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22.07.2013 17:42:00
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Northwest Bancshares, Inc. Announces Second Quarter 2013 Earnings and Dividend Increase
WARREN, Pa., July 22, 2013 /PRNewswire/ -- Northwest Bancshares, Inc. (Nasdaq: NWBI) announced net income for the quarter ended June 30, 2013 of $13.5 million, or $0.15 per diluted share. This represents a decrease of $2.9 million, or 17.6%, over the same quarter last year when net income was $16.4 million, or $0.17 per diluted share, and a decrease of $1.8 million, or 11.9%, compared to the quarter ended March 31, 2013 when net income was $15.3 million, or $0.17 per diluted share. The annualized returns on average shareholders' equity and average assets for the current quarter were 4.79% and 0.68% compared to 5.63% and 0.82% for the same quarter last year and 5.45% and 0.78% for the quarter ended March 31, 2013.
The Company also announced that its Board of Directors declared a $0.01 increase in its quarterly cash dividend to $0.13 per share payable on August 15, 2013, to shareholders of record as of August 1, 2013. This represents the 75th consecutive quarter in which the Company has paid a cash dividend.
In making this announcement, William J. Wagner, President and CEO, noted, "Although earnings for the quarter are disappointing, they were greatly impacted by several unusual items, including a $1.9 million write-down of a foreclosed property, $1.3 million in ATM replacement expense and a $553,000 decrease in mortgage banking income. However, we are pleased to report that progress continues to be made in executing our strategy to improve shareholder value. Loans receivable increased by $81.1 million, or 1.4 %, during the quarter which helped offset the ongoing pressure on our net interest margin created by the continued low interest rate environment. Troubled assets continue to decrease in most categories as foreclosed real estate was down $2.8 million, or 11.5 %, during the quarter and loans 90 days or more delinquent decreased by $9.1 million, or 12.6%. Loans charged-off for the quarter were at the third lowest level for the past four years. Finally, we were pleased to repurchase 369,000 of our common shares at an average per share price of $12.09 and to increase our dividend from $0.12 to $0.13 per share. Both of these initiatives were designed to return excess capital to our shareholders."
Net interest income decreased by $2.4 million, or 3.6%, to $63.3 million for the quarter ended June 30, 2013, from $65.7 million for the quarter ended June 30, 2012, as a $5.2 million decrease in interest income on loans receivable and a $726,000 decrease in interest income from investment securities was partially offset by a $3.8 million decrease in interest paid on deposit accounts. These changes from the previous year were primarily due to continued competitive pricing pressure on new and existing credit relationships, adjustable rate loans and investment securities re-pricing at lower interest rates and higher yielding municipal securities being called and replaced with investment securities at lower rates.
The provision for loan losses increased by $442,000, or 8.9%, to $5.4 million for the quarter ended June 30, 2013, from $5.0 million for the quarter ended June 30, 2012. As of June 30, 2013, the allowance for loan losses was $72.6 million, or 1.28% of total loans, compared to $70.1 million, or 1.24% of total loans, as of June 30, 2012 and $73.2 million, or 1.28% of total loans, as of December 31, 2012. The increase in the provision for loan losses is partially attributable to increases in the historical loss factors and a slight increase in nonperforming loans to $120.6 million as of June 30, 2013, from $117.3 million as of June 30, 2012.
Noninterest income decreased by $1.7 million, or 11.1%, to $13.4 million for the quarter ended June 30, 2013, from $15.1 million for the quarter ended June 30, 2012, due primarily to a $1.9 million write-down on a foreclosed condominium project bringing the remaining balance down to $4.9 million. Additionally, mortgage banking income decreased by $553,000, primarily as a result of the decision to hold more residential mortgage loan originations in our portfolio. Partially offsetting these decreases was an increase in insurance commission income of $587,000 as a result of the purchase of the Bert Company, effective January 1, 2013.
Noninterest expense increased by $840,000, or 1.6%, to $52.8 million for the quarter ended June 30, 2013, from $52.0 million for the quarter ended June 30, 2012, due primarily to an increase in processing expense of $1.3 million, or 22.0%. This increase is primarily the result of an incremental expense related to upgrading and replacing our ATM network. Additionally, compensation and employee benefits increased by $740,000, or 2.7%, due primarily to the addition of 38 full-time equivalent employees compared to last year as well as increased health insurance costs. Partially offsetting these increases was a decrease in marketing expense of $1.7 million, which was due to the timing of various campaigns.
Net income for the six-month period ended June 30, 2013 of $28.8 million represents a decrease of $2.7 million, or 8.8%, compared to net income of $31.5 million for the six-month period ended June 30, 2012. Diluted earnings per share for the six-month period ended June 30, 2013 decreased to $0.32 from $0.33 in the same period last year. The annualized returns on average shareholders' equity and average assets were 5.12% and 0.73%, respectively, for the current six-month period compared to 5.44% and 0.79%, respectively, in the prior year.
Headquartered in Warren, Pennsylvania, Northwest Bancshares, Inc. is the holding company of Northwest Savings Bank. Founded in 1896, Northwest Savings Bank is a full-service financial institution offering a complete line of business and personal banking products, employee benefits and wealth management services, as well as the fulfillment of business and personal insurance needs. Northwest operates 166 community banking offices in Pennsylvania, New York, Ohio and Maryland and 52 consumer finance offices in Pennsylvania through its subsidiary, Northwest Consumer Discount Company. Northwest Bancshares, Inc.'s common stock is listed on the NASDAQ Global Select Market. Additional information regarding Northwest Bancshares, Inc. can be accessed on-line at www.northwestsavingsbank.com.
Forward-Looking Statements - This release may contain forward-looking statements with respect to the financial condition and results of operations of Northwest Bancshares, Inc. including, without limitations, statements relating to the earnings outlook of the Company. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements, include among others, the following possibilities: (1) changes in the interest rate environment; (2) competitive pressure among financial services companies; (3) general economic conditions including an increase in non-performing loans; (4) changes in legislation or regulatory requirements; (5) difficulties in continuing to improve operating efficiencies; (6) difficulties in the integration of acquired businesses; and (7) increased risk associated with an increase in commercial real-estate and business loans. Management has no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this release.
Northwest Bancshares, Inc. and Subsidiaries | ||||||||||
Consolidated Statements of Financial Condition | ||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||
(Unaudited) | ||||||||||
June 30, | December 31, | |||||||||
Assets | 2013 | 2012 | ||||||||
Cash and cash equivalents | $ 87,524 | 88,277 | ||||||||
Interest-earning deposits in other financial institutions | 359,997 | 362,794 | ||||||||
Federal funds sold and other short-term investments | 634 | 633 | ||||||||
Marketable securities available-for-sale (amortized cost of $1,136,792 and 1,053,122) | 1,144,953 | 1,079,074 | ||||||||
Marketable securities held-to-maturity (fair value of $137,733 and $161,969) | 133,439 | 155,081 | ||||||||
Total cash, interest-earning deposits and marketable securities | 1,726,547 | 1,685,859 | ||||||||
Residential mortgage loans held for sale | 296 | 15,441 | ||||||||
Residential mortgage loans | 2,414,347 | 2,400,208 | ||||||||
Home equity loans | 1,064,716 | 1,076,637 | ||||||||
Other consumer loans | 223,514 | 235,367 | ||||||||
Commercial real estate loans | 1,591,226 | 1,585,833 | ||||||||
Commercial loans | 397,308 | 388,994 | ||||||||
Total loans receivable | 5,691,407 | 5,702,480 | ||||||||
Allowance for loan losses | (72,590) | (73,219) | ||||||||
Loans receivable, net | 5,618,817 | 5,629,261 | ||||||||
Federal Home Loan Bank stock, at cost | 48,240 | 46,834 | ||||||||
Accrued interest receivable | 23,171 | 23,313 | ||||||||
Real estate owned, net | 21,269 | 26,165 | ||||||||
Premises and Equipment, net | 140,573 | 138,824 | ||||||||
Bank owned life insurance | 139,210 | 137,044 | ||||||||
Goodwill | 174,463 | 174,461 | ||||||||
Other intangible assets | 2,832 | 3,529 | ||||||||
Other assets | 68,692 | 77,310 | ||||||||
Total assets | $ 7,963,814 | 7,942,600 | ||||||||
Liabilities and Shareholders' equity | ||||||||||
Liabilities | ||||||||||
Noninterest-bearing demand deposits | $ 796,137 | 755,429 | ||||||||
Interest-bearing demand deposits | 887,426 | 851,771 | ||||||||
Savings deposits | 2,337,183 | 2,271,311 | ||||||||
Time deposits | 1,762,346 | 1,886,089 | ||||||||
Total deposits | 5,783,092 | 5,764,600 | ||||||||
Borrowed funds | 857,344 | 860,047 | ||||||||
Advances by borrowers for taxes and insurance | 33,260 | 23,325 | ||||||||
Accrued interest payable | 1,043 | 888 | ||||||||
Other liabilities | 57,748 | 62,177 | ||||||||
Junior subordinated debentures | 103,094 | 103,094 | ||||||||
Total liabilities | 6,835,581 | 6,814,131 | ||||||||
Shareholders' equity | ||||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued | - | - | ||||||||
Common stock, $0.01 par value: 500,000,000 shares authorized, 93,877,847 shares | ||||||||||
and 93,652,960 shares issued and outstanding, respectively | 939 | 937 | ||||||||
Paid-in-capital | 613,520 | 613,249 | ||||||||
Retained earnings | 557,104 | 550,296 | ||||||||
Unallocated common stock of Employee Stock Ownership Plan | (23,743) | (24,525) | ||||||||
Accumulated other comprehensive loss | (19,587) | (11,488) | ||||||||
Total shareholders' equity | 1,128,233 | 1,128,469 | ||||||||
Total liabilities and shareholders' equity | $ 7,963,814 | 7,942,600 | ||||||||
Equity to assets | 14.17% | 14.21% | ||||||||
Tangible common equity to assets | 12.21% | 12.23% | ||||||||
Book value per share | $ 12.02 | $ 12.05 | ||||||||
Tangible book value per share | $ 10.13 | $ 10.14 | ||||||||
Closing market price per share | $ 13.51 | $ 12.14 | ||||||||
Full time equivalent employees | 2,056 | 2,042 | ||||||||
Number of banking offices | 166 | 165 | ||||||||
Northwest Bancshares, Inc. and Subsidiaries | |||||||||
Consolidated Statements of Income | |||||||||
(Dollars in thousands, except per share amounts) | |||||||||
Quarter ended | |||||||||
June 30, | March 31, | ||||||||
2013 | 2012 | 2013 | |||||||
Interest income: | |||||||||
Loans receivable | $ 71,987 | 77,173 | 72,973 | ||||||
Mortgage-backed securities | 3,308 | 4,409 | 3,441 | ||||||
Taxable investment securities | 1,034 | 435 | 905 | ||||||
Tax-free investment securities | 2,094 | 2,318 | 2,063 | ||||||
Interest-earning deposits | 340 | 473 | 251 | ||||||
Total interest income | 78,763 | 84,808 | 79,633 | ||||||
Interest expense: | |||||||||
Deposits | 7,404 | 11,184 | 7,814 | ||||||
Borrowed funds | 8,032 | 7,912 | 7,831 | ||||||
Total interest expense | 15,436 | 19,096 | 15,645 | ||||||
Net interest income | 63,327 | 65,712 | 63,988 | ||||||
Provision for loan losses | 5,405 | 4,963 | 7,158 | ||||||
Net interest income after provision | |||||||||
for loan losses | 57,922 | 60,749 | 56,830 | ||||||
Noninterest income: | |||||||||
Gain/ (loss) on sale of investments, net | 19 | (44) | 101 | ||||||
Service charges and fees | 9,037 | 8,951 | 8,691 | ||||||
Trust and other financial services income | 2,263 | 2,018 | 2,204 | ||||||
Insurance commission income | 2,190 | 1,603 | 2,295 | ||||||
Loss on real estate owned, net | (2,285) | (582) | (130) | ||||||
Income from bank owned life insurance | 1,088 | 1,107 | 1,085 | ||||||
Mortgage banking income | 236 | 789 | 956 | ||||||
Other operating income | 865 | 1,244 | 1,176 | ||||||
Total noninterest income | 13,413 | 15,086 | 16,378 | ||||||
Noninterest expense: | |||||||||
Compensation and employee benefits | 28,156 | 27,416 | 27,930 | ||||||
Premises and occupancy costs | 5,744 | 5,483 | 6,153 | ||||||
Office operations | 3,866 | 3,340 | 3,268 | ||||||
Processing expenses | 7,390 | 6,059 | 5,853 | ||||||
Marketing expenses | 2,093 | 3,829 | 1,900 | ||||||
Federal deposit insurance premiums | 1,424 | 1,418 | 1,438 | ||||||
Professional services | 1,199 | 1,500 | 1,693 | ||||||
Amortization of intangible assets | 349 | 279 | 348 | ||||||
Real estate owned expense | 600 | 571 | 599 | ||||||
Other expense | 1,985 | 2,071 | 2,289 | ||||||
Total noninterest expense | 52,806 | 51,966 | 51,471 | ||||||
Income before income taxes | 18,529 | 23,869 | 21,737 | ||||||
Income tax expense | 5,051 | 7,508 | 6,439 | ||||||
Net income | $ 13,478 | 16,361 | 15,298 | ||||||
Basic earnings per share | $ 0.15 | 0.17 | 0.17 | ||||||
Diluted earnings per share | $ 0.15 | 0.17 | 0.17 | ||||||
Annualized return on average equity | 4.79% | 5.63% | 5.45% | ||||||
Annualized return on average assets | 0.68% | 0.82% | 0.78% | ||||||
Basic common shares outstanding | 90,423,717 | 94,294,956 | 90,403,909 | ||||||
Diluted common shares outstanding | 90,917,136 | 94,500,877 | 90,878,903 | ||||||
Northwest Bancshares, Inc. and Subsidiaries | |||||||
Consolidated Statements of Income | |||||||
(Dollars in thousands, except per share amounts) | |||||||
Six months ended | |||||||
June 30, | |||||||
2013 | 2012 | ||||||
Interest income: | |||||||
Loans receivable | $ 144,960 | 155,117 | |||||
Mortgage-backed securities | 6,749 | 9,100 | |||||
Taxable investment securities | 1,939 | 1,008 | |||||
Tax-free investment securities | 4,157 | 4,764 | |||||
Interest-earning deposits | 591 | 853 | |||||
Total interest income | 158,396 | 170,842 | |||||
Interest expense: | |||||||
Deposits | 15,218 | 24,128 | |||||
Borrowed funds | 15,863 | 15,811 | |||||
Total interest expense | 31,081 | 39,939 | |||||
Net interest income | 127,315 | 130,903 | |||||
Provision for loan losses | 12,563 | 11,250 | |||||
Net interest income after provision | |||||||
for loan losses | 114,752 | 119,653 | |||||
Noninterest income: | |||||||
Impairment losses on securities | - | (545) | |||||
Noncredit related losses on securities not expected | |||||||
to be sold (recognized in other comprehensive income) | - | 307 | |||||
Net impairment losses | - | (238) | |||||
Gain/ (loss) on sale of investments, net | 120 | - | |||||
Service charges and fees | 17,728 | 17,591 | |||||
Trust and other financial services income | 4,467 | 4,134 | |||||
Insurance commission income | 4,485 | 3,321 | |||||
Loss on real estate owned, net | (2,415) | (1,652) | |||||
Income from bank owned life insurance | 2,173 | 2,224 | |||||
Mortgage banking income | 1,192 | 1,320 | |||||
Other operating income | 2,041 | 2,241 | |||||
Total noninterest income | 29,791 | 28,941 | |||||
Noninterest expense: | |||||||
Compensation and employee benefits | 56,086 | 55,254 | |||||
Premises and occupancy costs | 11,897 | 11,231 | |||||
Office operations | 7,134 | 6,664 | |||||
Processing expenses | 13,243 | 12,201 | |||||
Marketing expenses | 3,993 | 5,865 | |||||
Federal deposit insurance premiums | 2,862 | 3,038 | |||||
Professional services | 2,892 | 3,197 | |||||
Amortization of intangible assets | 697 | 574 | |||||
Real estate owned expense | 1,199 | 1,311 | |||||
Other expense | 4,274 | 3,907 | |||||
Total noninterest expense | 104,277 | 103,242 | |||||
Income before income taxes | 40,266 | 45,352 | |||||
Income tax expense | 11,490 | 13,810 | |||||
Net income | $ 28,776 | 31,542 | |||||
Basic earnings per share | $ 0.32 | 0.33 | |||||
Diluted earnings per share | $ 0.32 | 0.33 | |||||
Annualized return on average equity | 5.12% | 5.44% | |||||
Annualized return on average assets | 0.73% | 0.79% | |||||
Basic common shares outstanding | 90,413,780 | 94,205,239 | |||||
Diluted common shares outstanding | 90,898,038 | 94,583,105 | |||||
Northwest Bancshares, Inc. and Subsidiaries | ||||||||||
Asset quality | ||||||||||
(Dollars in thousands) | ||||||||||
June 30, 2013 | March 31, | June 30, 2012 | December 31, | |||||||
Non-accrual loans current: | ||||||||||
Residential mortgage loans | $ 1,564 | 1,728 | - | 797 | ||||||
Home equity loans | 859 | 1,050 | - | 635 | ||||||
Other consumer loans | 69 | 87 | - | 44 | ||||||
Commercial real estate loans | 27,882 | 25,203 | 16,773 | 24,960 | ||||||
Commercial loans | 15,687 | 9,069 | 10,168 | 5,424 | ||||||
Total non-accrual loans current | $ 46,061 | 37,137 | 26,941 | 31,860 | ||||||
Non-accrual loans delinquent 30 days to 59 days: | ||||||||||
Residential mortgage loans | $ 18 | 1,789 | - | - | ||||||
Home equity loans | 81 | 222 | - | - | ||||||
Other consumer loans | 14 | 26 | - | - | ||||||
Commercial real estate loans | 4,536 | 5,105 | 3,230 | 5,549 | ||||||
Commercial loans | 172 | 2,631 | 489 | 2,002 | ||||||
Total non-accrual loans delinquent 30 days to 59 days | $ 4,821 | 9,773 | 3,719 | 7,551 | ||||||
Non-accrual loans delinquent 60 days to 89 days: | ||||||||||
Residential mortgage loans | $ 1,964 | 1,969 | - | - | ||||||
Home equity loans | 198 | 330 | - | - | ||||||
Other consumer loans | 60 | 74 | - | - | ||||||
Commercial real estate loans | 1,848 | 2,506 | 1,600 | 2,802 | ||||||
Commercial loans | 2,104 | 1,318 | 344 | 9,652 | ||||||
Total non-accrual loans delinquent 60 days to 89 days | $ 6,174 | 6,197 | 1,944 | 12,454 | ||||||
Non-accrual loans delinquent 90 days or more: | ||||||||||
Residential mortgage loans | $ 23,730 | 24,416 | 25,336 | 24,286 | ||||||
Home equity loans | 8,607 | 7,967 | 9,770 | 8,479 | ||||||
Other consumer loans | 1,706 | 1,802 | 1,580 | 1,936 | ||||||
Commercial real estate loans | 20,872 | 22,204 | 33,956 | 24,550 | ||||||
Commercial loans | 8,595 | 16,246 | 14,008 | 9,096 | ||||||
Total non- accrual loans delinquent 90 days or more | $ 63,510 | 72,635 | 84,650 | 68,347 | ||||||
Total non-accrual loans | $ 120,566 | 125,742 | 117,254 | 120,212 | ||||||
June 30, | March 31, | June 30, | December 31, | |||||||
2013 | 2013 | 2012 | 2012 | |||||||
Nonperforming loans | $ 120,566 | 125,742 | 117,254 | 120,212 | ||||||
Real estate owned, net | 21,269 | 24,035 | 30,470 | 26,165 | ||||||
Nonperforming assets | $ 141,835 | 149,777 | 147,724 | 146,377 | ||||||
Non-accrual troubled debt restructuring * | $ 42,501 | 46,109 | 28,342 | 41,166 | ||||||
Accruing troubled debt restructuring | 44,016 | 45,256 | 50,129 | 48,278 | ||||||
Total troubled debt restructuring | $ 86,517 | 91,365 | 78,471 | 89,444 | ||||||
Nonperforming loans to total loans | 2.12% | 2.24% | 2.07% | 2.11% | ||||||
Nonperforming assets to total assets | 1.78% | 1.87% | 1.84% | 1.84% | ||||||
Allowance for loan losses to total loans | 1.28% | 1.28% | 1.24% | 1.28% | ||||||
Allowance for loan losses to nonperforming loans | 60.21% | 57.27% | 59.79% | 60.91% | ||||||
* Amounts included in nonperforming loans above. | ||||||||||
Northwest Bancshares, Inc. and Subsidiaries | ||||||||||||||||
Delinquency | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Loan delinquency schedule | ||||||||||||||||
(Number of loans and dollar amount of loans) | ||||||||||||||||
June 30, | March 31, | June 30, | December 31, | |||||||||||||
2013 | * | 2013 | * | 2012 | * | 2012 | * | |||||||||
Loans delinquent 30 days to 59 days: | ||||||||||||||||
Residential mortgage loans | 77 | $ 3,741 | 0.2% | 410 | $ 33,054 | 1.4% | 70 | $ 4,470 | 0.2% | 430 | 32,921 | 1.4% | ||||
Home equity loans | 174 | 4,993 | 0.5% | 204 | 6,254 | 0.6% | 153 | 5,842 | 0.5% | 224 | 6,534 | 0.6% | ||||
Consumer loans | 1,026 | 4,334 | 1.9% | 789 | 3,684 | 1.7% | 847 | 3,513 | 1.5% | 1,122 | 5,456 | 2.3% | ||||
Commercial real estate loans | 74 | 7,982 | 0.5% | 93 | 12,833 | 0.8% | 58 | 8,149 | 0.5% | 87 | 13,001 | 0.8% | ||||
Commercial loans | 31 | 952 | 0.2% | 49 | 4,620 | 1.2% | 33 | 1,839 | 0.5% | 41 | 3,233 | 0.8% | ||||
Total loans delinquent 30 days to 59 days | 1,382 | $ 22,002 | 0.4% | 1,545 | $ 60,445 | 1.1% | 1,161 | $ 23,813 | 0.4% | 1,904 | 61,145 | 1.1% | ||||
Loans delinquent 60 days to 89 days: | ||||||||||||||||
Residential mortgage loans | 101 | $ 8,516 | 0.4% | 54 | $ 4,577 | 0.2% | 83 | $ 6,932 | 0.3% | 100 | 9,387 | 0.4% | ||||
Home equity loans | 50 | 1,361 | 0.1% | 67 | 2,321 | 0.2% | 72 | 2,824 | 0.3% | 65 | 1,977 | 0.2% | ||||
Consumer loans | 368 | 1,470 | 0.7% | 302 | 1,145 | 0.5% | 319 | 1,273 | 0.5% | 448 | 1,830 | 0.8% | ||||
Commercial real estate loans | 41 | 3,170 | 0.2% | 32 | 4,448 | 0.3% | 23 | 3,081 | 0.2% | 33 | 4,596 | 0.3% | ||||
Commercial loans | 18 | 2,389 | 0.6% | 19 | 1,654 | 0.4% | 16 | 980 | 0.2% | 17 | 10,158 | 2.5% | ||||
Total loans delinquent 60 days to 89 days | 578 | $ 16,906 | 0.3% | 474 | $ 14,145 | 0.3% | 513 | $ 15,090 | 0.3% | 663 | 27,948 | 0.5% | ||||
Loans delinquent 90 days or more: | ||||||||||||||||
Residential mortgage loans | 250 | $ 23,730 | 1.0% | 233 | $ 24,416 | 1.0% | 265 | $ 25,336 | 1.0% | 266 | 24,286 | 1.0% | ||||
Home equity loans | 194 | 8,607 | 0.8% | 179 | 7,967 | 0.8% | 180 | 9,770 | 0.9% | 175 | 8,479 | 0.8% | ||||
Consumer loans | 379 | 1,706 | 0.8% | 374 | 1,802 | 0.8% | 308 | 1,580 | 0.7% | 427 | 1,936 | 0.8% | ||||
Commercial real estate loans | 128 | 20,872 | 1.3% | 127 | 22,204 | 1.4% | 128 | 33,956 | 2.3% | 146 | 24,550 | 1.6% | ||||
Commercial loans | 53 | 8,595 | 2.2% | 51 | 16,246 | 4.1% | 57 | 14,008 | 3.5% | 61 | 9,096 | 2.2% | ||||
Total loans delinquent 90 days or more | 1,004 | $ 63,510 | 1.1% | 964 | $ 72,635 | 1.3% | 938 | $ 84,650 | 1.5% | 1,075 | 68,347 | 1.2% | ||||
Total loans delinquent | 2,964 | $ 102,418 | 1.8% | 2,983 | $ 147,225 | 2.6% | 2,612 | $ 123,553 | 2.2% | 3,642 | 157,440 | 2.8% | ||||
* - Represents delinquency, in dollars, divided by the respective total amount of that type of loan outstanding. | ||||||||||||||||
Northwest Bancshares, Inc. and Subsidiaries | |||||||||||||||
Loans by credit quality indicators as of June 30, 2013 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
Recorded | |||||||||||||||
investment | |||||||||||||||
Special | in loans | ||||||||||||||
Pass | mention | Substandard | Doubtful | Loss | receivable | ||||||||||
Personal Banking: | |||||||||||||||
Residential mortgage loans | $ 2,396,268 | - | 17,089 | - | 1,286 | 2,414,643 | |||||||||
Home equity loans | 1,056,154 | - | 8,562 | - | - | 1,064,716 | |||||||||
Other consumer loans | 222,365 | - | 1,149 | - | - | 223,514 | |||||||||
Total Personal Banking | 3,674,787 | - | 26,800 | - | 1,286 | 3,702,873 | |||||||||
Business Banking: | |||||||||||||||
Commercial real estate loans | 1,382,750 | 60,700 | 145,052 | 2,724 | - | 1,591,226 | |||||||||
Commercial loans | 329,619 | 13,089 | 52,382 | 2,218 | - | 397,308 | |||||||||
Total Business Banking | 1,712,369 | 73,789 | 197,434 | 4,942 | - | 1,988,534 | |||||||||
$ 5,387,156 | 73,789 | 224,234 | 4,942 | 1,286 | 5,691,407 | ||||||||||
Northwest Bancshares, Inc. and Subsidiaries | |||||||||||||||
Loans by credit quality indicators as of December 31, 2012 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
Recorded | |||||||||||||||
investment | |||||||||||||||
Special | in loans | ||||||||||||||
Pass | mention | Substandard | Doubtful | Loss | receivable | ||||||||||
Personal Banking: | |||||||||||||||
Residential mortgage loans | $ 2,395,809 | - | 18,743 | 48 | 1,049 | 2,415,649 | |||||||||
Home equity loans | 1,068,183 | - | 8,454 | - | - | 1,076,637 | |||||||||
Other consumer loans | 234,106 | - | 1,261 | - | - | 235,367 | |||||||||
Total Personal Banking | 3,698,098 | - | 28,458 | 48 | 1,049 | 3,727,653 | |||||||||
Business Banking: | |||||||||||||||
Commercial real estate loans | 1,352,118 | 68,130 | 163,751 | 1,834 | - | 1,585,833 | |||||||||
Commercial loans | 320,228 | 13,077 | 52,742 | 2,947 | - | 388,994 | |||||||||
Total Business Banking | 1,672,346 | 81,207 | 216,493 | 4,781 | - | 1,974,827 | |||||||||
$ 5,370,444 | 81,207 | 244,951 | 4,829 | 1,049 | 5,702,480 | ||||||||||
Northwest Bancshares, Inc. and Subsidiaries | |||||||||
Allowance for loan losses | |||||||||
(Dollars in thousands) | |||||||||
Quarter ended | Six months ended | ||||||||
June 30, | June 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Allowance for loan losses | |||||||||
Beginning balance | $ 72,009 | 72,941 | 73,219 | 71,138 | |||||
Provision | 5,405 | 4,963 | 12,563 | 11,250 | |||||
Charge-offs residential mortgage | (777) | (1,219) | (1,456) | (2,262) | |||||
Charge-offs home equity | (805) | (589) | (1,175) | (1,481) | |||||
Charge-offs other consumer | (1,280) | (1,504) | (2,684) | (2,791) | |||||
Charge-offs commercial real estate | (2,696) | (2,959) | (6,686) | (4,432) | |||||
Charge-offs commercial | (542) | (2,719) | (3,222) | (3,368) | |||||
Recoveries | 1,276 | 1,196 | 2,031 | 2,056 | |||||
Ending balance | $ 72,590 | 70,110 | 72,590 | 70,110 | |||||
Net charge-offs to average loans, annualized | 0.34% | 0.55% | 0.47% | 0.44% | |||||
Northwest Bancshares, Inc. and Subsidiaries | |||||||||
Municipal securities portfolio | |||||||||
(Dollars in thousands) | |||||||||
June 30, 2013 | As a % | ||||||||
Market | Amortized | Unrealized | of book | ||||||
value | cost | gain/ (loss) | value | ||||||
Municipal securities by state: | |||||||||
Pennsylvania | |||||||||
School districts | $ 88,851 | 86,858 | 1,993 | 47.4% | |||||
General obligations | 31,662 | 30,843 | 819 | 16.8% | |||||
Revenue bonds | 2,944 | 2,949 | (5) | 1.6% | |||||
Total Pennsylvania | 123,457 | 120,650 | 2,807 | 65.8% | |||||
New York | 22,169 | 21,776 | 393 | 11.9% | |||||
Ohio | 6,107 | 5,974 | 133 | 3.3% | |||||
All other states | 36,000 | 34,707 | 1,293 | 19.0% | |||||
$ 187,733 | 183,107 | 4,626 | |||||||
December 31, 2012 | As a % | ||||||||
Market | Amortized | Unrealized | of book | ||||||
value | cost | gain | value | ||||||
Municipal securities by state: | |||||||||
Pennsylvania | |||||||||
School districts | $ 96,271 | 91,951 | 4,320 | 46.7% | |||||
General obligations | 37,205 | 35,418 | 1,787 | 18.0% | |||||
Revenue bonds | 3,006 | 2,948 | 58 | 1.5% | |||||
Total Pennsylvania | 136,482 | 130,317 | 6,165 | 66.2% | |||||
New York | 26,831 | 25,954 | 877 | 13.2% | |||||
Ohio | 6,390 | 5,973 | 417 | 3.0% | |||||
All other states | 37,683 | 34,659 | 3,024 | 17.6% | |||||
$ 207,386 | 196,903 | 10,483 | |||||||
Northwest Bancshares, Inc. and Subsidiaries | ||||||
Average balance sheet | ||||||
(Dollars in thousands) | ||||||
The following table sets forth certain information relating to the Company's average balance sheet and reflects the average yield on assets and | ||||||
average cost of liabilities for the periods indicated. Such yields and costs are derived by dividing income or expense by the average balance of | ||||||
assets or liabilities, respectively, for the periods presented. Average balances are calculated using daily averages. | ||||||
Quarter ended June 30, | ||||||
2013 | 2012 | |||||
Average | Interest | Avg. | Average | Interest | Avg. | |
Balance | Yield/ | Balance | Yield/ | |||
Cost (g) | Cost (g) | |||||
Assets: | ||||||
Interest-earning assets: | ||||||
Loans receivable (a) (b) (d) | $ 5,623,784 | 72,548 | 5.16% | 5,627,459 | 77,732 | 5.53% |
Mortgage-backed securities (c) | 726,583 | 3,308 | 1.82% | 761,616 | 4,409 | 2.32% |
Investment securities (c) (d) | 531,802 | 4,255 | 3.20% | 311,087 | 4,001 | 5.14% |
FHLB stock | 48,110 | 34 | 0.28% | 46,916 | 25 | 0.21% |
Other interest-earning deposits | 513,930 | 340 | 0.26% | 679,217 | 473 | 0.28% |
Total interest-earning assets | 7,444,209 | 80,485 | 4.32% | 7,426,295 | 86,640 | 4.67% |
Noninterest earning assets (e) | 531,771 | 592,004 | ||||
Total assets | $ 7,975,980 | 8,018,299 | ||||
Liabilities and shareholders' equity: | ||||||
Interest-bearing liabilities: | ||||||
Savings accounts | $ 1,209,783 | 900 | 0.30% | 1,146,989 | 1,034 | 0.36% |
Interest-bearing demand accounts | 873,804 | 149 | 0.07% | 831,414 | 240 | 0.12% |
Money market accounts | 1,121,579 | 748 | 0.27% | 1,021,485 | 878 | 0.35% |
Certificate accounts | 1,791,030 | 5,607 | 1.26% | 2,088,538 | 9,032 | 1.74% |
Borrowed funds (f) | 866,476 | 6,612 | 3.06% | 846,244 | 6,490 | 3.08% |
Junior subordinated debentures | 103,094 | 1,420 | 5.45% | 103,094 | 1,422 | 5.46% |
Total interest-bearing liabilities | 5,965,766 | 15,436 | 1.04% | 6,037,764 | 19,096 | 1.27% |
Noninterest bearing checking | 778,468 | 710,085 | ||||
Noninterest bearing liabilities | 102,191 | 107,033 | ||||
Total liabilities | 6,846,425 | 6,854,882 | ||||
Shareholders' equity | 1,129,555 | 1,163,417 | ||||
Total liabilities and shareholders' equity | $ 7,975,980 | 8,018,299 | ||||
Net interest income/ Interest rate spread | 65,049 | 3.28% | 67,544 | 3.40% | ||
Net interest-earning assets/ Net interest margin | $ 1,478,443 | 3.50% | 1,388,531 | 3.64% | ||
Ratio of interest-earning assets to | ||||||
interest-bearing liabilities | 1.25X | 1.23X | ||||
(a) Average gross loans receivable includes loans held as available-for-sale and loans placed on nonaccrual status. | ||||||
(b) Interest income includes accretion/ amortization of deferred loan fees/ expenses, which was not material. | ||||||
(c) Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale. | ||||||
(d) Interest income on tax-free investment securities and tax-free loans are presented on a fully taxable equivalent basis. | ||||||
(e) Average balances include the effect of unrealized gains or losses on securities held as available-for-sale. | ||||||
(f) Average balances include FHLB borrowings and securities sold under agreements to repurchase. | ||||||
(g) Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans - 5.12% and 5.49%, respectively, Investment securities - 2.35% | ||||||
and 3.54%, respectively, Interest-earning assets - 4.23% and 4.57%, respectively. GAAP basis net interest rate spreads were 3.19% and | ||||||
3.30%, respectively, and GAAP basis net interest margins were 3.40% and 3.54%, respectively. | ||||||
Northwest Bancshares, Inc. and Subsidiaries | ||||||
Average balance sheet | ||||||
(Dollars in thousands) | ||||||
The following table sets forth certain information relating to the Company's average balance sheet and reflects the average yield on assets and | ||||||
average cost of liabilities for the periods indicated. Such yields and costs are derived by dividing income or expense by the average balance of | ||||||
assets or liabilities, respectively, for the periods presented. Average balances are calculated using daily averages. | ||||||
Six months ended June 30, | ||||||
2013 | 2012 | |||||
Average | Interest | Avg. | Average | Interest | Avg. | |
Balance | Yield/ | Balance | Yield/ | |||
Cost (g) | Cost (g) | |||||
Assets: | ||||||
Interest-earning assets: | ||||||
Loans receivable (a) (b) (d) | $ 5,631,110 | 146,075 | 5.19% | 5,603,311 | 156,209 | 5.58% |
Mortgage-backed securities (c) | 726,057 | 6,749 | 1.86% | 754,285 | 9,100 | 2.41% |
Investment securities (c) (d) | 500,881 | 8,334 | 3.33% | 327,074 | 8,337 | 5.10% |
FHLB stock | 47,492 | 71 | 0.30% | 47,581 | 25 | 0.11% |
Other interest-earning deposits | 457,871 | 591 | 0.26% | 668,982 | 853 | 0.25% |
Total interest-earning assets | 7,363,411 | 161,820 | 4.40% | 7,401,233 | 174,524 | 4.72% |
Noninterest earning assets (e) | 584,030 | 603,822 | ||||
Total assets | $ 7,947,441 | 8,005,055 | ||||
Liabilities and shareholders' equity: | ||||||
Interest-bearing liabilities: | ||||||
Savings accounts | $ 1,195,216 | 1,794 | 0.30% | 1,123,651 | 2,140 | 0.38% |
Interest-bearing demand accounts | 857,121 | 289 | 0.07% | 808,675 | 467 | 0.12% |
Money market accounts | 1,114,553 | 1,490 | 0.27% | 998,840 | 1,843 | 0.37% |
Certificate accounts | 1,820,244 | 11,645 | 1.29% | 2,162,679 | 19,678 | 1.83% |
Borrowed funds (f) | 860,017 | 13,038 | 3.06% | 840,043 | 12,967 | 3.10% |
Junior subordinated debentures | 103,094 | 2,825 | 5.45% | 103,094 | 2,844 | 5.46% |
Total interest-bearing liabilities | 5,950,245 | 31,081 | 1.05% | 6,036,982 | 39,939 | 1.33% |
Noninterest bearing checking | 766,578 | 701,492 | ||||
Noninterest bearing liabilities | 96,297 | 107,646 | ||||
Total liabilities | 6,813,120 | 6,846,120 | ||||
Shareholders' equity | 1,134,321 | 1,158,935 | ||||
Total liabilities and shareholders' equity | $ 7,947,441 | 8,005,055 | ||||
Net interest income/ Interest rate spread | 130,739 | 3.35% | 134,585 | 3.39% | ||
Net interest-earning assets/ Net interest margin | $ 1,413,166 | 3.55% | 1,364,251 | 3.64% | ||
Ratio of interest-earning assets to | ||||||
interest-bearing liabilities | 1.24X | 1.23X | ||||
(a) Average gross loans receivable includes loans held as available-for-sale and loans placed on nonaccrual status. | ||||||
(b) Interest income includes accretion/ amortization of deferred loan fees/ expenses, which was not material. | ||||||
(c) Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale. | ||||||
(d) Interest income on tax-free investment securities and tax-free loans are presented on a fully taxable equivalent basis. | ||||||
(e) Average balances include the effect of unrealized gains or losses on securities held as available-for-sale. | ||||||
(f) Average balances include FHLB borrowings and securities sold under agreements to repurchase. | ||||||
(g) Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans - 5.15% and 5.54%, respectively, Investment securities - 2.43% | ||||||
and 3.53%, respectively, Interest-earning assets - 4.30% and 4.62%, respectively. GAAP basis net interest rate spreads were 3.25% and | ||||||
3.29%, respectively, and GAAP basis net interest margins were 3.46% and 3.54%, respectively. | ||||||
Northwest Bancshares, Inc. and Subsidiaries | ||||||
Average balance sheet | ||||||
(Dollars in thousands) | ||||||
The following table sets forth certain information relating to the Company's average balance sheet and reflects the average yield on assets and | ||||||
average cost of liabilities for the periods indicated. Such yields and costs are derived by dividing income or expense by the average balance of | ||||||
assets or liabilities, respectively, for the periods presented. Average balances are calculated using daily averages. | ||||||
Quarter ended | Quarter ended | |||||
June 30, 2013 | March 31, 2013 | |||||
Average | Interest | Avg. | Average | Interest | Avg. | |
Balance | Yield/ | Balance | Yield/ | |||
Cost (g) | Cost (g) | |||||
Assets: | ||||||
Interest-earning assets: | ||||||
Loans receivable (a) (b) (d) | $ 5,623,784 | 72,548 | 5.16% | 5,638,332 | 73,527 | 5.22% |
Mortgage-backed securities (c) | 726,583 | 3,308 | 1.82% | 725,524 | 3,441 | 1.90% |
Investment securities (c) (d) | 531,802 | 4,255 | 3.20% | 470,386 | 4,079 | 3.47% |
FHLB stock | 48,110 | 34 | 0.28% | 46,868 | 38 | 0.32% |
Other interest-earning deposits | 513,930 | 340 | 0.26% | 452,385 | 251 | 0.22% |
Total interest-earning assets | 7,444,209 | 80,485 | 4.32% | 7,333,495 | 81,336 | 4.44% |
Noninterest earning assets (e) | 531,771 | 585,516 | ||||
Total assets | $ 7,975,980 | 7,919,011 | ||||
Liabilities and shareholders' equity: | ||||||
Interest-bearing liabilities: | ||||||
Savings accounts | $ 1,209,783 | 900 | 0.30% | 1,180,487 | 894 | 0.31% |
Interest-bearing demand accounts | 873,804 | 149 | 0.07% | 840,264 | 139 | 0.07% |
Money market accounts | 1,121,579 | 748 | 0.27% | 1,107,522 | 742 | 0.27% |
Certificate accounts | 1,791,030 | 5,607 | 1.26% | 1,849,782 | 6,039 | 1.32% |
Borrowed funds (f) | 866,476 | 6,612 | 3.06% | 853,487 | 6,426 | 3.05% |
Junior subordinated debentures | 103,094 | 1,420 | 5.45% | 103,094 | 1,405 | 5.45% |
Total interest-bearing liabilities | 5,965,766 | 15,436 | 1.04% | 5,934,636 | 15,645 | 1.07% |
Noninterest bearing checking | 778,468 | 768,071 | ||||
Noninterest bearing liabilities | 102,191 | 77,106 | ||||
Total liabilities | 6,846,425 | 6,779,813 | ||||
Shareholders' equity | 1,129,555 | 1,139,198 | ||||
Total liabilities and shareholders' equity | $ 7,975,980 | 7,919,011 | ||||
Net interest income/ Interest rate spread | 65,049 | 3.28% | 65,691 | 3.37% | ||
Net interest-earning assets/ Net interest margin | $ 1,478,443 | 3.50% | 1,398,859 | 3.58% | ||
Ratio of interest-earning assets to | ||||||
interest-bearing liabilities | 1.25X | 1.24X | ||||
(a) Average gross loans receivable includes loans held as available-for-sale and loans placed on nonaccrual status. | ||||||
(b) Interest income includes accretion/ amortization of deferred loan fees/ expenses, which was not material. | ||||||
(c) Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale. | ||||||
(d) Interest income on tax-free investment securities and tax-free loans are presented on a fully taxable equivalent basis. | ||||||
(e) Average balances include the effect of unrealized gains or losses on securities held as available-for-sale. | ||||||
(f) Average balances include FHLB borrowings and securities sold under agreements to repurchase. | ||||||
(g) Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans - 5.12% and 5.18%, respectively, Investment securities - 2.35% | ||||||
and 2.52%, respectively, Interest-earning assets - 4.23% and 4.35%, respectively. GAAP basis net interest rate spreads were 3.19% and | ||||||
3.28%, respectively, and GAAP basis net interest margins were 3.40% and 3.49%, respectively. | ||||||
SOURCE Northwest Bancshares, Inc.
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