# Northwest Bancshares, Inc. (NWBI) Informational only - not investment advice. CIK: 0001471265 SIC: 6021 National Commercial Banks SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6021 National Commercial Banks](/industry/6021/) Latest 10-K filed: 2026-02-25 SEC page: https://www.sec.gov/edgar/browse/?CIK=1471265 Filing source: https://www.sec.gov/Archives/edgar/data/1471265/000147126526000008/nwbi-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001471265-26-000008 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001471265.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 749,668,000 USD | 2025 | verified | | Net income | 126,013,000 USD | 2025 | verified | | Assets | 16,766,617,000 USD | 2025 | verified | | Free cash flow | 141,785,000 USD | 2025 | computed | | Net margin | 16.81% | 2025 | computed | | Revenue YoY | +12.03% | 2025 | computed | | ROE | 6.67% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | NWBI | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 16.8% | 22.9% | 19 | 76 | | Revenue growth | 12.0% | 5.2% | 79 | 76 | | FCF margin | 18.9% | 22.0% | 31 | 65 | | ROE | 6.7% | 9.9% | 13 | 76 | | ROA | 0.8% | 1.1% | 16 | 76 | | Liabilities / equity | 7.87 | 8.12 | 44 | 76 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6021 National Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 749668000 | USD | 2025 | 2026-02-25 | | Net income | 126013000 | USD | 2025 | 2026-02-25 | | Assets | 16766617000 | USD | 2025 | 2026-02-25 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001471265.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 345,634,000 | 358,856,000 | 375,781,000 | 417,380,000 | 434,068,000 | 418,508,000 | 448,798,000 | 587,922,000 | 669,196,000 | 749,668,000 | | Net income | | | | 110,432,000 | 74,854,000 | 154,323,000 | 133,666,000 | 134,957,000 | 100,278,000 | 126,013,000 | | Diluted EPS | 0.49 | 0.92 | 1.02 | 1.04 | 0.62 | 1.21 | 1.05 | 1.06 | 0.79 | 0.92 | | Operating cash flow | 135,712,000 | 151,798,000 | 138,909,000 | 127,462,000 | 140,435,000 | 205,458,000 | 175,431,000 | 92,890,000 | 127,667,000 | 153,415,000 | | Capital expenditures | 15,227,000 | 3,719,000 | 5,233,000 | 10,899,000 | 12,254,000 | 17,517,000 | 4,320,000 | 8,564,000 | 2,308,000 | 11,630,000 | | Dividends paid | 60,156,000 | 65,212,000 | 69,921,000 | 76,173,000 | 93,132,000 | 100,274,000 | 101,468,000 | 101,669,000 | 101,854,000 | 109,913,000 | | Assets | 9,623,640,000 | 9,363,934,000 | 9,607,773,000 | 10,493,908,000 | 13,806,268,000 | 14,501,508,000 | 14,113,324,000 | 14,419,105,000 | 14,408,224,000 | 16,766,617,000 | | Liabilities | 8,452,977,000 | 8,156,210,000 | 8,350,135,000 | 9,140,623,000 | 12,267,565,000 | 12,917,937,000 | 12,621,838,000 | 12,867,788,000 | 12,811,368,000 | 14,876,193,000 | | Stockholders' equity | 1,170,663,000 | 1,207,724,000 | 1,257,638,000 | 1,353,285,000 | 1,538,703,000 | 1,583,571,000 | 1,491,486,000 | 1,551,317,000 | 1,596,856,000 | 1,890,424,000 | | Free cash flow | 120,485,000 | 148,079,000 | 133,676,000 | 116,563,000 | 128,181,000 | 187,941,000 | 171,111,000 | 84,326,000 | 125,359,000 | 141,785,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | 26.46% | 17.24% | 36.87% | 29.78% | 22.95% | 14.98% | 16.81% | | Return on equity | | | | 8.16% | 4.86% | 9.75% | 8.96% | 8.70% | 6.28% | 6.67% | | Return on assets | | | | 1.05% | 0.54% | 1.06% | 0.95% | 0.94% | 0.70% | 0.75% | | Liabilities / equity | 7.22 | 6.75 | 6.64 | 6.75 | 7.97 | 8.16 | 8.46 | 8.29 | 8.02 | 7.87 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/NWBI/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001471265.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.29 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.26 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.26 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 151,598,000 | 39,220,000 | 0.31 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 157,388,000 | 29,014,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 160,239,000 | 29,163,000 | 0.23 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 166,854,000 | 4,747,000 | 0.04 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 171,381,000 | 33,618,000 | 0.26 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 170,722,000 | 32,750,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 180,595,000 | 43,458,000 | 0.34 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 171,570,000 | 33,675,000 | 0.26 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 194,678,000 | 3,167,000 | 0.02 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 202,825,000 | 45,713,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 201,550,000 | 50,536,000 | 0.34 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 205,140,000 | 53,546,000 | 0.36 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from NWBI's latest 10-K: [/company/NWBI/business/](/company/NWBI/business/). ## Risk Factors Verbatim Item 1A Risk Factors from NWBI's latest 10-K: [/company/NWBI/risk-factors/](/company/NWBI/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1471265/000147126526000032/nwbi-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-05 Report date: 2026-06-30 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 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; •    trade disputes, barriers to trade or the emergence of trade restrictions and the resulting impacts on market volatility and global trade; •    growing fiscal deficits; •    potential recession or slowing of growth in the U.S., Europe and other regions; •    developments in the Middle East; •    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: •a prolonged government shutdown, which could adversely affect the U.S. and global economy; •    changes in the financial performance and/or condition of our borrowers; 45 Table of Contents •    the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (“FASB”) and other accounting standard setters; •    changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; •    our ability to access cost-effective funding; •    the effect of global or national war, conflict, or terrorism; •    our ability to manage market risk, credit risk and operational risk; •    the disruption to local, regional, national and global economic activity caused by infectious disease outbreaks, and the significant impact that any such outbreaks may have on our growth, operations and earnings; •     the effects of natural disasters and extreme weather events; •     changes in our ability to continue to pay dividends, either at current rates or at all; •    our ability to retain key employees; and •    our compensation expense associated with equity allocated or awarded to our employees. 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 2025 Annual Report on Form 10-K and Note 1 “Basis of Presentation and Informational Disclosures” within this Item 1 of this Quarterly Report for more information. Recently Issued Accounting Standards The following Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board ("FASB") have not yet been adopted. In October 2023, the FASB issued ASU No. 2023-06, "Disclosure Improvements." This ASU includes amendments on several subtopics in the FASB Accounting Standards Codification ("Codification") to incorporate certain disclosures and presentation requirements currently residing in SEC Regulations S-X and S-K. The adoption of this ASU may lead to certain disclosures being relocated into the financial statements. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. These amendments are to be applied prospectively. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. We do not believe this guidance will have a material impact on the Company's financial statements. In November 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. 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. The Company is currently evaluating the effect the updated guidance will have on the Company’s financial statement disclosures. In September 2025, the FASB issued ASU 2025-06, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”. This ASU addresses the challenges of applying current internal-use software accounting requirements due to the evolution of software development since the original guidance was issued. The ASU removes all references to project stages. The amendments require an entity to start capitalizing software costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2027, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted as of the beginning of an annual reporting period. We do not believe this guidance will have a material impact on the Company's financial statements. In November 2025, the FASB issued ASU 2025-08, "Financial Instruments - Credit Losses (Topic 326): Purchased Loans". This ASU amends the accounting for acquired loans (excluding credit cards) by expanding the scope of acquired financial assets subject to the gross-up approach under ASC 326, for assets that meet certain criteria at acquisition referred to as purchased seasoned loans. The ASU also provides for an irrevocable accounting policy election to measure the ACL on purchased seasoned loans using the amortized cost basis, rather than unpaid principal balance, if a method other than a discounted cash flow method is utilized to estimate expected credit 46 Table of Contents losses. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. Early adoption is permitted. This guidance will impact our Consolidated Financial Statements on a prospective basis only when loans are acquired. In November 2025, the FASB issued ASU 2025-09. "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements." This ASU more closely aligns hedge accounting with the economics of an entity’s risk management activities. The revised guidance allows for individually forecasted transactions with similar risk exposure to be hedged in a group, enables the hedging of the variable price components of forecasted purchases or sales of nonfinancial assets, introduces a model for hedging interest payments on debt instruments with multiple rate options and allows a borrower to select a documented interest rate index and/or tenor without automatically discontinuing hedge accounting. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods on a prospective basis. Early adoption is permitted. We do not believe this guidance will 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 (the "Merger Agreement"). 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”), [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1471265/000147126526000008/nwbi-20251231.htm Complete FY 2025 MD&A: /company/NWBI/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-25 Report date: 2025-12-31 ITEM 7.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our principal business consists of collecting deposits and making loans primarily secured by various types of collateral, including real estate and other assets in the markets in which we are located. Attracting and maintaining deposits is affected by a number of factors, including interest rates paid on competing deposits and other investments offered by other financial and non-financial institutions, account maturities, fee structures, and levels of personal income and savings. Lending activities are affected by the demand for funds and thus are influenced by interest rates, the number and quality of alternative lenders and regional economic conditions. Sources of funds for lending activities include deposits, borrowings, repayments on loans, cash flows from investment and mortgage-backed securities and income provided from operations. Our earnings depend primarily on net interest income, which is the difference between interest earned on our interest-earning assets, consisting primarily of loans and investment securities, and the interest paid on interest-bearing liabilities, consisting primarily of deposits, borrowed funds, and trust-preferred securities. Net interest income is a function of our interest rate spread, which is the difference between the average yield earned on our interest-earning assets and the average rate paid on our interest-bearing liabilities, as well as a function of the average balance of interest-earning assets compared to the average balance of interest-bearing liabilities. Also contributing to our earnings is noninterest income, which consists primarily of service charges and fees on loan and deposit products and services, fees related to investment management and trust services, net gains and losses on the sale of assets, including SBA loans, and mortgage banking income. Net interest income and noninterest income are offset by provisions for credit losses, general administrative and other expenses, including employee compensation and benefits, occupancy expense and processing costs, as well as by state and federal income tax expense. Our net income was $126 million, or $0.92 per diluted share, for the year ended December 31, 2025 compared to $100 million, or $0.79 per diluted share, for the year ended December 31, 2024, and $135 million, or $1.06 per diluted share, for the year ended December 31, 2023. The provision for credit losses was $56 million for the year ended December 31, 2025 compared to $25 million for the year ended December 31, 2024, and $23 million for the year ended December 31, 2023. Selected Financial and Other Data The summary financial information presented below is derived in part from the Company’s Consolidated Financial Statements. The following is only a summary and should be read in conjunction with the Consolidated Financial Statements and notes included elsewhere in this document. The information at December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 is derived in part from the audited Consolidated Financial Statements that appear in this document. 38 Table of Contents [[GREPCENT_TABLE]] [["","At December 31,"],["","2025","","2024"],["","(In thousands)"],["Selected Consolidated Financial Data:"],["Total assets","$","16,766,617","","","14,408,224"],["Cash and cash equivalents","233,647","","","288,378"],["Marketable securities held-to-maturity","124,465","","","124,462"],["Marketable securities available-for-sale","178,261","","","120,237"],["Mortgage-backed securities held-to-maturity","558,904","","","626,124"],["Mortgage-backed securities available-for-sale","1,408,121","","","988,707"],["Loans held-for-sale","22,437","","","76,331"],["Loans receivable, net of allowance for credit losses:"],["Residential mortgage loans","3,090,234","","","3,163,922"],["Home equity loans","1,501,383","","","1,144,551"],["Consumer loans","2,533,128","","","1,970,813"],["Commercial real estate loans","3,233,989","","","2,801,652"],["Commercial loans","2,498,370","","","1,982,257"],["Total loans receivable, net","12,857,104","","","11,063,195"],["Deposits","13,943,017","","","12,144,554"],["Borrowed funds","446,283","","","200,331"],["Subordinated debt","114,800","","","114,538"],["Shareholders\u2019 equity","1,890,424","","","1,596,856"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","For the years ended December 31,"],["","2025","","2024","","2023"],["","(In thousands except per share data)"],["Selected Consolidated Operating Data:"],["Total interest income","$","749,668","","","669,196","","","587,922"],["Total interest expense","224,266","","","233,618","","","152,239"],["Net interest income","525,402","","","435,578","","","435,683"],["Provision for credit losses","55,584","","","24,505","","","22,874"],["Net interest income after provision for credit losses","469,818","","","411,073","","","412,809"],["Noninterest income","129,268","","","87,010","","","113,823"],["Noninterest expense","436,296","","","368,537","","","351,554"],["Income before income taxes","162,790","","","129,546","","","175,078"],["Income tax expense","36,777","","","29,268","","","40,121"],["Net income","$","126,013","","","100,278","","","134,957"],["Earnings per share:"],["Basic","$","0.93","","","0.79","","","1.06"],["Diluted","$","0.92","","","0.79","","","1.06"]] [[/GREPCENT_TABLE]] 39 Table of Contents [[GREPCENT_TABLE]] [["","At or for the year ended December 31,"],["","2025","","2024","","2023"],["Selected Financial Ratios and Other Data:"],["Return on average assets (1), (5), (6), (7)","0.82","%","","0.70","%","","0.95","%"],["Return on average equity (2), (5), (6), (7)","7.27","%","","6.41","%","","8.94","%"],["Average capital to average assets","11.31","%","","10.87","%","","10.58","%"],["Capital to total assets","11.27","%","","11.08","%","","10.76","%"],["Tangible common equity to tangible assets (8)","8.64","%","","8.65","%","","8.30","%"],["Net interest rate spread (3)","3.13","%","","2.66","%","","2.86","%"],["Net interest margin (4)","3.69","%","","3.26","%","","3.28","%"],["Net interest income to noninterest expense (5), (6), (7)","1.20X","","1.18x","","1.24x"],["Noninterest expense to average assets (5), (6), (7)","2.85","%","","2.56","%","","2.46","%"],["Efficiency ratio (5), (6), (7)","66.64","%","","70.52","%","","63.98","%"],["Noninterest income to average assets","0.84","%","","0.60","%","","0.80","%"],["Dividend payout ratio","86.96","%","","101.27","%","","75.47","%"],["Nonperforming loans to net loans receivable","0.84","%","","0.56","%","","0.86","%"],["Nonperforming assets to total assets","0.64","%","","0.54","%","","0.67","%"],["Allowance for credit losses to nonperforming loans","139.18","%","","188.24","%","","129.01","%"],["Allowance for credit losses to loans receivable","1.15","%","","1.04","%","","1.10","%"],["Average interest-earning assets to average interest-bearing liabilities","1.36X","","1.35x","","1.37x"],["Number of banking offices","161","","","141","","","142"]] [[/GREPCENT_TABLE]] (1)Represents net income divided by average assets. (2)Represents net income divided by average equity. (3)Represents average yield on interest-earning assets less average cost of interest-bearing liabilities (shown on a fully taxable equivalent (“FTE”) basis). (4)Represents net interest income as a percentage of average interest-earning assets (shown on a FTE basis). (5) 2023 includes $6.7 million in merger, asset disposition and restructuring expense. (6) 2024 includes $5.8 million in merger, asset disposition and restructuring expense and a $39.4 loss on sale of investments. (7) 2025 includes $42.8 million in merger, asset disposition and restructuring expense and $20.7 million of CECL day 1 provision expense. (8)    Excludes goodwill and other intangible assets (non-GAAP). The following non-GAAP financial measures used by the Company provide information useful to investors in understanding our operating performance and trends, and facilitate comparisons with the performance of our peers. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s Consolidated Statements of Financial Condition. [[GREPCENT_TABLE]] [["","As of December 31,"],["","2025","","2024","","2023"],["Tangible common equity to assets"],["Total shareholders\u2019 equity","$","1,890,424","","","$","1,596,856","","","1,551,317"],["Less: goodwill and intangible assets","(483,997)","","","(383,834)","","","(386,287)"],["Tangible common equity","$","1,406,427","","","$","1,213,022","","","1,165,030"],["Total assets","$","16,766,617","","","$","14,408,224","","","14,419,105"],["Less: goodwill and intangible assets","(483,997)","","","(383,834)","","","(386,287)"],["Tangible assets","$","16,282,620","","","$","14,024,390","","","14,032,818"],["Tangible common equity to tangible assets","8.64","%","","8.65","%","","8.30","%"]] [[/GREPCENT_TABLE]] Critical Accounting Estimates Our significant accounting policies are described in Note 1 of the notes to the Consolidated Financial Statements. Certain accounting policies are important to the understanding of our financial condition, since they require management to make difficult, complex or subjective judgments, some of which may relate to matters that are inherently uncertain. Estimates associated with these policies are susceptible to material changes as a result of changes in facts and circumstances, including, but without limitation, changes in interest rates, performance of the economy, financial condition of borrowers and laws and regulations. The following is the accounting estimate we believe is critical. Allowance for Credit Losses. We recognize that losses will be experienced on assets and that the risk of loss varies with the type of asset, the creditworthiness of a borrower, general economic conditions and the quality of the collateral, if any. We maintain an allowance for expected lifetime losses in the loan portfolio. The allowance for credit losses represents management’s estimate of 40 Table of Contents lifetime expected losses based on all available information. The allowance for credit losses is based on management’s evaluation of relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. The loan portfolio is reviewed regularly by management in its determination of the allowance for credit losses. The methodology for assessing the appropriateness of the allowance includes a review of historical losses, peer group comparisons, industry data and economic conditions. As an integral part of their examination process, regulatory agencies periodically review our allowance for credit losses and may require us to make additional provisions for estimated losses based upon judgments different from those of management. In establishing the allowance for credit losses, a combination of statistical models are applied to various pools of outstanding loans. We use a 24 month forecasting period and revert to historical average loss rates thereafter. 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 is performed. The allowance calculation is also supplemented with qualitative reserves that take into consideration the current portfolio and specific risk characteristics, such as changes in underwriting standards, portfolio mix, delinquency level, or term, as well as changes in environmental conditions, among other factors, that have occurred but are not yet reflect [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/NWBI/mda/fy2025/ All MD&A years: /company/NWBI/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/NWBI/mda/fy2024/): filed 2025-02-25; accession 0001471265-25-000016 (https://www.sec.gov/Archives/edgar/data/1471265/000147126525000016/nwbi-20241231.htm) - [FY 2023 MD&A](/company/NWBI/mda/fy2023/): filed 2024-02-23; accession 0001471265-24-000009 (https://www.sec.gov/Archives/edgar/data/1471265/000147126524000009/nwbi-20231231.htm) - [FY 2022 MD&A](/company/NWBI/mda/fy2022/): filed 2023-02-24; accession 0001471265-23-000013 (https://www.sec.gov/Archives/edgar/data/1471265/000147126523000013/nwbi-20221231.htm) - [FY 2021 MD&A](/company/NWBI/mda/fy2021/): filed 2022-02-25; accession 0001471265-22-000009 (https://www.sec.gov/Archives/edgar/data/1471265/000147126522000009/nwbi-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6021 National Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/NWBI.md · JSON record: /company/NWBI.json · verified financials: /company/NWBI/financials.json / /company/NWBI/financials.csv · machine TOC for the whole site: /llms.txt