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目錄

美國

證券交易委員會

華盛頓特區20549

 表格 10-Q

 

☒依據1934年證券交易法第13或15(d)節的季度報告

截至2024年6月30日季度結束 2024年9月30日

 OR

☐根據1934年證券交易法第13或15(d)條的過渡報告

在過渡期間從                  到                 

委員會檔案編號 001-34582

 

北方銀行股份有限公司。

（依憑章程所載的完整登記名稱）

馬里蘭州。

27-0950358

(成立地或組織其他管轄區)

（聯邦稅號）

3 Easton Oval

500套房

哥倫布

俄亥俄

43219

（總部地址）

(郵遞區號)

 

(814) 726-2140

(註冊人電話號碼，包括區號)

N/A

(如與上次報告不同，列明前名稱、前地址及前財政年度)

根據法案第12(b)條登記的證券：

每種類別的名稱

交易標的

每個註冊交易所的名稱

普通股，面值0.01美元

NWBI

納斯達克股市有限責任公司

請以勾選標記來指示登記人（1）在過去12個月（或登記人需提交此類報告的更短期間）內已提交證券交易所法案第13或第15(d)條所需提交的所有報告，以及（2）過去90天一直受到此類報告要求的影響。 Yes ☒ 沒有 ☐

 

請勾選以下選項，以指示是否在過去12個月內（或在要求提交此類檔案的較短時段內）向交易所管理辦法S-t第405條規定的每個互動數據檔案進行了電子提交。
Yes ☒ 沒有 ☐

 

請用勾選標記指明註冊人是否為大型加速報告公司、加速報告公司、非加速報告公司、小型報告公司或新興成長公司。請參見《交易所法》第120億2條中對「大型加速報告公司」、「加速報告公司」、「小型報告公司」和「新興成長公司」的定義。

 

    ☒    大型加速歸檔人    ☐    加速歸檔人

    ☐    非加速遞交申報人    ☐    較小型報告公司

            ☐新興成長公司

如果一家新興成長型公司，請用勾選標記表示該申報人已選擇不使用根據證交所法案13(a)條款提供的任何新的或修訂過的財務會計準則的延長過渡期。 ☐

請用勾勾表示，登記者是否為殼公司（如交易所法令第120億2條所定義）。是 ☐ 否☒

 

根據最近可行日期，指示每個發行人普通股類別的流通股數：

普通股（面值$0.01）， 127,399,707 截至2024年10月31日的已發行股數。

---

目錄

北方銀行股份有限公司。

目錄 

第一部分

財務信息

項目 1。

基本報表

合併的基本報表於 九月 2024年1月30日及2023年12月31日（尚未審核）

1

合併的收入報表於該季度及 九 截至之月份 九月 2024年和2023年(未經查核)

2

本季度綜合收入的合併報表和 九 截至之月份 九月 2024年和2023年(未經查核)

3

合併的股東權益變動基本報表，針對該季度和 九個月 截至之月份 九月 2024年和2023年(未經查核)

4

截至基本報表日期之合併現金流量表： 九 截至之月份 九月 2024年和2023年(未經查核)

6

附註股東權益基本報表（未經審核）

7

項目2。

管理層對財務狀況和業績的討論與分析

43

項目3。

有關市場風險的定量和定性披露

60

項目4。

內部控制及程序

61

第二部分

其他資訊

項目 1。

法律訴訟

61

项目1A。

風險因素

61

項目2。

股票權益的未註冊銷售和資金用途

62

項目3。

優先證券違約

62

項目4。

礦業安全披露

62

项目5。

其他資訊

62

第6項。

展品

63

簽名

64

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目錄

項目 1。基本報表

 

北西銀行股份有限公司及其附屬公司

綜合財務狀況報表（未經審核）

(以千為單位，除每股數據外)

			2024年9月30日						2023年12月31日
資產
現金及現金等價物			$	226,883					122,260
可出售的可市場證券（攤銷成本為 $1,248,104 及1,240,003，分別為)			1,111,868						1,043,359
持有至到期的可市場證券（公允價值為 $672,641 及699,506，分別為)			766,772						814,839
現金及現金等價物和可轉換證券的總額			2,105,523						1,980,458
待售貸款			9,370						8,768
投資持有的貸款			11,295,188						11,406,041
信用損失準備			(125,813)						(125,243)
淨放款			11,178,745						11,289,566
FHLb股票，按成本計算			21,223						30,146
應計利息應收款			46,678						47,353
持有的房地產，淨額			76						104
場地和設備，淨值			126,391						138,838
銀行持有的壽險保險			255,324						251,895
商譽			380,997						380,997
其他無形資產淨值			3,363						5,290
其他資產			236,005						294,458
總資產			$	14,354,325					14,419,105
負債及股東權益
負債：
不收息的活期存款			$	2,581,769					2,669,023
帶利息的活期存款			2,676,779						2,634,546
貨幣市場存款帳戶			1,956,747						1,968,218
儲蓄存款			2,145,735						2,105,234
定期存款			2,710,049						2,602,881
總存款			12,071,079						11,979,902
借款資金			204,374						398,895
次順位債務			114,451						114,189
次級債券			129,769						129,574
借款人為稅款及保險所支付的預付款			24,700						45,253
應計利息應付			15,125						13,669
其他負債			203,502						186,306
總負債			12,763,000						12,867,788
股東權益：
優先股，面額$0.01，授權股數為5,000,000股，發行且流通股數為截至2024年6月30日和2023年12月31日之184,668,188股和181,364,180股。0.01 面值： 50,000,000 已授權， no 已發行的股份			—						—
0.010.01 面值： 500,000,000 授權股份數， 127,400,199 和 127,110,453 股份 已發行及流通，分別為			1,274						1,271
資本公積額額外增資			1,030,384						1,024,852
保留盈餘			665,845						674,686
累積其他全面損失			(106,178)						(149,492)
股東權益總額			1,591,325						1,551,317
負債總額及股東權益			$	14,354,325					14,419,105

請參閱未經審核的綜合財務報表附註。

1

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目錄

北西銀行股份有限公司及其附屬公司

綜合損益表（未經查核）

(以千為單位，除每股數據外) 

			截至9月30日的季度												截至9月30日的九個月
			2024						2023						2024						2023
利息收入：
應收貸款			$	156,413					140,667						459,938						397,136
抵押支持證券			10,908						8,072						28,278						24,935
應稅投資證券			842						786						2,364						2,472
免稅投資證券			512						491						1,460						1,858
聯邦房屋貸款銀行股票送轉			394						668						1,499						2,202
有息存款			2,312						914						4,935						1,931
利息收入總額			171,381						151,598						498,474						430,534
利息支出：
存入資金			54,198						31,688						154,638						64,743
借款資金			5,881						11,542						22,455						36,410
總利息費用			60,079						43,230						177,093						101,153
淨利息收入			111,302						108,368						321,381						329,381
信貸虧損準備 - 貸款			5,727						3,983						12,130						14,863
信貸損失之儲備/(獲益) - 未資助承諾			(852)						(2,981)						(4,190)						65
經資產減損準備後的淨利息收入			106,427						107,366						313,441						314,453
非利息收入：
出售投資的虧損			—						—						(39,413)						(8,306)
賣出抵押貸款服務權之收益			—						—						—						8,305
賣出SBA貸款之收益			667						301						2,997						1,412
服務費用和手續費			15,932						15,270						46,982						43,292
信託與其他金融服務收入			7,924						7,085						22,617						20,400
房地產淨擁有利益			105						29						649						922
銀行擁有人壽保險所得			1,434						4,561						4,307						7,134
按揭銀行收入			744						632						2,097						2,184
其他營業收益			1,027						3,010						6,711						9,311
總非利息收入			27,833						30,888						46,947						84,654
非利息支出:
薪酬和員工福利			56,186						51,243						161,257						145,497
場地和佔用成本			7,115						7,052						22,206						22,102
辦公室運營			2,811						3,398						9,397						9,208
收款費用			474						551						1,216						1,367
處理費用			14,570						14,672						43,990						43,670
市場推廣費用			2,004						2,379						6,563						8,127
聯邦存款保險費			2,763						2,341						8,651						6,628
專業服務			3,302						3,002						11,095						11,564
無形資產攤薄			590						795						1,926						2,546
擁有的房地產業支出			23						141						146						405
併購、資產處置和重組費用			43						—						2,913						4,395
其他支出			886						1,996						3,851						5,369
總非利息支出			90,767						87,570						273,211						260,878
稅前收入			43,493						50,684						87,177						138,229
聯邦和州所得稅費用			9,875						11,464						19,649						32,286
凈利潤			$	33,618					39,220						67,528						105,943
基本每股盈利			$	0.26					0.31						0.53						0.83
稀釋每股盈利			$	0.26					0.31						0.53						0.83

See accompanying notes to unaudited Consolidated Financial Statements.

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NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(in thousands)

			Quarter ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
Net income			$	33,618					39,220						67,528						105,943
Other comprehensive income/(loss) net of tax:
Net unrealized holding gains/(losses) on marketable securities:
Unrealized holding gains/(losses), net of tax of ($8,980), $9,140, ($7,054) and $9,603, respectively			27,947						(29,715)						18,858						(34,417)
Reclassification adjustment for losses included in net income, net of tax of $0, $0, ($7,706) and ($1,731), respectively			—						—						26,789						5,636
Net unrealized holding gains/(losses) on marketable securities			27,947						(29,715)						45,647						(28,781)
Change in fair value of interest rate swaps, net of tax of $1,068, ($533), $342 and ($1,041), respectively			(3,654)						1,825						(1,170)						3,562
Defined benefit plan:
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, net of tax of $148, $152, $442 and $456, respectively			(387)						(382)						(1,163)						(1,146)
Other comprehensive income/(loss)			23,906						(28,272)						43,314						(26,365)
Total comprehensive income			$	57,524					10,948						110,842						79,578

See accompanying notes to unaudited Consolidated Financial Statements.

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NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

(in thousands, expect share data) 

															Additional paid-in capital						Retained earnings						Accumulated other comprehensive income/(loss)												Total shareholders’ equity
			Common stock
Quarter ended September 30, 2024			Shares						Amount
Beginning balance at June 30, 2024			127,307,997						$	1,273					1,027,703						657,706						(130,084)												1,556,598
Comprehensive income:
Net income			—						—						—						33,618						—												33,618
Other comprehensive income, net of tax of ($7,764)			—						—						—						—						23,906												23,906
Total comprehensive income			—						—						—						33,618						23,906												57,524
Exercise of stock options			94,731						1						1,098						—						—												1,099
Stock-based compensation expense			9,928						—						1,583						—						—												1,583
Stock-based compensation forfeited			(12,457)						—						—						—						—												—
Dividends paid ($0.20 per share)			—						—						—						(25,479)						—												(25,479)
Ending balance at September 30, 2024			127,400,199						$	1,274					1,030,384						665,845						(106,178)												1,591,325

															Additional paid-in capital						Retained earnings						Accumulated other comprehensive loss												Total shareholders’ equity
			Common stock
Quarter ended September 30, 2023			Shares						Amount
Beginning balance at June 30, 2023			127,088,963						$	1,271					1,022,189						657,292						(169,251)												1,511,501
Comprehensive income:
Net income			—						—						—						39,220						—												39,220
Other comprehensive loss, net of tax of $8,759			—						—						—						—						(28,272)												(28,272)
Total comprehensive income/(loss)			—						—						—						39,220						(28,272)												10,948
Exercise of stock options			11,523						—						112						—						—												112
Stock-based compensation expense			1,779						—						1,290						—						—												1,290
Stock-based compensation forfeited			(916)						—						—						—						—												—
Dividends paid ($0.20 per share)			—						—						—						(25,420)						—												(25,420)
Ending balance at September 30, 2023			127,101,349						$	1,271					1,023,591						671,092						(197,523)												1,498,431

See accompanying notes to unaudited Consolidated Financial Statements.

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NORTHWEST BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

(in thousands, expect share data)

															Additional paid-in capital						Retained earnings						Accumulated other comprehensive income/(loss)												Total shareholders’ equity
			Common stock
Nine months ended September 30, 2024			Shares						Amount
Beginning balance at December 31, 2023			127,110,453						$	1,271					1,024,852						674,686						(149,492)												1,551,317
Comprehensive income:
Net income			—						—						—						67,528						—												67,528
Other comprehensive income, net of tax of ($13,976)			—						—						—						—						43,314												43,314
Total comprehensive income			—						—						—						67,528						43,314												110,842
Exercise of stock options			101,123						1						1,179						—						—												1,180
Stock-based compensation expense			213,906						2						4,353						—						—												4,355
Stock-based compensation forfeited			(25,283)						—						—						—						—												—
Dividends paid ($0.60 per share)			—						—						—						(76,369)						—												(76,369)
Ending balance at September 30, 2024			127,400,199						$	1,274					1,030,384						665,845						(106,178)												1,591,325

															Additional paid-in capital						Retained earnings						Accumulated other comprehensive income/(loss)												Total shareholders’ equity
			Common stock
Nine months ended September 30, 2023			Shares						Amount
Beginning balance at December 31, 2022			127,028,848						$	1,270					1,019,647						641,727						(171,158)												1,491,486
Comprehensive income:
Net income			—						—						—						105,943						—												105,943
Other comprehensive income, net of tax of $7,287			—						—						—						—						(26,365)												(26,365)
Total comprehensive income			—						—						—						105,943						(26,365)												79,578
Adoption of ASU No. 2022-02			—						—						—						(329)						—												(329)
Exercise of stock options			53,207						1						609						—						—												610
Stock-based compensation expense			75,554						1						3,334						—						—												3,335
Stock-based compensation forfeited			(56,260)						(1)						1						—						—												—
Dividends paid ($0.60 per share)			—						—						—						(76,249)						—												(76,249)
Ending balance at September 30, 2023			127,101,349						$	1,271					1,023,591						671,092						(197,523)												1,498,431

See accompanying notes to unaudited Consolidated Financial Statements.

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NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)

			Nine months ended September 30,
			2024						2023
Operating activities:
Net income			$	67,528					105,943
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			7,940						14,928
Loss on sale of investments			39,413						8,306
Net (gain)/loss on sale of assets			(5,646)						743
Mortgage banking activity			(2,616)						5,342
Gain on sale of SBA loans			(2,873)						(1,390)
Gain on sale of mortgage servicing rights			—						(8,305)
Net depreciation, amortization and accretion			18,113						16,473
Decrease/(increase) in other assets			44,932						(114,158)
Increase in other liabilities			19,721						15,617
Net amortization on marketable securities			754						2,438
Noncash compensation expense related to stock benefit plans			4,355						3,335
Noncash write-down of other assets			6,140						37
Deferred income tax expense			2,641						(3,610)
Origination of loans held-for-sale			(150,354)						(137,789)
Proceeds from sale of loans held-for-sale			154,594						139,819
Net cash provided by operating activities			204,642						47,729
Investing activities:
Purchase of marketable securities available-for-sale			(383,192)						(23,502)
Proceeds from maturities and principal reductions of marketable securities held-to-maturity			47,482						50,517
Proceeds from maturities and principal reductions of marketable securities available-for-sale			59,925						81,803
Proceeds from sale of marketable securities available-for-sale			275,585						101,229
Proceeds from bank-owned life insurance			874						2,798
Loan originations			(2,729,306)						(2,928,360)
Proceeds from sale of mortgage servicing rights			—						13,118
Proceeds from loan maturities and principal reductions			2,820,106						2,524,676
Net proceeds/(redemptions) of FHLB stock			8,923						(261)
Proceeds from sale of real estate owned			746						1,343
Purchases of premises and equipment, net			(2,076)						(1,617)
Net cash provided by/(used in) investing activities			99,067						(178,256)
Financing activities:
Net increase in deposits			91,177						325,334
Net decrease in short-term borrowings			(194,521)						(76,578)
Decrease in advances by borrowers for taxes and insurance			(20,553)						(19,960)
Cash dividends paid on common stock			(76,369)						(76,249)
Proceeds from stock options exercised			1,180						610
Net cash (used in)/provided by financing activities			(199,086)						153,157
Net increase in cash and cash equivalents			$	104,623					22,630
Cash and cash equivalents at beginning of period			$	122,260					139,365
Net increase in cash and cash equivalents			104,623						22,630
Cash and cash equivalents at end of period			$	226,883					161,995
Cash paid during the period for:
Interest on deposits and borrowings (including interest credited to deposit accounts of $81,238 and $56,021, respectively)			$	175,637					96,469
Income taxes			15,245						38,236
Non-cash activities:
Loan foreclosures and repossessions			$	3,259					2,844
Sale of real estate owned financed by the Company			—						70

See accompanying notes to unaudited Consolidated Financial Statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

(1)    Basis of Presentation and Informational Disclosures

 

Northwest Bancshares, Inc. (the “Company” or “NWBI”), a Maryland corporation headquartered in Columbus, Ohio, is a bank holding company regulated by the Board of Governors of the Federal Reserve System (“FRB”). The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest”). Northwest is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking. Northwest operates 141 community-banking offices throughout Pennsylvania, Western New York, Eastern Ohio, and Indiana.

 

The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiary, Northwest, and Northwest’s subsidiaries Northwest Capital Group, Inc., Great Northwest Corporation, and Mutual Federal Interest Company, Inc. The unaudited Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The Consolidated Financial Statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 updated, as required, for any new pronouncements or changes.

Certain items previously reported have been reclassified to conform to the current year’s reporting format.

The results of operations for the quarter ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any other period.

 

Recently Adopted Accounting Standards

In March 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-02, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." This ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Entities must make an accounting policy election to apply the proportional amortization method on a tax credit-program-by-tax-credit-program basis. The ASU’s amendments also remove the specialized guidance for low-income-housing tax credit ("LIHTC") investments that are not accounted for using the proportional amortization method and instead require that those LIHTC investments be accounted for using the guidance in other accounting standards. This guidance is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. This ASU is applied on a modified retrospective or retrospective basis with the amendments to remove the specialized guidance for LIHTCs also being able to be applied on a prospective basis. This guidance was adopted on January 1, 2024 and did not have a material impact to the Company's financial statements.

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(2)    Marketable Securities

 

The following table shows the portfolio of marketable securities available-for-sale at September 30, 2024 (in thousands):

			Amortized cost						Gross unrealized holding gains						Gross unrealized holding losses						Fair value
Debt issued by the U.S government and agencies:
Due after ten years			$	46,292					—						(8,497)						37,795
Debt issued by government-sponsored enterprises:
Due after one year through five years			136						—						(4)						132
Municipal securities:
Due after one year through five years			884						18						(2)						900
Due after five years through ten years			15,729						277						(1,382)						14,624
Due after ten years			52,244						288						(6,971)						45,561
Corporate debt issues:
Due after five years through ten years			25,396						307						(867)						24,836
Mortgage-backed securities:
Fixed rate pass-through			222,573						2,926						(12,641)						212,858
Variable rate pass-through			3,905						57						(4)						3,958
Fixed rate agency CMOs			835,445						3,801						(113,373)						725,873
Variable rate agency CMOs			45,500						44						(213)						45,331
Total mortgage-backed securities			1,107,423						6,828						(126,231)						988,020
Total marketable securities available-for-sale			$	1,248,104					7,718						(143,954)						1,111,868

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The following table shows the portfolio of marketable securities available-for-sale at December 31, 2023 (in thousands):

			Amortized cost						Gross unrealized holding gains						Gross unrealized holding losses						Fair value
Debt issued by the U.S. government and agencies:
Due after one year through five years			$	20,000					—						(1,135)						18,865
Due after ten years			49,383						—						(9,934)						39,449
Debt issued by government-sponsored enterprises:
Due after one year through five years			45,986						—						(5,763)						40,223
Due after five years through ten years			386						—						(12)						374
Municipal securities:
Due after one year through five years			4,279						22						(427)						3,874
Due after five years through ten years			20,725						—						(1,437)						19,288
Due after ten years			60,762						125						(8,580)						52,307
Corporate debt issues:
Due after five years through ten years			8,466						—						(778)						7,688
Mortgage-backed securities:
Fixed rate pass-through			209,069						27						(25,222)						183,874
Variable rate pass-through			7,140						11						(71)						7,080
Fixed rate agency CMOs			789,842						—						(143,055)						646,787
Variable rate agency CMOs			23,965						38						(453)						23,550
Total mortgage-backed securities			1,030,016						76						(168,801)						861,291
Total marketable securities available-for-sale			$	1,240,003					223						(196,867)						1,043,359

The following table shows the portfolio of marketable securities held-to-maturity at September 30, 2024 (in thousands):

			Amortized cost						Gross unrealized holding gains						Gross unrealized holding losses						Fair value
Debt issued by government-sponsored enterprises:
Due after one year through five years			$	109,460					—						(10,520)						98,940
Due after five years through ten years			15,000						—						(1,923)						13,077
Mortgage-backed securities:
Fixed rate pass-through			136,439						—						(16,184)						120,255
Variable rate pass-through			387						—						—						387
Fixed rate agency CMOs			504,957						—						(65,502)						439,455
Variable rate agency CMOs			529						—						(2)						527
Total mortgage-backed securities			642,312						—						(81,688)						560,624
Total marketable securities held-to-maturity			$	766,772					—						(94,131)						672,641

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The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2023 (in thousands): 

			Amortized cost						Gross unrealized holding gains						Gross unrealized holding losses						Fair value
Debt issued by government-sponsored enterprises:
Due after one year through five years			$	69,471					—						(8,100)						61,371
Due after five years through ten years			54,987						—						(8,700)						46,287
Mortgage-backed securities:
Fixed rate pass-through			147,874						—						(20,834)						127,040
Variable rate pass-through			449						1						—						450
Fixed rate agency CMOs			541,529						—						(77,694)						463,835
Variable rate agency CMOs			529						—						(6)						523
Total mortgage-backed securities			690,381						1						(98,534)						591,848
Total marketable securities held-to-maturity			$	814,839					1						(115,334)						699,506

The following table shows the contractual maturity of our mortgage-backed securities available-for-sale at September 30, 2024 (in thousands):

			Amortized cost						Fair value
Mortgage-backed securities:
Due within one year			$	42					43
Due after one year through five years			10,889						10,807
Due after five years through ten years			8,723						7,928
Due after ten years			1,087,769						969,242
Total mortgage-backed securities			$	1,107,423					988,020

The following table shows the contractual maturity of our mortgage-backed securities held-to-maturity at September 30, 2024 (in thousands):

			Amortized cost						Fair value
Mortgage-backed securities:
Due within one year			$	64					62
Due after one year through five years			19,983						18,219
Due after five years through ten years			20,192						17,088
Due after ten years			602,073						525,255
Total mortgage-backed securities			$	642,312					560,624

The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2024 (in thousands):

			Less than 12 months												12 months or more												Total
			Fair  value						Unrealized loss						Fair  value						Unrealized loss						Fair  value						Unrealized loss
U.S. government-sponsored enterprises			$	—					—						149,944						(20,944)						149,944						(20,944)
Municipal securities			—						—						41,002						(8,355)						41,002						(8,355)
Corporate issues			2,677						(92)						7,694						(775)						10,371						(867)
Mortgage-backed securities - agency			50,187						(174)						1,183,798						(207,745)						1,233,985						(207,919)
Total			$	52,864					(266)						1,382,438						(237,819)						1,435,302						(238,085)

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The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2023 (in thousands):

			Less than 12 months												12 months or more												Total
			Fair  value						Unrealized loss						Fair  value						Unrealized loss						Fair  value						Unrealized loss
U.S. government-sponsored enterprises			$	—					—						206,569						(33,644)						206,569						(33,644)
Corporate debt issues			—						—						7,688						(778)						7,688						(778)
Municipal securities			2,753						(81)						66,046						(10,363)						68,799						(10,444)
Mortgage-backed securities - agency			17,976						(242)						1,423,707						(267,093)						1,441,683						(267,335)
Total			$	20,729					(323)						1,704,010						(311,878)						1,724,739						(312,201)

 

The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position as of September 30, 2024, which were comprised of 325 individual securities, represent a credit loss impairment. All of these securities were issued by U.S. government agencies, U.S. government-sponsored enterprises, local municipalities, or represent corporate debt. The securities issued by the U.S. government agencies or U.S. government-sponsored enterprises are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The securities issued by local municipalities and the corporate debt issues were all highly rated by major rating agencies and have no history of credit losses. The unrealized losses were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities. As of September 30, 2024, the Company does not have the intent to sell these investment securities and it is more likely than not that we will not be required to sell these securities before their anticipated recovery, which may be at maturity.

All of the Company’s held-to-maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The decline in fair value of the held-to-maturity debt securities were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities, therefore, the Company did not record an allowance for credit losses for these securities as of September 30, 2024.

The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of September 30, 2024 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, and they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of September 30, 2024.

			AA+						Total
Held-to-maturity securities (at amortized cost):
Debt issued by the U.S. government-sponsored enterprises			$	124,460					124,460
Mortgage-backed securities			642,312						642,312
Total marketable securities held-to-maturity			$	766,772					766,772

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(3)    Loans Receivable

The following table shows a summary of our loans receivable at amortized cost basis at September 30, 2024 and December 31, 2023 (in thousands): 

			September 30, 2024																		December 31, 2023
			Originated (1)						Acquired (2)						Total						Originated (1)						Acquired (2)						Total
Personal Banking:
Residential mortgage loans (3)			$	3,128,027					130,131						3,258,158						3,283,299						144,886						3,428,185
Home equity loans			1,063,095						104,107						1,167,202						1,103,410						124,448						1,227,858
Vehicle loans			1,824,554						50,393						1,874,947						1,943,540						65,061						2,008,601
Consumer loans			95,406						27,679						123,085						111,446						5,980						117,426
Total Personal Banking			6,111,082						312,310						6,423,392						6,441,695						340,375						6,782,070
Commercial Banking:
Commercial real estate loans (4)			2,422,509						210,672						2,633,181						2,389,537						238,920						2,628,457
Commercial real estate loans - owner occupied			337,561						23,637						361,198						319,195						26,358						345,553
Commercial loans			1,881,643						5,144						1,886,787						1,623,481						35,248						1,658,729
Total Commercial Banking			4,641,713						239,453						4,881,166						4,332,213						300,526						4,632,739
Total loans receivable, gross			10,752,795						551,763						11,304,558						10,773,908						640,901						11,414,809
Allowance for credit losses			(120,883)						(4,930)						(125,813)						(118,079)						(7,164)						(125,243)
Total loans receivable, net (5)			$	10,631,912					546,833						11,178,745						10,655,829						633,737						11,289,566

(1) Includes originated and loan pools purchased in an asset acquisition.

(2) Includes loans subject to purchase accounting in a business combination.

(3) Includes $9 million of loans held-for-sale at September 30, 2024 and December 31, 2023.

(4) Includes $0 of loans held-for-sale at September 30, 2024 and December 31, 2023.

(5) Includes $60 million and $68 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at September 30, 2024 and December 31, 2023.

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The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended September 30, 2024 (in thousands):

			Balance as of September 30, 2024						Current period provision						Charge-offs						Recoveries												Balance as of June 30, 2024
Allowance for Credit Losses
Personal Banking:
Residential mortgage loans			$	13,553					(1,444)						(255)						253												14,999
Home equity loans			4,704						187						(890)						197												5,210
Vehicle loans			22,162						2,371						(2,064)						491												21,364
Consumer loans			1,869						1,327						(1,496)						370												1,668
Total Personal Banking			42,288						2,441						(4,705)						1,311												43,241
Commercial Banking:
Commercial real estate loans			48,613						(1,577)						(475)						106												50,559
Commercial real estate loans - owner occupied			3,849						223						—						11												3,615
Commercial loans			31,063						4,640						(1,580)						348												27,655
Total Commercial Banking			83,525						3,286						(2,055)						465												81,829
Total			$	125,813					5,727						(6,760)						1,776												125,070
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Residential mortgage loans			$	—					(1)						—						—												1
Home equity loans			59						(4)						—						—												63
Total Personal Banking			59						(5)						—						—												64
Commercial Banking:
Commercial real estate loans			3,407						(1,043)						—						—												4,450
Commercial real estate loans - owner occupied			159						8						—						—												151
Commercial loans			9,308						188						—						—												9,120
Total Commercial Banking			12,874						(847)						—						—												13,721
Total off-balance sheet exposure			$	12,933					(852)						—						—												13,785

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The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended September 30, 2023 (in thousands):

			Balance as of September 30, 2023						Current period provision						Charge-offs						Recoveries												Balance as of June 30, 2023
Allowance for Credit Losses
Personal Banking:
Residential mortgage loans			$	17,090					(370)						(171)						75												17,556
Home equity loans			5,044						201						(320)						161												5,002
Vehicle loans			27,226						984						(1,524)						483												27,283
Consumer loans			1,202						1,436						(1,561)						317												1,010
Total Personal Banking			50,562						2,251						(3,576)						1,036												50,851
Commercial Banking:
Commercial real estate loans			48,582						(1,110)						(484)						120												50,056
Commercial real estate loans - owner occupied			3,479						(30)						—						11												3,498
Commercial loans			22,218						2,872						(1,286)						614												20,018
Total Commercial Banking			74,279						1,732						(1,770)						745												73,572
Total			$	124,841					3,983						(5,346)						1,781												124,423
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Residential mortgage loans			$	3					(1)						—						—												4
Home equity loans			67						3						—						—												64
Total Personal Banking			70						2						—						—												68
Commercial Banking:
Commercial real estate loans			4,797						(2,858)						—						—												7,655
Commercial real estate loans - owner occupied			140						(180)						—						—												320
Commercial loans			7,971						55						—						—												7,916
Total Commercial Banking			12,908						(2,983)						—						—												15,891
Total off-balance sheet exposure			$	12,978					(2,981)						—						—												15,959

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The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2024 (in thousands):

			Balance September 30, 2024						Current period provision						Charge-offs						Recoveries												Balance December 31, 2023
Allowance for Credit Losses
Personal Banking:
Residential mortgage loans			$	13,553					(5,218)						(669)						1,247												18,193
Home equity loans			4,704						53						(1,539)						787												5,403
Vehicle loans			22,162						444						(6,578)						1,385												26,911
Consumer loans			1,869						3,610						(4,116)						1,176												1,199
Total Personal Banking			42,288						(1,111)						(12,902)						4,595												51,706
Commercial Banking:
Commercial real estate loans			48,613						(2,289)						(1,324)						959												51,267
Commercial real estate loans - owner occupied			3,849						42						—						32												3,775
Commercial loans			31,063						15,488						(4,062)						1,142												18,495
Total Commercial Banking			83,525						13,241						(5,386)						2,133												73,537
Total			$	125,813					12,130						(18,288)						6,728												125,243
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Residential mortgage loans			$	—					(2)						—						—												2
Home equity loans			59						(6)						—						—												65
Total Personal Banking			59						(8)						—						—												67
Commercial Banking:
Commercial real estate loans			3,407						(2,740)						—						—												6,147
Commercial real estate loans - owner occupied			159						(14)						—						—												173
Commercial loans			9,308						(1,428)						—						—												10,736
Total Commercial Banking			12,874						(4,182)						—						—												17,056
Total off-balance sheet exposure			$	12,933					(4,190)						—						—												17,123

    

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The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the nine months ended September 30, 2023 (in thousands):

			Balance September 30, 2023						Current period provision						Charge-offs						Recoveries						ASU 2022-02 Adoption						Balance December 31, 2022
Allowance for Credit Losses
Personal Banking:
Residential mortgage loans			$	17,090					(2,047)						(923)						799						—						19,261
Home equity loans			5,044						(705)						(719)						566						—						5,902
Vehicle loans			27,226						7,267						(4,731)						1,631						—						23,059
Consumer loans			1,202						3,463						(3,860)						934						—						665
Total Personal Banking			50,562						7,978						(10,233)						3,930						—						48,887
Commercial Banking:
Commercial real estate loans			48,582						3,587						(1,556)						1,619						426						44,506
Commercial real estate loans - owner occupied			3,479						(515)						(68)						58						—						4,004
Commercial loans			22,218						3,813						(3,360)						1,126						—						20,639
Total Commercial Banking			74,279						6,885						(4,984)						2,803						426						69,149
Total			$124,841						14,863						(15,217)						6,733						426						118,036
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Residential mortgage loans			3						(1)						—						—						—						4
Home equity loans			67						(7)						—						—						—						74
Total Personal Banking			70						(8)						—						—						—						78
Commercial Banking:
Commercial real estate loans			4,797						(578)						—						—						—						5,375
Commercial real estate loans - owner occupied			140						(239)						—						—						—						379
Commercial loans			7,971						890						—						—						—						7,081
Total Commercial Banking			12,908						73						—						—						—						12,835
Total off-balance sheet exposure			$	12,978					65						—						—						—						12,913

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The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at September 30, 2024 (in thousands):

			Total loans receivable						Allowance for credit losses						Nonaccrual loans						Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans			$	3,258,158					13,553						7,541						—
Home equity loans			1,167,202						4,704						4,041						—
Vehicle loans			1,874,947						22,162						5,009						—
Consumer loans			123,085						1,869						196						717
Total Personal Banking			6,423,392						42,288						16,787						717
Commercial Banking:
Commercial real estate loans			2,633,181						48,613						42,612						—
Commercial real estate loans - owner occupied			361,198						3,849						859						—
Commercial loans			1,886,787						31,063						16,570						328
Total Commercial Banking			4,881,166						83,525						60,041						328
Total			$	11,304,558					125,813						76,828						1,045

The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2023 (in thousands): 

			Total loans receivable						Allowance for credit losses						Nonaccrual loans						Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans			$	3,428,185					18,193						8,727						1,671
Home equity loans			1,227,858						5,403						4,492						26
Vehicle loans			2,008,601						26,911						4,816						44
Consumer loans			117,426						1,199						229						722
Total Personal Banking			6,782,070						51,706						18,264						2,463
Commercial Banking:
Commercial real estate loans			2,628,457						51,267						71,297						225
Commercial real estate loans - owner occupied			345,553						3,775						676						—
Commercial loans			1,658,729						18,495						4,147						10
Total Commercial Banking			4,632,739						73,537						76,120						235
Total			$	11,414,809					125,243						94,384						2,698

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We present the amortized cost of our loans on nonaccrual status including such loans with no allowance. The following table presents the amortized cost of our loans on nonaccrual status as of the beginning and end of the period ended September 30, 2024 (in thousands): 

									September 30, 2024
			Nonaccrual loans at January 1, 2024						Nonaccrual loans with an allowance						Nonaccrual loans with no allowance						Total nonaccrual loans at the end of the period						Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans			$	8,727					6,707						834						7,541						—
Home equity loans			4,492						3,900						141						4,041						—
Vehicle loans			4,816						4,024						985						5,009						—
Consumer loans			229						196						—						196						717
Total Personal Banking			18,264						14,827						1,960						16,787						717
Commercial Banking:
Commercial real estate loans			71,297						22,695						19,917						42,612						—
Commercial real estate loans - owner occupied			676						859						—						859						—
Commercial loans			4,147						16,408						162						16,570						328
Total Commercial Banking			76,120						39,962						20,079						60,041						328
Total			$	94,384					54,789						22,039						76,828						1,045

 

During the three and nine months ended September 30, 2024, we did not recognize any interest income on nonaccrual loans.

The following table presents the amortized cost of our loans on nonaccrual status as of the beginning and end of the year ended December 31, 2023 (in thousands): 

									December 31, 2023
			Nonaccrual loans at January 1, 2023						Nonaccrual loans with an allowance						Nonaccrual loans with no allowance						Total nonaccrual loans at the end of the period						Loans 90 days past due and accruing
Personal Banking:
Residential mortgage loans			$	7,574					8,304						423						8,727						1,671
Home equity loans			4,145						4,084						408						4,492						26
Vehicle loans			3,771						4,187						629						4,816						44
Consumer loans			256						229						—						229						722
Total Personal Banking			15,746						16,804						1,460						18,264						2,463
Commercial Banking:
Commercial real estate loans			62,239						47,359						23,938						71,297						225
Commercial real estate loans - owner occupied			624						676						—						676						—
Commercial loans			2,627						3,996						151						4,147						10
Total Commercial Banking			65,490						52,031						24,089						76,120						235
Total			$	81,236					68,835						25,549						94,384						2,698

 

During the year ended December 31, 2023, we did not recognize any interest income on nonaccrual loans.

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A loan is considered to be collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. The following table presents the amortized cost basis of collateral-dependent loans by class of loans and collateral type as of as of September 30, 2024 (in thousands):

			Real estate						Equipment						Other												Total
Commercial Banking:
Commercial real estate loans			$	36,268					—						—												36,268
Commercial loans			3,014						5,061						2,583												10,658
Total Commercial Banking			39,282						5,061						2,583												46,926
Total			$	39,282					5,061						2,583												46,926

 

The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2023 (in thousands):

			Real estate																		Total
Commercial Banking:
Commercial real estate loans			$	66,934																	66,934
Commercial loans			150																		150
Total Commercial Banking			67,084																		67,084
Total			$	67,084																	67,084

 

Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extensions, an other-than-insignificant payment delay, or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged off against the allowance for credit losses.

In some cases, the Company provides multiple types of concessions to one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension, principal forgiveness, an other-than-insignificant payment delay, and/or an interest rate reduction.

The following table presents the amortized cost basis of loans for the periods indicated that were both experiencing financial difficulty and modified during the respective period, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financial receivable is also presented below (dollars in thousands).

						For the quarter ended September 30,
						2024																																	2023
						Payment delay						Term extension																		Combination term extension and interest rate reduction						Total class of financing receivable																		Term extension																		Combination term extension and interest rate reduction						Total class of financing receivable
Personal Banking:
Residential mortgage loans						$	—					$	494																	—						0.02		%																192																		—						0.01		%
Home equity loans						—						29																		—						0.00		%																122																		85						0.02		%
Consumer loans						—						—																		11						0.01		%																—																		—						—		%
Total Personal Banking						—						523																		11						0.01		%																314																		85						0.01		%
Commercial Banking:
Commercial real estate loans						1,357						—																		—						0.05		%																—																		—						—		%
Commercial loans						—						35																		—						—		%																15																		—						—		%
Total Commercial Banking						1,357						35																		—						0.03		%																15																		—						—		%
Total						$	1,357					$	558																	11						0.02		%																329																		85						0.00		%

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									For the nine months ended September 30,
									2024																																										2023
									Payment delay						Term extension						Interest rate reduction												Combination term extension and interest rate reduction						Total class of financing receivable																		Term extension																		Combination term extension and interest rate reduction						Total class of financing receivable
Personal Banking:
Residential mortgage loans									$	—					979						—												—						0.03		%																450																		—						0.01		%
Home equity loans									—						551						—												84						0.05		%																283																		85						0.03		%
Consumer loans									—						—						—												13						0.01		%																—																		3						—		%
Total Personal Banking									—						1,530						—												97						0.03		%																733																		88						0.01		%
Commercial Banking:
Commercial real estate loans									1,628						202						—												—						0.07		%																197																		—						0.01		%
Commercial real estate loans - owner occupied									—						—						680												—						0.19		%																—																		—						—		%
Commercial loans									—						35						—												8						—		%																663																		—						0.04		%
Total Commercial Banking									1,628						237						680												8						0.05		%																860																		—						0.02		%
Total									$	1,628					1,767						680												105						0.04		%																1,593																		88						0.01		%

The following table presents the effect of the loan modifications presented above to borrowers experiencing financial difficulty for the periods indicated:

									For the quarter ended September 30,
									2024																		2023
									Weighted-average interest rate reduction						Weighted-average term extension in months						Weighted-average payment deferral in years						Weighted-average interest rate reduction						Weighted-average term extension in months
Personal Banking:
Residential mortgage loans									—		%				156						0						—		%				169
Home equity loans									—		%				105						0						5		%				112
Consumer loans									5		%				10						0						12		%				0
Total Personal Banking									5		%				151						0						17		%				140
Commercial Banking:
Commercial real estate loans									—		%				0						0.3						—		%				0
Commercial loans									—		%				6						0						—		%				23
Total Commercial Banking									—		%				6						0.3						—		%				23
Total loans									5		%				142						0.3						17		%				135

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									For the nine months ended September 30,
									2024																		2023
									Weighted-average interest rate reduction						Weighted-average term extension in months						Weighted-average payment deferral in years						Weighted-average interest rate reduction						Weighted-average term extension in months
Personal Banking:
Residential mortgage loans									—		%				151						0						—						149
Home equity loans									2		%				99						0						5		%				96
Consumer loans									6		%				66						0						12		%				356
Total Personal Banking									3		%				130						0						17		%				126
Commercial Banking:
Commercial real estate loans									—		%				117						0.5						—						25
Commercial real estate loans - owner occupied									2		%				0						0						—						0
Commercial loans									4		%				32						0						—						9
Total Commercial Banking									2		%				102						0.5						—						13
Total loans									2		%				126						0.5						17		%				68

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of loans modified within the previous twelve months of September 30, 2024 (in thousands):

															Current						30-59 days delinquent						60-89 days delinquent						90 days or greater delinquent
Personal Banking:
Residential mortgage loans															$	976					—						—						3
Home equity loans															525						13						9						88
Consumer loans															13						—						—						—
Total Personal Banking															1,514						13						9						91
Commercial Banking:
Commercial real estate loans															1,830						—						—						—
Commercial real estate loans - owner occupied															680						—						—						—
Commercial loans															43						—						—						—
Total Commercial Banking															2,553						—						—						—
Total loans															$	4,067					13						9						91

The following table presents the performance of loans modified since the adoption of ASU 2022-02 as of September 30, 2023 (in thousands):

															Current						30-59 days delinquent						60-89 days delinquent						90 days or greater delinquent
Personal Banking:
Residential mortgage loans															$	450					—						—						—
Home equity loans															368						—						—						—
Consumer loans															3						—						—						—
Total Personal Banking															821						—						—						—
Commercial Banking:
Commercial real estate loans															74						—						—						123
Commercial loans															—						15						—						648
Total Commercial Banking															74						15						—						771
Total loans															$	895					15						—						771

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A modification is considered to be in default when the loan is 90 days or more past due. The following table provides the amortized cost basis of financing receivables that had a payment default during the period ended September 30, 2024 and were modified within the previous twelve months to borrowers experiencing financial difficulty (in thousands):

															Term extension
Personal Banking:
Residential mortgage loans															$	3
Home equity loans															88
Total Personal Banking															91
Total															$	91

The following table provides the amortized cost basis of financing receivables that had a payment default during the period ended September 30, 2023 and were modified since the adoption of ASU 2022-02 to borrowers experiencing financial difficulty (in thousands):

															Term extension
Commercial Banking:
Commercial real estate loans															$	123
Commercial loans															648
Total Commercial Banking															771
Total															$	771

The modifications to borrowers experiencing financial distress are included in their respective portfolio segment and the current loan balance and updated loan terms are run through their respective ACL models to arrive at the quantitative portion of the ACL. Subsequent performance of the loans will be measured by delinquency status and will be captured through our ACL models or our qualitative factor assessment, as deemed appropriate. If we no longer believe the loan demonstrates similar risks to their respective portfolio segment an individual assessment will be performed. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

The following table provides information related to the amortized cost basis of loan payment delinquencies at September 30, 2024 (in thousands):

			30-59 days delinquent						60-89 days delinquent						90 days or greater delinquent						Total delinquency						Current						Total loans receivable						90 days or greater delinquent and accruing
Personal Banking:
Residential mortgage loans			$	685					9,027						5,370						15,082						3,243,076						3,258,158						—
Home equity loans			3,907						882						2,558						7,347						1,159,855						1,167,202						—
Vehicle loans			9,808						3,166						3,077						16,051						1,858,896						1,874,947						—
Consumer loans			969						434						906						2,309						120,776						123,085						717
Total Personal Banking			15,369						13,509						11,911						40,789						6,382,603						6,423,392						717
Commercial Banking:
Commercial real estate loans			5,919						7,643						6,167						19,729						2,613,452						2,633,181						—
Commercial real estate loans - owner occupied			—						—						—						—						361,198						361,198						—
Commercial loans			3,260						753						14,484						18,497						1,868,290						1,886,787						328
Total Commercial Banking			9,179						8,396						20,651						38,226						4,842,940						4,881,166						328
Total loans			$	24,548					21,905						32,562						79,015						11,225,543						11,304,558						1,045

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The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2023 (in thousands):

			30-59 days delinquent						60-89 days delinquent						90 days or greater delinquent						Total delinquency						Current						Total loans receivable						90 days or greater delinquent and accruing
Personal Banking:
Residential mortgage loans			$	30,041					7,796						7,995						45,832						3,382,353						3,428,185						1,671
Home equity loans			5,761						982						3,126						9,869						1,217,989						1,227,858						26
Vehicle loans			10,382						3,326						3,051						16,759						1,991,842						2,008,601						44
Consumer loans			829						428						927						2,184						115,242						117,426						722
Total Personal Banking			47,013						12,532						15,099						74,644						6,707,426						6,782,070						2,463
Commercial Banking:
Commercial real estate loans			2,010						1,031						6,535						9,576						2,618,881						2,628,457						225
Commercial real estate loans - owner occupied			1,194						—						177						1,371						344,182						345,553						—
Commercial loans			4,196						703						2,780						7,679						1,651,050						1,658,729						10
Total Commercial Banking			7,400						1,734						9,492						18,626						4,614,113						4,632,739						235
Total originated loans			$	54,413					14,266						24,591						93,270						11,321,539						11,414,809						2,698

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Credit Quality Indicators: For Commercial Banking we categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We analyze loans individually by classifying the loans by credit risk. Credit relationships greater than or equal to $1.0 million classified as special mention or substandard are reviewed quarterly for deterioration or improvement to determine if the loan is appropriately classified. We use the following definitions for risk ratings other than pass:

Special Mention — Loans designated as special mention have specific, well-defined risk issues, which create a high level of uncertainty regarding the long-term viability of the business. Loans in this class are considered to have high-risk characteristics. A special mention loan exhibits material negative financial trends due to company-specific or systemic conditions. If these potential weaknesses are not mitigated, they threaten the borrower’s capacity to meet its debt obligations. Special mention loans still demonstrate sufficient financial flexibility to react to and positively address the root cause of the adverse financial trends without significant deviations from their current business strategy. Their potential weaknesses deserve our close attention and warrant enhanced monitoring.

Substandard — Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.

Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified as substandard. In addition, those weaknesses make collection or liquidation in full highly questionable and improbable. A loan classified as doubtful exhibits discernible loss potential, but a complete loss seems very unlikely. The possibility of a loss on a doubtful loan is high, but because of certain important and reasonably specific pending factors that may strengthen the loan, its classification as an estimated loss is deferred until a more exact status can be determined.

 

Loss — Loans classified as loss are considered uncollectible and of such value that the continuance as a loan is not warranted. A loss classification does not mean that the loan has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off all or a portion of a basically worthless loan even though partial recovery may be possible in the future.

For Personal Banking loans a pass risk rating is maintained until they are 90 days or greater past due, and risk rating reclassification is based primarily on past due status of the loan. The risk rating categories can generally be described by the following groupings:

Pass — Loans classified as pass are homogeneous loans that are less than 90 days past due from the required payment date at month-end.

Substandard — Loans classified as substandard are homogeneous loans that are greater than 90 days past due from the required payment date at month-end, or homogenous retail loans that are greater than 180 days past due from the required payment date at month-end that has been written down to the value of underlying collateral, less costs to sell.

Doubtful — Loans classified as doubtful are homogeneous loans that are greater than 180 days past due from the required payment date at month-end and not written down to the value of underlying collateral. These loans are generally charged-off in the month in which the 180 day period elapses.

 

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The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator and the current period charge-offs by year of origination for each portfolio segment as of September 30, 2024 (in thousands):

			YTD September 30, 2024						2023						2022						2021						2020						Prior						Revolving loans						Revolving loans converted to term loans						Total loans receivable
Personal Banking:
Residential mortgage loans
Pass			$	23,970					195,945						638,920						759,324						478,181						1,150,387						—						—						3,246,727
Substandard			—						51						1,401						267						259						9,453						—						—						11,431
Total residential mortgage loans			23,970						195,996						640,321						759,591						478,440						1,159,840						—						—						3,258,158
Residential mortgage current period charge-offs			—						—						(262)						—						(113)						(294)						—						—						(669)
Home equity loans
Pass			22,491						61,170						89,615						92,832						129,272						248,594						474,033						44,944						1,162,951
Substandard			—						—						120						91						162						1,613						1,308						957						4,251
Total home equity loans			22,491						61,170						89,735						92,923						129,434						250,207						475,341						45,901						1,167,202
Home equity current period charge-offs			—						—						(41)						(2)						(197)						(411)						(557)						(331)						(1,539)
Vehicle loans
Pass			453,937						503,197						497,117						265,552						78,513						71,623						—						—						1,869,939
Substandard			157						1,086						1,717						1,276						307						465						—						—						5,008
Total vehicle loans			454,094						504,283						498,834						266,828						78,820						72,088						—						—						1,874,947
Vehicle current period charge-offs			(78)						(1,705)						(1,974)						(1,644)						(323)						(854)						—						—						(6,578)
Consumer loans
Pass			22,809						16,742						7,426						3,339						997						6,704						63,495						659						122,171
Substandard			3						61						25						8						—						14						722						81						914
Total consumer loans			22,812						16,803						7,451						3,347						997						6,718						64,217						740						123,085
Consumer loan current period charge-offs			(349)						(1,736)						(470)						(198)						(62)						(725)						(543)						(33)						(4,116)
Total Personal Banking			523,367						778,252						1,236,341						1,122,689						687,691						1,488,853						539,558						46,641						6,423,392
Commercial Banking:
Commercial real estate loans
Pass			133,296						240,845						481,825						261,936						293,395						871,032						24,784						23,890						2,331,003
Special mention			—						4,294						17,645						18,323						14,570						15,376						746						—						70,954
Substandard			—						6,902						41,510						48,625						21,533						112,403						175						76						231,224
Total commercial real estate loans			133,296						252,041						540,980						328,884						329,498						998,811						25,705						23,966						2,633,181
Commercial real estate current period charge-offs			—						—						(44)						(360)						—						(920)						—						—						(1,324)
Commercial real estate loans - owner occupied
Pass			52,440						13,999						28,641						46,102						12,138						148,673						1,991						—						303,984
Special mention			—						1,184						7,194						1,293						—						7,068						—						—						16,739
Substandard			—						12,865						875						—						4,595						18,679						751						2,710						40,475
Total commercial real estate loans - owner occupied			52,440						28,048						36,710						47,395						16,733						174,420						2,742						2,710						361,198
Commercial real estate - owner occupied current period charge-offs			—						—						—						—						—						—						—						—						—
Commercial loans
Pass			510,269						380,280						279,532						32,637						14,137						56,373						531,611						3,594						1,808,433
Special mention			7,434						26,726						4,180						652						271						100						11,255						1,096						51,714
Substandard			349						10,075						5,506						1,001						148						1,689						4,746						3,126						26,640
Total commercial loans			518,052						417,081						289,218						34,290						14,556						58,162						547,612						7,816						1,886,787
Commercial loans current period charge-offs			—						(170)						(2,777)						(115)						(226)						(627)						(119)						(28)						(4,062)
Total Commercial Banking			703,788						697,170						866,908						410,569						360,787						1,231,393						576,059						34,492						4,881,166
Total loans			$	1,227,155					1,475,422						2,103,249						1,533,258						1,048,478						2,720,246						1,115,617						81,133						11,304,558

For the nine months ended September 30, 2024, $13 million of revolving loans were converted to term loans.

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The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of December 31, 2023 (in thousands): 

			2023						2022						2021						2020						2019						Prior						Revolving loans						Revolving loans converted to term loans						Total loans receivable
Personal Banking:
Residential mortgage loans
Pass			$	186,081					665,379						792,488						506,068						244,678						1,019,152						—						—						3,413,846
Substandard			—						1,581						—						1,252						311						11,195						—						—						14,339
Total residential mortgage loans			186,081						666,960						792,488						507,320						244,989						1,030,347						—						—						3,428,185
Residential mortgage current period charge-offs			—						(9)						(5)						(130)						(23)						(1,023)						—						—						(1,189)
Home equity loans
Pass			71,497						100,639						106,043						146,121						94,144						197,259						463,868						43,526						1,223,097
Substandard			—						236						54						197						35						1,733						1,447						1,059						4,761
Total home equity loans			71,497						100,875						106,097						146,318						94,179						198,992						465,315						44,585						1,227,858
Home equity current period charge-offs			—						(53)						(46)						—						(48)						(352)						(144)						(209)						(852)
Vehicle loans
Pass			664,876						682,275						397,809						132,775						67,853						58,153						—						—						2,003,741
Substandard			646						1,418						1,453						299						556						488						—						—						4,860
Total vehicle loans			665,522						683,693						399,262						133,074						68,409						58,641						—						—						2,008,601
Vehicle current period charge-offs			(678)						(1,844)						(1,967)						(475)						(652)						(853)						—						—						(6,468)
Consumer loans
Pass			24,277						11,582						5,552						2,072						1,355						6,603						64,214						820						116,475
Substandard			55						43						19						6						6						46						726						50						951
Total consumer loans			24,332						11,625						5,571						2,078						1,361						6,649						64,940						870						117,426
Consumer loan current period charge-offs			(3,412)						(511)						(390)						(157)						(177)						(980)						(317)						(38)						(5,983)
Total Personal Banking			947,432						1,463,153						1,303,418						788,790						408,938						1,294,629						530,255						45,455						6,782,070
Commercial Banking:
Commercial real estate loans
Pass			223,335						470,762						303,873						332,620						228,382						745,244						27,583						24,804						2,356,603
Special Mention			2,819						24,735						27,871						5,365						4,053						38,665						711						—						104,219
Substandard			1,920						750						26,850						18,167						37,044						82,717						79						108						167,635
Total commercial real estate loans			228,074						496,247						358,594						356,152						269,479						866,626						28,373						24,912						2,628,457
Commercial real estate current period charge-offs			(14)						—						(492)						—						(51)						(1,741)						—						—						(2,298)
Commercial real estate loans - owner occupied
Pass			24,725						51,986						47,655						15,984						28,614						140,175						2,378						2,390						313,907
Special Mention			1,221						120						1,218						—						14,386						2,952						—						—						19,897
Substandard			—						—						118						1,666						4,646						4,641						—						678						11,749
Total commercial real estate loans - owner occupied			25,946						52,106						48,991						17,650						47,646						147,768						2,378						3,068						345,553
Commercial real estate - owner occupied current period charge-offs			—						—						—						—						—						(68)						—						—						(68)
Commercial loans
Pass			482,605						430,378						73,469						26,868						34,090						54,617						531,742						4,110						1,637,879
Special Mention			508						3,671						52						299						240						26						1,882						—						6,678
Substandard			—						3,015						872						356						2,361						840						4,729						1,999						14,172
Total commercial loans			483,113						437,064						74,393						27,523						36,691						55,483						538,353						6,109						1,658,729
Commercial loans current period charge-offs			(35)						(2,072)						(517)						(430)						(205)						(845)						(60)						(2)						(4,166)
Total Commercial Banking			737,133						985,417						481,978						401,325						353,816						1,069,877						569,104						34,089						4,632,739
Total loans			$	1,684,565					2,448,570						1,785,396						1,190,115						762,754						2,364,506						1,099,359						79,544						11,414,809

For the year ended December 31, 2023, $19 million of revolving loans were converted to term loans.

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(4)    Goodwill and Other Intangible Assets

 

The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands):

			September 30, 2024						December 31, 2023
Amortizable intangible assets:
Core deposit intangibles - gross			$	74,899					74,899
Less: accumulated amortization			(71,536)						(69,609)
Core deposit intangibles - net			$	3,363					5,290
Total intangible assets - net			$	3,363					5,290

The following table shows the actual aggregate amortization expense for the quarters ended September 30, 2024 and 2023, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the succeeding fiscal years until the intangible assets are fully amortized (in thousands):

For the quarter ended September 30, 2024			$	590
For the quarter ended September 30, 2023			795
For the nine months ended September 30, 2024			1,926
For the nine months ended September 30, 2023			2,546
For the year ending December 31, 2024			2,452
For the year ending December 31, 2025			1,662
For the year ending December 31, 2026			871
For the year ending December 31, 2027			304

 

The following table provides information for the changes in the carrying amount of goodwill (in thousands):

						Total
Balance at December 31, 2023						$	380,997
Balance at September 30, 2024						$	380,997

 

We performed our annual goodwill impairment test as of June 30, 2024 in accordance with Accounting Standards Codification ("ASC") 350, Intangibles - Goodwill and Other, and concluded that goodwill was not impaired.

(5)    Borrowed Funds

(a)    Borrowings

Borrowed funds at September 30, 2024 and December 31, 2023 are presented in the following table (dollars in thousands):

			September 30, 2024												December 31, 2023
			Amount						Average rate						Amount						Average rate
Term notes payable to the FHLB of Pittsburgh, due within one year			$	175,000					5.15		%				$	175,000					5.71		%
Notes payable to the FHLB of Pittsburgh, due within one year			—						—		%				163,500						5.70		%
Collateralized borrowings, due within one year			21,624						1.59		%				35,495						1.72		%
Collateral received, due within one year			7,750						5.72		%				24,900						5.26		%
Total borrowed funds			$	204,374											$	398,895

    

Borrowings from the Federal Home Loan Bank (“FHLB”) of Pittsburgh, if any, are secured by our residential first mortgage and other qualifying loans. At September 30, 2024, the carrying value of these loans was $5.8 billion. Certain of these borrowings are subject to restrictions or penalties in the event of prepayment.

The revolving line of credit with the FHLB of Pittsburgh carries a commitment of $250 million. The rate is adjusted daily by the FHLB of Pittsburgh, and any borrowings on this line may be repaid at any time without penalty. At September 30, 2024 there was no balance on the revolving line of credit, and at December 31, 2023 the balance was $164 million.

At September 30, 2024 and December 31, 2023, collateralized borrowings due within one year were $22 million and $35 million, respectively. These borrowings are collateralized by cash or various securities held in safekeeping by the FHLB. At September 30, 2024, the carrying value of the cash and securities used as collateral was $37 million.

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At September 30, 2024 and December 31, 2023, collateral received was $8 million and $25 million, respectively. This represents collateral posted to us from our derivative counterparties.

At September 30, 2024 and December 31, 2023, term notes payable to the FHLB of Pittsburgh due within one year were $175 million. The September 30, 2024 total is made up of seven advances: $25 million at 5.15% maturing October 28, 2024; $25 million at 5.09% maturing October 31, 2024; $25 million at 5.15% maturing November 8, 2024; $25 million at 5.16% maturing November 12, 2024; $25 million at 5.16% maturing November 12, 2024; $25 million at 5.17% maturing November 19, 2024; $25 million at 5.14% maturing November 29, 2024.

On September 9, 2020, the Company issued $125 million of 4.00% fixed-to-floating rate subordinated notes with a maturity date of September 15, 2030. The subordinated notes, which qualify as Tier 2 capital, bear interest at an annual rate of 4.00%, payable semi-annually in arrears commencing on March 15, 2021, and a floating rate of interest equivalent to the 3-month Secured Overnight Financing Rate (“SOFR”) plus 3.89% payable quarterly in arrears commencing on December 15, 2025. During the year ended December 31, 2023 the Company repurchased $10 million of subordinated notes leaving $115 million of subordinated notes outstanding. The subordinated debt issuance costs of approximately $2 million are being amortized over five years on a straight-line basis into interest expense. At September 30, 2024 and December 31, 2023, subordinated debentures, net of issuance costs, were $114 million. For the nine months ended September 30, 2024 and September 30, 2023 total interest expense paid on the subordinate notes was $4 million.

(b)    Trust Preferred Securities

The Company has seven statutory business trusts: Northwest Bancorp Capital Trust III, a Delaware statutory business trust, Northwest Bancorp Statutory Trust IV, a Connecticut statutory business trust, LNB Trust II, a Delaware statutory business trust, Union National Capital Trust I (“UNCT I”), a Delaware statutory business trust, Union National Capital Trust II (“UNCT II”), a Delaware statutory business trust, MFBC Statutory Trust I, a Delaware statutory trust, and Universal Preferred Trust, a Delaware statutory trust (the “Trusts”). The Trusts exist solely to issue preferred securities to third parties for cash, issue common securities to the Company in exchange for capitalization of the Trusts, invest the proceeds from the sale of trust securities in an equivalent amount of debentures of the Company, and engage in other activities that are incidental to those previously listed. 

The Trusts have invested the proceeds of the offerings in junior subordinated deferrable interest debentures issued by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. These subordinated debentures are the sole assets of the Trusts. As the shareholders of the trust preferred securities are the primary beneficiaries of the Trusts, the Trusts are not consolidated in our financial statements.

The following table sets forth a summary of the cumulative trust preferred securities and the junior subordinated debt held by the Trust as of the date listed (dollars in thousands).

									Maturity date						Interest rate												Capital debt securities						September 30, 2024						December 31, 2023
Northwest Bancorp Capital Trust III									December 30, 2035						3-month SOFR plus 1.38%												$	50,000					51,547						51,547
Northwest Bancorp Statutory Trust IV									December 15, 2035						3-month SOFR plus 1.38%												50,000						51,547						51,547
LNB Trust II									June 15, 2037						3-month SOFR plus 1.48%												7,875						8,119						8,119
Union National Capital Trust I (1)									January 23, 2034						3-month SOFR plus 2.85%												8,000						8,018						7,999
Union National Capital Trust II (1)									November 23, 2034						3-month SOFR plus 2.00%												3,000						2,816						2,796
MFBC Statutory Trust I (1)									September 15, 2035						3-month SOFR plus 1.70%												5,000						3,865						3,788
Universal Preferred Trust (1)									October 7, 2035						3-month SOFR plus 1.69%												5,000						3,857						3,778
																											$	128,875					129,769						129,574

(1) Net of discounts due to the fair value adjustment made at the time of acquisition.

Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We have the right to defer payment of interest on the subordinated debentures at any time, or from time-to-time, for periods not exceeding five years. If interest payments on the subordinated debentures are deferred, the distributions on the trust securities also are deferred. To date there have been no interest deferrals. Interest on the subordinated debentures and distributions on the trust securities is cumulative. Our obligation constitutes a full, irrevocable, and unconditional guarantee on a subordinated basis of the obligations of the trust under the preferred securities. For each of the nine month periods ended September 30, 2024 and September 30, 2023 total interest expense paid on trust preferred securities was $7 million.

 

The Trusts must redeem the preferred securities when the debentures are paid at maturity or upon an earlier redemption of the debentures to the extent the debentures are redeemed. All or part of the debentures may be redeemed at any time. Also, the debentures may be redeemed at any time if existing laws or regulations, or the interpretation or application of these laws or regulations, change causing:

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•the interest on the debentures to no longer be deductible by the Company for federal income tax purposes;

•the trusts to become subject to federal income tax or to certain other taxes or governmental charges;

•the trusts to register as an investment company; or

•the preferred securities to no longer qualify as Tier I capital. 

We may, at any time, dissolve any of the Trusts and distribute the debentures to the trust security holders, subject to receipt of any required regulatory approvals.

(6)    Guarantees

 

We issue standby letters of credit in the normal course of business. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. We are required to perform under a standby letter of credit when drawn upon by the guaranteed third party in the case of nonperformance by our customer. The credit risk associated with standby letters of credit is essentially the same as that involved in extending loans to customers and is subject to normal loan underwriting procedures. Collateral may be obtained based on management’s credit assessment of the customer. At September 30, 2024, the maximum potential amount of future payments we could be required to make under these non-recourse standby letters of credit was $58 million, of which $41 million is fully collateralized. At September 30, 2024, we had a liability which represents deferred income of $1 million related to the standby letters of credit.

In addition, we maintain a $20 million unsecured line of credit with a correspondent bank for private label credit card facilities for certain existing commercial clients of the Bank, of which $11 million in notional value of credit cards have been issued. These issued credit cards had an outstanding balance of $2 million at September 30, 2024. The clients of the Bank are responsible for repaying any balances due on these credit cards directly to the correspondent bank; however, if the customer fails to repay their balance, the Bank could be required to satisfy the obligation to correspondent bank and initiate collection from our customer as part of the existing credit facility of that customer.

(7)    Earnings Per Share

Basic earnings per common share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted EPS. The two-class method was used to determine basic EPS for the three months and nine months ended September 30, 2024 and basic and diluted EPS for the three and nine months ended September 30, 2023, and the treasury stock method was used to determine diluted earnings per share for the three months and nine months ended September 30, 2024.

The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts): 

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			Quarter ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
Numerator for earnings per share - Basic and Diluted:
Net income - treasury stock method - Basic and Diluted			$	33,618					39,220						67,528						105,943
Less: Dividends and undistributed earnings allocated to participating securities			43						99						86						267
Net income available to common shareholders - two class method - Basic and Diluted			$	33,575					39,121						67,442						105,676
Denominator for earnings per share - treasury stock method - Basic and Diluted
Weighted average common shares outstanding - Basic			127,206,579						126,767,507						127,015,478						126,629,786
Add: Potentially dilutive shares			507,932						234,139						553,536						373,605
Denominator for treasury stock method - Diluted			127,714,511						127,001,646						127,569,014						127,003,391
Denominator for earnings per share - two class method - Basic and Diluted:
Weighted average common shares outstanding - Basic			127,206,579						126,767,507						127,015,478						126,629,786
Add: Average participating shares outstanding			162,943						320,177						162,943						320,177
Denominator for two class method - Diluted			127,369,522						127,087,684						127,178,421						126,949,963
Basic earnings per share			$	0.26					0.31						0.53						0.83
Diluted earnings per share			$	0.26					0.31						0.53						0.83
Anti-dilutive awards (1)			2,195						2,832						2,369						2,832

(1) Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive.

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(8)    Pension and Other Post-Retirement Benefits

 

The following table sets forth the net periodic costs for the defined benefit pension plans and post-retirement healthcare plans for the periods indicated (in thousands):

			Quarter ended September 30,
			Pension benefits												Other post-retirement benefits
			2024						2023						2024						2023
Service cost			$	1,425					1,560						—						—
Interest cost			2,205						2,245						15						7
Expected return on plan assets			(3,776)						(3,479)						—						—
Amortization of prior service cost			(563)						(564)						—						—
Amortization of the net loss			18						20						10						10
Net periodic cost			$	(691)					(218)						25						17

			Nine months ended September 30,
			Pension benefits												Other post-retirement benefits
			2024						2023						2024						2023
Service cost			$	4,275					4,680						—						—
Interest cost			6,615						6,735						45						21
Expected return on plan assets			(11,328)						(10,437)						—						—
Amortization of prior service cost			(1,689)						(1,692)						—						—
Amortization of the net loss			54						60						30						30
Net periodic cost			$	(2,073)					(654)						75						51

Because of the current funding status, we do not anticipate a funding requirement during the year ending December 31, 2024.

(9)    Disclosures About Fair Value of Financial Instruments

 

We are required to disclose fair value information about financial instruments whether or not recognized in the Consolidated Statement of Financial Condition. Fair value information of certain financial instruments and all nonfinancial instruments is not required to be disclosed. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

Financial assets and liabilities recognized or disclosed at fair value on a recurring basis and certain financial assets and liabilities on a non-recurring basis are accounted for using a three-level hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. This hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest level input that has a significant impact on fair value measurement is used.

Financial assets and liabilities are categorized based upon the following characteristics or inputs to the valuation techniques:

•Level 1 - Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in actively traded markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities.

•Level 2 - Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets or liabilities that are actively traded. Level 2 also includes pricing models in which the inputs are corroborated by market data, for example, matrix pricing.

•Level 3 - Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include the following:

◦Quotes from brokers or other external sources that are not considered binding;

◦Quotes from brokers or other external sources where it cannot be determined that market participants would in fact transact for the asset or liability at the quoted price; and

◦Quotes and other information from brokers or other external sources where the inputs are not deemed observable.

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We are responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. We perform due diligence to understand the inputs used or how the data was calculated or derived. We also corroborate the reasonableness of external inputs in the valuation process.

The carrying amounts reported in the Consolidated Statement of Financial Condition approximate fair value for the following financial instruments: cash and cash equivalents, marketable securities available-for-sale, loans held-for-sale, accrued interest receivable, interest rate lock commitments, forward commitments, interest rate swaps, savings and checking deposits, foreign exchange swaps, risk participation agreements, and accrued interest payable.

Marketable Securities

 

Where available, market values are based on quoted market prices, dealer quotes, and prices obtained from independent pricing services.

 

Debt Securities — available-for-sale - Generally, debt securities are valued using pricing for similar securities, recently executed transactions and other pricing models utilizing observable inputs. The valuation for most debt securities is classified as Level 2. Securities within Level 2 include corporate bonds, municipal bonds, mortgage-backed securities and U.S. government obligations. Certain debt securities which were AAA rated at purchase do not have an active market, and as such we have used an alternative method to determine the fair value of these securities. The fair value has been determined using a discounted cash flow model using market assumptions, which generally include cash flow, collateral and other market assumptions. As such, securities which otherwise would have been classified as Level 2 securities if an active market for those assets or similar assets existed are included herein as Level 3 assets.

Debt Securities — held-to-maturity - The fair value of debt securities held-to-maturity is determined in the same manner as debt securities available-for-sale.

 

Loans Receivable

Loans with comparable characteristics including collateral and re-pricing structures are segregated for valuation purposes. Each loan pool is separately valued utilizing a discounted cash flow analysis. Projected monthly cash flows are discounted to present value using a market rate for comparable loans, which is not considered an exit price. Characteristics of comparable loans include remaining term, coupon interest, and estimated prepayment speeds. Delinquent loans are separately evaluated given the impact delinquency has on the projected future cash flow of the loan including the approximate discount or market rate, which is not considered an exit price.

Loans Held-for-Sale

The estimated fair value of loans held-for-sale is based on market bids obtained from potential buyers.

    

FHLB Stock

 

Due to the restrictions placed on transferability of FHLB stock, it is not practical to determine the fair value. FHLB stock is recorded at cost.

Deposit Liabilities

The estimated fair value of deposits with no stated maturity, which includes demand deposits, money market, and other savings accounts, is the amount payable on demand. Although market premiums paid for depository institutions reflect an additional value for these low-cost deposits, adjusting fair value for any value expected to be derived from retaining those deposits for a future period of time or from the benefit that results from the ability to fund interest-earning assets with these deposit liabilities is prohibited. The fair value estimates of deposit liabilities do not include the benefit that results from the low-cost funding provided by these deposits compared to the cost of borrowing funds in the market. Fair values for time deposits are estimated using a discounted cash flow calculation that applies contractual cost currently being offered in the existing portfolio to current market rates being offered locally for deposits of similar remaining maturities. The valuation adjustment for the portfolio consists of the present value of the difference of these two cash flows, discounted at the assumed market rate of the corresponding maturity.

Borrowed Funds

 

Fixed rate advances are valued by comparing their contractual cost to the prevailing market cost. The carrying amount of repurchase agreements approximates their fair value.

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Subordinated Debentures

The fair value of our subordinated debentures is calculated using the discounted cash flows at rates observable for other similarly traded liabilities.

Junior Subordinated Debentures

 

The fair value of junior subordinated debentures is calculated using the discounted cash flows at the prevailing rate of interest.

Interest Rate Lock Commitments and Forward Commitments

The fair value of interest rate lock commitments is based on the value of underlying loans held-for-sale which is based on quoted prices for similar loans in the secondary market. This value is then adjusted based on the probability of the loan closing (i.e., the “pull-through” amount, a significant unobservable input). The fair value of forward sale commitments is based on quoted prices from the secondary market based on the settlement date of the contracts.

Cash Flow Hedges, Interest Rate and Foreign Exchange Swap Agreements and Risk Participation Agreements

The fair value of interest rate swaps is based upon the present value of the expected future cash flows using the SOFR discount curve, the basis for the underlying interest rate. To price interest rate swaps, cash flows are first projected for each payment date using the fixed rate for the fixed side of the swap and the forward rates for the floating side of the swap. These swap cash flows are then discounted to time zero using SOFR zero-coupon interest rates. The sum of the present value of both legs is the fair market value of the interest rate swap. These valuations have been derived from our third party vendor’s proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions that we believe to be reasonable. The fair value of the foreign exchange swap is derived from proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions that we believe to be reasonable. Risk participation agreements are entered into when Northwest purchases a portion of a commercial loan that has an interest rate swap. Northwest assumes credit risk on its portion of the interest rate swap should the borrower fail to pay as agreed. The value of risk participation agreements is determined based on the value of the swap after considering the credit quality, probability of default, and loss given default of the borrower.

Off-Balance Sheet Financial Instruments

 

These financial instruments generally are not sold or traded, and estimated fair values are not readily available. However, the fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. Commitments to extend credit are generally short-term in nature and, if drawn upon, are issued under current market terms. At September 30, 2024 and December 31, 2023, there was no significant unrealized appreciation or depreciation on these financial instruments.

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The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at September 30, 2024 (in thousands): 

			Carrying amount						Estimated fair value						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents			$	226,883					226,883						226,883						—						—
Securities available-for-sale			1,111,868						1,111,868						—						1,111,868						—
Securities held-to-maturity			766,772						672,641						—						672,641						—
Loans receivable, net			11,169,375						10,494,023						—						—						10,494,023
Loans held-for-sale			9,370						9,370						—						—						9,370
Accrued interest receivable			46,678						46,678						46,678						—						—
Interest rate lock commitments			673						673						—						—						673
Forward commitments			115						115						—						115						—
Foreign exchange swaps			6						6						—						6						—
Interest rate swaps designated as hedging instruments			90						90						—						90						—
Interest rate swaps not designated as hedging instruments			31,761						31,761						—						31,761						—
FHLB stock			21,223						21,223						—						—						—
Total financial assets			$	13,384,814					12,615,331						273,561						1,816,481						10,504,066
Financial liabilities:
Savings and checking deposits			$	9,361,030					9,361,030						9,361,030						—						—
Time deposits			2,710,049						2,492,832						—						—						2,492,832
Borrowed funds			204,374						194,912						194,912						—						—
Subordinated debt			114,451						107,555						—						107,555						—
Junior subordinated debentures			129,769						120,054						—						—						120,054
Foreign exchange swaps			173						173						—						173						—
Interest rate swaps designated as hedging instruments			2,085						2,085						—						2,085						—
Interest rate swaps not designated as hedging instruments			31,924						31,924						—						31,924						—
Risk participation agreements			49						49						—						49						—
Accrued interest payable			15,125						15,125						15,125						—						—
Total financial liabilities			$	12,569,029					12,325,739						9,571,067						141,786						2,612,886

 

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The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2023 (in thousands): 

			Carrying amount						Estimated fair value						Level 1						Level 2						Level 3
Financial assets:
Cash and cash equivalents			$	122,260					122,260						122,260						—						—
Securities available-for-sale			1,043,359						1,043,359						—						1,043,359						—
Securities held-to-maturity			814,839						699,506						—						699,506						—
Loans receivable, net			11,280,798						10,274,593						—						—						10,274,593
Loans held-for-sale			8,768						8,768						—						—						8,768
Accrued interest receivable			47,353						47,353						47,353						—						—
Interest rate lock commitments			641						641						—						—						641
Forward commitments			12						12						—						12						—
Interest rate swaps designated as hedging instruments			713						713						—						713						—
Interest rate swaps not designated as hedging instruments			41,406						41,406						—						41,406						—
FHLB stock			30,146						30,146						—						—						—
Total financial assets			$	13,390,295					12,268,757						169,613						1,784,996						10,284,002
Financial liabilities:
Savings and checking accounts			$	9,377,021					9,377,021						9,377,021						—						—
Time deposits			2,602,881						2,113,177						—						—						2,113,177
Borrowed funds			398,895						386,446						386,446						—						—
Subordinated debt			114,189						109,471						—						109,471						—
Junior subordinated debentures			129,574						112,159						—						—						112,159
Foreign exchange swaps			291						291						—						291						—
Interest rate swaps designated as hedging instruments			1,198						1,198						—						1,198						—
Interest rate swaps not designated as hedging instruments			41,437						41,437						—						41,437						—
Risk participation agreements			14						14						—						14						—
Accrued interest payable			13,669						13,669						13,669						—						—
Total financial liabilities			$	12,679,169					12,154,883						9,777,136						152,411						2,225,336

Fair value estimates are made at a point-in-time, based on relevant market data and information about the instrument. The methods and assumptions detailed above were used in estimating the fair value of financial instruments at both September 30, 2024 and December 31, 2023.

     

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The following table represents assets and liabilities measured at fair value on a recurring basis at September 30, 2024 (in thousands):

			Level 1						Level 2						Level 3						Total assets  at fair value
Debt securities:
U.S. government and agencies			$	—					37,795						—						37,795
Government-sponsored enterprises			—						132						—						132
States and political subdivisions			—						61,085						—						61,085
Corporate			—						24,836						—						24,836
Total debt securities			—						123,848						—						123,848
Mortgage-backed securities:
GNMA			—						55,677						—						55,677
FNMA			—						65,222						—						65,222
FHLMC			—						95,913						—						95,913
Non-agency			—						4						—						4
Collateralized mortgage obligations:
GNMA			—						558,360						—						558,360
FNMA			—						78,304						—						78,304
FHLMC			—						134,540						—						134,540
Total mortgage-backed securities			—						988,020						—						988,020
Interest rate lock commitments			—						—						673						673
Forward commitments			—						115						—						115
Foreign exchange swaps			—						6						—						6
Interest rate swaps designated as hedging instruments			—						90						—						90
Interest rate swaps not designated as hedging instruments			—						31,761						—						31,761
Total assets			$	—					1,143,840						673						1,144,513
Foreign exchange swaps			$	—					173						—						173
Interest rate swaps designated as hedging instruments			—						2,085						—						2,085
Interest rate swaps not designated as hedging instruments			—						31,924						—						31,924
Risk participation agreements			—						49						—						49
Total liabilities			$	—					34,231						—						34,231

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The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2023 (in thousands):

			Level 1						Level 2						Level 3						Total assets  at fair value
Debt securities:
U.S. government and agencies			$	—					58,314						—						58,314
Government-sponsored enterprises			—						40,597						—						40,597
States and political subdivisions			—						75,469						—						75,469
Corporate			—						7,688						—						7,688
Total debt securities			—						182,068						—						182,068
Mortgage-backed securities:
GNMA			—						17,441						—						17,441
FNMA			—						102,678						—						102,678
FHLMC			—						70,830						—						70,830
Non-agency			—						5						—						5
Collateralized mortgage obligations:
GNMA			—						331,784						—						331,784
FNMA			—						148,892						—						148,892
FHLMC			—						189,661						—						189,661
Total mortgage-backed securities			—						861,291						—						861,291
Interest rate lock commitments			—						—						641						641
Forward commitments			—						12						—						12
Interest rate swaps designated as hedging instruments			—						713						—						713
Interest rate swaps not designated as hedging instruments			—						41,406						—						41,406
Total assets			$	—					1,085,490						641						1,086,131
Foreign exchange swaps			$	—					291						—						291
Interest rate swaps designated as hedging instruments			—						1,198						—						1,198
Interest rate swaps not designated as hedging instruments			—						41,437						—						41,437
Risk participation agreements			—						14						—						14
Total liabilities			$	—					42,940						—						42,940

The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands):

			For the quarter ended September 30,												For the nine months ended September 30,
			2024						2023						2024						2023
Beginning balance,			$	791					761						641						559
Interest rate lock commitments:
Net activity			(118)						(97)						32						105
Ending balance			$	673					664						673						664

Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans held-for-sale, loans individually assessed, real estate owned, and mortgage servicing rights.

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The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of September 30, 2024 (in thousands):

			Level 1						Level 2						Level 3						Total assets  at fair value
Loans individually assessed			$	—					—						14,949						14,949
Mortgage servicing rights			—						—						23						23
Real estate owned, net			—						—						76						76
Total assets			$	—					—						15,048						15,048

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2023 (in thousands): 

			Level 1						Level 2						Level 3						Total assets  at fair value
Loans individually assessed			$	—					—						36,747						36,747
Mortgage servicing rights			—						—						133						133
Real estate owned, net			—						—						104						104
Total assets			$	—					—						36,984						36,984

Individually Assessed Loans - A loan is considered to be individually assessed as described in Note 1(f) of the Notes to the Consolidated Financial Statements in Item 8 of Part II of our 2023 Annual Report on Form 10-K. We classify loans individually assessed as nonrecurring Level 3.

Mortgage servicing rights - Mortgage servicing rights represent the value of servicing residential mortgage loans, when the mortgage loans have been sold into the secondary market and the associated servicing has been retained. The value is determined through a discounted cash flow analysis, which uses interest rates, prepayment speeds and delinquency rate assumptions as inputs. All of these assumptions require a significant degree of management judgment. Servicing rights and the related mortgage loans are segregated into categories or homogeneous pools based upon common characteristics. Adjustments are only made when the estimated discounted future cash flows are less than the carrying value, as determined by individual pool. As such, mortgage servicing rights are classified as nonrecurring Level 3.

Real Estate Owned - Real estate owned is comprised of property acquired through foreclosure or voluntarily conveyed by borrowers. These assets are recorded on the date acquired at the lower of the related loan balance or fair value, less estimated disposition costs, with the fair value being determined by appraisal. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or fair value, less estimated disposition costs. We classify real estate owned as nonrecurring Level 3. 

The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at September 30, 2024 (in thousands): 

Fair value

Valuation techniques

Significant unobservable inputs

Range  (weighted average)

Loans individually assessed

$

14,949

Appraisal value (1)

Estimated cost to sell

10%

Mortgage servicing rights

23

Discounted cash flow

Annual service cost

$88

Prepayment rate

6.5% to 18.7% (11.0%)

Expected life (months)

50.3 to 101.9 (70.5)

Option adjusted spread

725 basis points

Forward yield curve

5.31% to 4.50%

Real estate owned, net

76

Appraisal value (1)

Estimated cost to sell

10%

Loans held for sale

9,370

Quoted prices for similar loans in active markets adjusted by an expected pull-through rate

Estimated pull-through rate

100%

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent.

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(10)    Derivative Financial Instruments

 

We are a party to derivative financial instruments in the normal course of business to manage our own exposure to fluctuations in interest rates and to meet the needs of our customers. The primary derivatives that we use are interest rate swaps and caps and foreign exchange contracts, which are entered into with counterparties that meet established credit standards. We believe that the credit risk inherent in all of our derivative contracts is minimal based on our credit standards and the netting and collateral provisions of the interest rate swap agreements.

Derivatives Designated as Hedging Instruments

During the year ended December 31, 2023 the Company entered into seven separate pay-fixed interest rate swaps in order to synthetically convert short-term three month FHLB advances to fixed-rate term funding with an aggregate value of $175 million with maturities ranging from three to five years. Our risk management objective and strategy for these interest rate swaps at such time was to reduce our exposure to variability in interest-related cash outflows attributable to changes in the USD-SOFR swap rate, the designated benchmark interest rate being hedged. Based upon our contemporaneous quantitative analysis at the inception of the interest rate swaps, we have determined these interest rate swaps qualify for hedge accounting in accordance with ASC 815, Derivatives and Hedging. Our cash flow hedges are recorded within other assets on the Consolidated Statement of Financial Condition at their estimated fair value.

As long as the hedge remains highly effective, the changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. A hedging relationship that is determined to not be highly effective no longer qualifies for hedge accounting and any gain or loss is recognized immediately into earnings. Amount reclassified into earnings are included in interest expense in the Consolidated Statement of Income.

Derivatives Not Designated as Hedging Instruments

We act as an interest rate or foreign exchange swap counterparty for certain commercial borrowers in the normal course of servicing our customers, which are accounted for at fair value. We manage our exposure to such interest rate or foreign exchange swaps by entering into corresponding and offsetting interest rate swaps with third parties that mirror the terms of the swaps we have with the commercial borrowers. These positions (referred to as “customer swaps”) directly offset each other and our exposure is the fair value of the derivatives due to changes in credit risk of our commercial borrowers and third parties. Customer swaps are recorded within other assets or other liabilities on the Consolidated Statement of Financial Condition at their estimated fair value. Changes to the fair value of assets and liabilities arising from these derivatives are included, net, in other operating income in the Consolidated Statement of Income.

    

We enter into interest rate lock commitments for residential mortgage loans which commit us to lend funds to a potential borrower at a specific interest rate within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that will be held-for-sale are considered derivative financial instruments under applicable accounting guidance. Interest rate lock commitments on loans held-for-sale are carried at fair value in other assets on the Consolidated Statement of Financial Condition. Northwest sells loans to the secondary market on a mandatory or best efforts basis. The loans sold on a mandatory basis commit us to deliver a specific principal amount of mortgage loans to an investor at a specified price, by a specified date, or the commitment must be paired off. These forward commitments entered into on a mandatory delivery basis meet the definition of a derivative financial instrument. All closed loans to be sold on a mandatory delivery basis are classified as held-for-sale on the Consolidated Statement of Financial Condition. Changes to the fair value of the interest rate lock commitments and the forward commitments are recorded in mortgage banking income in the Consolidated Statements of Income.

We enter into risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. These risk participation agreements are recorded within other liabilities on the Consolidated Statement of Financial Condition at their estimated fair value. Changes to the fair value of the the risk participation agreements are included in other operating income in the Consolidated Statement of Income.

    

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The following table presents information regarding our derivative financial instruments at the dates indicated (in thousands):

			Asset derivatives												Liability derivatives
			Notional amount						Fair value						Notional amount						Fair value
At September 30, 2024
Derivatives designated as hedging instruments:
Interest rate swap agreements			$	50,000					90						125,000						2,085
Derivatives not designated as hedging instruments:
Interest rate swap agreements			748,903						31,761						748,903						31,924
Foreign exchange swap agreements			2,987						6						119						173
Interest rate lock commitments			27,536						673						—						—
Forward commitments			4,514						115						—						—
Risk participation agreements			—						—						137,126						49
Total Derivatives			$	833,940					32,645						1,011,148						34,231
At December 31, 2023
Derivatives designated as hedging instruments:
Interest rate swap agreements			$	75,000					713						100,000						1,198
Derivatives not designated as hedging instruments:
Interest rate swap agreements			725,139						41,406						725,139						41,437
Foreign exchange swap agreements			—						—						12,278						291
Interest rate lock commitments			21,857						641						—						—
Forward commitments			281						12						—						—
Risk participation agreements			—						—						101,727						14
Total derivatives			$	822,277					42,772						939,144						42,940

The following table presents income or expense recognized on derivatives for the periods indicated (in thousands):

			For the quarter ended September 30,												For the nine months ended September 30,
			2024						2023						2024						2023
Hedging derivatives:
Decrease in interest expense			$	732					627						2,198						831
Non-hedging swap derivatives:
(Decrease)/increase in other income			(221)						203						(45)						(127)
(Decrease)/increase in mortgage banking income			(73)						(221)						135						(46)

The following table presents information regarding our derivative financial instruments designated as hedging for the quarter ended September 30, 2024 (dollars in thousands):

			Notional amount						Effective rate						Estimated decrease to interest expense in the next twelve months						Maturity date						Remaining term (in months)
Interest rate products:
Issued May 11, 2023			$	25,000					3.51		%				$	(462)					5/11/2027						31
Issued May 12, 2023			25,000						3.56		%				(450)						5/12/2028						43
Issued May 19, 2023			25,000						3.86		%				(377)						11/19/2027						38
Issued May 31, 2023			25,000						4.04		%				(326)						11/30/2026						26
Issued July 26, 2023			25,000						4.24		%				(271)						7/26/2028						46
Issued July 31, 2023			25,000						4.27		%				(249)						1/31/2028						40
Issued August 9, 2023			25,000						4.31		%				(254)						8/9/2027						34
Total			$	175,000											$	(2,389)

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(11)    Legal Proceedings

We establish accruals for legal proceedings when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. As of September 30, 2024, we do not anticipate that the aggregate ultimate liability arising out of any pending or threatened legal proceedings will be material to our Consolidated Financial Statements. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances. Due to the inherent subjectivity of assessments and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate loss to us from legal proceedings.

(12)    Changes in Accumulated Other Comprehensive Income

 

The following tables show the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): 

			For the quarter ended September 30, 2024
			Unrealized  losses on securities  available-for-sale						Change in  fair value  of interest  rate swaps						Change in  defined benefit  pension plans						Total
Balance as of June 30, 2024			$	(132,959)					2,110						765						(130,084)
Other comprehensive/(loss) income before reclassification adjustments (1) (3)			27,947						(3,654)						—						24,293
Amounts reclassified from accumulated other comprehensive income (2) (4)			—						—						(387)						(387)
Net other comprehensive income/(loss)			27,947						(3,654)						(387)						23,906
Balance as of September 30, 2024			$	(105,012)					(1,544)						378						(106,178)

			For the quarter ended September 30, 2023
			Unrealized  losses on securities  available-for-sale						Change in  fair value  of interest  rate swaps						Change in  defined benefit  pension plans						Total
Balance as of June 30, 2023			$	(163,272)					1,737						(7,716)						(169,251)
Other comprehensive (loss)/income before reclassification adjustments (5) (7)			(29,715)						1,825						—						(27,890)
Amounts reclassified from accumulated other comprehensive income (6) (8)			—						—						(382)						(382)
Net other comprehensive income/(loss)			(29,715)						1,825						(382)						(28,272)
Balance as of September 30, 2023			$	(192,987)					3,562						(8,098)						(197,523)

(1)Consists of unrealized holding gains, net of tax of ($8,980).

(2)Consists of realized losses, net of tax of $0.

(3)Change in fair value of interest rate swaps, net of tax $1,068.

(4)Consists of realized gains, net of tax of $148.

(5)Consists of unrealized holding losses, net of tax of $9,140.

(6)Consists of realized losses, net of tax of $0.

(7)Change in fair value of interest rate swaps, net of tax ($533).

(8)Consists of realized gains, net of tax of $152.

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			For the nine months ended September 30, 2024
			Unrealized  losses on securities  available-for-sale						Change in  fair value  of interest  rate swaps						Change in  defined benefit  pension plans						Total
Balance as of December 31, 2023			$	(150,659)					(374)						1,541						(149,492)
Other comprehensive income/(loss) before reclassification adjustments (1) (3)			18,858						(1,170)						—						17,688
Amounts reclassified from accumulated other comprehensive income (2) (4)			26,789						—						(1,163)						25,626
Net other comprehensive income/(loss)			45,647						(1,170)						(1,163)						43,314
Balance as of September 30, 2024			$	(105,012)					(1,544)						378						(106,178)

			For the nine months ended September 30, 2023
			Unrealized  losses  on securities  available-for-sale						Change in  fair value  of interest  rate swaps						Change in  defined benefit  pension plans						Total
Balance as of December 31, 2022			$	(164,206)					—						(6,952)						(171,158)
Other comprehensive loss before reclassification adjustments (5) (7)			(34,417)						3,562						—						(30,855)
Amounts reclassified from accumulated other comprehensive income (6) (8)			5,636						—						(1,146)						4,490
Net other comprehensive loss			(28,781)						3,562						(1,146)						(26,365)
Balance as of September 30, 2023			$	(192,987)					3,562						(8,098)						(197,523)

(1)Consists of unrealized holding gains, net of tax of ($7,054).

(2)Consists of realized losses, net of tax of ($7,706).

(3)Change in fair value of interest rate swaps, net of tax $342.

(4)Consists of realized gains, net of tax of $442.

(5)Consists of unrealized holding losses, net of tax $9,603.

(6)Consists of realized losses, net of tax ($1,731).

(7)Change in fair value of interest rate swaps, net of tax ($1,041).

(8)Consists of realized gains, net of tax of $456.

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Item 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Forward-Looking Statements

 

In addition to historical information, this document may contain certain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, as they reflect management’s analysis only as of the date of this report. We have no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this report.

     Important factors that might cause such a difference include, but are not limited to:

 

•    inflation and changes in the interest rate environment that reduce our margins, our loan origination, or the fair value of financial instruments;     

•    changes in asset quality, including increases in default rates on loans and higher levels of nonperforming loans and loan charge-offs generally;

•    changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;

•    changes in federal, state, or local tax laws and tax rates;

•    general economic conditions, either nationally or in our market areas, that are different than expected, including inflationary or recessionary pressures;

•    adverse changes in the securities and credit markets;

•    cyber-security concerns, including an interruption or breach in the security of our website or other information systems;

•    technological changes that may be more difficult or expensive than expected;

•    changes in liquidity, including the size and composition of our deposit portfolio, and the percentage of uninsured deposits in the portfolio;

•    the ability of third-party providers to perform their obligations to us;

•    competition among depository and other financial institutions, including with respect to deposit gathering, service charges and fees;

•    our ability to enter new markets successfully and capitalize on growth opportunities;

•    our ability to manage our growth internally and our ability to successfully integrate acquired entities, businesses or branch offices;

•    changes in consumer spending, borrowing and savings habits;

•    our ability to continue to increase and manage our commercial and personal loans;

•    possible impairments of securities held by us, including those issued by government entities and government sponsored enterprises;

•    changes in the value of our goodwill or other intangible assets;

•    the impact of the economy on our loan portfolio (including cash flow and collateral values), investment portfolio, customers and capital market activities;

•    our ability to receive regulatory approvals for proposed transactions or new lines of business;

•    the effects of any federal government shutdown or the inability of the federal government to manage debt limits;

•    changes in the financial performance and/or condition of our borrowers;

•    the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (“FASB”) and other accounting standard setters;

•    changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses;

•    our ability to access cost-effective funding;

•    the effect of global or national war, conflict, or terrorism;

•    our ability to manage market risk, credit risk and operational risk;

•    the disruption to local, regional, national and global economic activity caused by infectious disease outbreaks, and the significant impact that any such outbreaks may have on our growth, operations and earnings;

•     the effects of natural disasters and extreme weather events;

•     changes in our ability to continue to pay dividends, either at current rates or at all;

•    our ability to retain key employees; and

•    our compensation expense associated with equity allocated or awarded to our employees.

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Overview of Critical Accounting Policies Involving Estimates

 

Please refer to Note 1 of the Notes to Consolidated Financial Statements in Item 8 of Part II of our 2023 Annual Report on Form 10-K.

Recently Issued Accounting Standards

    

The following Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board ("FASB") have

not yet been adopted.

In October 2023, the FASB issued ASU No. 2023-06, "Disclosure Improvements." This ASU includes amendments on several subtopics in the FASB Accounting Standards Codification ("Codification") to incorporate certain disclosures and presentation requirements currently residing in SEC Regulations S-X and S-K. The adoption of this ASU may lead to certain disclosures being relocated into the financial statements. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. These amendments are to be applied prospectively. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. We do not believe this guidance will have a material impact on the Company's financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" to improve disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This update requires that an entity that has a single reportable segment, such as the Company, to provide all the disclosures required by this update. The amendments in this update require annual and interim disclosures on significant segment expenses that are regularly provided to the chief operating decision maker to make operating decisions and to allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the consolidated financial statements with early adoption permitted. The Company is evaluating the accounting and disclosure requirements of ASU 2023-07 and does not expect them to have a material effect on the consolidated financial statements or disclosures.

In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures." This ASU requires additional disaggregated disclosures on entity's effective tax rate reconciliation and additional details on income taxes paid. This guidance is effective for annual periods beginning after December 15, 2025, with early adoption permitted. This ASU is applied prospectively with the option to apply the ASU retrospectively. We do not believe this guidance will have a material impact on the Company's financial statements.

Comparison of Financial Condition

Total assets at September 30, 2024 were $14.4 billion, a decrease of $65 million from December 31, 2023. This decrease in assets was primarily driven by decreases in personal banking loans receivable, partially offset by increases in cash and cash equivalents, marketable securities and commercial banking loans receivable. A discussion of significant changes follows.

Cash and cash equivalents increased by $105 million, or 86%, to $227 million at September 30, 2024, from $122 million at December 31, 2023 due to growth in our deposits coupled with a focus on profitability and credit discipline while investing these cash flows into commercial loans.

Total marketable securities increased to $1.9 billion at September 30, 2024, an increase of $20 million, or 1%, from December 31, 2023. Available-for-sale securities increased by $69 million, driven by the securities portfolio restructure in the prior quarter, while held-to-maturity securities decreased $48 million, driven by maturities and regular monthly cash flows.

Gross loans receivable decreased by $110 million, or 1%, to $11.3 billion at September 30, 2024. Our personal banking loan portfolio decreased by $359 million, or 5%, to $6.4 billion at September 30, 2024 from $6.8 billion at December 31, 2023. Cash flows from our personal banking portfolio were partially redirected to fund commercial banking growth, which increased by $248 million, or 5%, to $4.9 billion at September 30, 2024, from $4.6 billion at December 31, 2023. This increase represents organic loan growth resulting from the new commercial lending verticals that we implemented during the prior year. Specifically, our commercial and industrial (C&I) loan portfolio increased by $228 million, or 14% compared to December 31, 2023.

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The following table provides the various loan sectors in our commercial real estate portfolio at September 30, 2024:

Property type									Percent of portfolio
5 or more unit dwelling									16.6		%
Retail Building									11.5
Nursing Home									11.2
Commercial office building - non-owner occupied									8.9
Manufacturing & industrial building									5.4
Warehouse/storage building									5.1
Residential acquisition & development - 1-4 family, townhouses and apartments									4.3
Commercial office building - owner occupied									4.0
Multi-use building - commercial, retail and residential									3.9
Multi-use building - office and warehouse									3.1
Other medical facility									3.0
Single family dwelling									2.6
Student housing									2.1
Hotel/motel									2.1
Agricultural real estate									2.0
All other									14.2
Total									100.0		%

The following table describes the collateral of our commercial real estate portfolio by state at September 30, 2024:

State									Percent of portfolio
New York									33.9		%
Pennsylvania									29.3
Ohio									19.8
Indiana									8.9
All other									8.1
Total									100.0		%

Total deposits increased by $91 million, or 1%, to $12.1 billion at September 30, 2024 from $12.0 billion at December 31, 2023. This increase was driven by a $107 million, or 4%, increase in time deposits as we continued competitively positioning our deposit products, a $42 million, or 2%, increase in interest demand deposit accounts and a $41 million, or 2%, increase in savings deposits. Partially offsetting these increases was a decrease in non-interest bearing deposit accounts by $87 million, or 3%, due to seasonality in customer deposit account balances.

As of September 30, 2024, we had $212 million of brokered deposits, which made up 8% of our time deposits and 2% of our total deposit balance at quarter end. The balance carried an average all-in cost of 5.37% and an average original term of 12 months. These deposits were purchased through a registered broker, as part of an Asset/Liability Committee (“ALCO”) strategy to increase and diversify funding sources.

In addition, at quarter end we had $697 million of deposits through our participation in the Intrafi Network Deposits and FIS Insured Deposit programs. These deposits are part of a reciprocal program that allows our depositors to receive expanded FDIC coverage by placing multiple interest-bearing demand accounts at other member banks and Northwest receives an equal amount of deposits from other member banks. The balance carried an average cost of 3.91%.

At September 30, 2024 and December 31, 2023, we had total deposits in excess of $250,000 (the limit for FDIC insurance) of $1.9 billion and $1.8 billion respectively. At those dates, we had no deposits that were uninsured for any other reason. The following table presents details regarding the Company's uninsured deposits portfolio:

			As of September 30, 2024
			Balance						Percent of total deposits						Number of relationships
Uninsured deposits per the Call Report (1)			$	3,097,247					25.7		%				5,234
Less intercompany deposit accounts			1,201,625						10.0		%				12
Less collateralized deposit accounts			480,039						4.0		%				262
Uninsured deposits excluding intercompany and collateralized accounts			$	1,415,583					11.7		%				4,960

(1)     Uninsured deposits presented may be different from actual amounts due to titling of accounts.

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Our largest uninsured depositor, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $19.6 million, or 0.16% of total deposits, as of September 30, 2024. Our top ten largest uninsured depositors, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $103 million, or 0.85% of total deposits, as of September 30, 2024. The average uninsured deposit account balance, excluding intercompany and collateralized accounts, was $285,000 as of September 30, 2024.

Total shareholders’ equity remained stable at $1.6 billion, or $12.49 per share, at September 30, 2024 compared to $12.20 per share at December 31, 2023, increasing by $40 million in the current year. This increase was the result of year-to-date earnings of $68 million as well as an improvement in accumulated other comprehensive loss of $43 million, or 29%, primarily due to an increase in realized losses on our available-for-sale investment portfolio as a result of the investment sales made during the period, partially offset by $76 million of cash dividend payments for the nine months ended September 30, 2024.

Regulatory Capital

 

Financial institutions and their holding companies are subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a direct, material effect on a company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, financial institutions must meet specific capital guidelines that involve quantitative measures of its assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting guidelines. Capital amounts and classifications are also subject to qualitative judgments made by the regulators about components, risk-weighting and other factors.

Applicable rules limit an organization’s capital distributions and certain discretionary bonus payments if the organization does not hold a “capital conservation buffer” consisting of 2.5% of Total, Tier 1 and Common Equity Tier 1 (“CET1”) capital to risk-weighted assets in addition to the amount necessary to meet its minimum risk-based capital requirements.

Quantitative measures, established by regulation to ensure capital adequacy, require financial institutions to maintain minimum amounts and ratios (set forth in the table below) of Total, CET1 and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to average assets (as defined). Capital requirements are presented in the tables below (dollars in thousands).

			At September 30, 2024
			Actual												Minimum capital requirements (1)												Well capitalized requirements
			Amount						Ratio						Amount						Ratio						Amount						Ratio
Total capital (to risk weighted assets)
Northwest Bancshares, Inc.			$	1,705,283					16.024		%				$	1,117,392					10.500		%				$	1,064,183					10.000		%
Northwest Bank			1,460,909						13.740		%				1,116,384						10.500		%				1,063,223						10.000		%
Tier 1 capital (to risk weighted assets)
Northwest Bancshares, Inc.			1,457,698						13.698		%				904,555						8.500		%				851,346						8.000		%
Northwest Bank			1,327,894						12.489		%				903,739						8.500		%				850,578						8.000		%
CET1 capital (to risk weighted assets)
Northwest Bancshares, Inc.			1,331,918						12.516		%				744,928						7.000		%				691,719						6.500		%
Northwest Bank			1,327,894						12.489		%				744,256						7.000		%				691,095						6.500		%
Tier 1 capital (leverage) (to average assets)
Northwest Bancshares, Inc.			1,457,698						10.283		%				567,025						4.000		%				708,782						5.000		%
Northwest Bank			1,327,894						9.374		%				566,633						4.000		%				708,292						5.000		%

(1) Amounts and ratios include the capital conservation buffer of 2.5%, which does not apply to Tier 1 capital to average assets (leverage ratio).

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			At December 31, 2023
			Actual												Minimum capital requirements (1)												Well capitalized requirements
			Amount						Ratio						Amount						Ratio						Amount						Ratio
Total capital (to risk weighted assets)
Northwest Bancshares, Inc.			$	1,799,883					16.753		%				$	1,128,054					10.500		%				$	1,074,337					10.000		%
Northwest Bank			1,520,736						14.167		%				1,127,076						10.500		%				1,073,406						10.000		%
Tier I capital (to risk weighted assets)
Northwest Bancshares, Inc.			1,553,766						14.463		%				913,186						8.500		%				859,469						8.000		%
Northwest Bank			1,388,808						12.938		%				912,395						8.500		%				858,725						8.000		%
CET1 capital (to risk weighted assets)
Northwest Bancshares, Inc.			1,428,181						13.294		%				752,036						7.000		%				698,319						6.500		%
Northwest Bank			1,388,808						12.938		%				751,384						7.000		%				697,714						6.500		%
Tier I capital (leverage) (to average assets)
Northwest Bancshares, Inc.			1,553,766						10.841		%				573,290						4.000		%				716,612						5.000		%
Northwest Bank			1,388,808						9.697		%				572,903						4.000		%				716,128						5.000		%

(1) Amounts and ratios include the capital conservation buffer of 2.5%, which does not apply to Tier 1 capital to average assets (leverage ratio).

Regulatory Considerations

In September 2024, the FDIC adopted a final statement of policy regarding its review of Bank Merger Act (“BMA”) applications. The final policy statement addresses, among other things, an expanded scope of transactions subject to FDIC approval, a more rigorous process for evaluating BMA applications, and heightened expectations with respect to the BMA's statutory factors. As a result, BMA applications to the FDIC will now require additional information.

Liquidity

We are required to maintain a sufficient level of liquid assets, as determined by management and reviewed for adequacy by the FDIC and the Pennsylvania Department of Banking and Securities during their regular examinations. Northwest frequently monitors its liquidity position primarily using the ratio of unencumbered available-for-sale liquid assets as a percentage of deposits and borrowings (“liquidity ratio”). Northwest Bank’s liquidity ratio at September 30, 2024 was 11.25%. We adjust liquidity levels in order to meet funding needs for deposit outflows, payment of real estate taxes and insurance on mortgage loan escrow accounts, repayment of borrowings and loan commitments. At September 30, 2024, Northwest had $3.3 billion of additional borrowing capacity available with the FHLB, including $250 million on an overnight line of credit, which had no balance as of September 30, 2024, as well as $500 million of borrowing capacity available with the Federal Reserve Bank and $105 million with two correspondent banks.

 

Dividends

 

We paid $25 million in cash dividends during the quarters ended September 30, 2024 and 2023. The common stock dividend payout ratio (dividends declared per share divided by net income per diluted share) for September 30, 2024 and 2023 was 76.9% and 64.5% on dividends of $0.20 per share. On October 17, 2024, the Board of Directors declared a cash dividend of $0.20 per share payable on November 18, 2024 to shareholders of record as of November 8, 2024. This represents the 120th consecutive quarter we have paid a cash dividend.

Nonperforming Assets

The following table sets forth information with respect to nonperforming assets. Nonaccrual loans are those loans on which the accrual of interest has ceased. Generally, when a loan is 90 days past due, we fully reverse all accrued interest thereon and cease to accrue interest thereafter. Exceptions are made for loans that have contractually matured, are in the process of being modified to extend the maturity date and are otherwise current as to principal and interest, and well-secured loans that are in the process of collection. Loans may also be placed on nonaccrual before they reach 90 days past due if conditions exist that call into question our ability to collect all contractual interest. Other nonperforming assets represent property acquired through foreclosure or repossession. Foreclosed property is carried at the lower of its fair value less estimated costs to sell or the principal balance of the related loan.

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			September 30, 2024						December 31, 2023
			(in thousands)
Loans 90 days or more past due:
Residential mortgage loans			$	5,370					7,995
Home equity loans			2,558						3,126
Vehicle loans			3,077						3,051
Other consumer loans			906						927
Commercial real estate loans			6,167						6,535
Commercial real estate - owner occupied			—						177
Commercial loans			14,484						2,780
Total loans 90 days or more past due			$	32,562					24,591
Total real estate owned (REO)			$	76					104
Total loans 90 days or more past due and REO			32,638						24,695
Total loans 90 days or more past due to net loans receivable			0.29		%				0.22		%
Total loans 90 days or more past due and REO to total assets			0.23		%				0.17		%
Nonperforming assets:
Nonaccrual loans - loans 90 days or more past due			31,516						21,894
Nonaccrual loans - loans less than 90 days past due			45,312						72,490
Loans 90 days or more past due still accruing			1,045						2,698
Total nonperforming loans			77,873						97,082
Total nonperforming assets			$	77,949					97,186
Total nonaccrual loans to total loans			0.68		%				0.83		%

 

Allowance for Credit Losses

  

On an ongoing basis, the Credit Administration department, as well as loan officers and department heads, review and monitor the loan portfolio for problem loans. This portfolio monitoring includes a review of the monthly delinquency reports as well as historical comparisons and trend analysis. Personal and small business commercial loans are classified primarily by delinquency status. In addition, a meeting is held every quarter with each vertical to monitor the performance and status of commercial loans on an internal watch list. On an on-going basis, the loan officer, in conjunction with a portfolio manager, grades or classifies problem commercial loans or potential problem commercial loans based upon their knowledge of the lending relationship and other information previously accumulated. This rating is also reviewed independently by our Loan Review department on a periodic basis. Our loan grading system for problem commercial loans is consistent with industry regulatory guidelines which classifies loans as “substandard”, “doubtful” or “loss”. Loans that do not expose us to risk sufficient to warrant classification in one of the previous categories, but which possess some weaknesses, are designated as “special mention”. A “substandard” loan is any loan that is 90 days or more contractually delinquent or is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as “doubtful” have all the weaknesses inherent in those classified as “substandard” with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions or values, highly questionable and improbable. Loans classified as “loss” have all the weakness inherent in those classified as “doubtful” and are considered uncollectible.    

Credit relationships that have been classified as substandard or doubtful and are greater than or equal to $1.0 million are reviewed by the Credit Administration department to determine if they no longer continue to demonstrate similar risk characteristics to their loan pool. If a loan no longer demonstrates similar risk characteristics to their loan pool they are removed from the pool and an individual assessment will be performed.

If it is determined that a loan needs to be individually assessed, the Credit Administration department determines the proper measure of fair value for each loan based on one of three methods: (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; (2) the loan’s observable market price; or (3) the fair value of the collateral if the loan is collateral dependent, less costs of sale or disposal. If the measurement of the fair value of the loan is more or less than the amortized cost basis of the loan, the Credit Administration department adjusts the specific allowance associated with that individual loan accordingly.

If a substandard or doubtful loan is not individually assessed, it is grouped with other loans that possess common characteristics for credit losses and analysis. For the purpose of calculating reserves, we have grouped our loans into seven segments: residential mortgage loans, home equity loans, vehicle loans, consumer loans, commercial real estate loans, commercial real estate loans - owner occupied and commercial loans. The allowance for credit losses is measured using a combination of statistical models and qualitative assessments. We use a twenty four month forecasting period and revert to historical average loss rates thereafter. Reversion to average

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loss rates takes place over twelve months. Historical average loss rates are calculated using historical data beginning in October 2009 through the current period.

The credit losses for individually assessed loans along with the estimated loss for each homogeneous pool are consolidated into one summary document. This summary schedule along with the support documentation used to establish this schedule is presented to management’s Allowance for Credit Losses Committee (“ACL Committee”) monthly. The ACL Committee reviews and approves the processes and ACL documentation presented. Based on this review and discussion, the appropriate amount of ACL is estimated and any adjustments to reconcile the actual ACL with this estimate are determined. The ACL Committee also considers if any changes to the methodology are needed. In addition to the ACL Committee’s review and approval, a review is performed by the Risk Management Committee of the Board of Directors on a quarterly basis and annually by internal audit.

In addition to the reviews by management’s ACL Committee and the Board of Directors’ Risk Management Committee, regulators from either the FDIC and/or the Pennsylvania Department of Banking and Securities perform an extensive review on at least an annual basis for the adequacy of the ACL and its conformity with regulatory guidelines and pronouncements. Any recommendations or enhancements from these independent parties are considered by management and the ACL Committee and implemented accordingly.

We acknowledge that this is a dynamic process and consists of factors, many of which are external and out of our control that can change frequently, rapidly and substantially. The adequacy of the ACL is based upon estimates using all the information previously discussed as well as current and known circumstances and events. There is no assurance that actual portfolio losses will not be substantially different than those that were estimated.

We utilize a structured methodology each period when analyzing the adequacy of the allowance for credit losses and the related provision for credit losses, which the ACL Committee assesses regularly for appropriateness. As part of the analysis as of September 30, 2024, we considered the most recent economic conditions and forecasts available which incorporated the impact of material recent economic events. In addition, we considered the overall trends in asset quality, reserves on individually assessed loans, historical loss rates and collateral valuations. The ACL increased by $0.6 million to $126 million, or 1.11% of total loans at September 30, 2024, up slightly from 1.10% at December 31, 2023. 

Total classified loans increased by $101 million to $320 million at September 30, 2024 compared to $218 million at December 31, 2023. The primary driver of the increase over the current year is reflective of the Company’s exposure to the Long Term Healthcare segment and the challenges a few operators have experienced post Covid.

 

We also consider how the levels of nonaccrual loans and historical charge-offs have influenced the required amount of allowance for credit losses. Nonaccrual loans of $77 million at September 30, 2024 decreased by $18 million, or 19%, from $94 million at December 31, 2023, or 0.68% of total loans receivable as of September 30, 2024 and 0.83% of total loans receivable as of December 31, 2023. As a percentage of average loans, annualized net charge-offs remained low at 0.14% for the nine months ended September 30, 2024 compared to 0.11% for the year ended December 31, 2023.

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Comparison of Operating Results for the Quarters Ended September 30, 2024 and 2023

 

The following chart provides a reconciliation of net income from the quarter ended September 30, 2023 to the the quarter ended September 30, 2024 (dollars in thousands):

Net income for the quarter ended September 30, 2024 was $34 million, or $0.26 per diluted share, a decrease of $6 million, or 14%, from net income of $39 million, or $0.31 per diluted share, for the quarter ended September 30, 2023. This decrease in net income resulted primarily from a $4 million increase in the provision for credit losses, a $3 million, or 10%, decrease in noninterest income and an increase in noninterest expense of $3 million, or 4%, partially offset by an increase in net interest income of $3 million, or 3%, and a $2 million, or 14%, decrease in income tax expense. Net income for the quarter ended September 30, 2024 represents annualized returns on average equity and average assets of 8.50% and 0.93%, respectively, compared to 10.27% and 1.08% for the same quarter last year.

Net income for the nine months ended September 30, 2024 was $68 million, or $0.53 per diluted share, a decrease of $51 million, or 37%, from net income of $138 million, or $0.83 per diluted share, for the nine months ended September 30, 2023. This decrease in net income resulted primarily from a $39 million loss on sale of securities, a decrease in net interest income of $8 million, or 2%, and an increase in noninterest expense of $12 million, or 5%, partially offset by a decrease in the provision for credit losses of $7 million, or 47%, and a $13 million, or 14%, decrease in income tax expense. Net income for the nine months ended September 30, 2024 represents annualized returns on average equity and average assets of 5.80% and 0.63%, respectively, compared to 9.37% and 0.99% for the nine months ended September 30, 2023. A further discussion of notable changes follows.

To make it easier to compare both the results across several periods and the yields on various types of earning assets (some taxable, some not), we present net interest income in the discussion below on a fully taxable equivalent “FTE basis” (i.e., as if all income were taxable and at the same rate). For example, $100 of tax-exempt income would be presented as $126, an amount that, if taxed at the statutory federal income tax rate of 21%, would yield $100. See the "GAAP to Non-GAAP Reconciliations" for information regarding tax-equivalent adjustments and GAAP results.

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Net Interest Income

Net interest income for the third quarter of 2024 was $111 million which increased $3 million, or 3%, from the third quarter of 2023. Net interest income (FTE) was $112 million for the quarter ended September 30, 2024 and net interest margin (FTE) was 3.33%. Compared to the same quarter of the prior year, net interest income (FTE) increased $3 million and net interest margin (FTE) increased by ten basis points. The increase in net interest income (FTE) and net interest margin (FTE) was driven by an increase in interest income resulting from higher earning asset yields. Partly offsetting this increase was an increase in interest-bearing deposit costs and a shift in funding mix to higher cost deposits due to the higher interest rate environment.

For the nine months ended September 30, 2024, net interest income was $321 million which decreased $8 million, or 2%, from the nine months ended September 30, 2023. For the nine months ended September 30, 2024, net interest income (FTE) was $324 million, a decrease of $8 million, or 2% from the same period last year. Net interest margin (FTE) decreased by 11 basis points. Similar to the quarterly fluctuations noted above, the decrease in net interest income (FTE) included increases in both interest income and interest expense driven by higher interest-bearing deposit costs and balances, partially offset by higher interest-earning asset yields and balances.

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Average loans receivable increased $33 million, or 0.3%, from the quarter ended September 30, 2023 and $263 million, or 2.4% for the nine months ended September 30, 2023. This increase was driven by commercial loans, which grew by $372 million from the quarter ended September 30, 2023 and $456 million from the nine months ended September 30, 2023, as we have continued to build-out our commercial lending verticals, and commercial real estate loans, which grew by $84 million and $148 million from the same periods. These increases were offset partially by a $423 million decrease in personal banking loans from the quarter ended September 30, 2023 and $341 million from the nine months ended September 30, 2023. Interest income on loans receivable increased by $16 million, or 11%, from the same quarter in the prior year, and by $63 million, or 16%, from the same nine-month period in the prior year, the result of increases in both the average yield and the average balance on loans receivable. The average yield on loans receivable increased due to the elevated market interest rates as well as a change in mix to higher yield loan products.

Average investments declined 6% from the third quarter of 2023 and 9% from the nine months ended September 30, 2023 driven by the sale of investment securities during the third quarter of 2024 coupled with regular principal payments and maturities. Interest income on investment securities increased by $3 million, or 31%, from the quarter ended September 30, 2023, and increased by $3 million, 9.7%, for the nine months ended September 30, 2023. The increase is due to the increase in the average yield on investments (FTE) to 2.48% for the quarter ended September 30, 2024 and 2.14% for the nine months ended September 30, 2024 which was partially offset by a decline in the average balance of investments for both periods.

Average deposits grew 3% from the quarter ended September 30, 2023 and 4% from the nine months ended September 30, 2023 driven by an increase in our average time deposits due to customer preferences for this fixed maturity product type which grew by $666 million from the quarter ended September 30, 2023 and by $1.1 billion from the nine months ended September 30, 2023. This increase was partially offset by a $146 million decrease in money market balances from the quarter ended September 30, 2023 and $284 million from the nine months ended September 30, 2023 as customers shifted balances into higher yielding time deposit accounts. Interest expense on deposits increased by $23 million, or 71%, from the quarter ended September 30, 2023, and by $90 million, or 139% from the nine months ended September 30, 2023, primarily attributable to increases in both the average yield and average balance of deposit accounts as we continued competitively positioning our deposit products.

Compared to the quarter ended September 30, 2023, average borrowings saw a 66% reduction, and compared to the nine months ended September 30, 2023 average borrowings decreased 54% primarily attributable to the strategic pay-down of wholesale borrowings. This decrease was made possible by a substantial increase in cash reserves, resulting from the sale of investment securities during the prior quarter, as well as a notable rise in the average balance of deposits. The decrease in the average balance of borrowings resulted in a decrease in interest expense on borrowings by $6 million from the quarter ended September 30, 2023, and by $14 million from the nine months ended September 30, 2023.

 

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Average Balance Sheet

(in thousands)

 

The following table sets forth certain information relating to the Company’s average balance sheet and reflects the average yield on interest-earning assets and average cost of interest-bearing 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 September 30,
			2024																		2023
			Average balance						Interest						Avg. yield/ cost (h)						Average balance						Interest						Avg. yield/ cost (h)
Assets
Interest-earning assets:
Residential mortgage loans			$	3,286,316					31,537						3.84		%				$	3,476,446					32,596						3.75		%
Home equity loans			1,166,866						17,296						5.90		%				1,264,134						17,435						5.47		%
Consumer loans			1,955,988						26,034						5.29		%				2,092,023						23,521						4.46		%
Commercial real estate loans			2,995,032						47,473						6.31		%				2,911,145						41,611						5.59		%
Commercial loans			1,819,400						34,837						7.62		%				1,447,211						26,239						7.09		%
Loans receivable (a) (b) (d) (includes FTE adjustments of $764 and $735, respectively)			11,223,602						157,177						5.57		%				11,190,959						141,402						5.01		%
Mortgage-backed securities (c)			1,735,728						10,908						2.51		%				1,781,010						8,072						1.81		%
Investment securities (c) (d) (includes FTE adjustments of $150 and $154, respectively)			263,127						1,504						2.29		%				336,125						1,431						1.70		%
FHLB stock, at cost			20,849						394						7.51		%				37,722						668						7.03		%
Other interest-earning deposits			173,770						2,312						5.29		%				67,143						915						5.33		%
Total interest-earning assets (includes FTE adjustments of $914 and $889, respectively)			13,417,076						172,295						5.11		%				13,412,959						152,488						4.51		%
Noninterest-earning assets (e)			934,593																		966,364
Total assets			$	14,351,669																	$	14,379,323
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Savings deposits (g)			$	2,151,933					6,680						1.23		%				$	2,116,759					2,695						0.51		%
Interest-bearing demand deposits (g)			2,567,682						7,452						1.15		%				2,569,229						4,086						0.63		%
Money market deposit accounts (g)			1,966,684						9,170						1.85		%				2,112,228						6,772						1.27		%
Time deposits (g)			2,830,737						30,896						4.34		%				2,164,559						18,136						3.32		%
Borrowed funds (f)			220,677						2,266						4.09		%				643,518						7,937						4.89		%
Subordinated debentures			114,396						1,148						4.01		%				114,045						1,148						4.03		%
Junior subordinated debentures			129,727						2,467						7.56		%				129,466						2,456						7.42		%
Total interest-bearing liabilities			9,981,836						60,079						2.39		%				9,849,804						43,230						1.74		%
Noninterest-bearing demand deposits (g)			2,579,775																		2,757,091
Noninterest-bearing liabilities			217,161																		257,141
Total liabilities			12,778,772																		12,864,036
Shareholders’ equity			1,572,897																		1,515,287
Total liabilities and shareholders’ equity			$	14,351,669																	$	14,379,323
Net interest income (FTE)/Interest rate spread (FTE) (d)									112,216						2.72		%										109,258						2.77		%
Net interest-earning assets/Net interest margin (FTE)			$	3,435,240											3.33		%				$	3,563,155											3.23		%
Tax equivalent adjustment (d)									914																		890
Net interest income, GAAP basis									111,302																		108,368
Ratio of interest-earning assets to interest- bearing liabilities			1.34X																		1.36X

(a)Average gross loans 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 were 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 FTE basis. We believe this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.

(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 1.78% and 1.07%, respectively, average cost of interest-bearing deposits were 2.27% and 1.40%, respectively .

(h)Annualized.

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Rate/Volume Analysis

(in thousands)

 

The following table represents the extent to which changes in interest rates and changes in the volume of interest-earning assets and interest-bearing liabilities have affected interest income (FTE) and interest expense during the periods indicated. Information is provided in each category with respect to (i) changes attributable to changes in volume (changes in volume multiplied by prior rate), (ii) changes attributable to changes in rate (changes in rate multiplied by prior volume), and (iii) net change. Changes that cannot be attributed to either rate or volume have been allocated to both rate and volume.

			For the quarter ended September 30, 2024 vs. 2023
			Increase/(decrease) due to												Total  increase/(decrease)
			Rate						Volume
Interest-earning assets:
Loans receivable			$	15,318					457						15,775
Mortgage-backed securities			3,121						(285)						2,836
Investment securities			490						(417)						73
FHLB stock, at cost			45						(319)						(274)
Other interest-earning deposits			(21)						1,418						1,397
Total interest-earning assets			18,953						854						19,807
Interest-bearing liabilities:
Savings deposits			3,876						109						3,985
Interest-bearing demand deposits			3,371						(5)						3,366
Money market deposit accounts			3,077						(679)						2,398
Time deposits			5,489						7,271						12,760
Borrowed funds			(1,329)						(4,342)						(5,671)
Subordinated debt			(4)						4						—
Junior subordinated debentures			5						6						11
Total interest-bearing liabilities			14,485						2,364						16,849
Net change in net interest income (FTE)			$	4,468					(1,510)						2,958

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Average Balance Sheet

(in thousands)

 

The following table sets forth certain information relating to the Company’s average balance sheet and reflects the average yield on interest-earning assets and average cost of interest-bearing 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.

			Nine months ended September 30,
			2024																		2023
			Average balance						Interest						Avg. yield/ cost (h)						Average balance						Interest						Avg. yield/ cost (h)
Assets
Interest-earning assets:
Residential mortgage loans			$	3,340,332					96,392						3.85		%				$	3,485,130					97,090						3.71		%
Home equity loans			1,185,145						51,893						5.85		%				1,273,878						50,467						5.30		%
Consumer loans			2,012,461						77,401						5.14		%				2,119,717						66,977						4.22		%
Commercial real estate loans			3,005,966						136,556						6.07		%				2,857,555						117,074						5.40		%
Commercial loans			1,768,325						99,923						7.55		%				1,312,750						67,465						6.78		%
Loans receivable (a) (b) (d) (includes FTE adjustments of $2,227 and $1,937, respectively)			11,312,229						462,165						5.46		%				11,049,030						399,073						4.83		%
Mortgage-backed securities (c)			1,729,064						28,278						2.18		%				1,849,567						24,935						1.80		%
Investment securities (c) (d) (includes FTE adjustments of $427 and $579, respectively)			294,598						4,251						1.92		%				364,956						4,909						1.79		%
FHLB stock, at cost			26,195						1,499						7.64		%				40,945						2,202						7.19		%
Other interest-earning deposits			124,037						4,935						5.31		%				64,560						1,931						4.00		%
Total interest-earning assets (includes FTE adjustments of $2,654 and $2,516, respectively)			13,486,123						501,128						4.96		%				13,369,058						433,050						4.33		%
Noninterest-earning assets (e)			919,969																		880,799
Total assets			$	14,406,092																	$	14,249,857
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Savings deposits (g)			$	2,139,461					17,673						1.10		%				$	2,163,564					4,777						0.30		%
Interest-bearing demand deposits (g)			2,554,172						19,501						1.02		%				2,550,433						6,684						0.35		%
Money market deposit accounts (g)			1,962,019						25,684						1.75		%				2,246,422						17,289						1.03		%
Time deposits (g)			2,787,306						91,780						4.40		%				1,733,428						35,993						2.78		%
Borrowed funds (f)			337,427						11,636						4.61		%				740,011						26,077						4.71		%
Subordinated debentures			114,310						3,444						4.02		%				113,958						3,444						4.03		%
Junior subordinated debentures			129,662						7,375						7.60		%				129,401						6,889						7.02		%
Total interest-bearing liabilities			10,024,357						177,093						2.36		%				9,677,217						101,153						1.40		%
Noninterest-bearing demand deposits (g)			2,581,018																		2,822,178
Noninterest-bearing liabilities			245,917																		239,034
Total liabilities			12,851,292																		12,738,429
Shareholders’ equity			1,554,800																		1,511,428
Total liabilities and shareholders’ equity			$	14,406,092																	$	14,249,857
Net interest income (FTE)/Interest rate spread (FTE) (d)									324,035						2.60		%										331,897						2.93		%
Net interest-earning assets/Net interest margin (FTE)			$	3,461,766											3.21		%				$	3,691,841											3.32		%
Tax equivalent adjustment (d)									2,654																		2,516
Net interest income, GAAP basis									321,381																		329,381
Ratio of interest-earning assets to interest-bearing liabilities			1.35X																		1.38X

(a)Average gross loans 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 were 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 (“FTE”) basis. We believe this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.

(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 1.72% and 0.75%, respectively and average cost of Interest-bearing deposits were 2.19% and 1%, respectively.

(h)Annualized.

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Rate/Volume Analysis

(in thousands)

 

The following table represents the extent to which changes in interest rates and changes in the volume of interest-earning assets and interest-bearing liabilities have affected interest income (FTE) and interest expense during the periods indicated. Information is provided in each category with respect to (i) changes attributable to changes in volume (changes in volume multiplied by prior rate), (ii) changes attributable to changes in rate (changes in rate multiplied by prior volume), and (iii) net change. Changes that cannot be attributed to either rate or volume have been allocated to both rate and volume.

			For the nine months ended September 30, 2024 vs. 2023
			Increase/(decrease) due to												Total increase/(decrease)
			Rate						Volume
Interest-earning assets:
Loans receivable			$	52,338					10,754						63,092
Mortgage-backed securities			5,314						(1,971)						3,343
Investment securities			356						(1,014)						(658)
FHLB stock, at cost			142						(845)						(703)
Other interest-earning deposits			637						2,367						3,004
Total interest-earning assets			58,787						9,291						68,078
Interest-bearing liabilities:
Savings deposits			13,095						(199)						12,896
Interest-bearing demand deposits			12,788						29						12,817
Money market deposit accounts			12,118						(3,723)						8,395
Time deposits			21,086						34,701						55,787
Borrowed funds			(559)						(13,882)						(14,441)
Subordinated debt			(11)						11						—
Junior subordinated debentures			472						14						486
Total interest-bearing liabilities			58,989						16,951						75,940
Net change in net interest income (FTE)			$	(202)					(7,660)						(7,862)

 

Provision for Credit Losses

			3Q23						4Q23						1Q24						2Q24						3Q24
Provision for credit losses - loans (in thousands)			$	3,983					3,801						4,234						2,169						5,727
Provision/(benefit) for credit losses - unfunded commitments (in thousands)			(2,981)						4,145						(799)						(2,539)						(852)
Annualized net charge-offs to average loans			0.13		%				0.12		%				0.16		%				0.07		%				0.18		%

The provision for credit losses increased by $4 million from the quarter ended September 30, 2023. This increase included a $2 million increase in the provision for credit losses - loans, as well as a $2 million increase in the provision for credit losses - unfunded commitments.

Compared to the nine months ended September 30, 2023, the provision for credit losses decreased $7 million, or 47%. This decrease included a $3 million decrease in the provision for credit losses - loans, as well as a $4 million decrease in the provision for credit losses - unfunded commitments.

The changes in the provision noted above is driven by growth within our commercial lending portfolio and changes in the economic forecasts coupled with a decline in our reserves for unfunded commitments in the current period. This decline is based on the timing of origination and funding of commercial construction loans and lines of credit.

Additionally, the Company saw an increase in classified loans to $320 million, or 2.83% of total loans, at September 30, 2024 from $209 million, or 1.84% of total loans, at September 30, 2023 and $257 million, or 2.26% of total loans, at June 30, 2024. The primary driver of the increase over the past year and quarter is reflective of the Company’s exposure to the Long Term Healthcare segment and the challenges a few operators have experienced post Covid.

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In determining the amount of the current period provision, we considered current and forecasted economic conditions, including but not limited to improvements in unemployment levels, expected economic growth, bankruptcy filings, and changes in real estate values and the impact of these factors on the quality of our loan portfolio and historical loss experience. We analyze the allowance for credit losses as described in the section entitled “Allowance for Credit Losses.” The provision that is recorded is sufficient, in our judgment, to bring this reserve to a level that reflects the current expected lifetime losses in our loan portfolio relative to loan mix, a reasonable and supportable economic forecast period and historical loss experience at September 30, 2024.

Noninterest Income

(a) Other noninterest income includes the net gain on real estate owned, mortgage banking income, and other operating income. See the "Consolidated Statements of Income" in Item 1. Financial Statements of this report.

Noninterest income for the quarter ended September 30, 2024 was $28 million, a decrease of $3 million, or 10%, from the quarter ended September 30, 2023, which was driven by a $3 million decline in income from bank-owned life insurance as a result of death benefits received in the prior period. Compared to the nine months ended September 30, 2023, excluding the loss on sale of securities of $39 million, noninterest income increased $2 million, or 2%, in the nine months ended September 30, 2024. The increase from the nine months ended September 30, 2023 was driven by service charges and fees and the gain on sale of SBA loans. Service charges and fees increased $4 million, or 9%, to $47 million for the nine months ended September 30, 2024 driven by commercial loan fees and deposit related fees based on customer activity in the nine months ended September 30, 2024. Additionally, the gain on the sale of SBA loans increased $2 million, or 112%, to $3 million for the nine months ended September 30, 2024 due to increased loan sale activity in the nine months ended September 30, 2024. Partially offsetting these increases was a decrease in income from bank owned life insurance of $3 million, or 40%, to $4 million due to death benefits received in the prior period.

Noninterest Expense

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(a) Other noninterest expense includes collections expense, marketing expense, FDIC insurance expense, amortization of intangible assets, real estate owned expense, merger, asset disposition and restructuring expense, and other expenses. See the "Consolidated Statements of Income" in Item 1. Financial Statements of this report.

Noninterest expense increased by $3 million, or 4%, from the quarter ended September 30, 2023. This increase was primarily attributable to an increase in compensation and employee benefits expense of $5 million, or 10%, to $56 million for the quarter ended September 30, 2024, from $51 million for the quarter ended September 30, 2023 driven primarily by the build out of the commercial business and related credit, risk management, and internal audit support functions over the past year coupled with an increase in contracted employees utilized during the quarter and an increase in employee benefits expense.

Noninterest expense increased $12 million, or 5%, to $273 million for the nine months ended September 30, 2024 from $261 million for the nine months ended September 30, 2023. This increase was primarily attributable to an increase in compensation and employee benefits expense of $16 million, or 11%, for the nine months ended September 30, 2023 for the same reasons noted above. Partially offsetting this increase was a decrease in non-personnel expense related to a decline in merger, asset disposition and restructuring expense and marketing expenses. Marketing expenses decreased by $2 million, or 19%, for the nine months ended September 30, 2024, due primarily to the timing of deposit marketing campaigns. Merger, asset disposition and restructuring expense decreased $1 million, or 34%, due to the severance and fixed asset charges related to the branch optimization and personnel reductions during the prior year.

Income Taxes

 

The provision for income taxes decreased by $2 million from the quarter ended September 30, 2023 and $13 million from the nine months ended September 30, 2023 primarily due to lower income before income taxes.

The provision for income taxes is primarily driven by changes in our current period income before taxes. We anticipate our effective tax rate to be between 22.0% and 24.0% for the year ending December 31, 2024.

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GAAP to Non-GAAP Reconciliations

The following non-GAAP financial measures used by the Company provide information useful to investors in understanding our operating performance and trends, and facilitate comparisons with the performance of our peers. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s Consolidated Statements of Income.

			Quarter ended																														Nine months ended September 30,
			September 30, 2024						June 30, 2024						March 31, 2024						December 31, 2023						September 30, 2023						2024						2023
Net interest income fully tax equivalent (FTE)
Net interest income (GAAP)			$	111,302					106,841						103,238						106,302						108,368						321,381						329,381
Plus: Taxable-equivalent adjustment			914						883						857						758						890						2,654						2,516
Net interest income FTE			112,216						107,724						104,095						107,060						109,258						324,035						331,897

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Item 3.        QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As the holding company for a savings bank, one of our primary market risks is interest rate risk. Interest rate risk is the sensitivity of net interest income to variations in interest rates over a specified time period. The sensitivity results from differences in the time periods in which interest rate sensitive assets and liabilities mature or re-price. We attempt to control interest rate risk by matching, within acceptable limits, the re-pricing periods of assets and liabilities. We have attempted to limit our exposure to interest sensitivity by increasing core deposits, enticing customers to extend certificates of deposit maturities, borrowing funds with fixed-rates and longer maturities and by shortening the maturities of our assets by emphasizing the origination of more short-term fixed rate loans and adjustable rate loans. We also have the ability to sell a portion of the long-term, fixed-rate mortgage loans that we originate. In addition, we purchase shorter term or adjustable-rate investment securities and mortgage-backed securities.

We have an Asset/Liability Committee consisting of members of management which meets monthly to review market interest rates, economic conditions, the pricing of interest-earning assets and interest-bearing liabilities and the balance sheet structure. On a quarterly basis, this Committee also reviews the interest rate risk position and cash flow projections.

 

The Board of Directors has a Risk Management Committee which meets quarterly and reviews interest rate risk and trends, our interest sensitivity position, the liquidity position and the market risk inherent in the investment portfolio.

 

In an effort to assess interest rate risk and market risk, we utilize a simulation model to determine the effect of immediate incremental increases and decreases in interest rates on net income and the market value of equity. Certain assumptions are made regarding loan prepayments and decay rates of savings and interest-bearing demand accounts. Because it is difficult to accurately project the market reaction of depositors and borrowers, the effect of actual changes in interest rates on these assumptions may differ from simulated results. We have established the following guidelines for assessing interest rate risk:

 

Net interest income simulation. Given a parallel shift of 100 basis points (“bps”), 200 bps and 300 bps in interest rates, the estimated net income may not decrease by more than 5%, 10% and 15%, respectively, within a one-year period.

Net income simulation. Given a parallel shift of 100 bps, 200 bps and 300 bps in interest rates, the estimated net income may not decrease by more than 10%, 20% and 30%, respectively, within a one-year period.

 

Market value of equity simulation. The market value of equity is the present value of assets and liabilities. Given a parallel shift of 100 bps, 200 bps and 300 bps in interest rates, the market value of equity may not decrease by more than 15%, 30% and 35%, respectively, from the computed economic value at current interest rate levels.

 

The following table illustrates the simulated impact of a 100 bps, 200 bps or 300 bps upward or a 100 bps, 200 bps or 300 bps downward movement in interest rates on net income, return on average equity, earnings per share and market value of equity. This analysis was prepared assuming that interest-earning asset and interest-bearing liability levels at September 30, 2024 remain constant. The impact of the rate movements was computed by simulating the effect of an immediate and sustained shift in interest rates over a twelve-month period from September 30, 2024 levels.

						Increase																		Decrease
Parallel shift in interest rates over the next 12 months						100 bps						200 bps						300 bps						100 bps						200 bps						300 bps
Projected percentage increase/(decrease) in net interest income						(1.3)		%				(3.0)		%				(4.8)		%				0.3		%				(4.8		%)				(7.1		%)
Projected percentage increase/(decrease) in net income						(3.1)		%				(7.3)		%				(11.5)		%				0.8		%				(11.9		%)				(17.3		%)
Projected increase/(decrease) in return on average equity						(2.9)		%				(6.9)		%				(11.1)		%				0.8		%				(11.3		%)				(16.7		%)
Projected increase/(decrease) in earnings per share						$	(0.03)					$	(0.08)					$	(0.13)					$	0.01					$	(0.13)					$	(0.19)
Projected percentage increase/(decrease) in market value of equity						(5.6		%)				(11.9		%)				(18.3		%)				3.3		%				3.6		%				2.9		%

 

The figures included in the table above represent projections that were computed based upon certain assumptions including prepayment rates and decay rates. These assumptions are inherently uncertain and, as a result, cannot precisely predict the impact of changes in interest rates. Actual results may differ significantly due to timing, magnitude and frequency of interest rate changes and changes in market conditions, and actions that may be taken by management in response to interest rate changes.

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Item 4.        CONTROLS AND PROCEDURES

 

Under the supervision of and with the participation of management, including the Principal Executive Officer and Principal Financial Officer, we evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report (the “Evaluation Date”). Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that, as of the Evaluation Date, these disclosure controls and procedures were effective.

 

There were no changes in the internal controls over financial reporting during the period covered by this report or in other factors that have materially affected, or are reasonably likely to materially affect the internal controls over financial reporting.

PART II.    OTHER INFORMATION

 

Item 1.        LEGAL PROCEEDINGS

 

We are subject to a number of asserted and unasserted claims encountered in the normal course of business. We believe that any additional liability, other than that which has already been accrued, that may result from such potential litigation will not have a material adverse effect on the financial statements. However, we cannot presently determine whether or not any claims against us will have a material adverse effect on our results of operations in any future reporting period. Refer to Note 11.

 

Item 1A.    RISK FACTORS

Except as previously disclosed, there have been no material updates or additions to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission. Additional risks not presently known to us, or that we currently deem immaterial, may also adversely affect our business, financial condition or results of operations.

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Item 2.    UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES

a)    Not applicable.

b)    Not applicable.

c)    On December 13, 2012, the Board of Directors approved a program that authorizes the repurchase of approximately 5,000,000 shares of common stock. This program does not have an expiration date. During the quarter ended September 30, 2024, there were no shares of common stock repurchased and there are a maximum of 2,261,130 remaining shares that can be purchased under the current repurchase program.

Item 3.        DEFAULTS UPON SENIOR SECURITIES

 

Not applicable.

 

Item 4.        MINE SAFETY DISCLOSURES

 

Not applicable.

 

Item 5.        OTHER INFORMATION

 

During the three months ended September 30, 2024, no directors or officers of the Company, as defined in Section 16 of the Exchange Act, adopted or terminated any “Rule 10b5-1 trading arrangements” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K of the Exchange Act.

 

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Item 6.        EXHIBITS

31.1			Certification of the Chief Executive Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification of the Chief Financial Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1			Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS			The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH			XBRL Taxonomy Extension Schema Document.
101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF			XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB			XBRL Taxonomy Extension Label Linkbase.
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document.
104			The cover page of this Quarterly Report on Form 10-Q, formatted in inline XBRL.

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Signature

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed by the undersigned thereunto duly authorized.

 

NORTHWEST BANCSHARES, INC.
(Registrant)
Date:			November 7, 2024			By:			/s/ Louis J. Torchio
									Louis J. Torchio
									President and Chief Executive Officer
									(Duly Authorized Officer)
Date:			November 7, 2024			By:			/s/ Joseph D. Canfield Jr.
									Joseph D. Canfield Jr.
									Executive Vice President, Chief Accounting Officer
									(Principal Accounting Officer)

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