Champions of Opportunity
A Message to Shareholders from
Ronald J. Seiffert — Chairman, President and CEO
It is difficult to believe that it has been more
objectives outlined in our five-year strategic
than two years since the beginning of the
plan, which was approved by our Board of
COVID-19 pandemic. Reflecting on that, I think
Directors in October 2018.
about how much has changed, and how that
change has impacted each of us physically,
emotionally, financially or practically as we live
our day-to-day lives.
I would like to begin this year’s message
by thanking our valued employees for their
dedication to being there, standing strong as
Champions of Opportunity for our customers,
our communities and for each other. More
times than I can count, I have noted moments
when our team has gone above and beyond to
understand and empathize with customers and
fellow employees, empowering them to triumph
In 2021, we prioritized the following initiatives
to help ensure a solid return on your investment
and your continued belief in us:
• Embarked on an initiative reaffirming
our culture and commonality of goal and
purpose, recognizing that we truly are
Champions of Opportunity;
• Completed Phase I of our digital
transformation strategy, which converted
15 of our major systems/applications to our
new digital platform;
over these challenging times and pursue their
• Announced our 2022 branch optimization
own vision of wealth and happiness.
While providing support to others, our teams
also answered the call in 2021 by embracing
progress, change and innovation. Their
willingness to adopt and learn new technology
led to the successful implementation of the
first phase of our digital transformation efforts,
which provided customers with simple, fast and
secure digital banking solutions designed to
provide seamless account access and financial
insights where and when they want it.
As with our employees and our customers,
we share a fundamental commitment to
strategy, which includes the closing of 20
branches at an expected annual cost savings
of $8 million;
• Executed our retail workforce optimization
strategy, which focused on creating cost
savings in our branch network through
increased efficiencies;
• Recruited key executive-level talent
to the company across departments,
including Marketing, Human Resources and
Information Systems;
• Established our new holding company
you, our shareholders. Our team’s dedication
headquarters for Northwest Bancshares, Inc.
to supporting others through daily practice
in Columbus, Ohio, while maintaining our
of trust, collaboration and accountability is
Northwest Bank headquarters in Warren,
what allowed us to continue to deliver on the
Pennsylvania;
1
• Sold our insurance business at a gain of
Commercial Banking
$25 million;
• Expanded the initiatives of our Diversity
and Inclusion strategy through increased
activities of our Inclusion Council as part of
our Environmental, Social and Governance
(ESG) commitment;
• Recruited Pablo Vegas to the Northwest
Bank Board of Directors, who represents
the Columbus market and is experienced in
strategy, technology and operations;
• Continued the execution of our strong
succession management and mentoring
programs, including the completion of
an engagement with Korn Ferry which
assessed personal and professional
development opportunities for our four
Generate improved results from the
significant investments we made in 2021 in
our Delaware Valley LPO, the creation of our
Healthcare Vertical, the expansion of our
Corporate Finance Department and through
the addition of quality Commercial Bankers in
Indiana, Pittsburgh, Columbus and Cleveland;
Develop equipment finance capability through
hiring external expertise or through an
acquisition of an independent company;
Assess end-to-end Commercial sales and
credit processes to remove friction and to
improve our overall customer experience.
Business Banking
senior executive vice presidents; and, finally
Expand our capability through the
• Generated very strong credit quality
metrics despite the negative impact of
the pandemic resulting in charge-offs
and delinquencies of 0.20% and 1.00%,
respectively, at December 31, 2021.
development of new loan options, bundled
treasury management products and
innovative technology to improve our small
business customer experience;
Expand the production and sale of SBA loan
products.
The execution of these key initiatives contributed
significantly to our financial performance. For
Digital Transformation
the fiscal year ending December 31, 2021, the
company generated net income of $154.3 million
and an ROA of 1.08%. The financial statements
incorporated in this report will provide an
in-depth analysis of these results.
2022 Focus
Execute Phase II of our digital platform
strategy to include the conversion of six new
systems/applications.
Branch Optimization 2.0
Close 20 branches, which represents
approximately 12% of our retail network.
In October 2021, our executive management
team presented a refreshed strategic plan to our
Workforce Optimization 2.0
Board of Directors for approval, which included
Reduce costs in our retail branch network
key initiatives to further enhance our financial
through process improvements and through
performance for 2022. The major initiatives that
the migration of our customer base to our
emerged from this process are as follows:
digital platform.
2
Customer Experience
Continue to institutionalize our Customer
Experience strategy, shifting our focus
and aspiration away from just customer
“satisfaction” to customer “experience”.
Through the effective execution of these
initiatives in 2022, we are confident that we
will build upon the historically-consistent
financial performance of the company and, in
turn, enhance shareholder value.
Marketing and Communication
Conclusion
Strengthen marketing and communication
by leveraging data to develop and implement
Despite the many challenges created by
growth strategies for each of the bank’s lines
the prolonged pandemic and the continued
of business.
Risk Management
Continue our historically-strong emphasis
on maintaining effective risk management
practices and oversight across the bank in
response to an increasingly complex banking
environment.
Diversity and Inclusion
Through our Inclusion Council established
in 2020, continue to develop focused ESG
initiatives to build upon the bank’s inclusive
environment to include data collection and
analysis, education, training and development
and community engagement.
Mergers and Acquisitions
headwinds created by the interest rate
environment in 2021, I was very pleased with
the performance of our bank. We were able
to complete a number of strategic initiatives
during 2021, which will enhance our ability to
perform at higher levels during 2022.
We are in the fourth year of executing our
compelling five-year strategic plan approved
in 2018 by our Board of Directors which, we
believe, will continue to enhance shareholder
returns in 2022 and beyond. However, we
continue to have a strong bias that our
greatest strength is our people. We have
exceptional employees who are extremely
dedicated to our company, to our customers
and to the communities which we serve.
On behalf of our Board of Directors and our
employees, I wish to thank our customers
Continue to explore merger opportunities
for their continued loyalty and trust and
within our defined target market of
our shareholders for your confidence in our
Pennsylvania, New York, Ohio and Indiana.
company and for your support!
Talent Acquisition,
Development and Retention
Sincerely,
Continue to aggressively pursue and develop
top talent across all our job families to
support our growth and to respond to the
Ronald J. Seiffert
increasing complexities of our business.
Chairman, President and CEO
3
Corporate Profile
Northwest Bancshares, Inc.
Northwest Bancshares, Inc. is a federally-
banking locations, eight free-standing drive
chartered bank holding company that
through locations and 226 ATMs across
owns and operates Northwest Bank, a
Pennsylvania, New York, Ohio and Indiana.
Pennsylvania-chartered savings bank
For more than 125 years, we have served our
headquartered in Warren, Pennsylvania.
communities by meeting the diverse financial
needs of individuals, families, organizations
As of December 31, 2021, we held assets of
and businesses seeking to bank, borrow,
$14.50 billion, 162 full-service community
invest and plan their futures.
Our primary business involves gathering funds from deposits and
borrowings and investing them in loans and investment securities.
Source
of Funds
Investment
of Funds
Checking Accounts ........................... 48%
Money Market Accounts ..................21%
Savings Accounts .................................18%
Certificates of Deposit ..................... 10%
Borrowed Funds ..................................... 1%
Subordinated Debt ................................ 1%
Junior Subordinated Debentures .... 1%
Cash and Investments .......................26%
Commercial Real Estate .................. 22%
Mortgage Loans .................................. 22%
Consumer Loans ..................................14%
Home Equity Loans ............................ 10%
Commercial Loans................................. 6%
4
6%10%14%22%22%26%10%18%21%48% Northwest's sources of funds and mix of loans and investments
have changed considerably over the years as we have strived
to transform from a thrift to a commercial bank.
Loan Growth and Mix in billions of dollars
$12.5
1-4 Family Residential Mortgages
Home Equity Loans
Consumer Loans
Commercial Real Estate
Commercial and Industrial
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
$10
$7.5
$5
$2.5
$0
Deposit Growth and Mix in billions of dollars
$12.5
Savings Accounts
$10
$7.5
$5
$2.5
$0
Checking Accounts
Money Market Accounts
Certificates of Deposit
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
5
Financial Highlights
Northwest Bancshares, Inc. and subsidiaries
In thousands, except per share and other data
AT YEAR END DECEMBER 31,
2021
2020
2019
Total assets
Loans receivable, net
Deposits
Shareholders’ equity
Book value per share
Tangible book value per share
Closing market price per share
FOR THE YEAR ENDED DECEMBER 31,
Net interest income
Net income
Diluted earnings per share
Dividends per share
KEY FINANCIAL RATIOS FOR THE YEAR ENDED DECEMBER 31,
Return on average shareholders’ equity
Return on average assets
Tangible common equity
Average interest rate spread
Nonperforming assets to total assets at end of period
Net charge-offs as a percentage of average loans outstanding
$ 14,501,508
$ 13,806,268
$ 10,493,908
9,914,151
10,446,422
8,750,733
12,301,165
11,599,233
8,592,007
1,583,571
1,538,703
1,353,285
12.51
9.40
14.16
12.11
8.95
12.74
12.66
9.21
16.63
$ 391,262
$ 391,728
$ 360,466
154,323
74,854
110,432
1.21
0.79
9.91%
1.08%
8.43%
2.89%
1.10%
0.20%
0.62
0.76
4.72%
0.58%
8.48%
3.24%
0.77%
0.27%
1.04
0.72
8.36%
1.07%
9.72%
3.62%
0.67%
0.23%
Allowance for credit losses to nonperforming loans at end of period
64.38%
129.99%
84.09%
Allowance for credit losses as a percentage of loans receivable
1.02%
1.27%
0.66%
OTHER DATA AT DECEMBER 31,
Full-service community banking locations
162
162
172
Average deposits per full-service location (1)
$ 75,933
$ 71,600
$ 49,954
Full-time equivalent employees
Registered shareholders (2)
2,332
2,421
2,209
10,182
12,442
12,532
(1) In thousands.
(2) Excludes shareholders who own their stock in “street name.”
6
Growth and Performance
Assets in billions of dollars
Assets
Total assets increased $695.2
million over prior year primarily
due to increases in marketable
securities and total cash and
cash equivalents, as a result of
increases in customer deposits.
Net income
Net income increased $79.5
million over prior year resulting
primarily from a release in
provision for credit losses that
were built up in the prior year
due to uncertainty around the
impact of COVID-19 as well as a
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Annual Net Income in millions of dollars
$110.4
$83.7
$74.9
$60.5
$49.7
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
$25.3 million gain from the sale
Diluted earnings per share in dollars
of our insurance business.
Earnings per share
$1.04
$0.83
$0.64
$0.49
$0.62
Common Stock Information
Stock Price Performance Since IPO
in total return % (Source: S&P Capital IQ)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
2021 High
Low
Div
1Q $ 15.48 $ 12.42 $ 0.19
2Q $ 14.76 $ 13.45 $ 0.20
3Q $ 13.88 $ 12.37 $ 0.20
4Q $ 14.50 $ 13.11 $ 0.20
2020 High
Low
Div
1Q $ 16.67 $ 9.92
2Q $ 12.24 $ 8.52
$ 0.19
$ 0.19
3Q $ 10.72 $ 8.84
$ 0.19
4Q $ 12.84 $ 9.07
$ 0.19
2,100
1,550
1,000
450
-100
NWBI
+1,796.48%
S&P 500
+1,618.08%
S&P Banks
+853.56%
1
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1
9
9
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1
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$154.3$74.9$110.4$105.5$94.5$49.7$60.5$62.0$66.6$63.4$154.3$131.4$113.4$83.7$82.3$67.0$154.3$131.4$113.4$83.7$82.3$67.0$154.3$131.4$113.4$83.7$82.3$67.0$154.3$131.4$113.4$83.7$82.3$67.0$154.3$131.4$113.4$83.7$82.3$67.0$14.50$13.81$10.49$9.61$9.36$9.62$8.95$7.78$7.88$7.94$1.21$0.62$1.04$1.02$0.92$0.49$0.64$0.67$0.73$0.68$1.21$1.09$1.07$1.02$0.83$0.82$0.71$1.21$1.09$1.07$1.02$0.83$0.82$0.71$1.21$1.09$1.07$1.02$0.83$0.82$0.71$1.21$1.09$1.07$1.02$0.83$0.82$0.71$1.21$1.09$1.07$1.02$0.83$0.82$0.71$1.21$1.09$1.07$1.02$0.83$0.82$0.71 Here to make the difference
Corporate Responsibility | northwest.com/esg
For more than 125 years, doing what’s right for the people, communities and world around us has
been at the heart of who we are. Here you’ll find how we meet Environmental, Social and Governance
(ESG) standards and uphold responsible business principles to fulfill our shared purpose to create
opportunities and empower one another — all to pave the way for a better tomorrow.
Governance and Ethics
Integrity, transparency and trust are three principles
that drive the way we do business.
Empowering Customers
It’s our mission to empower people with the knowledge
and tools they need to improve their lives.
Investing in our Team
We’re real people with a shared passion for
helping others — most importantly, our employees.
Committed to Inclusion
We face each day as one, embracing our unique
perspectives to spark creative solutions.
Strengthening Communities
We’re dedicated to making a difference in the places
where we live and work.
Focused on Sustainability
Whether it’s the environment, our communities, economy or
our people, we’re here to make a long-lasting impression.
In 2021, Northwest Bank earned a
Home Possible RISE Award from
Freddie Mac, which helps low-income
homebuyers secure mortgages.
8
WE ARE COMMITTED TO COMMUNITY DEVELOPMENT
Community Donations
Community Lending
We donate to support job creation,
We’re committed to nurturing dreams of
affordable housing and other services
prosperity — from home ownership to
in low- and moderate-income
entrepreneurship — for those who need it
neighborhoods.
most.
Annual Community Donations
Annual Community Lending
in thousands of dollars
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
(1) Does not include all donations made at the local level.
(2) Includes PPP loans.
In the spotlight:
Belmont Financial
Education Center
In 2021, we were proud to stand alongside our
partners from Belmont Housing in Buffalo to
cut the ribbon marking the grand opening of
the Belmont Financial Education Center, powered by Northwest. Through
this partnership, people who live on the East Side of Buffalo and beyond will
be able to put their children through college, invest in homes, start businesses
and retire in comfort and security. This is what true economic development
looks like. Scan this code to learn more.
9
$755,689$899,513$510,734$366,401$329,249$1,026,065$1,217,900$1,217,499$993,000$1,314,500
Market Coverage
Proudly serving people and
businesses across four states.
Northwest Bancshares, Inc. Headquarters
Columbus, Ohio
Northwest Bank Headquarters
Warren, Pennsylvania
Bucks
Montgomery
C h e s t e r
Philadelphia
Delaware
2021 was an award-winning year for
Northwest Bank as we were ranked
Highest Customer Satisfaction
with Retail Banking and Most Trusted
Retail Bank in Pennsylvania by
J.D. Power — we were also named
one of America's Best Banks by Forbes.
10
Business Solutions
We're passionate about helping people.
At Northwest, we believe there are opportunities around
every corner. And we're here to surround you with the
tailored solutions and personalized advice you need to
find them.
Our network of local experts puts you and your business
at the center of everything they do, understanding your
unique needs, identifying customized tools and ultimately,
empowering you to achieve your financial goals.
From treasury management and financing to investment
management and employee benefits for businesses big
and small, consider our team an extension of yours.
11
Business Solutions
Loans and Deposits
Commercial relationships continue to be a growing segment of our business as commercial loans
and deposits have grown over the past five years. Yields and costs have declined due to the changing
interest rate environment. Our business deposit mix continues to improve as we meet the needs of all
types of businesses.
Commercial Loans
in billions of dollars
Business Deposit Balances
in billions of dollars
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
Commercial Loan Yields
Cost of Business Deposits
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
Commercial Loan Losses
as a % of commercial loans
Business Deposit Mix
54%
54% of business deposits
were in non-interest
bearing checking accounts
Money Market Accounts ......... 18%
Interest Checking Accounts ... 14%
Municipal Accounts ................... 14%
2017
2018
2019
2020
2021
12
14%14%18%54%0.44%0.45%0.35%0.35%0.25%$3.812$3.536$2.098$1.919$1.7014.18%4.27%5.00%4.72%4.41%0.04%0.05%0.34%0.34%0.19%$3.863$4.537$3.472$3.069$3.035 Trust Services
Business trust revenue has remained strong over the past year as we continue to diversify our mix
of both revenue and assets under management.
Business Trust Assets Under Management
in billions of dollars
Business Trust Asset Mix
as a % of total business assets under management
82%
82% of business trust
assets were in
retirement plans
Endowments/Foundations ... 12%
Investment Management .........4%
Trusts ..................................................2%
2017
2018
2019
2020
2021
Business Trust Revenue
in millions of dollars
Business Trust Revenue Mix
as a % of total business revenue
73%
73% of business trust
revenue came from
retirement plans
Endowments/Foundations ... 17%
Investment Management .........7%
Trusts ..................................................3%
2017
2018
2019
2020
2021
Business investments, employee retirement plans and
succession plans play an important role in the health of a
business. That's where our trust officers shine.
13
12%82%$6.1$4.9$4.3$4.3$4.27%17%73%3%$1.946$1.824$1.447$1.239$1.338
It's time to bank easier
Simple, fast and secure access at your fingertips.
We're always looking for ways to make banking better. And when we
get it right, it just clicks. Which is why in 2021, we launched our enhanced
digital experience. With digital banking, we’re here for you any time you
need us, giving you the freedom to bank when, where and how you want.
Powered by the latest technology and backed by our dedicated people,
our digital evolution enables us to be more connected than ever.
Experience Easier
Whether you're a personal or business customer, our reimagined digital
experience means better banking is at your fingertips. Safe, simple and
secure, our enhanced online and mobile banking is designed for easy
access and fast functioning on any device.
For Personal Customers:
For Business Customers:
Send Money Fast
Stay Safe and Secure
Experience the quick and secure
Powerful tools that help keep your
convenience of sending money with Zelle®,
business secure, including alerts and
plus easy-to-use bill pay and money transfers
card controls, positive pay to protect
between internal or external accounts.
Monitor Easily
Enjoy powerful tools that help you manage
your financial well-being, including instant
checks and ACH transactions and
biometric facial recognition and
fingerprint access in mobile.
Customize Your Access
credit score checks, recommendations to help
With entitlements, enable the right
reduce debt, plus enhanced ways for you to
access for the right people, so your
budget today and plan for the future.
business runs the way you want.
Stay Secure
Move Money Easily
Powerful tools that help keep your account
Enjoy banking that runs at the speed of
safe, including alerts and card controls
your business, including simple money
managed within online banking, biometric
transfers with built-in alerts, bill pay
facial recognition and fingerprint access in
designed for business, plus payments
mobile, and passcode authentication.
through wire transfers and ACH.
1414
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Personal Solutions
Increasing the value of you.
At Northwest, we find joy in going the extra mile, helping you along the
journey to achieve your financial goals.
Our team of trusted advisors treat your dreams as theirs, approaching
every one of them with fresh thought and personal attention.
Whether you're just getting started or financially secure, the tools we
provide today will make a lasting difference tomorrow.
15
Personal Solutions
Deposits
We pride ourselves in the relationships we've built meeting our customers' needs. We continue to
have great success attracting and retaining new checking account customers and look forward to
serving them for years to come as we deepen those relationships.
Number of Households
Number of Checking Accounts
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
Services Per Household
Checking Account Balances
in billions of dollars
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
Savings and Insured Money Fund
Deposit Balances
in billions of dollars
Checking Account Fees
in millions of dollars
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
16
(1) In 2021, number of households declined due to the divestiture of our insurance business.
$48.3$51.9$49.6$46.2$44.2354,706357,837325,869313,864310,993$3.171$2.815$1.971$1.838$1.797$4.274$3.870$3.096$2.960$3.041470,205472,854421,896401,727393,0703.1243.0992.9752.8472.853 Loans
Mortgage and home equity loans are a core offering and continue to provide a stable return.
Consumer loans have grown substantially in recent years with an emphasis on higher credit quality.
Mortgage Portfolio Yield
Consumer Loans
in millions of dollars
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
Home Equity Portfolio Yield
Consumer Loan Portfolio Yield
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
Mortgage and Home Equity Loan Losses
as a % of total mortgages and home equity loans
Consumer Loan Losses
as a % of consumer loans
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
(1) Excludes consumer finance loans from Northwest Consumer Discount Company.
17
3.72%4.40%4.57%4.95%5.98%0.16%0.03%0.05%0.07%0.08%$1,838.7$1,508.0$1,125.1$859.7$671.43.56%3.89%4.91%4.80%4.45%3.46%3.71%4.04%4.06%4.11%0.55%0.84%1.05%1.86%1.83%
Personal Solutions
Trust Services
We continue to grow personal trust revenue through our focus on relationships,
service and customized investment management solutions.
Personal Trust Assets Under Management
in millions of dollars
Personal Trust Asset Mix
as a % of total personal assets under management
51% of trust assets
were in investment
management accounts
Trusts ............................................ 49%
51%
2017
2018
2019
2020
2021
Personal Trust Revenue
in millions of dollars
Personal Trust Revenue Mix
as a % of total personal revenue
50% of trust revenue
came from investment
management accounts
Trusts ............................................ 50%
50%
2017
2018
2019
2020
2021
Our experienced team of trust officers help
ensure customer assets are protected—
and their legacies are fulfilled.
18
50%50%51%49%$7.0$5.0$3.9$3.8$3.6$899.8$804.0$404.0$364.9$403.0 Northwest Investment Services
2021 was another record-breaking year, with personal assets under management and revenue
hitting new highs. Financial Wellness conversations continue to uncover new opportunities with our
retail clients.
Personal Assets Under Management
in millions of dollars
Personal Asset Mix
as a % of total personal assets under management
36%
36% of personal
investment assets were
in advisory accounts
Annuity .........................................33%
Brokerage ....................................31%
2017
2018
2019
2020
2021
Personal Investment Management Revenue
in millions of dollars
Personal Investment Management Revenue Mix
as a % of total personal revenue
57%
57% of personal
investment revenue came
from advisory accounts
Annuity ........................................ 30%
Brokerage ................................... 13%
2017
2018
2019
2020
2021
19
30%57%13%33%36%31%$16.3$11.7$10.8$9.7$9.1$2,554.4$2,230.6$1,727.3$1,440.6$1,487.1
Financial Data
Condensed consolidated balance sheet
In thousands, except share data
ASSETS
Cash and cash equivalents
Marketable securities available-for-sale
Marketable securities held-to-maturity
AS OF DECEMBER 31,
2021
2020
$ 1,279,259
$ 736,277
1,548,592
1,398,941
768,154
178,887
Loans receivable, net of allowance for credit losses of $102,241 and $134,427
9,914,151
10,446,422
FHLB stock, at cost
Accrued interest receivable
Real estate owned, net
Premises and equipment, net
Bank-owned life insurance
Goodwill and other intangible assets
Other assets
TOTAL ASSETS
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Borrowed funds
Subordinated Debt
Junior subordinated debentures
Advances by borrowers for taxes and insurance
Accrued interest payable
Other liabilities
TOTAL LIABILITIES
14,184
25,599
873
21,748
35,554
2,232
156,524
161,538
256,213
253,951
393,833
402,215
144,126
168,503
$ 14,501,508 $ 13,806,268
$ 12,301,165
$ 11,599,233
139,093
123,575
159,715
123,329
129,054
128,794
44,582
1,804
45,230
2,054
178,664
209,210
12,917,937
12,267,565
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued
—
—
Common stock, $0.01 par value, 500,000,000 shares authorized;
126,612,183 and 127,091,452 shares issued and outstanding, respectively
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
TOTAL SHAREHOLDERS’ EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
1,266
1,270
1,010,405
1,015,502
609,529
555,480
(37,629)
(33,549)
1,583,571
1,538,703
$ 14,501,508 $ 13,806,268
20
Condensed consolidated statements of income
In thousands, except per share data
INTEREST INCOME
Loans
Investments and interest-earning deposits
TOTAL INTEREST INCOME
INTEREST EXPENSE
Deposits
Borrowed funds
TOTAL INTEREST EXPENSE
Net interest income
Provision for credit losses
YEARS ENDED DECEMBER 31,
2021
2020
2019
$ 390,343
$ 410,907
$ 394,809
28,165
23,161
22,571
418,508
434,068
417,380
19,122
35,896
49,216
8,124
6,444
7,698
27,246
42,340
56,914
391,262
391,728
360,466
(11,883)
83,975
22,659
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
403,145
307,753
337,807
NONINTEREST INCOME
Gain/(Loss) on sale of investments
Gain on sale of loans
Service charges and fees
Trust and other financial services income
Insurance commission income
Income from bank-owned life insurance
Mortgage banking income
Gain on sale of insurance business
Other
TOTAL NONINTEREST INCOME
NONINTEREST EXPENSE
Compensation and employee benefits
Premises and occupancy costs
Office operations
Collections expense
Processing expenses
Marketing expenses
Federal deposit insurance premiums
Professional services
Amortization of intangible assets
Merger, asset disposition and restructuring expense
Other
TOTAL NONINTEREST EXPENSE
Income before income taxes
Income tax expense
NET INCOME
Basic earnings per share
Diluted earnings per share
(176)
—
51,837
27,921
3,633
6,050
15,892
25,327
12,405
236
1,302
55,613
20,922
9,132
5,190
31,391
—
50
1,734
53,065
17,765
8,068
4,418
3,819
—
8,479
10,488
142,889
132,265
99,407
193,887
178,375
163,086
31,073
13,769
1,932
30,622
15,728
3,275
28,717
14,133
2,560
55,763
50,050
42,453
8,237
4,975
7,695
4,767
6,998
685
17,621
12,482
12,287
5,553
3,453
8,647
6,856
20,789
16,853
6,543
4,168
14,473
344,910
347,492
296,103
201,124
92,526
141,111
46,801
17,672
30,679
$ 154,323
$ 74,854 $ 110,432
$ 1.22
$ 1.21
$ 0.62
$ 0.62
$ 1.05
$ 1.04
21
Directors and Officers
Board of Directors
Ronald J. Seiffert
Chairman, President and CEO
Northwest Bancshares, Inc.
Robert M. Campana
President
Campana Capital
Deborah J. Chadsey
Attorney and Partner
Kavinoky Cook LLP
Wilbur R. Davis
Retired Co-Founder and CEO
Ontario Systems, LLC
Corporate Officers
Ronald J. Seiffert
President
Chief Executive Officer
Timothy B. Fannin
Retired Partner
Catalano, Case, Catalano &
Clark-Radzieta, LLP
Mark A. Paup
President and CEO
Zippo Manufacturing,
W.R. Case and Sons Cutlery Company
Timothy M. Hunter
President and CEO
McInnes Rolled Rings
Sonia M. Probst
Retired CEO
Rouse Estate
William F. McKnight
Controller
Interstate Chemical Company
John P. Meegan
Retired Executive
Vice President and COO
Hefren-Tillotson, Inc.
David M. Tullio
President and CEO
Custom Engineering Company,
LAMJEN, Inc.
Ronald B. Andzelik
Executive Vice President
Chief Risk Officer
Richard K. Laws
Executive Vice President
Chief Counsel/Corporate Secretary
John J. Golding
Senior Executive Vice President
Consumer Banking
Thomas K. Creal IV
Executive Vice President
Chief Credit Officer
William W. Harvey, Jr.
Senior Executive Vice President
Chief Financial Officer
Devin T. Cygnar
Executive Vice President
Chief Marketing Officer
Mark T. Reitzes
Senior Executive Vice President
Commercial Banking
David W. Heeter
Executive Vice President
Corporate Ambassador
Louis J. Torchio
Senior Executive Vice President
Retail Lending and
Business Banking
Kyle P. Kane
Executive Vice President
Chief Human Resources Officer
Jeffrey J. Maddigan
Executive Vice President
Finance and Accounting
Julia W. McTavish
Executive Vice President
Human Resources
Shawn O. Walker
Executive Vice President
Corporate Communications and
Regional Marketing
Scott J. Watson
Executive Vice President
Chief Information Officer
22
Corporate Officers
Carey A. Barnum
Senior Vice President
Deputy Chief Auditor
Stephen M. Bell
Senior Vice President
Corporate Real Estate
Michael W. Cappetta
Senior Vice President
Chief Technology Officer
Kevin S. Carpenter
Senior Vice President
Secondary Market
Michele D. Cavalier
Senior Vice President
Senior Trust Officer
James M. Colestro
Senior Vice President
Retail Lending
Steven M. Crissey
Senior Vice President
Human Resources
Barbara L. DeMontier
Senior Vice President
Human Resources
Rocco N. Diina
Senior Vice President
Mortgage Lending
Jack R. Freeman
Senior Vice President
Credit
Jennifer L. Gibson
Senior Vice President
Indiana Region
Kelli M. Griffin
Senior Vice President
Customer Experience
John M. Guidone
Senior Vice President
Dealer Services
Andrew R. Hahn
Senior Vice President
Investment Services
Richard C. Hamister
Senior Vice President
Great Lakes Region
Ian J. Hinsdale
Senior Vice President
Bank Secrecy Act (BSA)
Julie A. Marasco
Senior Vice President
Northwest PA Region
Kristyn L. McGlynn
Senior Vice President
Credit
Kristen E. Mekulsia
Senior Vice President
South Central PA Region
Kevin G. Mizak
Senior Vice President
Chief Auditor
Kevin W. Nelson
Senior Vice President
Commercial Banking
Melody P. Schott
Senior Vice President
Support Services
Jacqueline N. Snell
Senior Vice President
Controller
Julie Fallon Hughes
Senior Vice President
Southwest PA/Ohio Region
Lance L. Spencer
Senior Vice President
Chief Information Security Officer
Bryan P. Jasin
Senior Vice President
Small Business Banking
Christina D. Dinger
Senior Vice President
Enterprise Project Management
Leslie D. Kurtz
Senior Vice President
Chief Compliance Officer
Seth A. Erickson
Senior Vice President
Credit
Sheila I. Evans
Senior Vice President
Commercial Banking
Kristen M. Federici
Senior Vice President
Accounting
Raymond R. Learn
Senior Vice President
Deputy Chief Counsel
Dorothy E. Lobdell
Senior Vice President
Retail Lending Operations
John R. Malizia
Senior Vice President
Commercial Banking
Tina M. Stinson
Senior Vice President
Treasury Management
C. Forrest Tefft
Senior Vice President
Corporate Finance
Jeffrey R. White
Senior Vice President
Deputy Chief Risk Officer
Mark H. Worthy
Senior Vice President
Commercial Banking
Brenda J. Yurick
Senior Vice President
Deputy Chief Counsel
23
Investor Information
Corporate Headquarters
3 Easton Oval
Suite 500
Columbus, OH 43219
Phone: (814) 726-2140
Fax: (814) 728-7716
www.northwest.com
Annual Meeting
Due to the current social distancing challenges
caused by COVID-19, our Annual Meeting will be held
virtually this year at 11:00 a.m., Eastern Time on April 20,
2022 at www.virtualshareholdermeeting.com/NWBI2022.
Stock Listing
Northwest Bancshares, Inc. common stock is traded on the
NASDAQ Global Select Market under the symbol “NWBI.”
Stock Transfer, Registrar and
Dividend Disbursing Agent
Shareholder communications regarding change of address,
change in stock registration, reporting of lost certificates
and dividend checks should be directed to:
American Stock Transfer and Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Toll Free: 1-800-937-5449
Toll Free: 1-877-715-0499
Email: help@astfinancial.com
www.astfinancial.com
Online Shareholder Access
Registered shareholders can securely manage their
account(s) online through American Stock Transfer & Trust
Company, LLC at www.astfinancial.com by clicking “Login”,
“Individuals” and “Shareholder Central”. Here you can easily
obtain important details about your holdings and general
stock transfer information, as well as initiate a number of
transactions and inquiries including the following:
• Update your mailing address
• Print a duplicate 1099 tax form
• Combine/consolidate accounts
• Request a replacement dividend check
• Download stock transfer instructions and forms
• Enroll in direct deposit of dividends
Independent Auditors
KPMG LLP, Pittsburgh, Pennsylvania
Securities Counsel
Luse Gorman, P.C., Washington, D.C.
Financial Information
The Annual Report on Form 10-K is filed with the Securities
and Exchange Commission (SEC). Copies of this document
and other filings, including exhibits thereto, may be
obtained electronically at www.sec.gov or through the
company’s website, www.northwest.com. Copies may also
be obtained, without charge, by submitting a request to:
Shareholder Relations
Northwest Bancshares, Inc.
100 Liberty Street
P.O. Box 128
Warren, PA 16365
Phone: (814) 728-7263
Email: shareholderrelations@northwest.com
Dividend Reinvestment and
Direct Stock Purchase and Sale Plan
Northwest Bancshares, Inc. is pleased to offer a Dividend
Reinvestment and Direct Stock Purchase and Sale Plan
through American Stock Transfer & Trust Company, LLC.
The plan provides both existing registered shareholders
and interested new investors with a convenient method
to purchase shares of Northwest Bancshares, Inc.
common stock.
If you are already a registered shareholder or are interested
in becoming one, you may access the plan materials and
enroll online at www.astfinancial.com by clicking on
“Login”, “Individuals” and “Invest Online” or from our
investor relations website at www.northwest.com.
Alternatively, you may request a plan prospectus and
enrollment application by calling American Stock
Transfer & Trust Company, toll-free, at 1-877-715-0499 or
Northwest, toll-free, at 1-800-859-1000 or (814) 728-7263.
Direct Deposit of Dividends
Registered shareholders who do not reinvest their
dividends may elect to have cash dividends directly
deposited into their savings or checking account,
thereby providing immediate access to funds and
eliminating mail delays and lost or stolen checks.
You may enroll online by accessing your shareholder
account(s) at www.astfinancial.com or, to obtain an
enrollment card, by calling American Stock Transfer &
Trust Company, toll-free, at 1-877-715-0449 or Northwest,
toll-free, at 1-800-859-1000 or (814) 728-7263.
Investor Relations
Ronald J. Seiffert
Chairman, President and Chief Executive Officer
William W. Harvey, Jr.
Senior Executive Vice President and Chief Financial Officer
Shareholder Relations
Jacqueline N. Snell
Senior Vice President, Controller
24
In addition to historical information, this report may contain certain forward-looking statements that are based on
assumptions and information currently available to management, including assumptions as to changes in market interest
rates. These forward-looking statements are subject to various risks and uncertainties including, but not limited to,
economic, regulatory, competitive, legislative and other factors affecting the company and its operations. Readers are
cautioned not to place undue reliance on these forward-looking statements, as actual results may differ materially from
those expressed or implied. Management has no obligation to revise or update these forward-looking statements to reflect
events or circumstances that arise after the release of this report. ©2022 Northwest Bancshares, Inc.