Profile: Northwest Bancshares Inc (NWBI.OQ)
Northwest Bancshares, Inc. (Northwest), incorporated on September 8, 2009, is a savings and loan holding company. The Company's principal business consists of attracting deposits and making loans secured by various types of collateral, including real estate and other assets in the markets in which it operates. Its segments include Community Banking and Consumer Finance. The Community Banking segment includes its savings bank subsidiary, Northwest Bank, as well as the subsidiaries of the savings bank that provide similar products and services. The bank is a community-oriented institution that offers a range of personal and business deposit and loan products, including mortgage, consumer, and commercial loans, as well as trust, investment management, actuarial and benefit plan administration, and brokerage services typically offered by a full service financial institution. The Consumer Finance segment comprises Northwest Consumer Discount Company, a subsidiary of Northwest Bank. This subsidiary compliments the services of the bank by offering personal installment loans for a variety of consumer and real estate products.
As of December 31, 2016, Northwest Bank operated 176 community-banking locations throughout its market area in central and western Pennsylvania, western New York, eastern Ohio and Maryland. As of December 31, 2016, Northwest Bank operated 49 consumer finance offices in Pennsylvania. Northwest Bank also offers investment management and trust services and through subsidiaries, actuarial and benefit plan administration services, as well as property and casualty and employer benefit plan insurance. Its principal lending activities are the origination of loans secured by first mortgages on owner-occupied, one- to four- family residences, shorter term consumer loans, and commercial business and commercial real estate loans.
The Bank's principal lending activities are the origination of fixed-rate and, to a lesser extent, adjustable-rate mortgage loans collateralized by one- to four- family residential real estate, shorter term consumer loans and the origination of loans collateralized by multi-family residential and commercial real estate and commercial business loans. The Bank focuses its lending activities in the geographic areas where it maintains offices. The Bank offers residential mortgage loans with terms ranging from 15 to 30 years, with either fixed or adjustable interest rates. Adjustable rate residential mortgage loans totaled approximately $40.1 million. The Bank offers fixed-rate and adjustable-rate residential construction loans primarily for the construction of owner-occupied one- to four- family residences in its market area to builders or to owners who have a contract for construction. As of December 31, 2016, its net loans totaled $7.49 million.
The Bank purchases debentures and mortgage-backed securities that generally are issued by the Federal Home Loan Bank, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or the Government National Mortgage Association (Ginnie Mae). The Bank invests in mortgage-backed securities. As of December 31, 2016, the fair value of its investment and mortgage-backed securities portfolio totaled $846.6 million.
Sources of Funds
Deposits are the source of the Bank's funds for lending and other investment purposes. In addition to deposits, it derives funds from the amortization and prepayment and sale of loans and mortgage-backed securities, the maturity of investment securities, operations and, if needed, borrowings. As of December 31, 2016, its amount of total deposits totaled to $7.88 million.
Northwest Bancshares Inc
100 Liberty St
WARREN PA 16365-2411