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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 class | | Trading symbol(s) | | Name of each exchange on which registered |
Common Stock, 0.01 Par Value | | NWBI | | NASDAQ 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
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PART I | | FINANCIAL INFORMATION | | |
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Item 1. FINANCIAL STATEMENTS
NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands, except share data)
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| March 31, 2022 | | December 31, 2021 |
Assets | | | |
Cash and cash equivalents | $ | 1,161,006 | | | 1,279,259 | |
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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 securities | 3,340,834 | | | 3,596,005 | |
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Loans held-for-sale | 19,272 | | | 25,056 | |
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Loans held for investment | 10,119,762 | | | 9,991,336 | |
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Allowance for credit losses | (99,295) | | | (102,241) | |
Loans receivable, net | 10,039,739 | | | 9,914,151 | |
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FHLB stock, at cost | 13,318 | | | 14,184 | |
Accrued interest receivable | 26,268 | | | 25,599 | |
Real estate owned, net | 929 | | | 873 | |
Premises and equipment, net | 149,970 | | | 156,524 | |
Bank-owned life insurance | 254,109 | | | 256,213 | |
Goodwill | 380,997 | | | 380,997 | |
Other intangible assets, net | 11,654 | | | 12,836 | |
Other assets | 193,365 | | | 144,126 | |
Total assets | $ | 14,411,183 | | | 14,501,508 | |
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Liabilities and shareholders’ equity | | | |
Liabilities: | | | |
Noninterest-bearing demand deposits | $ | 3,128,849 | | | 3,099,526 | |
Interest-bearing demand deposits | 2,891,622 | | | 2,940,442 | |
Money market deposit accounts | 2,680,613 | | | 2,629,882 | |
Savings deposits | 2,367,438 | | | 2,303,760 | |
Time deposits | 1,251,878 | | | 1,327,555 | |
Total deposits | 12,320,400 | | | 12,301,165 | |
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Borrowed funds | 121,436 | | | 139,093 | |
Subordinated debt | 123,670 | | | 123,575 | |
Junior subordinated debentures | 129,119 | | | 129,054 | |
Advances by borrowers for taxes and insurance | 44,022 | | | 44,582 | |
Accrued interest payable | 563 | | | 1,804 | |
Other liabilities | 148,461 | | | 178,664 | |
Total liabilities | 12,887,671 | | | 12,917,937 | |
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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 capital | 1,012,308 | | | 1,010,405 | |
Retained earnings | 612,481 | | | 609,529 | |
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Accumulated other comprehensive loss | (102,544) | | | (37,629) | |
Total shareholders’ equity | 1,523,512 | | | 1,583,571 | |
Total liabilities and shareholders’ equity | $ | 14,411,183 | | | 14,501,508 | |
See accompanying notes to unaudited Consolidated Financial Statements.
NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except share data)
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| Quarter ended March 31, | | |
| 2022 | | 2021 | | | | |
Interest income: | | | | | | | |
Loans receivable | $ | 88,174 | | | 102,318 | | | | | |
Mortgage-backed securities | 6,360 | | | 4,200 | | | | | |
Taxable investment securities | 677 | | | 634 | | | | | |
Tax-free investment securities | 674 | | | 575 | | | | | |
FHLB stock dividends | 81 | | | 116 | | | | | |
Interest-earning deposits | 467 | | | 183 | | | | | |
Total interest income | 96,433 | | | 108,026 | | | | | |
Interest expense: | | | | | | | |
Deposits | 3,751 | | | 5,514 | | | | | |
Borrowed funds | 2,059 | | | 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) | | | | | |
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Service charges and fees | 13,067 | | | 12,394 | | | | | |
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Trust and other financial services income | 7,012 | | | 6,484 | | | | | |
Insurance commission income | — | | | 2,546 | | | | | |
Loss on real estate owned, net | (29) | | | (42) | | | | | |
Income from bank-owned life insurance | 1,983 | | | 1,736 | | | | | |
Mortgage banking income | 1,465 | | | 6,020 | | | | | |
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Other operating income | 2,244 | | | 2,836 | | | | | |
Total noninterest income | 25,740 | | | 31,953 | | | | | |
Noninterest expense: | | | | | | | |
Compensation and employee benefits | 46,917 | | | 47,239 | | | | | |
Premises and occupancy costs | 7,797 | | | 8,814 | | | | | |
Office operations | 3,383 | | | 3,165 | | | | | |
Collections expense | 520 | | | 616 | | | | | |
Processing expenses | 12,548 | | | 13,456 | | | | | |
Marketing expenses | 2,128 | | | 1,980 | | | | | |
Federal deposit insurance premiums | 1,129 | | | 1,307 | | | | | |
Professional services | 2,573 | | | 4,582 | | | | | |
Amortization of intangible assets | 1,183 | | | 1,594 | | | | | |
Real estate owned expense | 37 | | | 75 | | | | | |
Merger, asset disposition and restructuring expense | 1,374 | | | 9 | | | | | |
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Other expenses | 2,355 | | | 3,354 | | | | | |
Total noninterest expense | 81,944 | | | 86,191 | | | | | |
Income before income taxes | 35,900 | | | 51,840 | | | | | |
Federal and state income taxes expense | 7,613 | | | 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.
NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
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| Quarter ended March 31, | | |
| 2022 | | 2021 | | | | |
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) | | | | | |
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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 | | | | | |
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Other comprehensive loss | (64,915) | | | (17,163) | | | | | |
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Total comprehensive (loss)/income | $ | (36,628) | | | 23,074 | | | | | |
See accompanying notes to unaudited Consolidated Financial Statements.
NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(in thousands, expect share data)
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| | | | | Additional paid-in capital | | Retained earnings | | Accumulated other comprehensive loss | | | | Total shareholders’ equity |
| Common stock | | | |
Quarter ended March 31, 2022 | Shares | | Amount | | | |
Beginning balance at December 31, 2021 | 126,612,183 | | | $ | 1,266 | | | 1,010,405 | | | 609,529 | | | (37,629) | | | | | 1,583,571 | |
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Comprehensive income: | | | | | | | | | | | | | |
Net income | — | | | — | | | — | | | 28,287 | | | — | | | | | 28,287 | |
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Other comprehensive loss, net of tax of $18,927 | — | | | — | | | — | | | — | | | (64,915) | | | | | (64,915) | |
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Total comprehensive income/(loss) | — | | | — | | | — | | | 28,287 | | | (64,915) | | | | | (36,628) | |
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Exercise of stock options | 101,613 | | | 1 | | | 1,204 | | | — | | | — | | | | | 1,205 | |
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Stock-based compensation expense | 10,222 | | | — | | | 699 | | | — | | | — | | | | | 699 | |
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Stock-based compensation forfeited | (37,645) | | | — | | | — | | | — | | | — | | | | | — | |
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Dividends paid ($0.20 per share) | — | | | — | | | — | | | (25,335) | | | — | | | | | (25,335) | |
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Ending balance at March 31, 2022 | 126,686,373 | | | $ | 1,267 | | | 1,012,308 | | | 612,481 | | | (102,544) | | | | | 1,523,512 | |
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| | | | | Additional paid-in capital | | Retained earnings | | Accumulated other comprehensive income/(loss) | | | | Total shareholders’ equity |
| Common stock | | | |
Quarter ended March 31, 2021 | Shares | | Amount | | | |
Beginning balance at December 31, 2020 | 127,019,452 | | | $ | 1,270 | | | 1,015,502 | | | 555,480 | | | (33,549) | | | | | 1,538,703 | |
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Comprehensive income: | | | | | | | | | | | | | |
Net income | — | | | — | | | — | | | 40,237 | | | — | | | | | 40,237 | |
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Other comprehensive loss, net of tax of $5,874 | — | | | — | | | — | | | — | | | (17,163) | | | | | (17,163) | |
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Total comprehensive income/(loss) | — | | | — | | | — | | | 40,237 | | | (17,163) | | | | | 23,074 | |
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Exercise of stock options | 567,429 | | | 6 | | | 6,921 | | | — | | | — | | | | | 6,927 | |
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Stock-based compensation expense | 1,930 | | | — | | | 961 | | | — | | | — | | | | | 961 | |
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Share repurchases | (353,552) | | | (4) | | | (4,562) | | | — | | | — | | | | | (4,566) | |
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Stock-based compensation forfeited | (12,611) | | | — | | | — | | | — | | | — | | | | | — | |
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Dividends paid ($0.19 per share) | — | | | — | | | — | | | (24,105) | | | — | | | | | (24,105) | |
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Ending balance at March 31, 2021 | 127,222,648 | | | $ | 1,272 | | | 1,018,822 | | | 571,612 | | | (50,712) | | | | | 1,540,994 | |
See accompanying notes to unaudited Consolidated Financial Statements.
NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)
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| Quarter ended March 31, |
| 2022 | | 2021 |
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 assets | 780 | | | (262) | |
Mortgage banking activity | 677 | | | (8,429) | |
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Net depreciation, amortization and accretion | 3,595 | | | 6,514 | |
(Increase)/decrease in other assets | (30,666) | | | 33,746 | |
Decrease in other liabilities | (31,625) | | | (21,034) | |
Net amortization on marketable securities | 1,505 | | | 2,154 | |
Noncash compensation expense related to stock benefit plans | 699 | | | 961 | |
Noncash write-down of real estate owned | 29 | | | 123 | |
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Origination of loans held-for-sale | (104,535) | | | (240,765) | |
Proceeds from sale of loans held-for-sale | 110,278 | | | 260,394 | |
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Net cash (used in)/provided by operating activities | (22,457) | | | 68,019 | |
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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-maturity | 30,092 | | | 3,374 | |
Proceeds from maturities and principal reductions of marketable securities available-for-sale | 83,295 | | | 128,556 | |
Proceeds from sale of marketable securities available-for-sale | — | | | 35,357 | |
Proceeds from bank-owned life insurance | 1,354 | | | 1,750 | |
Loan originations | (901,499) | | | (975,141) | |
Loan purchases | (210,775) | | | — | |
Proceeds from loan maturities and principal reductions | 985,218 | | | 1,169,026 | |
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Net proceeds/(redemptions) of FHLB stock | 866 | | | (113) | |
Proceeds from sale of real estate owned | — | | | 479 | |
Proceeds from sale of real estate owned for investment, net | 76 | | | 76 | |
Disposals/(purchases) of premises and equipment, net | 329 | | | (285) | |
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Net cash used in investing activities | (72,684) | | | (286,448) | |
NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued)
(in thousands)
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| Three months ended March 31, |
| 2022 | | 2021 |
Financing activities: | | | |
Net increase in deposits | $ | 19,235 | | | 513,861 | |
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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 exercised | 1,205 | | | 6,927 | |
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Net cash (used in)/provided by financing activities | (23,112) | | | 461,442 | |
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Net (decrease)/increase in cash and cash equivalents | $ | (118,253) | | | 243,013 | |
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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 | |
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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 taxes | 84 | | | — | |
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Non-cash activities: | | | |
Loan foreclosures and repossessions | $ | 1,142 | | | 1,197 | |
Sale of real estate owned financed by the Company | |