Company: NWBI
Filing Date: 2025-03-07
Form Type: DEF 14A
Source: 0001193125-25-049104
Chunk: 31

Company: Northwest Bancshares, Inc.
Filing Date: 2025-03-07
Form: DEF 14A
Chunk 31
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 succeeded by Mr. Schosser in the role of Chief Financial Officer. Effective December 31, 2024, Mr. Harvey retired as Chief Operating Officer and as a director from the Company. |

On June 18, 2024, the Company announced the departure of John J. Golding, former Chief Consumer Banking Officer, effective June 17, 2024. Executive Summary.The Company is a bank holding company headquartered in Columbus, Ohio. The Company operates Northwest Bank (also referred to herein as the “Bank”), a full-service financial institution headquartered in Warren, Pennsylvania. Through this subsidiary, the Company, as of December 31, 2024, operates 130 full-service financial centers, eleven free standing drive-upfacilities, and 169 automated teller machines in Pennsylvania, New York, Ohio and Indiana. The Company has operated as a community-oriented financial institution since 1896 and has demonstrated a pattern of sustained expansion resulting from strong internal growth combined with a series of mergers, acquisitions, and new office openings. 2024 Business Highlights.Throughout 2024, despite industry-wide challenges, we continued to make strategic decisions to better position Northwest for growth and continued success. This included a securities portfolio repositioning successfully completed in 2Q, a continued focus on growing our Commercial lending portfolio, and investments in colleagues and technology to create the infrastructure needed to support future growth. Commercial loans grew to $2 billion at December 31, 2024, an increase of $350 million from prior year end. Amidst industry funding and liquidity challenges, we successfully navigated the landscape, culminating in a 1.4% increase in total deposits, reaching $12.14 billion by the end of 2024. This achievement not only underscores our ability to maintain a stable and diversified deposit base but also reflects our capacity to adapt and grow during challenging market conditions. We continue to lead our peers with one of the lowest cost of funds while maintaining one of the lowest uninsured deposit bases in the nation at less than 25% of total deposits (12% when excluding intercompany and collateralized deposits) with an overall average deposit balance of $18,000 per account. Reported net income for the year declined by $34.6 million to $100.3 million, or $0.79 per diluted share, adjusted net income (excluding securities repositioning loss and merger/restructuring expenses) decline by $7 million to $132.8 million, or $1.04 per diluted share. Furthermore,