Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 83

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1B
Chunk 83
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 31, 2024, from $11.4 billion at December 31, 2023. Our personal banking loan portfolio decreased by $451 million, or 7%, to $6.3 billion at December 31, 2024 from $6.8 billion at December 31, 2023. Cash flows from our personal banking portfolio were partially redirected to fund commercial banking growth, which increased by $225 million, or 5%, to $4.9 billion at December 31, 2024 from $4.6 billion at December 31, 2023.  This represents organic loan growth resulting from the new commercial lending verticals that we implemented during the prior year.  Specifically, our commercial and industrial (C&I) loan portfolio increased by $349 million, or 21% compared to December 31, 2023.

Set forth below are selected data related to the composition of our loan portfolio by type of loan as of the dates indicated.

 At December 31, 20242023 AmountPercentAmountPercent (Dollars in thousands)Personal Banking:    Residential mortgage loans$3,178,269 28.4 %$3,419,417 30.0 %Home equity loans1,149,396 10.3 %1,227,858 10.8 %Vehicle loans1,870,843 16.7 %2,008,601 17.6 %Consumer loans (1)124,242 1.1 %117,426 1.0 %Total Personal Banking6,322,750 56.5 %6,773,302 59.4 %Commercial Banking:  Commercial real estate2,495,726 22.3 %2,628,457 23.1 %Commercial real estate - owner occupied354,136 3.2 %345,553 3.0 %Commercial loans2,007,402 18.0 %1,658,729 14.5 %Total Commercial Banking4,857,264 43.5 %4,632,739 40.6 %Total loans receivable, gross11,180,014 100.0 %11,406,041 100.0 %Total allowance for credit losses(116,