Northwest Bancorp, Inc. Announces Quarterly Earnings and Dividend Declaration

Share Name	Share Symbol	Market	Type
Northwest Bancorp (MM)	NASDAQ:NWSB	NASDAQ	Common Stock

Northwest Bancorp (NASDAQ:NWSB)
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WARREN, Pa., July 20 /PRNewswire-FirstCall/ -- Northwest Bancorp, Inc. (NASDAQ:NWSB) announced net income for the quarter ended June 30, 2009 of $7.3 million, or $0.15 per diluted share. This represents a decrease of $7.1 million, or 49.5%, over the same quarter last year when net income was $14.4 million, or $0.30 per diluted share. The annualized returns on average shareholders' equity and average assets for the current quarter were 4.62% and 0.41% compared to 9.30% and 0.83% for the same quarter last year. The Company emphasized that the current period income was negatively impacted by several unusual items. Most significantly, the Company recorded a provision for loan losses of $11.7 million. This provision for the quarter was $8.3 million more than the same quarter last year and exceeded net charge-offs for the quarter by $5.6 million after tax. The current period also included a charge of $2.6 million, after tax, for the market value impairment of two non-agency CMOs and a charge of $2.0 million, after tax, for the FDIC's Emergency Assessment. In making this announcement, William J. Wagner, President and CEO, noted, "The length and severity of the current economic recession has greatly stressed the financial condition of some of Northwest's loan customers and their ability to make timely payments on their loans. This situation in turn has forced our Company to significantly increase the reserve for loan losses even though our actual charge-offs remain at low levels. On a positive note, our core earnings remain strong with our net interest margin at 3.56%, our noninterest income continuing to increase, and our controllable expenses increasing only measurably." The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.22 per share payable on August 13, 2009, to shareholders of record as of July 30, 2009. This represents the 59th consecutive quarter in which the Company has paid a cash dividend. Net interest income increased by $2.8 million, or 5.3%, for the quarter ended June 30, 2009 compared to the same quarter last year. Net interest margin for the quarter ended June 30, 2009 was 3.56% compared to 3.47% for the quarter ended June 30, 2008. The increase resulted primarily from an improvement in funding mix, with a significant reduction in the reliance on high-cost certificates of deposit and generally lower rates on all other types of deposits. The provision for loan losses increased by $8.3 million to $11.7 million for the quarter ended June 30, 2009 compared to $3.4 million for the same quarter last year. This increase is primarily attributable to a decline in general economic conditions and an increase in troubled loans. Loans with payments 90 days or more delinquent have increased to $122.6 million at June 30, 2009 from $99.2 million at December 31, 2008 and $69.0 million at June 30, 2008. Net losses from loans charged-off were $2.4 million in each of the quarters ended June 30, 2009 and 2008 and were $3.2 million for the quarter ended March 31, 2009. Net losses from loans charged-off were $5.7 million and $4.2 million for the six-month periods ended June 30, 2009 and 2008, respectively. Noninterest expense increased by $5.5 million, or 13.3%, to $47.0 million for the quarter ended June 30, 2009 from $41.5 million for the quarter ended June 30, 2008 primarily due to increases in FDIC insurance assessments, marketing expenses and other operating expense. Quarterly federal deposit insurance premiums increased by $870,000, or 85.3%, as the Company had credits available in the prior year quarter to offset premiums. Also, the Company incurred a $3.3 million charge for a FDIC Emergency Assessment. Marketing expenses increased by $585,000, or 40.9%, to $2.0 million for the quarter ended June 30, 2009 from $1.4 million for the quarter ended June 30, 2008. The increase is primarily the result of publicizing the Company's recognition as one of Forbes.com's 100 Most Trustworthy Companies. Net income for the six-month period ended June 30, 2009 of $19.6 million, or $0.40 per diluted share, represents a decrease of $7.5 million, or 27.6% compared to net income of $27.1 million, or $0.56 per diluted share, for the six-month period ended June 30, 2008. The annualized returns on average shareholders' equity and average assets were 6.26% and 0.56%, respectively, for the current six-month period compared to 8.72% and 0.79%, respectively, in the prior year. Founded in 1896 and headquartered in Warren, Pennsylvania, Northwest Bancorp, Inc., through its subsidiary Northwest Savings Bank, currently operates 168 community-banking locations in Pennsylvania, New York, Ohio, Maryland and Florida. Northwest Savings Bank is a full-service financial institution offering a complete line of retail and business banking products as well as investment management and trust services. The Company also operates 49 consumer finance offices in Pennsylvania through its subsidiary, Northwest Consumer Discount Company. Northwest Bancorp, Inc.'s stock is listed on the NASDAQ Global Select Market. Additional information regarding Northwest Bancorp, Inc. can be accessed on-line at http://www.northwestsavingsbank.com/. Forward-Looking Statements - This press release may contain forward-looking statements with respect to the financial condition and results of operations of Northwest Bancorp, Inc. including, without limitations, statements relating to the earnings outlook of the Company. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements, include among others, the following possibilities: (1) changes in the interest rate environment; (2) competitive pressure among financial services companies; (3) general economic conditions including an increase in non-performing loans that could result from an economic downturn; (4) changes in legislation or regulatory requirements; (5) difficulties in continuing to improve operating efficiencies; (6) difficulties in the integration of acquired businesses; and (7) increased risk associated with an increase in commercial real-estate and business loans and non-performing loans. Management has no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this release. Northwest Bancorp, Inc. and Subsidiaries Consolidated Statements of Financial Condition (Dollars in thousands, except per share amounts) June 30, December 31, Assets 2009 2008 ----------------------------- ---- ---- Cash and cash equivalents $43,841 55,815 Interest-earning deposits in other financial institutions 369,840 16,795 Federal funds sold and other short-term investments 1,385 7,312 Marketable securities available-for-sale (amortized cost of $1,015,733 and $1,144,435) 1,009,382 1,139,170 --------- --------- Total cash, interest- earning deposits and marketable securities 1,424,448 1,219,092 Loans held for sale 25,122 18,738 Mortgage loans - one-to four-family 2,328,211 2,447,506 Home equity loans 991,963 1,013,876 Consumer loans 303,115 289,602 Commercial real estate loans 1,137,763 1,071,182 Commercial business loans 372,121 355,917 ------- ------- Total loans receivable 5,158,295 5,196,821 Allowance for loan losses (66,777) (54,929) ------- ------- Loans receivable, net 5,091,518 5,141,892 Federal Home Loan Bank stock, at cost 63,143 63,143 Accrued interest receivable 25,852 27,252 Real estate owned, net 15,890 16,844 Premises and Equipment, net 119,943 115,842 Bank owned life insurance 125,867 123,479 Goodwill 171,363 171,363 Mortgage servicing rights 7,917 6,280 Other intangible assets 5,725 7,395 Other assets 40,625 37,659 ------ ------ Total assets $7,092,291 6,930,241 ========== ========= Liabilities and Shareholders' equity ------------------------------------ Liabilities: Noninterest-bearing demand deposits $433,176 394,011 Interest-bearing demand deposits 745,440 706,120 Savings deposits 1,586,000 1,480,620 Time deposits 2,581,123 2,457,460 --------- --------- Total deposits 5,345,739 5,038,211 Borrowed funds 897,063 1,067,945 Advances by borrowers for taxes and insurance 30,268 26,190 Accrued interest payable 4,955 5,194 Other liabilities 73,482 70,663 Junior subordinated debentures 108,249 108,254 ------- ------- Total liabilities 6,459,756 6,316,457 Shareholders' equity: Preferred stock, $0.10 par value: 50,000,000 shares authorized, no shares issued - - Common stock, $0.10 par value: 500,000,000 shares authorized, 51,259,687 and 51,244,974 issued, respectively 5,126 5,124 Paid-in-capital 219,335 218,332 Retained earnings 503,692 490,326 Accumulated other comprehensive loss (26,195) (30,575) Treasury stock of 2,742,800 shares, at cost (69,423) (69,423) ------- ------- Total shareholders' equity 632,535 613,784 ------- ------- Total liabilities and shareholders' equity $7,092,291 6,930,241 ========== ========= Equity to assets 8.92% 8.86% Book value per share $13.05 $12.65 Closing market price per share $18.86 $21.38 Full time equivalent employees 1,855 1,860 Number of banking offices 168 167 Northwest Bancorp, Inc. and Subsidiaries Consolidated Statements of Income (Dollars in thousands, except per share amounts) Three months ended Six months ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ---- ---- Interest income: Loans receivable $79,892 80,520 160,763 161,409 Mortgage-backed securities 6,873 9,514 14,278 16,684 Taxable investment securities 1,350 3,217 2,896 7,066 Tax-free investment securities 2,728 3,028 5,660 6,021 Interest-earning deposits 123 710 162 2,506 --- --- --- ----- Total interest income 90,966 96,989 183,759 193,686 Interest expense: Deposits 24,446 36,451 49,083 79,281 Borrowed funds 10,115 6,972 20,304 12,529 ------ ----- ------ ------ Total interest expense 34,561 43,423 69,387 91,810 Net interest income 56,405 53,566 114,372 101,876 Provision for loan losses 11,736 3,395 17,517 5,689 ------ ----- ------ ----- Net interest income after provision for loan losses 44,669 50,171 96,855 96,187 Noninterest income: Impairment losses on securities (8,690) (1,152) (8,690) (1,472) Noncredit related losses on securities not expected to be sold (recognized in other comprehensive income) 4,400 - 4,400 - ----- - ----- - Net impairment losses (4,290) (1,152) (4,290) (1,472) Gain on sale of investments, net 238 68 280 971 Service charges and fees 8,276 8,153 15,984 15,791 Trust and other financial services income 1,505 1,783 2,853 3,531 Insurance commission income 759 583 1,308 1,163 Gain/ (loss) on sale of real estate owned, net 7 (254) (3,872) (341) Income from bank owned life insurance 1,201 1,177 2,388 2,369 Mortgage banking income 2,000 329 3,724 671 Non-cash recovery of MSRs 1,300 - 1,390 - Other operating income 986 1,120 1,691 2,139 --- ----- ----- ----- Total noninterest income 11,982 11,807 21,456 24,822 Noninterest expense: Compensation and employee benefits 22,739 22,244 46,665 44,966 Premises and occupancy costs 5,224 5,318 11,202 11,043 Office operations 3,292 3,263 6,305 6,520 Processing expenses 4,954 4,715 10,262 8,919 Advertising 2,015 1,430 2,944 2,409 Federal deposit insurance premiums 1,890 1,020 3,780 1,844 FDIC Emergency Assessment 3,288 - 3,288 - Professional services 590 595 1,231 1,330 Amortization of intangible assets 826 1,284 1,670 2,586 Loss on early extinguishment of debt - - - 705 Other expense 2,186 1,619 3,923 3,593 ----- ----- ----- ----- Total noninterest expense 47,004 41,488 91,270 83,915 ------ ------ ------ ------ Income before income taxes 9,647 20,490 27,041 37,094 Income taxes 2,356 6,048 7,448 10,030 ----- ----- ----- ------ Net income $7,291 14,442 19,593 27,064 ====== ====== ====== ====== Basic earnings per share $0.15 $0.30 $0.40 $0.56 Diluted earnings per share $0.15 $0.30 $0.40 $0.56 Annualized return on average equity 4.62% 9.30% 6.26% 8.72% Annualized return on average assets 0.41% 0.83% 0.56% 0.79% Basic common shares outstanding 48,462,019 48,359,299 48,437,070 48,344,600 Diluted common shares outstanding 48,588,893 48,559,777 48,557,024 48,583,055 Northwest Bancorp, Inc. and Subsidiaries Supplementary data (Dollars in thousands) Three months Six months ended June 30, ended June 30, 2009 2008 2009 2008 ---- ---- ---- ---- Allowance for loan losses Beginning balance $57,487 42,255 54,929 41,784 Provision 11,736 3,395 17,517 5,689 Charge-offs (2,740) (2,705) (6,244) (4,996) Recoveries 294 348 575 816 --- --- --- --- Ending balance $66,777 43,293 66,777 43,293 ======= ====== ====== ====== Net charge-offs to average loans, annualized 0.19% 0.19% 0.22% 0.17% ------------------- ---- ---- ---- ---- June 30, December 31, 2009 2008 2008 2007 ---- ---- ---- ---- Nonperforming loans $122,557 69,023 99,203 49,610 Real estate owned, net 15,890 8,407 16,844 8,667 ------ ----- ------ ----- Nonperforming assets $138,447 77,430 116,047 58,277 ======== ====== ======= ====== Nonperforming loans to total loans 2.38% 1.37% 1.91% 1.03% Nonperforming assets to total assets 1.95% 1.12% 1.67% 0.87% Allowance for loan losses to total loans 1.29% 0.86% 1.06% 0.86% Allowance for loan losses to nonperforming loans 54.49% 62.72% 55.37% 84.22% -------------------- ----- ----- ----- ----- Northwest Bancorp, Inc. and Subsidiaries Supplementary data (Dollars in thousands) Loans past due schedule (Number of loans and dollar amount of loans) June 30, -------- 2009 * ------------- Loans past due 30 days to 59 days: One- to four- family residential loans 71 $3,206 0.1% Consumer loans 822 7,987 0.6% Multifamily and commercial RE loans 99 19,977 1.8% Commercial business loans 48 3,847 1.0% -- ----- --- Total loans past due 30 days to 59 days 1,040 $35,017 0.7% ===== ======= === Loans past due 60 days to 89 days: One- to four- family residential loans 78 $6,307 0.3% Consumer loans 311 2,858 0.2% Multifamily and commercial RE loans 54 9,152 0.8% Commercial business loans 40 8,995 2.4% -- ----- --- Total loans past due 60 days to 89 days 483 $27,312 0.5% === ======= === Loans past due 90 days or more: One- to four- family residential loans 263 $27,670 1.2% Consumer loans 692 10,569 0.8% Multifamily and commercial RE loans 198 52,601 4.6% Commercial business loans 139 31,717 8.5% --- ------ --- Total loans past due 90 days or more 1,292 $122,557 2.4% ===== ======== === Loans past due schedule (Number of loans and dollar amount of loans) December 31, ------------ 2008 * 2007 * -------------- ------------- Loans past due 30 days to 59 days: One- to four- family residential loans 392 $32,988 1.3% 361 $27,270 1.1% Consumer loans 1,157 11,295 0.9% 1,331 10,550 0.8% Multifamily and commercial RE loans 99 18,901 1.8% 88 11,331 1.3% Commercial business loans 86 7,700 2.2% 70 9,947 3.0% -- ----- --- -- ----- Total loans past due 30 days to 59 days 1,734 $70,884 1.4% 1,850 $59,098 1.2% ===== ======= === ===== ======= Loans past due 60 days to 89 days: One- to four- family residential loans 101 $7,599 0.3% 99 $6,077 0.3% Consumer loans 379 2,836 0.2% 437 2,676 0.2% Multifamily and commercial RE loans 54 8,432 0.8% 41 4,984 0.6% Commercial business loans 45 3,801 1.1% 34 2,550 0.8% -- ----- --- -- ----- Total loans past due 60 days to 89 days 579 $22,668 0.4% 611 $16,287 0.3% === ======= === === ======= Loans past due 90 days or more: One- to four- family residential loans 223 $20,435 0.8% 193 $12,542 0.5% Consumer loans 687 9,756 0.7% 744 7,582 0.6% Multifamily and commercial RE loans 155 43,828 4.1% 105 24,323 2.9% Commercial business loans 114 25,184 7.1% 84 5,163 1.6% --- ------ --- -- ----- Total loans past due 90 days or more 1,179 $99,203 1.9% 1,126 $49,610 1.0% ===== ======= === ===== ======= * - Represents delinquency, in dollars, divided by the respective total amount of that type of loan outstanding. Northwest Bancorp, Inc. and Subsidiaries Analysis of loan portfolio by geographic location as of June 30, 2009: (Dollars in thousands) Loans outstanding: ------------------ Mortgage (1) Consumer (2) -------- -------- Pennsylvania $2,013,821 85.6% 1,168,682 90.3% New York 132,988 5.6% 71,854 5.5% Ohio 15,670 0.7% 13,065 1.0% Maryland 156,027 6.6% 29,712 2.3% Florida 34,827 1.5% 11,765 0.9% ------ --- ------ --- Total $2,353,333 100.0% 1,295,078 100.0% ========== ===== ========= ===== Commercial (3) Total (4) ---------- ----- Pennsylvania 989,493 65.6% 4,171,996 80.8% New York 279,683 18.5% 484,525 9.4% Ohio 7,406 0.5% 36,141 0.7% Maryland 174,056 11.5% 359,795 7.0% Florida 59,246 3.9% 105,838 2.1% ------ --- ------- --- Total 1,509,884 100.0% 5,158,295 100.0% ========= ===== ========= ===== (1) - Percentage of total mortgage loans (2) - Percentage of total consumer loans (3) - Percentage of total commercial loans (4) - Percentage of total loans Loans 90 or more past due: -------------------------- Mortgage (5) Consumer (6) -------- -------- Pennsylvania $19,863 1.0% 8,128 0.7% New York 102 0.1% 412 0.6% Ohio 108 0.7% 72 0.6% Maryland 595 0.4% 555 1.9% Florida 7,003 20.1% 1,401 11.9% ----- ---- ----- ---- Total $27,671 1.2% 10,568 0.8% ======= === ====== === Commercial (7) Total (8) ---------- ----- Pennsylvania 54,775 5.5% 82,766 2.0% New York 1,230 0.4% 1,744 0.4% Ohio 180 2.4% 360 1.0% Maryland 9,389 5.4% 10,539 2.9% Florida 18,744 31.6% 27,148 25.7% ------ ---- ------ ---- Total 84,318 5.6% 122,557 2.4% ====== === ======= === (5) - Percentage of mortgage loans in that geographic area (6) - Percentage of consumer loans in that geographic area (7) - Percentage of commercial loans in that geographic area (8) - Percentage of total loans in that geographic area Northwest Bancorp, Inc. and Subsidiaries Supplementary data (Dollars in thousands) Marketable securities available-for-sale as of June 30, 2009: ---------------------------------------- Gross Gross unrealized unrealized Amortized holding holding Market cost gains losses value ---- ----- ------ ----- Debt issued by the U.S. government and agencies: Due in one year or less $80 - (3) 77 Debt issued by government sponsored enterprises: Due in one year or less 995 13 - 1,008 Due in one year - five years 1,972 172 - 2,144 Due in five years - ten years 22,613 1,553 - 24,166 Due after ten years 56,087 2,118 (374) 57,831 Equity securities 954 138 (8) 1,084 Municipal securities: Due in one year - five years 913 18 - 931 Due in five years - ten years 39,929 739 (1) 40,667 Due after ten years 199,416 1,930 (5,961) 195,385 Corporate trust preferred securities: Due in one year - five years 500 - - 500 Due after ten years 23,577 42 (13,119) 10,500 Mortgage-backed securities: Fixed rate pass-through 160,821 5,458 (11) 166,268 Variable rate pass- through 250,939 6,651 (139) 257,451 Fixed rate CMO 48,165 639 (3,429) 45,375 Variable rate CMO 208,772 985 (3,762) 205,995 ------- --- ------ ------- Total mortgage- backed securities 668,697 13,733 (7,341) 675,089 ------- ------ ------ ------- Total marketable securities available- for-sale $1,015,733 20,456 (26,807) 1,009,382 ========== ====== ======= ========= Issuers of mortgage- backed securities as of June 30, 2009: ----------------------- Fannie Mae $250,994 5,816 (466) 256,344 Ginnie Mae 86,252 1,404 (34) 87,622 Freddie Mac 296,498 6,513 (835) 302,176 Non-agency 34,953 - (6,006) 28,947 ------ - ------ ------ Total $668,697 13,733 (7,341) 675,089 ======== ====== ====== ======= Average Balance Sheet (Dollars in Thousands) The following table sets forth certain information relating to the Company's average balance sheet and reflects the average yield on assets and average cost of 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. Three months ended June 30,2009 ------------------------------------- Avg. Average Yield/ Balance Interest Cost ------- ------- -------- ----- ASSETS: ------- Interest-earning assets: Loans receivable (a) (b) (d) $5,180,219 80,307 6.17% Mortgage-backed securities (c) 685,930 6,873 4.01% Investment securities (c) (d) (e) 355,960 5,546 6.23% FHLB stock 63,143 - 0.00% Other interest-earning deposits 273,924 124 0.18% ------- --- Total interest-earning assets 6,559,176 92,850 5.64% Noninterest earning assets (f) 483,632 ------- TOTAL ASSETS $7,042,808 ========== LIABILITIES AND SHAREHOLDERS' EQUITY: ------------------------------------- Interest-bearing liabilities: Savings accounts $834,007 1,605 0.77% Interest-bearing demand accounts 745,657 741 0.40% Money market accounts 729,613 2,272 1.25% Certificate accounts 2,537,422 19,828 3.13% Borrowed funds (g) 913,512 8,636 3.79% Junior subordinated debentures 108,249 1,459 5.33% ------- ----- Total interest-bearing liabilities 5,868,460 34,541 2.36% Noninterest bearing liabilities 543,500 ------- Total liabilities 6,411,960 Shareholders' equity 630,848 ------- TOTAL LIABILITIES AND EQUITY $7,042,808 ========== Net interest income/ Interest rate spread 58,309 3.28% Net interest-earning assets/ Net interest margin $690,716 3.56% Ratio of interest-earning assets to interest-bearing liabilities 1.12X ----------------------------- --------- Three months ended June 30, 2008 -------------------------------- Avg. Average Yield/ Balance Interest Cost ------- ------- -------- ----- ASSETS: ------- Interest-earning assets: Loans receivable (a) (b) (d) 4,957,008 81,078 6.51% Mortgage-backed securities (c) 802,465 9,514 4.74% Investment securities (c) (d) (e) 482,682 7,568 6.27% FHLB stock 45,648 306 2.68% Other interest-earning deposits 139,500 710 2.01% ------- --- Total interest-earning assets 6,427,303 99,176 6.15% Noninterest earning assets (f) 508,488 ------- TOTAL ASSETS 6,935,791 ========= LIABILITIES AND SHAREHOLDERS' EQUITY: ------------------------------------- Interest-bearing liabilities: Savings accounts 783,099 2,303 1.18% Interest-bearing demand accounts 748,735 1,578 0.85% Money market accounts 738,252 3,363 1.83% Certificate accounts 2,830,805 29,206 4.15% Borrowed funds (g) 627,431 5,837 3.74% Junior subordinated debentures 108,295 1,134 4.14% ------- ----- Total interest-bearing liabilities 5,836,617 43,421 2.99% Noninterest bearing liabilities 477,733 ------- Total liabilities 6,314,350 Shareholders' equity 621,441 ------- TOTAL LIABILITIES AND EQUITY 6,935,791 ========= Net interest income/ Interest rate spread 55,755 3.16% Net interest-earning assets/ Net interest margin 590,686 3.47% Ratio of interest-earning assets to interest-bearing liabilities 1.10X ----------------------------- --------- (a) Average gross loans receivable includes loans held as available- for-sale and loans placed on nonaccrual status. (b) Interest income includes accretion/ amortization of deferred loan fees/ expenses, which was not material. (c) Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale. (d) Interest income on tax-free investment securities and tax-free loans are presented on a fully taxable equivalent basis. (e) Average balances include Fannie Mae and Freddie Mac stock. (f) Average balances include the effect of unrealized gains or losses on securities held as available-for-sale. (g) Average balances include FHLB borrowings, securities sold under agreements to repurchase and other borrowings. Average Balance Sheet (Dollars in Thousands) The following table sets forth certain information relating to the Company's average balance sheet and reflects the average yield on assets and average cost of 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. Six months ended June 30, 2009 ---------------------------------- Avg. Average Yield/ Balance Interest Cost ------- ------- -------- ----- ASSETS: ------- Interest-earning assets: Loans receivable (a) (b) (d) $5,194,221 161,597 6.21% Mortgage-backed securities (c) 711,842 14,278 4.01% Investment securities (c) (d) (e) 370,922 11,603 6.26% FHLB stock 63,143 - 0.00% Other interest-earning deposits 175,431 162 0.18% ------- --- Total interest-earning assets 6,515,559 187,640 5.75% Noninterest earning assets (f) 496,152 ------- TOTAL ASSETS $7,011,711 ========== LIABILITIES AND SHAREHOLDERS' EQUITY: ------------------------------------- Interest-bearing liabilities: Savings accounts $812,396 3,058 0.76% Interest-bearing demand accounts 727,614 1,547 0.43% Money market accounts 717,288 4,795 1.35% Certificate accounts 2,504,253 39,683 3.20% Borrowed funds (g) 977,856 17,335 3.57% Junior subordinated debentures 108,249 2,948 5.42% ------- ----- Total interest-bearing liabilities 5,847,656 69,366 2.39% Noninterest bearing liabilities 538,188 ------- Total liabilities 6,385,844 Shareholders' equity 625,867 ------- TOTAL LIABILITIES AND EQUITY $7,011,711 ========== Net interest income/ Interest rate spread 118,274 3.36% Net interest-earning assets/ Net interest margin $667,903 3.63% Ratio of interest-earning assets to interest-bearing liabilities 1.11X ----------------------------- --------- Six months ended June 30, 2008 ---------------------------------- Avg. Average Yield/ Balance Interest Cost ------- ------- -------- -----ASSETS: ------- Interest-earning assets: Loans receivable (a) (b) (d) 4,907,866 162,478 6.58% Mortgage-backed securities (c) 688,911 16,684 4.84% Investment securities (c) (d) (e) 502,370 15,611 6.21% FHLB stock 39,174 717 3.66% Other interest-earning deposits 185,255 2,506 2.68% ------- ----- Total interest-earning assets 6,323,576 197,996 6.23% Noninterest earning assets (f) 497,741 ------- TOTAL ASSETS 6,821,317 ========= LIABILITIES AND SHAREHOLDERS' EQUITY: ------------------------------------- Interest-bearing liabilities: Savings accounts 767,551 4,529 1.19% Interest-bearing demand accounts 737,138 3,714 1.01% Money market accounts 721,558 8,628 2.40% Certificate accounts 2,913,135 62,410 4.31% Borrowed funds (g) 503,179 9,740 3.89% Junior subordinated debentures 108,303 2,789 5.09% ------- ----- Total interest-bearing liabilities 5,750,864 91,810 3.21% Noninterest bearing liabilities 449,991 ------- Total liabilities 6,200,855 Shareholders' equity 620,462 ------- TOTAL LIABILITIES AND EQUITY 6,821,317 ========= Net interest income/ Interest rate spread 106,186 3.02% Net interest-earning assets/ Net interest margin 572,712 3.36% Ratio of interest-earning assets to interest-bearing liabilities 1.10X ----------------------------- --------- (a) Average gross loans receivable includes loans held as available- for-sale and loans placed on nonaccrual status. (b) Interest income includes accretion/ amortization of deferred loan fees/ expenses, which was not material. (c) Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale. (d) Interest income on tax-free investment securities and tax-free loans are presented on a fully taxable equivalent basis. (e) Average balances include Fannie Mae and Freddie Mac stock. (f) Average balances include the effect of unrealized gains or losses on securities held as available-for-sale. (g) Average balances include FHLB borrowings, securities sold under agreements to repurchase and other borrowings. DATASOURCE: Northwest Bancorp, Inc. CONTACT: William J. Wagner, President and Chief Executive Officer, +1-814-726-2140, or William W. Harvey, Jr., Executive Vice President and Chief Financial Officer, +1-814-726-2140, both of Northwest Bancorp, Inc. Web Site: http://www.northwestsavingsbank.com/

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NWSB Northwest Bancorp (MM)