Core Points - The merger between Northwest Bancshares, Inc. and Penns Woods Bancorp, Inc. has been completed as of July 25, 2025, enhancing Northwest's banking presence in Pennsylvania [1][2] - Richard A. Grafmyre, the CEO of Penns Woods, has been appointed to the Board of Directors of Northwest and Northwest Bank following the merger [2] - The merger adds 21 branch locations to Northwest, bringing the total to 151 financial centers across Pennsylvania, New York, Ohio, and Indiana [2][3] - The former Jersey Shore State Bank and Luzerne Bank locations have been rebranded to Northwest Bank after a successful customer and data conversion [3] Company Overview - Northwest Bancshares, Inc. is headquartered in Columbus, Ohio, and operates as a full-service financial institution offering a range of banking products and services [7] - The company was founded in 1896 and currently operates 151 full-service financial centers and eleven drive-up facilities [7] - Northwest Bancshares, Inc.'s common stock is listed on the NASDAQ Global Select Market under the symbol NWBI [7]

Core Points - The company reported a net income of $43 million for the quarter ended March 31, 2025, an increase of $14 million from the same quarter last year and $11 million from the previous quarter [1][14][15] - Total revenue grew by 19% compared to the first quarter of 2024 [1] - The company declared a quarterly cash dividend of $0.20 per share, marking the 122nd consecutive quarter of dividend payments, with an annualized dividend yield of approximately 6.7% [3] Financial Performance - Adjusted net income (non-GAAP) increased to $44 million, or $0.35 per diluted share, driven by a $14 million increase in net interest income [2] - Annualized returns on average shareholders' equity and average assets for the quarter were 10.90% and 1.22%, respectively, compared to 7.57% and 0.81% for the same quarter last year [1][25] - Net interest income rose to $127.8 million, an increase of 11.9% from the previous quarter and 23.8% from the same quarter last year [6] Balance Sheet Highlights - Average loans receivable decreased by 0.3% from the previous quarter and 1.5% from the same quarter last year, primarily due to a decline in the personal banking portfolio [5][7] - Average deposits increased by 0.5% from the previous quarter and 1.7% from the same quarter last year, driven by growth in money market and savings account balances [5][7] - Total assets as of March 31, 2025, were $14.45 billion, a slight increase from $14.41 billion at the end of the previous quarter [20] Credit Quality - Nonperforming assets remained stable at 0.52% of total assets [1] - The total provision for credit losses was $8 million, a decrease of 52.2% from the previous quarter, reflecting growth in the commercial lending portfolio [9] - Classified loans increased to $279 million, or 2.49% of total loans, compared to 1.99% a year ago [10] Noninterest Income and Expenses - Total noninterest income decreased by 29.2% from the previous quarter, primarily due to a decline in other operating income [11] - Total noninterest expense was $91.7 million, a slight increase from the same quarter last year, driven by higher personnel expenses [12][13] - The efficiency ratio improved to 58.74%, down from 61.80% in the previous quarter [14] Strategic Outlook - The company is focused on executing its financial close and systems conversion for the Penns Woods acquisition by late July 2025 [4] - Management remains optimistic about the company's prospects, emphasizing cost control and risk management [4]