Northwest Bancshares, Inc. Files 2023 Annual Report on Form 10-K

Ticker: NWBI · Form: 10-K · Filed: 2024-02-23T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, Annual Report, Northwest Bancshares, Banking, Financials

TL;DR

<b>Northwest Bancshares, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Northwest Bancshares, Inc. (NWBI) filed a Annual Report (10-K) with the SEC on February 23, 2024. Northwest Bancshares, Inc. filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is national commercial banking. The filing includes detailed financial statements and risk factors. The company is incorporated in Maryland.

Why It Matters

For investors and stakeholders tracking Northwest Bancshares, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Northwest Bancshares' financial performance, strategic initiatives, and risk exposures for the 2023 fiscal year, crucial for investors assessing the company's health and future prospects. The detailed financial data and risk factor disclosures within the report are essential for stakeholders to understand the company's operational landscape, regulatory environment, and potential challenges in the national commercial banking sector.

Risk Assessment

Risk Level: medium — Northwest Bancshares, Inc. shows moderate risk based on this filing. The company operates in the national commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations, as detailed in the risk factors section of the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Northwest Bancshares' performance and outlook in the current banking environment.

Key Numbers

Key Players & Entities

FAQ

When did Northwest Bancshares, Inc. file this 10-K?

Northwest Bancshares, Inc. filed this Annual Report (10-K) with the SEC on February 23, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Northwest Bancshares, Inc. (NWBI).

Where can I read the original 10-K filing from Northwest Bancshares, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Northwest Bancshares, Inc..

What are the key takeaways from Northwest Bancshares, Inc.'s 10-K?

Northwest Bancshares, Inc. filed this 10-K on February 23, 2024. Key takeaways: Northwest Bancshares, Inc. filed its 2023 Form 10-K on February 23, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business is national commercial banking..

Is Northwest Bancshares, Inc. a risky investment based on this filing?

Based on this 10-K, Northwest Bancshares, Inc. presents a moderate-risk profile. The company operates in the national commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations, as detailed in the risk factors section of the 10-K.

What should investors do after reading Northwest Bancshares, Inc.'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand Northwest Bancshares' performance and outlook in the current banking environment. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,473 words · 18 min read · ~15 pages · Grade level 13.2 · Accepted 2024-02-23 17:27:09

Key Financial Figures

Filing Documents

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 18 ITEM 1B. UNRESOLVED STAFF COMMENTS 31 ITEM 1C. CYBERSECURITY 31 ITEM 2.

PROPERTIES

PROPERTIES 33 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 33 ITEM 4. MINE SAFETY DISCLOSURES 33 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 33 ITEM 6. [RESERVED] 35 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 35 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 61 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 65 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES 134 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 134 ITEM 9B. OTHER INFORMATION 134 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENT INSPECTION 134 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 134 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 135 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 135 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 135 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 135 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 135 ITEM 16. FORM 10-K SUMMARY 138

SIGNATURES

SIGNATURES 139 EX — 23 EX — 31.1 EX — 31.2 EX — 32 EX — 101 EX — 104 1 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This document contains forward-looking statements, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect" and words of similar meaning. These forward-looking statements include, but are not limited to: statements of our goals, intentions and expectations; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inflation and changes in the interest rate environment that reduce our margins, our loan origination, or the fair value of financial instruments; changes in asset quality, including increases in default rates on loans and higher levels of nonperforming loans and loan charge-offs generally; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; changes in federal, state, or local tax laws and tax rates; general economic conditions, either nationally or in our market areas, that are different than expected, including inflationary or recessionary pressures; adverse changes in the securities and credit markets; cyber-security concerns, including an interruption or breach in the security of our website or other info

BUSINESS

ITEM 1. BUSINESS Northwest Bancshares, Inc. Northwest Bancshares, Inc., a Maryland corporation, was incorporated in 2009 to be the successor corporation to Northwest Bancorp, Inc., the former stock holding company for Northwest Bank, upon completion of the mutual-to-stock conversion of Northwest Bancorp, MHC. The terms "Northwest", "the Company", "we", "us" and "our" refer to Northwest Bancshares, Inc., unless indicated otherwise by the context. The conversion was completed in 2009 when the Company sold 68,878,267 shares of common stock at $10.00 per share in the related offering. Concurrent with the completion of the offering, shares of Northwest Bancorp, Inc. common stock owned by public stockholders were exchanged for shares of Northwest Bancshares, Inc.'s common stock. We also issued 1,277,565 shares of common stock and contributed $1.0 million in cash from the offering proceeds to Northwest Charitable Foundation, a charitable foundation that we established for the benefit of the communities in which Northwest Bank operates. As of December 31, 2023, the Company had 127,110,453 shares outstanding and a market capitalization of approximately $1.586 billion. Our executive offices are located at 3 Easton Oval, Suite 500, Columbus, Ohio 43219. We also maintain administrative offices located at 100 Liberty Street, Warren, Pennsylvania 16365. The telephone number for these addresses is (814) 726-2140. The Company's website (www.northwest.com) contains a direct link to Northwest Bancshares, Inc.'s filings with the Securities and Exchange Commission, including copies of annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to these filings, if any. Information on our website shall not be considered a part of this report. Copies of our filings may be obtained, without charge, by written request to Shareholder Relations, 100 Liberty Street, P.O. Box 128, Warren, Pennsylvania 16365, or emailing shareholderrelation

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