Northwest Bancshares (NWBI)
Market Price (10/11/2026): $14.67 | Market Cap: $2.1 BilSector: Financials | Industry: Regional Banks
Northwest Bancshares (NWBI)
Market Price (10/11/2026): $14.67Market Cap: $2.1 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 5.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.8%, FCF Yield is 6.4% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -57% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% Low stock price volatilityVol 12M is 22% Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 13% Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 26% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. | Weak multi-year price returns2Y Excs Rtn is -8.3%, 3Y Excs Rtn is -11% | Key risksNWBI key risks include [1] the significant risk of loss concentrated within its commercial loan portfolio. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 5.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.8%, FCF Yield is 6.4% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -57% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Low stock price volatilityVol 12M is 22% |
| Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 13% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 26% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. |
| Weak multi-year price returns2Y Excs Rtn is -8.3%, 3Y Excs Rtn is -11% |
| Key risksNWBI key risks include [1] the significant risk of loss concentrated within its commercial loan portfolio. |
Qualitative Assessment
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Northwest Bancshares (NWBI) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strong Q2 2026 Financial Results and Positive Guidance.
Northwest Bancshares reported record GAAP net income of $54 million, or $0.36 per diluted share, for fiscal Q2 2026 (ended June 30, 2026), an increase of $20 million from the same quarter in the prior year. Adjusted diluted earnings per share of $0.37 surpassed analyst estimates of $0.34 by 10.04%. Net interest income also increased by $4 million, and the net interest margin improved to 3.75% from 3.70% in fiscal Q1 2026. The company maintained a positive outlook for the remainder of 2026, which provided a foundational support for the stock's stability during the period.
2. Neutral Analyst Sentiment and Price Targets.
The stock maintained a "Hold" consensus rating from Wall Street analysts throughout the period, with the majority of analysts issuing hold ratings (e.g., 4 out of 6 analysts as of October 1, 2026). While some firms like Truist, Keefe Bruyette, and DA Davidson raised their price targets following the strong Q2 results (to $18, $16, and $17 respectively), the average 12-month price target remained at $15.80, suggesting a limited upside of approximately 6.98% from the closing price of $14.77 on October 1, 2026. This balanced analyst perspective contributed to the stock trading within a narrow range.
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Northwest Bancshares (NWBI) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Strong Q2 2026 Financial Results and Positive Guidance.
Northwest Bancshares reported record GAAP net income of $54 million, or $0.36 per diluted share, for fiscal Q2 2026 (ended June 30, 2026), an increase of $20 million from the same quarter in the prior year. Adjusted diluted earnings per share of $0.37 surpassed analyst estimates of $0.34 by 10.04%. Net interest income also increased by $4 million, and the net interest margin improved to 3.75% from 3.70% in fiscal Q1 2026. The company maintained a positive outlook for the remainder of 2026, which provided a foundational support for the stock's stability during the period.
2. Neutral Analyst Sentiment and Price Targets.
The stock maintained a "Hold" consensus rating from Wall Street analysts throughout the period, with the majority of analysts issuing hold ratings (e.g., 4 out of 6 analysts as of October 1, 2026). While some firms like Truist, Keefe Bruyette, and DA Davidson raised their price targets following the strong Q2 results (to $18, $16, and $17 respectively), the average 12-month price target remained at $15.80, suggesting a limited upside of approximately 6.98% from the closing price of $14.77 on October 1, 2026. This balanced analyst perspective contributed to the stock trading within a narrow range.
3. Persistent Macroeconomic Headwinds for Regional Banks.
Despite NWBI's positive company-specific performance, the broader regional banking sector faced challenges from an elevated inflation environment and the Federal Reserve's sustained higher interest rate policy, with the federal funds rate target range at 3.50-3.75% as of September 16, 2026. Higher rates generally compress regional bank profit margins and contribute to a "commercial real estate (CRE) refinancing wall," alongside increased deposit competition. Six regional U.S. banks failed in 2026 (including Nano Banc on September 25, 2026), highlighting the macro conditions pressing on smaller institutions and tempering overall investor enthusiasm for the sector.
4. Strategic Redemption of Subordinated Notes.
Northwest Bancshares announced the redemption of all its outstanding 4.000% Fixed Subordinated Notes on September 15, 2026. This move demonstrates proactive balance sheet management and can be interpreted positively as a measure to optimize the company's capital structure and potentially reduce future interest expenses, thereby reinforcing financial stability and mitigating downside risk.
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Stock Movement Drivers
Fundamental Drivers
The -2.0% change in NWBI stock from 6/30/2026 to 10/10/2026 was primarily driven by a -14.6% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10102026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.97 | 14.67 | -2.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 670 | 701 | 4.6% |
| Net Income Margin (%) | 19.9% | 21.8% | 9.9% |
| P/E Multiple | 16.4 | 14.0 | -14.6% |
| Shares Outstanding (Mil) | 146 | 146 | -0.2% |
| Cumulative Contribution | -2.0% |
Market Drivers
6/30/2026 to 10/10/2026| Return | Correlation | |
|---|---|---|
| NWBI | -2.0% | |
| Market (SPY) | 4.3% | 13.1% |
| Sector (XLF) | 2.1% | 43.2% |
Fundamental Drivers
The 18.8% change in NWBI stock from 3/31/2026 to 10/10/2026 was primarily driven by a 12.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10102026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.35 | 14.67 | 18.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 652 | 701 | 7.6% |
| Net Income Margin (%) | 19.3% | 21.8% | 12.9% |
| P/E Multiple | 14.3 | 14.0 | -2.0% |
| Shares Outstanding (Mil) | 146 | 146 | -0.1% |
| Cumulative Contribution | 18.8% |
Market Drivers
3/31/2026 to 10/10/2026| Return | Correlation | |
|---|---|---|
| NWBI | 18.8% | |
| Market (SPY) | 20.0% | 12.3% |
| Sector (XLF) | 11.2% | 42.5% |
Fundamental Drivers
The 25.6% change in NWBI stock from 9/30/2025 to 10/10/2026 was primarily driven by a 35.0% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10102026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.68 | 14.67 | 25.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 597 | 701 | 17.4% |
| Net Income Margin (%) | 24.0% | 21.8% | -9.2% |
| P/E Multiple | 10.4 | 14.0 | 35.0% |
| Shares Outstanding (Mil) | 128 | 146 | -12.8% |
| Cumulative Contribution | 25.6% |
Market Drivers
9/30/2025 to 10/10/2026| Return | Correlation | |
|---|---|---|
| NWBI | 25.6% | |
| Market (SPY) | 17.8% | 23.8% |
| Sector (XLF) | 2.8% | 53.0% |
Fundamental Drivers
The 73.5% change in NWBI stock from 9/30/2023 to 10/10/2026 was primarily driven by a 81.8% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10102026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.45 | 14.67 | 73.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 558 | 701 | 25.8% |
| Net Income Margin (%) | 24.9% | 21.8% | -12.3% |
| P/E Multiple | 7.7 | 14.0 | 81.8% |
| Shares Outstanding (Mil) | 127 | 146 | -13.5% |
| Cumulative Contribution | 73.5% |
Market Drivers
9/30/2023 to 10/10/2026| Return | Correlation | |
|---|---|---|
| NWBI | 73.5% | |
| Market (SPY) | 88.4% | 39.8% |
| Sector (XLF) | 72.2% | 61.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NWBI Return | 18% | 5% | -4% | 13% | -3% | 29% | 66% |
| Peers Return | 29% | 8% | 17% | 7% | 2% | 25% | 122% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| NWBI Win Rate | 58% | 42% | 50% | 50% | 58% | 70% | |
| Peers Win Rate | 58% | 60% | 48% | 48% | 56% | 59% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NWBI Max Drawdown | -17% | -17% | -30% | -17% | -19% | -9% | |
| Peers Max Drawdown | -22% | -21% | -41% | -23% | -25% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEWT, ATLO, CLBK, GCBC, MBBC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/9/2026 (YTD)
How Low Can It Go
| Event | NWBI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.6% | -18.8% |
| % Gain to Breakeven | 17.1% | 23.1% |
| Time to Breakeven | 31 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.1% | -9.5% |
| % Gain to Breakeven | 19.2% | 10.5% |
| Time to Breakeven | 42 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.0% | -6.7% |
| % Gain to Breakeven | 35.2% | 7.1% |
| Time to Breakeven | 432 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -12.4% | -24.5% |
| % Gain to Breakeven | 14.2% | 32.4% |
| Time to Breakeven | 41 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.0% | -33.7% |
| % Gain to Breakeven | 61.3% | 50.9% |
| Time to Breakeven | 323 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -14.6% | -17.9% |
| % Gain to Breakeven | 17.1% | 21.8% |
| Time to Breakeven | 66 days | 123 days |
In The Past
Northwest Bancshares's stock fell -14.6% during the 2025 US Tariff Shock. Such a loss loss requires a 17.1% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | NWBI | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.0% | -6.7% |
| % Gain to Breakeven | 35.2% | 7.1% |
| Time to Breakeven | 432 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.0% | -33.7% |
| % Gain to Breakeven | 61.3% | 50.9% |
| Time to Breakeven | 323 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.2% | -53.4% |
| % Gain to Breakeven | 104.8% | 114.4% |
| Time to Breakeven | 323 days | 1085 days |
In The Past
Northwest Bancshares's stock fell -14.6% during the 2025 US Tariff Shock. Such a loss loss requires a 17.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Northwest Bancshares (NWBI)
Northwest Bancshares, Inc. (NWBI) operates as the holding company for Northwest Bank, a state-chartered savings bank that delivers a full range of personal and business banking solutions. The company's primary activities revolve around traditional banking, serving both individuals and businesses within its operational footprint.
The company's main products and services encompass a variety of deposit accounts, including checking, savings, money market, and individual retirement accounts. On the lending side, Northwest Bank offers diverse loan products such as residential and commercial real estate loans, commercial business loans, and various consumer loans like automobile, unsecured personal, and credit card loans. Furthermore, NWBI provides investment management and trust services.
As of December 31, 2021, Northwest Bancshares served its customer base through 170 community-banking locations situated across Pennsylvania, Western New York, Eastern Ohio, and Indiana. Founded in 1896 and headquartered in Columbus, Ohio, the company operates as a community-focused financial institution within these specific regional markets.
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A smaller, regional version of PNC Bank.
Like Huntington Bank, but focused on community banking in its specific four-state region.
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- Deposit Accounts: Provides various deposit options including checking, savings, money market, term certificates, and individual retirement accounts.
- Real Estate Loans: Offers loans for one-to-four-family residential properties, as well as multi-family residential and commercial real estate.
- Commercial Business Loans: Provides financing solutions for businesses.
- Consumer Loans: Offers a range of personal loans such as automobile, sales finance, unsecured personal, credit card, and loans secured by deposit accounts.
- Investment Management and Trust Services: Provides wealth management solutions and fiduciary services.
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- Individual and Retail Customers: This category encompasses individuals who utilize personal banking solutions such as checking, savings, money market, and individual retirement accounts. It also includes individuals seeking consumer loans (e.g., automobile loans, sales finance loans, unsecured personal loans, credit card loans) and one-to-four-family residential real estate loans.
- Commercial and Business Customers: This category consists of businesses of various sizes that use Northwest Bank for their business banking solutions, commercial business loans, and loans collateralized by multi-family residential and commercial real estate.
- Investment Management and Trust Clients: This segment includes individuals, families, and potentially some institutional clients who seek investment management and trust services offered by the bank.
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Louis J. Torchio, President and Chief Executive Officer
Louis J. Torchio was appointed President and Chief Executive Officer of Northwest Bancshares, Inc. and Northwest Bank in August 2022. He joined Northwest in 2018, initially serving as Senior Executive Vice President, Retail Lending and Business Banking. Mr. Torchio brings over 31 years of experience in the banking industry, having held senior leadership and executive committee positions at several large regional and community banks, including the former Charter One Bank, Bank One, and Mellon Bank. He also previously served as Senior Vice President of Residential and Consumer Lending at Delaware County Bank. At Northwest Bank, he has been instrumental in the transformation and scaling of residential and indirect lending groups, and in expanding business banking and Small Business Administration (SBA) lending divisions.
Douglas M. Schosser, Chief Financial Officer
Douglas M. Schosser joined Northwest as Chief Financial Officer in March 2024. Prior to his role at Northwest, Mr. Schosser served as Executive Vice President and Chief Accounting Officer of KeyCorp.
Gregory J. Betchkal, Executive Vice President and Chief Risk Officer
Gregory J. Betchkal serves as the Executive Vice President and Chief Risk Officer. His career includes leadership positions in compliance and risk management. Mr. Betchkal held Chief Compliance Officer, Chief Operational Risk Officer, and Chief Enterprise Risk Officer roles at KeyBank in Cleveland. Before that, he served in Compliance leadership at Citigroup in the U.S. and Europe, and as Chief Compliance Officer for various broker/dealers, including ING's Advisor Network.
Jay M. DesMarteau, Executive Vice President and Chief Commercial Banking Officer
Jay M. DesMarteau is the Executive Vice President and Chief Commercial Banking Officer for Northwest Bancshares.
Kyle P. Kane, Executive Vice President and Chief People Officer
Kyle P. Kane was named Executive Vice President and Chief Human Resources Officer (now Chief People Officer) for Northwest Bank in January 2021, having joined Northwest in 2019. With over 25 years of experience, Mr. Kane has expertise in developing HR strategies for complex global organizations. Previously, he was Vice President of Global Human Resources for Diebold Nixdorf, where he managed strategic HR initiatives, including organizational transformation, cultural change management, and mergers and acquisitions. He also served as Senior Vice President and Head of Human Resources for Global Business Services at Fidelity Investments, overseeing an HR organization that supported over 6,000 employees internationally.
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The key risks to Northwest Bancshares' business include:
- Interest Rate Risk: Northwest Bancshares' profitability is significantly exposed to fluctuations in interest rates. Changes in the interest rate environment, such as the reversal of historically low rates, can adversely affect the company's net interest income and overall profitability, impacting the average life of loans and securities.
- Credit Risk, particularly from Commercial Real Estate Lending: The company faces inherent risks associated with its lending activities, especially its increasing commercial loan portfolio. Commercial real estate loans represented a substantial portion of its gross loans as of December 31, 2025 (26%), and this concentration can lead to increased regulatory scrutiny and a higher risk of losses.
- Competitive Landscape and Operational Risks (including Cybersecurity): Northwest Bancshares operates in an intensely competitive banking sector, facing challenges from traditional banks, credit unions, and emerging fintech companies, which can impact its ability to attract deposits and originate loans. Concurrently, operational risks, particularly those related to system failures, interruptions, or cybersecurity breaches, pose a significant concern for its operations and reputation, especially with its growing digital footprint.
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The rise of digital-first financial technology companies (fintechs), including neobanks and specialized online lenders, presents a clear emerging threat. These companies leverage advanced technology, data analytics, and often lower overheads to offer competitive interest rates, superior digital user experiences, and faster loan approvals, directly challenging traditional banks like Northwest Bancshares for customer deposits and various loan products (e.g., mortgages, personal loans). This shift in consumer preference towards digital-only banking and specialized lending platforms can erode Northwest Bancshares' market share, particularly among tech-savvy customers and for segments where digital convenience is prioritized over physical branch access.
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Northwest Bancshares, Inc. operates across Pennsylvania, Western New York, Eastern Ohio, and Indiana. The addressable markets for its main products and services in these regions are as follows:
Deposits
- In Pennsylvania, the total deposits across all banks amounted to $270.92 billion as of December 31, 2024.
- In Indiana, total deposits reached $209 billion.
- For the Cleveland Metropolitan Statistical Area (MSA), which is part of Eastern Ohio, total deposits exceeded $128.3 billion in 2025.
- In New York, the total assets for all banks summed to $2.07 trillion as of June 30, 2025, with deposits in the Buffalo Metro Area (part of Western New York) being over $1.1 billion.
Loans
- Residential Real Estate Loans: In Pennsylvania, the average mortgage balance was $175,647 as of the third quarter of 2024. Mortgage balances for New Yorkers totaled just under $601.2 billion as of Q4 2021. Indiana reported $17.2 billion in new home loans booked in 2024.
- Commercial Real Estate Loans: The Real Estate Loans & Collateralized Debt industry in Pennsylvania had a market size of $11.7 billion in 2026.
- Commercial Business Loans: Indiana's small business loans totaled $12.3 billion.
- Consumer Loans (including automobile loans, sales finance loans, unsecured personal loans, credit card loans, and loans secured by deposit accounts): In Pennsylvania, the average resident had approximately $49,500 of debt in 2024. Credit card debt in New York represented 7% of total household debt as of Q4 2021. Auto loan balances among New York City residents were 6% above 2023 levels in the first half of 2024.
Investment Management and Trust Services
- The market size for Portfolio Management & Investment Advice in Pennsylvania is projected to be $24.3 billion in 2026.
- The U.S. Trust and Corporate Services market was estimated at $2.2 billion in 2024.
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Expected Drivers of Future Revenue Growth for Northwest Bancshares (NWBI)
Over the next 2-3 years, Northwest Bancshares (NWBI) is expected to drive revenue growth through several key strategic initiatives:
- Growth through Strategic Acquisitions and Integration: The successful integration of the Penns Woods Bancorp acquisition, completed in mid-2025, is anticipated to continue contributing to revenue by expanding Northwest Bancshares' geographic reach and diversifying its revenue streams. The full realization of remaining cost synergies from this merger, expected in early 2026, should further enhance operating leverage and efficiency.
- Expansion of Commercial Lending and Specialty Finance: Northwest Bancshares is strategically shifting its loan portfolio focus towards higher-yielding commercial loans, including Commercial & Industrial (C&I) loans and Small Business Administration (SBA) lending. This emphasis on commercial banking and specialty finance verticals is a key strategy to optimize profitability and increase market share.
- Digital Transformation and Enhanced Digital Banking Services: The company's investment in and launch of a new digital banking platform in September 2024 is a significant driver. This strategic pivot aims to attract and retain customers by providing a unified and user-friendly experience across online and mobile interfaces, thereby enhancing customer access to financial management tools and serving as a crucial sales and marketing channel.
- Organic Loan and Deposit Growth: Northwest Bancshares projects continued organic growth in both loans, anticipated in the low-to-mid single digits, and deposits, expected in the low single digits, for 2026. This growth is supported by strategic adjustments to its loan portfolio and the ongoing development of new financial centers.
- Optimizing Net Interest Margin (NIM): While not a direct expansion of products or customers, the effective management and modest improvement of the net interest margin are expected to significantly contribute to revenue and overall profitability. Lending operations represent Northwest Bancshares' largest source of revenue, and the NIM improved in Q4 2025, with projections for it to remain in the low 3.70s for 2026, potentially improving further later in the year as funding costs decrease.
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Capital Allocation Decisions (2021-2025) for Northwest Bancshares (NWBI)
Share Repurchases
- In 2023, Northwest Bancshares repurchased 899,011 shares of its common stock for a total cost of $14.6 million, with an average price of $16.23 per share. This was conducted under a $15.0 million stock repurchase program approved in July 2023, which replaced an earlier $5.0 million program from May 2023.
- For the year ended December 31, 2024, the company did not repurchase any shares.
- In February 2025, a new $10.0 million stock repurchase program was approved. Under this program, 273,825 shares were repurchased for $4.5 million during the first three months of 2025, and an additional 193,409 shares were repurchased for $3.1 million between March 31, 2025, and April 24, 2025. As of September 30, 2025, up to $157.3 million remained authorized for repurchases.
Share Issuance
- On July 25, 2025, Northwest Bancshares completed an all-stock acquisition of Penns Woods Bancorp, Inc., valued at approximately $270.4 million.
- As part of this transaction, Penns Woods shareholders received 2.385 shares of Northwest common stock for each of their Penns Woods shares.
- The newly issued shares as part of the Penns Woods acquisition represented about 12% of the combined entity's outstanding stock.
Outbound Investments
- Northwest Bancshares, Inc. completed the acquisition of Penns Woods Bancorp, Inc. on July 25, 2025.
- This acquisition was an all-stock transaction with an approximate value of $270.4 million.
- The merger expanded Northwest's presence in Pennsylvania by adding 21 branch locations and is anticipated to increase the combined company's assets to over $17 billion, positioning it among the nation's top 100 largest banks.
Capital Expenditures
- Capital expenditures were $17.52 million in 2021, $4.32 million in 2022, $8.56 million in 2023, and $2.31 million in 2024.
- In the fourth quarter of 2025, Northwest Bancshares invested $2.5 million in capital expenditures, primarily for funding long-term assets and infrastructure.
Peer Outperformance in Regional Banks
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 18.4% | 62.5% | 115.7% | SPNT 168% · RGA 140% · RNR 137% |
| Investment Banking & Brokerage | 13 | -2.0% | 95.2% | 96.5% | IBKR 402% · SNEX 203% · GS 162% |
| Diversified Banks | 12 | 32.3% | 125.4% | 96.1% | CM 136% · JPM 126% · RY 124% |
| Life & Health Insurance | 20 | 12.8% | 50.8% | 84.9% | JXN 483% · UNM 278% · MFC 172% |
| Multi-Sector Holdings | 4 | 5.4% | 50.0% | 71.5% | JONE 361% · BRK-B 84% · VOYA 59% |
| Property & Casualty Insurance | 42 | 6.7% | 71.1% | 58.1% | ASIC 2592900% · HRTG 417% · UVE 314% |
| Multi-line Insurance | 9 | 8.0% | 66.5% | 51.8% | GNW 126% · L 91% · AIZ 80% |
| Regional Banks ← | 263 | 29.0% | 85.2% | 49.0% | GCBC 312% · ESQ 286% · PBAM 244% |
| Financial Exchanges & Data | 15 | 3.2% | 42.8% | 30.8% | VIRT 167% · CBOE 160% · CME 72% |
| Consumer Finance | 30 | 8.8% | 81.4% | 23.7% | ENVA 399% · EZPW 284% · FCFS 163% |
| Asset Management & Custody Banks | 82 | -7.7% | 17.2% | 14.4% | WT 340% · SII 265% · VCTR 265% |
| Diversified Financial Services | 4 | -3.0% | 18.3% | 13.8% | FRHC 168% · EQH 90% · TMS -63% |
| Insurance Brokers | 16 | -22.0% | -7.0% | 8.6% | LIFE 292% · ARX 89% · CRD-A 61% |
| Commercial & Residential Mortgage Finance | 14 | -52.7% | 19.7% | -3.5% | FNMA 462% · FMCC 411% · ACT 182% |
| Specialized Finance | 3 | 14.4% | 32.4% | -11.9% | EFC 16% · CACC -12% · HASI -14% |
| Mortgage REITs | 33 | -14.7% | -1.6% | -30.0% | NREF 46% · RITM 29% · DX 19% |
| Transaction & Payment Processing Services | 17 | 0.5% | -4.3% | -39.0% | V 78% · MA 75% · CPAY 56% |
| Diversified Capital Markets | 20 | -46.3% | 24.1% | -61.3% | OPY 151% · LPLA 103% · GOLD 47% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.79 |
| Mkt Cap | 0.6 |
| Rev LTM | 277 |
| Op Inc LTM | - |
| FCF LTM | 42 |
| FCF 3Y Avg | 31 |
| CFO LTM | 42 |
| CFO 3Y Avg | 32 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 21.3% |
| Rev Chg 3Y Avg | 8.8% |
| Rev Chg Q | 18.5% |
| QoQ Delta Rev Chg LTM | 4.3% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 28.3% |
| CFO/Rev 3Y Avg | 24.1% |
| FCF/Rev LTM | 24.8% |
| FCF/Rev 3Y Avg | 22.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Banking | 879 | 756 | 702 | 560 | |
| Single Segment | 507 | ||||
| Total | 879 | 756 | 702 | 560 | 507 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Community Banking | 89 | 82 | 86 | 156 | 87 |
| Consumer Finance | 3 | 3 | 4 | 8 | 6 |
| All Other | -3 | -2 | 3 | 0 | 2 |
| Total | 88 | 84 | 93 | 165 | 95 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2016 |
|---|---|---|---|---|---|
| Banking | 126 | 100 | 135 | 134 | |
| All Other | -3 | ||||
| Community Banking | 52 | ||||
| Consumer Finance | 0 | ||||
| Total | 126 | 100 | 135 | 134 | 50 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2016 |
|---|---|---|---|---|---|
| Banking | 16,767 | 14,408 | 14,419 | 14,113 | |
| All Other | 13 | ||||
| Community Banking | 9,500 | ||||
| Consumer Finance | 110 | ||||
| Total | 16,767 | 14,408 | 14,419 | 14,113 | 9,624 |
Price Behavior
| Market Price | $14.67 | |
| Market Cap ($ Bil) | 2.1 | |
| First Trading Date | 11/08/1994 | |
| Distance from 52W High | -7.2% | |
| 50 Days | 200 Days | |
| DMA Price | $15.36 | $13.74 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -4.5% | 6.8% |
| 3M | 1YR | |
| Volatility | 15.7% | 21.8% |
| Downside Capture | 42.09 | 33.29 |
| Upside Capture | 28.65 | 55.14 |
| Correlation (SPY) | 11.8% | 24.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.27 | 0.31 | 0.22 | 0.20 | 0.41 | 0.67 |
| Up Beta | -2.32 | 0.19 | -0.39 | -0.17 | 0.32 | 0.67 |
| Down Beta | 1.10 | 0.47 | 0.00 | -0.16 | 0.34 | 0.63 |
| Up Capture | 31% | 15% | 40% | 52% | 46% | 42% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 19 | 31 | 70 | 134 | 376 |
| Down Capture | 80% | 68% | 55% | 31% | 44% | 86% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 22 | 31 | 52 | 113 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NWBI | |
|---|---|---|---|---|
| NWBI | 24.6% | 22.0% | 0.91 | - |
| Sector ETF (XLF) | 3.5% | 14.8% | 0.01 | 53.0% |
| Equity (SPY) | 16.7% | 13.0% | 0.91 | 23.7% |
| Gold (GLD) | 3.3% | 29.5% | 0.11 | -3.2% |
| Commodities (DBC) | 45.0% | 20.9% | 1.67 | -15.9% |
| Real Estate (VNQ) | 4.8% | 13.8% | 0.09 | 41.0% |
| Bitcoin (BTCUSD) | -33.2% | 44.2% | -0.79 | 10.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NWBI | |
|---|---|---|---|---|
| NWBI | 8.3% | 25.2% | 0.29 | - |
| Sector ETF (XLF) | 9.3% | 18.3% | 0.37 | 60.4% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 43.3% |
| Gold (GLD) | 18.5% | 18.9% | 0.79 | -1.2% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | 3.2% |
| Real Estate (VNQ) | 1.3% | 18.8% | -0.04 | 50.1% |
| Bitcoin (BTCUSD) | 11.4% | 52.0% | 0.39 | 19.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NWBI | |
|---|---|---|---|---|
| NWBI | 5.1% | 26.6% | 0.21 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 69.4% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 50.9% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | -3.7% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 13.4% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 51.9% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 13.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/27/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/27/2026 | 3.2% | 3.0% | 0.5% |
| 4/27/2026 | 5.0% | 2.1% | 4.6% |
| 1/26/2026 | 0.8% | 3.0% | 3.6% |
| 10/27/2025 | -3.7% | -5.3% | -1.1% |
| 7/29/2025 | -2.9% | -5.1% | 4.9% |
| 4/28/2025 | 5.7% | 6.2% | 5.0% |
| 1/24/2025 | 0.1% | -1.4% | -4.3% |
| 10/29/2024 | -0.1% | -2.0% | 11.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 13 | 17 |
| # Negative | 7 | 11 | 7 |
| Median Positive | 2.2% | 5.5% | 4.6% |
| Median Negative | -1.7% | -2.1% | -2.3% |
| Max Positive | 5.7% | 10.0% | 16.4% |
| Max Negative | -3.7% | -8.0% | -4.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/27/2026 | 3.2% | 3.0% | 0.5% |
| 4/27/2026 | 5.0% | 2.1% | 4.6% |
| 1/26/2026 | 0.8% | 3.0% | 3.6% |
| 10/27/2025 | -3.7% | -5.3% | -1.1% |
| 7/29/2025 | -2.9% | -5.1% | 4.9% |
| 4/28/2025 | 5.7% | 6.2% | 5.0% |
| 1/24/2025 | 0.1% | -1.4% | -4.3% |
| 10/29/2024 | -0.1% | -2.0% | 11.6% |
| 7/23/2024 | 4.5% | 5.5% | 0.3% |
| 4/22/2024 | -0.6% | -2.8% | 2.5% |
| 1/22/2024 | 4.8% | 7.0% | -2.0% |
| 10/23/2023 | 4.7% | 6.2% | 16.4% |
| 7/24/2023 | 2.3% | 5.5% | -2.3% |
| 4/24/2023 | 1.3% | 2.0% | -4.1% |
| 1/23/2023 | -1.8% | 0.7% | 0.8% |
| 10/24/2022 | 2.2% | 8.1% | 10.4% |
| 7/25/2022 | 2.9% | 10.0% | 13.6% |
| 4/25/2022 | -1.6% | -4.4% | -3.6% |
| 1/24/2022 | 0.9% | -1.8% | 0.5% |
| 10/25/2021 | 1.6% | -2.1% | 1.3% |
| 7/26/2021 | 0.4% | -1.1% | -0.7% |
| 4/26/2021 | 0.3% | -0.7% | 1.1% |
| 1/25/2021 | -1.7% | -8.0% | 5.0% |
| 10/26/2020 | 0.6% | 0.9% | 15.5% |
| SUMMARY STATS | |||
| # Positive | 17 | 13 | 17 |
| # Negative | 7 | 11 | 7 |
| Median Positive | 2.2% | 5.5% | 4.6% |
| Median Negative | -1.7% | -2.1% | -2.3% |
| Max Positive | 5.7% | 10.0% | 16.4% |
| Max Negative | -3.7% | -8.0% | -4.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Insider Activity
Updated 8/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kranich, Charles E | Direct | Buy | 8202026 | 15.28 | 1,250 | 19,094 | 1,552,490 | Form | |
| 2 | Kranich, Charles E | IRA | Buy | 8202026 | 15.28 | 385 | 5,881 | 5,881 | Form | |
| 3 | Colestro, James M | Chief Retail Lending Officer | Direct | Sell | 7312026 | 15.77 | 13,274 | 209,331 | 583,669 | Form |
| 4 | Hunter, Timothy M | Direct | Buy | 5282026 | 13.97 | 10,000 | 139,675 | 2,790,022 | Form | |
| 5 | Schosser, Douglas M | Chief Financial Officer | Direct | Buy | 5042026 | 13.92 | 1,500 | 20,883 | 1,128,483 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kranich, Charles E | Direct | Buy | 8202026 | 15.28 | 1,250 | 19,094 | 1,552,490 | Form | |
| 2 | Kranich, Charles E | IRA | Buy | 8202026 | 15.28 | 385 | 5,881 | 5,881 | Form | |
| 3 | Colestro, James M | Chief Retail Lending Officer | Direct | Sell | 7312026 | 15.77 | 13,274 | 209,331 | 583,669 | Form |
| 4 | Hunter, Timothy M | Direct | Buy | 5282026 | 13.97 | 10,000 | 139,675 | 2,790,022 | Form | |
| 5 | Schosser, Douglas M | Chief Financial Officer | Direct | Buy | 5042026 | 13.92 | 1,500 | 20,883 | 1,128,483 | Form |
| 6 | Bowers, Urich T | Chief Cons. Banking /Strat Off | Direct | Buy | 5042026 | 13.97 | 7,000 | 97,825 | 627,495 | Form |
| 7 | Betchkal, Gregory J | Chief Risk Officer | IRA | Buy | 5042026 | 13.93 | 5,000 | 69,650 | 69,650 | Form |
| 8 | Barnum, Carey A | Chief Auditor | Direct | Sell | 5042026 | 13.97 | 1,351 | 18,873 | 82,629 | Form |
| 9 | Torchio, Louis J | President & CEO | Direct | Buy | 3092026 | 12.16 | 3,500 | 42,560 | 2,083,507 | Form |
| 10 | Campana, Robert M | Direct | Buy | 1292026 | 12.62 | 2,000 | 25,248 | 850,438 | Form | |
| 11 | Tullio, David M | Direct | Buy | 12092025 | 12.27 | 1,500 | 18,398 | 368,576 | Form | |
| 12 | Hunter, Timothy M | Direct | Buy | 12082025 | 12.18 | 4,000 | 48,738 | 2,312,040 | Form | |
| 13 | Meegan, John P | IRA | Buy | 12022025 | 12.10 | 1,500 | 18,150 | 260,150 | Form | |
| 14 | Chadsey, Deborah J Esq | IRA | Buy | 11252025 | 11.79 | 1,700 | 20,034 | 61,871 | Form | |
| 15 | Williams, Amber Lee | Direct | Buy | 11212025 | 11.37 | 1,302 | 14,797 | 113,018 | Form | |
| 16 | Campana, Robert M | Direct | Buy | 11212025 | 11.37 | 1,000 | 11,370 | 743,181 | Form | |
| 17 | Hunter, Timothy M | Direct | Buy | 8072025 | 11.66 | 10,000 | 116,560 | 2,165,114 | Form | |
| 18 | Paup, Mark A | Direct | Buy | 8012025 | 11.59 | 3,500 | 40,560 | 727,439 | Form |
Investor Activity (13F)
Updated Oct 11, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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