Northwest Bancshares, Inc. Announces First Quarter 2015 Earnings and Quarterly Dividend
The Company also announced that its Board of Directors declared a quarterly cash dividend of
In making this announcement,
Net interest income increased by
The provision for loan losses decreased by <money>$6.6 million, or 88.0%, to
Noninterest income decreased by
Noninterest expense increased by
On
Headquartered in
Forward-Looking Statements - This release may contain forward-looking statements with respect to the financial condition and results of operations of
Important Additional Information and Where to Find It
In connection with the proposed acquisition of LNB Bancorp, Inc. on
A free copy of the Proxy Statement/Prospectus, as well as other filings containing information about
LNB Bancorp and
|
||||||||||||
Consolidated Statements of Financial Condition |
||||||||||||
(Dollars in thousands, except per share amounts) |
||||||||||||
|
|
|||||||||||
Assets |
2015 |
2014 |
||||||||||
Cash and cash equivalents |
$ 83,970 |
87,401 |
||||||||||
Interest-earning deposits in other financial institutions |
212,496 |
152,671 |
||||||||||
Federal funds sold and other short-term investments |
635 |
634 |
||||||||||
Marketable securities available-for-sale (amortized cost of |
916,423 |
912,371 |
||||||||||
Marketable securities held-to-maturity (fair value of |
90,825 |
103,695 |
||||||||||
Total cash, interest-earning deposits and marketable securities |
1,304,349 |
1,256,772 |
||||||||||
Residential mortgage loans |
2,543,870 |
2,521,456 |
||||||||||
Home equity loans |
1,055,739 |
1,066,131 |
||||||||||
Other consumer loans |
239,956 |
242,744 |
||||||||||
Commercial real estate loans |
1,856,574 |
1,801,184 |
||||||||||
Commercial loans |
368,725 |
358,376 |
||||||||||
Total loans receivable |
6,064,864 |
5,989,891 |
||||||||||
Allowance for loan losses |
(67,298) |
(67,518) |
||||||||||
Loans receivable, net |
5,997,566 |
5,922,373 |
||||||||||
|
36,292 |
33,293 |
||||||||||
Accrued interest receivable |
19,753 |
18,623 |
||||||||||
Real estate owned, net |
15,346 |
16,759 |
||||||||||
Premises and Equipment, net |
142,481 |
143,909 |
||||||||||
Bank owned life insurance |
145,275 |
144,362 |
||||||||||
Goodwill |
175,498 |
175,323 |
||||||||||
Other intangible assets |
3,027 |
3,033 |
||||||||||
Other assets |
50,772 |
60,586 |
||||||||||
Total assets |
$ 7,890,359 |
7,775,033 |
||||||||||
Liabilities and Shareholders' equity |
||||||||||||
Liabilities |
||||||||||||
Noninterest-bearing demand deposits |
$ 944,937 |
891,248 |
||||||||||
Interest-bearing demand deposits |
898,945 |
874,623 |
||||||||||
Money market deposit accounts |
1,151,971 |
1,179,070 |
||||||||||
Savings deposits |
1,257,446 |
1,209,287 |
||||||||||
Time deposits |
1,428,768 |
1,478,314 |
||||||||||
Total deposits |
5,682,067 |
5,632,542 |
||||||||||
Borrowed funds |
943,842 |
888,109 |
||||||||||
Advances by borrowers for taxes and insurance |
34,998 |
30,507 |
||||||||||
Accrued interest payable |
1,336 |
936 |
||||||||||
Other liabilities |
57,506 |
57,198 |
||||||||||
Junior subordinated debentures |
103,094 |
103,094 |
||||||||||
Total liabilities |
6,822,843 |
6,712,386 |
||||||||||
Shareholders' equity |
||||||||||||
Preferred stock, |
- |
- |
||||||||||
Common stock, |
||||||||||||
and 94,721,453 shares issued and outstanding, respectively |
946 |
947 |
||||||||||
Paid-in-capital |
624,584 |
626,134 |
||||||||||
Retained earnings |
484,774 |
481,577 |
||||||||||
Unallocated common stock of Employee Stock Ownership Plan |
(21,565) |
(21,641) |
||||||||||
Accumulated other comprehensive loss |
(21,223) |
(24,370) |
||||||||||
Total shareholders' equity |
1,067,516 |
1,062,647 |
||||||||||
Total liabilities and shareholders' equity |
$ 7,890,359 |
7,775,033 |
||||||||||
Equity to assets |
13.53% |
13.67% |
||||||||||
Tangible common equity to assets |
11.53% |
11.64% |
||||||||||
Book value per share |
$ 11.29 |
11.22 |
||||||||||
Tangible book value per share |
$ 9.40 |
9.34 |
||||||||||
Closing market price per share |
$ 11.85 |
12.53 |
||||||||||
Full time equivalent employees |
2,041 |
2,042 |
||||||||||
Number of banking offices |
161 |
162 |
||||||||||
|
|||||||||||
Consolidated Statements of Income |
|||||||||||
(Dollars in thousands, except per share amounts) |
|||||||||||
Quarter ended |
|||||||||||
|
|
||||||||||
2015 |
2014 |
2014 |
|||||||||
Interest income: |
|||||||||||
Loans receivable |
$ 70,711 |
69,322 |
71,182 |
||||||||
Mortgage-backed securities |
2,234 |
2,793 |
2,357 |
||||||||
Taxable investment securities |
1,045 |
1,080 |
1,032 |
||||||||
Tax-free investment securities |
1,348 |
1,655 |
1,467 |
||||||||
Interest-earning deposits |
139 |
200 |
164 |
||||||||
Total interest income |
75,477 |
75,050 |
76,202 |
||||||||
Interest expense: |
|||||||||||
Deposits |
5,766 |
6,490 |
6,106 |
||||||||
Borrowed funds |
8,133 |
7,714 |
7,876 |
||||||||
Total interest expense |
13,899 |
14,204 |
13,982 |
||||||||
Net interest income |
61,578 |
60,846 |
62,220 |
||||||||
Provision for loan losses |
900 |
7,485 |
1,078 |
||||||||
Net interest income after provision for loan losses |
60,678 |
53,361 |
61,142 |
||||||||
Noninterest income: |
|||||||||||
Gain on sale of investments |
95 |
3,348 |
381 |
||||||||
Service charges and fees |
8,659 |
8,408 |
9,268 |
||||||||
Trust and other financial services income |
2,776 |
3,047 |
3,291 |
||||||||
Insurance commission income |
2,428 |
2,564 |
2,181 |
||||||||
Loss on real estate owned, net |
(1,046) |
(135) |
(30) |
||||||||
Income from bank owned life insurance |
913 |
1,001 |
1,057 |
||||||||
Mortgage banking income |
240 |
249 |
269 |
||||||||
Other operating income |
1,963 |
1,175 |
1,188 |
||||||||
Total noninterest income |
16,028 |
19,657 |
17,605 |
||||||||
Noninterest expense: |
|||||||||||
Compensation and employee benefits |
27,895 |
27,972 |
31,405 |
||||||||
Premises and occupancy costs |
6,267 |
6,557 |
5,516 |
||||||||
Office operations |
3,680 |
3,757 |
3,677 |
||||||||
Processing expenses |
7,205 |
6,589 |
6,720 |
||||||||
Marketing expenses |
1,976 |
1,637 |
1,434 |
||||||||
Federal deposit insurance premiums |
1,347 |
1,297 |
1,316 |
||||||||
Professional services |
1,792 |
2,062 |
1,970 |
||||||||
Amortization of intangible assets |
268 |
331 |
331 |
||||||||
Real estate owned expense |
692 |
639 |
406 |
||||||||
Acquisition expense |
347 |
- |
394 |
||||||||
Other expense |
2,242 |
2,322 |
2,043 |
||||||||
Total noninterest expense |
53,711 |
53,163 |
55,212 |
||||||||
Income before income taxes |
22,995 |
19,855 |
23,535 |
||||||||
Income tax expense |
6,825 |
5,244 |
6,190 |
||||||||
Net income |
$ 16,170 |
14,611 |
17,345 |
||||||||
Basic earnings per share |
$ 0.18 |
0.16 |
0.19 |
||||||||
Diluted earnings per share |
$ 0.18 |
0.16 |
0.19 |
||||||||
Annualized return on average equity |
6.17% |
5.15% |
6.42% |
||||||||
Annualized return on average assets |
0.83% |
0.75% |
0.88% |
||||||||
Basic common shares outstanding |
91,634,064 |
91,154,998 |
91,741,487 |
||||||||
Diluted common shares outstanding |
91,902,071 |
92,353,312 |
92,103,069 |
||||||||
|
|||||||||||
Asset quality |
|||||||||||
(Dollars in thousands) |
|||||||||||
|
|
|
|
||||||||
Nonaccrual loans current: |
|||||||||||
Residential mortgage loans |
$ 1,322 |
1,169 |
1,064 |
1,361 |
|||||||
Home equity loans |
1,910 |
1,527 |
1,771 |
835 |
|||||||
Other consumer loans |
114 |
88 |
136 |
98 |
|||||||
Commercial real estate loans |
18,465 |
23,703 |
26,564 |
17,866 |
|||||||
Commercial loans |
9,429 |
5,917 |
19,603 |
13,357 |
|||||||
Total nonaccrual loans current |
$ 31,240 |
32,404 |
49,138 |
33,517 |
|||||||
Nonaccrual loans delinquent 30 days to 59 days: |
|||||||||||
Residential mortgage loans |
$ 951 |
1,545 |
741 |
427 |
|||||||
Home equity loans |
380 |
712 |
155 |
404 |
|||||||
Other consumer loans |
92 |
48 |
36 |
15 |
|||||||
Commercial real estate loans |
3,907 |
1,128 |
4,118 |
3,468 |
|||||||
Commercial loans |
144 |
9 |
5 |
7,650 |
|||||||
Total nonaccrual loans delinquent 30 days to 59 days |
$ 5,474 |
3,442 |
5,055 |
11,964 |
|||||||
Nonaccrual loans delinquent 60 days to 89 days: |
|||||||||||
Residential mortgage loans |
$ 1,892 |
784 |
1,914 |
864 |
|||||||
Home equity loans |
507 |
724 |
485 |
280 |
|||||||
Other consumer loans |
129 |
234 |
99 |
87 |
|||||||
Commercial real estate loans |
1,045 |
763 |
902 |
2,036 |
|||||||
Commercial loans |
107 |
131 |
95 |
716 |
|||||||
Total nonaccrual loans delinquent 60 days to 89 days |
$ 3,680 |
2,636 |
3,495 |
3,983 |
|||||||
Nonaccrual loans delinquent 90 days or more: |
|||||||||||
Residential mortgage loans |
$ 15,068 |
17,696 |
20,564 |
24,625 |
|||||||
Home equity loans |
5,646 |
6,606 |
8,420 |
8,344 |
|||||||
Other consumer loans |
2,045 |
2,450 |
1,818 |
2,057 |
|||||||
Commercial real estate loans |
8,233 |
10,215 |
16,098 |
18,433 |
|||||||
Commercial loans |
1,921 |
4,359 |
4,494 |
4,298 |
|||||||
Total nonaccrual loans delinquent 90 days or more |
$ 32,913 |
41,326 |
51,394 |
57,757 |
|||||||
Total nonaccrual loans |
$ 73,307 |
79,808 |
109,082 |
107,221 |
|||||||
<br /> | |||||||||||
|
|
|
|
||||||||
2015 |
2014 |
2014 |
2013 |
||||||||
Nonaccrual loans |
$ 73,307 |
79,808 |
109,082 |
107,221 |
|||||||
Loans 90 days past maturity and still accruing |
310 |
235 |
709 |
690 |
|||||||
Nonperforming loans</p> |
73,617 |
80,043 |
109,791 |
107,911 |
|||||||
Real estate owned, net |
15,346 |
16,759 |
16,692 |
18,203 |
|||||||
Nonperforming assets |
$ 88,963 |
96,802 |
126,483 |
126,114 |
|||||||
Nonaccrual troubled debt restructuring * |
$ 19,843 |
24,459 |
34,268 |
28,889 |
|||||||
Accruing troubled debt restructuring |
40,802 |
37,329 |
40,243 |
50,277 |
|||||||
Total troubled debt restructuring |
$ 60,645 |
61,788 |
74,511 |
79,166 |
|||||||
Nonperforming loans to total loans |
1.21% |
1.34% |
1.88% |
1.86% |
|||||||
Nonperforming assets to total assets |
1.13% |
1.25% |
1.59% |
1.60% |
|||||||
Allowance for loan losses to total loans |
1.11% |
1.13% |
1.30% |
1.23% |
|||||||
Allowance for loan losses to nonperforming loans |
91.42% |
84.35% |
69.44% |
66.12% |
|||||||
* Amounts included in nonperforming loans above. |
|||||||||||
|
||||||||||||||||||
Delinquency |
||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||
Loan delinquency schedule |
||||||||||||||||||
(Number of loans and dollar amount of loans) |
||||||||||||||||||
|
|
|
|
|||||||||||||||
2015 |
* |
2014 |
* |
2014 |
* |
2013 |
* |
|||||||||||
Loans delinquent 30 days to 59 days: |
||||||||||||||||||
Residential mortgage loans |
336 |
$ 25,586 |
1.0% |
377 |
$ 27,443 |
1.1% |
352 |
$ 26,874 |
1.1% |
374 |
$ 27,486 |
1.1% |
||||||
Home equity loans |
128 |
3,737 |
0.4% |
161 |
5,752 |
0.5% |
172 |
5,449 |
0.5% |
213 |
6,946 |
0.6% |
||||||
Consumer loans |
912 |
4,374 |
1.8% |
1,193 |
5,572 |
2.3% |
749 |
3,412 |
1.5% |
1,010 |
4,515 |
2.0% |
||||||
Commercial real estate loans |
50 |
5,497 |
0.3% |
56 |
4,956 |
0.3% |
84 |
26,518 |
|
73 |
8,449 |
0.5% |
||||||
Commercial loans |
36 |
1,480 |
0.4% |
26 |
2,262 |
0.6% |
41 |
1,375 |
0.3% |
34 |
9,243 |
2.3% |
||||||
Total loans delinquent 30 days to 59 days |
1,462 |
$ 40,674 |
0.7% |
1,813 |
$ 45,985 |
0.8% |
1,398 |
$ 63,628 |
1.1% |
1,704 |
$ 56,639 |
1.0% |
||||||
Loans delinquent 60 days to 89 days: |
||||||||||||||||||
Residential mortgage loans |
40 |
$ 3,397 |
0.1% |
100 |
$ 6,970 |
0.3% |
46 |
$ 3,674 |
0.1% |
103 |
$ 7,568 |
0.3% |
||||||
Home equity loans |
34 |
1,404 |
0.1% |
49 |
1,672 |
0.2% |
42 |
1,437 |
0.1% |
67 |
2,243 |
0.2% |
||||||
Consumer loans |
352 |
1,515 |
0.6% |
525 |
2,435 |
1.0% |
330 |
1,289 |
0.6% |
507 |
1,866 |
0.8% |
||||||
Commercial real estate loans |
21 |
2,351 |
0.1% |
21 |
2,038 |
0.1% |
33 |
2,570 |
0.2% |
35 |
3,968 |
0.2% |
||||||
Commercial loans |
5 |
136 |
0.0% |
4 |
209 |
0.1% |
9 |
473 |
0.1% |
16 |
1,555 |
0.4% |
||||||
Total loans delinquent 60 days to 89 days |
452 |
$ 8,803 |
0.1% |
699 |
$ 13,324 |
0.2% |
460 |
$ 9,443 |
0.2% |
728 |
$ 17,200 |
0.3% |
||||||
Loans delinquent 90 days or more: |
||||||||||||||||||
Residential mortgage loans |
193 |
$ 15,068 |
0.6% |
225 |
$ 17,696 |
0.7% |
236 |
$ 20,564 |
0.8% |
273 |
$ 24,625 |
1.0% |
||||||
Home equity loans |
123 |
5,646 |
0.5% |
139 |
6,606 |
0.6% |
176 |
8,420 |
0.8% |
171 |
8,344 |
0.8% |
||||||
Consumer loans |
440 |
2,045 |
0.9% |
539 |
2,450 |
1.0% |
391 |
1,818 |
0.8% |
470 |
2,057 |
0.9% |
||||||
Commercial real estate loans |
84 |
8,233 |
0.4% |
102 |
10,215 |
0.6% |
116 |
16,098 |
1.0% |
124 |
18,433 |
1.1% |
||||||
Commercial loans |
16 |
1,921 |
0.5% |
25 |
4,359 |
1.2% |
33 |
4,494 |
1.1% |
31 |
4,298 |
1.1% |
||||||
Total loans delinquent 90 days or more |
856 |
$ 32,913 |
0.5% |
1,030 |
$ 41,326 |
0.7% |
952 |
$ 51,394 |
0.9% |
1,069 |
$ 57,757 |
1.0% |
||||||
Total loans delinquent |
2,770 |
$ 82,390 |
1.4% |
3,542 |
$ 100,635 |
1.7% |
2,810 |
$ 124,465 |
2.1% |
3,501 |
$ 131,596 |
2.3% |
||||||
* - Represents delinquency, in dollars, divided by the respective total amount of that type of loan outstanding. |
||||||||||||||||||
|
||||||||||||||||
Loans by credit quality indicators as of |
||||||||||||||||
(Dollars in thousands) |
||||||||||||||||
Recorded |
||||||||||||||||
investment |
||||||||||||||||
Special |
in loans |
|||||||||||||||
Pass |
mention |
Substandard |
Doubtful |
Loss |
receivable |
|||||||||||
Personal Banking: |
||||||||||||||||
Residential mortgage loans |
$ 2,531,595 |
- |
10,851 |
- |
1,424 |
2,543,870 |
||||||||||
Home equity loans |
1,050,092 |
- |
5,647 |
- |
- |
1,055,739 |
||||||||||
Other consumer loans |
238,381 |
- |
1,575 |
- |
- |
239,956 |
||||||||||
Total Personal Banking |
3,820,068 |
- |
18,073 |
- |
1,424 |
3,839,565 |
||||||||||
Business Banking: |
||||||||||||||||
Commercial real estate loans |
1,671,331 |
43,874 |
141,369 |
- |
- |
1,856,574 |
||||||||||
Commercial loans |
305,632 |
22,651 |
31,243 |
9,199 |
- |
368,725 |
||||||||||
Total Business Banking |
1,976,963 |
66,525 |
172,612 |
9,199 |
- |
2,225,299 |
||||||||||
$ 5,797,031 |
66,525 |
190,685 |
9,199 |
1,424 |
6,064,864 |
|||||||||||
|
||||||||||||||||
Loans by credit quality indicators as of |
||||||||||||||||
(Dollars in thousands) |
||||||||||||||||
Recorded |
||||||||||||||||
investment |
||||||||||||||||
Special |
in loans |
|||||||||||||||
Pass |
mention |
Substandard |
Doubtful |
Loss |
receivable |
|||||||||||
Personal Banking: |
||||||||||||||||
Residential mortgage loans |
$ 2,507,269 |
- |
12,763 |
- |
1,424 |
2,521,456 |
||||||||||
Home equity loans |
1,059,525 |
- |
6,606 |
- |
- |
1,066,131 |
||||||||||
Other consumer loans |
240,947 |
- |
1,797 |
- |
- |
242,744 |
||||||||||
Total Personal Banking |
3,807,741 |
- |
21,166 |
- |
1,424 |
3,830,331 |
||||||||||
Business Banking: |
||||||||||||||||
Commercial real estate loans |
1,618,269 |
36,908 |
145,502 |
505 |
- |
1,801,184 |
||||||||||
Commercial loans |
286,234 |
23,690 |
46,280 |
2,172 |
- |
358,376 |
||||||||||
Total Business Banking |
1,904,503 |
60,598 |
191,782 |
2,677 |
- |
2,159,560 |
||||||||||
$ 5,712,244 |
60,598 |
212,948 |
2,677 |
1,424 |
5,989,891 |
|||||||||||
|
|||||||||||
Allowance for loan losses |
|||||||||||
(Dollars in thousands) |
|||||||||||
Quarter ended |
Year ended |
||||||||||
|
|
||||||||||
2015 |
2014 |
2014 |
2013 |
||||||||
Allowance for loan losses </td> | |||||||||||
Beginning balance |
$ 67,518 |
71,348 |
71,348 |
73,219 |
|||||||
Provision |
900 |
7,485 |
20,314 |
18,519 |
|||||||
Charge-offs residential mortgage |
(335) |
(459) |
(2,181) |
(2,501) |
|||||||
Charge-offs home equity |
(342) |
(372) |
(1,783) |
(2,239) |
|||||||
Charge-offs other consumer |
(1,940) |
(1,716) |
(6,423) |
(6,055) |
|||||||
Charge-offs commercial real estate |
(1,113) |
(932) |
(8,422) |
(10,042) |
|||||||
Charge-offs commercial |
(724) |
(770) |
(11,936) |
(5,007) |
|||||||
Recoveries |
3,334 |
1,650 |
6,601 |
5,454 |
|||||||
Ending balance |
$ 67,298 |
76,234 |
67,518 |
71,348 |
|||||||
Net charge-offs to average loans, annualized |
0.07% |
0.18% |
0.41% |
0.36% |
|||||||
|
|||||||
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.</p> |
|||||||
Quarter ended |
|||||||
2015 |
2014 |
||||||
Average |
Interest |
Avg. |
Average |
Interest |
Avg. |
||
Balance |
Yield/ |
Balance |
Yield/ |
||||
Cost (g) |
Cost (g) |
||||||
Assets: |
|||||||
Interest-earning assets: |
|||||||
Loans receivable (a) (b) (d) |
$ 6,019,250 |
71,182 |
4.80% |
$ 5,823,527 |
69,865 |
4.87% |
|
Mortgage-backed securities (c) |
506,778 |
2,234 |
1.76% |
621,146 |
2,793 |
1.80% |
|
Investment securities (c) (d) |
486,078 |
3,119 |
2.57% |
507,354 |
3,627 |
2.86% |
|
FHLB stock (h) |
36,139 |
363 |
4.07% |
43,715 |
275 |
2.55% |
|
Other interest-earning deposits |
246,296 |
139 |
0.23% |
351,615 |
200 |
0.23% |
|
Total interest-earning assets |
7,294,541 |
77,037 |
4.28% |
7,347,357 |
76,760 |
4.23% |
|
Noninterest earning assets (e) |
595,425 |
583,122 |
|||||
Total assets |
$ 7,889,966 |
$ 7,930,479 |
|||||
Liabilities and shareholders' equity: |
|||||||
Interest-bearing liabilities: |
|||||||
Savings deposits |
$ 1,231,745 |
813 |
0.27% |
$ 1,208,349 |
804 |
0.27% |
|
Interest-bearing demand deposits |
878,230 |
131 |
0.06% |
851,723 |
139 |
0.07% |
|
Money market deposit accounts |
1,165,159 |
765 |
0.27% |
1,173,957 |
782 |
0.27% |
|
Time deposits |
1,452,476 |
4,057 |
1.13% |
1,642,224 |
4,765 |
1.18% |
|
Borrowed funds (f) |
960,812 |
6,975 |
2.94% |
881,187 |
6,557 |
3.02% |
|
Junior subordinated debentures |
103,094 |
1,158 |
4.49% |
103,094 |
1,157 |
4.49% |
|
Total interest-bearing liabilities |
5,791,516 |
13,899 |
0.97% |
5,860,534 |
14,204 |
0.98% |
|
Noninterest-bearing demand deposits |
914,025 |
815,117 |
|||||
Noninterest bearing liabilities |
121,121 |
105,027 |
|||||
Total liabilities |
6,826,662 |
6,780,678 |
|||||
<br /> | |||||||
Shareholders' equity |
1,063,304 |
1,149,801 |
|||||
Total liabilities and shareholders' equity |
$ 7,889,966 |
$ 7,930,479 |
|||||
Net interest income/ Interest rate spread |
63,138 |
3.31% |
62,556 |
3.25% |
|||
Net interest-earning assets/ Net interest margin |
$ 1,503,025 |
3.51% |
$ 1,486,823 |
3.45% |
|||
Ratio of interest-earning assets to |
|||||||
interest-bearing liabilities |
1.26X |
1.25X |
|||||
(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) Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans - 4.76% and 4.83%, respectively, Investment securities - 1.97% |
|||||||
and 2.16%, respectively, Interest-earning assets - 4.21% and 4.15%, respectively. GAAP basis net interest rate spreads were 3.24% and |
|||||||
3.17%, respectively, and GAAP basis net interest margins were 3.44% and 3.37%, respectively. |
|||||||
(h) Excludes a |
|
|||||||
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 |
||||||
|
|
||||||
Average |
Interest |
Avg. |
Average |
Interest |
Avg. |
||
Balance |
Yield/ |
Balance |
Yield/ |
||||
Cost (g) |
Cost (g) |
||||||
Assets: |
|||||||
Interest-earning assets: |
|||||||
Loans receivable (a) (b) (d) |
$ 6,019,250 |
71,182 |
4.80% |
$ 5,961,303 |
71,669 |
4.77% |
|
Mortgage-backed securities (c) |
506,778 |
2,234 |
1.76% |
536,990 |
2,357 |
1.76% |
|
Investment securities (c) (d) |
486,078 |
3,119 |
2.57% |
495,554 |
3,289 |
2.65% |
|
FHLB stock (h) |
36,139 |
363 |
4.07% |
36,315 |
383 |
4.22% |
|
Other interest-earning deposits |
246,296 |
139 |
0.23% |
251,229 |
164 |
0.26% |
|
Total interest-earning assets |
7,294,541 |
77,037 |
4.28% |
7,281,391 |
77,862 |
4.28% |
|
Noninterest earning assets (e) |
595,425 |
546,946 |
|||||
Total assets |
$ 7,889,966 |
$ 7,828,337 |
|||||
Liabilities and shareholders' equity: |
|||||||
Interest-bearing liabilities: |
|||||||
Savings deposits |
$ 1,231,745 |
813 |
0.27% |
$ 1,209,117 |
828 |
0.27% |
|
Interest-bearing demand deposits |
878,230 |
131 |
0.06% |
884,542 |
147 |
0.07% |
|
Money market deposit accounts |
1,165,159 |
765 |
0.27% |
1,182,041 |
797 |
0.27% |
|
Time deposits |
1,452,476 |
4,057 |
1.13% |
1,506,526 |
4,334 |
1.14% |
|
|
960,812 |
6,975 |
2.94% |
894,509 |
6,694 |
2.97% |
|
Junior subordinated debentures |
103,094 |
1,158 |
4.49% |
103,094 |
1,182 |
4.49% |
|
Total interest-bearing liabilities |
5,791,516 |
13,899 |
0.97% |
5,779,829 |
13,982 |
0.96% |
|
Noninterest-bearing demand deposits |
914,025 |
897,082 |
|||||
Noninterest bearing liabilities |
121,121 |
79,850 |
|||||
Total liabilities |
6,826,662 |
6,756,761 |
|||||
Shareholders' equity |
1,063,304 |
1,071,576 |
|||||
Total liabilities and shareholders' equity |
$ 7,889,966 |
$ 7,828,337 |
|||||
Net interest income/ Interest rate spread |
63,138 |
3.31% |
63,880 |
3.32% |
|||
</td> | |||||||
Net interest-earning assets/ Net interest margin |
$ 1,503,025 |
3.51% |
$ 1,501,562 |
3.51% |
|||
Ratio of interest-earning assets to |
|||||||
interest-bearing liabilities |
1.26X |
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) Shown on a FTE basis. GAAP basis yields for the periods indicated were: Loans - 4.76% and 4.74%, respectively, Investment securities -1.97% |
|||||||
and 2.02%, respectively, Interest-earning assets - 4.21% and 4.21%, respectively. GAAP basis net interest rate spreads were 3.24% and |
|||||||
3.25%, respectively, and GAAP basis net interest margins were 3.44% and 3.44%, respectively. |
|||||||
(h) Excludes a |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/northwest-bancshares-inc-announces-first-quarter-2015-earnings-and-quarterly-dividend-300067925.html
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