Successful Completion of Penns Woods Merger
The Penns Woods merger was closed, marking the largest transaction in the company's history. The integration, including customer and data conversion, was completed successfully, with deal synergies meeting or exceeding expectations.
Record Revenue Achievement
Northwest Bancshares achieved a record revenue of $168 million for the third quarter, marking a more than 20% year-over-year growth.
Strong Commercial C&I Growth
The company delivered over 25% year-over-year average growth in commercial C&I loans, driven by strategic rebalancing and growth in specialty verticals and SBA lending.
Improved Net Interest Margin
Net interest margin improved by 9 basis points quarter-over-quarter to 3.65%, benefiting from higher average loan yields and purchase accounting accretion.
Solid Capital and Liquidity Position
The company reported a strong liquidity position, covering approximately 250% of uninsured deposits, and a CET1 ratio of 12.3%, well above regulatory requirements.