Northwest Bancshares, Inc. Files 10-Q for Period Ending March 31, 2024

Ticker: NWBI · Form: 10-Q · Filed: 2024-05-03T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, Northwest Bancshares, Financial Report, Quarterly Earnings, SEC Filing

TL;DR

<b>Northwest Bancshares, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

Northwest Bancshares, Inc. (NWBI) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Filing is a 10-Q for Northwest Bancshares, Inc. for the period ending March 31, 2024. The company's central index key is 0001471265. The filing is SEC act 1934, SEC file number 001-34582. Business and mailing address is 100 Liberty Street, Warren, PA 16365. The company's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking Northwest Bancshares, Inc., this filing contains several important signals. This filing provides a detailed look at the company's financial performance and position during the first quarter of 2024. Investors and analysts can use this report to assess the company's operational health, profitability, and any potential risks or opportunities.

Risk Assessment

Risk Level: low — Northwest Bancshares, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine periodic report and does not inherently contain significant new risks beyond those typically associated with publicly traded companies in the financial sector.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand Northwest Bancshares' current financial health and strategic direction.

Key Numbers

Key Players & Entities

FAQ

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

Northwest Bancshares, Inc. filed this Quarterly Report (10-Q) with the SEC on May 3, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Northwest Bancshares, Inc. (NWBI).

Where can I read the original 10-Q 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-Q?

Northwest Bancshares, Inc. filed this 10-Q on May 3, 2024. Key takeaways: Filing is a 10-Q for Northwest Bancshares, Inc. for the period ending March 31, 2024.. The company's central index key is 0001471265.. The filing is SEC act 1934, SEC file number 001-34582..

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

Based on this 10-Q, Northwest Bancshares, Inc. presents a relatively low-risk profile. The filing is a standard 10-Q, which is a routine periodic report and does not inherently contain significant new risks beyond those typically associated with publicly traded companies in the financial sector.

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

Review the detailed financial statements and risk factors within the 10-Q to understand Northwest Bancshares' current financial health and strategic direction. The overall sentiment from this filing is neutral.

How does Northwest Bancshares, Inc. compare to its industry peers?

Northwest Bancshares, Inc. operates within the national commercial banking industry, providing a range of financial services.

Are there regulatory concerns for Northwest Bancshares, Inc.?

As a publicly traded company, Northwest Bancshares is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the 1934 Act.

Industry Context

Northwest Bancshares, Inc. operates within the national commercial banking industry, providing a range of financial services.

Regulatory Implications

As a publicly traded company, Northwest Bancshares is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the 1934 Act.

What Investors Should Do

  1. Analyze the balance sheet and income statement for the quarter ended March 31, 2024.
  2. Examine any disclosures related to changes in financial instruments or market conditions.
  3. Review management's discussion and analysis for insights into operational performance and outlook.

Key Dates

Year-Over-Year Comparison

This is the initial filing for the first quarter of 2024, following the previous fiscal year-end report.

Filing Stats: 4,510 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-05-03 15:35:41

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Statements of Financial Condition at March 31, 2024 and December 31, 202 3 (Unaudited) 1 Consolidated Statements of Income for the quarter s ended March 31, 2024 and 202 3 (Unaudited) 2 Consolidated Statements of Comprehensive Income/(Loss) for the quarter s ended March 31, 2024 and 202 3 (Unaudited) 3 Consolidated Statements of Changes in Shareholders' Equity for the quarter s ended March 31, 2024 and 202 3 (Unaudited) 4 Consolidated Statements of Cash Flows for the quarters ended March 3 1, 2024 and 202 3 (Unaudited) 5

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 49 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 49 Item 1A.

Risk Factors

Risk Factors 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosures 50 Item 5. Other Information 50 Item 6. Exhibits 51 Signature 52 Table of Contents

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (in thousands, except share data) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 119,319 122,260 Marketable securities available-for-sale (amortized cost of $ 1,298,108 and $ 1,240,003 , respectively) 1,094,009 1,043,359 Marketable securities held-to-maturity (fair value of $ 680,353 and $ 699,506 , respectively) 801,107 814,839 Total cash and cash equivalents and marketable securities 2,014,435 1,980,458 Loans held-for-sale 8,082 8,768 Loans held for investment 11,493,164 11,406,041 Allowance for credit losses ( 124,897 ) ( 125,243 ) Loans receivable, net 11,376,349 11,289,566 FHLB stock, at cost 30,811 30,146 Accrued interest receivable 50,680 47,353 Real estate owned, net 50 104 Premises and equipment, net 130,565 138,838 Bank-owned life insurance 252,842 251,895 Goodwill 380,997 380,997 Other intangible assets, net 4,589 5,290 Other assets 268,945 294,458 Total assets $ 14,510,263 14,419,105 Liabilities and shareholders' equity Liabilities: Noninterest-bearing demand deposits $ 2,618,379 2,669,023 Interest-bearing demand deposits 2,557,866 2,634,546 Money market deposit accounts 1,952,537 1,968,218 Savings deposits 2,156,048 2,105,234 Time deposits 2,786,814 2,602,881 Total deposits 12,071,644 11,979,902 Borrowed funds 400,783 398,895 Subordinated debt 114,276 114,189 Junior subordinated debentures 129,639 129,574 Advances by borrowers for taxes and insurance 46,970 45,253 Accrued interest payable 17,395 13,669 Other liabilities 177,107 186,306 Total liabilities 12,957,814 12,867,788 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, 127,253,189 and 127,110,453 shares issued and outstanding, respectively 1,273 1,271 Additional paid-in capital 1,02

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (1) Basis of Presentation and Informational Disclosures Northwest Bancshares, Inc. (the "Company" or "NWBI"), a Maryland corporation headquartered in Columbus, Ohio, is a bank holding company regulated by the Board of Governors of the Federal Reserve System ("FRB"). The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank ("Northwest"). Northwest is regulated by the Federal Deposit Insurance Corporation ("FDIC") and the Pennsylvania Department of Banking. Northwest operates 142 community-banking offices throughout Pennsylvania, Western New York, Eastern Ohio, and Indiana. The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiary, Northwest, and Northwest's subsidiaries Northwest Capital Group, Inc., Great Northwest Corporation, and Mutual Federal Interest Company, Inc. The unaudited Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company's financial position and results of operations have been included. The Consolidated Financial Statements have been prepared using the accounting policies described in the financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 updated, as required, for any new pronouncements or changes. Certain items previously reported have been reclassified to conform to the current year's reporting format. The results of operations for the quarter ended March 31, 2024 are not necess

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