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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 September 30, 2023
 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), 127,104,458 shares outstanding as of October 31, 2023.

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)
September 30, 2023December 31, 2022
Assets  
Cash and cash equivalents $161,995 139,365 
Marketable securities available-for-sale (amortized cost of $1,262,080 and $1,431,728, respectively)
1,010,076 1,218,108 
Marketable securities held-to-maturity (fair value of $682,681 and $751,384, respectively)
830,106 881,249 
Total cash and cash equivalents and marketable securities2,002,177 2,238,722 
Loans held-for-sale10,592 9,913 
Loans held for investment11,299,681 10,910,539 
Allowance for credit losses(124,841)(118,036)
Loans receivable, net11,185,432 10,802,416 
FHLB stock, at cost40,404 40,143 
Accrued interest receivable42,624 35,528 
Real estate owned, net363 413 
Premises and equipment, net138,041 145,909 
Bank-owned life insurance250,502 255,062 
Goodwill380,997 380,997 
Other intangible assets, net6,013 8,560 
Other assets315,648 205,574 
Total assets$14,362,201 14,113,324 
Liabilities and shareholders’ equity  
Liabilities:  
Noninterest-bearing demand deposits$2,774,291 2,993,243 
Interest-bearing demand deposits2,598,080 2,686,431 
Money market deposit accounts2,042,813 2,457,569 
Savings deposits2,116,360 2,275,020 
Time deposits2,258,338 1,052,285 
Total deposits11,789,882 11,464,548 
Borrowed funds604,587 681,166 
Subordinated debt114,102 113,840 
Junior subordinated debentures 129,509 129,314 
Advances by borrowers for taxes and insurance27,653 47,613 
Accrued interest payable7,915 3,231 
Other liabilities190,122 182,126 
Total liabilities12,863,770 12,621,838 
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, 127,101,349 and 127,028,848 shares issued and outstanding, respectively
1,271 1,270 
Additional paid-in capital1,023,591 1,019,647 
Retained earnings671,092 641,727 
Accumulated other comprehensive loss(197,523)(171,158)
Total shareholders’ equity1,498,431 1,491,486 
Total liabilities and shareholders’ equity$14,362,201 14,113,324 
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 September 30,Nine months ended September 30,
 2023202220232022
Interest income:    
Loans receivable$140,667 106,943 397,136 290,691 
Mortgage-backed securities8,072 8,683 24,935 22,201 
Taxable investment securities786 838 2,472 2,230 
Tax-free investment securities491 709 1,858 2,066 
FHLB stock dividends668 148 2,202 311 
Interest-earning deposits914 1,295 1,931 3,446 
Total interest income
151,598 118,616 430,534 320,945 
Interest expense:    
Deposits31,688 3,157 64,743 10,249 
Borrowed funds11,542 2,710 36,410 7,059 
Total interest expense
43,230 5,867 101,153 17,308 
Net interest income
108,368 112,749 329,381 303,637 
Provision for credit losses - loans3,983 7,689 14,863 8,837 
Provision for credit losses - unfunded commitments(2,981)3,585 65 8,577 
Net interest income after provision for credit losses
107,366 101,475 314,453 286,223 
Noninterest income:    
Loss on sale of investments (2)(8,306)(7)
Gain on sale of mortgage servicing rights  8,305  
Gain on sale of SBA loans301  1,412  
Service charges and fees15,270 14,323 43,292 41,063 
Trust and other financial services income7,085 6,650 20,400 21,123 
Gain on real estate owned, net29 290 922 552 
Income from bank-owned life insurance4,561 1,475 7,134 5,466 
Mortgage banking income632 766 2,184 4,388 
Other operating income3,010 3,301 9,311 10,406 
Total noninterest income
30,888 26,803 84,654 82,991 
Noninterest expense:    
Compensation and employee benefits51,243 46,711 145,497 141,701 
Premises and occupancy costs7,052 7,171 22,102 22,248 
Office operations3,398 3,229 9,208 9,774 
Collections expense551 322 1,367 1,245 
Processing expenses14,672 13,416 43,670 38,911 
Marketing expenses2,379 2,147 8,127 6,322 
Federal deposit insurance premiums2,341 1,200 6,628 3,459 
Professional services3,002 3,363 11,564 9,269 
Amortization of intangible assets795 1,047 2,546 3,345 
Real estate owned expense141 61 405 170 
Merger, asset disposition and restructuring expense  4,395 1,374 
Other expenses1,996 321 5,369 2,929 
Total noninterest expense
87,570 78,988 260,878 240,747 
Income before income taxes50,684 49,290 138,229 128,467 
Federal and state income taxes expense11,464 11,986 32,286 29,450 
Net income$39,220 37,304 105,943 99,017 
Basic earnings per share$0.31 0.29 0.83 0.78 
Diluted earnings per share$0.31 0.29 0.83 0.78 
See accompanying notes to unaudited Consolidated Financial Statements.
2

NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited)
(in thousands)
Quarter ended September 30,Nine months ended September 30,
 2023202220232022
Net income$39,220 37,304 105,943 99,017 
Other comprehensive loss net of tax:    
Net unrealized holding (losses)/gains on marketable securities:    
Unrealized holding losses, net of tax of $9,140, $14,705, $9,603 and $45,555, respectively
(29,715)(48,387)(34,417)(153,124)
Reclassification adjustment for losses/(gains) included in net income, net of tax of $0, $0, ($1,731) and $0, respectively
  5,636 (2)
Net unrealized holding losses on marketable securities(29,715)(48,387)(28,781)(153,126)
Change in fair value of interest rate swaps, net of tax of ($533), $0, ($1,041) and $0, respectively
1,825  3,562  
Defined benefit plan:    
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, net of tax of $152, $50, $456 and $151, respectively
(382)(131)(1,146)(393)
Other comprehensive loss(28,272)(48,518)(26,365)(153,519)
Total comprehensive income/(loss)$10,948 (11,214)79,578 (54,502)
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 September 30, 2023SharesAmount
Beginning balance at June 30, 2023127,088,963 $1,271 1,022,189 657,292 (169,251)1,511,501 
Comprehensive income:      
Net income— — — 39,220 — 39,220 
Other comprehensive loss, net of tax of $8,759
— — — — (28,272)(28,272)
Total comprehensive income/(loss)— — — 39,220 (28,272)10,948 
Exercise of stock options11,523 — 112 — — 112 
Stock-based compensation expense1,779 — 1,290 — — 1,290 
Stock-based compensation forfeited(916)— — — — — 
Dividends paid ($0.20 per share)
— — — (25,420)— (25,420)
Ending balance at September 30, 2023127,101,349 $1,271 1,023,591 671,092 (197,523)1,498,431 

Additional paid-in capitalRetained earningsAccumulated
other comprehensive loss
Total shareholders’ equity
 Common stock
Quarter ended September 30, 2022SharesAmount
Beginning balance at June 30, 2022126,881,766 $1,269 1,015,349 620,551 (142,630)1,494,539 
Comprehensive income:      
Net income— — — 37,304 — 37,304 
Other comprehensive loss, net of tax of $14,755
— — — — (48,518)(48,518)
Total comprehensive income/(loss)— — — 37,304 (48,518)(11,214)
Exercise of stock options73,472 — 897 — — 897 
Stock-based compensation expense— — 944 — — 944 
Stock-based compensation forfeited (33,249)— (1)— — (1)
Dividends paid ($0.20 per share)
— — — (25,379)— (25,379)
Ending balance at September 30, 2022126,921,989 $1,269 1,017,189 632,476 (191,148)1,459,786 
See accompanying notes to unaudited Consolidated Financial Statements.

4

NORTHWEST BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(in thousands, expect share data)
Additional paid-in capitalRetained earningsAccumulated
other comprehensive income/(loss)
Total shareholders’ equity
 Common stock
Nine months ended September 30, 2023SharesAmount
Beginning balance at December 31, 2022127,028,848 $1,270 1,019,647 641,727 (171,158)1,491,486 
Comprehensive income:      
Net income— — — 105,943 — 105,943 
Other comprehensive loss, net of tax of $7,287
— — — — (26,365)(26,365)
Total comprehensive income— — — 105,943 (26,365)79,578 
Adoption of ASU No. 2022-02— — — (329)— (329)
Exercise of stock options53,207 1 609 — — 610 
Stock-based compensation expense75,554 1 3,334 — — 3,335 
Stock-based compensation forfeited(56,260)(1)1 — —  
Dividends paid ($0.60 per share)
— — — (76,249)— (76,249)
Ending balance at September 30, 2023127,101,349 $1,271 1,023,591 671,092 (197,523)1,498,431 


Additional paid-in capitalRetained earningsAccumulated
other comprehensive income/(loss)
Total shareholders’ equity
 Common stock
Nine months ended September 30, 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— — — 99,017 — 99,017 
Other comprehensive loss, net of tax of $45,706
— — — — (153,519)(153,519)
Total comprehensive income/(loss)— — — 99,017 (153,519)(54,502)
Exercise of stock options314,880 2 3,719 — — 3,721 
Stock-based compensation expense75,377 2 3,065 — —