Top-Thema

16:07 Uhr
Aktien New York: Die Luft ist raus - Licht und Schatten bei Quartals­zahlen

Northwest Bancshares, Inc. Announces First Quarter 2017 Earnings and Quarterly Dividend

Montag, 24.04.2017 22:05 von PR Newswire

PR Newswire

WARREN, Pa., April 24, 2017 /PRNewswire/ -- Northwest Bancshares, Inc. (NasdaqGS: NWBI) announced net income for the quarter ended March 31, 2017 of $17.7 million, or $0.17 per diluted share. This represents a decrease of $238,000 compared to the same quarter last year when net income was $18.0 million or $0.18 per diluted share. The annualized returns on average shareholders' equity and average assets for the quarter ended March 31, 2017 were 6.15% and 0.75% compared to 6.21% and 0.81% for the same quarter last year. 

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.16 per share payable on May 18, 2017, to shareholders of record as of May 4, 2017. This is the 90th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company's stock as of March 31, 2017, this represents an annualized dividend yield of approximately 3.8%.

In making this announcement, William J. Wagner, President and CEO, noted, "We were disappointed with the first quarter earnings compared to both the same quarter last year and the fourth quarter of 2016 given the significant improvement we made to shareholder metrics during 2016. While our net interest margin remains near historic highs at 3.75%, and most components of noninterest income continue to grow, the quarter was negatively impacted by a higher provision for loan losses and a decrease in mortgage banking income. Additionally, net interest income was negatively impacted by the fewer number of days in the quarter while operating expenses were elevated due to seasonal issues. Given our current metrics, we recognize the area most in need of improvement is efficiency, which can best be addressed by reducing the ratio of expenses to assets. This challenge will receive considerable focus throughout 2017, as we strive to improve earnings each quarter and achieve our annual target for shareholder return."

Net interest income increased by $9.0 million, or 12.6%, to $80.6 million for the quarter ended March 31, 2017, from $71.6 million for the quarter ended March 31, 2016. This increase is due primarily to a $6.4 million, or 84.0%, decrease in interest expense on borrowed funds as a result of a the payoff of all Federal Home Loan Bank advances during the third quarter of 2016. Also contributing to the increase in net interest income was a $2.0 million, or 2.4%, increase in interest income on loans receivable due to a $438.7 million, or 6.1%, increase in average loans receivable from the prior year. The impact of these changes caused the Company's net interest margin to increase to 3.75% for the quarter ended March 31, 2017 from 3.57% for the same quarter last year.

The provision for loan losses increased by $2.9 million, or 179.3%, to $4.6 million for the quarter ended March 31, 2017, from $1.7 million for the quarter ended March 31, 2016. This increase is due primarily to the downgrade of two commercial banking relationships requiring an additional $1.2 million of combined reserves. Additionally, reserves were increased due to the substantial growth in the indirect auto and commercial business loan portfolios as well as for the planned closure of the Company's consumer finance subsidiary. Overall credit quality remained steady with nonaccrual loans decreasing to $73.3 million at March 31, 2017 from $74.2 million at March 31, 2016 and total loan delinquency decreased to $101.9 million, or 1.35% of total loans outstanding at March 31, 2017 from $114.0 million, or 1.56% of total loans outstanding at March 31, 2016.

Noninterest income increased by $2.1 million, or 10.6%, to $21.5 million for the quarter ended March 31, 2017, from $19.4 million for the quarter ended March 31, 2016. Contributing to this increase was an increase in service charges and fees of $1.6 million, or 16.4%, which is attributable to the growth in checking accounts resulting from both recent acquisitions and internal growth initiatives. Additionally, trust and other financial services income increased by $1.0 million, or 32.0%, due to internal and acquisition related growth. Partially offsetting these improvements was a decrease in income from bank owned life insurance of $527,000, or 33.0%, due to death benefits received during the first quarter of 2016.

Noninterest expense increased by $8.3 million, or 13.2%, to $71.6 million for the quarter ended March 31, 2017, from $63.3 million for the quarter ended March 31, 2016. This increase resulted primarily from a $4.7 million, or 14.3%, increase in compensation and employee benefits due primarily to the employees added from the recent branch acquisition that was completed in September 2016. The year-over-year increase in full-time equivalent employees was 176, or 8.2%, with 180 full-time equivalents added from the acquisition. Other year-over-year increases in noninterest expenses were also primarily attributable to the growth from this acquisition.

In an effort to improve efficiency, the Company announced its intention to close the 44 offices of its consumer finance subsidiary, Northwest Consumer Discount Company ("NCDC"), effective July 14, 2017. As part of this closure, all NCDC loans will be transferred to Northwest Bank for servicing and collections. Northwest Bank will continue to make direct consumer loans to qualified customers as well as continue to offer indirect sales finance loans through various dealers and retailers. Pre-tax expenses associated with this closure are expected to be approximately $3.0 million over the next two quarters.  As disclosed in the Company's segment reporting in its December 31, 2016 Form 10-K, NCDC contributed approximately $1.6 million of noninterest income in 2016, had a provision for loan losses of $3.7 million, noninterest expense of $11.6 million, and net income after taxes of $486,000. It is expected that net interest income will decrease over time when the approximately $40.0 million portfolio of high rate consumer discount loans roll off as the Company will no longer be originating such loans.

Also, as previously announced, the Company's subsidiary, Northwest Bank, is scheduled to divest its three Maryland branches to Shore United Bank on May 19, 2017. Included in this divestiture is approximately $145.2 million of performing loans and $220.6 million in deposits.

Headquartered in Warren, Pennsylvania, Northwest Bancshares, Inc. is the holding company of Northwest Bank. Founded in 1896, Northwest 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 167 full-service community banking offices and nine free standing drive-through facilities in Pennsylvania, New York, Ohio and Maryland and 44 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 ("NWBI"). Additional information regarding Northwest Bancshares, Inc. and Northwest Bank can be accessed on-line at www.northwest.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 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 (Unaudited)

(Dollars in thousands, except per share amounts)



March 31, 
2017


December 31,
2016


March 31,
 2016

Assets






Cash and cash equivalents

$

106,635



119,403



86,151


Interest-earning deposits in other financial institutions

320,231



266,902



74,850


Federal funds sold and other short-term investments

5,082



3,562



2,320


Marketable securities available-for-sale (amortized cost of $874,446, $825,552 and $772,768,
respectively)

876,047



826,200



783,940


Marketable securities held-to-maturity (fair value of $42,285, $20,426 and $28,611, respectively)

41,888



19,978



27,764


Total cash, interest-earning deposits and marketable securities

1,349,883



1,236,045



975,025








Residential mortgage loans held for sale

1,595



9,625



8,952


Residential mortgage loans

2,704,474



2,705,139



2,761,411


Home equity loans

1,305,394



1,328,772



1,169,821


Consumer loans

643,105



642,961



525,537


Commercial real estate loans

2,378,474



2,342,089



2,360,863


Commercial loans

530,046



528,761



467,418


Total loans receivable

7,563,088



7,557,347



7,294,002


Allowance for loan losses

(61,104)



(60,939)



(62,278)


Loans receivable, net

7,501,984



7,496,408



7,231,724








Assets held-for-sale

150,940



152,528




Federal Home Loan Bank stock, at cost

7,362



7,390



35,539


Accrued interest receivable

20,945



21,699



21,712


Real estate owned, net

6,242



4,889



6,834


Premises and Equipment, net

159,823



161,185



153,000


Bank owned life insurance

172,516



171,449



168,511


Goodwill

307,420



307,420



261,736


Other intangible assets

30,684



32,433



8,398


Other assets

23,724



32,194



53,809


Total assets

$

9,731,523



9,623,640



8,916,288








Liabilities and Shareholders' equity






Liabilities






Noninterest-bearing demand deposits

$

1,530,026



1,448,972



1,179,950


Interest-bearing demand deposits

1,448,503



1,428,317



1,121,779


Money market deposit accounts

1,827,028



1,841,567



1,295,138


Savings deposits

1,685,103



1,622,879



1,433,788


Time deposits

1,495,095



1,540,586



1,639,406


Total deposits

7,985,755



7,882,321



6,670,061








Liabilities held-for-sale

220,627



215,657




Borrowed funds

137,191



142,899



857,754


Advances by borrowers for taxes and insurance

40,470



36,879



38,719


Accrued interest payable

586



635



1,894


Other liabilities

58,118



63,373



66,059


Junior subordinated debentures

111,213



111,213



111,213


Total liabilities

8,553,960



8,452,977



7,745,700








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, 101,987,942 shares, 101,699,406 shares and 101,848,509 issued and outstanding, respectively

1,020



1,017



1,018


Paid-in-capital

723,055



718,834



718,027


Retained earnings

480,309



478,803



492,316


Unallocated common stock of Employee Stock Ownership Plan





(19,815)


Accumulated other comprehensive loss

(26,821)



(27,991)



(20,958)


Total shareholders' equity

1,177,563



1,170,663



1,170,588


Total liabilities and shareholders' equity

$

9,731,523



9,623,640



8,916,288








Equity to assets

12.10

%


12.16

%


13.13

%

Tangible common equity to assets

8.94

%


8.95

%


10.41

%

Book value per share

$

11.55



11.51



11.49


Tangible book value per share

$

8.23



8.17



8.84


Closing market price per share

$

16.84



18.03



13.51


Full time equivalent employees

2,328



2,306



2,152


Number of banking offices

176



176



181



 

 

Northwest Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income (Unaudited)

(Dollars in thousands, except per share amounts)



Quarter ended


March 31,


December 31,


September 30,


June 30,


March  31,


2017


2016


2016


2016


2016

Interest income:










Loans receivable

$

82,751



85,669



81,083



81,506



80,781


Mortgage-backed securities

2,222



2,166



2,030



2,115



2,229


Taxable investment securities

1,006



988



627



756



1,038


Tax-free investment securities

569



625



676



707



724


FHLB dividends

59



285



218



401



467


Interest-earning deposits

660



300



114



70



59


Total interest income

87,267



90,033



84,748



85,555



85,298












Interest expense:










Deposits

5,465



5,859



5,653



5,865



6,088


Borrowed funds

1,225



1,232



1,801



4,143



7,658


Total interest expense

6,690



7,091



7,454



10,008



13,746












Net interest income

80,577



82,942



77,294



75,547



71,552


Provision for loan losses

4,637



2,145



5,538



4,199



1,660


Net interest income after provision for loan losses

75,940



80,797



71,756



71,348



69,892












Noninterest income:










Gain on sale of investments

17



213



58



227



127


Service charges and fees

11,717



12,406



11,012



10,630



10,065


Trust and other financial services income

4,304



4,131



3,434



3,277



3,261


Insurance commission income

2,794



2,499



2,541



2,768



2,714


Gain/ (loss) on real estate owned, net

(67)



164



(563)



111



249


Income from bank owned life insurance

1,068



1,281



1,380



1,105



1,595


Mortgage banking income

240



2,344



1,886



446



218


Other operating income

1,431



1,781



1,070



1,711



1,219


Total noninterest income

21,504



24,819



20,818



20,275



19,448












Noninterest expense:










Compensation and employee benefits

37,755



36,562



38,122



33,210



33,033


Premises and occupancy costs

7,516



7,228



6,094



6,275



6,537


Office operations

4,222



4,395



3,700



3,343



3,460


Collections expense

549



437



589



729



676


Processing expenses

9,909



9,429



8,844



8,172



8,414


Marketing expenses

2,148



2,181



2,239



2,541



1,891


Federal deposit insurance premiums

1,167



475



984



1,442



1,503


Professional services

2,575



2,088



1,815



2,129



1,833


Amortization of intangible assets

1,749



1,806



1,068



710



675


Real estate owned expense

282



192



206



295



311


Restructuring/ acquisition expense

223



1,009



7,183



3,386



635


FHLB prepayment penalty







36,978




Other expense

3,551



2,959



2,836



2,912



4,307


Total noninterest expense

71,646



68,761



73,680



102,122



63,275


Income/ (loss) before income taxes

25,798



36,855



18,894



(10,499)



26,065












Income tax expense/ (benefit)

8,052



12,361



4,697



(3,491)



8,081


Net income/ (loss)

$

17,746



24,494



14,197



(7,008)



17,984












Basic earnings/ (loss) per share

$

0.18



0.24



0.14



(0.07)



0.18


Diluted earnings/ (loss) per share

$

0.17



0.24



0.14



(0.07)



0.18












Weighted average common shares outstanding - basic

100,653,277



100,219,370



99,602,535



99,177,609



98,889,744


Weighted average common shares outstanding - diluted

102,480,549



102,089,892



101,068,245



100,243,442



99,380,009












Annualized return on average equity

6.15

%


8.37

%


4.89

%


(2.44)

%


6.21

%

Annualized return on average assets

0.75

%


1.01

%


0.63

%


(0.32)

%


0.81

%

Annualized return on tangible common equity

8.57

%


11.73

%


6.88

%


(3.18)

%


8.03

%











Efficiency ratio *

68.25

%


61.20

%


66.69

%


63.71

%


68.09

%

Annualized noninterest expense to average assets *

2.94

%


2.73

%


2.88

%


2.76

%


2.80

%


* Excludes restructuring/acquisition expenses, FHLB prepayment penalty, and amortization of intangible assets (non-GAAP).

 

 

Northwest Bancshares, Inc. and Subsidiaries

Reconciliation of Assets and Liabilities Held-For-Sale (Unaudited)

(Dollars in thousands)



Balance at
March 31,
2017


Balance at
December 31,
2016

Assets held-for-sale:




Residential mortgage loans

$

26,458



26,406


Home equity loans

16,353



15,725


Consumer loans

847



522


Commercial real estate loans

98,659



101,123


Commercial loans

2,850



2,884


Total loans

145,167



146,660


Accrued interest receivable

405



416


Premises and equipment, net

5,368



5,452


Total assets held-for-sale

$

150,940



152,528








Liabilities held-for-sale:






Noninterest-bearing demand deposits

$

38,413



34,657


Interest-bearing demand deposits

17,890



17,181


Money market deposit accounts

46,249



45,806


Savings deposits

56,195



55,205


Time deposits

61,872



62,800


Total deposits

220,619



215,649


Accrued interest payable

8



8


Total liabilities held-for-sale

$

220,627



215,657


 

 

Northwest Bancshares, Inc. and Subsidiaries

Asset quality (Unaudited)

(Dollars in thousands)



March 31,
 2017


December 31,
 2016


September 30,
 2016


June 30,
 2016


March 31,
 2016

Nonaccrual loans current:










Residential mortgage loans

$

1,864



2,109



3,063



2,017



1,678


Home equity loans

1,244



1,451



1,446



1,092



1,118


Consumer loans

633



520



464



277



190


Commercial real estate loans

13,347



13,955



19,246



17,456



19,350


Commercial loans

5,335



5,361



7,299



4,462



5,923


Total nonaccrual loans current

$

22,423



23,396



31,518



25,304



28,259

















Nonaccrual loans delinquent 30 days to 59 days:















Residential mortgage loans

$

1,001



1,464



344





1,600


Home equity loans

328



422



315



49



119


Consumer loans

218



400



211



95



164


Commercial real estate loans

1,970



3,478



514



151



3,371


Commercial loans

328



145



185



16



4


Total nonaccrual loans delinquent 30 days to 59 days

$

3,845



5,909



1,569



311



5,258

















Nonaccrual loans delinquent 60 days to 89 days:















Residential mortgage loans

$

704



1,522



1,270



1,524



721


Home equity loans

408



440



465



366



504


Consumer loans

242



366



250



157



182


Commercial real estate loans

540



2,027



151



6,513



109


Commercial loans

23



695



319



1,748



57


Total nonaccrual loans delinquent 60 days to 89 days

$

1,917



5,050




2,455



10,308



1,573

















Nonaccrual loans delinquent 90 days or more:















Residential mortgage loans

$

11,911



13,169



13,242



14,829



14,301


Home equity loans

6,194



5,552



5,874



5,226



5,922


Consumer loans

3,359



3,823



3,354



2,374



2,360


Commercial real estate loans

20,897



19,264



22,155



12,960



13,165


Commercial loans

2,744



3,373



6,105



4,566



3,314


Total nonaccrual loans delinquent 90 days or more

$

45,105



45,181



50,730



39,955



39,062

















Total nonaccrual loans

$

73,290



79,536



86,272



75,878



74,152

















Total nonaccrual loans

$

73,290



79,536



86,272



75,878



74,152


Loans 90 days past maturity and still accruing

265



649



103



472



894


Nonperforming loans

73,555



80,185



86,375



76,350



75,046


Real estate owned, net

6,242



4,889



4,841



4,950



6,834


Nonperforming assets

$

79,797



85,074



91,216



81,300



81,880

















Nonaccrual troubled debt restructuring *

$

18,273



16,346



17,374



18,098



17,699


Accruing troubled debt restructuring

25,305



26,580



29,221



31,015



30,549


Total troubled debt restructuring

$

43,578



42,926



46,595



49,113



48,248

















Nonperforming loans to total loans

0.97

%


1.06

%


1.11

%


1.05

%


1.03

%

Nonperforming assets to total assets

0.82

%


0.88

%


0.94

%


0.91

%


0.92

%

Allowance for loan losses to total loans

0.81

%


0.81

%


0.81

%


0.83

%


0.85

%

Allowance for loan losses to nonperforming loans

83.07

%


76.00

%


73.22

%


79.61

%


82.99

%


















* Amounts included in nonperforming loans above.















 

 

 Northwest Bancshares, Inc. and Subsidiaries

Loans by credit quality indicators (Unaudited)

(Dollars in thousands)


At March 31, 2017


Pass


Special

mention
*


Substandard
**


Doubtful


Loss


Loans

receivable

Personal Banking:













   Residential mortgage loans


$

2,689,203





16,866







2,706,069



   Home equity loans


1,296,182





9,212







1,305,394



   Consumer loans


639,574





3,531







643,105



Total Personal Banking


4,624,959





29,609







4,654,568



Commercial Banking:













   Commercial real estate loans


2,187,545



48,189



142,740







2,378,474



   Commercial loans


474,662



12,226



43,158







530,046



Total Commercial Banking


2,662,207



60,415



185,898







2,908,520



Total loans


$

7,287,166



60,415



215,507







7,563,088
















At December 31, 2016













Personal Banking:













   Residential mortgage loans


$

2,696,705





18,059







2,714,764



   Home equity loans


1,318,998





9,774







1,328,772



   Consumer loans


639,044





3,917







642,961



Total Personal Banking


4,654,747





31,750







4,686,497



Commercial Banking:













   Commercial real estate loans


2,153,328



43,724



145,037







2,342,089



   Commercial loans


469,993



17,192



41,576







528,761



Total Commercial Banking


2,623,321



60,916



186,613







2,870,850



Total loans


$

7,278,068



60,916



218,363







7,557,347
















At September 30, 2016













Personal Banking:













   Residential mortgage loans


$

2,800,420





18,593







2,819,013



   Home equity loans


1,338,643





10,462







1,349,105



   Consumer loans


624,885





3,627







628,512



Total Personal Banking


4,763,948





32,682







4,796,630



Commercial Banking:













   Commercial real estate loans


2,265,816



61,763



137,088



14





2,464,681



   Commercial loans


479,321



14,707



40,326



2,901





537,255



Total Commercial Banking


2,745,137



76,470



177,414



2,915





3,001,936



Total loans


$

7,509,085



76,470



210,096



2,915





7,798,566
















At June 30, 2016













Personal Banking:













   Residential mortgage loans


$

2,741,101





16,497







2,757,598



   Home equity loans


1,153,010





9,164







1,162,174



   Consumer loans


544,174





2,376







546,550



Total Personal Banking


4,438,285





28,037







4,466,322



Commercial Banking:













   Commercial real estate loans


2,170,583



63,351



129,428



14





2,363,376



   Commercial loans


408,178



15,435



38,546



3,064





465,223



Total Commercial Banking


2,578,761



78,786



167,974



3,078





2,828,599



Total loans


$

7,017,046



78,786



196,011



3,078





7,294,921
















At March 31, 2016













Personal Banking:













   Residential mortgage loans


$

2,755,325





13,721





1,317



2,770,363



   Home equity loans


1,161,382





8,439







1,169,821



   Consumer loans


523,333





2,204







525,537



Total Personal Banking


4,440,040





24,364





1,317



4,465,721



Commercial Banking:













   Commercial real estate loans


2,167,110



63,695



130,043



15





2,360,863



   Commercial loans


409,994



16,425



39,887



1,112





467,418



Total Commercial Banking


2,577,104



80,120



169,930



1,127





2,828,281



Total loans


$

7,017,144



80,120



194,294



1,127



1,317



7,294,002





* Includes $12.4 million $9.4 million, $19.3 million, $7.6 million, and $7.7 million of acquired loans at March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016, and March 31, 2016, respectively.


** Includes $45.3 million, $39.1 million, $29.8 million, $25.5 million, and $17.9 million of acquired loans at March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016, and March 31, 2016, respectively.


 

 

Northwest Bancshares, Inc. and Subsidiaries

Loan delinquency (Unaudited)

(Dollars in thousands)




March 31,

2017


*


December 31,
2016


*


September 30,

2016


*


June 30,
2016


*


March 31,
2016


*

(Number of loans and dollar amount of loans)































Loans delinquent 30 days to 59 days:































Residential mortgage loans


280



$

22,254



0.8

%


360



$

27,386



1.0

%


74



$

3,380



0.1

%


72



$

3,353



0.1

%


323



$

24,494



0.9

%

Home equity loans


125



4,586



0.4

%


179



6,805



0.5

%


164



4,984



0.4

%


128



4,988



0.4

%


132



5,351



0.5

%

Consumer loans


1,022



7,157



1.1

%


1,497



9,868



1.5

%


1,269



7,583



1.2

%


1,144



6,725



1.2

%


895



5,511



1.0

%

Commercial real estate loans


60



9,364



0.4

%


61



10,377



0.4

%


28



3,855



0.2

%


34



4,828



0.2

%


51



27,474



1.2

%

Commercial loans


29



2,304



0.4

%


20



1,178



0.2

%


26



1,493



0.3

%


15



533



0.1

%


26



3,133



0.7

%

Total loans delinquent 30 days to 59 days


1,516



$

45,665



0.6

%


2,117



$

55,614



0.7

%


1,561



$

21,295



0.3

%


1,393



$

20,427



0.3

%


1,427



$

65,963



0.9

%
































Loans delinquent 60 days to 89 days:































Residential mortgage loans


28



$

1,594



0.1

%


80



$

6,227



0.2

%


76



$

6,174



0.2

%


74



$

5,633



0.2

%


21



$

1,358



%

Home equity loans


36



1,145



0.1

%


62



1,563



0.1

%


41



1,145



0.1

%


42



1,435



0.1

%


36



1,256



0.1

%

Consumer loans


430



2,241



0.3

%


636



3,609



0.6

%


532



2,673



0.4

%


514



2,247



0.4

%


379



1,803



0.3

%

Commercial real estate loans


19



3,034



0.1

%


25



4,495



0.2

%


13



1,102



%


16



8,765



0.4

%


11



1,081



%

Commercial loans


10



499



0.1

%


21



2,081



0.4

%


9



594



0.1

%


23



2,429



0.5

%


7



375



0.1

%

Total loans delinquent 60 days to 89 days


523



$

8,513



0.1

%


824



$

17,975





671



$

11,688



0.1

%


669



$

20,509



0.3

%


454



$

5,873



0.1

%
































Loans delinquent 90 days or more: **































Residential mortgage loans


139



$

12,326



0.5

%


169



$

13,621



0.5

%


168



$

13,478



0.5

%


176



$

15,046



0.5

%


183



$

14,673



0.5

%

Home equity loans


143



6,258



0.5

%


155



5,756



0.4

%


137



6,022



0.4

%


124



5,422



0.5

%


120



6,200



0.5

%

Consumer loans


532



3,372



0.5

%


646



3,838



0.6

%


757



3,372



0.5

%


440



2,399



0.4

%


557



2,386



0.5

%

Commercial real estate loans


106



23,009



1.0

%


101



21,270



0.9

%


106



24,533



1.0

%


107



15,244



0.6

%


106



15,442



0.7

%

Commercial loans


39



2,744



0.5

%


37



3,520



0.7

%


28



6,249



1.2

%


32



4,709



1.0

%


34



3,456



0.7

%

Total loans delinquent 90 days or more


959



$

47,709



0.6

%


1,108



$

48,005



0.6

%


1,196



$

53,654



0.7

%


879



$

42,820



0.6

%


1,000



$

42,157



0.6

%
































Total loans delinquent


2,998



$

101,887



1.3

%


4,049



$

121,594



1.6

%


3,428



$

86,637



1.1

%


2,941



$

83,756



1.1

%


2,881



$

113,993



1.6

%


* Represents delinquency, in dollars, divided by the respective total amount of that type of loan outstanding.

** Includes purchased credit impaired loans of $2.6 million, $2.8 million, $2.9 million, $2.9 million, and $3.1 million at March 31, 2017. December 31, 2016, September 30, 2016, June 30, 2016, March 31, 2016, respectively.

 

 

 

Northwest Bancshares, Inc. and Subsidiaries

Allowance for loan losses (Unaudited)

(Dollars in thousands)



Quarter ended


March 31,
 2017


December 31,
 2016


September 30,
 2016


June 30,
 2016


March 31,
 2016

Beginning balance

$

60,939


63,246


60,781


62,278


62,672

Provision

4,637


2,145


5,538


4,199


1,660

Charge-offs residential mortgage

(290)


(710)


(354)


(1,852)


(564)

Charge-offs home equity

(649)


(321)


(288)


(946)


(984)

Charge-offs consumer

(3,660)


(3,469)


(2,701)


(2,332)


(2,403)

Charge-offs commercial real estate

(474)


(323)


(789)


(1,731)


(897)

Charge-offs commercial

(1,267)


(2,489)


(708)


(903)


(117)

Recoveries

1,868


2,860


1,767


2,068


2,911

Ending balance

$

61,104


60,939


63,246


60,781


62,278











Net charge-offs to average loans, annualized

0.23%


0.23%


0.17%


0.31%


0.11%

 

 


Northwest Bancshares, Inc. and Subsidiaries

Average balance sheet (Unaudited)

(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


March 31, 2017


December 31, 2016


September 30, 2016


June 30, 2016


March 31, 2016


Average

Balance


Interest


Avg.

Yield/

Cost (h)


Average
Balance


Interest


Avg.
Yield/
Cost (h)


Average

Balance


Interest


Avg.

Yield/

Cost (h)


Average
Balance


Interest


Avg.
Yield/
Cost (h)


Average
Balance


Interest


Avg.
Yield/
Cost (h)

Assets:






























Interest-earning assets:






























   Residential mortgage loans

$

2,718,904



27,309



4.02

%


$

2,766,693



28,165



4.07

%


$

2,739,099



27,952



4.08

%


$

2,751,601



29,089



4.23

%


$

2,739,787



29,786



4.35

%

   Home equity loans

1,332,647



14,201



4.32

%


1,346,856



14,442



4.27

%


1,192,929



12,884



4.30

%


1,163,900



12,701



4.39

%


1,177,406



12,642



4.32

%

   Consumer loans

627,288



9,701



6.27

%


620,294



10,083



6.47

%


554,954



8,931



6.40

%


522,745



8,697



6.69

%


510,091



8,219



6.48

%

   Commercial real estate loans

2,456,070



26,562



4.33

%


2,467,569



27,863



4.42

%


2,394,001



26,683



4.36

%


2,356,994



26,691



4.48

%


2,349,748



25,993



4.38

%

   Commercial loans

522,847



5,515



4.22

%


527,330



5,682



4.27

%


476,715



5,193



4.26

%


461,808



4,902



4.20

%


441,977



4,723



4.23

%

Total loans receivable (a) (b) (d)

7,657,756



83,288



4.41

%


7,728,742



86,235



4.44

%


7,357,698



81,643



4.41

%


7,257,048



82,080



4.55

%


7,219,009



81,363



4.53

%

Mortgage-backed securities (c)

471,674



2,222



1.88

%


482,707



2,166



1.79

%


440,966



2,030



1.84

%


458,398



2,115



1.85

%


488,294



2,229



1.83

%

Investment securities (c) (d)

377,819



1,881



1.99

%


401,602



1,950



1.94

%


275,718



1,667



2.42

%


313,647



1,844



2.35

%


387,460



2,151



2.22

%

FHLB stock

7,305



59



3.28

%


7,575



285



4.54

%


27,761



218



3.12

%


33,302



401



4.84

%


37,098



467



5.06

%

Other interest-earning deposits

294,391



660



0.90

%


325,889



300



0.36

%


91,243



114



0.49

%


63,950



70



0.43

%


43,578



59



0.54

%

Total interest-earning assets

8,808,945



88,110



4.06

%


8,946,515



90,936



4.04

%


8,193,386



85,672



4.16

%


8,126,345



86,510



4.28

%


8,175,439



86,269



4.24

%

Noninterest earning assets (e)

799,569







677,888







835,500







755,713







735,562






Total assets

$

9,608,514







$

9,624,403







$

9,028,886







$

8,882,058







$

8,911,001




































Liabilities and shareholders' equity:






























Interest-bearing liabilities:






























Savings deposits

$

1,702,528



755



0.18

%


$

1,668,492



771



0.18

%


$

1,485,763



744



0.20

%


$

1,440,886



837



0.23

%


$

1,405,800



865



0.25

%

Interest-bearing demand deposits

1,422,284



116



0.03

%


1,431,671



85



0.02

%


1,179,557



78



0.03

%


1,130,122



144



0.05

%


1,093,839



156



0.06

%

Money market deposit accounts

1,879,292



1,074



0.23

%


1,890,220



1,101



0.23

%


1,418,779



826



0.23

%


1,294,381



829



0.26

%


1,288,535



865



0.27

%

Time deposits

1,573,574



3,520



0.91

%


1,643,785



3,902



0.94

%


1,597,542



4,005



1.00

%


1,616,260



4,055



1.01

%


1,664,322



4,202



1.02

%

Borrowed funds (f)

136,872



58



0.17

%


143,540



61



0.17

%


560,407



657



0.47

%


772,225



3,017



1.57

%


899,439



6,539



2.92

%

Junior subordinated debentures

111,213



1,167



4.20

%


111,213



1,171



4.12

%


111,213



1,144



4.03

%


111,213



1,126



4.01

%


111,213



1,119



3.98

%

Total interest-bearing liabilities

6,825,763



6,690



0.40

%


6,888,921



7,091



0.41

%


6,353,261



7,454



0.47

%


6,365,087



10,008



0.63

%


6,463,148



13,746



0.86

%

Noninterest-bearing demand deposits (g)

1,506,268







1,493,528







1,243,474







1,184,786







1,161,151






Noninterest bearing liabilities

106,578







77,827







276,014







177,300







122,667






Total liabilities

8,438,609







8,460,276







7,872,749







7,727,173







7,746,966






Shareholders' equity

1,169,905







1,164,127







1,156,137







1,154,885







1,164,035






Total liabilities and shareholders' equity

$

9,608,514







$

9,624,403







$

9,028,886







$

8,882,058







$

8,911,001






Net interest income/ Interest rate spread



81,420



3.66

%




83,845



3.63

%




78,218



3.69

%




76,502



3.65

%




72,523



3.38

%

Net interest-earning assets/ Net interest
margin

$

1,983,182





3.75

%


$

2,057,594





3.75

%


$

1,840,125





3.82

%


$

1,761,258





3.77

%


$

1,712,291





3.57

%

Ratio of interest-earning assets to
interest-bearing liabilities

1.29X







1.30X







1.29X







1.28X







1.26X







(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 collateralized borrowings.

(g) Average cost of deposits were 0.27%, 0.29%, 0.32%, 0.35% and 0.37%, respectively.

(h) Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans - 4.38%, 4.41%, 4.38%, 4.52% and 4.50%, respectively, Investment securities - 1.67%, 1.61%, 1.89%, 1.87% and 1.82%, respectively, Interest-earning assets - 4.02%, 4.00%, 4.11%, 4.23% and 4.20%, respectively. GAAP basis net interest rate spreads were 3.62%, 3.59%, 3.65%, 3.60% and 3.34%, respectively, and GAAP basis net interest margins were 3.71%, 3.71%, 3.77%, 3.72% and 3.55%, respectively.


 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/northwest-bancshares-inc-announces-first-quarter-2017-earnings-and-quarterly-dividend-300444462.html

SOURCE Northwest Bancshares, Inc.