Northwest Bancshares (NWBI) reported $139.14 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 0.1%. EPS of $0.26 for the same period compares to $0.31 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $140.8 million, representing a surprise of -1.18%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.26. While investors scrutinize revenue and earnings changes year-over-year and how they compare wit ...

Northwest Bancshares (NWBI) came out with quarterly earnings of $0.26 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this holding company for Northwest Savings Bank would post earnings of $0.23 per share when it actually produced earnings of $0.27, delivering a surprise of 17.39%. Over the last four quarters, the company has surpassed consensus EPS estimates ...

EXHIBIT 99.1 PRESS RELEASE OF NORTHWEST BANCSHARES, INC. EARNINGS RELEASE FOR IMMEDIATE RELEASE Contact: Louis J. Torchio, President and Chief Executive Officer Douglas M. Schosser, Chief Financial Officer (814) 726-2140 Northwest Bancshares, Inc. Announces Third Quarter 2024 net income of $34 million, or $0.26 per diluted share Net interest margin expands 13 basis points to 3.33%, inclusive of 4bps from an interest recovery Average deposits grew $10 million while cost of funds remained stable Noninterest e ...

Net interest margin expands 13 basis points to 3.33%, inclusive of 4bps from an interest recovery Average deposits grew $10 million while cost of funds remained stable Noninterest expense declines $2 million due to disciplined expense management 120th consecutive quarterly dividend of $0.20 per share declared COLUMBUS, Ohio, Oct. 29, 2024 /PRNewswire/ -- Northwest Bancshares, Inc., (the "Company"), (NasdaqGS: NWBI) announced net income for the quarter ended September 30, 2024 of $34 million, or $0.26 per di ...

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COLUMBUS, Ohio, Oct. 8, 2024 /PRNewswire/ -- Northwest Bancshares, Inc. (NASDAQ: NWBI) will host a conference call to review third-quarter 2024 financial results on Tuesday, October 29 at 9:00 a.m. (EDT). The results are scheduled to be released at approximately 7:30 a.m. (EDT). The live audio webcast and presentation slides will be available on www.northwest.com under Investor Relations, Events & Presentations. Northwest will notify the public that financial results have been issued through its social medi ...

Northwest Bancshares (NWBI) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. Indi ...

Financial Performance - Net interest income after provision for credit losses increased to $107,211 thousand for the quarter ended June 30, 2024, compared to $99,619 thousand for the same period in 2023, an increase of 7.99%[6] - Net income for the quarter ended June 30, 2024, was $4,747 thousand, a decrease of 85.64% compared to $33,044 thousand for the same quarter in 2023[6] - Basic earnings per share decreased to $0.04 for the quarter ended June 30, 2024, down from $0.26 in the same quarter of 2023[6] - Total comprehensive income for the quarter ended June 30, 2024, was $28,087,000, an increase of 25.5% from $22,316,000 in the same quarter of 2023[8] - For the six months ended June 30, 2024, net income was $33,910,000, down 49.1% from $66,723,000 for the same period in 2023[8] - The total comprehensive income for the six months ended June 30, 2024, was $53,318,000, a decrease of 22.3% from $68,630,000 for the same period in 2023[8] Asset and Liability Management - Total assets decreased to $14,385,553 thousand as of June 30, 2024, from $14,419,105 thousand at December 31, 2023, representing a decline of 0.23%[5] - Total liabilities decreased slightly to $12,828,955 thousand as of June 30, 2024, from $12,867,788 thousand at December 31, 2023, a decline of 0.30%[5] - Total deposits increased to $12,087,379 thousand as of June 30, 2024, from $11,979,902 thousand at December 31, 2023, marking a growth of 0.90%[5] - Total loans receivable increased to $11,354,364 thousand as of June 30, 2024, compared to $11,414,809 thousand as of December 31, 2023, reflecting a slight decrease of 0.5%[34] - Total shareholders' equity as of June 30, 2024, was $1,556,598,000, an increase from $1,511,501,000 at the end of June 30, 2023[10] Credit Quality and Losses - Provision for credit losses on loans was $2,169 thousand for the quarter ended June 30, 2024, compared to $6,010 thousand in the same quarter of 2023, indicating a decrease of 63.88%[6] - The allowance for credit losses stood at $125,070 thousand as of June 30, 2024, with a current period provision of $6,403 thousand[40] - Nonaccrual loans in Personal Banking totaled $18,264 million, with 90 days past due and accruing loans at 2,463[46] - Total loans 90 days or more past due decreased to $20,490,000 as of June 30, 2024, from $24,591,000 at December 31, 2023, reflecting improved asset quality[165] - Total nonperforming loans increased to $104,670,000 as of June 30, 2024, compared to $97,082,000 at December 31, 2023[165] Noninterest Income and Expenses - Noninterest income showed a loss of $8,849 thousand for the quarter ended June 30, 2024, compared to a gain of $29,797 thousand in the same quarter of 2023[6] - Total noninterest expense increased to $92,420 thousand for the quarter ended June 30, 2024, compared to $85,858 thousand in the same quarter of 2023, an increase of 7.63%[6] - Noninterest expense increased by $7 million, or 8%, to $54 million for the quarter ended June 30, 2024, from $48 million for the same quarter in 2023, primarily due to an increase in compensation and employee benefits[200] - For the six months ended June 30, 2024, noninterest expense increased by $9 million, or 5%, to $182 million from $173 million for the same period in 2023[202] Marketable Securities and Investments - Total marketable securities available-for-sale amounted to $1,202,354, with a fair value of $1,029,191 after accounting for gross unrealized losses of $(173,647)[21] - The company reported unrealized holding losses on marketable securities of $3,391,000 for the quarter ended June 30, 2024, compared to losses of $17,719,000 in the same quarter of 2023[8] - The company reported a fair value of $1,627,195 for available-for-sale investment securities, with total unrealized losses of $294,563[28] - The company reported a fair value of $1,418,730 for mortgage-backed securities - agency, with unrealized losses totaling $256,696[28] Loans and Financing - Personal Banking loans totaled $6,584,612 thousand as of June 30, 2024, down from $6,782,070 thousand at the end of 2023, representing a decrease of 2.9%[34] - Commercial Banking loans rose to $4,769,752 thousand as of June 30, 2024, compared to $4,632,739 thousand as of December 31, 2023, indicating an increase of 3.0%[34] - The company modified loans for borrowers in financial distress, with multiple types of concessions granted during the reporting period[53] - Total loans receivable as of June 30, 2024, amounted to $11,354,364 thousand, a decrease from $12,191,860 thousand in 2023, representing a decline of approximately 6.8%[74] Capital and Dividends - Cash dividends paid during the quarters ended June 30, 2024, and 2023 were $25 million, with a dividend payout ratio of 500.0% for June 30, 2024[163] - The company declared a cash dividend of $0.20 per share on July 18, 2024, marking the 119th consecutive quarter of cash dividends[163] - Total shareholders' equity remained stable at $1.6 billion, or $12.23 per share, with year-to-date earnings of $34 million[157] Future Outlook and Strategy - Future outlook includes a commitment to enhancing user data analytics and expanding market presence through targeted strategies and potential acquisitions[74] - The company continues to monitor and manage its loan portfolio effectively, with a strategic emphasis on reducing charge-offs and improving overall asset quality[74]

Financial Data and Key Metrics Changes - The company reported a net income of $5 million or $0.04 per diluted share, with adjusted EPS at $0.27, exceeding analyst consensus by $0.05 [77] - Net interest margin (NIM) improved to 320 basis points, a 10 basis point increase from the previous quarter, reflecting reduced borrowings and higher loan yields [65][62] - Non-interest income grew by 9% or $2.6 million quarter-over-quarter, excluding losses from securities restructuring [5][4] Business Line Data and Key Metrics Changes - Commercial and industrial loans grew by 3.2% since last quarter and 33.4% year-over-year, while residential mortgages declined by $143 million or 4.1% [79] - The average overall portfolio yield increased to 2.45%, up from 1.96% at the end of the first quarter [63] - The cost of deposits rose by 15 basis points to 1.76%, the lowest increase in five quarters [4] Market Data and Key Metrics Changes - The company experienced a 1.6% growth in deposits since the last quarter and a 5.8% increase year-over-year [4] - The commercial real estate (CRE) concentration ratio stood at 168% [35] - The allowance for loans coverage increased slightly to 1.10% with net charge-offs at just 7 basis points for the quarter [80] Company Strategy and Development Direction - The company is focused on organic growth and optimizing its operations while considering acquisitions in contiguous states [21][25] - New commercial lending verticals have been established, including sponsor finance and equipment finance, which are showing promising early results [59] - The company aims to maintain a disciplined approach to loan pricing and deposit management to support NIM expansion [67][62] Management's Comments on Operating Environment and Future Outlook - Management noted that credit performance remains strong despite a slight increase in nonperforming assets, indicating a stable overall credit quality [15] - The company anticipates low-single-digit loan growth and flat deposit levels, with a focus on managing deposit costs [67] - Management expressed confidence in the positive changes to the securities portfolio, expecting strong positioning for future quarters [60] Other Important Information - The company declared a quarterly dividend of $0.20 per share to shareholders of record as of August 2, 2024 [10] - The restructuring of the securities portfolio involved selling $314 million or 15% of the portfolio at a loss of $39.4 million, with reinvestments yielding an average of 6% [63][76] Q&A Session Summary Question: What are the expectations for loan growth and credit quality? - Management indicated that loan growth was muted due to a focus on improving loan yields, with expectations for low-single-digit growth in the commercial space [62][67] Question: Can you provide details on the securities restructuring impact? - The restructuring had a positive impact on NIM, with an anticipated incremental benefit of 4 to 5 basis points expected in Q3 [17][91] Question: What is the company's approach to M&A opportunities? - The company is actively considering acquisitions to expand into higher-growth markets while being selective to ensure strategic alignment [21][25] Question: How does the company plan to manage deposit costs? - Management plans to keep deposit maturities short and take advantage of opportunities to reprice as market rates decline [48][67] Question: What is the current status of the commercial loan portfolio? - The commercial loan portfolio is seeing a mix shift towards C&I loans, with a focus on maintaining adequate margins on new loans [64][79]

Second Quarter 2024 Earnings Conference Call July 23, 2024 Louis J. Torchio President and Chief Executive Officer Douglas M. Schosser Chief Financial Officer T.K. Creal Chief Credit Officer Jeffrey J. Maddigan Treasurer and Investor Relations Northwest Bancshares At-A-Glance | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------|--------------|-----------------------|-----------------------|-------|-------|-------| | For the quarter ended June 30, 2024 | FOUNDED 1896 | FINANCIAL ...