Company: NWBI
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001471265-25-000161
Chunk: 78

Company: Northwest Bancshares, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 78
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 competitively priced products as their time deposits matured. These increases were partially offset by a decrease in time deposits of $12 million.  Interest expense on deposits decreased by $2 million, or 4% from the quarter ended September 30, 2024, and by $9 million, or 6% from the nine months ended September 30, 2024, primarily attributable to decrease in average yield paid on deposits which was partially offset by an increase in average balance of deposit accounts.

Compared to the quarter ended September 30, 2024, average borrowings saw a 57% increase. This increase was attributable to the acquisition of long-term borrowings from Penns Woods. The increase in the average balance of borrowings resulted in an increase in interest expense on borrowings by $1 million from the quarter ended September 30, 2024.  Interest expense decreased $5 million from the nine months ended September 30, 2024 from the strategic pay-down of wholesale borrowings with the proceeds from our investment portfolio restructuring in the second quarter of 2024.

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Table of Contents

 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 September 30, 20252024AveragebalanceInterestAvg.yield/cost (h)AveragebalanceInterestAvg.yield/cost (h)Assets      Interest-earning assets:     Residential mortgage loans$3,160,008 31,386 3.97 %$3,286,316 31,537 3.84 %Home equity loans1,421,717 21,080 5.88 %1,166,866 17,296 5.90 %Consumer loans2,330,173 32,729 5.57 %1,955,988 26,034 5.29 %Commercial real estate loans3,377,740 51,761 6.00 %2,995,032 47,473 6.31 %Commercial loans2,278,859 41,519 7.13 %1,819