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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 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), 127,104,458 shares outstanding as of October 31, 2023.
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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| September 30, 2023 | | December 31, 2022 |
Assets | | | |
Cash and cash equivalents | $ | 161,995 | | | 139,365 | |
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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 securities | 2,002,177 | | | 2,238,722 | |
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Loans held-for-sale | 10,592 | | | 9,913 | |
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Loans held for investment | 11,299,681 | | | 10,910,539 | |
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Allowance for credit losses | (124,841) | | | (118,036) | |
Loans receivable, net | 11,185,432 | | | 10,802,416 | |
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FHLB stock, at cost | 40,404 | | | 40,143 | |
Accrued interest receivable | 42,624 | | | 35,528 | |
Real estate owned, net | 363 | | | 413 | |
Premises and equipment, net | 138,041 | | | 145,909 | |
Bank-owned life insurance | 250,502 | | | 255,062 | |
Goodwill | 380,997 | | | 380,997 | |
Other intangible assets, net | 6,013 | | | 8,560 | |
Other assets | 315,648 | | | 205,574 | |
Total assets | $ | 14,362,201 | | | 14,113,324 | |
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Liabilities and shareholders’ equity | | | |
Liabilities: | | | |
Noninterest-bearing demand deposits | $ | 2,774,291 | | | 2,993,243 | |
Interest-bearing demand deposits | 2,598,080 | | | 2,686,431 | |
Money market deposit accounts | 2,042,813 | | | 2,457,569 | |
Savings deposits | 2,116,360 | | | 2,275,020 | |
Time deposits | 2,258,338 | | | 1,052,285 | |
Total deposits | 11,789,882 | | | 11,464,548 | |
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Borrowed funds | 604,587 | | | 681,166 | |
Subordinated debt | 114,102 | | | 113,840 | |
Junior subordinated debentures | 129,509 | | | 129,314 | |
Advances by borrowers for taxes and insurance | 27,653 | | | 47,613 | |
Accrued interest payable | 7,915 | | | 3,231 | |
Other liabilities | 190,122 | | | 182,126 | |
Total liabilities | 12,863,770 | | | 12,621,838 | |
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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, 127,101,349 and 127,028,848 shares issued and outstanding, respectively | 1,271 | | | 1,270 | |
Additional paid-in capital | 1,023,591 | | | 1,019,647 | |
Retained earnings | 671,092 | | | 641,727 | |
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Accumulated other comprehensive loss | (197,523) | | | (171,158) | |
Total shareholders’ equity | 1,498,431 | | | 1,491,486 | |
Total liabilities and shareholders’ equity | $ | 14,362,201 | | | 14,113,324 | |
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 September 30, | | Nine months ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Interest income: | | | | | | | |
Loans receivable | $ | 140,667 | | | 106,943 | | | 397,136 | | | 290,691 | |
Mortgage-backed securities | 8,072 | | | 8,683 | | | 24,935 | | | 22,201 | |
Taxable investment securities | 786 | | | 838 | | | 2,472 | | | 2,230 | |
Tax-free investment securities | 491 | | | 709 | | | 1,858 | | | 2,066 | |
FHLB stock dividends | 668 | | | 148 | | | 2,202 | | | 311 | |
Interest-earning deposits | 914 | | | 1,295 | | | 1,931 | | | 3,446 | |
Total interest income | 151,598 | | | 118,616 | | | 430,534 | | | 320,945 | |
Interest expense: | | | | | | | |
Deposits | 31,688 | | | 3,157 | | | 64,743 | | | 10,249 | |
Borrowed funds | 11,542 | | | 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 - loans | 3,983 | | | 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 loans | 301 | | | — | | | 1,412 | | | — | |
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Service charges and fees | 15,270 | | | 14,323 | | | 43,292 | | | 41,063 | |
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Trust and other financial services income | 7,085 | | | 6,650 | | | 20,400 | | | 21,123 | |
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Gain on real estate owned, net | 29 | | | 290 | | | 922 | | | 552 | |
Income from bank-owned life insurance | 4,561 | | | 1,475 | | | 7,134 | | | 5,466 | |
Mortgage banking income | 632 | | | 766 | | | 2,184 | | | 4,388 | |
Other operating income | 3,010 | | | 3,301 | | | 9,311 | | | 10,406 | |
Total noninterest income | 30,888 | | | 26,803 | | | 84,654 | | | 82,991 | |
Noninterest expense: | | | | | | | |
Compensation and employee benefits | 51,243 | | | 46,711 | | | 145,497 | | | 141,701 | |
Premises and occupancy costs | 7,052 | | | 7,171 | | | 22,102 | | | 22,248 | |
Office operations | 3,398 | | | 3,229 | | | 9,208 | | | 9,774 | |
Collections expense | 551 | | | 322 | | | 1,367 | | | 1,245 | |
Processing expenses | 14,672 | | | 13,416 | | | 43,670 | | | 38,911 | |
Marketing expenses | 2,379 | | | 2,147 | | | 8,127 | | | 6,322 | |
Federal deposit insurance premiums | 2,341 | | | 1,200 | | | 6,628 | | | 3,459 | |
Professional services | 3,002 | | | 3,363 | | | 11,564 | | | 9,269 | |
Amortization of intangible assets | 795 | | | 1,047 | | | 2,546 | | | 3,345 | |
Real estate owned expense | 141 | | | 61 | | | 405 | | | 170 | |
Merger, asset disposition and restructuring expense | — | | | — | | | 4,395 | | | 1,374 | |
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Other expenses | 1,996 | | | 321 | | | 5,369 | | | 2,929 | |
Total noninterest expense | 87,570 | | | 78,988 | | | 260,878 | | | 240,747 | |
Income before income taxes | 50,684 | | | 49,290 | | | 138,229 | | | 128,467 | |
Federal and state income taxes expense | 11,464 | | | 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.
NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited)
(in thousands)
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| Quarter ended September 30, | | Nine months ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
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) | |
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Change in fair value of interest rate swaps, net of tax of ($533), $0, ($1,041) and $0, respectively | 1,825 | | | — | | | 3,562 | | | — | |
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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) | |
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Other comprehensive loss | (28,272) | | | (48,518) | | | (26,365) | | | (153,519) | |
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Total comprehensive income/(loss) | $ | 10,948 | | | (11,214) | | | 79,578 | | | (54,502) | |
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 September 30, 2023 | Shares | | Amount | | | |
Beginning balance at June 30, 2023 | 127,088,963 | | | $ | 1,271 | | | 1,022,189 | | | 657,292 | | | (169,251) | | | | | 1,511,501 | |
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Comprehensive income: | | | | | | | | | | | | | |
Net income | — | | | — | | | — | | | 39,220 | | | — | | | | | 39,220 | |
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Other comprehensive loss, net of tax of $8,759 | — | | | — | | | — | | | — | | | (28,272) | | | | | (28,272) | |
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Total comprehensive income/(loss) | — | | | — | | | — | | | 39,220 | | | (28,272) | | | | | 10,948 | |
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Exercise of stock options | 11,523 | | | — | | | 112 | | | — | | | — | | | | | 112 | |
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Stock-based compensation expense | 1,779 | | | — | | | 1,290 | | | — | | | — | | | | | 1,290 | |
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Stock-based compensation forfeited | (916) | | | — | | | — | | | — | | | — | | | | | — | |
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Dividends paid ($0.20 per share) | — | | | — | | | — | | | (25,420) | | | — | | | | | (25,420) | |
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Ending balance at September 30, 2023 | 127,101,349 | | | $ | 1,271 | | | 1,023,591 | | | 671,092 | | | (197,523) | | | | | 1,498,431 | |
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| | | | | Additional paid-in capital | | Retained earnings | | Accumulated other comprehensive loss | | | | Total shareholders’ equity |
| Common stock | | | |
Quarter ended September 30, 2022 | Shares | | Amount | | | |
Beginning balance at June 30, 2022 | 126,881,766 | | | $ | 1,269 | | | 1,015,349 | | | 620,551 | | | (142,630) | | | | | 1,494,539 | |
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Comprehensive income: | | | | | | | | | | | | | |
Net income | — | | | — | | | — | | | 37,304 | | | — | | | | | 37,304 | |
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Other comprehensive loss, net of tax of $14,755 | — | | | — | | | — | | | — | | | (48,518) | | | | | (48,518) | |
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Total comprehensive income/(loss) | — | | | — | | | — | | | 37,304 | | | (48,518) | | | | | (11,214) | |
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Exercise of stock options | 73,472 | | | — | | | 897 | | | — | | | — | | | | | 897 | |
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Stock-based compensation expense | — | | | — | | | 944 | | | — | | | — | | | | | 944 | |
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Stock-based compensation forfeited | (33,249) | | | — | | | (1) | | | — | | | — | | | | | (1) | |
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Dividends paid ($0.20 per share) | — | | | — | | | — | | | (25,379) | | | — | | | | | (25,379) | |
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Ending balance at September 30, 2022 | 126,921,989 | | | $ | 1,269 | | | 1,017,189 | | | 632,476 | | | (191,148) | | | | | 1,459,786 | |
See accompanying notes to unaudited Consolidated Financial Statements.
NORTHWEST BANCSHARES, INC.
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 income/(loss) | | | | Total shareholders’ equity |
| Common stock | | | | | | |
Nine months ended September 30, 2023 | Shares | | Amount | | | | | | |
Beginning balance at December 31, 2022 | 127,028,848 | | | $ | 1,270 | | | 1,019,647 | | | 641,727 | | | (171,158) | | | | | 1,491,486 | |
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Comprehensive income: | | | | | | | | | | | | | |
Net income | — | | | — | | | — | | | 105,943 | | | — | | | | | 105,943 | |
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Other comprehensive loss, net of tax of $7,287 | — | | | — | | | — | | | — | | | (26,365) | | | | | (26,365) | |
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Total comprehensive income | — | | | — | | | — | | | 105,943 | | | (26,365) | | | | | 79,578 | |
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Adoption of ASU No. 2022-02 | — | | | — | | | — | | | (329) | | | — | | | | | (329) | |
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Exercise of stock options | 53,207 | | | 1 | | | 609 | | | — | | | — | | | | | 610 | |
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Stock-based compensation expense | 75,554 | | | 1 | | | 3,334 | | | — | | | — | | | | | 3,335 | |
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Stock-based compensation forfeited | (56,260) | | | (1) | | | 1 | | | — | | | — | | | | | — | |
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Dividends paid ($0.60 per share) | — | | | — | | | — | | | (76,249) | | | — | | | | | (76,249) | |
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Ending balance at September 30, 2023 | 127,101,349 | | | $ | 1,271 | | | 1,023,591 | | | 671,092 | | | (197,523) | | | | | 1,498,431 | |
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| | | | | Additional paid-in capital | | Retained earnings | | Accumulated other comprehensive income/(loss) | | | | Total shareholders’ equity |
| Common stock | | | | | | |
Nine months ended September 30, 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 | — | | | — | | | — | | | 99,017 | | | — | | | | | 99,017 | |
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Other comprehensive loss, net of tax of $45,706 | — | | | — | | | — | | | — | | | (153,519) | | | | | (153,519) | |
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Total comprehensive income/(loss) | — | | | — | | | — | | | 99,017 | | | (153,519) | | | | | (54,502) | |
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Exercise of stock options | 314,880 | | | 2 | | | 3,719 | | | — | | | — | | | | | 3,721 | |
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Stock-based compensation expense | 75,377 | | | 2 | | | 3,065 | | | — | | | — | | | | | |