Northwest Bancshares Inc (NWBI) News & EventsNWBINews & EventsNorthwest Bancshares Inc

Northwest Bancshares Reports Record Net Income in Q2, Up 59% Year-over-Year

Louis Torchio, President and CEO, Northwest Bancshares commented, "I am pleased to report a strong second quarter performance, with Northwest delivering another quarter of record net income, more than 59% year-over-year growth, supported by a balanced and consistent performance across the whole bank. We drove 32% year-over-year average loan growth in our C&I business, with disciplined growth in our national specialty business verticals, and benefited from the strength of our retail deposit franchise, achieving our fourth consecutive quarter of lower deposit costs, one of the best-in-class among our peers. We produced these results while continuing to invest in talent, technology, and new financial centers, and maintaining expense management discipline, driving another quarter of improved performance with our efficiency ratio at 57.6% and our adjusted efficiency ratio at 56.2% for the quarter. Building on our strong first half performance, and our team already making an impact in the Columbus market, attracting new talent, customers, and deposits, we continue to focus on organic growth initiatives, further optimizing our financial performance, expanding our financial center network, and serving our core customers and communities."

Northwest Bank Appoints Chad Ballard as Chief Information Officer

Northwest Bank announced that Chad Ballard has joined the company as Chief Information Officer, effective May 18. Reporting directly to the company's President and CEO Louis Torchio, and a member of the executive leadership team, Ballard will lead the bank's information technology strategy and operations. In this role, Ballard is responsible for advancing technology initiatives that support Northwest's business priorities, strengthen operational efficiency, and enhance the experience for customers and associates across the bank's footprint. Ballard brings more than 25 years of technology leadership experience. He most recently served as CIO for Shared Services Operations at Wells Fargo. While there he developed a Know Your Customer platform and deployed AI agents to enhance operational efficiency. He has also held leadership roles at JP Morgan Chase and PNC, leading core banking, digital channels, and AI platform transformations.

Northwest Bank Q1 Net Interest Margin Rises to 3.70%

Reports Q1 net interest margin 3.70% from 3.69% in previous quarter and 3.87% a year ago. Tangible book value per share was $9.72 from $9.63 last quarter end. CEO Louis Torchio commented, "I am delighted with Northwest's strong Q1 performance delivering record net income in the company's 130-year history, more than 16% year-over-year growth, supported by a balanced and consistent performance across the whole bank...On the cost side, our expense management discipline led to a 59.4% efficiency ratio, which was 57.8% on an adjusted basis - non-GAAP -, and our rigorous credit and risk management approach led to a decline in non-performing assets and overall delinquencies this quarter and lower annualized net charge-offs...We have another year of growth ahead of us, with our first financial centers in the Columbus market on track to open this year, and our team already delivering an impact in the market attracting new talent, customers, and deposits. The growing momentum and continuing transformation at Northwest, coupled with our consistent execution across the organization, gives me great confidence in our ability to capitalize on further opportunities for profitable and sustainable core growth."