Companies: 10,761     total market cap: NZ$227.147 T
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Northwest Bancshares
NWBI
#4795
Rank
NZ$3.21 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
NZ$21.98
Share price
1.29%
Change (1 day)
7.88%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Northwest Bancshares
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

Northwest Bancshares - 10-Q quarterly report FY2025 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 FORM 10-Q
 
☒    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2025
 OR
☐    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                   to                 
Commission File Number 001-34582
 
NORTHWEST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Maryland 27-0950358
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
   
3 Easton Oval
    Suite 500
Columbus
   Ohio
 43219
(Address of Principal Executive Offices) (Zip Code)
 
(814) 726-2140
(Registrant’s telephone number, including area code)

Not applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueNWBIThe Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
    ☒    Large accelerated filer    ☐    Accelerated filer
    ☐    Non-accelerated filer     ☐    Smaller reporting company
            ☐    Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No ☒
 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common Stock ($0.01 par value), 146,211,701 shares outstanding as of July 31, 2025.
Table of Contents
NORTHWEST BANCSHARES, INC.
Table of Contents 
    
PART I FINANCIAL INFORMATION 
    
   
     
   
1
     
   
2
     
   
3
     
   
4
     
   
6
     
   
7
     
  
42
     
  
59
     
  
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63
     
   


Table of Contents
Item 1.        FINANCIAL STATEMENTS
 
NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands, except share data)

June 30, 2025December 31, 2024
Assets  
Cash and cash equivalents $267,075 288,378 
Marketable securities available-for-sale (amortized cost of $1,341,651 and $1,278,665, respectively)
1,194,883 1,108,944 
Marketable securities held-to-maturity (fair value of $628,936 and $637,948, respectively)
719,561 750,586 
Total cash and cash equivalents and marketable securities2,181,519 2,147,908 
Loans held-for-sale13,104 76,331 
Loans held for investment11,341,824 11,180,014 
Allowance for credit losses(129,159)(116,819)
Loans receivable, net11,212,665 11,063,195 
FHLB stock, at cost17,809 21,006 
Accrued interest receivable46,987 46,356 
Real estate owned, net48 35 
Premises and equipment, net123,402 124,246 
Bank-owned life insurance255,708 253,137 
Goodwill380,997 380,997 
Other intangible assets, net1,897 2,837 
Other assets250,971 292,176 
Total assets$14,485,107 14,408,224 
Liabilities and shareholders’ equity  
Liabilities:  
Noninterest-bearing demand deposits$2,643,099 2,621,415 
Interest-bearing demand deposits2,622,695 2,666,504 
Money market deposit accounts2,153,078 2,007,739 
Savings deposits2,211,509 2,171,251 
Time deposits2,570,648 2,677,645 
Total deposits12,201,029 12,144,554 
Borrowed funds198,008 200,331 
Subordinated debt114,713 114,538 
Junior subordinated debentures 129,964 129,834 
Advances by borrowers for taxes and insurance47,865 42,042 
Accrued interest payable7,729 6,935 
Other liabilities143,731 173,134 
Total liabilities12,843,039 12,811,368 
Shareholders’ equity:  
Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued
— — 
Common stock, $0.01 par value: 500,000,000 shares authorized, 127,842,403 and 127,508,003 shares issued and outstanding, respectively
1,278 1,275 
Additional paid-in capital1,037,615 1,033,385 
Retained earnings699,049 673,110 
Accumulated other comprehensive loss(95,874)(110,914)
Total shareholders’ equity1,642,068 1,596,856 
Total liabilities and shareholders’ equity$14,485,107 14,408,224 
See accompanying notes to unaudited Consolidated Financial Statements.
1
Table of Contents
NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except share data) 

Quarter ended June 30,Six months ended June 30,
 2025202420252024
Interest income:    
Loans receivable$154,914 153,954 319,552 303,525 
Mortgage-backed securities12,154 9,426 23,884 17,370 
Taxable investment securities999 728 1,932 1,522 
Tax-free investment securities512 457 1,024 948 
FHLB stock dividends318 498 684 1,105 
Interest-earning deposits2,673 1,791 5,089 2,623 
Total interest income
171,570 166,854 352,165 327,093 
Interest expense:    
Deposits46,826 52,754 94,151 100,440 
Borrowed funds5,300 7,259 10,752 16,574 
Total interest expense
52,126 60,013 104,903 117,014 
Net interest income
119,444 106,841 247,262 210,079 
Provision for credit losses - loans11,456 2,169 19,712 6,403 
Provision/(benefit) for credit losses - unfunded commitments(2,712)(2,539)(3,057)(3,338)
Net interest income after provision for credit losses
110,700 107,211 230,607 207,014 
Noninterest income:    
Loss on sale of investments— (39,413)— (39,413)
Gain on sale of SBA loans819 1,457 2,057 2,330 
Service charges and fees15,797 15,527 30,784 31,050 
Trust and other financial services income7,948 7,566 15,858 14,693 
Gain on real estate owned, net258 487 342 544 
Income from bank-owned life insurance1,421 1,371 2,752 2,873 
Mortgage banking income1,075 901 1,771 1,353 
Other operating income3,620 3,255 5,729 5,684 
Total noninterest income30,938 (8,849)59,293 19,114 
Noninterest expense:    
Compensation and employee benefits55,213 53,531 109,753 105,071 
Premises and occupancy costs7,122 7,464 15,522 15,091 
Office operations2,910 3,819 5,887 6,586 
Collections expense838 406 1,166 742 
Processing expenses12,973 14,695 26,963 29,420 
Marketing expenses3,018 2,410 4,898 4,559 
Federal deposit insurance premiums2,296 2,865 4,624 5,888 
Professional services3,990 3,728 6,746 7,793 
Amortization of intangible assets436 635 940 1,336 
Merger, asset disposition and restructuring expense6,244 1,915 7,367 2,870 
Other expenses2,500 952 5,411 3,088 
Total noninterest expense
97,540 92,420 189,277 182,444 
Income before income taxes44,098 5,942 100,623 43,684 
Federal and state income taxes expense10,423 1,195 23,490 9,774 
Net income$33,675 4,747 77,133 33,910 
Basic earnings per share$0.26 0.04 0.60 0.27 
Diluted earnings per share$0.26 0.04 0.60 0.27 
See accompanying notes to unaudited Consolidated Financial Statements.
2
Table of Contents
NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)

Quarter ended June 30,Six months ended June 30,
 2025202420252024
Net income$33,675 4,747 77,133 33,910 
Other comprehensive income net of tax:    
Net unrealized holding gains/(losses) on marketable securities:    
Unrealized holding gains/(losses), net of tax of ($1,180), $168, ($5,663), and $1,926, respectively
3,425 (3,391)17,288 (9,089)
Reclassification adjustment for losses included in net income, net of tax of $0, ($7,706), $0, and ($7,706) respectively
1 26,789 1 26,789 
Net unrealized holding gains/(losses) on marketable securities3,426 23,398 17,289 17,700 
Change in fair value of interest rate swaps, net of tax of $246, ($96), $624, and ($726), respectively
(650)330 (1,911)2,484 
Defined benefit plan:    
Actuarial reclassification adjustments for prior period service costs and actuarial gains included in net income, net of tax of $64, $147, $128, and $294, respectively
(169)(388)(338)(776)
Other comprehensive income2,607 23,340 15,040 19,408 
Total comprehensive income$36,282 28,087 92,173 53,318 
See accompanying notes to unaudited Consolidated Financial Statements.

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NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(in thousands, expect share data) 
Additional paid-in capitalRetained earningsAccumulated
other comprehensive income/(loss)		Total shareholders’ equity
 Common stock
Quarter ended June 30, 2025SharesAmount
Beginning balance at March 31, 2025127,736,303 $1,277 1,035,093 691,066 (98,481)1,628,955 
Comprehensive income:      
Net income— — — 33,675 — 33,675 
Other comprehensive income, net of tax of ($870)
— — — — 2,607 2,607 
Total comprehensive income— — — 33,675 2,607 36,282 
Exercise of stock options62,157 — 555 — — 555 
Stock-based compensation expense65,654 1 1,967 — — 1,968 
Common shares returned (1)(21,711)— — — — — 
Dividends paid ($0.20 per share)
— — — (25,692)— (25,692)
Ending balance at June 30, 2025127,842,403 $1,278 1,037,615 699,049 (95,874)1,642,068 
(1) includes shares withheld for taxes and forfeitures

Additional paid-in capitalRetained earningsAccumulated
other comprehensive loss		Total shareholders’ equity
 Common stock
Quarter ended June 30, 2024SharesAmount
Beginning balance at March 31, 2024127,253,189 $1,273 1,026,173 678,427 (153,424)1,552,449 
Comprehensive income:      
Net income— — — 4,747 — 4,747 
Other comprehensive loss, net of tax of ($7,487)
— — — — 23,340 23,340 
Total comprehensive income— — — 4,747 23,340 28,087 
Exercise of stock options6,382 — 61 — — 61 
Stock-based compensation expense57,892 — 1,469 — — 1,469 
Stock-based compensation forfeited(9,466)— — — — — 
Dividends paid ($0.20 per share)
— — — (25,468)— (25,468)
Ending balance at June 30, 2024127,307,997 $1,273 1,027,703 657,706 (130,084)1,556,598 

See accompanying notes to unaudited Consolidated Financial Statements.

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NORTHWEST BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(in thousands, expect share data)

Additional paid-in capitalRetained earningsAccumulated
other comprehensive income/(loss)		Total shareholders’ equity
 Common stock
Six months ended June 30, 2025SharesAmount
Beginning balance at December 31, 2024127,508,003 $1,275 1,033,385 673,110 (110,914)1,596,856 
Comprehensive income:      
Net income— — — 77,133 — 77,133 
Other comprehensive income, net of tax of ($4,911)
— — — — 15,040 15,040 
Total comprehensive income— — — 77,133 15,040 92,173 
Exercise of stock options65,134 — 586 — — 586 
Stock-based compensation expense291,738 3 3,644 — — 3,647 
Common shares returned (1)(22,472)— — — — — 
Dividends paid ($0.40 per share)
— — — (51,194)— (51,194)
Ending balance at June 30, 2025127,842,403 $1,278 1,037,615 699,049 (95,874)1,642,068 

(1) includes shares withheld for taxes and forfeitures
Additional paid-in capitalRetained earningsAccumulated
other comprehensive income/(loss)		Total shareholders’ equity
 Common stock
Six months ended June 30, 2024SharesAmount
Beginning balance at December 31, 2023127,110,453 $1,271 1,024,852 674,686 (149,492)1,551,317 
Comprehensive income:      
Net income— — — 33,910 — 33,910 
Other comprehensive income, net of tax of ($6,212)
— — — — 19,408 19,408 
Total comprehensive income— — — 33,910 19,408 53,318 
Exercise of stock options6,392 — 81 — — 81 
Stock-based compensation expense203,978 2 2,770 — — 2,772 
Stock-based compensation forfeited(12,826)— — — — — 
Dividends paid ($0.40 per share)
— — — (50,890)— (50,890)
Ending balance at June 30, 2024127,307,997 $1,273 1,027,703 657,706 (130,084)1,556,598 
See accompanying notes to unaudited Consolidated Financial Statements.

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NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)
Six months ended June 30,
 20252024
Operating activities:  
Net income$77,133 33,910 
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision for credit losses16,655 3,065 
Loss on sale of investments— 39,413 
Net gain/loss on sale of assets206 (5,468)
Mortgage banking activity(1,771)(1,625)
Gain on sale of SBA loans(2,057)(2,265)
Net depreciation, amortization and accretion1,658 10,975 
Decrease in other assets34,462 9,938 
Decrease/(increase) in other liabilities(28,552)8,375 
Net amortization on marketable securities(66)852 
Noncash compensation expense related to stock benefit plans3,647 2,772 
Noncash write-down of other assets315 5,795 
Deferred income tax expense(860)2,907 
Origination of loans held-for-sale(81,769)(99,421)
Proceeds from sale of loans held-for-sale86,284 102,134 
Net cash provided by operating activities105,285 111,357 
Investing activities:  
Purchase of marketable securities available-for-sale(112,198)(318,280)
Proceeds from maturities and principal reductions of marketable securities held-to-maturity30,658 30,254 
Proceeds from maturities and principal reductions of marketable securities available-for-sale49,644 40,455 
Proceeds from sale of marketable securities available-for-sale— 275,585 
Proceeds from bank-owned life insurance111 874 
Loan originations(1,969,106)(1,969,342)
Proceeds from loan maturities and principal reductions1,866,780 2,020,162 
Net proceeds of FHLB stock3,197 9,304 
Proceeds from sale of real estate owned410 638 
Purchases of premises and equipment, net(5,451)(1,988)
Net cash used in investing activities(135,955)87,662 
Financing activities:
Net increase in deposits56,475 107,477 
Net decrease in short-term borrowings(2,323)(156,532)
Increase in advances by borrowers for taxes and insurance5,823 7,018 
Cash dividends paid on common stock(51,194)(50,890)
Proceeds from stock options exercised586 81 
Net cash provided by financing activities9,367 (92,846)
Net (decrease)/increase in cash and cash equivalents$(21,303)106,173 
Cash and cash equivalents at beginning of period$288,378 122,260 
Net (decrease)/increase in cash and cash equivalents(21,303)106,173 
Cash and cash equivalents at end of period$267,075 228,433 
Cash paid during the period for:
Interest on deposits and borrowings (including interest credited to deposit accounts of $80,748 and $81,238, respectively)
$105,881 109,260 
Income taxes27,841 13,972 
Non-cash activities:
Loan foreclosures and repossessions$1,977 2,294 
See accompanying notes to unaudited Consolidated Financial Statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
 
(1)    Basis of Presentation and Informational Disclosures
 
Northwest Bancshares, Inc. (the “Company” or “Northwest”), a Maryland corporation headquartered in Columbus, Ohio, is a bank holding company regulated by the Board of Governors of the Federal Reserve Board (“Federal Reserve Board”). The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest Bank”). Northwest Bank is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking and Securities. Northwest Bank operates 141 community-banking offices throughout Pennsylvania, Western New York, Eastern Ohio, and Indiana.
 
The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiary, Northwest Bank, and Northwest’s subsidiaries Northwest Capital Group, Inc., Great Northwest Corporation, and Mutual Federal Interest Company, Inc. The unaudited Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The Consolidated Financial Statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 updated, as required, for any new pronouncements or changes.

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

The results of operations for the quarter ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, or any other period.


(2)    Marketable Securities
 
The following table shows the portfolio of marketable securities available-for-sale at June 30, 2025 (in thousands):

Amortized
cost		Gross
unrealized
holding
gains		Gross
unrealized
holding
losses		Fair
value
Debt issued by the U.S government and agencies:
Due after ten years$43,461 — (8,531)34,930 
Debt issued by government-sponsored enterprises:
Due after one year through five years84 — (4)80 
Municipal securities:
Due after one year through five years853 12 — 865 
Due after five years through ten years17,774 109 (1,772)16,111 
Due after ten years50,029 25 (9,189)40,865 
Corporate debt issues:
Due in one year or less7,929 56 (67)7,918 
Due after five years through ten years22,049 873 — 22,922 
Mortgage-backed securities:
Fixed rate pass-through265,566 1,452 (13,350)253,668 
Variable rate pass-through3,309 55 (2)3,362 
Fixed rate agency CMOs887,740 1,996 (118,226)771,510 
Variable rate agency CMOs42,857 30 (235)42,652 
Total mortgage-backed securities1,199,472 3,533 (131,813)1,071,192 
Total marketable securities available-for-sale$1,341,651 4,608 (151,376)1,194,883 


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The following table shows the portfolio of marketable securities available-for-sale at December 31, 2024 (in thousands):
Amortized
cost		Gross
unrealized
holding
gains		Gross
unrealized
holding
losses		Fair
value
Debt issued by the U.S. government and agencies:    
Due after ten years$45,289 — (9,898)35,391 
Debt issued by government-sponsored enterprises:    
Due after one year through five years122 — (4)118 
Municipal securities:    
Due after one year through five years888 10 (2)896 
Due after five years through ten years16,662 4 (1,756)14,910 
Due after ten years51,257 4 (8,440)42,821 
Corporate debt issues:    
Due in one year or less5,485 — (78)5,407 
Due after five years through ten years19,944 815 (65)20,694 
Mortgage-backed securities:    
Fixed rate pass-through237,892 106 (17,581)220,417 
Variable rate pass-through3,738 54 (3)3,789 
Fixed rate agency CMOs852,648 174 (132,989)719,833 
Variable rate agency CMOs44,740 30 (102)44,668 
Total mortgage-backed securities1,139,018 364 (150,675)988,707 
Total marketable securities available-for-sale$1,278,665 1,197 (170,918)1,108,944 

The following table shows the portfolio of marketable securities held-to-maturity at June 30, 2025 (in thousands):

Amortized
cost		Gross
unrealized
holding
gains		Gross
unrealized
holding
losses		Fair
value
Debt issued by government-sponsored enterprises:    
Due in one year or less$16,477 — (381)16,096 
Due after one year through five years107,986 — (10,215)97,771 
Mortgage-backed securities:    
Fixed rate pass-through125,996 — (15,293)110,703 
Variable rate pass-through346 3 — 349 
Fixed rate agency CMOs468,228 — (64,736)403,492 
Variable rate agency CMOs528 — (3)525 
Total mortgage-backed securities595,098 3 (80,032)515,069 
Total marketable securities held-to-maturity$719,561 3 (90,628)628,936 


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The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2024 (in thousands): 

Amortized
cost		Gross
unrealized
holding
gains		Gross
unrealized
holding
losses		Fair
value
Debt issued by government-sponsored enterprises:    
Due after one year through five years$124,462 — (14,464)109,998 
Mortgage-backed securities:    
Fixed rate pass-through132,816 — (20,181)112,635 
Variable rate pass-through364 1 — 365 
Fixed rate agency CMOs492,415 — (77,989)414,426 
Variable rate agency CMOs529 — (5)524 
Total mortgage-backed securities626,124 1 (98,175)527,950 
Total marketable securities held-to-maturity$750,586 1 (112,639)637,948 

The following table shows the contractual maturity of our mortgage-backed securities available-for-sale at June 30, 2025 (in thousands):

Amortized
cost		Fair
value
Mortgage-backed securities:  
Due within one year$102 102 
Due after one year through five years9,461 9,456 
Due after five years through ten years8,038 7,333 
Due after ten years1,181,871 1,054,301 
Total mortgage-backed securities$1,199,472 1,071,192 

The following table shows the contractual maturity of our mortgage-backed securities held-to-maturity at June 30, 2025 (in thousands):

Amortized
cost		Fair
value
Mortgage-backed securities:  
Due after one year through five years19,902 18,519 
Due after five years through ten years20,168 17,241 
Due after ten years555,028 479,309 
Total mortgage-backed securities$595,098 515,069 

The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at June 30, 2025 (in thousands):

 Less than 12 months12 months or moreTotal
Fair 
value		Unrealized
loss		Fair 
value		Unrealized
loss		Fair 
value		Unrealized
loss
U.S. government-sponsored enterprises$— — 148,877 (19,131)148,877 (19,131)
Municipal securities10,419 (105)38,307 (10,856)48,726 (10,961)
Corporate issues1,974 (26)3,445 (41)5,419 (67)
Mortgage-backed securities - agency115,242 (1,305)1,114,721 (210,540)1,229,963 (211,845)
Total $127,635 (1,436)1,305,350 (240,568)1,432,985 (242,004)

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The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2024 (in thousands):
 Less than 12 months12 months or moreTotal
Fair 
value		Unrealized
loss		Fair 
value		Unrealized
loss		Fair 
value		Unrealized
loss
U.S. government-sponsored enterprises$— — 145,507 (24,366)145,507 (24,366)
Corporate debt issues— — 8,335 (143)8,335 (143)
Municipal securities15,407 (186)39,296 (10,012)54,703 (10,198)
Mortgage-backed securities - agency297,828 (3,578)1,117,280 (245,272)1,415,108 (248,850)
Total $313,235 (3,764)1,310,418 (279,793)1,623,653 (283,557)
 
The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position as of June 30, 2025, which were comprised of 319 individual securities, represent a credit loss impairment. All of these securities were issued by U.S. government agencies, U.S. government-sponsored enterprises, local municipalities, or represent corporate debt. The securities issued by the U.S. government agencies or U.S. government-sponsored enterprises are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The securities issued by local municipalities and the corporate debt issues were all highly rated by major rating agencies and have no history of credit losses. The unrealized losses were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities. As of June 30, 2025, the Company does not have the intent to sell these investment securities and it is more likely than not that we will not be required to sell these securities before their anticipated recovery, which may be at maturity.

All of the Company’s held-to-maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The decline in fair value of the held-to-maturity debt securities were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities, therefore, the Company did not record an allowance for credit losses for these securities as of June 30, 2025.

The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of June 30, 2025 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, and they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of June 30, 2025.
AA+Total
Held-to-maturity securities (at amortized cost):
  Debt issued by the U.S. government-sponsored enterprises$124,463 124,463 
  Mortgage-backed securities595,098 595,098 
Total marketable securities held-to-maturity$719,561 719,561 


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(3)    Loans Receivable

The following tables excludes loans held for sale. The following table shows a summary of our loans receivable at amortized cost basis at June 30, 2025 and December 31, 2024 (in thousands): 

June 30, 2025December 31, 2024
Personal Banking: 
Residential mortgage loans3,052,126 3,178,269 
Home equity loans1,157,520 1,149,396 
Vehicle loans2,084,500 1,870,843 
Consumer loans126,775 124,242 
Total Personal Banking6,420,921 6,322,750 
Commercial Banking:  
Commercial real estate loans2,418,992 2,495,726 
Commercial real estate loans - owner occupied363,412 354,136 
Commercial loans2,138,499 2,007,402 
Total Commercial Banking4,920,903 4,857,264 
Total loans receivable, gross11,341,824 11,180,014 
Allowance for credit losses(129,159)(116,819)
Total loans receivable, net (1)11,212,665 11,063,195 
(1) Includes $68 million and $60 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at June 30, 2025 and December 31, 2024, respectively.

The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended June 30, 2025 (in thousands):

Balance as of June 30, 2025Current period provisionCharge-offsRecoveriesBalance as of March 31, 2025
Allowance for Credit Losses
Personal Banking:     
Residential mortgage loans$12,089 (1,079)(273)166 13,275 
Home equity loans4,216 (228)(413)233 4,624 
Vehicle loans21,234 448 (2,150)481 22,455 
Consumer loans2,266 1,028 (1,181)422 1,997 
Total Personal Banking39,805 169 (4,017)1,302 42,351 
Commercial Banking:     
Commercial real estate loans53,624 7,432 (293)902 45,583 
Commercial real estate loans - owner occupied4,130 (130)— 73 4,187 
Commercial loans31,600 3,985 (3,597)524 30,688 
Total Commercial Banking89,354 11,287 (3,890)1,499 80,458 
Total$129,159 11,456 (7,907)2,801 122,809 
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Home equity loans$65 4 — — 61 
Total Personal Banking65 4 — — 61 
Commercial Banking:     
Commercial real estate loans1,897 (1,059)— — 2,956 
Commercial real estate loans - owner occupied 260 124 — — 136 
Commercial loans8,670 (1,781)— — 10,451 
Total Commercial Banking10,827 (2,716)— — 13,543 
Total off-balance sheet exposure$10,892 (2,712)— — 13,604 
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The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended June 30, 2024 (in thousands):

Balance as of June 30, 2024Current period provisionCharge-offsRecoveriesBalance as of March 31, 2024
Allowance for Credit Losses
Personal Banking:
Residential mortgage loans$14,999 (2,375)(252)805 16,821 
Home equity loans5,210 (279)(237)392 5,334 
Vehicle loans21,364 1,767 (1,926)462 21,061 
Consumer loans1,668 434 (635)417 1,452 
Total Personal Banking43,241 (453)(3,050)2,076 44,668 
Commercial Banking:
Commercial real estate loans50,559 (3,785)(500)370 54,474 
Commercial real estate loans - owner occupied3,615 (453)— 13 4,055 
Commercial loans27,655 6,860 (1,319)414 21,700 
Total Commercial Banking81,829 2,622 (1,819)797 80,229 
Total$125,070 2,169 (4,869)2,873 124,897 
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Residential mortgage loans$1 — — — 1 
Home equity loans63 (1)— — 64 
Total Personal Banking64 (1)— — 65 
Commercial Banking:
Commercial real estate loans4,450 (1,768)— — 6,218 
Commercial real estate loans - owner occupied151 (3)— — 154 
Commercial loans9,120 (767)— — 9,887 
Total Commercial Banking13,721 (2,538)— — 16,259 
Total off-balance sheet exposure$13,785 (2,539)— — 16,324 















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The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the six months ended June 30, 2025 (in thousands):
Balance as of
June 30,
2025		Current period provisionCharge-offsRecoveriesBalance as of December 31, 2024
Allowance for Credit Losses
Personal Banking:
Residential mortgage loans$12,089 (1,672)(861)275 14,347 
Home equity loans4,216 (378)(686)435 4,845 
Vehicle loans21,234 2,263 (4,451)1,033 22,389 
Consumer loans2,266 2,289 (2,685)779 1,883 
Total Personal Banking39,805 2,502 (8,683)2,522 43,464 
Commercial Banking:
Commercial real estate loans53,624 7,281 (409)2,424 44,328 
Commercial real estate loans - owner occupied4,130 168 — 80 3,882 
Commercial loans31,600 9,761 (4,168)862 25,145 
Total Commercial Banking89,354 17,210 (4,577)3,366 73,355 
Total$129,159 19,712 (13,260)5,888 116,819 
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Home equity loans65 3 — — 62 
Total Personal Banking653 — — 62 
Commercial Banking:
Commercial real estate loans1,897 (2,257)— — 4,154 
Commercial real estate loans - owner occupied260 100 — — 160 
Commercial loans8,670 (903)— — 9,573 
Total Commercial Banking10,827 (3,060)— — 13,887 
Total off-balance sheet exposure$10,892 (3,057)— — 13,949 





    














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The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the six months ended June 30, 2024 (in thousands):
 Balance as of June 30, 2024Current period provisionCharge-offsRecoveriesBalance as of December 31, 2023
Allowance for Credit Losses
Personal Banking:
Residential mortgage loans$14,999 (3,774)(414)994 18,193 
Home equity loans5,210 (134)(649)590 5,403 
Vehicle loans21,364 (1,927)(4,514)894 26,911 
Consumer loans1,668 2,283 (2,620)806 1,199 
Total Personal Banking43,241 (3,552)(8,197)3,284 51,706 
Commercial Banking:
Commercial real estate loans50,559 (712)(849)853 51,267 
Commercial real estate loans - owner occupied3,615 (181)— 21 3,775 
Commercial loans27,655 10,848 (2,482)794 18,495 
Total Commercial Banking81,829 9,955 (3,331)1,668 73,537 
Total$125,070 6,403 (11,528)4,952 125,243 
Allowance for Credit Losses - off-balance sheet exposure
Personal Banking:
Residential mortgage loans$1 (1)— — 2 
Home equity loans63 (2)— — 65 
Total Personal Banking64(3)— — 67 
Commercial Banking:
Commercial real estate loans4,450 (1,697)— — 6,147 
Commercial real estate loans - owner occupied151 (22)— — 173 
Commercial loans9,120 (1,616)— — 10,736 
Total Commercial Banking13,721 (3,335)— — 17,056 
Total off-balance sheet exposure$13,785 (3,338)— — 17,123 

The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at June 30, 2025 (in thousands):
 Total loans
receivable		Allowance for
credit losses		Nonaccrual
loans		Loans 90 days past due and accruing
Personal Banking:    
Residential mortgage loans$3,052,126 12,089 8,482 — 
Home equity loans1,157,520 4,216 3,507 — 
Vehicle loans2,084,500 21,234 4,191 — 
Consumer loans126,775 2,266 227 493 
Total Personal Banking6,420,921 39,805 16,407 493 
Commercial Banking:    
Commercial real estate loans2,418,992 53,624 61,327 — 
Commercial real estate loans - owner occupied363,412 4,130 764 — 
Commercial loans2,138,499 31,600 23,896 — 
Total Commercial Banking4,920,903 89,354 85,987 — 
Total$11,341,824 129,159 102,394 493 



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The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2024 (in thousands): 

 Total loans
receivable		Allowance for
credit losses		Nonaccrual
loans		Loans 90 days past due and accruing
Personal Banking:    
Residential mortgage loans$3,178,269 14,347 6,951 — 
Home equity loans1,149,396 4,845 3,332 — 
Vehicle loans1,870,843 22,389 4,829 — 
Consumer loans124,242 1,883 199 578 
Total Personal Banking6,322,750 43,464 15,311 578 
Commercial Banking:
Commercial real estate loans2,495,726 44,328 36,183 — 
Commercial real estate loans - owner occupied354,136 3,882 784 — 
Commercial loans2,007,402 25,145 9,123 78 
Total Commercial Banking4,857,264 73,355 46,090 78 
Total$11,180,014 116,819 61,401 656 

We present the amortized cost of our loans on nonaccrual status including such loans with no allowance. The following table presents the amortized cost of our loans on nonaccrual status as of the beginning and end of the period ended June 30, 2025 (in thousands): 
June 30, 2025
 Nonaccrual loans at December 31, 2024Nonaccrual loans with an allowanceNonaccrual loans with no allowanceTotal nonaccrual loans at the end of the period
Personal Banking:   
Residential mortgage loans$6,951 6,529 1,953 8,482 
Home equity loans3,332 2,738 769 3,507 
Vehicle loans4,829 2,271 1,920 4,191 
Consumer loans199 227 — 227 
Total Personal Banking15,311 11,765 4,642 16,407 
Commercial Banking:   
Commercial real estate loans36,183 56,139 5,188 61,327 
Commercial real estate loans - owner occupied784 764 — 764 
Commercial loans9,123 21,080 2,816 23,896 
Total Commercial Banking46,090 77,983 8,004 85,987 
Total$61,401 89,748 12,646 102,394 
 
During the three and six months ended June 30, 2025, we did not recognize any interest income on nonaccrual loans.

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The following table presents the amortized cost of our loans on nonaccrual status as of the beginning and end of the year ended December 31, 2024 (in thousands): 
December 31, 2024
 Nonaccrual loans at December 31, 2023Nonaccrual loans with an allowanceNonaccrual loans with no allowanceTotal nonaccrual loans at the end of the period
Personal Banking:
Residential mortgage loans$8,727 6,590 361 6,951 
Home equity loans4,492 3,200 132 3,332 
Vehicle loans4,816 3,958 871 4,829 
Consumer loans229 198 1 199 
Total Personal Banking18,264 13,946 1,365 15,311 
Commercial Banking:
Commercial real estate loans71,297 22,813 13,370 36,183 
Commercial real estate loans - owner occupied 676 784 — 784 
Commercial loans4,147 7,471 1,652 9,123 
Total Commercial Banking76,120 31,068 15,022 46,090 
Total$94,384 45,014 16,387 61,401 
 
During the year ended December 31, 2024, we did not recognize any interest income on nonaccrual loans.

A loan is considered to be collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. The following table presents the amortized cost basis of collateral-dependent loans by class of loans and collateral type as of as of June 30, 2025 (in thousands):
 Real estateEquipmentOtherTotal
Commercial Banking:   
Commercial real estate loans$48,875 — — 48,875
Commercial loans4,0152,649 2,048 8,712
Total Commercial Banking52,8902,6492,04857,587
Total$52,890 2,6492,04857,587
 
The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2024 (in thousands):
 Real estateEquipmentOtherTotal
Commercial Banking:
Commercial real estate loans$27,907 — 339 28,246 
Commercial loans— 1,651 2,204 3,855 
Total Commercial Banking27,907 1,651 2,543 32,101 
Total$27,907 1,651 2,543 32,101 
 
Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extensions, an other-than-insignificant payment delay, or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged off against the allowance for credit losses.

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

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

For the quarter ended June 30,
20252024
Payment delayTerm extensionCombination term extension and interest rate reductionTotal class of financing receivableTerm extensionInterest rate reductionTotal class of financing receivable
Personal Banking:
Residential mortgage loans$— $276 — 0.01 %15 — — %
Home equity loans— — — 0.00 %42 — — %
Total Personal Banking— 276 — 0.00 %57 — 0.00 %
Commercial Banking:
Commercial real estate loans43 3,183 91 0.14 %— — — %
Commercial real estate loans - owner occupied— 3,542 — 0.97 %— 697 0.19 %
Total Commercial Banking43 6,725 91 0.14 %— 697 0.01 %
Total$43 $7,001 91 0.06 %57 697 0.01 %

For the six months ended June 30,
20252024
Payment delayTerm extensionCombination term extension and interest rate reductionTotal class of financing receivablePayment delayTerm extensionInterest rate reductionCombination term extension and interest rate reductionTotal class of financing receivable
Personal Banking:
Residential mortgage loans
$— 305 — 0.01 %— 497 — — 0.01 %
Home equity loans— 78 — 0.01 %— 551 — 84 0.05 %
Consumer loans
— — — — %— — — 2 — %
Total Personal Banking— 383 — 0.01 %— 1,048 — 86 0.02 %
Commercial Banking:
Commercial real estate loans70 5,831 91 0.25 %29,764 210 — — 1.12 %
Commercial real estate loans - owner occupied— 3,542 — 0.97 %— — 697 — 0.19 %
Commercial loans1,785 8 9 0.08 %— 31 — 9 — %
Total Commercial Banking1,855 9,381 100 0.23 %29,764 241 697 9 0.64 %
Total$1,855 9,764 100 0.10 %29,764 1,289 697 95 0.28 %











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The following table presents the effect of the loan modifications presented above to borrowers experiencing financial difficulty for the periods indicated:
For the quarter ended June 30,
20252024
 Weighted-average interest rate reductionWeighted-average term extension in monthsWeighted-average payment deferral in yearsWeighted-average interest rate reductionWeighted-average term extension in months
Personal Banking:  
Residential mortgage loans— %1170— %220
Home equity loans— %00— %73
Total Personal Banking— %1170— %112
Commercial Banking:
Commercial real estate loans1 %110.5— %0
Commercial real estate loans - owner occupied— %60.02 %0
Total Commercial Banking1 %90.52 %0
Total loans1 %130.52 %112



For the six months ended June 30,
20252024
 Weighted-average interest rate reductionWeighted-average term extension in monthsWeighted-average payment deferral in yearsWeighted-average interest rate reductionWeighted-average term extension in monthsWeighted-average payment deferral in years
Personal Banking:  
Residential mortgage loans— 1180— 1450
Home equity loans— %13102 %970
Consumer loans— %0012 %3560
Total Personal Banking— %12102 %1190
Commercial Banking:
Commercial real estate loans1 %80.5— %1171
Commercial real estate loans - owner occupied— %602 %00
Commercial loans1 %850.754 %1180
Total Commercial Banking1 %70.752 %1171
Total loans1 %120.752 %1181


The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of loans that such loans have been modified within the previous twelve months of June 30, 2025 (in thousands):
 Current30-59 days
delinquent		60-89 days
delinquent		90 days or
greater
delinquent
Personal Banking:
Residential mortgage loans$755 — 32 183 
Home equity loans168 — — 10 
Consumer loans9 — — — 
Total Personal Banking932 — 32 193 
Commercial Banking:
Commercial real estate loans5,993 — — — 
Commercial real estate loans - owner occupied3,503 39 — — 
Commercial loans35 67 — 1,718 
Total Commercial Banking9,531 106 — 1,718 
Total loans$10,463 106 32 1,911 
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The following table presents the performance of loans modified within the previous twelve months of June 30, 2024 (in thousands):

 Current30-59 days
delinquent		60-89 days
delinquent		90 days or
greater
delinquent
Personal Banking:
Residential mortgage loans$492 — — 5 
Home equity loans533 90 12 — 
Consumer loans2 — — — 
Total Personal Banking1,027 90 12 5 
Commercial Banking:
Commercial real estate loans29,974 — — — 
Commercial real estate loans - owner occupied697 — — — 
Commercial loans10 5 — 25 
Total Commercial Banking30,681 5 — 25 
Total loans$31,708 95 12 30 


A modification is considered to be in default when the loan is 90 days or more past due. The following table provides the amortized cost basis of financing receivables that had a payment default during the periods indicated and were modified within the previous twelve months to borrowers experiencing financial difficulty (in thousands):
For the quarter ended June 30,
20252024
Term extensionPayment delayTerm extension
Personal Banking:
Residential mortgage loans$— $183 5
Home equity loans10 — 0
Total Personal Banking10 183 5
Commercial Banking:
Commercial loans— 1,718 25 
Total Commercial Banking— 1,718 25 
Total$10 1,901 30 


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










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The following table provides information related to the amortized cost basis of loan payment delinquencies at June 30, 2025 (in thousands):
 30-59 days
delinquent		60-89 days
delinquent		90 days or
greater
delinquent		Total
delinquency		CurrentTotal loans
receivable
Personal Banking:     
Residential mortgage loans$561 8,958 6,905 16,424 3,035,702 3,052,126 
Home equity loans4,664 985 1,879 7,528 1,149,992 1,157,520 
Vehicle loans8,441 2,809 2,779 14,029 2,070,471 2,084,500 
Consumer loans733 424 707 1,864 124,911 126,775 
Total Personal Banking14,399 13,176 12,270 39,845 6,381,076 6,420,921 
Commercial Banking:     
Commercial real estate loans4,492 13,025 41,830 59,347 2,359,645 2,418,992 
Commercial real estate loans - owner occupied93 215 45 353 363,059 363,412 
Commercial loans5,569 2,031 10,433 18,033 2,120,466 2,138,499 
Total Commercial Banking10,154 15,271 52,308 77,733 4,843,170 4,920,903 
Total loans$24,553 28,447 64,578 117,578 11,224,246 11,341,824 


The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2024 (in thousands):
 30-59 days
delinquent		60-89 days
delinquent		90 days or
greater
delinquent		Total
delinquency		CurrentTotal loans
receivable
Personal Banking:      
Residential mortgage loans
$28,690 10,112 4,931 43,733 3,134,536 3,178,269 
Home equity loans
5,365 1,434 2,250 9,049 1,140,347 1,149,396 
Vehicle loans10,242 3,257 3,191 16,690 1,854,153 1,870,843 
Consumer loans
860 383 776 2,019 122,223 124,242 
Total Personal Banking45,157 15,186 11,148 71,491 6,251,259 6,322,750 
Commercial Banking:      
Commercial real estate loans
5,100 857 7,702 13,659 2,482,067 2,495,726 
Commercial real estate loans - owner occupied115 58 — 173 353,963 354,136 
Commercial loans
5,632 1,726 7,335 14,693 1,992,709 2,007,402 
Total Commercial Banking10,847 2,641 15,037 28,525 4,828,739 4,857,264 
Total originated loans$56,004 17,827 26,185 100,016 11,079,998 11,180,014 

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

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

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

Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified as substandard. In addition, those weaknesses make collection or liquidation in full highly questionable and improbable. A loan classified as doubtful exhibits discernible loss potential, but a complete loss seems very unlikely. The possibility of a loss on a doubtful loan is high, but because of certain important and reasonably specific pending factors that may strengthen the loan, its classification as an estimated loss is deferred until a more exact status can be determined.
 
Loss — Loans classified as loss are considered uncollectible and of such value that the continuance as a loan is not warranted. A loss classification does not mean that the loan has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off all or a portion of a basically worthless loan even though partial recovery may be possible in the future.

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

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

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

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


 
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The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator and the current period charge-offs by year of origination for each portfolio segment as of June 30, 2025 (in thousands):
YTD June 30, 20252024202320222021PriorRevolving loansRevolving loans converted to term loansTotal loans
receivable
Personal Banking:    
Residential mortgage loans
Pass$16,353 30,349 185,934 604,360 722,469 1,480,344 — — 3,039,809 
Substandard— — 126 1,596 1,581 9,014 — — 12,317 
Total residential mortgage loans16,353 30,349 186,060 605,956 724,050 1,489,358 — — 3,052,126 
Residential mortgage current period charge-offs— — (51)(447)— (363)— — (861)
Home equity loans
Pass48,188 30,266 52,354 78,503 79,627 324,616 497,570 42,684 1,153,808 
Substandard— — 66 154 — 1,387 769 1,336 3,712 
Total home equity loans48,188 30,266 52,420 78,657 79,627 326,003 498,339 44,020 1,157,520 
Home equity current period charge-offs— (8)— (26)(91)(278)(195)(88)(686)
Vehicle loans
Pass624,514 512,718 359,750 340,063 161,001 82,263 — — 2,080,309 
Substandard— 589 903 1,272 862 565 — — 4,191 
Total vehicle loans624,514 513,307 360,653 341,335 161,863 82,828 — — 2,084,500 
Vehicle current period charge-offs(19)(803)(1,170)(1,112)(745)(602)— — (4,451)
Consumer loans
Pass15,491 21,252 10,938 4,411 1,680 9,174 62,593 515 126,054 
Substandard8 46 54 25 2 — 495 91 721 
Total consumer loans15,499 21,298 10,992 4,436 1,682 9,174 63,088 606 126,775 
Consumer loan current period charge-offs(1,021)(350)(338)(192)(63)(556)(144)(21)(2,685)
Total Personal Banking704,554 595,220 610,125 1,030,384 967,222 1,907,363 561,427 44,626 6,420,921 
Commercial Banking:     
Commercial real estate loans
Pass50,987 194,180 231,047 347,109 179,589 910,009 27,919 18,607 1,959,447 
Special mention— — 31,937 32,465 12,758 21,569 220 — 98,949 
Substandard— 21,845 16,758 67,955 92,239 158,168 1,461 2,170 360,596 
Total commercial real estate loans50,987 216,025 279,742 447,529 284,586 1,089,746 29,600 20,777 2,418,992 
Commercial real estate current period charge-offs— — — — — (393)(16)— (409)
Commercial real estate loans - owner occupied
Pass37,406 53,158 13,820 21,283 42,708 137,758 477 — 306,610 
Special mention— 1,312 1,351 2,132 2,298 5,427 400 983 13,903 
Substandard— 989 10,714 6,962 1,169 21,355 1,130 580 42,899 
Total commercial real estate loans - owner occupied37,406 55,459 25,885 30,377 46,175 164,540 2,007 1,563 363,412 
Commercial real estate - owner occupied current period charge-offs— — — — — — — — — 
Commercial loans
Pass244,551 630,083 295,180 235,214 23,199 31,170 492,501 4,853 1,956,751 
Special mention— 32,561 2,711 2,635 633 3,969 45,016 426 87,951 
Substandard— 17,920 22,147 4,564 2,576 14,701 29,976 1,913 93,797 
Total commercial loans244,551 680,564 320,038 242,413 26,408 49,840 567,493 7,192 2,138,499 
Commercial loans current period charge-offs— — (174)(1,558)(105)(1,057)(47)(1,227)(4,168)
Total Commercial Banking332,944 952,048 625,665 720,319 357,169 1,304,126 599,100 29,532 4,920,903 
Total loans$1,037,498 1,547,268 1,235,790 1,750,703 1,324,391 3,211,489 1,160,527 74,158 11,341,824 
For the six months ended June 30, 2025, $6 million of revolving loans were converted to term loans.
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The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of December 31, 2024 (in thousands): 
20242023202220212020PriorRevolving loansRevolving loans converted to term loansTotal loans
receivable
Personal Banking:     
Residential mortgage loans
Pass$28,841 194,267 628,285 745,949 466,888 1,103,217 — — 3,167,447 
Substandard— 51 1,107 464 321 8,879 — — 10,822 
Total residential mortgage loans28,841 194,318 629,392 746,413 467,209 1,112,096 — — 3,178,269 
Residential mortgage current period charge-offs— — (387)— (114)(344)— — (845)
Home equity loans
Pass33,534 58,234 85,308 88,226 124,046 234,918 476,013 45,577 1,145,856 
Substandard— — 174 91 52 1,352 1,080 791 3,540 
Total home equity loans33,534 58,234 85,482 88,317 124,098 236,270 477,093 46,368 1,149,396 
Home equity current period charge-offs— — (40)(2)(197)(558)(608)(331)(1,736)
Vehicle loans
Pass616,515 452,912 443,997 228,309 64,332 59,950 — — 1,866,015 
Substandard272 1,472 1,342 1,129 223 390 — — 4,828 
Total vehicle loans616,787 454,384 445,339 229,438 64,555 60,340 — — 1,870,843 
Vehicle current period charge-offs(454)(2,197)(2,626)(2,087)(414)(1,031)— — (8,809)
Consumer loans
Pass27,363 14,779 6,330 2,707 735 5,914 65,055 581 123,464 
Substandard36 59 24 — 7 1 578 73 778 
Total consumer loans27,399 14,838 6,354 2,707 742 5,915 65,633 654 124,242 
Consumer loan current period charge-offs(1,106)(2,015)(678)(285)(116)(1,044)(651)(34)(5,929)
Total Personal Banking706,561 721,774 1,166,567 1,066,875 656,604 1,414,621 542,726 47,022 6,322,750 
Commercial Banking:
Commercial real estate loans
Pass189,670 252,202 430,653 258,681 286,457 803,111 26,690 23,578 2,271,042 
Special Mention— 4,877 19,030 18,533 14,383 5,654 237 — 62,714 
Substandard— 2,273 11,137 48,539 19,356 80,417 175 73 161,970 
Total commercial real estate loans189,670 259,352 460,820 325,753 320,196 889,182 27,102 23,651 2,495,726 
Commercial real estate current period
charge-offs		(102)(686)(2,522)(360)(619)(11,032)— — (15,321)
Commercial real estate loans -
owner occupied
Pass53,831 14,252 32,095 46,911 11,933 141,211 640 — 300,873 
Special Mention— 1,166 2,231 93 — 5,165 1,232 — 9,887 
Substandard— 12,572 5,733 — 2,956 18,695 751 2,669 43,376 
Total commercial real estate loans -
owner occupied		53,831 27,990 40,059 47,004 14,889 165,071 2,623 2,669 354,136 
Commercial real estate - owner occupied current period charge-offs— — — — — — — — — 
Commercial loans
Pass729,863 353,568 262,498 29,806 12,633 56,300 475,333 3,381 1,923,382 
Special Mention— 3,914 3,898 627 479 7 28,127 11 37,063 
Substandard7,133 21,606 4,669 1,063 89 1,761 8,847 1,789 46,957 
Total commercial loans736,996 379,088 271,065 31,496 13,201 58,068 512,307 5,181 2,007,402 
Commercial loans current period
charge-offs		(1,456)(6,752)(4,301)(235)(522)(916)(212)(68)(14,462)
Total Commercial Banking980,497 666,430 771,944 404,253 348,286 1,112,321 542,032 31,501 4,857,264 
Total loans$1,687,058 1,388,204 1,938,511 1,471,128 1,004,890 2,526,942 1,084,758 78,523 11,180,014 
For the year ended December 31, 2024, $16 million of revolving loans were converted to term loans.
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(4)    Goodwill and Other Intangible Assets
 
The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands):
June 30, 2025December 31, 2024
Amortizable intangible assets:  
Core deposit intangibles - gross$74,899 74,899 
Less: accumulated amortization(73,002)(72,062)
Core deposit intangibles - net$1,897 2,837 
Total intangible assets - net$1,897 2,837 

The following table shows the actual aggregate amortization expense for the quarters ended June 30, 2025 and 2024, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the succeeding fiscal years until the intangible assets are fully amortized (in thousands):
For the quarter ended June 30, 2025$436 
For the quarter ended June 30, 2024635 
For the six months ended June 30, 2025940 
For the six months ended June 30, 20241,336 
For the year ending December 31, 20251,662 
For the year ending December 31, 2026871 
For the year ending December 31, 2027304 
 
The following table provides information for the changes in the carrying amount of goodwill (in thousands):
Total
Balance at December 31, 2024$380,997 
Balance at June 30, 2025$380,997 
 
We performed our annual goodwill impairment test as of June 30, 2025 in accordance with Accounting Standards Codification ("ASC") 350, Intangibles - Goodwill and Other, and concluded that goodwill was not impaired.

(5)    Borrowed Funds

(a)    Borrowings

Borrowed funds at June 30, 2025 and December 31, 2024 are presented in the following table (dollars in thousands):
June 30, 2025December 31, 2024
AmountAverage rateAmountAverage rate
Term notes payable to the FHLB of Pittsburgh, due within one year$175,000 4.60 %$175,000 4.64 %
Collateralized borrowings, due within one year22,544 1.82 %22,3231.73 %
Collateral received, due within one year464 4.67 %3,008 4.65 %
      Total borrowed funds$198,008 $200,331 
    
Borrowings from the Federal Home Loan Bank (“FHLB”) of Pittsburgh, if any, are secured by our residential first mortgage and other qualifying loans. At June 30, 2025, the carrying value of these loans was $5.6 billion. Certain of these borrowings are subject to restrictions or penalties in the event of prepayment.

The revolving line of credit with the FHLB of Pittsburgh carries a commitment of $250 million. The rate is adjusted daily by the FHLB of Pittsburgh, and any borrowings on this line may be repaid at any time without penalty. There was no balance on the revolving line of credit at June 30, 2025 and December 31, 2024.

At June 30, 2025 and December 31, 2024, collateralized borrowings due within one year were $23 million and $22 million, respectively. These borrowings are collateralized by cash or various securities held in safekeeping by the FHLB. At June 30, 2025, the carrying value of the cash and securities used as collateral was $35 million.

At June 30, 2025 and December 31, 2024, collateral received was $464 thousand and $3 million, respectively. This represents collateral posted to us from our derivative counterparties.
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At June 30, 2025 and December 31, 2024, term notes payable to the FHLB of Pittsburgh due within one year were $175 million. The The June 30, 2025 total is made up of seven advances each for $25 million.

On September 9, 2020, the Company issued $125 million of 4.00% fixed-to-floating rate subordinated notes with a maturity date of September 15, 2030. The subordinated notes, which qualify as Tier 2 capital, bear interest at an annual rate of 4.00%, payable semi-annually in arrears commencing on March 15, 2021, and a floating rate of interest equivalent to the 3-month Secured Overnight Financing Rate (“SOFR”) plus 3.89% payable quarterly in arrears commencing on December 15, 2025. During 2022 the Company repurchased $10 million of subordinated notes leaving $115 million of subordinated notes outstanding. The subordinated debt issuance costs of approximately $2 million are being amortized over five years on a straight-line basis into interest expense. At June 30, 2025 and December 31, 2024, subordinated debentures, net of issuance costs, were $115 million. For the six months ended June 30, 2025 and June 30, 2024 total interest expense paid on the subordinate notes was $2 million.

(b)    Trust Preferred Securities

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

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

The following table sets forth a summary of the cumulative trust preferred securities and the junior subordinated debt held by the Trust as of the date listed (dollars in thousands).
Maturity dateInterest rateCapital debt securitiesJune 30, 2025December 31, 2024
Northwest Bancorp Capital Trust IIIDecember 30, 2035
3-month SOFR plus 1.38%
$50,000 51,547 51,547 
Northwest Bancorp Statutory Trust IVDecember 15, 2035
3-month SOFR plus 1.38%
50,000 51,547 51,547 
LNB Trust IIJune 15, 2037
3-month SOFR plus 1.48%
7,875 8,119 8,119 
Union National Capital Trust I (1)January 23, 2034
3-month SOFR plus 2.85%
8,000 8,036 8,024 
Union National Capital Trust II (1)November 23, 2034
3-month SOFR plus 2.00%
3,000 2,837 2,823 
MFBC Statutory Trust I (1)September 15, 2035
3-month SOFR plus 1.70%
5,000 3,943 3,891 
Universal Preferred Trust (1)October 7, 2035
3-month SOFR plus 1.69%
5,000 3,935 3,883 
$128,875 129,964 129,834 
(1) Net of discounts due to the fair value adjustment made at the time of acquisition.

Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We have the right to defer payment of interest on the subordinated debentures at any time, or from time-to-time, for periods not exceeding five years. If interest payments on the subordinated debentures are deferred, the distributions on the trust securities also are deferred. To date there have been no interest deferrals. Interest on the subordinated debentures and distributions on the trust securities is cumulative. Our obligation constitutes a full, irrevocable, and unconditional guarantee on a subordinated basis of the obligations of the trust under the preferred securities. For the six months ended June 30, 2025 and June 30, 2024 total interest expense paid on trust preferred securities was $4 million and $5 million, respectively.
 
The Trusts must redeem the preferred securities when the debentures are paid at maturity or upon an earlier redemption of the debentures to the extent the debentures are redeemed. All or part of the debentures may be redeemed at any time. Also, the debentures may be redeemed at any time if existing laws or regulations, or the interpretation or application of these laws or regulations, change causing:
 
•the interest on the debentures to no longer be deductible by the Company for federal income tax purposes;
•the trusts to become subject to federal income tax or to certain other taxes or governmental charges;
•the trusts to register as an investment company; or
•the preferred securities to no longer qualify as Tier 1 capital. 
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We may, at any time, dissolve any of the Trusts and distribute the debentures to the trust security holders, subject to receipt of any required regulatory approvals.

(6)    Guarantees
 
We issue standby letters of credit in the normal course of business. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. We are required to perform under a standby letter of credit when drawn upon by the guaranteed third party in the case of nonperformance by our customer. The credit risk associated with standby letters of credit is essentially the same as that involved in extending loans to customers and is subject to normal loan underwriting procedures. Collateral may be obtained based on management’s credit assessment of the customer. At June 30, 2025, the maximum potential amount of future payments we could be required to make under these non-recourse standby letters of credit was $57 million, of which $55 million is fully collateralized. At June 30, 2025, we had a liability which represents deferred income of $1 million related to the standby letters of credit.

In addition, we maintain a $21 million unsecured line of credit with a correspondent bank for private label credit card facilities for certain existing commercial clients of the Bank, of which $12 million in notional value of credit cards have been issued. These issued credit cards had an outstanding balance of $3 million at June 30, 2025. The clients of the Bank are responsible for repaying any balances due on these credit cards directly to the correspondent bank; however, if the customer fails to repay their balance, the Bank could be required to satisfy the obligation to correspondent bank and initiate collection from our customer as part of the existing credit facility of that customer.


(7)    Earnings Per Share

Basic earnings per common share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted EPS. The two-class method was used to determine basic EPS for the three and six months ended June 30, 2025 and 2024 and the treasury stock method was used to determine diluted earnings per share for the three and six months ended June 30, 2025 and 2024.



The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts): 
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Quarter ended June 30,Six months ended June 30,
 2025202420252024
Numerator for earnings per share - Basic and Diluted:
Net income - treasury stock method - Basic and Diluted$33,675 4,747 77,133 33,910 
Less: Dividends and undistributed earnings allocated to participating securities19 7 44 47 
Net income available to common shareholders - two class method - Basic and Diluted$33,656 4,740 77,089 33,863 
Denominator for earnings per share - treasury stock method - Basic and Diluted
Weighted average common shares outstanding - Basic127,641,857 127,023,522 127,515,768 126,918,878 
Add: Potentially dilutive shares472,652 137,853 831,373 426,501 
Denominator for treasury stock method - Diluted128,114,509 127,161,375 128,347,141 127,345,379 
Denominator for earnings per share - two class method - Basic and Diluted:
Weighted average common shares outstanding - Basic127,641,857 127,023,522 127,515,768 126,918,878 
Add: Average participating shares outstanding 72,790 175,517 72,790 175,517 
Denominator for two class method - Diluted127,714,647 127,199,039 127,588,558 127,094,395 
Basic earnings per share$0.26 0.04 0.60 0.27 
Diluted earnings per share$0.26 0.04 0.60 0.27 
Anti-dilutive awards (1)2,051 2,451 2,051 2,451 
(1) Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive.
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(8)    Pension and Other Post-Retirement Benefits
 
The following table sets forth the net periodic costs for the defined benefit pension plans and post-retirement healthcare plans for the periods indicated (in thousands):
 Quarter ended June 30,
 Pension benefitsOther post-retirement benefits
 2025202420252024
Service cost$1,120 1,425 — — 
Interest cost2,173 2,205 15 15 
Expected return on plan assets(2,989)(3,776)— — 
Amortization of prior service cost(203)(563)— — 
Amortization of the net loss(37)18 7 10 
Net periodic cost$64 (691)22 25 

 Six months ended June 30,
 Pension benefitsOther post-retirement benefits
 2025202420252024
Service cost$2,240 2,850 — — 
Interest cost4,346 4,410 30 30 
Expected return on plan assets(5,978)(7,552)— — 
Amortization of prior service cost(406)(1,126)— — 
Amortization of the net loss(74)36 14 20 
Net periodic cost$128 (1,382)44 50 

Because of the current funding status, we do not anticipate a funding requirement during the year ending December 31, 2025.

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

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

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

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

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

•Level 3 — Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include the following:
◦Quotes from brokers or other external sources that are not considered binding;
◦Quotes from brokers or other external sources where it cannot be determined that market participants would in fact transact for the asset or liability at the quoted price; and
◦Quotes and other information from brokers or other external sources where the inputs are not deemed observable.
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We are responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. We perform due diligence to understand the inputs used or how the data was calculated or derived. We also corroborate the reasonableness of external inputs in the valuation process.

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

Marketable Securities
 
Where available, market values are based on quoted market prices, dealer quotes, and prices obtained from independent pricing services.
 
Debt Securities — available-for-sale - Generally, debt securities are valued using pricing for similar securities, recently executed transactions and other pricing models utilizing observable inputs. The valuation for most debt securities is classified as Level 2. Securities within Level 2 include corporate bonds, municipal bonds, mortgage-backed securities and U.S. government obligations.

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

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

Loans Held-for-Sale

The estimated fair value of loans held-for-sale is based on market bids obtained from potential buyers.
    
FHLB Stock
 
Due to the restrictions placed on transferability of FHLB stock, it is not practical to determine the fair value. FHLB stock is recorded at cost.

Deposit Liabilities

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

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




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Subordinated Debentures

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

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

Interest Rate Lock Commitments and Forward Commitments

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

Interest Rate and Foreign Exchange Swap Agreements and Risk Participation Agreements

The fair value of interest rate swaps is based upon the present value of the expected future cash flows using the SOFR discount curve, the basis for the underlying interest rate. To price interest rate swaps, cash flows are first projected for each payment date using the fixed rate for the fixed side of the swap and the forward rates for the floating side of the swap. These swap cash flows are then discounted to time zero using SOFR zero-coupon interest rates. The sum of the present value of both legs is the fair market value of the interest rate swap. These valuations have been derived from our third party vendor’s proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions that we believe to be reasonable. The fair value of the foreign exchange swap is derived from proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions that we believe to be reasonable. Risk participation agreements are entered into when Northwest Bank purchases a portion of a commercial loan that has an interest rate swap. Northwest Bank assumes credit risk on its portion of the interest rate swap should the borrower fail to pay as agreed. The value of risk participation agreements is determined based on the value of the swap after considering the credit quality, probability of default, and loss given default of the borrower.
 
Off-Balance Sheet Financial Instruments
 
These financial instruments generally are not sold or traded, and estimated fair values are not readily available. However, the fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. Commitments to extend credit are generally short-term in nature and, if drawn upon, are issued under current market terms. At June 30, 2025 and December 31, 2024, there was no significant unrealized appreciation or depreciation on these financial instruments.

The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at June 30, 2025 (in thousands):
Carrying
amount		Estimated
fair value		Level 1Level 2Level 3Netting
Adjustments (1)
Financial assets:     
Cash and cash equivalents$267,075 267,075 267,075 — — — 
Securities available-for-sale1,194,883 1,194,883 — 1,194,883 — — 
Securities held-to-maturity719,561 628,936 — 628,936 — — 
Loans receivable, net11,212,665 10,611,503 — — 10,611,503 — 
Loans held-for-sale13,104 13,104 — 378 12,726 — 
Accrued interest receivable46,987 46,987 46,987 — — — 
Interest rate lock commitments933 933 — — 933 — 
Forward commitments210 210 — 210 — — 
Interest rate swaps designated as hedging instruments— — — 210 — (210)
Interest rate swaps not designated as hedging instruments12,589 12,589 — 31,257 — (18,668)
FHLB stock17,809 17,809 — — — — 
Total financial assets$13,485,816 12,794,029 314,062 1,855,874 10,625,162 (18,878)
Financial liabilities:     
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Savings and checking deposits$9,630,381 9,630,381 9,630,381 — — — 
Time deposits2,570,648 2,571,122 — — 2,571,122 — 
Borrowed funds198,008 195,452 202,088 — — (6,636)
Subordinated debt114,713 119,577 — 119,577 — — 
Junior subordinated debentures129,964 124,947 — — 124,947 — 
Foreign exchange swaps 262 262 — 262 — — 
Interest rate swaps designated as hedging instruments— — — 1,248 — (1,248)
Interest rate swaps not designated as hedging instruments20,265 20,265 — 31,259 — (10,994)
Risk participation agreements38 38 — 38 — — 
Accrued interest payable7,729 7,729 7,729 — — — 
Total financial liabilities$12,672,008 12,669,773 9,840,198 152,384 2,696,069 (18,878)
(1)     Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties.

The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2024 (in thousands): 
Carrying
amount		Estimated
fair value		Level 1Level 2Level 3Netting
Adjustments (1)
Financial assets:     
Cash and cash equivalents$288,378 288,378 288,378 — — — 
Securities available-for-sale1,108,944 1,108,944 — 1,108,944 — — 
Securities held-to-maturity750,586 637,948 — 637,948 — — 
Loans receivable, net11,063,195 10,431,355 — — 10,431,355 — 
Loans held-for-sale76,331 76,331 — 68,620 7,711 — 
Accrued interest receivable 46,356 46,356 46,356 — — — 
Interest rate lock commitments342 342 — — 342 — 
Forward commitments34 34 — 34 — — 
Forward exchange swaps199 199 — 199 — — 
Interest rate swaps designated as hedging instruments1,497 1,497 — 1,529 — (32)
Interest rate swaps not designated as hedging instruments3,493 3,493 — 37,697 — (34,204)
FHLB stock21,006 21,006 — — — — 
Total financial assets$13,360,361 12,615,883 334,734 1,854,971 10,439,408 (34,236)
Financial liabilities:     
Savings and checking accounts$9,466,909 9,466,909 9,466,909 — — — 
Time deposits2,677,645 2,677,070 — — 2,677,070 — 
Borrowed funds200,331 196,277 228,119 — — (31,842)
Subordinated debt114,538 115,982 — 115,982 — — 
Junior subordinated debentures129,834 128,122 — — 128,122 — 
Foreign exchange swaps4 4 — 4 — — 
Interest rate swaps designated as hedging instruments— — — 32 — (32)
Interest rate swaps not designated as hedging instruments35,405 35,405 — 37,767 — (2,362)
Risk participation agreements 16 16 — 16 — — 
Accrued interest payable6,935 6,935 6,935 — — — 
Total financial liabilities$12,631,617 12,626,720 9,701,963 153,801 2,805,192 (34,236)
(1)     Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties.
Fair value estimates are made at a point-in-time, based on relevant market data and information about the instrument. The methods and assumptions detailed above were used in estimating the fair value of financial instruments at both June 30, 2025 and December 31, 2024.
     
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The following table represents assets and liabilities measured at fair value on a recurring basis at June 30, 2025 (in thousands):
Level 1Level 2Level 3Netting Adjustments (1)Total assets 
at fair value
Debt securities:    
U.S. government and agencies$— 34,930 — — 34,930 
Government-sponsored enterprises— 80 — — 80 
States and political subdivisions— 57,841 — — 57,841 
Corporate— 30,840 — — 30,840 
Total debt securities— 123,691 — — 123,691 
Mortgage-backed securities:   
GNMA— 50,295 — — 50,295 
FNMA— 97,282 — — 97,282 
FHLMC— 109,449 — — 109,449 
Non-agency— 4 — — 4 
Collateralized mortgage obligations:   
GNMA— 576,595 — — 576,595 
FNMA— 81,042 — — 81,042 
FHLMC— 156,525 — — 156,525 
Total mortgage-backed securities— 1,071,192 — — 1,071,192 
Interest rate lock commitments— — 933 — 933 
Forward commitments— 210 — — 210 
Interest rate swaps designated as hedging instruments— 210 — (210)— 
Interest rate swaps not designated as hedging instruments— 31,257 — (18,668)12,589 
Total assets$— 1,226,560 933 (18,878)1,208,615 
Foreign exchange swaps $— 262 — — 262 
Interest rate swaps designated as hedging instruments— 1,248 — (1,248)— 
Interest rate swaps not designated as hedging instruments— 31,259 — (10,994)20,265 
Risk participation agreements— 38 — — 38 
Total liabilities $— 32,807 — (12,242)20,565 
(1)     Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties.
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The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2024 (in thousands):
Level 1Level 2Level 3Netting
Adjustment (1)		Total assets 
at fair value
Debt securities:    
U.S. government and agencies$— 35,391 — — 35,391 
Government-sponsored enterprises— 118 — — 118 
States and political subdivisions— 58,627 — — 58,627 
Corporate— 26,101 — — 26,101 
Total debt securities— 120,237 — — 120,237 
Mortgage-backed securities:   
GNMA— 50,149 — — 50,149 
FNMA— 84,212 — — 84,212 
FHLMC— 89,840 — — 89,840 
Non-agency— 5 — — 5 
Collateralized mortgage obligations:   
GNMA— 562,948 — — 562,948 
FNMA— 74,395 — — 74,395 
FHLMC— 127,158 — — 127,158 
Total mortgage-backed securities— 988,707 — — 988,707 
Interest rate lock commitments— — 342 — 342 
Forward commitments— 34 — — 34 
Foreign exchange swaps— 199 — — 199 
Interest rate swaps designated as hedging instruments— 1,529 — (32)1,497 
Interest rate swaps not designated as hedging instruments— 37,697 — (34,204)3,493 
Total assets$— 1,148,403 342 (34,236)1,114,509 
Foreign exchange swaps$— 4 — — 4 
Interest rate swaps designated as hedging instruments— 32 — (32)— 
Interest rate swaps not designated as hedging instruments— 37,767 — (2,362)35,405 
Risk participation agreements— 16 — — 16 
Total liabilities $— 37,819 — (2,394)35,425 
(1)     Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties.

The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands):
For the quarter ended June 30,For the six months ended June 30,
2025202420252024
Beginning balance,$433 479 342 641 
Interest rate lock commitments:
Net activity500 312 591 150 
Transfers from Level 3— — — — 
Transfers into Level 3— — — — 
Ending balance$933 791 933 791 

Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans individually assessed, real estate owned, and MSRs.

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The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of June 30, 2025 (in thousands):
Level 1Level 2Level 3Total assets 
at fair value
Loans individually assessed$— — 57,233 57,233 
Mortgage servicing rights— — 1 1 
Real estate owned, net— — 48 48 
Total assets$— — 57,282 57,282 

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2024 (in thousands): 
Level 1Level 2Level 3Total assets 
at fair value
Loans individually assessed$— — 9,801 9,801 
Mortgage servicing rights— — 20 20 
Real estate owned, net— — 35 35 
Total assets$— — 9,856 9,856 

Individually Assessed Loans — A loan is considered to be individually assessed as described in Note 1(f) of the Notes to the Consolidated Financial Statements in Item 8 of Part II of our 2024 Annual Report on Form 10-K. We classify loans individually assessed as nonrecurring Level 3.

Mortgage Servicing Rights — Mortgage servicing rights represent the value of servicing residential mortgage loans, when the mortgage loans have been sold into the secondary market and the associated servicing has been retained. The value is determined through a discounted cash flow analysis, which uses interest rates, prepayment speeds and delinquency rate assumptions as inputs. All of these assumptions require a significant degree of management judgment. Servicing rights and the related mortgage loans are segregated into categories or homogeneous pools based upon common characteristics. Adjustments are only made when the estimated discounted future cash flows are less than the carrying value, as determined by individual pool. As such, mortgage servicing rights are classified as nonrecurring Level 3.
 
Real Estate Owned — Real estate owned is comprised of property acquired through foreclosure or voluntarily conveyed by borrowers. These assets are recorded on the date acquired at the lower of the related loan balance or fair value, less estimated disposition costs, with the fair value being determined by appraisal. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or fair value, less estimated disposition costs. We classify real estate owned as nonrecurring Level 3.

The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at June 30, 2025 (in thousands): 
 Fair valueValuation techniquesSignificant
unobservable inputs		Range  (weighted average)
Loans individually assessed$57,233 Appraisal value (1)Estimated cost to sell10%
Mortgage servicing rights1 Discounted cash flowAnnual service cost$89
Prepayment rate
6.0% to 17.4% (10.2%)
Expected life (months)
50.4 to 105.4 (74.1)
Option adjusted spread
724 basis points
Forward yield curve
4.43% to 4.30%
Real estate owned, net48 Appraisal value (1)Estimated cost to sell10%
Loans held for sale12,726 Quoted prices for similar loans in active markets adjusted by an expected pull-through rateEstimated pull-through rate100%
(1)Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent.
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(10)    Derivative Financial Instruments
 
We are a party to derivative financial instruments in the normal course of business to manage our own exposure to fluctuations in interest rates and to meet the needs of our customers. The primary derivatives that we use are interest rate swaps and caps and foreign exchange contracts, which are entered into with counterparties that meet established credit standards. We believe that the credit risk inherent in all of our derivative contracts is minimal based on our credit standards and the netting and collateral provisions of the interest rate swap agreements.

Derivatives Designated as Hedging Instruments

As of June 30, 2025, the Company had entered into seven separate pay-fixed interest rate swaps in order to synthetically convert short-term three month FHLB advances to fixed-rate term funding with an aggregate value of $175 million with maturities ranging from three to five years. Our risk management objective and strategy for these interest rate swaps at such time was to reduce our exposure to variability in interest-related cash outflows attributable to changes in the USD-SOFR swap rate, the designated benchmark interest rate being hedged. Based upon our contemporaneous quantitative analysis at the inception of the interest rate swaps, we have determined these interest rate swaps qualify for hedge accounting in accordance with ASC 815, Derivatives and Hedging. Our cash flow hedges are recorded within other assets on the Consolidated Statement of Financial Condition at their estimated fair value.

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

Derivatives Not Designated as Hedging Instruments

We act as an interest rate or foreign exchange swap counterparty for certain commercial borrowers in the normal course of servicing our customers, which are accounted for at fair value. We manage our exposure to such interest rate or foreign exchange swaps by entering into corresponding and offsetting interest rate swaps with third parties that mirror the terms of the swaps we have with the commercial borrowers. These positions (referred to as “customer swaps”) directly offset each other and our exposure is the fair value of the derivatives due to changes in credit risk of our commercial borrowers and third parties. Customer swaps are recorded within other assets or other liabilities on the Consolidated Statement of Financial Condition at their estimated fair value. Changes to the fair value of assets and liabilities arising from these derivatives are included, net, in other operating income in the Consolidated Statement of Income.
    
We enter into interest rate lock commitments for residential mortgage loans which commit us to lend funds to a potential borrower at a specific interest rate within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that will be held-for-sale are considered derivative financial instruments under applicable accounting guidance. Interest rate lock commitments on loans held-for-sale are carried at fair value in other assets on the Consolidated Statement of Financial Condition. Northwest Bank sells loans to the secondary market on a mandatory or best efforts basis. The loans sold on a mandatory basis commit us to deliver a specific principal amount of mortgage loans to an investor at a specified price, by a specified date, or the commitment must be paired off. These forward commitments entered into on a mandatory delivery basis meet the definition of a derivative financial instrument. All closed loans to be sold on a mandatory delivery basis are classified as held-for-sale on the Consolidated Statement of Financial Condition. Changes to the fair value of the interest rate lock commitments and the forward commitments are recorded in mortgage banking income in the Consolidated Statements of Income.

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


    





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The following table presents information regarding our derivative financial instruments at the dates indicated (in thousands):
Asset derivativesLiability derivatives
Notional amountFair valueNotional amountFair value
At June 30, 2025
Derivatives designated as hedging instruments:
Interest rate swap agreements$50,000 210 125,000 1,248 
Derivatives not designated as hedging instruments:
Interest rate swap agreements942,982 31,257 942,982 31,259 
Foreign exchange swap agreements— — 2,738 262 
Interest rate lock commitments39,840 933 — — 
Forward commitments5,302 210 — — 
Risk participation agreements— — 138,388 38 
Total Derivatives$1,038,124 32,610 1,209,108 32,807 
At December 31, 2024
Derivatives designated as hedging instruments:
Interest rate swap agreements$125,000 1,529 50,000 32 
Derivatives not designated as hedging instruments:
Interest rate swap agreements 780,177 37,697 780,177 37,767 
Foreign exchange swap agreements5,724 199 2,690 4 
Interest rate lock commitments17,426 342 — — 
Forward commitments1,509 34 — — 
Risk participation agreements— — 129,439 16 
Total derivatives $929,836 39,801 962,306 37,819 
The following table presents income or expense recognized on derivatives for the periods indicated (in thousands):
For the quarter ended June 30,For the six months ended June 30,
2025202420252024
Hedging derivatives:
Decrease in interest expense$293 734 587 1,467 
Non-hedging swap derivatives:
(Decrease)/increase in other income(231)(112)(612)175 
Increase in mortgage banking income627 323 789 208 

The following table presents information regarding our derivative financial instruments designated as hedging for the quarter ended June 30, 2025 (dollars in thousands):
Notional amountEffective rateEstimated decrease to interest expense in the next twelve monthsMaturity dateRemaining term
(in months)
Interest rate products:
Issued May 11, 2023$25,000 3.39 %$(311)5/11/202722
Issued May 12, 202325,000 3.43 %(299)5/12/202834
Issued May 19, 202325,000 3.72 %(224)11/19/202729
Issued May 31, 202325,000 3.94 %(169)11/30/202617
Issued July 26, 202325,000 4.20 %(123)7/26/202837
Issued July 31, 202325,000 4.23 %(100)1/31/202831
Issued August 9, 202325,000 4.19 %(105)8/9/202725
Total$175,000 $(1,331)


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Our derivatives are presented on a net basis taking into consideration the effects of legally enforceable master netting agreements. Additionally, collateral exchanged with counterparties is also netted against the applicable derivative fair values. We enter into derivative transactions with two primary groups, banks and our customers. Different methods are utilized for managing counterparty credit exposure and credit risk for each of these groups.

The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net amounts recognized in the Consolidated Statements of Financial Condition as of June 30, 2025 (dollars in thousands).
Derivative assetsGross amounts of
recognized assets		Gross amounts offset in
the consolidated statement
of financial condition		Net amounts of
assets presented in the consolidated of condition
Interest rate swaps - hedging$210 (210)— 
Interest rate swaps - not hedging31,257 (18,668)12,589 
Derivative liabilitiesGross amounts of
recognized liabilities		Gross amounts offset in
the consolidated statement
of financial condition		Net amounts of
liabilities presented in
the consolidated of condition
Interest rate swaps - hedging1,248 (1,248)— 
Interest rate swaps - not hedging31,259 (10,994)20,265 


The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net amounts recognized in the Consolidated Statements of Financial Condition as of December 31, 2024 (dollars in thousands).
Derivative assetsGross amounts of
recognized assets		Gross amounts offset in
the consolidated statement
of financial condition		Net amounts of
assets presented in the consolidated of condition
Interest rate swaps - hedging$1,529 (32)1,497 
Interest rate swaps - not hedging37,697 (34,204)3,493 
Derivative liabilitiesGross amounts of
recognized liabilities		Gross amounts offset in
the consolidated statement
of financial condition		Net amounts of
liabilities presented in
the consolidated of condition
Interest rate swaps - hedging$32 (32)— 
Interest rate swaps - not hedging37,767 (2,362)35,405 


(11)    Legal Proceedings

We establish accruals for legal proceedings when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. As of June 30, 2025, we do not anticipate that the aggregate ultimate liability arising out of any pending or threatened legal proceedings will be material to our Consolidated Financial Statements. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances. Due to the inherent subjectivity of assessments and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate loss to us from legal proceedings.

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(12)    Changes in Accumulated Other Comprehensive Income
 
The following tables show the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): 
 For the quarter ended June 30, 2025
 Unrealized 
losses
on securities 
available-for-sale		Change in 
fair value 
of interest 
rate swaps		Change in 
defined benefit 
pension plans		Total
Balance as of March 31, 2025$(116,385)(102)18,006 (98,481)
Other comprehensive/(loss) income before reclassification adjustments (1) (3)3,425 (650)— 2,775 
Amounts reclassified from accumulated other comprehensive income (2) (4)1 — (169)(168)
Net other comprehensive income/(loss)3,426 (650)(169)2,607 
Balance as of June 30, 2025$(112,959)(752)17,837 (95,874)

 For the quarter ended June 30, 2024
Unrealized 
losses
on securities 
available-for-sale		Change in 
fair value 
of interest 
rate swaps		Change in 
defined benefit 
pension plans		Total
Balance as of March 31, 2024$(156,357)1,780 1,153 (153,424)
Other comprehensive (loss)/income before reclassification adjustments (5) (7)(3,391)330 — (3,061)
Amounts reclassified from accumulated other comprehensive income (6) (8)26,789 — (388)26,401 
Net other comprehensive income/(loss)23,398 330 (388)23,340 
Balance as of June 30, 2024$(132,959)2,110 765 (130,084)
(1)Consists of unrealized holding gains, net of tax of ($1,180).
(2)Consists of realized losses, net of tax of $0.
(3)Change in fair value of interest rate swaps, net of tax $246.
(4)Consists of realized gains, net of tax of $64.
(5)Consists of unrealized holding losses, net of tax of $168.
(6)Consists of realized losses, net of tax of ($7,706)
(7)Change in fair value of interest rate swaps, net of tax ($96).
(8)Consists of realized gains, net of tax of $147.



 For the six months ended June 30, 2025
 Unrealized 
losses
on securities 
available-for-sale		Change in 
fair value 
of interest 
rate swaps		Change in 
defined benefit 
pension plans		Total
Balance as of December 31, 2024$(130,248)1,159 18,175 (110,914)
Other comprehensive income/(loss) before reclassification adjustments (1) (3)17,288 (1,911)— 15,377 
Amounts reclassified from accumulated other comprehensive income (2) (4)1 — (338)(337)
Net other comprehensive income/(loss)17,289 (1,911)(338)15,040 
Balance as of June 30, 2025$(112,959)(752)17,837 (95,874)

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 For the six months ended June 30, 2024
 Unrealized 
losses 
on securities 
available-for-sale		Change in 
fair value 
of interest 
rate swaps		Change in 
defined benefit 
pension plans		Total
Balance as of December 31, 2023$(150,659)(374)1,541 (149,492)
Other comprehensive loss before reclassification adjustments (5) (7)(9,089)2,484 — (6,605)
Amounts reclassified from accumulated other comprehensive income (6) (8)26,789 — (776)26,013 
Net other comprehensive loss17,700 2,484 (776)19,408 
Balance as of June 30, 2024$(132,959)2,110 765 (130,084)
(1)Consists of unrealized holding gains, net of tax of ($5,663).
(2)Consists of realized losses, net of tax of $0.
(3)Change in fair value of interest rate swaps, net of tax $624.
(4)Consists of realized gains, net of tax of $128.
(5)Consists of unrealized holding losses, net of tax $1,926.
(6)Consists of realized losses, net of tax ($7,706).
(7)Change in fair value of interest rate swaps, net of tax ($726).
(8)Consists of realized gains, net of tax of $294.
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(13)    Segment Information
 
The Company’s reportable segment is determined by the Chief Executive Officer, who is the designated chief operating decision maker, based upon information provided about the Company’s products and services offered, primarily banking operations. Our one operating segment, Banking, is also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review performance of the various components of the business such as branches and lending, which are then aggregated because operating performance, products/services and customers are similar. The chief operating decision maker will evaluate the financial performance of the Company’s business components by evaluating revenue streams, significant expenses and budget to actual results in assessing the Company’s segment and in the determination of allocating resources. The information reviewed is on a consolidated basis and discrete financial information is not available. The chief operating decision maker uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The chief operating decision maker uses consolidated net income through return on average assets and return on average equity and the efficiency ratio, as well as loan growth to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans, investments, and deposits provide the revenues in the banking operation. Interest expense, provisions for credits losses and payroll provide the significant expenses in the banking operating. All operations are domestic.

Accounting policies for segment are the same as those described in Note 1 of the Notes to the Consolidated Financial Statements in Item 8 of Part II of our 2024 Annual Report on Form 10-K. Segment performance is evaluated using consolidated net income. Information reported internally for performance assessment by the chief operating decision maker follows, inclusive of reconciliations of significant segment totals to the financial statements:

Banking Segment
 Quarter ended June 30,Six months ended June 30,
 2025202420252024
  
Interest income$171,570 166,854 352,165 327,093 
Reconciliation of revenue
Service charges and fees15,797 15,527 30,784 31,050 
Trust and other financial services income7,948 7,566 15,858 14,693 
Loss on sale of investments— (39,413)— (39,413)
Other revenue (1)
7,193 7,471 12,651 12,784 
Consolidated revenues$202,508 158,005 411,458 346,207 
  
Less:
Interest expense52,126 60,013 104,903 117,014 
   Segment net interest income and noninterest income$150,382 97,992 306,555 229,193 
Less:
Provision for credit losses 8,744 (370)16,655 3,065 
Compensation and employee benefits55,213 53,531 109,753 105,071 
Processing expenses12,973 14,695 26,963 29,420 
Premises and occupancy costs7,122 7,464 15,522 15,091 
Professional services3,990 3,728 6,746 7,793 
Office operations2,910 3,819 5,887 6,586 
Federal deposit insurance premiums2,296 2,865 4,624 5,888 
Other segment items (2)13,036 6,318 19,782 12,595 
Income tax expense10,423 1,195 23,490 9,774 
Segment net income/consolidated net income$33,675 4,747 77,133 33,910 
(1)    Other revenues include loan sales, gain on real estate owned, income from bank owned life insurance and other operating income.
(2)    Other segment items include expenses for collections, marketing, amortization of intangibles, merger, asset disposition and restructuring and other operating expense.

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Banking Segment
 Quarter ended June 30,Six months ended June 30,
 2025202420252024
  
Other segment disclosures
Interest income$171,570 166,854 352,165 327,093 
Interest expense52,126 60,013 104,903 117,014 
Depreciation 2,745 2,821 5,520 5,716 
Amortization436 635 940 1,336 
Other significant noncash items:
Provision for credit losses8,744 (370)16,655 3,065 
Segment assets14,485,107 14,385,553 14,485,107 14,385,553 
Expenditures for segment assets3,629 1,988 5,451 1,988 
 

(14)    Subsequent Events
    
On July 25, 2025, the Company completed the previously announced merger with Penns Woods Bancorp, Inc. (“Penns Woods”), the holding company for Jersey Shore State Bank and Luzerne Bank, along with the mergers of Jersey Shore State Bank and Luzerne Bank with and into Northwest Bank, for a total estimated consideration of $234 million. The Company is currently in the process of finalizing the purchase accounting of this transaction.

Under the terms of the Agreement and Plan of Merger entered into by the Company and Penns Woods on December 16, 2024 (the "Merger Agreement"), each share of common stock of Penns Woods converted into the right to receive 2.385 shares of the Company’s common stock or a total of 18,226,469 shares of common stock of the Company valued at $230 million, based on the $12.63 per share closing price of the Company's stock on July 25, 2025. Additionally, any unexercised stock options of Penns Woods outstanding were cancelled in exchange for a cash payment at the spread value over the exercise price valued at $4 million.

The transaction has resulted the Company having approximately $17 billion in total assets, providing banking services through 151 financial centers and 10 free standing drive-up facilities in four states. The transaction expanded the Company's franchise by 21 full-service offices located in Pennsylvania.

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Item 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
Forward-Looking Statements
 
In addition to historical information, this document may contain certain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, as they reflect management’s analysis only as of the date of this report. We have no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this report.

     Important factors that might cause such a difference include, but are not limited to:
 
•    the possibility that any of the anticipated benefits of the Merger (as defined below) will not be realized or will not be realized within the expected time period; the risk that integration of the operations of Penns Woods operations with those of the Company will be materially delayed or will be more costly or difficult than expected; the diversion of management’s attention from ongoing business operations and opportunities due to the integration of Penns Woods' operations with those of the Company; the challenges of integrating and retaining key employees; 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 the Federal Reserve Board;
•    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 growth internally and our ability to successfully integrate acquired entities, businesses or branch offices;
•    changes in consumer spending, borrowing and savings habits;
•    our ability to continue to increase and manage our commercial, including commercial real estate, and personal loans;
•    possible impairments of securities held by us, including those issued by government entities and government sponsored enterprises;
•    changes in the value of our goodwill or other intangible assets;
•    the impact of the economy on our loan portfolio (including cash flow and collateral values), investment portfolio, customers and capital market activities;
•    our ability to receive regulatory approvals for proposed transactions or new lines of business;
•    the effects of any federal government shutdown or the inability of the federal government to manage debt limits;
•    changes in the financial performance and/or condition of our borrowers;
•    the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (“FASB”) and other accounting standard setters;
•    changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses;
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•    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.

Overview of Critical Accounting Policies Involving Estimates
 
Please refer to Note 1 of the Notes to Consolidated Financial Statements in Item 8 of Part II of our 2024 Annual Report on Form 10-K.

Recently Issued Accounting Standards
    
The following Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board ("FASB") have not yet been adopted.

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

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

In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. The guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company’s financial statement disclosures. In January 2025, the FASB issued ASU 2025-01, “Income Statement — Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40).” The guidance amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.

On July 4, 2025, President Trump signed into law the legislation formally titled “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” and commonly referred to as the One Big Beautiful Bill Act(“the Act”). The Company is currently evaluating income tax implications of the Act. The Company does not expect the Act to have a material impact on the Company’s financial statements.

Acquisition of Penns Woods

On July 25, 2025, the Company completed its acquisition of Penns Woods, pursuant to the Merger Agreement, which was entered into by the Company and Penns Woods on December 16, 2024. In accordance with the Merger Agreement, the Company and Penns Woods completed a business combination whereby Penns Woods merged with and into the Company (the “Merger”), with the Company as the surviving corporation in the Merger. Immediately after the effective time of the Merger (the “Effective Time”), Penns Woods’ wholly-owned subsidiary banks, Luzerne Bank, a Pennsylvania-chartered state bank, and Jersey Shore State Bank, a Pennsylvania-chartered state bank, merged with and into Northwest Bank, with Northwest Bank as the surviving bank in the subsidiary bank mergers. Under the terms and subject to the conditions of the Merger Agreement, at the Effective Time, each share of
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Penns Woods’ common stock, $5.55 par value, issued and outstanding immediately prior to the Effective Time (except for Treasury Shares (as provided for in the Merger Agreement), converted, in accordance with the procedures set forth in the Merger Agreement, into a right to receive 2.385 shares of common stock, $0.01 par value, of the Company.

Comparison of Financial Condition

Total assets at June 30, 2025 were $14.5 billion, an increase of $77 million from December 31, 2024. This increase in assets was primarily driven by increases in marketable securities and loans receivable. A discussion of significant changes follows.

Cash and cash equivalents decreased by $21 million, or 7%, to $267 million at June 30, 2025, from $288 million at December 31, 2024 due to these funds being invested into higher yielding loans and marketable securities.

Total marketable securities remained flat at $1.9 billion at June 30, 2025, increasing by $55 million, or 3%, from December 31, 2024. Available-for-sale securities increased by $86 million, driven by a increase in net portfolio purchases during the quarter, while held-to-maturity securities decreased $31 million, driven by maturities and regular monthly cash flows.

Gross loans receivable was $11.3 billion at June 30, 2025, increasing $162 million from December 31, 2024. Our personal banking loan portfolio increased by $98 million, to $6.4 billion at June 30, 2025 while our commercial banking loans increased by $64 million, to $4.9 billion at June 30, 2025. This increase represents organic loan growth resulting from our vehicle loan portfolio and the new commercial lending verticals that we implemented during the prior year. Specifically, our vehicle loans increased by $214 million, or 11%, while our commercial and industrial (C&I) loan portfolio increased by $131 million, or 7% compared to December 31, 2024.

The following table provides the various loan sectors in our commercial real estate portfolio at June 30, 2025:

Property typePercent of portfolio
5 or more unit dwelling13.8 %
Retail Building13.2 
Nursing Home11.3 
Commercial office building - non-owner occupied9.9 
Manufacturing & industrial building6.6 
Warehouse/storage building4.3 
Commercial office building - owner occupied4.1 
Multi-use building - commercial, retail and residential3.6 
Multi-use building - office and warehouse3.6 
Other medical facility3.5 
Residential acquisition & development - 1-4 family, townhouses and apartments3.3 
Hotel/motel2.3 
Single family dwelling2.2 
Student housing2.1 
Agricultural real estate2.1 
Commercial acquisition and development2.0 
All other12.1 
   Total100.0 %

The following table describes the collateral of our commercial real estate portfolio by state at June 30, 2025:
StatePercent of portfolio
New York33.7 %
Pennsylvania28.0 
Ohio19.8 
Indiana7.3 
All other11.2 
   Total100.0 %


Total deposits increased by $56 million, to $12.2 billion at June 30, 2025 from $12.1 billion at December 31, 2024. This increase was driven by a $145 million, or 7%, increase in money market accounts and $40 million, or 2%, increase in savings deposits. Partially offsetting these increases was a decrease in time deposits of $107 million, or 4%, driven primarily by a decrease in brokered CDs, and
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a $44 million, or 2%, decrease in interest demand deposit accounts. The increase in both money market and saving account balances was partly due to customers shifting funds to these competitively priced products as their time deposits matured.

As of June 30, 2025, we had $106 million of brokered deposits, which made up 4% of our time deposits and 1% of our total deposit balance at quarter end. The balance carried an average all-in cost of 4.18% and an average original term of 12 months. These deposits were purchased through a registered broker, as part of an Asset/Liability Committee (“ALCO”) strategy to increase and diversify funding sources.

In addition, at quarter end we had $731 million of deposits through our participation in the IntraFi Network Deposits and FIS Insured Deposit programs. These deposits are part of a reciprocal program that allows our depositors to receive expanded FDIC coverage by placing multiple interest-bearing demand accounts at other member banks and Northwest Bank receives an equal amount of deposits from other member banks. The balance carried an average cost of 3.37%.

At June 30, 2025 and December 31, 2024, we had total deposits in excess of $250,000 (the limit for FDIC insurance) of $2.0 billion. At those dates, we had no deposits that were uninsured for any other reason. The following table presents details regarding the Company's uninsured deposits portfolio:
As of June 30, 2025
BalancePercent of
total deposits		Number of relationships
Uninsured deposits per the Call Report (1)$3,274,416 26.8 %5,418 
Less intercompany deposit accounts1,322,820 10.8 %12 
Less collateralized deposit accounts404,411 3.3 %253 
Uninsured deposits excluding intercompany and collateralized accounts$1,547,185 12.7 %5,153
(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 $40 million, or 0.24% of total deposits, as of June 30, 2025. Our top ten largest uninsured depositors, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $194 million, or 1.59%, of total deposits, as of June 30, 2025. The average uninsured deposit account balance, excluding intercompany and collateralized accounts, was $300,249 as of June 30, 2025.

Total shareholders’ equity remained stable at $1.6 billion, or $12.84 per share, at June 30, 2025 compared to $12.52 per share at December 31, 2024, increasing by $45 million in the current year. This increase was the result of year-to-date earnings of $77 million as well as an improvement in accumulated other comprehensive loss of $15 million, or 14%, primarily due to a decrease in unrealized losses in the available-for-sale investment portfolio, partially offset by $51 million of cash dividend payments for the six months ended June 30, 2025.

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

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

Quantitative measures, established by regulation to ensure capital adequacy, require financial institutions to maintain minimum amounts and ratios (set forth in the table below) of Total, CET1 and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to average assets (as defined). Capital requirements are presented in the tables below (dollars in thousands).
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 At June 30, 2025
 Actual Minimum capital requirements (1)Well capitalized requirements (2)
 AmountRatioAmountRatioAmountRatio
Total capital (to risk weighted assets)      
Northwest Bancshares, Inc.$1,756,799 16.32 %$1,130,037 10.50 %$1,076,226 10.00 %
Northwest Bank1,521,646 14.15 %1,129,018 10.50 %1,075,255 10.00 %
Tier 1 capital (to risk weighted assets)    
Northwest Bancshares, Inc.1,507,385 14.01 %914,792 8.50 %645,735 6.00 %
Northwest Bank1,387,064 12.90 %913,967 8.50 %860,204 8.00 %
CET1 capital (to risk weighted assets)    
Northwest Bancshares, Inc.1,381,410 12.84 %753,358 7.00 %N/AN/A
Northwest Bank1,387,064 12.90 %752,679 7.00 %698,916 6.50 %
Tier 1 capital (leverage) (to average assets)    
Northwest Bancshares, Inc.1,507,385 10.55 %571,623 4.00 %N/AN/A
Northwest Bank1,387,064 9.71 %571,230 4.00 %714,037 5.00 %
(1) Amounts and ratios include the capital conservation buffer of 2.5%, which does not apply to Tier 1 capital to average assets (leverage ratio).
(2) Reflects the well-capitalized standard applicable to Northwest Bank and the well-capitalized standard applicable to the Company under the Federal Reserve Board’s Regulation Y.

 At December 31, 2024 (1)
 ActualMinimum capital requirements (2)Well capitalized requirements (3)
 AmountRatioAmountRatioAmountRatio
Total capital (to risk weighted assets)      
Northwest Bancshares, Inc.$1,708,786 16.08 %$1,115,932 10.50 %$1,062,793 10.00 %
Northwest Bank1,466,832 13.81 %1,114,929 10.50 %1,061,837 10.00 %
Tier 1 capital (to risk weighted assets)    
Northwest Bancshares, Inc.1,468,646 13.82 %903,374 8.50 %637,676 6.00 %
Northwest Bank1,341,230 12.63 %902,561 8.50 %849,469 8.00 %
CET1 capital (to risk weighted assets)
Northwest Bancshares, Inc.1,342,801 12.63 %743,955 7.00 %N/AN/A
Northwest Bank1,341,230 12.63 %743,286 7.00 %690,194 6.50 %
Tier 1 capital (leverage) (to average assets) 
Northwest Bancshares, Inc.1,468,646 10.39 %565,426 4.00 %N/AN/A
Northwest Bank1,341,230 9.50 %564,937 4.00 %706,171 5.00 %
(1) We elected to temporarily delay the estimated impact of current expected credit losses ("CECL") on regulatory capital in accordance with a rule of the Federal Reserve Board and other U.S. banking agencies for a two-year deferral period, followed by a three-year transition period which began January 1, 2022. As of December 31, 2024, 75% of the impact of the CECL deferral was phased, while the impact of the CECL deferral was fully phased in as of June 30, 2025.
(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).
(3) Reflects the well-capitalized standard applicable to Northwest Bank and the well-capitalized standard applicable to the Company under the Federal Reserve Board’s Regulation Y.



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Regulatory Considerations

It is uncertain how the rapid changes initiated by the Trump administration will impact our business going forward. These include the impact of tariffs, immigration reform, and changes at the agencies that regulate us, including the modification, rescission, withdrawal or changes to the approach and enforcement of rules and guidance relating to us.

In May 2025, President Trump signed a Congressional Review Act resolution that overturned the Consumer Financial Protection Bureau's December 2024 final rule that would have taken effect October 1, 2025 and imposed certain requirements on overdraft fees, similar to those that apply to credit cards, unless the financial institution limited the overdraft fee to an amount that covered the institution's costs and losses to provide the service or $5.

In July 2025, the FDIC, the Federal Reserve Board and the Office of the Comptroller of the Currency issued a notice of proposed rulemaking which, if finalized, would rescind the Community Reinvestment Act ("CRA") final rule issued in October 2023 and reinstate the CRA framework that existed prior to the issuance of that rule. Implementation of the October 2023 final rule, which was subject to an injunction and has not taken effect, would have changed how the agencies evaluate CRA performance.

Liquidity

Northwest Bank is required to maintain a sufficient level of liquid assets, as determined by management and reviewed for adequacy by the FDIC and the Pennsylvania Department of Banking and Securities during their regular examinations. Northwest frequently monitors its liquidity position primarily using the ratio of unencumbered available-for-sale liquid assets as a percentage of deposits and borrowings (“liquidity ratio”). Northwest Bank’s liquidity ratio at June 30, 2025 was 12.51%. Northwest Bank adjusts liquidity levels in order to meet funding needs for deposit outflows, payment of real estate taxes and insurance on mortgage loan escrow accounts, repayment of borrowings and loan commitments. At June 30, 2025, Northwest had $3.8 billion of additional borrowing capacity available with the FHLB, including $250 million on an overnight line of credit, which had no balance as of June 30, 2025, as well as $590 million of borrowing capacity available with the Federal Reserve Bank and $105 million with two correspondent banks.
 
Dividends
 
We paid $26 million in cash dividends during the quarter ended June 30, 2025 compared to $25 million for the quarter ended June 30, 2024. The common stock dividend payout ratio (dividends declared per share divided by net income per diluted share) for June 30, 2025 and 2024 was 76.9% and 500.0% on dividends of $0.20 per share. On July 17, 2025, the Board of Directors declared a cash dividend of $0.20 per share payable on August 19, 2025 to shareholders of record as of August 8, 2025. This represents the 123th consecutive quarter we have paid a cash dividend.

Nonperforming Assets

The following table sets forth information with respect to nonperforming assets. Nonaccrual loans are those loans on which the accrual of interest has ceased. Generally, when a loan is 90 days past due, we fully reverse all accrued interest thereon and cease to accrue interest thereafter. Exceptions are made for loans that have contractually matured, are in the process of being modified to extend the maturity date and are otherwise current as to principal and interest, and well-secured loans that are in the process of collection. Loans may also be placed on nonaccrual before they reach 90 days past due if conditions exist that call into question our ability to collect all contractual interest. Other nonperforming assets represent property acquired through foreclosure or repossession. Foreclosed property is carried at the lower of its fair value less estimated costs to sell or the principal balance of the related loan.
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June 30, 2025December 31, 2024
 (in thousands)
Loans 90 days or more past due:  
Residential mortgage loans$6,905 4,931 
Home equity loans1,879 2,250 
Vehicle loans2,779 3,191 
Other consumer loans707 776 
Commercial real estate loans41,830 7,702 
Commercial real estate - owner occupied45 — 
Commercial loans10,433 7,335 
Total loans 90 days or more past due$64,578 26,185 
Total real estate owned (REO)$48 35 
Total loans 90 days or more past due and REO64,626 26,220 
Total loans 90 days or more past due to net loans receivable0.58 %0.23 %
Total loans 90 days or more past due and REO to total assets0.45 %0.18 %
Nonperforming assets:
Nonaccrual loans - loans 90 days or more past due64,085 25,529 
Nonaccrual loans - loans less than 90 days past due38,309 35,872 
Loans 90 days or more past due still accruing493 656 
Total nonperforming loans102,887 62,057 
Other nonperforming assets (1)— 16,102 
Total nonperforming assets$102,935 78,194 
Total nonaccrual loans to total loans0.90 %0.55 %
 (1) Other nonperforming assets includes nonaccrual loans held for sale.

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

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

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

If a substandard or doubtful loan is not individually assessed, it is grouped with other loans that possess common characteristics for credit losses and analysis. For the purpose of calculating reserves, we have grouped our loans into seven segments: residential mortgage loans, home equity loans, vehicle loans, consumer loans, commercial real estate loans, commercial real estate loans - owner occupied and commercial loans. The allowance for credit losses is measured using a combination of statistical models and qualitative
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assessments. We use a twenty four month forecasting period and revert to historical average loss rates thereafter. Reversion to average loss rates takes place over twelve months. Historical average loss rates are calculated using historical data beginning in October 2009 through the current period.

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

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

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

We utilize a structured methodology each period when analyzing the adequacy of the allowance for credit losses and the related provision for credit losses, which the ACL Committee assesses regularly for appropriateness. As part of the analysis as of June 30, 2025, we considered the most recent economic conditions and forecasts available which incorporated the impact of material recent economic events. In addition, we considered the overall trends in asset quality, reserves on individually assessed loans, historical loss rates and collateral valuations. The ACL increased by $12 million to $129 million, or 1.14% of total loans at June 30, 2025, up from 1.04% at December 31, 2024. This increase was driven by downgrades and individual assessments within our commercial real estate portfolio offset by changes in the economic forecasts.

Total classified loans increased by $246 million to $518 million at June 30, 2025 compared to $272 million at December 31, 2024. This increase was driven by changes in our commercial real estate portfolio which increased $198 million. The increase in classified loans was primarily driven by the remaining long-term healthcare portfolio being returned to held for investment, construction projects with lease up rates lower than projected and a few larger C&I borrowers whose performance deteriorateded during the year.

We also consider how the levels of nonaccrual loans and historical charge-offs have influenced the required amount of allowance for credit losses. Nonaccrual loans of $102 million at June 30, 2025 increased by $41 million, or 67%, from $61 million at December 31, 2024, or 0.90% of total loans receivable as of June 30, 2025 and 0.55% of total loans receivable as of December 31, 2024. As a percentage of average loans, annualized net charge-offs remained low at 0.18% for the three months ended June 30, 2025 compared to 0.32% for the year ended December 31, 2024 which included a $15 million write-down on certain loans to fair value before they were transferred to held for sale.

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Comparison of Operating Results for the Quarters Ended June 30, 2025 and 2024
 
The following chart provides a reconciliation of net income from the quarter ended June 30, 2024 to the the quarter ended June 30, 2025 (dollars in thousands):


212

Net income for the quarter ended June 30, 2025 was $34 million, or $0.26 per diluted share, an increase of $29 million, or 609%, from net income of $5 million, or $0.04 per diluted share, for the quarter ended June 30, 2024. This increase in net income resulted primarily from a increase in net interest income of $13 million, or 12% and noninterest income of $40 million or partially offset by a $9 million increase in the provision for credit losses, an increase in noninterest expense of $5 million, or 6% and a $9 million, increase in income tax expense. Net income for the quarter ended June 30, 2025 represents annualized returns on average equity and average assets of 8.26% and 0.93%, respectively, compared to 1.24% and 0.13% for the same quarter last year.

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

Net Interest Income

1438




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Net interest income for the second quarter of 2025 was $119 million which increased $13 million, or 12%, from the second quarter of 2024. Net interest income (FTE) was $120 million for the quarter ended June 30, 2025 and net interest margin (FTE) was 3.56%. Compared to the same quarter of the prior year, net interest income (FTE) increased $13 million and net interest margin (FTE) increased by thirty-six basis points. The increase in net interest income (FTE) and net interest margin (FTE) was driven by an increase in interest income resulting from higher earning asset yields, inclusive of an non-accrual interest recovery, coupled with a decrease in interest expense due to decline in the average balance of borrowings and higher cost brokered CD. Partly offsetting this increase was a decrease in the average balance of earning assets.

For the six months ended June 30, 2025, net interest income (FTE) was $249 million, an increase of $37 million, or 18% from the same period last year. Net interest margin increased by fifty-seven basis points. Similar to the quarterly fluctuations noted above, the increase in net interest income (FTE) included increases in interest income driven by higher interest-earning asset yields, including the non-accrual interest recovery, and balances, partially offset by lower interest-bearing liability costs and balances.



2234 2249
2260 2266
Average loans receivable decreased $120 million, or 1%, from the quarter ended June 30, 2024. This decrease was driven by personal banking loans and commercial real estate loans, which decreased by $265 million and $187 million, respectively. These decreases were partially offset by an increase in commercial loans of $332 million from the quarter ended June 30, 2024 as we have continued to build-out our commercial lending verticals. Interest income on loans receivable increased by $1 million, or 1%, from the same quarter in the prior year, and by $16 million, or 5%, from the same six-month period in the prior year, driven by a loan mix shift towards higher yielding commercial loans and an interest recovery of $13.1 million on a non-accrual commercial real estate loan payoff during the first quarter of 2025.

Average investments increased 2% from the second quarter of 2024 driven by the reinvestment of cash flows from regular principal payments and maturities. Interest income on investment securities increased by $3 million, or 29%, from the quarter ended June 30, 2024 and increased $7 million, or 35%, for the six months ended June 30, 2024. The increase is due to the increase in the average
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yield on investments (FTE) to 2.69% for the quarter ended June 30, 2025 and 2.65% for the six months ended June 30, 2025 coupled with growth in the average balance of investments.

Average deposits grew 1% from the quarter ended June 30, 2024 driven by an increase in our average money market and saving deposit accounts which grew by $163 million and $68 million, respectively, from the quarter ended June 30, 2024 partly due to customers shifting funds to these competitively priced products as their time deposits matured. These increases were partially offset by a decrease in time deposits of $233 million. Interest expense on deposits decreased by $6 million, or 11% from the quarter ended June 30, 2024, and by $6 million, or 6% from the six months ended June 30, 2024, primarily attributable to decrease in average yield and an increase in average balance of deposit accounts as we continued competitively positioning our deposit products.

Compared to the quarter ended June 30, 2024, average borrowings saw a 36% reduction. This decrease was attributable to the strategic pay-down of wholesale borrowings with the proceeds from our investment portfolio restructuring in the second quarter of 2024. The decrease in the average balance of borrowings resulted in a decrease in interest expense on borrowings by $2 million from the quarter ended June 30, 2024 and $6 million from the six months ended June 30, 2024.


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Average Balance Sheet
(in thousands)
 
The following table sets forth certain information relating to the Company’s average balance sheet and reflects the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated. Such yields and costs are derived by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented. Average balances are calculated using daily averages. 
 Quarter ended June 30,
 20252024
Average
balance		InterestAvg.
yield/
cost (h)		Average
balance		InterestAvg.
yield/
cost (h)
Assets      
Interest-earning assets:     
Residential mortgage loans$3,091,324 29,978 3.88 %$3,342,749 32,182 3.85 %
Home equity loans1,145,655 16,265 5.69 %1,183,497 17,303 5.88 %
Consumer loans2,073,103 28,648 5.54 %2,048,396 26,334 5.17 %
Commercial real estate loans2,836,757 43,457 6.06 %3,023,762 45,658 5.97 %
Commercial loans2,102,115 37,287 7.02 %1,770,345 33,229 7.43 %
Loans receivable (a) (b) (d) (includes FTE adjustments of $721 and $752, respectively)11,248,954 155,635 5.55 %11,368,749 154,706 5.47 %
Mortgage-backed securities (c)1,790,423 12,154 2.72 %1,734,085 9,426 2.17 %
Investment securities (c) (d) (includes FTE adjustments of $157 and $131, respectively)266,053 1,668 2.51 %287,262 1,316 1.83 %
FHLB stock, at cost 17,838 318 7.15 %25,544 498 7.84 %
Other interest-earning deposits220,416 2,673 4.85 %135,520 1,791 5.23 %
Total interest-earning assets (includes FTE adjustments of $878 and $883, respectively)13,543,684 172,448 5.11 %13,551,160 167,737 4.98 %
Noninterest-earning assets (e)924,513 907,432 
Total assets$14,468,197   $14,458,592   
Liabilities and shareholders’ equity      
Interest-bearing liabilities:      
Savings deposits$2,212,175 6,521 1.18 %$2,144,278 5,957 1.12 %
Interest-bearing demand deposits2,609,887 7,192 1.11 %2,555,863 6,646 1.05 %
Money market deposit accounts2,121,088 9,658 1.83 %1,957,990 8,601 1.77 %
Time deposits2,599,254 23,455 3.62 %2,832,720 31,550 4.48 %
Total interest-bearing deposits (g)9,542,404 46,826 1.97 %9,490,851 52,754 2.24 %
Borrowed funds (f)208,342 2,046 3.94 %323,191 3,662 4.56 %
Subordinated debentures114,661 1,148 4.00 %114,308 1,148 4.02 %
Junior subordinated debentures129,921 2,106 6.41 %129,663 2,449 7.47 %
Total interest-bearing liabilities9,995,328 52,126 2.09 %10,058,013 60,013 2.40 %
Noninterest-bearing demand deposits (g)2,611,597 2,595,511 
Noninterest-bearing liabilities225,306 263,634 
Total liabilities12,832,231   12,917,158  
Shareholders’ equity1,635,966 1,541,434  
Total liabilities and shareholders’ equity$14,468,197   $14,458,592   
Net interest income (FTE)/Interest rate spread (FTE) (d) 120,322 3.02 % 107,724 2.58 %
Net interest-earning assets/Net interest margin (FTE)$3,548,356  3.56 %$3,493,147  3.20 %
Tax equivalent adjustment (d)878 883 
Net interest income, GAAP basis119,444 106,841 
Ratio of interest-earning assets to interest- bearing liabilities1.36X  1.35X  
(a)Average gross loans includes loans held as available-for-sale and loans placed on nonaccrual status.
(b)Interest income includes accretion/amortization of deferred loan fees/expenses, which were not material.
(c)Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale.
(d)Interest income on tax-free investment securities and tax-free loans are presented on a FTE basis. We believe this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.
(e)Average balances include the effect of unrealized gains or losses on securities held as available-for-sale.
(f)Average balances include FHLB borrowings and collateralized borrowings.
(g)Average cost of deposits were 1.55% and 1.76%, respectively.
(h)Annualized.
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Rate/Volume Analysis
(in thousands)
 
The following table represents the extent to which changes in interest rates and changes in the volume of interest-earning assets and interest-bearing liabilities have affected interest income (FTE) and interest expense during the periods indicated. Information is provided in each category with respect to (i) changes attributable to changes in volume (changes in volume multiplied by prior rate), (ii) changes attributable to changes in rate (changes in rate multiplied by prior volume), and (iii) net change. Changes that cannot be attributed to either rate or volume have been allocated to both rate and volume.
For the quarter ended June 30, 2025 vs. 2024
Increase/(decrease) due to Total
 increase/(decrease)
RateVolume
Interest-earning assets:   
Loans receivable$2,586 (1,657)929 
Mortgage-backed securities2,346 382 2,728 
Investment securities485 (133)352 
FHLB stock, at cost(42)(138)(180)
Other interest-earning deposits(147)1,029 882 
Total interest-earning assets5,228 (517)4,711 
Interest-bearing liabilities:   
Savings deposits364 200 564 
Interest-bearing demand deposits397 149 546 
Money market deposit accounts315 742 1,057 
Time deposits(5,989)(2,106)(8,095)
Borrowed funds(488)(1,128)(1,616)
Subordinated debt(4)4 — 
Junior subordinated debentures(347)4 (343)
Total interest-bearing liabilities(5,752)(2,135)(7,887)
Net change in net interest income (FTE)$10,980 1,618 12,598 
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Average Balance Sheet
(in thousands)
 
The following table sets forth certain information relating to the Company’s average balance sheet and reflects the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated. Such yields and costs are derived by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented. Average balances are calculated using daily averages
.
 Six months ended June 30,
 20252024
Average
balance		InterestAvg.
yield/
cost (h)		Average
balance		InterestAvg.
yield/
cost (h)
Assets      
Interest-earning assets:      
Residential mortgage loans$3,123,353 60,372 3.87 %$3,367,636 64,855 3.85 %
Home equity loans1,142,708 32,429 5.72 %1,194,385 34,596 5.83 %
Consumer loans2,011,012 54,921 5.51 %2,041,008 51,367 5.06 %
Commercial real estate loans2,858,064 99,973 6.96 %3,011,493 89,066 5.85 %
Commercial loans2,077,799 73,299 7.02 %1,742,506 65,083 7.39 %
Loans receivable (a) (b) (d) (includes FTE adjustments of $1,442 and $1,442, respectively)11,212,936 320,994 5.77 %11,357,028 304,967 5.40 %
Mortgage-backed securities (c)1,781,959 23,884 2.68 %1,725,696 17,370 2.01 %
Investment securities (c) (d) (includes FTE adjustments of $313 and $272, respectively)264,945 3,269 2.47 %310,507 2,742 1.77 %
FHLB stock, at cost19,342 684 7.13 %28,897 1,105 7.69 %
Other interest-earning deposits231,914 5,089 4.36 %99,252 2,623 5.23 %
Total interest-earning assets (includes FTE adjustments of $1,755 and $1,714, respectively)13,511,096 353,920 5.28 %13,521,380 328,807 4.89 %
Noninterest-earning assets (e)924,426 912,222  
Total assets$14,435,522   $14,433,602   
Liabilities and shareholders’ equity      
Interest-bearing liabilities:     
Savings deposits$2,203,289 12,973 1.19 %$2,133,157 10,993 1.04 %
Interest-bearing demand deposits2,601,604 14,255 1.10 %2,547,343 12,048 0.95 %
Money market deposit accounts2,102,124 18,964 1.82 %1,959,661 16,514 1.69 %
Time deposits2,614,238 47,959 3.70 %2,765,351 60,885 4.43 %
Total interesting-bearing deposits (g)9,521,255 94,151 1.99 %9,405,512 100,440 2.15 %
Borrowed funds (f)216,189 4,252 3.97 %396,444 9,370 4.75 %
Subordinated debentures 114,618 2,296 4.01 %114,267 2,296 4.02 %
Junior subordinated debentures129,889 4,204 6.44 %129,630 4,908 7.49 %
Total interest-bearing liabilities9,981,951 104,903 2.12 %10,045,853 117,014 2.34 %
Noninterest-bearing demand deposits (g)2,600,113 2,581,646  
Noninterest-bearing liabilities227,116 260,452  
Total liabilities12,809,180   12,887,951   
Shareholders’ equity1,626,342 1,545,651   
Total liabilities and shareholders’ equity$14,435,522   $14,433,602   
Net interest income (FTE)/Interest rate spread (FTE) (d) 249,017 3.16 % 211,793 2.55 %
Net interest-earning assets/Net interest margin (FTE)$3,529,145  3.72 %$3,475,527  3.15 %
Tax equivalent adjustment (d)1,755 1,714 
Net interest income, GAAP basis247,262 210,079 
Ratio of interest-earning assets to interest-bearing liabilities1.35X  1.35X  
(a)Average gross loans includes loans held as available-for-sale and loans placed on nonaccrual status.
(b)Interest income includes accretion/amortization of deferred loan fees/expenses, which were not material.
(c)Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale.
(d)Interest income on tax-free investment securities and tax-free loans are presented on a fully taxable equivalent (“FTE”) basis. We believe this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.
(e)Average balances include the effect of unrealized gains or losses on securities held as available-for-sale.
(f)Average balances include FHLB borrowings and collateralized borrowings.
(g)Average cost of deposits were 1.57% and 1.69%, respectively.
(h)Annualized.
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Rate/Volume Analysis
(in thousands)
 
The following table represents the extent to which changes in interest rates and changes in the volume of interest-earning assets and interest-bearing liabilities have affected interest income (FTE) and interest expense during the periods indicated. Information is provided in each category with respect to (i) changes attributable to changes in volume (changes in volume multiplied by prior rate), (ii) changes attributable to changes in rate (changes in rate multiplied by prior volume), and (iii) net change. Changes that cannot be attributed to either rate or volume have been allocated to both rate and volume.
For the six months ended June 30, 2025 vs. 2024
Increase/(decrease) due to Total
increase/(decrease)
RateVolume
Interest-earning assets:   
Loans receivable$20,152 (4,125)16,027 
Mortgage-backed securities5,760 754 6,514 
Investment securities1,090 (563)527 
FHLB stock, at cost(81)(340)(421)
Other interest-earning deposits(391)2,857 2,466 
Total interest-earning assets26,530 (1,417)25,113 
Interest-bearing liabilities:   
Savings deposits1,567 413 1,980 
Interest-bearing demand deposits1,910 297 2,207 
Money market deposit accounts1,165 1,285 2,450 
Time deposits(10,154)(2,772)(12,926)
Borrowed funds(1,573)(3,545)(5,118)
Subordinated debt(7)7 — 
Junior subordinated debentures(713)9 (704)
Total interest-bearing liabilities(7,805)(4,306)(12,111)
Net change in net interest income (FTE)$34,335 2,889 37,224 
 

Provision for Credit Losses

2Q243Q244Q241Q252Q25
Provision for credit losses - loans (in thousands)$2,169 5,727 15,549 8,256 11,456 
Provision/(benefit) for credit losses - unfunded commitments (in thousands)(2,539)(852)1,016 (345)(2,712)
Annualized net charge-offs to average loans0.07 %0.18 %0.87 %0.08 %0.18 %

The provision for credit losses increased by $9 million from the quarter ended June 30, 2024. This increase included a $9 million increase in the provision for credit losses - loans, as well as a $0.2 million decrease in the provision for credit losses - unfunded commitments.

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

Additionally, the Company saw an increase in classified loans to $518 million, or 4.57% of total loans, at June 30, 2025 from $257 million, or 2.26% of total loans, at June 30, 2024 and $279 million, or 2.49% of total loans, at March 31, 2025. This increase was driven by changes in our commercial real estate portfolio which increased $195 million.

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In determining the amount of the current period provision, we considered current and forecasted economic conditions, including but not limited to improvements in unemployment levels, expected economic growth, bankruptcy filings, and changes in real estate values and the impact of these factors on the quality of our loan portfolio and historical loss experience. We analyze the allowance for credit losses as described in the section entitled “Allowance for Credit Losses.” The provision that is recorded is appropriate, in our judgment, to bring this reserve to a level that reflects the current expected lifetime losses in our loan portfolio relative to loan mix, a reasonable and supportable economic forecast period and historical loss experience at June 30, 2025.

Noninterest Income

1581 1596

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

Noninterest income for the quarter ended June 30, 2025 was $31 million, an increase of $40 million from the quarter ended June 30, 2024, and an increase of $40 million from the six months ended June 30, 2024 which was driven by the loss on sale in investments that occurred in the second quarter of 2024. Excluding the loss on sale of securities, noninterest income was flat from the quarter ended June 30, 2025 and increased $1 million, or 1%, from the six months ended June 30, 2024, driven by growth within our trust and other financial services operations.

Noninterest Expense
2349 2364
(a) Other noninterest expense includes collections expense, marketing expense, FDIC insurance expense, amortization of intangible assets, asset disposition and restructuring expense, and other expenses. See the "Consolidated Statements of Income" in Item 1. Financial Statements of this report.

Noninterest expense increased by $5 million, or 6%, from the quarter ended June 30, 2024 and $7 million, or 4% from the six months ended June 30, 2024. The increase from the prior year quarter was primarily attributable to the increase in acquisition expense of $4 million, or 226.1%, to $6 million for the quarter ended June 30, 2025, which is driven by the Penns Woods acquisition and an increase in compensation and employee benefits expense of $2 million, or 3%, to $55 million for the quarter ended June 30, 2025
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driven primarily by an increase in core and incentive compensation. Partially offsetting this was a decrease in processing expense of $2 millions, or 12% based on lower software spend.

The increase from the six months ended June 30, 2024 was driven by an increase in acquisition expense of $4 million, or 157%, driven by the Penns Woods acquisition and an increase in compensation and employee benefits expense of $5 million or 4% driven primarily by an increase in core and incentive compensation and benefit costs. These increases were offset by a decrease in processing expense of $2 million, or 8%, for the same reasons discussed above.

Income Taxes
 
The provision for income taxes increased by $9 million from the quarter ended June 30, 2024 and by $14 million from the six months ended June 30, 2024 primarily due to higher income before income taxes.

The provision for income taxes is primarily driven by changes in our current period income before taxes. We anticipate our effective tax rate to be between 22.0% and 24.0% for the year ending December 31, 2025.


GAAP to Non-GAAP Reconciliations

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

Quarter ended
June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Net interest income fully tax equivalent (FTE)
Net interest income (GAAP)$119,444 127,818 114,197 111,302 106,841 
Plus: Taxable-equivalent adjustment878 867 851 914 883 
Net interest income FTE120,322 128,685 115,048 112,216 107,724 
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Item 3.        QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
As the holding company for a savings bank, one of our primary market risks is interest rate risk. Interest rate risk is the sensitivity of net interest income to variations in interest rates over a specified time period. The sensitivity results from differences in the time periods in which interest rate sensitive assets and liabilities mature or re-price. We attempt to control interest rate risk by matching, within acceptable limits, the re-pricing periods of assets and liabilities. We have attempted to limit our exposure to interest sensitivity by increasing core deposits, borrowing funds with fixed-rates and longer maturities and by shortening the maturities of our assets by emphasizing the origination of more short-term fixed rate loans and adjustable rate loans. We also have the ability to sell a portion of the long-term, fixed-rate mortgage loans that we originate. In addition, we purchase shorter term or adjustable-rate investment securities and mortgage-backed securities.

We have an ALCO Committee consisting of members of management which meets monthly to review market interest rates, economic conditions, the pricing of interest-earning assets and interest-bearing liabilities, cash flow projections, and the balance sheet structure. On a quarterly basis, this Committee also reviews the interest rate risk position, liquidity stress scenarios, and capital stress scenarios.
 
The Board of Directors has a Risk Management Committee which meets quarterly and reviews interest rate risk and trends, our interest sensitivity position, the liquidity position and the market risk inherent in the investment portfolio.
 
In an effort to assess interest rate risk and market risk, we utilize a simulation model to determine the effect of immediate incremental increases and decreases in interest rates on net income and the market value of equity. Certain assumptions are made regarding loan prepayments and decay rates of savings and interest-bearing demand accounts. Because it is difficult to accurately project the market reaction of depositors and borrowers, the effect of actual changes in interest rates on these assumptions may differ from simulated results. We have established the following guidelines for assessing interest rate risk:
 
Net interest income simulation. Given a parallel shift of 100 basis points (“bps”), 200 bps and 300 bps in interest rates, the estimated net income may not decrease by more than 5%, 10% and 15%, respectively, within a one-year period.

Net income simulation. Given a parallel shift of 100 bps, 200 bps and 300 bps in interest rates, the estimated net income may not decrease by more than 10%, 20% and 30%, respectively, within a one-year period.
 
Market value of equity simulation. The market value of equity is the present value of assets and liabilities. Given a parallel shift of 100 bps, 200 bps and 300 bps in interest rates, the market value of equity may not decrease by more than 10%, 20% and 25%, respectively, from the computed economic value at current interest rate levels.
 
The following table illustrates the simulated impact of a 100 bps, 200 bps or 300 bps upward or a 100 bps, 200 bps or 300 bps downward movement in interest rates on net income, return on average equity, earnings per share and market value of equity. This analysis was prepared assuming that interest-earning asset and interest-bearing liability levels at June 30, 2025 remain constant. The impact of the rate movements was computed by simulating the effect of an immediate and sustained shift in interest rates over a twelve-month period from June 30, 2025 levels.
 IncreaseDecrease
Parallel shift in interest rates over the next 12 months100 bps200 bps300 bps100 bps200 bps300 bps
Projected percentage increase/(decrease) in net interest income(1.1)%(2.6)%(4.1)%(0.5%)(4.9%)(6.9%)
Projected percentage increase/(decrease) in net income(2.5)%(5.7)%(9.1)%(1.3%)(11.1%)(15.7%)
Projected increase/(decrease) in return on average equity(2.3)%(5.4)%(8.7)%(1.2%)(10.5%)(15.0%)
Projected increase/(decrease) in earnings per share$(0.04)$(0.08)$(0.12)$(0.02)$(0.15)$(0.21)
Projected percentage increase/(decrease) in market value of equity(4.4%)(9.2%)(13.9%)2.4%1.2%1.1%
 
The figures included in the table above represent projections that were computed based upon certain assumptions including prepayment rates and decay rates. These assumptions are inherently uncertain and, as a result, cannot precisely predict the impact of changes in interest rates. Actual results may differ significantly due to timing, magnitude and frequency of interest rate changes and changes in market conditions, and actions that may be taken by management in response to interest rate changes.

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Item 4.        CONTROLS AND PROCEDURES
 
Under the supervision of and with the participation of management, including the Principal Executive Officer and Principal Financial Officer, we evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report (the “Evaluation Date”). Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that, as of the Evaluation Date, these disclosure controls and procedures were effective.
 
There were no changes in the internal controls over financial reporting during the period covered by this report or in other factors that have materially affected, or are reasonably likely to materially affect the internal controls over financial reporting.

PART II.    OTHER INFORMATION
 
Item 1.        LEGAL PROCEEDINGS
 
We are subject to a number of asserted and unasserted claims encountered in the normal course of business. We believe that any additional liability, other than that which has already been accrued, that may result from such potential litigation will not have a material adverse effect on the financial statements. However, we cannot presently determine whether or not any claims against us will have a material adverse effect on our results of operations in any future reporting period. Refer to Note 11.
 
Item 1A.    RISK FACTORS

Except as previously disclosed, there have been no material updates or additions to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the Securities and Exchange Commission. Additional risks not presently known to us, or that we currently deem immaterial, may also adversely affect our business, financial condition or results of operations.




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

a)    Not applicable.
b)    Not applicable.
c)    On December 13, 2012, the Board of Directors approved a program that authorizes the repurchase of approximately 5,000,000 shares of common stock. This program does not have an expiration date. During the quarter ended June 30, 2025, there were no shares of common stock repurchased and there are a maximum of 2,261,130 remaining shares that can be purchased under the current repurchase program.


Item 3.        DEFAULTS UPON SENIOR SECURITIES
 
Not applicable.
 
Item 4.        MINE SAFETY DISCLOSURES
 
Not applicable.
 
Item 5.        OTHER INFORMATION
 
During the three months ended June 30, 2025, no directors or officers of the Company, as defined in Section 16 of the Exchange Act, adopted or terminated any “Rule 10b5-1 trading arrangements” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K of the Exchange Act.
 
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Item 6.        EXHIBITS

Certification of the Chief Executive Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
  
Certification of the Chief Financial Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
  
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INSThe instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCHXBRL Taxonomy Extension Schema Document.
101.CALXBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFXBRL Taxonomy Extension Definition Linkbase Document.
101.LABXBRL Taxonomy Extension Label Linkbase.
101.PREXBRL Taxonomy Extension Presentation Linkbase Document.
104The cover page of this Quarterly Report on Form 10-Q, formatted in inline XBRL.
* Furnished herwith
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Signature
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed by the undersigned thereunto duly authorized.
 
NORTHWEST BANCSHARES, INC.
(Registrant)
  
  
Date:August 5, 2025By:/s/ Louis J. Torchio
  Louis J. Torchio
  President and Chief Executive Officer
  (Duly Authorized Officer)
  
  
Date:August 5, 2025By:/s/ Joseph D. Canfield Jr.
  Joseph D. Canfield Jr.
  Executive Vice President, Chief Accounting Officer
(Principal Accounting Officer)
  

63

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