Northwest Bancshares Files Q3 2024 10-Q

Ticker: NWBI · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report, banking

Related Tickers: NWBI

TL;DR

NWBI's Q3 2024 10-Q is in. Check financials.

AI Summary

Northwest Bancshares, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024, detailing financial performance and operational updates. Key financial data and disclosures relevant to investors are presented for the period.

Why It Matters

This 10-Q filing provides investors with crucial financial data and insights into Northwest Bancshares' performance and position as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: medium — As a financial institution, Northwest Bancshares is subject to various market, credit, and regulatory risks inherent in the banking industry.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Northwest Bancshares, Inc.?

Northwest Bancshares, Inc. is primarily involved in national commercial banking, as indicated by its Standard Industrial Classification code [6021].

For which fiscal period is this 10-Q filing?

This 10-Q filing is for the period ending September 30, 2024, covering the third quarter of the fiscal year.

When was this 10-Q filing submitted to the SEC?

The filing was submitted on November 7, 2024.

What is the company's fiscal year end?

Northwest Bancshares, Inc.'s fiscal year ends on December 31.

Where is Northwest Bancshares, Inc. headquartered?

The company's business and mailing address is 100 Liberty Street, Warren, PA 16365.

Filing Stats: 4,533 words · 18 min read · ~15 pages · Grade level 19.6 · Accepted 2024-11-07 12:27:23

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Statements of Financial Condition at September 30, 2024 and December 31, 2023 (Unaudited) 1 Consolidated Statements of Income for the quarter and nine months ended September 30, 2024 and 2023 (Unaudited) 2 Consolidated Statements of Comprehensive Income for the quarter and nine months ended September 30, 2024 and 2023 (Unaudited) 3 Consolidated Statements of Changes in Shareholders' Equity for the quarter and nine months ended September 30, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (Unaudited) 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7 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 43 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 60 Item 4.

Controls and Procedures

Controls and Procedures 61 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 61 Item 1A.

Risk Factors

Risk Factors 61 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 62 Item 3. Defaults Upon Senior Securities 62 Item 4. Mine Safety Disclosures 62 Item 5. Other Information 62 Item 6. Exhibits 63 Signature 64 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) September 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 226,883 122,260 Marketable securities available-for-sale (amortized cost of $ 1,248,104 and $ 1,240,003 , respectively) 1,111,868 1,043,359 Marketable securities held-to-maturity (fair value of $ 672,641 and $ 699,506 , respectively) 766,772 814,839 Total cash and cash equivalents and marketable securities 2,105,523 1,980,458 Loans held-for-sale 9,370 8,768 Loans held for investment 11,295,188 11,406,041 Allowance for credit losses ( 125,813 ) ( 125,243 ) Loans receivable, net 11,178,745 11,289,566 FHLB stock, at cost 21,223 30,146 Accrued interest receivable 46,678 47,353 Real estate owned, net 76 104 Premises and equipment, net 126,391 138,838 Bank-owned life insurance 255,324 251,895 Goodwill 380,997 380,997 Other intangible assets, net 3,363 5,290 Other assets 236,005 294,458 Total assets $ 14,354,325 14,419,105 Liabilities and shareholders' equity Liabilities: Noninterest-bearing demand deposits $ 2,581,769 2,669,023 Interest-bearing demand deposits 2,676,779 2,634,546 Money market deposit accounts 1,956,747 1,968,218 Savings deposits 2,145,735 2,105,234 Time deposits 2,710,049 2,602,881 Total deposits 12,071,079 11,979,902 Borrowed funds 204,374 398,895 Subordinated debt 114,451 114,189 Junior subordinated debentures 129,769 129,574 Advances by borrowers for taxes and insurance 24,700 45,253 Accrued interest payable 15,125 13,669 Other liabilities 203,502 186,306 Total liabilities 12,763,000 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, 127,400,199 and 127,110,453 shares issued and outstanding, respectively 1,274 1,271 Additional paid-in capital

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 141 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 September 30, 2024 are not ne

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