$NWBI

Northwest Bancshares, Inc.

CIK:0001471265|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans receivable	$ 182,469	$ 154,914	$ 363,018	$ 319,552
Mortgage-backed securities	18,024	12,154	35,023	23,884
Taxable investment securities	1,799	999	3,400	1,932
Tax-free investment securities	674	512	1,436	1,024
FHLB stock dividends	738	318	1,506	684
Interest-earning deposits	1,436	2,673	2,307	5,089
Total interest income	205,140	171,570	406,690	352,165
Interest expense:
Deposits	50,384	46,826	101,467	94,151
Borrowed funds	7,818	5,300	15,803	10,752
Total interest expense	58,202	52,126	117,270	104,903
Net interest income	146,938	119,444	289,420	247,262
Provision for credit losses - loans	4,280	11,456	9,234	19,712
Provision/(benefit) for credit losses - unfunded commitments	2,357	(2,712)	1,772	(3,057)
Net interest income after provision for credit losses	140,301	110,700	278,414	230,607
Noninterest income:
Gain on sale of investments	336	0	347	0
Gain on sale of SBA loans	1,217	819	2,403	2,057
Service charges and fees	16,908	15,797	34,026	30,784
Trust and other financial services income	9,449	7,948	18,067	15,858
Gain on real estate owned, net	20	258	90	342
Income from bank-owned life insurance	2,013	1,421	4,055	2,752
Mortgage banking income	738	1,075	1,067	1,771
Other operating income	3,548	3,620	6,756	5,729
Total noninterest income	34,229	30,938	66,811	59,293
Noninterest expense:
Compensation and employee benefits	63,476	55,213	121,806	109,753
Premises and occupancy costs	8,494	7,122	18,357	15,522
Office operations	3,660	2,910	7,535	5,887
Collections expense	665	838	1,543	1,166
Processing expenses	16,948	12,973	33,754	26,963
Marketing expenses	2,362	3,018	4,030	4,898
Federal deposit insurance premiums	(291)
Federal deposit insurance premiums		2,296	2,604	4,624
Professional services	3,490	3,990	7,013	6,746
Amortization of intangible assets	2,166	436	4,355	940
Merger, asset disposition and restructuring expense	426	6,244	1,057	7,367
Other expenses	2,887	2,500	6,267	5,411
Total noninterest expense	104,283	97,540	208,321	189,277
Income before income taxes	70,247	44,098	136,904	100,623
Federal and state income taxes expense	16,701	10,423	32,822	23,490
Net income	$ 53,546	$ 33,675	$ 104,082	$ 77,133
Basic earnings per share (in dollars per share)	$ 0.37	$ 0.26	$ 0.71	$ 0.60
Diluted earnings per share (in dollars per share)	$ 0.36	$ 0.26	$ 0.71	$ 0.60

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 104,082	$ 77,133
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	11,005	16,655
(Gain)/loss on sale of investments	(347)	0
Net (gain)/loss on sale of assets	(715)	206
Mortgage banking activity	(242)	(1,771)
Gain on sale of SBA loans	(2,403)	(2,057)
Net depreciation, amortization and accretion	(3,893)	1,658
(Increase)/decrease in other assets	(23,335)	34,462
(Increase)/decrease in other liabilities	8,826	(28,552)
Net amortization on marketable securities	(30)	(66)
Noncash compensation expense related to stock benefit plans	2,568	3,647
Noncash write-down of other assets	31	315
Deferred income tax expense	(38)	(860)
Origination of loans held-for-sale	(96,328)	(81,769)
Proceeds from sale of loans held-for-sale	106,370	86,284
Net cash provided by operating activities	105,551	105,285
Investing activities:
Purchase of marketable securities available-for-sale	(392,228)	(112,198)
Proceeds from maturities and principal reductions of marketable securities held-to-maturity	52,226	30,658
Proceeds from maturities and principal reductions of marketable securities available-for-sale	91,561	49,644
Proceeds from sale of marketable securities available-for-sale	40,197	0
Proceeds from bank-owned life insurance	14,339	111
Loan originations	(2,964,359)	(1,969,106)
Proceeds from loan maturities and principal reductions	2,747,020	1,866,780
Net proceeds of FHLB stock	(6,717)	3,197
Proceeds from sale of real estate owned	43	410
Purchases of premises and equipment, net	(9,864)	(5,451)
Net cash used in investing activities	(427,782)	(135,955)
Financing activities:
Net increase in deposits	218,801	56,475
Repayments of long-term borrowings	(27,569)	0
Net increase/(decrease) in short-term borrowings	193,521	(2,323)
Increase in advances by borrowers for taxes and insurance	10,091	5,823
Cash dividends paid on common stock	(58,869)	(51,194)
Proceeds from stock options exercised	1,108	586
Net cash provided by financing activities	337,083	9,367
Net increase in cash and cash equivalents	14,852	(21,303)
Cash and cash equivalents at beginning of period	233,647	288,378
Net increase in cash and cash equivalents	14,852	(21,303)
Cash and cash equivalents at end of period	248,499	267,075
Cash paid during the period for:
Interest on deposits and borrowings (including interest credited to deposit accounts of $85,455 and $80,748, respectively)	115,731	105,881
Income taxes	27,447	27,841
Non-cash activities:
Loan foreclosures and repossessions	$ 2,620	$ 1,977

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 248,499	$ 233,647
Marketable securities available-for-sale (amortized cost of $1,972,165 and $1,710,978, respectively)	1,829,179	1,586,382
Marketable securities held-to-maturity (fair value of $550,416 and $605,929, respectively)	630,802	683,369
Total cash and cash equivalents and marketable securities	2,708,480	2,503,398
Loans held-for-sale	15,391	22,437
Loans held for investment	13,229,227	13,007,316
Allowance for credit losses	(149,321)	(150,212)
Loans receivable, net	13,079,906	12,857,104
FHLB stock, at cost	43,345	36,628
Accrued interest receivable	57,473	56,291
Real estate owned, net	63	76
Premises and equipment, net	144,423	140,381
Bank-owned life insurance	293,354	294,386
Goodwill	444,997	444,330
Other intangible assets, net	35,312	39,667
Other assets	384,395	371,919
Total assets	17,207,139	16,766,617
Liabilities:
Noninterest-bearing demand deposits	3,191,560	3,123,229
Interest-bearing demand deposits	2,916,518	2,995,759
Money market deposit accounts	2,766,675	2,540,818
Savings deposits	2,459,255	2,366,513
Time deposits	2,827,810	2,916,698
Total deposits	14,161,818	13,943,017
Borrowed funds	612,075	446,283
Subordinated debt	114,800	114,800
Junior subordinated debentures	130,223	130,093
Advances by borrowers for taxes and insurance	47,400	37,309
Accrued interest payable	8,385	6,846
Other liabilities	205,031	197,845
Total liabilities	15,279,732	14,876,193
Shareholders’ equity:
Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued	0	0
Common stock, $0.01 par value: 500,000,000 shares authorized, 146,396,520 and 146,107,964 shares issued and outstanding, respectively	1,464	1,461
Additional paid-in capital	1,274,117	1,270,444
Retained earnings	734,423	689,210
Accumulated other comprehensive loss	(82,597)	(70,691)
Total shareholders’ equity	1,927,407	1,890,424
Total liabilities and shareholders’ equity	$ 17,207,139	$ 16,766,617