329 (285)
Net cash used in investing activities(72,684)(286,448)
5

NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued)
(in thousands) 
Three months ended March 31,
 20222021
Financing activities:  
Net increase in deposits$19,235 513,861 
Repayments of long-term borrowings (20,000)
Net decrease in short-term borrowings(17,657)(9,469)
Decrease in advances by borrowers for taxes and insurance(560)(1,206)
Cash dividends paid on common stock(25,335)(24,105)
Purchase of common stock for retirement (4,566)
Proceeds from stock options exercised1,205 6,927 
Net cash (used in)/provided by financing activities(23,112)461,442 
Net (decrease)/increase in cash and cash equivalents$(118,253)243,013 
Cash and cash equivalents at beginning of period$1,279,259 736,277 
Net (decrease)/increase in cash and cash equivalents(118,253)243,013 
Cash and cash equivalents at end of period$1,161,006 979,290 
Cash paid during the period for:  
Interest on deposits and borrowings (including interest credited to deposit accounts of $3,650 and $5,543, respectively)
$7,051 8,963 
Income taxes84  
Non-cash activities:  
Loan foreclosures and repossessions$1,142 1,197 
Sale of real estate owned financed by the Company