Northwest Bancshares, Inc. Announces Third Quarter 2025 GAAP net income of $3 million, or $0.02 per diluted share

Year to date EPS of $0.61 per diluted share, 15% growth from the prior year

Record total revenue of $168 million, 21% growth over prior year quarter

COLUMBUS, Ohio, Oct. 27, 2025 /PRNewswire/ -- Northwest Bancshares, Inc., (the "Company"), (Nasdaq: NWBI) announced net income for the quarter ended September 30, 2025 of $3 million, or $0.02 per diluted share. This represents a decrease of $31 million compared to the prior quarter and same quarter last year, when net income was $34 million, or $0.26 per diluted share, in both periods. The annualized returns on average shareholders' equity and average assets for the quarter ended September 30, 2025 were 0.69% and 0.08% compared to 8.50% and 0.93% for the same quarter last year and 8.26% and 0.93% for the prior quarter.

Adjusted net income (non-GAAP) for the quarter ended September 30, 2025 was $41 million, or $0.29, per diluted share, which increased by $3 million from $38 million, or $0.30, per diluted share, in the prior quarter. This increase was primarily driven by a $17 million increase in net interest income from the addition of Penns Woods which was partly offset by an increase in adjusted noninterest expense of $11 million. The adjusted annualized returns on average shareholders' equity (non-GAAP) and average assets (non-GAAP) for the quarter ended September 30, 2025 were 8.89% and 1.01% compared to 9.36% and 1.06% for the prior quarter.

On July 25, 2025, the Company completed its acquisition of Penns Woods Bancorp, Inc. ("Penns Woods") and its results of operations are included in the Company's consolidated results since the date of acquisition. Therefore, the Company's third quarter and year to date 2025 results reflect increased levels of average balances, net interest income, and noninterest expense compared to the prior quarter and 2024 results. After purchase accounting fair value adjustments, the acquisition added $2.2 billion of total assets, including $1.8 billion of loans, $164 million of investments, of which $82 million were immediately sold, as well as $2.0 billion of total liabilities, primarily consisting of $1.6 billion in deposits. The Company recorded preliminary goodwill of $61 million and core deposit intangibles of $48 million related to the acquisition.

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share payable on November 18, 2025 to shareholders of record as of November 6, 2025. This is the 124th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company's common stock as of September 30, 2025, this represents an annualized dividend yield of approximately 6.5%.

Louis J. Torchio, President and CEO, Northwest Bancshares commented, "I am pleased with our first quarter of performance as a combined company. The team completed merger integration activities on time, while staying focused on executing our strategy, and delivering on our commitment to sustainable, responsible, and profitable growth. The benefits of the additional scale from the merger are already evident. We delivered a record $168 million in revenue for the quarter, more than 25% year over year average commercial C&I loan growth continuing our strategic re-balancing, and drove a strong 3Q net interest margin of 3.65% as we maintained our loan yield and low-cost, high-quality, stable funding base."

"We are expanding our footprint through new branch openings in high growth markets, and have just broken ground on the first of three Columbus market financial centers scheduled for mid-2026 opening. We continue to enhance our capabilities, and provide personalized services and expertise to our customers and the growing number of communities we serve."

Balance Sheet Highlights

Dollars in thousands

Change 3Q25 vs.

3Q25

2Q25

3Q24

2Q25

3Q24

Average loans receivable

$ 12,568,497

11,248,954

11,223,602

11.7 %

12.0 %

Average investments

2,111,928

2,056,476

1,998,855

2.7 %

5.7 %

Average deposits

13,296,651

12,154,001

12,096,811

9.4 %

9.9 %

Average borrowed funds

347,357

208,342

220,677

66.7 %

57.4 %

Income Statement Highlights

Dollars in thousands

Change 3Q25 vs.

3Q25

2Q25

3Q24

2Q25

3Q24

Interest income

$ 194,678

171,570

171,381

13.5 %

13.6 %

Interest expense

58,704

52,126

60,079

12.6 %

(2.3) %

Net interest income

$ 135,974

119,444

111,302

13.8 %

22.2 %

Net interest margin

3.65 %

3.56 %

3.33 %

Compared to the quarter ended September 30, 2024, net interest income increased $25 million and net interest margin increased to 3.65% from 3.33% for the quarter ended September 30, 2024. This increase in net interest income resulted primarily from:

Compared to the quarter ended June 30, 2025, net interest income increased $17 million and net interest margin increased to 3.65% for the quarter ended September 30, 2025 from 3.56%. This increase in net interest income resulted from the following:

Dollars in thousands

Change 3Q25 vs.

3Q25

2Q25

3Q24

2Q25

3Q24

Provision for credit losses - loans

$ 31,394

11,456

5,727

174.0 %

448.2 %

Provision for credit losses - unfunded commitments

(189)

(2,712)

(852)

(93.0) %

(77.8) %

Total provision for credit losses expense

$ 31,205

8,744

4,875

256.9 %

540.1 %

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, which increased compared to the prior year and the prior quarter primarily due to an increase in net charge offs coupled with an increase due to individually assessed loans.

The Company saw an increase in classified loans to $527 million, or 4.07% of total loans, at September 30, 2025 from $320 million, or 2.83% of total loans, at September 30, 2024 and $518 million, or 4.57% of total loans, at June 30, 2025. This increase was driven by changes in our commercial real estate portfolio which increased $141 million from the prior year. The increase from the prior quarter was primarily due to classified loans acquired in the Penns Woods acquisition which were partially offset by improvements in our legacy loan portfolio.

Dollars in thousands

Change 3Q25 vs.

3Q25

2Q25

3Q24

2Q25

3Q24

Noninterest income:

Gain/(loss) on sale of investments

$ 36

—

Gain on sale of SBA loans

341

819

667

(58.4) %

(48.9) %

Service charges and fees

16,911

15,797

15,932

7.1 %

6.1 %

Trust and other financial services income

8,040

7,948

7,924

1.2 %

1.5 %

Gain on real estate owned, net

132

258

105

(48.8) %

25.7 %

Income from bank-owned life insurance

1,751

1,421

1,434

23.2 %

22.1 %

Mortgage banking income

1,003

1,075

744

(6.7) %

34.8 %

Other operating income

3,984

3,620

1,027

10.1 %

287.9 %

Total noninterest income

$ 32,198

30,938

27,833

4.1 %

15.7 %

Noninterest income increased $4 million from the quarter ended September 30, 2024 driven by an increase in other operating income driven by a gain on equity method investments during the current quarter compared to a loss on equity method investments and the sale of a building during the prior year. Noninterest income increased by $1 million from the quarter ended June 30, 2025, due primarily to an increase in service charges and fees driven by deposit related fees based on customer activity partially related to the Penns Woods acquisition.

Dollars in thousands

Change 3Q25 vs.

3Q25

2Q25

3Q24

2Q25

3Q24

Noninterest expense:

Personnel expense

$ 63,014

55,213

56,186

14.1 %

12.2 %

Non-personnel expense

70,484

42,327

34,581

66.5 %

103.8 %

Total noninterest expense

$ 133,498

97,540

90,767

36.9 %

47.1 %

Noninterest expense increased from the quarter ended September 30, 2024 due to a $7 million increase in personnel expenses driven by an 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 $36 million due to $31 million of merger and restructuring expenses in the current period and an increase of $1 million in amortization of intangible expense related to the acquisition.

Compared to the quarter ended June 30, 2025, noninterest expense increased due to an increase in personnel expense of $8 million driven by the same factors discussed above. Non-personnel expense increased by $28 million due to an increase of $25 million in merger and restructuring expenses in the quarter ended September 30, 2025, an increase of $2 million in amortization of intangible expense related to the acquisition and an increase in processing expense of $2 million based on lower software spend in the prior quarter.

Dollars in thousands

Change 3Q25 vs.

3Q25

2Q25

3Q24

2Q25

3Q24

Income before income taxes

$ 3,469

44,098

43,493

(92.1) %

(92.0) %

Income tax expense

302

10,423

9,875

(97.1) %

(96.9) %

Net income

$ 3,167

33,675

33,618

(90.6) %

The provision for income taxes decreased by $10 million from the quarter ended September 30, 2024 and the quarter ended June 30, 2025 primarily due to the quarterly change in income before income taxes.

Net income decreased from the quarter ended September 30, 2024 and the quarter ended June 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 September 30, 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 and tariff policies of the U.S. government, including policies of the U.S. Department of Treasury and Board of Governors of the Federal Reserve System; 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)

September 30,

2025

December 31,

2024

September 30,

2024

Assets

Cash and cash equivalents

$ 278,817

288,378

226,883

Marketable securities available-for-sale (amortized cost of $1,405,959, $1,278,665 and $1,248,104,

respectively)

1,270,880

1,108,944

1,111,868

Marketable securities held-to-maturity (fair value of $618,633, $637,948 and $672,641, respectively)

702,392

750,586

766,772

Total cash and cash equivalents and marketable securities

2,252,089

2,147,908

2,105,523

Loans held-for-sale

22,297

76,331

9,370

Residential mortgage loans

3,157,853

3,178,269

3,248,788

Home equity loans

1,520,893

1,149,396

1,167,202

Consumer loans

2,453,805

1,995,085

1,998,032

Commercial real estate loans

3,495,664

2,849,862

2,994,379

Commercial loans

2,312,718

2,007,402

1,886,787

Total loans receivable

12,940,933

11,180,014

11,295,188

Allowance for credit losses

(157,396)

(116,819)

(125,813)

Loans receivable, net

12,783,537

11,063,195

11,169,375

FHLB stock, at cost

33,349

21,006

21,223

Accrued interest receivable

55,549

46,356

46,678

Real estate owned, net

174

Premises and equipment, net

139,491

124,246

126,391

Bank-owned life insurance

303,115

253,137

255,324

Goodwill

442,010

380,997

Other intangible assets, net

47,924

2,837

3,363

Other assets

305,082

292,176

236,005

Total assets

$ 16,384,617

14,408,224

14,354,325

Liabilities and shareholders' equity

Liabilities

Noninterest-bearing demand deposits

$ 3,089,963

2,621,415

2,581,769

Interest-bearing demand deposits

2,898,350

2,666,504

2,676,779

Money market deposit accounts

2,462,979

2,007,739

1,956,747

Savings deposits

2,373,413

2,171,251

2,145,735

Time deposits

2,871,544

2,677,645

2,710,049

Total deposits

13,696,249

12,144,554

12,071,079

Borrowed funds

368,241

200,331

204,374

Subordinated debt

114,800

114,538

114,451

Junior subordinated debentures

130,028

129,834

129,769

Advances by borrowers for taxes and insurance

21,840

42,042

24,700

Accrued interest payable

10,555

6,935

15,125

Other liabilities

183,560

173,134

203,502

Total liabilities

14,525,273

12,811,368

12,763,000

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, 146,097,057, 127,508,003 and

127,400,199 shares issued and outstanding, respectively

1,461

1,275

1,274

Additional paid-in capital

1,275,444

1,033,385

1,030,384

Retained earnings

669,701

673,110

665,845

Accumulated other comprehensive loss

(87,262)

(110,914)

(106,178)

Total shareholders' equity

1,859,344

1,596,856

1,591,325

Total liabilities and shareholders' equity

$ 16,384,617

14,408,224

14,354,325

Equity to assets

11.35 %

11.08 %

11.09 %

Tangible common equity to tangible assets*

8.62 %

8.65 %

8.64 %

Book value per share

$ 12.73

12.52

12.49

Tangible book value per share*

$ 9.37

9.51

9.47

Closing market price per share

$ 12.39

13.19

13.38

Full time equivalent employees

2,190

1,956

1,975

Number of banking offices

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

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

Interest income:

Loans receivable

$ 177,723

154,914

164,638

155,838

156,413

Mortgage-backed securities

12,668

12,154

11,730

11,515

10,908

Taxable investment securities

1,183

999

933

910

842

Tax-free investment securities

752

512

515

512

FHLB stock dividends

652

318

366

392

394

Interest-earning deposits

1,700

2,673

2,416

1,552

2,312

Total interest income

194,678

171,570

180,595

170,722

171,381

Interest expense:

Deposits

51,880

46,826

47,325

50,854

54,198

Borrowed funds

6,824

5,300

5,452

5,671

5,881

Total interest expense

58,704

52,126

52,777

56,525

60,079

Net interest income

135,974

119,444

127,818

114,197

111,302

Provision for credit losses - loans

31,394

11,456

8,256

15,549

5,727

Provision for credit losses - unfunded commitments

(189)

(2,712)

(345)

1,016

(852)

Net interest income after provision for credit losses

104,769

110,700

119,907

97,632

106,427

Noninterest income:

Gain on sale of investments

—

Gain on sale of SBA loans

341

819

1,238

822

667

Service charges and fees

16,911

15,797

14,987

15,975

15,932

Trust and other financial services income

8,040

7,948

7,910

7,485

7,924

Gain on real estate owned, net

132

258

238

105

Income from bank-owned life insurance

1,751

1,421

1,331

2,020

1,434

Mortgage banking income

1,003

1,075

696

224

744

Other operating income

3,984

3,620

2,109

13,299

1,027

Total noninterest income

32,198

30,938

28,355

40,063

27,833

Noninterest expense:

Compensation and employee benefits

63,014

55,213

54,540

53,198

56,186

Premises and occupancy costs

7,707

7,122

8,400

7,263

7,115

Office operations

3,495

2,910

2,977

3,036

2,811

Collections expense

776

838

328

905

474

Processing expenses

15,072

12,973

13,990

15,361

14,570

Marketing expenses

1,932

3,018

1,880

2,327

2,004

Federal deposit insurance premiums

3,361

2,296

2,328

2,949

2,763

Professional services

3,010

3,990

2,756

3,788

3,302

Amortization of intangible assets

1,974

436

504

526

590

Merger, asset disposition and restructuring expense

31,260

6,244

1,123

2,850

Other expenses

1,897

2,500

2,911

3,123

909

Total noninterest expense

133,498

97,540

91,737

95,326

90,767

Income before income taxes

3,469

44,098

56,525

42,369

43,493

Income tax expense

302

10,423

13,067

9,619

9,875

Net income

$ 3,167

33,675

43,458

32,750

33,618

Basic earnings per share

$ 0.02

0.26

0.34

0.26

Diluted earnings per share

$ 0.02

0.26

0.34

0.26

Weighted average common shares outstanding - diluted

141,175,516

128,114,509

128,299,013

127,968,910

127,714,511

Annualized return on average equity

0.69 %

8.26 %

10.90 %

8.20 %

8.50 %

Annualized return on average assets

0.08 %

0.93 %

1.22 %

0.91 %

0.93 %

Annualized return on average tangible common equity*

0.90 %

10.78 %

14.29 %

10.81 %

11.26 %

Efficiency ratio

79.38 %

64.86 %

58.74 %

61.80 %

65.24 %

Efficiency ratio, excluding certain items**

59.62 %

60.42 %

57.70 %

59.61 %

64.78 %

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)

Nine months ended September 30,

2025

2024

Interest income:

Loans receivable

$ 497,275

459,938

Mortgage-backed securities

36,552

28,278

Taxable investment securities

3,115

2,364

Tax-free investment securities

1,776

1,460

FHLB stock dividends

1,336

1,499

Interest-earning deposits

6,789

4,935

Total interest income

546,843

498,474

Interest expense:

Deposits

146,031

154,638

Borrowed funds

17,576

22,455

Total interest expense

163,607

177,093

Net interest income

383,236

321,381

Provision for credit losses - loans

51,106

12,130

Provision for credit losses - unfunded commitments

(3,246)

(4,190)

Net interest income after provision for credit losses

335,376

313,441

Noninterest income:

Gain/(loss) on sale of investments

(39,413)

Gain on sale of SBA loans

2,398

2,997

Service charges and fees

47,695

46,982

Trust and other financial services income

23,898

22,617

Gain on real estate owned, net

474

649

Income from bank-owned life insurance

4,503

4,307

Mortgage banking income

2,774

2,097

Other operating income

9,713

6,711

Total noninterest income

91,491

46,947

Noninterest expense:

Compensation and employee benefits

172,767

161,257

Premises and occupancy costs

23,229

22,206

Office operations

9,382

9,397

Collections expense

1,942

1,216

Processing expenses

42,035

43,990

Marketing expenses

6,830

6,563

Federal deposit insurance premiums

7,985

8,651

Professional services

9,756

11,095

Amortization of intangible assets

2,914

1,926

Merger, asset disposition and restructuring expense

38,627

2,913

Other expenses

7,308

3,997

Total noninterest expense

322,775

273,211

Income before income taxes

104,092

87,177

Income tax expense

23,792

19,649

Net income

$ 80,300

67,528

Basic earnings per share

$ 0.61

0.53

Diluted earnings per share

$ 0.61

0.53

Weighted average common shares outstanding - diluted

132,700,517

127,569,014

Annualized return on average equity

6.36 %

5.80 %

Annualized return on average assets

0.72 %

0.63 %

Annualized return on tangible common equity*

8.29 %

7.71 %

Efficiency ratio

67.99 %

74.18 %

Efficiency ratio, excluding certain items**

59.24 %

65.82 %

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, 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

Nine months ended

September 30,

2025

June 30,

2025

September 30,

2024

2025

2024

Reconciliation of net income to adjusted net income:

Net income (GAAP)

$ 3,167

33,675

33,618

80,300

67,528

Non-GAAP adjustments

Add: merger, asset disposition and restructuring expense

31,260

6,244

38,627

2,913

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

(14,539)

(1,748)

(12)

(16,601)

(11,851)

Adjusted net income (non-GAAP)

$ 40,552

38,171

33,649

122,990

98,003

Diluted earnings per share (GAAP)

$ 0.02

0.26

0.61

0.53

Diluted adjusted earnings per share (non-GAAP)

$ 0.29

0.30

0.26

0.93

0.77

Average equity

$ 1,809,395

1,635,966

1,572,897

1,688,030

1,554,800

Average assets

15,942,440

14,468,197

14,351,669

14,943,347

14,406,092

Annualized return on average equity (GAAP)

0.69 %

8.26 %

8.50 %

6.36 %

5.80 %

Annualized return on average assets (GAAP)

0.08 %

0.93 %

0.72 %

0.63 %

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)

8.89 %

9.36 %

8.51 %

9.74 %

8.42 %

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)

1.01 %

1.06 %

0.93 %

1.10 %

0.91 %

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.

September 30,

2025

December 31,

2024

September 30,

2024

Tangible common equity to assets

Total shareholders' equity

$ 1,859,344

1,596,856

1,591,325

Less: goodwill and intangible assets

(489,934)

(383,834)

(384,360)

Tangible common equity

$ 1,369,410

1,213,022

1,206,965

Total assets

$ 16,384,617

14,408,224

14,354,325

Less: goodwill and intangible assets

(489,934)

(383,834)

(384,360)

Tangible assets

$ 15,894,683

14,024,390

13,969,965

Tangible common equity to tangible assets

8.62 %

8.65 %

8.64 %

Tangible book value per share

Tangible common equity

$ 1,369,410

1,213,022

1,206,965

Common shares outstanding

146,097,057

127,508,003

127,400,199

Tangible book value per share

9.37

9.51

9.47

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

Nine months ended September 30,

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

2025

2024

Annualized return on average tangible common equity

Net income

$ 3,167

33,675

43,458

32,750

33,618

80,300

67,528

Average shareholders' equity

1,809,395

1,635,966

1,616,611

1,589,228

1,572,897

1,688,030

1,554,800

Less: average goodwill and intangible assets

(409,875)

(383,152)

(383,649)

(384,178)

(384,730)

(392,321)

(385,375)

Average tangible common equity

$ 1,399,520

1,252,814

1,232,962

1,205,050

1,188,167

1,295,709

1,169,425

Annualized return on average tangible common equity

0.90 %

10.78 %

14.29 %

10.81 %

11.26 %

8.29 %

7.71 %

Efficiency ratio, excluding loss on the sale of investments, amortization and merger,

asset disposition and restructuring expenses

Non-interest expense

$ 133,498

97,540

91,737

95,326

90,767

322,775

273,211

Less: amortization expense

(1,974)

(436)

(504)

(526)

(590)

(2,914)

(1,926)

Less: merger, asset disposition and restructuring expenses

(31,260)

(6,244)

(1,123)

(2,850)

(43)

(38,627)

(2,913)

Non-interest expense, excluding amortization and merger, assets disposition and

restructuring expenses

$ 100,264

90,860

90,110

91,950

90,134

281,234

268,372

Net interest income

$ 135,974

119,444

127,818

114,197

111,302

383,236

321,381

Non-interest income

32,198

30,938

28,355

40,063

27,833

91,491

46,947

Add: loss on the sale of investments

—

39,413

Net interest income plus non-interest income, excluding loss on sale of investments

$ 168,172

150,382

156,173

154,260

139,135

474,727

407,741

Efficiency ratio, excluding loss on sale of investments, amortization and merger, asset

disposition and restructuring expenses

59.62 %

60.42 %

57.70 %

59.61 %

64.78 %

59.24 %

65.82 %

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, amortization expense and loss on sale of investments. 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 per depositor are not insured by the Federal Deposit Insurance Corporation. The following

table provides details regarding the Company's uninsured deposits portfolio:

As of September 30, 2025

Balance

Percent of

total deposits

Number of

relationships

Uninsured deposits per the Call Report (1)

$ 3,746,638

27.4 %

6,277

Less intercompany deposit accounts

1,321,881

9.7 %

Less collateralized deposit accounts

480,761

3.5 %

253

Uninsured deposits excluding intercompany and collateralized accounts

$ 1,943,996

14.2 %

6,012

(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 $39.0 million, or 0.28% of total deposits, as of September 30, 2025. Our top ten largest uninsured depositors, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $198 million, or 1.45% of total deposits, as of September 30, 2025. The average uninsured deposit account balance, excluding intercompany and collateralized accounts, was $323,353 as of September 30, 2025.

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

As of September 30, 2025

Balance

Percent of

total deposits

Number of

accounts

Personal noninterest bearing demand deposits

$ 1,618,533

11.8 %

314,147

Business noninterest bearing demand deposits

1,471,430

10.7 %

48,395

Personal interest-bearing demand deposits

1,354,562

9.9 %

55,431

Business interest-bearing demand deposits

1,543,788

11.3 %

9,236

Personal money market deposits

1,685,343

12.3 %

27,005

Business money market deposits

777,636

5.7 %

3,237

Savings deposits

2,373,413

17.3 %

188,460

Time deposits

2,871,544

21.0 %

82,932

Total deposits

$ 13,696,249

100.0 %

728,843

Our average deposit account balance as of September 30, 2025 was $18,792. The Company's insured cash sweep deposit balance was $653 million as of September 30, 2025.

Northwest Bancshares, Inc. and Subsidiaries

Regulatory Capital Requirements (Unaudited)

(dollars in thousands)

At September 30, 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.

$ 1,874,975

15.50 %

$ 1,269,941

10.50 %

$ 1,209,468

10.00 %

Northwest Bank

1,677,386

13.88 %

1,268,588

10.50 %

1,208,179

10.00 %

Tier 1 capital (to risk weighted assets)

Northwest Bancshares, Inc.

1,482,638

12.26 %

1,028,047

8.50 %

725,681

6.00 %

Northwest Bank

1,526,048

12.63 %

1,026,952

8.50 %

966,543

8.00 %

Common equity tier 1 capital (to risk weighted assets)

Northwest Bancshares, Inc.

1,482,638

12.26 %

846,627

7.00 %

N/A

Northwest Bank

1,526,048

12.63 %

845,725

7.00 %

785,316

6.50 %

Tier 1 capital (leverage) (to average assets)

Northwest Bancshares, Inc.

1,482,638

9.47 %

626,057

4.00 %

N/A

Northwest Bank

1,526,048

9.41 %

648,658

4.00 %

810,822

5.00 %

(1)

September 30, 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)

September 30, 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

$ 1,762

(18)

1,755

3.20

Due after ten years

42,581

—

(8,165)

34,416

5.89

Debt issued by government sponsored enterprises:

Due after one year through five years

1,055

(3)

1,058

1.74

Due after five years through ten years

996

—

1,003

0.65

Municipal securities:

Due in one year or less

4,774

—

4,779

0.16

Due after one year through five years

12,096

117

(1)

12,212

2.30

Due after five years through ten years

24,655

312

(1,405)

23,562

6.76

Due after ten years

53,172

191

(7,843)

45,520

9.77

Corporate debt issues:

Due in one year or less

1,421

—

1,424

0.28

Due after one year through five years

10,893

(79)

10,873

3.79

Due after five years through ten years

26,315

1,151

—

27,466

4.02

Mortgage-backed agency securities:

Fixed rate pass-through

297,215

3,099

(11,877)

288,437

6.48

Variable rate pass-through

3,156

(2)

3,213

3.53

Fixed rate agency CMOs

879,499

2,428

(113,019)

768,909

4.32

Variable rate agency CMOs

46,369

102

(218)

46,253

5.97

Total mortgage-backed agency securities

1,226,239

5,688

(125,116)

1,106,811

4.95

Total marketable securities available-for-sale

$ 1,405,959

7,551

(142,630)

1,270,880

5.10

Marketable securities held-to-maturity

Government sponsored

Due in one year or less

$ 16,478

—

(226)

16,252

0.48

Due after one year through five years

107,987

—

(9,406)

98,581

3.22

Mortgage-backed agency securities:

Fixed rate pass-through

122,022

—

(13,870)

108,152

4.17

Variable rate pass-through

328

—

331

3.34

Fixed rate agency CMOs

455,049

—

(60,258)

394,791

5.42

Variable rate agency CMOs

528

—

(2)

526

4.39

Total mortgage-backed agency securities

577,927

(74,130)

503,800

5.01

Total marketable securities held-to-maturity

$ 702,392

(83,762)

618,633

4.63

Northwest Bancshares, Inc. and Subsidiaries

Asset Quality (Unaudited)

(dollars in thousands)

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

Nonaccrual loans:

Residential mortgage loans

$ 11,497

8,482

7,025

6,951

7,541

Home equity loans

6,979

3,507

3,004

3,332

4,041

Consumer loans

5,898

4,418

5,201

5,028

5,205

Commercial real estate loans

82,580

62,091

31,763

36,967

43,471

Commercial loans

21,371

23,896

11,757

9,123

16,570

Total nonaccrual loans

128,325

102,394

58,750

61,401

76,828

Loans 90 days past due and still accruing

701

493

603

656

1,045

Nonperforming loans

129,026

102,887

59,353

62,057

77,873

Real estate owned, net

174

Other nonperforming assets (1)

—

16,102

—

Nonperforming assets

$ 129,200

102,935

75,535

78,194

77,949

Nonperforming loans to total loans

1.00 %

0.91 %

0.53 %

0.56 %

0.69 %

Nonperforming assets to total assets

0.79 %

0.71 %

0.52 %

0.54 %

Allowance for credit losses to total loans

1.22 %

1.14 %

1.09 %

1.04 %

1.11 %

Allowance for credit losses to nonperforming loans

121.99 %

125.53 %

206.91 %

188.24 %

161.56 %

(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 September 30, 2025

Pass

Special

mention *

Substandard

Doubtful

Loss

Loans

receivable

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

At September 30, 2024

Personal Banking:

Residential mortgage loans

$ 3,237,357

—

11,431

—

3,248,788

Home equity loans

1,162,951

—

4,251

—

1,167,202

Consumer loans

1,992,110

—

5,922

—

1,998,032

Total Personal Banking

6,392,418

—

21,604

—

6,414,022

Commercial Banking:

Commercial real estate loans

2,634,987

87,693

271,699

—

2,994,379

Commercial loans

1,808,433

51,714

26,640

—

1,886,787

Total Commercial Banking

4,443,420

139,407

298,339

—

4,881,166

Total loans

$ 10,835,838

139,407

319,943

—

11,295,188

Includes $41.0 million, $4.0 million, $4.7 million, $2.7 million, and $2.9 million of acquired loans at September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively.

Includes $96.9 million, $19.2 million, $18.0 million, $19.8 million, and $26.0 million of acquired loans at September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively.

Northwest Bancshares, Inc. and Subsidiaries

Loan Delinquency (Unaudited)

(dollars in thousands)

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

Loans delinquent 30 days to 59 days:

Residential mortgage loans

$ 1,639

0.1 %

$ 561

— %

$ 32,840

1.0 %

$ 28,690

0.9 %

$ 685

— %

Home equity loans

4,644

0.3 %

4,664

0.4 %

3,882

0.3 %

5,365

0.5 %

3,907

0.3 %

Consumer loans

12,257

0.5 %

9,174

0.4 %

8,792

0.4 %

11,102

0.6 %

10,777

0.5 %

Commercial real estate loans

14,600

0.4 %

4,585

0.2 %

8,536

0.3 %

5,215

0.2 %

5,919

0.2 %

Commercial loans

9,974

0.4 %

5,569

0.3 %

6,841

0.3 %

5,632

0.3 %

3,260

0.2 %

Total loans delinquent 30 days to 59

days

$ 43,114

0.3 %

$ 24,553

0.2 %

$ 60,891

0.5 %

$ 56,004

0.5 %

$ 24,548

0.2 %

Loans delinquent 60 days to 89 days:

Residential mortgage loans

$ 7,917

0.3 %

$ 8,958

0.3 %

$ 3,074

0.1 %

$ 10,112

0.3 %

$ 9,027

0.3 %

Home equity loans

2,671

0.2 %

985

0.1 %

1,290

0.1 %

1,434

0.1 %

882

0.1 %

Consumer loans

3,691

0.2 %

3,233

0.1 %

2,808

0.1 %

3,640

0.2 %

3,600

0.2 %

Commercial real estate loans

1,575

— %

13,240

0.5 %

2,001

0.1 %

915

— %

7,643

0.3 %

Commercial loans

1,915

0.1 %

2,031

0.1 %

2,676

0.1 %

1,726

0.1 %

753

— %

Total loans delinquent 60 days to 89

days

$ 17,769

0.1 %

$ 28,447

0.3 %

$ 11,849

0.1 %

$ 17,827

0.2 %

$ 21,905

0.2 %

Loans delinquent 90 days or more:

Residential mortgage loans

$ 9,427

0.3 %

$ 6,905

0.2 %

$ 4,005

0.1 %

$ 4,931

0.2 %

$ 5,370

0.2 %

Home equity loans

2,963

0.2 %

1,879

0.2 %

1,893

0.2 %

2,250

0.2 %

2,558

0.2 %

Consumer loans

4,865

0.2 %

3,486

0.2 %

4,026

0.2 %

3,967

0.2 %

3,983

0.2 %

Commercial real estate loans

56,453

1.6 %

41,875

1.5 %

23,433

0.8 %

7,702

0.3 %

6,167

0.2 %

Commercial loans

9,490

0.4 %

10,433

0.5 %

5,994

0.3 %

7,335

0.4 %

14,484

0.8 %

Total loans delinquent 90 days or

$ 83,198

0.6 %

$ 64,578

0.6 %

$ 39,351

0.3 %

$ 26,185

0.2 %

$ 32,562

0.3 %

Total loans delinquent

$ 144,081

1.1 %

$ 117,578

1.0 %

$ 112,091

1.0 %

$ 100,016

0.9 %

$ 79,015

0.7 %

* 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

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

Beginning balance

$ 129,159

122,809

116,819

125,813

125,070

Initial allowance on loans purchased with credit deterioration

6,029

—

Provision

31,394

11,456

8,256

15,549

5,727

Charge-offs residential mortgage

(137)

(273)

(588)

(176)

(255)

Charge-offs home equity

(336)

(413)

(273)

(197)

(890)

Charge-offs consumer

(3,994)

(3,331)

(3,805)

(4,044)

(3,560)

Charge-offs commercial real estate

(4,312)

(293)

(116)

(13,997)

(475)

Charge-offs commercial

(2,395)

(3,597)

(571)

(10,400)

(1,580)

Recoveries

1,988

2,801

3,087

4,271

1,776

Ending balance

$ 157,396

129,159

122,809

116,819

125,813

Net charge-offs to average loans, annualized

0.29 %

0.18 %

0.08 %

0.87 %

0.18 %

Nine months ended September 30,

2025

2024

Beginning balance

$ 116,819

125,243

Initial allowance on loans purchased with credit deterioration

6,029

—

Provision

51,106

12,130

Charge-offs residential mortgage

(998)

(669)

Charge-offs home equity

(1,022)

(1,539)

Charge-offs consumer

(11,130)

(10,694)

Charge-offs commercial real estate

(4,721)

(1,324)

Charge-offs commercial

(6,563)

(4,062)

Recoveries

7,876

6,728

Ending balance

$ 157,396

125,813

Net charge-offs to average loans, annualized

0.19 %

0.14 %

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

September 30, 2025

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 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

$ 3,160,008

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 %

$ 3,286,316

31,537

3.84 %

Home equity loans

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 %

1,166,866

17,296

5.90 %

Consumer loans

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 %

1,955,988

26,034

5.29 %

Commercial real estate loans

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 %

2,995,032

47,473

6.31 %

Commercial loans

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 %

1,819,400

34,837

7.62 %

Total loans receivable (a) (b) (d)

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 %

11,223,602

157,177

5.57 %

Mortgage-backed securities (c)

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 %

1,735,728

10,908

2.51 %

Investment securities (c) (d)

301,719

2,153

2.85 %

266,053

1,668

2.51 %

263,825

1,599

2.43 %

264,840

1,575

2.38 %

263,127

1,504

2.29 %

FHLB stock, at cost

30,434

652

8.51 %

17,838

318

7.15 %

20,862

366

7.11 %

21,237

392

7.35 %

20,849

394

7.51 %

Other interest-earning deposits

164,131

1,700

4.05 %

220,416

2,673

4.85 %

243,412

2,416

3.97 %

132,273

1,554

4.60 %

173,770

2,312

5.29 %

Total interest-earning assets

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 %

13,417,076

172,295

5.11 %

Noninterest-earning assets (e)

1,067,450

924,513

924,466

930,582

934,593

Total assets

$ 15,942,440

$ 14,468,197

$ 14,402,483

$ 14,322,864

$ 14,351,669

Liabilities and shareholders' equity:

Interest-bearing liabilities:

Savings deposits

$ 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 %

$ 2,151,933

6,680

1.23 %

Interest-bearing demand deposit

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 %

2,567,682

7,452

1.15 %

Money market deposit accounts

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 %

1,966,684

9,170

1.85 %

Time deposits

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 %

2,830,737

30,896

4.34 %

Total interesting bearing deposits (g)

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 %

9,517,036

54,198

2.27 %

Borrowed funds (f)

347,357

3,366

3.84 %

208,342

2,046

3.94 %

224,122

2,206

3.99 %

222,506

2,246

4.02 %

220,677

2,266

4.09 %

Subordinated debt

114,745

1,335

4.65 %

114,661

1,148

4.00 %

114,576

1,148

4.01 %

114,488

1,148

4.01 %

114,396

1,148

4.01 %

Junior subordinated debentures

129,986

2,123

6.39 %

129,921

2,106

6.41 %

129,856

2,098

6.46 %

129,791

2,277

6.87 %

129,727

2,467

7.56 %

Total interest-bearing liabilities

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 %

9,981,836

60,079

2.39 %

Noninterest-bearing demand deposits (g)

2,959,871

2,611,597

2,588,502

2,587,071

2,579,775

Noninterest-bearing liabilities

244,306

225,306

228,947

238,434

217,161

Total liabilities

14,133,045

12,832,231

12,785,872

12,733,636

12,778,772

Shareholders' equity

1,809,395

1,635,966

1,616,611

1,589,228

1,572,897

Total liabilities and shareholders' equity

$ 15,942,440

$ 14,468,197

$ 14,402,483

$ 14,322,864

$ 14,351,669

Net interest income/Interest rate spread FTE

136,944

3.09 %

120,322

3.02 %

128,685

3.31 %

115,048

2.83 %

112,216

2.72 %

Net interest-earning assets/Net interest margin

FTE

$ 3,946,122

3.65 %

$ 3,548,356

3.56 %

$ 3,509,594

3.87 %

$ 3,484,151

3.42 %

$ 3,435,240

3.33 %

Tax equivalent adjustment (d)

970

878

867

851

914

Net interest income, GAAP basis

135,974

119,444

127,818

114,197

111,302

Ratio of interest-earning assets to interest-

bearing liabilities

1.36X

1.35X

1.34X

(a)

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

(b)

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

(c)

Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale.

(d)

Interest income on tax-free investment securities and tax-free loans are presented on a fully taxable equivalent ("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 1.55%, 1.55%, 1.59%, 1.68%, and 1.78%, 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.

Nine months ended September 30,

2025

2024

Average

balance

Interest

Avg.

yield/

cost (h)

Average

balance

Interest

Avg.

yield/

cost (h)

Assets

Interest-earning assets:

Residential mortgage loans

$ 3,135,705

91,758

3.90 %

$ 3,340,332

96,392

3.85 %

Home equity loans

1,236,733

53,509

5.78 %

1,185,145

51,893

5.85 %

Consumer loans

2,118,568

87,650

5.53 %

2,012,461

77,401

5.14 %

Commercial real estate loans

3,033,193

151,726

6.60 %

3,005,966

136,556

6.07 %

Commercial loans

2,145,555

114,818

7.06 %

1,768,325

99,923

7.55 %

Loans receivable (a) (b) (d)

11,669,754

499,461

5.72 %

11,312,229

462,165

5.46 %

Mortgage-backed securities (c)

1,791,479

36,552

2.72 %

1,729,064

28,278

2.18 %

Investment securities (c) (d)

277,338

5,420

2.61 %

294,598

4,251

1.92 %

FHLB stock, at cost

23,080

1,336

7.74 %

26,195

1,499

7.64 %

Other interest-earning deposits

209,320

6,789

4.28 %

124,037

4,935

5.31 %

Total interest-earning assets

13,970,971

549,558

5.26 %

13,486,123

501,128

4.96 %

Noninterest-earning assets (e)

972,376

919,969

Total assets

$ 14,943,347

$ 14,406,092

Liabilities and shareholders' equity

Interest-bearing liabilities:

Savings deposits

$ 2,250,418

19,653

1.17 %

$ 2,139,461

17,673

1.10 %

Interest-bearing demand deposits

2,662,521

22,513

1.13 %

2,554,172

19,501

1.02 %

Money market deposit accounts

2,200,063

30,748

1.87 %

1,962,019

25,684

1.75 %

Time deposits

2,683,081

73,117

3.64 %

2,787,306

91,780

4.40 %

Total interesting bearing deposits (g)

9,796,083

146,031

1.99 %

9,442,958

154,638

2.19 %

Borrowed funds (f)

260,392

7,618

3.91 %

337,427

11,636

4.61 %

Subordinated debt

114,661

3,631

4.22 %

114,310

3,444

4.02 %

Junior subordinated debentures

129,922

6,327

6.42 %

129,662

7,375

7.60 %

Total interest-bearing liabilities

10,301,058

163,607

2.12 %

10,024,357

177,093

2.36 %

Noninterest-bearing demand deposits (g)

2,721,350

2,581,018

Noninterest-bearing liabilities

232,909

245,917

Total liabilities

13,255,317

12,851,292

Shareholders' equity

1,688,030

1,554,800

Total liabilities and shareholders' equity

$ 14,943,347

$ 14,406,092

Net interest income/Interest rate spread

385,951

3.14 %

324,035

2.60 %

Net interest-earning assets/Net interest margin

$ 3,669,913

3.69 %

$ 3,461,766

3.21 %

Tax equivalent adjustment (d)

2,715

2,654

Net interest income, GAAP basis

383,236

321,381

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 1.56% and 1.72%, respectively.

SOURCE Northwest Bancshares, Inc.