Document

EX-99.1 2 a2025-12x31nwbi8ker.htm EX-99.1 Document

EXHIBIT 99.1

PRESS RELEASE OF NORTHWEST BANCSHARES, INC.

EARNINGS RELEASE

FOR IMMEDIATE RELEASE

Northwest Bancshares, Inc. Announces Fourth Quarter 2025 net income of $46 million,

or $0.31 per diluted share

Adjusted net income (non-GAAP) of $49 million, or $0.33 per diluted share

Net interest margin expands to 3.69% amid solid performance

Year to date EPS of $0.92 per diluted share, 16% growth from the prior year

Record quarterly total revenue of $180 million, 17% growth from the prior year

Columbus, Ohio — January 26, 2026

Northwest Bancshares, Inc., (the “Company”), (Nasdaq: NWBI) announced net income for the quarter ended December 31, 2025 of $46 million, or $0.31 per diluted share. This represents an increase of $13 million compared to the same quarter last year, when net income was $33 million, or $0.26 per diluted share, and an increase of $43 million compared to the prior quarter, when net income was $3 million, or $0.02 per diluted share. The annualized returns on average shareholders’ equity and average assets for the quarter ended December 31, 2025 were 9.70% and 1.10% compared to 8.20% and 0.91% for the same quarter last year and 0.69% and 0.08% from the prior quarter.

Adjusted net income (non-GAAP) for the quarter ended December 31, 2025 was $49 million, or $0.33 per diluted share, which increased by $8 million from $41 million, or $0.29 per diluted share in the prior quarter. This increase was driven by an increase in net interest income of $6 million, coupled with an increase in noninterest income of $6 million and a decrease in adjusted provision expense partially offset by an increase in adjusted noninterest expense of $7 million for the quarter ended December 31, 2025. All quarterly results were impacted by a full quarter of the acquisition of Penns Woods Bancorp, Inc. ("Penns Woods") which closed in late July 2025. The adjusted annualized returns on average shareholders’ equity (non-GAAP) and average assets (non-GAAP) for the quarter ended December 31, 2025 were 10.33% and 1.17% compared to 8.89% and 1.01% for the prior quarter.

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share payable on February 18, 2026 to shareholders of record as of February 5, 2026. This is the 125th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company’s common stock as of December 31, 2025, this represents an annualized dividend yield of approximately 6.7%.

Louis J. Torchio, President and CEO, Northwest Bancshares commented, “2025 was a transformational year for Northwest Bank. We closed on a significant acquisition, drove record revenue of $655 million for the full year, and continued to expand the firm’s net interest margin. Coupled with our demonstrated expense management discipline through the closing and integration of our sizeable acquisition, we drove double digit EPS growth, all while investing in the talent, technology, and new financial centers and products to support our future growth.”

“I am excited at our prospects in 2026, and anticipate another year of record revenue growth, as we build out our consumer franchise in Columbus, deepen relationships in our existing core markets, and continue to build market share in our commercial lines of business.”

Balance Sheet Highlights


Dollars in thousands					Change 4Q25 vs.
	4Q25		3Q25	4Q24	3Q25		4Q24
Average loans receivable	$	12,982,499	12,568,497	11,204,781	3.3	%	15.9	%
Average investments	2,201,221		2,111,928	2,033,991	4.2	%	8.2	%

Average deposits	13,771,215		13,296,651	12,028,417	3.6	%	14.5	%
Average borrowed funds	354,894		347,357	222,506	2.2	%	59.5	%

•Average loans receivable increased $1.8 billion from the quarter ended December 31, 2024, primarily driven by the Penns Woods acquisition. Compared to the third quarter of 2025, average loans receivable increased by $414 million due to a full quarter impact from the acquisition coupled with internal loan growth.

•Average investments increased $167 million from the quarter ended December 31, 2024 and $89 million from the quarter ended September 30, 2025. The growth in average investments was primarily due to the Penns Woods acquisition and a targeted increase in the overall securities portfolio during the quarter.

•Average deposits grew $1.7 billion from the quarter ended December 31, 2024 and $475 million from the third quarter 2025. The growth in both periods was primarily driven by an increase in interest-bearing account balances primarily due to the addition of the Penns Woods deposit accounts.

•Average borrowings increased $132 million compared to the quarter ended December 31, 2024 due to the acquisition of long term borrowings from Penns Woods. Average borrowings increased $8 million compared to the quarter ended September 30, 2025. The increase is primarily attributable to the acquired long term borrowings and additional short term borrowings to fund loan and securities growth.

Income Statement Highlights


Dollars in thousands								Change 4Q25 vs.
	4Q25			3Q25		4Q24		3Q25		4Q24
Interest income	$	202,825		194,678		170,722		4.2	%	18.8	%
Interest expense	60,659			58,704		56,525		3.3	%	7.3	%
Net interest income	$	142,166		135,974		114,197		4.6	%	24.5	%

Net interest margin (FTE)	3.69		%	3.65	%	3.42	%

Compared to the quarter ended December 31, 2024, net interest income increased $28 million and net interest margin increased to 3.69% from 3.42% for the quarter ended December 31, 2024. This increase in net interest income resulted primarily from:

•A $32 million increase in interest income that was the result of higher average yields coupled with an increase in average earning assets. The increase in average earning assets was driven by the Penns Woods acquisition during the third quarter. The average yield on loans improved to 5.65% for the quarter ended December 31, 2025 from 5.56% for the quarter ended December 31, 2024 driven by a loan mix shift towards higher yielding commercial loans along with the accretion of loan fair value marks from the acquisition of $4.6 million during the quarter.

•A $4 million increase in interest expense is the result of an increase in the average balance of interest-bearing liabilities partially offset by a decline in the cost of deposits. The cost of interest-bearing liabilities decreased to 2.14% for the quarter ended December 31, 2025 from 2.27% for the quarter ended December 31, 2024.

Compared to the quarter ended September 30, 2025, net interest income increased $6 million and net interest margin increased to 3.69% for the quarter ended December 31, 2025 from 3.65% for the quarter ended September 30, 2025. This increase in net interest income resulted from the following:

•A $8 million increase in interest income driven by growth in the average loan and investment balances and an increase on loan and investments yields compared to the prior quarter. The average yield on loans increased to 5.65% from 5.63% and average investment yields increased to 2.98% from 2.81% for the quarter ended September 30, 2025. The increases were primarily driven by the Penns Woods acquisition, including the accretion of loan fair value marks, coupled with a continued shift in loan mix towards higher yielding commercial loans and adding new securities at rates above the existing portfolio average.

•A $2 million increase in interest expense driven higher average balances on both deposits and borrowings from the Penns Woods acquisition. Average cost of interest-bearing deposits decreased slightly compared to the prior quarter to 1.97% from 1.99% for the September 30, 2025 while average cost of borrowings declined to 3.83% from 3.84% for the quarter ended September 30, 2025.


Dollars in thousands								Change 4Q25 vs.
	4Q25			3Q25		4Q24		3Q25		4Q24
Provision for credit losses - loans	$	5,743		31,394		15,549		(81.7)	%	(63.1)	%
Provision for credit losses - unfunded commitments	1,981			(189)		1,016		1148.1	%	95.0	%
Total provision for credit losses expense	$	7,724		31,205		16,565		(75.2)	%	(53.4)	%

Net charge-offs to average loans, annualized	0.40		%	0.29	%	0.87	%

The total provision for credit losses for the quarter ended December 31, 2025 was $7.7 million primarily driven by growth in our commercial lending portfolio and net charge-offs in the current period.

The total provision for credit losses for the quarter ended September 30, 2025 was $31 million primarily driven by the Day 1 initial provision from the Penns Woods acquisition of $20.6 million. Excluding the Day 1 provision for credit losses from the acquisition, the provision for credit losses for the quarter ended September 30, 2025 was $10.5 million.

The Company saw an decrease in classified loans to $453 million, or 3.49% of total loans, at December 31, 2025 from $527 million, or 4.07% of total loans, at September 30, 2025 and an increase from $272 million, or 2.44% of total loans, at December 31, 2024. This decrease was driven by improvements within the commercial real estate portfolio which decreased $65 million from the prior quarter. The increase from the prior year was primarily due to classified loans acquired in the Penns Woods acquisition.


Dollars in thousands					Change 4Q25 vs.
	4Q25		3Q25	4Q24	3Q25		4Q24
Noninterest income:
Gain on sale of investments	$	142	36	—	294.4	%	NA

Gain on sale of SBA loans	437		341	822	28.2	%	(46.8)	%
Service charges and fees	17,377		16,911	15,975	2.8	%	8.8	%
Trust and other financial services income	8,416		8,040	7,485	4.7	%	12.4	%
Gain on real estate owned, net	148		132	238	12.1	%	(37.8)	%
Income from bank-owned life insurance	8,269		1,751	2,020	372.2	%	309.4	%
Mortgage banking income	379		1,003	224	(62.2)	%	69.2	%
Other operating income	2,609		3,984	13,299	(34.5)	%	(80.4)	%
Total noninterest income	$	37,777	32,198	40,063	17.3	%	(5.7)	%

Noninterest income decreased from the quarter ended December 31, 2024 by $2 million primarily due to a decrease in other operating income driven by a gain on sale of Visa B shares and a gain on a low income housing tax credit investment in the prior year which was partially offset by an increase in income from bank-owned life insurance due to a large claim recognized in the current quarter. Noninterest income increased from the quarter ended September 30, 2025 by $6 million due primarily to an increase in income from bank-owned life insurance.


Dollars in thousands					Change 4Q25 vs.
	4Q25		3Q25	4Q24	3Q25		4Q24
Noninterest expense:
Personnel expense	$	65,143	63,014	53,198	3.4	%	22.5	%
Non-personnel expense	48,378		70,484	42,128	(31.4)	%	14.8	%
Total noninterest expense	$	113,521	133,498	95,326	(15.0)	%	19.1	%

Noninterest expense increased from the quarter ended December 31, 2024 due to a $12 million increase in core compensation and benefits expense due to the addition of Penns Woods employees coupled with an increase in performance based incentive compensation expense. Additionally, non-personnel expense increased by $6 million due to an increase of $2 million of amortization of intangible expense and $1 million of merger and restructuring expense related to the acquisition coupled with increases in operating expenses due to the addition of the Penns Woods branches to our footprint.

Compared to the quarter ended September 30, 2025, personnel expense increased $2 million driven by the same factors discussed above. Non-personnel expense decreased by $22 million due to a $27 million decrease in merger and restructuring expenses in the current quarter which was offset by an increase in processing and other expense due to a full quarter of additional branches and the timing of charitable contributions.


Dollars in thousands					Change 4Q25 vs.
	4Q25		3Q25	4Q24	3Q25		4Q24
Income before income taxes	$	58,698	3,469	42,369	1592.1	%	38.5	%
Income tax expense	12,985		302	9,619	4199.7	%	35.0	%
Net income	$	45,713	3,167	32,750	1343.4	%	39.6	%

The provision for income taxes increased by $3 million from the quarter ended December 31, 2024 and $13 million from the quarter ended September 30, 2025 primarily due to the quarterly change in income before income taxes.

Net income increased from the quarter ended December 31, 2024 and September 30, 2025 due to the factors discussed above.

Headquartered in Columbus, Ohio, Northwest Bancshares, Inc. is the bank holding company of Northwest Bank. Founded in 1896 Northwest Bank is a full-service financial institution offering a complete line of business and personal banking products, as well as employee benefits and wealth management services. As of December 31, 2025, Northwest operated 151 full-service financial centers and ten free standing drive-up facilities in Pennsylvania, New York, Ohio and Indiana. Northwest Bancshares, Inc.’s common stock is listed on The Nasdaq Stock Market LLC (“NWBI”). Additional information regarding Northwest Bancshares, Inc. and Northwest Bank can be accessed online at www.northwest.com.


Investor Contact:			Michael Perry, Corporate Development & Strategy (814) 726-2140
Media Contact:			Ian Bailey, External Communications (380) 400-2423

# # #

This release may contain forward-looking statements. When used or incorporated by reference in disclosure documents, the words “believe,” “anticipate,” “estimate,” “expect,” “project,” “target,” “goal” and similar expressions are intended to identify forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. These forward-looking statements include but are not limited to: statements of our goals, intentions and expectations; statements regarding our financial condition and results of operations, including statements related to our earnings outlook; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including but not limited to the following: the possibility that any of the anticipated benefits of the merger with Penns Woods will not be realized or will not be realized within the expected time period; the effect of the merger on the combined company’s customer and employee relationships and operating results; and other factors that may affect the results of operations and financial condition of the combined company; 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, government regulations or supervision, examination and enforcement priorities affecting financial institutions, including as part of the regulatory reform agenda of the Trump administration, as well as 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 or those related to changes in monetary, fiscal, regulatory, tariff and international trade policies of the U.S. government, including policies of the U.S. Department of Treasury and Board of Governors of the Federal Reserve System, and any related increases in compliance and other costs; trade disputes, barriers to trade or the emergence of trade restrictions and the resulting impacts on market volatility and global trade; growing fiscal deficits; potential recession or slowing of growth in the U.S., Europe and other regions; developments in the Middle East and in Latin America; adverse changes in the securities and credit markets; instability or breakdown in the financial services sector, including failures or rumors of failures of other depository institutions, along with actions taken by governmental agencies to address such turmoil; 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 internal growth 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 “SEC”), 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. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, expected or projected. These and other risk factors are more fully described in this presentation and in the Northwest Bancshares, Inc. (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2024 under the section entitled "Item 1A - Risk Factors," and from time to time in other filings made by the Company with the SEC. These forward-looking statements speak only at the date of the presentation. The Company expressly disclaims any obligation to publicly release any updates or revisions to reflect any change in the Company’s expectations with regard to any change in events, conditions or circumstances on which any such statement is based.

Use of Non-GAAP Financial Measures

This release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these “non-GAAP” measures in its analysis of the Company’s performance. Management believes these non-GAAP financial measures allow for better comparability of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. See the pages 9 and 10 of this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures where applicable.

Northwest Bancshares, Inc. and Subsidiaries

Consolidated Statements of Financial Condition (Unaudited)

(dollars in thousands, except per share amounts)


	December 31, 2025			September 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	233,647		278,817		288,378


Marketable securities available-for-sale (amortized cost of $1,710,978, $1,405,959 and $1,278,665, respectively)	1,586,382			1,270,880		1,108,944
Marketable securities held-to-maturity (fair value of $605,929, $618,633 and $637,948, respectively)	683,369			702,392		750,586
Total cash and cash equivalents and marketable securities	2,503,398			2,252,089		2,147,908

Loans held-for-sale	22,437			22,297		76,331
Residential mortgage loans	3,100,780			3,157,853		3,178,269
Home equity loans	1,507,532			1,520,893		1,149,396
Consumer loans	2,563,890			2,453,805		1,995,085
Commercial real estate loans	3,296,902			3,495,664		2,849,862
Commercial loans	2,538,212			2,312,718		2,007,402
Total loans receivable	13,007,316			12,940,933		11,180,014
Allowance for credit losses	(150,212)			(157,396)		(116,819)
Loans receivable, net	12,857,104			12,783,537		11,063,195


FHLB stock, at cost	36,628			33,349		21,006
Accrued interest receivable	56,291			55,549		46,356
Real estate owned, net	76			174		35
Premises and equipment, net	140,381			139,491		124,246
Bank-owned life insurance	294,386			303,115		253,137
Goodwill	444,330			438,402		380,997
Other intangible assets, net	39,667			47,924		2,837
Other assets	371,919			305,082		292,176
Total assets	$	16,766,617		16,381,009		14,408,224
Liabilities and shareholders’ equity
Liabilities
Noninterest-bearing demand deposits	$	3,123,229		3,089,963		2,621,415
Interest-bearing demand deposits	2,995,759			2,898,350		2,666,504
Money market deposit accounts	2,540,818			2,462,979		2,007,739
Savings deposits	2,366,513			2,373,413		2,171,251
Time deposits	2,916,698			2,871,544		2,677,645
Total deposits	13,943,017			13,696,249		12,144,554


Borrowed funds	446,283			368,241		200,331
Subordinated debt	114,800			114,800		114,538
Junior subordinated debentures	130,093			130,028		129,834
Advances by borrowers for taxes and insurance	37,309			21,840		42,042
Accrued interest payable	6,846			10,555		6,935
Other liabilities	197,845			183,560		173,134
Total liabilities	14,876,193			14,525,273		12,811,368
Shareholders’ equity
Preferred stock, $0.01 par value: 50,000,000 shares authorized, no shares issued	—			—		—
Common stock, $0.01 par value: 500,000,000 shares authorized, 146,107,964, 146,097,057 and 127,508,003 shares issued and outstanding, respectively	1,461			1,461		1,275
Additional paid-in capital	1,270,444			1,268,694		1,033,385
Retained earnings	689,210			672,843		673,110

Accumulated other comprehensive loss	(70,691)			(87,262)		(110,914)
Total shareholders’ equity	1,890,424			1,855,736		1,596,856
Total liabilities and shareholders’ equity	$	16,766,617		16,381,009		14,408,224

Equity to assets	11.27		%	11.33	%	11.08	%
Tangible common equity to tangible assets*	8.64		%	8.62	%	8.65	%
Book value per share	$	12.94		12.70		12.52
Tangible book value per share*	$	9.63		9.37		9.51
Closing market price per share	$	12.00		12.39		13.19
Full time equivalent employees	2,169			2,190		1,956
Number of banking offices	161			161		141

* Excludes goodwill and other intangible assets (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items.

Northwest Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income (Unaudited)

(dollars in thousands, except per share amounts)


	Quarter ended
	December 31, 2025			September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024

Interest income:
Loans receivable	$	184,047		177,723		154,914		164,638		155,838
Mortgage-backed securities	14,071			12,668		12,154		11,730		11,515
Taxable investment securities	1,324			1,183		999		933		910
Tax-free investment securities	777			752		512		512		515
FHLB stock dividends	701			652		318		366		392
Interest-earning deposits	1,905			1,700		2,673		2,416		1,552
Total interest income	202,825			194,678		171,570		180,595		170,722
Interest expense:
Deposits	52,947			51,880		46,826		47,325		50,854
Borrowed funds	7,712			6,824		5,300		5,452		5,671
Total interest expense	60,659			58,704		52,126		52,777		56,525
Net interest income	142,166			135,974		119,444		127,818		114,197
Provision for credit losses - loans	5,743			31,394		11,456		8,256		15,549
Provision for credit losses - unfunded commitments	1,981			(189)		(2,712)		(345)		1,016
Net interest income after provision for credit losses	134,442			104,769		110,700		119,907		97,632
Noninterest income:
Gain on sale of investments	142			36		—		—		—

Gain on sale of SBA loans	437			341		819		1,238		822

Service charges and fees	17,377			16,911		15,797		14,987		15,975
Trust and other financial services income	8,416			8,040		7,948		7,910		7,485
Gain on real estate owned, net	148			132		258		84		238
Income from bank-owned life insurance	8,269			1,751		1,421		1,331		2,020
Mortgage banking income	379			1,003		1,075		696		224

Other operating income	2,609			3,984		3,620		2,109		13,299
Total noninterest income	37,777			32,198		30,938		28,355		40,063
Noninterest expense:
Compensation and employee benefits	65,143			63,014		55,213		54,540		53,198
Premises and occupancy costs	8,170			7,707		7,122		8,400		7,263
Office operations	4,217			3,495		2,910		2,977		3,036
Collections expense	856			776		838		328		905
Processing expenses	16,454			15,072		12,973		13,990		15,361
Marketing expenses	1,827			1,932		3,018		1,880		2,327
Federal deposit insurance premiums	3,538			3,361		2,296		2,328		2,949
Professional services	3,366			3,010		3,990		2,756		3,788
Amortization of intangible assets	2,257			1,974		436		504		526

Merger, asset disposition and restructuring expense	4,160			31,260		6,244		1,123		2,850
Other expenses	3,533			1,897		2,500		2,911		3,123
Total noninterest expense	113,521			133,498		97,540		91,737		95,326
Income before income taxes	58,698			3,469		44,098		56,525		42,369
Income tax expense	12,985			302		10,423		13,067		9,619
Net income	$	45,713		3,167		33,675		43,458		32,750

Basic earnings per share	$	0.31		0.02		0.26		0.34		0.26
Diluted earnings per share	$	0.31		0.02		0.26		0.34		0.26


Weighted average common shares outstanding - diluted	146,703,966			141,175,516		128,114,509		128,299,013		127,968,910

Annualized return on average equity	9.70		%	0.69	%	8.26	%	10.90	%	8.20	%
Annualized return on average assets	1.10		%	0.08	%	0.93	%	1.22	%	0.91	%
Annualized return on average tangible common equity *	13.10		%	0.90	%	10.78	%	14.29	%	10.81	%

Efficiency ratio	63.09		%	79.38	%	64.86	%	58.74	%	61.80	%
Efficiency ratio, excluding certain items **	59.52		%	59.62	%	60.42	%	57.70	%	59.61	%

* Excludes goodwill and other intangible assets (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items.

** Excludes amortization of intangible assets and merger, asset disposition and restructuring expenses (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items.

Northwest Bancshares, Inc. and Subsidiaries

Consolidated Statements of Income (Unaudited)

(dollars in thousands, except per share amounts)


	Year ended December 31,
	2025			2024
Interest income:
Loans receivable	$	681,322		615,776
Mortgage-backed securities	50,623			39,793
Taxable investment securities	4,439			3,274
Tax-free investment securities	2,553			1,975
FHLB stock dividends	2,037			1,891
Interest-earning deposits	8,694			6,487
Total interest income	749,668			669,196
Interest expense:
Deposits	198,978			205,492
Borrowed funds	25,288			28,126
Total interest expense	224,266			233,618
Net interest income	525,402			435,578
Provision for credit losses - loans	56,849			27,679
Provision for credit losses - unfunded commitments	(1,265)			(3,174)
Net interest income after provision for credit losses	469,818			411,073
Noninterest income:
Gain/(loss) on sale of investments	178			(39,413)

Gain on sale of SBA loans	2,835			3,819

Service charges and fees	65,072			62,957


Trust and other financial services income	32,314			30,102

Gain on real estate owned, net	622			887
Income from bank-owned life insurance	12,772			6,327
Mortgage banking income	3,153			2,321
Other operating income	12,322			20,010
Total noninterest income	129,268			87,010
Noninterest expense:
Compensation and employee benefits	237,910			214,455
Premises and occupancy costs	31,399			29,469
Office operations	13,599			12,433
Collections expense	2,798			2,121
Processing expenses	58,489			59,351
Marketing expenses	8,657			8,890
Federal deposit insurance premiums	11,523			11,600
Professional services	13,122			14,883
Amortization of intangible assets	5,171			2,452

Merger, asset disposition and restructuring expense	42,787			5,763
Other expenses	10,841			7,120
Total noninterest expense	436,296			368,537
Income before income taxes	162,790			129,546
Income tax expense	36,777			29,268
Net income	$	126,013		100,278

Basic earnings per share	$	0.93		0.79
Diluted earnings per share	$	0.92		0.79


Weighted average common shares outstanding - diluted	136,322,885			127,699,501

Annualized return on average equity	7.27		%	6.41	%
Annualized return on average assets	0.82		%	0.70	%
Annualized return on tangible common equity *	9.56		%	8.51	%

Efficiency ratio	66.64		%	70.52	%
Efficiency ratio, excluding certain items **	59.32		%	64.11	%

* Excludes goodwill and other intangible assets (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items.

** Excludes loss on sale of investments, gain on sale of mortgage servicing rights, amortization of intangible assets and merger, asset disposition and restructuring expenses (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items.

Northwest Bancshares, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures (Unaudited) *

(dollars in thousands, except per share amounts)


	Quarter ended							Year ended December 31,
	December 31, 2025			September 30, 2025		December 31, 2024		2025		2024
Reconciliation of net income to adjusted net income:
Net income (GAAP)	$	45,713		3,167		32,750		126,013		100,278
Non-GAAP adjustments

Add: merger, asset disposition and restructuring expense	4,160			31,260		2,850		42,787		5,763
Add: loss on the sale of investments	—			—		—		—		39,413
Add: CECL Day 1 non-PCD and unfunded provision expense	—			20,664		—		20,664		—
Less: tax benefit of non-GAAP adjustments	(1,165)			(14,539)		(798)		(17,766)		(12,649)
Adjusted net income (non-GAAP)	$	48,708		40,552		34,802		171,698		132,805
Diluted earnings per share (GAAP)	$	0.31		0.02		0.26		0.92		0.79
Diluted adjusted earnings per share (non-GAAP)	$	0.33		0.29		0.27		1.26		1.04

Average equity	$	1,870,088		1,809,395		1,589,228		1,733,909		1,563,454
Average assets	16,494,008			15,942,440		14,322,864		15,334,189		14,385,171
Annualized return on average equity (GAAP)	9.70		%	0.69	%	8.20	%	7.27	%	6.41	%
Annualized return on average assets (GAAP)	1.10		%	0.08	%	0.91	%	0.82	%	0.70	%
Annualized return on average equity, excluding merger, asset disposition and restructuring expense, loss on the sale of investments and CECL Day 1 non-PCD and unfunded provision expense, net of tax (non-GAAP)	10.33		%	8.89	%	8.71	%	9.90	%	8.49	%
Annualized return on average assets, excluding merger, asset disposition and restructuring expense, loss on sale of investments, and CECL Day 1 non-PCD and unfunded provision expense, net of tax (non-GAAP)	1.17		%	1.01	%	0.97	%	1.12	%	0.92	%

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 Financial Condition.


	December 31, 2025			September 30, 2025		December 31, 2024
Tangible common equity to assets
Total shareholders’ equity	$	1,890,424		1,855,736		1,596,856
Less: goodwill and intangible assets	(483,997)			(486,326)		(383,834)
Tangible common equity	$	1,406,427		1,369,410		1,213,022

Total assets	$	16,766,617		16,381,009		14,408,224
Less: goodwill and intangible assets	(483,997)			(486,326)		(383,834)
Tangible assets	$	16,282,620		15,894,683		14,024,390

Tangible common equity to tangible assets	8.64		%	8.62	%	8.65	%

Tangible book value per share
Tangible common equity	$	1,406,427		1,369,410		1,213,022
Common shares outstanding	146,107,964			146,097,057		127,508,003
Tangible book value per share	9.63			9.37		9.51

Northwest Bancshares, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures (Unaudited) *

(dollars in thousands, except per share amounts)

The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s Consolidated Statements of Income.


	Quarter ended											Year ended December 31,
	December 31, 2025			September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		2025		2024

Annualized return on average tangible common equity
Net income	$	45,713		3,167		33,675		43,458		32,750		126,013		100,278

Average shareholders’ equity	1,870,088			1,809,395		1,635,966		1,616,611		1,589,228		1,733,909		1,563,454
Less: average goodwill and intangible assets	(485,252)			(409,875)		(383,152)		(383,649)		(384,178)		(415,735)		(385,074)
Average tangible common equity	$	1,384,836		1,399,520		1,252,814		1,232,962		1,205,050		1,318,174		1,178,380

Annualized return on average tangible common equity	13.10		%	0.90	%	10.78	%	14.29	%	10.81	%	9.56	%	8.51	%

Efficiency ratio, excluding loss on the sale of investments, amortization and merger, asset disposition and restructuring expenses
Non-interest expense	$	113,521		133,498		97,540		91,737		95,326		436,296		368,537
Less: amortization expense	(2,257)			(1,974)		(436)		(504)		(526)		(5,171)		(2,452)
Less: merger, asset disposition and restructuring expenses	(4,160)			(31,260)		(6,244)		(1,123)		(2,850)		(42,787)		(5,763)
Non-interest expense, excluding amortization and merger, assets disposition and restructuring expenses	$	107,104		100,264		90,860		90,110		91,950		388,338		360,322

Net interest income	$	142,166		135,974		119,444		127,818		114,197		525,402		435,578
Non-interest income	37,777			32,198		30,938		28,355		40,063		129,268		87,010
Add: loss on the sale of investments	—			—		—		—		—		—		39,413

Net interest income plus non-interest income, excluding loss on sale of investments	$	179,943		168,172		150,382		156,173		154,260		654,670		562,001

Efficiency ratio, excluding loss on sale of investments, amortization and merger, asset disposition and restructuring expenses	59.52		%	59.62	%	60.42	%	57.70	%	59.61	%	59.32	%	64.11	%

* The table summarizes the Company’s results from operations on a GAAP basis and on an operating (non-GAAP) basis for the periods indicated. Operating results exclude merger, asset disposition and restructuring expense, loss on sale of investments and gain on sale of mortgage servicing rights. The net tax effect was calculated using statutory tax rates of approximately 28.0%. The Company believes this non-GAAP presentation provides a meaningful comparison of operational performance and facilitates a more effective evaluation and comparison of results to assess performance in relation to ongoing operations.

Northwest Bancshares, Inc. and Subsidiaries

Deposits (Unaudited)

(dollars in thousands)

Generally, deposits in excess of $250,000 are not federally insured. The following table provides details regarding the Company’s uninsured deposits portfolio:


	As of December 31, 2025
	Balance		Percent of total deposits		Number of relationships
Uninsured deposits per the Call Report (1)	$	3,737,960	26.8	%	6,289
Less intercompany deposit accounts	1,339,304		9.6	%	12
Less collateralized deposit accounts	435,258		3.1	%	260
Uninsured deposits excluding intercompany and collateralized accounts	$	1,963,398	14.1	%	6,017

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

Our largest uninsured depositor, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $42.4 million, or 0.31% of total deposits, as of December 31, 2025. Our top ten largest uninsured depositors, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $236.3 million, or 1.69% of total deposits, as of December 31, 2025. The average uninsured deposit account balance, excluding intercompany and collateralized accounts, was $326,254 as of December 31, 2025.

The following table provides additional details for the Company’s deposit portfolio:


	As of December 31, 2025
	Balance		Percent of total deposits		Number of accounts
Personal noninterest bearing demand deposits	$	1,714,326	12.2	%	312,429
Business noninterest bearing demand deposits	1,408,903		10.1	%	48,081
Personal interest-bearing demand deposits	1,401,892		10.1	%	54,866
Business interest-bearing demand deposits	1,593,867		11.4	%	9,120
Personal money market deposits	1,766,973		12.7	%	27,259
Business money market deposits	773,845		5.6	%	3,226
Savings deposits	2,366,513		17.0	%	187,565
Time deposits	2,916,698		20.9	%	81,429
Total deposits	$	13,943,017	100.0	%	723,975

Our average deposit account balance as of December 31, 2025 was $19,259. The Company’s insured cash sweep deposit balance was $781 million as of December 31, 2025.

Northwest Bancshares, Inc. and Subsidiaries

Regulatory Capital Requirements (Unaudited)

(dollars in thousands)


	At December 31, 2025
	Actual (1)				Minimum capital requirements (2)				Well capitalized requirements
	Amount		Ratio		Amount		Ratio		Amount		Ratio
Total capital (to risk weighted assets)
Northwest Bancshares, Inc.	$	1,875,097	15.36	%	$	1,281,842	10.50	%	$	1,220,802	10.00	%
Northwest Bank	1,732,895		14.21	%	1,280,528		10.50	%	1,219,551		10.00	%

Tier 1 capital (to risk weighted assets)
Northwest Bancshares, Inc.	1,504,320		12.32	%	1,037,682		8.50	%	732,481		6.00	%
Northwest Bank	1,580,217		12.96	%	1,036,618		8.50	%	975,641		8.00	%

Common equity tier 1 capital (to risk weighted assets)
Northwest Bancshares, Inc.	1,504,320		12.32	%	854,561		7.00	%	N/A		N/A
Northwest Bank	1,580,217		12.96	%	853,686		7.00	%	792,708		6.50	%

Tier 1 capital (leverage) (to average assets)
Northwest Bancshares, Inc.	1,504,320		9.29	%	647,636		4.00	%	N/A		N/A
Northwest Bank	1,580,217		9.77	%	647,141		4.00	%	808,926		5.00	%

(1) December 31, 2025 figures are estimated.

(2) Amounts and ratios include the capital conservation buffer of 2.5%, which does not apply to Tier 1 capital to average assets (leverage ratio). For further information related to the capital conservation buffer, see “Item 1. Business - Supervision and Regulation” of our 2024 Annual Report on Form 10-K.

Northwest Bancshares, Inc. and Subsidiaries

Marketable Securities (Unaudited)

(dollars in thousands)


	December 31, 2025
Marketable securities available-for-sale	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses	Fair value	Weighted average duration
Debt issued by the U.S. government and agencies:
Due after five years through ten years	$	1,631	11	(13)	1,629	3.12
Due after ten years	41,673		—	(7,390)	34,283	5.83

Debt issued by government sponsored enterprises:

Due after one year through five years	1,040		6	(2)	1,044	1.51
Due after five years through ten years	996		7	—	1,003	0.42




Municipal securities:
Due within one year	1,810		9	—	1,819	0.59
Due after one year through five years	10,876		118	(7)	10,987	2.32
Due after five years through ten years	25,111		393	(1,253)	24,251	6.69
Due after ten years	52,342		342	(6,473)	46,211	9.40

Corporate debt issues:
Due within one year	500		—	—	500	0.24
Due in one year through five years	4,716		12	(22)	4,706	3.65
Due after five years through ten years	46,436		1,429	(64)	47,801	4.23
Due after ten years	4,000		27	—	4,027	4.42

Mortgage-backed agency securities:
Fixed rate pass-through	402,670		3,940	(10,685)	395,925	7.24
Variable rate pass-through	3,015		66	(2)	3,079	3.34
Fixed rate agency CMBS	616,751		1,553	(73,461)	544,843	3.67
Variable rate agency CMBS	8,341		2	—	8,343	3.00
Fixed rate agency CMOs	451,776		1,685	(34,848)	418,613	5.35
Variable rate agency CMOs	37,294		103	(79)	37,318	6.44
Total mortgage-backed agency securities	1,519,847		7,349	(119,075)	1,408,121	5.24
Total marketable securities available-for-sale	$	1,710,978	9,703	(134,299)	1,586,382	5.32

Marketable securities held-to-maturity
Government sponsored
Due after one year through five years	$	16,477	—	(98)	16,379	0.23
Due after five years through ten years	107,988		—	(8,216)	99,772	2.79

Mortgage-backed agency securities:
Fixed rate pass-through	98,462		1	(9,775)	88,688	4.21
Variable rate pass-through	310		3	—	313	3.35
Fixed rate agency CMBS	78,270		—	(13,133)	65,137	3.43

Fixed rate agency CMOs	381,334		—	(46,220)	335,114	5.57
Variable rate agency CMOs	528		—	(2)	526	3.96
Total mortgage-backed agency securities	558,904		4	(69,130)	489,778	5.03
Total marketable securities held-to-maturity	$	683,369	4	(77,444)	605,929	4.65

Northwest Bancshares, Inc. and Subsidiaries

Asset Quality (Unaudited)

(dollars in thousands)


	December 31, 2025			September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Nonaccrual loans:
Residential mortgage loans	$	12,247		11,497		8,482		7,025		6,951
Home equity loans	3,755			6,979		3,507		3,004		3,332
Consumer loans	5,711			5,898		4,418		5,201		5,028
Commercial real estate loans	57,485			82,580		62,091		31,763		36,967
Commercial loans	28,085			21,371		23,896		11,757		9,123
Total nonaccrual loans	$	107,283		128,325		102,394		58,750		61,401
Loans 90 days past due and still accruing	646			701		493		603		656
Nonperforming loans	107,929			129,026		102,887		59,353		62,057
Real estate owned, net	76			174		48		80		35
Other nonperforming assets (1)	—			—		—		16,102		16,102
Nonperforming assets	$	108,005		129,200		102,935		75,535		78,194

Nonperforming loans to total loans	0.83		%	1.00	%	0.91	%	0.53	%	0.56	%
Nonperforming assets to total assets	0.64		%	0.79	%	0.71	%	0.52	%	0.54	%
Allowance for credit losses to total loans	1.15		%	1.22	%	1.14	%	1.09	%	1.04	%
Allowance for credit losses to nonperforming loans	139.18		%	121.99	%	125.53	%	206.91	%	188.24	%

(1) Other nonperforming assets includes nonaccrual loans held-for-sale.

Northwest Bancshares, Inc. and Subsidiaries

Loans by Credit Quality Indicators (Unaudited)

(dollars in thousands)


At December 31, 2025	Pass		Special mention *	Substandard **	Doubtful	Loss	Loans receivable
Personal Banking:
Residential mortgage loans	$	3,088,533	—	12,247	—	—	3,100,780
Home equity loans	1,503,777		—	3,755	—	—	1,507,532
Consumer loans	2,557,577		—	6,313	—	—	2,563,890
Total Personal Banking	7,149,887		—	22,315	—	—	7,172,202
Commercial Banking:
Commercial real estate loans	2,817,802		131,589	347,511	—	—	3,296,902
Commercial loans	2,392,830		61,852	83,530	—	—	2,538,212
Total Commercial Banking	5,210,632		193,441	431,041	—	—	5,835,114
Total loans	$	12,360,519	193,441	453,356	—	—	13,007,316
At September 30, 2025
Personal Banking:
Residential mortgage loans	$	3,146,355	—	11,498	—	—	3,157,853
Home equity loans	1,513,914		—	6,979	—	—	1,520,893
Consumer loans	2,447,208		—	6,597	—	—	2,453,805
Total Personal Banking	7,107,477		—	25,074	—	—	7,132,551
Commercial Banking:
Commercial real estate loans	2,912,166		171,005	412,493	—	—	3,495,664
Commercial loans	2,141,236		82,009	89,473	—	—	2,312,718
Total Commercial Banking	5,053,402		253,014	501,966	—	—	5,808,382
Total loans	$	12,160,879	253,014	527,040	—	—	12,940,933
At June 30, 2025
Personal Banking:
Residential mortgage loans	$	3,039,809	—	12,317	—	—	3,052,126
Home equity loans	1,153,808		—	3,712	—	—	1,157,520
Consumer loans	2,206,363		—	4,912	—	—	2,211,275
Total Personal Banking	6,399,980		—	20,941	—	—	6,420,921
Commercial Banking:
Commercial real estate loans	2,266,057		112,852	403,495	—	—	2,782,404
Commercial loans	1,956,751		87,951	93,797	—	—	2,138,499
Total Commercial Banking	4,222,808		200,803	497,292	—	—	4,920,903
Total loans	$	10,622,788	200,803	518,233	—	—	11,341,824
At March 31, 2025
Personal Banking:
Residential mortgage loans	$	3,110,770	—	10,877	—	—	3,121,647
Home equity loans	1,138,367		—	3,210	—	—	1,141,577
Consumer loans	2,075,719		—	5,750	—	—	2,081,469
Total Personal Banking	6,324,856		—	19,837	—	—	6,344,693
Commercial Banking:
Commercial real estate loans	2,497,722		86,779	208,233	—	—	2,792,734
Commercial loans	1,964,699		63,249	51,070	—	—	2,079,018
Total Commercial Banking	4,462,421		150,028	259,303	—	—	4,871,752
Total loans	$	10,787,277	150,028	279,140	—	—	11,216,445
At December 31, 2024
Personal Banking:
Residential mortgage loans	$	3,167,447	—	10,822	—	—	3,178,269
Home equity loans	1,145,856		—	3,540	—	—	1,149,396
Consumer loans	1,989,479		—	5,606	—	—	1,995,085
Total Personal Banking	6,302,782		—	19,968	—	—	6,322,750
Commercial Banking:
Commercial real estate loans	2,571,915		72,601	205,346	—	—	2,849,862
Commercial loans	1,923,382		37,063	46,957	—	—	2,007,402
Total Commercial Banking	4,495,297		109,664	252,303	—	—	4,857,264
Total loans	$	10,798,079	109,664	272,271	—	—	11,180,014

* Includes $38.2 million, $41.0 million, $4.0 million, $4.7 million, and $2.7 million of acquired loans at December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively.

** Includes $93.2 million, $96.9 million, $19.2 million, $18.0 million, and $19.8 million of acquired loans at December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively.

Northwest Bancshares, Inc. and Subsidiaries

Loan Delinquency (Unaudited)

(dollars in thousands)


	December 31, 2025		*		September 30, 2025		*		June 30, 2025		*		March 31, 2025		*		December 31, 2024		*

Loans delinquent 30 days to 59 days:
Residential mortgage loans	$	41,180	1.3	%	$	1,639	0.1	%	$	561	—	%	$	32,840	1.0	%	$	28,690	0.9	%
Home equity loans	6,488		0.4	%	4,644		0.3	%	4,664		0.4	%	3,882		0.3	%	5,365		0.5	%

Consumer loans	14,063		0.5	%	12,257		0.5	%	9,174		0.4	%	8,792		0.4	%	11,102		0.6	%
Commercial real estate loans	28,645		0.9	%	14,600		0.4	%	4,585		0.2	%	8,536		0.3	%	5,215		0.2	%
Commercial loans	5,657		0.2	%	9,974		0.4	%	5,569		0.3	%	6,841		0.3	%	5,632		0.3	%
Total loans delinquent 30 days to 59 days	$	96,033	0.7	%	$	43,114	0.3	%	$	24,553	0.2	%	$	60,891	0.5	%	$	56,004	0.5	%

Loans delinquent 60 days to 89 days:
Residential mortgage loans	$	10,934	0.4	%	$	7,917	0.3	%	$	8,958	0.3	%	$	3,074	0.1	%	$	10,112	0.3	%
Home equity loans	2,316		0.2	%	2,671		0.2	%	985		0.1	%	1,290		0.1	%	1,434		0.1	%

Consumer loans	4,599		0.2	%	3,691		0.2	%	3,233		0.1	%	2,808		0.1	%	3,640		0.2	%
Commercial real estate loans	12,941		0.4	%	1,575		—	%	13,240		0.5	%	2,001		0.1	%	915		—	%
Commercial loans	2,899		0.1	%	1,915		0.1	%	2,031		0.1	%	2,676		0.1	%	1,726		0.1	%
Total loans delinquent 60 days to 89 days	$	33,689	0.3	%	$	17,769	0.1	%	$	28,447	0.3	%	$	11,849	0.1	%	$	17,827	0.2	%

Loans delinquent 90 days or more:
Residential mortgage loans	$	10,001	0.3	%	$	9,427	0.3	%	$	6,905	0.2	%	$	4,005	0.1	%	$	4,931	0.2	%
Home equity loans	2,492		0.2	%	2,963		0.2	%	1,879		0.2	%	1,893		0.2	%	2,250		0.2	%

Consumer loans	4,893		0.2	%	4,865		0.2	%	3,486		0.2	%	4,026		0.2	%	3,967		0.2	%
Commercial real estate loans	32,745		1.0	%	56,453		1.6	%	41,875		1.5	%	23,433		0.8	%	7,702		0.3	%
Commercial loans	16,269		0.6	%	9,490		0.4	%	10,433		0.5	%	5,994		0.3	%	7,335		0.4	%
Total loans delinquent 90 days or more	$	66,400	0.5	%	$	83,198	0.6	%	$	64,578	0.6	%	$	39,351	0.3	%	$	26,185	0.2	%

Total loans delinquent	$	196,122	1.5	%	$	144,081	1.1	%	$	117,578	1.0	%	$	112,091	1.0	%	$	100,016	0.9	%

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

Northwest Bancshares, Inc. and Subsidiaries

Allowance for Credit Losses (Unaudited)

(dollars in thousands)


	Quarter ended
	December 31, 2025			September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Beginning balance	$	157,396		129,159		122,809		116,819		125,813

Initial allowance on loans purchased with credit deterioration	—			6,029		—		—		—
Provision	5,743			31,394		11,456		8,256		15,549
Charge-offs residential mortgage	(228)			(137)		(273)		(588)		(176)
Charge-offs home equity	(558)			(336)		(413)		(273)		(197)

Charge-offs consumer	(4,139)			(3,994)		(3,331)		(3,805)		(4,044)
Charge-offs commercial real estate	(9,765)			(4,312)		(293)		(116)		(13,997)
Charge-offs commercial	(532)			(2,395)		(3,597)		(571)		(10,400)
Recoveries	2,295			1,988		2,801		3,087		4,271
Ending balance	$	150,212		157,396		129,159		122,809		116,819
Net charge-offs to average loans, annualized	0.40		%	0.29	%	0.18	%	0.08	%	0.87	%


	Year ended December 31,
	2025			2024
Beginning balance	$	116,819		125,243
Initial allowance on loans purchased with credit deterioration	6,029			—
Provision	56,849			27,679
Charge-offs residential mortgage	(1,226)			(845)
Charge-offs home equity	(1,580)			(1,736)
Charge-offs consumer	(15,269)			(14,738)
Charge-offs commercial real estate	(14,486)			(15,321)
Charge-offs commercial	(7,095)			(14,462)
Recoveries	10,171			10,999
Ending balance	$	150,212		116,819
Net charge-offs to average loans, annualized	0.25		%	0.32	%

Northwest Bancshares, Inc. and Subsidiaries

Average Balance Sheet (Unaudited)

(dollars in thousands)

The following table sets forth certain information relating to the Company’s average balance sheet and reflects the average yield on assets and average cost of liabilities for the periods indicated. Such yields and costs are derived by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented. Average balances are calculated using daily averages.


	Quarter ended
	December 31, 2025					September 30, 2025					June 30, 2025					March 31, 2025					December 31, 2024
	Average balance		Interest	Avg. yield/ cost		Average balance		Interest	Avg. yield/ cost		Average balance		Interest	Avg. yield/ cost		Average balance		Interest	Avg. yield/ cost		Average balance		Interest	Avg. yield/ cost
Assets:
Interest-earning assets:
Residential mortgage loans	$	3,147,858	31,814	4.04	%	$	3,160,008	31,386	3.97	%	$	3,091,324	29,978	3.88	%	$	3,155,738	30,394	3.85	%	$	3,215,596	31,107	3.87	%
Home equity loans	1,512,049		22,802	5.98	%	1,421,717		21,080	5.88	%	1,145,655		16,265	5.69	%	1,139,728		16,164	5.75	%	1,154,456		16,801	5.79	%
Consumer loans	2,412,579		34,436	5.66	%	2,330,173		32,729	5.57	%	2,073,103		28,648	5.54	%	1,948,230		26,273	5.47	%	1,918,356		26,293	5.45	%
Commercial real estate loans	3,468,667		53,345	6.02	%	3,377,740		51,761	6.00	%	2,836,757		43,457	6.06	%	2,879,607		56,508	7.85	%	2,983,946		46,933	6.15	%
Commercial loans	2,441,346		42,447	6.80	%	2,278,859		41,519	7.13	%	2,102,115		37,287	7.02	%	2,053,213		36,012	7.02	%	1,932,427		35,404	7.17	%
Total loans receivable (a) (b) (d)	12,982,499		184,844	5.65	%	12,568,497		178,475	5.63	%	11,248,954		155,635	5.55	%	11,176,516		165,351	6.00	%	11,204,781		156,538	5.56	%
Mortgage-backed securities (c)	1,892,074		14,071	2.97	%	1,810,209		12,668	2.80	%	1,790,423		12,154	2.72	%	1,773,402		11,730	2.65	%	1,769,151		11,514	2.60	%
Investment securities (c) (d)	309,147		2,339	3.03	%	301,719		2,153	2.85	%	266,053		1,668	2.51	%	263,825		1,599	2.43	%	264,840		1,575	2.38	%
FHLB stock, at cost	32,876		701	8.46	%	30,434		652	8.51	%	17,838		318	7.15	%	20,862		366	7.11	%	21,237		392	7.35	%
Other interest-earning deposits	170,370		1,905	4.37	%	164,131		1,700	4.05	%	220,416		2,673	4.85	%	243,412		2,416	3.97	%	132,273		1,554	4.60	%
Total interest-earning assets	15,386,966		203,860	5.26	%	14,874,990		195,648	5.22	%	13,543,684		172,448	5.11	%	13,478,017		181,462	5.46	%	13,392,282		171,573	5.10	%
Noninterest-earning assets (e)	1,107,042					1,067,450					924,513					924,466					930,582
Total assets	$	16,494,008				$	15,942,440				$	14,468,197				$	14,402,483				$	14,322,864
Liabilities and shareholders’ equity:
Interest-bearing liabilities:
Savings deposits	$	2,362,215	6,324	1.06	%	$	2,343,137	6,679	1.13	%	$	2,212,175	6,521	1.18	%	$	2,194,305	6,452	1.19	%	$	2,152,955	6,549	1.21	%
Interest-bearing demand deposits	2,940,296		9,084	1.23	%	2,782,369		8,258	1.18	%	2,609,887		7,192	1.11	%	2,593,228		7,063	1.10	%	2,636,279		7,894	1.19	%
Money market deposit accounts	2,522,362		12,499	1.97	%	2,392,748		11,785	1.95	%	2,121,088		9,658	1.83	%	2,082,948		9,306	1.81	%	1,980,769		8,880	1.78	%
Time deposits	2,841,234		25,040	3.50	%	2,818,526		25,158	3.54	%	2,599,254		23,455	3.62	%	2,629,388		24,504	3.78	%	2,671,343		27,531	4.10	%
Total interest bearing deposits (g)	10,666,107		52,947	1.97	%	10,336,780		51,880	1.99	%	9,542,404		46,826	1.97	%	9,499,869		47,325	2.02	%	9,441,346		50,854	2.14	%
Borrowed funds (f)	354,894		3,425	3.83	%	347,357		3,366	3.84	%	208,342		2,046	3.94	%	224,122		2,206	3.99	%	222,506		2,246	4.02	%
Subordinated debt	114,800		2,285	7.79	%	114,745		1,335	4.65	%	114,661		1,148	4.00	%	114,576		1,148	4.01	%	114,488		1,148	4.01	%
Junior subordinated debentures	130,051		2,002	6.02	%	129,986		2,123	6.39	%	129,921		2,106	6.41	%	129,856		2,098	6.46	%	129,791		2,277	6.87	%
Total interest-bearing liabilities	11,265,852		60,659	2.14	%	10,928,868		58,704	2.13	%	9,995,328		52,126	2.09	%	9,968,423		52,777	2.15	%	9,908,131		56,525	2.27	%
Noninterest-bearing demand deposits (g)	3,105,108					2,959,871					2,611,597					2,588,502					2,587,071
Noninterest-bearing liabilities	252,960					244,306					225,306					228,947					238,434
Total liabilities	14,623,920					14,133,045					12,832,231					12,785,872					12,733,636
Shareholders’ equity	1,870,088					1,809,395					1,635,966					1,616,611					1,589,228
Total liabilities and shareholders’ equity	$	16,494,008				$	15,942,440				$	14,468,197				$	14,402,483				$	14,322,864
Net interest income/Interest rate spread FTE			143,201	3.12	%			136,944	3.09	%			120,322	3.02	%			128,685	3.31	%			115,048	2.83	%
Net interest-earning assets/Net interest margin FTE	$	4,121,114		3.69	%	$	3,946,122		3.65	%	$	3,548,356		3.56	%	$	3,509,594		3.87	%	$	3,484,151		3.42	%
Tax equivalent adjustment (d)			1,035					970					878					867					851
Net interest income, GAAP basis			142,166					135,974					119,444					127,818					114,197
Ratio of interest-earning assets to interest-bearing liabilities	1.37X					1.36X					1.36X					1.35X					1.35X

(a) Average gross loans receivable includes loans held as available-for-sale and loans placed on nonaccrual status.

(b) Interest income includes accretion/amortization of deferred loan fees/expenses, which was not material.

(d) Interest income on tax-free investment securities and tax-free loans are presented on a fully taxable equivalent (“FTE”) basis.

(e) Average balances include the effect of unrealized gains or losses on securities held as available-for-sale.

(f) Average balances include FHLB borrowings and collateralized borrowings.

(g) Average cost of total deposits were 1.53%, 1.55%, 1.55%, 1.59%, and 1.68%, respectively.

Northwest Bancshares, Inc. and Subsidiaries

Average Balance Sheet (Unaudited)

(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.


	Year ended December 31,
	2025					2024
	Average balance		Interest	Avg. yield/ cost (h)		Average balance		Interest	Avg. yield/ cost (h)
Assets
Interest-earning assets:
Residential mortgage loans	$	3,138,768	123,572	3.94	%	$	3,308,977	127,499	3.85	%
Home equity loans	1,306,128		76,311	5.84	%	1,177,431		68,694	5.83	%
Consumer loans	2,192,675		122,086	5.57	%	1,988,806		103,694	5.21	%

Commercial real estate loans	3,142,956		205,132	6.44	%	3,000,431		183,491	6.02	%
Commercial loans	2,220,111		157,273	6.99	%	1,809,574		135,326	7.36	%
Loans receivable (a) (b) (d)	12,000,638		684,374	5.70	%	11,285,219		618,704	5.48	%
Mortgage-backed securities (c)	1,816,835		50,623	2.79	%	1,739,141		39,793	2.29	%
Investment securities (c) (d)	285,355		7,776	2.72	%	287,118		5,825	2.03	%
FHLB stock, at cost	25,549		2,037	7.97	%	24,948		1,891	7.58	%
Other interest-earning deposits	199,582		8,693	4.30	%	126,097		6,489	5.15	%
Total interest-earning assets	14,327,959		753,503	5.26	%	13,462,523		672,702	5.00	%
Noninterest-earning assets (e)	1,006,230					922,648

Total assets	$	15,334,189				$	14,385,171

Liabilities and shareholders’ equity
Interest-bearing liabilities:
Savings deposits	$	2,278,597	25,976	1.14	%	$	2,142,852	24,222	1.13	%
Interest-bearing demand deposits	2,732,535		31,597	1.16	%	2,574,810		27,394	1.06	%
Money market deposit accounts	2,281,300		43,248	1.90	%	1,966,732		34,564	1.76	%
Time deposits	2,722,945		98,157	3.60	%	2,758,157		119,313	4.33	%
Total interest bearing deposits (g)	10,015,377		198,978	1.99	%	9,442,551		205,493	2.18	%
Borrowed funds (f)	284,212		11,044	3.89	%	308,540		13,882	4.50	%
Subordinated debt	114,696		5,916	5.13	%	114,355		4,592	4.02	%
Junior subordinated debentures	129,954		8,328	6.32	%	129,695		9,652	7.32	%
Total interest-bearing liabilities	10,544,239		224,266	2.13	%	9,995,141		233,619	2.34	%
Noninterest-bearing demand deposits (g)	2,818,078					2,582,540
Noninterest-bearing liabilities	237,963					244,036

Total liabilities	13,600,280					12,821,717

Shareholders’ equity	1,733,909					1,563,454

Total liabilities and shareholders’ equity	$	15,334,189				$	14,385,171

Net interest income/Interest rate spread			529,237	3.13	%			439,083	2.66	%

Net interest-earning assets/Net interest margin	$	3,783,720		3.69	%	$	3,467,382		3.26	%

Tax equivalent adjustment (d)			3,835					3,505
Net interest income, GAAP basis			525,402					435,578

Ratio of interest-earning assets to interest-bearing liabilities	1.36X					1.35X

(a)Average gross loans receivable includes loans held as available-for-sale and loans placed on nonaccrual status.

(b)Interest income includes accretion/amortization of deferred loan fees/expenses, which 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.

(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 1.55% and 1.71%, respectively.