Northwest Bancshares, Inc 8-K, filed Apr 27, 2020

Northwest Bancshares, Inc. (NWBI)

8-K 2020-04-27 For: 2020-04-27

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Added on April 04, 2026

About this 8-K

Northwest Bancshares, Inc filed this 8-K on April 27, 2020.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Maryland	001-34582	27-0950358
(State or other jurisdiction of incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)



100 Liberty Street	Warren	Pennsylvania	16365
(Address of principal executive office)			(Zip code)



Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, 0.01 Par Value	NWBI	NASDAQ Stock Market, LLC



Exhibit No.		Description

99.1		Press release dated April 27, 2020



		NORTHWEST BANCSHARES, INC.

Date:	April 27, 2020	By:	/s/ William W. Harvey, Jr.
			William W. Harvey, Jr.
			Chief Financial Officer



Contact:	Ronald J. Seiffert, Chairman, President and Chief Executive Officer (814) 726-2140
	William W. Harvey, Jr., Senior Executive Vice President and Chief Financial Officer (814) 726-2140



	March 31, 2020			December 31, 2019		March 31, 2019
Assets
Cash and cash equivalents	$	276,454		60,846		92,923
Marketable securities available-for-sale (amortized cost of $749,703, $815,495 and $845,989, respectively)	765,579			819,901		842,657
Marketable securities held-to-maturity (fair value of $17,968, $18,223 and $21,597, respectively)	17,208			18,036		21,671
Total cash and cash equivalents and marketable securities	1,059,241			898,783		957,251

Residential mortgage loans held-for-sale	6,426			7,709		—
Residential mortgage loans	2,831,860			2,860,418		2,867,161
Home equity loans	1,353,263			1,342,918		1,324,405
Consumer loans	1,178,055			1,125,132		931,062
Commercial real estate loans	2,755,468			2,754,390		2,799,309
Commercial loans	711,802			718,107		647,938
Total loans receivable	8,836,874			8,808,674		8,569,875
Allowance for loan losses	(92,897		)	(57,941	)	(55,721	)
Loans receivable, net	8,743,977			8,750,733		8,514,154

Federal Home Loan Bank stock, at cost	13,131			14,740		12,533
Accrued interest receivable	25,531			25,755		28,107
Real estate owned, net	1,075			950		2,345
Premises and equipment, net	147,427			147,409		149,623
Bank-owned life insurance	190,127			189,091		186,251
Goodwill	346,103			346,103		344,720
Other intangible assets	21,425			23,076		25,872
Other assets	133,159			97,268		76,232
Total assets	$	10,681,196		10,493,908		10,297,088
Liabilities and shareholders’ equity
Liabilities
Noninterest-bearing demand deposits	$	1,736,622		1,609,653		1,992,126
Interest-bearing demand deposits	1,975,830			1,944,108		1,583,049
Money market deposit accounts	1,946,113			1,863,998		1,778,806
Savings deposits	1,640,414			1,604,838		1,711,216
Time deposits	1,493,756			1,569,410		1,527,327
Total deposits	8,792,735			8,592,007		8,592,524

Borrowed funds	191,599			246,336		114,081
Junior subordinated debentures	121,813			121,800		121,757
Advances by borrowers for taxes and insurance	47,154			44,556		44,905
Accrued interest payable	834			1,142		1,111
Other liabilities	185,269			134,782		106,434
Total liabilities	9,339,404			9,140,623		8,980,812
Shareholders’ equity
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, 106,933,483, 106,859,088, and 106,220,030 shares issued and outstanding, respectively	1,069			1,069		1,062
Paid-in capital	808,250			805,750		795,044
Retained earnings	561,380			583,407		555,205
Accumulated other comprehensive loss	(28,907		)	(36,941	)	(35,035	)
Total shareholders’ equity	1,341,792			1,353,285		1,316,276
Total liabilities and shareholders’ equity	$	10,681,196		10,493,908		10,297,088

Equity to assets	12.56		%	12.90	%	12.78	%
Tangible common equity to assets	9.45		%	9.72	%	9.53	%
Book value per share	$	12.55		12.66		12.39
Tangible book value per share	$	9.11		9.21		8.90
Closing market price per share	$	11.57		16.63		16.97
Full time equivalent employees	2,223			2,209		2,205
Number of banking offices	178			181		182



	Quarter ended
	March 31, 2020			December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019
	March 31, 2020			December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019
Interest income:
Loans receivable	$	94,973		97,866		101,091		100,917		94,935
Mortgage-backed securities	4,175			4,237		4,188		4,280		3,965
Taxable investment securities	648			683		884		898		936
Tax-free investment securities	185			201		224		237		182
FHLB dividends	262			262		307		316		171
Interest-earning deposits	135			169		172		159		100
Total interest income	100,378			103,418		106,866		106,807		100,289
Interest expense:
Deposits	11,403			12,893		13,694		12,484		10,145
Borrowed funds	1,747			1,580		2,236		1,720		2,162
Total interest expense	13,150			14,473		15,930		14,204		12,307
Net interest income	87,228			88,945		90,936		92,603		87,982
Provision for loan losses	27,637			8,223		3,302		4,667		6,467
Net interest income after provision for loan losses	59,591			80,722		87,634		87,936		81,515
Noninterest income:
Gain/(loss) on sale of investments	181			27		—		29		(6	)
Gain on sale of loans	1,302			908		826		—		—
Service charges and fees	15,116			14,125		13,558		13,339		12,043
Trust and other financial services income	5,001			4,517		4,609		4,444		4,195
Insurance commission income	2,372			1,858		1,887		2,145		2,178
Gain/(loss) on real estate owned, net	(91		)	86		(227	)	91		(3	)
Income from bank-owned life insurance	1,035			1,121		1,095		1,197		1,005
Mortgage banking income	1,194			1,494		1,921		188		216
Other operating income	1,866			4,077		2,500		1,930		2,034
Total noninterest income	27,976			28,213		26,169		23,363		21,662
Noninterest expense:
Compensation and employee benefits	42,746			42,074		40,816		42,008		38,188
Premises and occupancy costs	7,471			7,051		7,061		7,387		7,218
Office operations	3,382			4,097		3,197		3,708		3,131
Collections expense	474			566		747		939		308
Processing expenses	11,142			10,263		11,122		10,634		10,434
Marketing expenses	1,507			1,010		1,373		2,729		1,886
Federal deposit insurance premiums	—			—		(702	)	681		706
Professional services	2,812			3,533		3,032		3,198		2,524
Amortization of intangible assets	1,651			1,634		1,702		1,760		1,447
Real estate owned expense	95			72		119		128		159
Restructuring/acquisition expense	2,458			1,114		23		1,105		1,926
Other expenses	4,873			5,157		2,106		3,235		3,497
Total noninterest expense	78,611			76,571		70,596		77,512		71,424
Income before income taxes	8,956			32,364		43,207		33,787		31,753
Income tax expense	1,017			6,773		9,793		7,404		6,709
Net income	$	7,939		25,591		33,414		26,383		25,044

Basic earnings per share	$	0.08		0.24		0.32		0.25		0.24
Diluted earnings per share	$	0.07		0.24		0.31		0.25		0.24

Weighted average common shares outstanding - basic	105,882,553			105,627,194		105,517,707		105,233,635		103,101,789
Weighted average common shares outstanding - diluted	106,148,247			106,306,615		106,270,544		106,258,215		104,496,592

Annualized return on average equity	2.37		%	7.52	%	9.90	%	8.01	%	7.96	%
Annualized return on average assets	0.30		%	0.97	%	1.25	%	1.02	%	1.03	%
Annualized return on tangible common equity **	3.28		%	10.32	%	13.46	%	10.97	%	10.74	%

Efficiency ratio *	64.67		%	63.01	%	58.81	%	64.37	%	62.07	%
Annualized noninterest expense to average assets *	2.83		%	2.80	%	2.59	%	2.88	%	2.79	%


*	Excludes restructuring/acquisition expenses and amortization of intangible assets (non-GAAP).



	At March 31, 2020
	Actual				Minimum capital requirements (1)				Well capitalized requirements
	Amount		Ratio		Amount		Ratio		Amount		Ratio
Total capital (to risk weighted assets)
Northwest Bancshares, Inc.	$	1,314,848	15.680	%	$	880,472	10.500	%	$	838,545	10.000	%
Northwest Bank	1,185,210		14.148	%	879,618		10.500	%	837,732		10.000	%

Tier 1 capital (to risk weighted assets)
Northwest Bancshares, Inc.	1,231,345		14.684	%	712,763		8.500	%	670,836		8.000	%
Northwest Bank	1,097,002		13.095	%	712,072		8.500	%	670,185		8.000	%

CET 1 capital (to risk weighted assets)
Northwest Bancshares, Inc.	1,113,211		13.276	%	586,982		7.000	%	545,054		6.500	%
Northwest Bank	1,097,002		13.095	%	586,412		7.000	%	544,525		6.500	%

Tier 1 capital (leverage) (to average assets)
Northwest Bancshares, Inc.	1,231,345		11.675	%	421,871		4.000	%	527,338		5.000	%
Northwest Bank	1,097,002		10.550	%	415,919		4.000	%	519,899		5.000	%



	March 31, 2020
Marketable securities available-for-sale	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses		Fair value
Debt issued by government sponsored enterprises:
Due in less than one year	$	50,761	475	—		51,236
Due in one year through five years	25,227		284	—		25,511
Due in five years through ten years	3,411		114	(103	)	3,422

Municipal securities:
Due in less than one year	812		3	—		815
Due in one year through five years	2,897		68	—		2,965
Due in five years through ten years	8,903		178	—		9,081
Due after ten years	31,400		436	—		31,836

Residential mortgage-backed securities:
Fixed rate pass-through	130,729		4,453	(10	)	135,172
Variable rate pass-through	18,025		403	(8	)	18,420
Fixed rate agency CMOs	423,625		10,447	(60	)	434,012
Variable rate agency CMOs	53,913		62	(866	)	53,109
Total residential mortgage-backed securities	626,292		15,365	(944	)	640,713
Total marketable securities available-for-sale	$	749,703	16,923	(1,047	)	765,579

Marketable securities held-to-maturity
Residential mortgage-backed securities:
Fixed rate pass-through	$	2,096	113	—		2,209
Variable rate pass-through	1,119		15	—		1,134
Fixed rate agency CMOs	13,389		639	—		14,028
Variable rate agency CMOs	604		1	(8	)	597
Total residential mortgage-backed securities	17,208		768	(8	)	17,968
Total marketable securities held-to-maturity	$	17,208	768	(8	)	17,968



	March 31, 2020
	Amount		Average rate
Term notes payable to the FHLB of Pittsburgh:
Due within one year	$	100,000	0.74% *
Total term notes payable to FHLB of Pittsburgh	100,000
Collateralized borrowings, due within one year	91,599		0.30	%
Total borrowed funds **	$	191,599



	March 31, 2020			December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019
Nonaccrual loans current:
Residential mortgage loans	$	285		72		676		432		124
Home equity loans	592			197		607		475		643
Consumer loans	77			78		68		94		76
Commercial real estate loans	14,337			9,241		7,674		12,605		10,520
Commercial loans	3,514			3,424		3,777		5,666		4,277
Total nonaccrual loans current	$	18,805		13,012		12,802		19,272		15,640
Nonaccrual loans delinquent 30 days to 59 days:
Residential mortgage loans	$	691		674		40		13		824
Home equity loans	159			224		102		418		160
Consumer loans	143			121		246		172		154
Commercial real estate loans	496			196		925		469		2,642
Commercial loans	—			55		44		45		321
Total nonaccrual loans delinquent 30 days to 59 days	$	1,489		1,270		1,357		1,117		4,101
Nonaccrual loans delinquent 60 days to 89 days:
Residential mortgage loans	$	218		1,048		979		910		1,323
Home equity loans	539			689		436		717		954
Consumer loans	488			417		426		322		683
Commercial real estate loans	2,096			413		536		1,426		3,588
Commercial loans	37			341		—		780		397
Total nonaccrual loans delinquent 60 days to 89 days	$	3,378		2,908		2,377		4,155		6,945
Nonaccrual loans delinquent 90 days or more:
Residential mortgage loans	$	10,457		12,682		11,722		10,617		10,781
Home equity loans	5,816			5,635		5,966		5,591		5,542
Consumer loans	3,459			3,610		3,400		2,902		3,215
Commercial real estate loans	25,342			25,014		22,292		21,123		24,528
Commercial loans	16,685			4,739		5,741		2,920		2,027
Total nonaccrual loans delinquent 90 days or more	$	61,759		51,680		49,121		43,153		46,093
Total nonaccrual loans	$	85,431		68,870		65,657		67,697		72,779
Total nonaccrual loans	$	85,431		68,870		65,657		67,697		72,779
Loans 90 days past maturity and still accruing	31			32		85		55		166
Nonperforming loans	85,462			68,902		65,742		67,752		72,945
Real estate owned, net	1,075			950		1,237		2,070		2,345
Nonperforming assets	$	86,537		69,852		66,979		69,822		75,290
Nonaccrual troubled debt restructuring *	$	17,375		9,043		9,138		13,375		14,951
Accruing troubled debt restructuring	15,977			22,956		21,162		17,894		17,861
Total troubled debt restructuring	$	33,352		31,999		30,300		31,269		32,812

Nonperforming loans to total loans	0.97		%	0.78	%	0.74	%	0.78	%	0.85	%
Nonperforming assets to total assets	0.81		%	0.67	%	0.63	%	0.66	%	0.73	%
Allowance for loan losses to total loans	1.05		%	0.66	%	0.60	%	0.61	%	0.65	%
Allowance for loan losses to nonperforming loans	108.70		%	84.09	%	80.40	%	78.38	%	76.39	%



At March 31, 2020	Pass		Special mention *	Substandard **	Doubtful	Loss	Loans receivable
Personal Banking:
Residential mortgage loans	$	2,830,596	—	7,690	—	—	2,838,286
Home equity loans	1,345,052		—	8,211	—	—	1,353,263
Consumer loans	1,174,067		—	3,988	—	—	1,178,055
Total Personal Banking	5,349,715		—	19,889	—	—	5,369,604
Commercial Banking:
Commercial real estate loans	2,537,736		73,967	143,765	—	—	2,755,468
Commercial loans	618,267		43,071	50,464	—	—	711,802
Total Commercial Banking	3,156,003		117,038	194,229	—	—	3,467,270
Total loans	$	8,505,718	117,038	214,118	—	—	8,836,874
At December 31, 2019
Personal Banking:
Residential mortgage loans	$	2,858,582	—	9,545	—	—	2,868,127
Home equity loans	1,336,111		—	6,807	—	—	1,342,918
Consumer loans	1,120,732		—	4,400	—	—	1,125,132
Total Personal Banking	5,315,425		—	20,752	—	—	5,336,177
Commercial Banking:
Commercial real estate loans	2,538,816		80,570	135,004	—	—	2,754,390
Commercial loans	616,983		42,380	58,744	—	—	718,107
Total Commercial Banking	3,155,799		122,950	193,748	—	—	3,472,497
Total loans	$	8,471,224	122,950	214,500	—	—	8,808,674
At September 30, 2019
Personal Banking:
Residential mortgage loans	$	2,887,077	—	9,056	—	—	2,896,133
Home equity loans	1,320,930		—	7,243	—	—	1,328,173
Consumer loans	1,090,030		—	4,263	—	—	1,094,293
Total Personal Banking	5,298,037		—	20,562	—	—	5,318,599
Commercial Banking:
Commercial real estate loans	2,601,025		69,380	142,253	181	—	2,812,839
Commercial loans	639,998		37,666	42,800	115	—	720,579
Total Commercial Banking	3,241,023		107,046	185,053	296	—	3,533,418
Total loans	$	8,539,060	107,046	205,615	296	—	8,852,017
At June 30, 2019
Personal Banking:
Residential mortgage loans	$	2,890,472	—	8,692	—	—	2,899,164
Home equity loans	1,307,887		—	7,060	—	—	1,314,947
Consumer loans	1,007,813		—	3,611	—	—	1,011,424
Total Personal Banking	5,206,172		—	19,363	—	—	5,225,535
Commercial Banking:
Commercial real estate loans	2,586,013		86,434	135,525	181	—	2,808,153
Commercial loans	621,889		38,182	42,141	982	—	703,194
Total Commercial Banking	3,207,902		124,616	177,666	1,163	—	3,511,347
Total loans	$	8,414,074	124,616	197,029	1,163	—	8,736,882
At March 31, 2019
Personal Banking:
Residential mortgage loans	$	2,858,007	—	9,154	—	—	2,867,161
Home equity loans	1,317,323		—	7,082	—	—	1,324,405
Consumer loans	926,832		—	4,230	—	—	931,062
Total Personal Banking	5,102,162		—	20,466	—	—	5,122,628
Commercial Banking:
Commercial real estate loans	2,577,176		87,053	135,080	—	—	2,799,309
Commercial loans	573,160		34,610	40,168	—	—	647,938
Total Commercial Banking	3,150,336		121,663	175,248	—	—	3,447,247
Total loans	$	8,252,498	121,663	195,714	—	—	8,569,875


*	Includes $13.1 million, $10.3 million, $8.7 million, $8.1 million, and $3.4 million of acquired loans at March 31, 2020, December 31, 2019, September 30, 2019, December 31, 2019, and March 31, 2019, respectively.


*	Amounts included in nonperforming loans above.



	March 31, 2020			*		December 31, 2019			*		September 30, 2019			*		June 30, 2019			*		March 31, 2019			*
(Number of loans and dollar amount of loans)
Loans delinquent 30 days to 59 days:
Residential mortgage loans	358	$	32,755	1.2	%	292	$	23,296	0.8	%	21	$	1,236	—	%	30	$	1,629	0.1	%	311	$	28,009	1.0	%
Home equity loans	190	7,061		0.5	%	173	6,469		0.5	%	149	4,774		0.4	%	148	4,573		0.3	%	195	7,626		0.6	%
Consumer loans	953	8,774		0.7	%	960	9,208		0.8	%	864	7,597		0.7	%	856	7,630		0.7	%	905	7,523		0.8	%
Commercial real estate loans	58	12,895		0.5	%	43	7,921		0.3	%	27	5,308		0.2	%	31	2,418		0.1	%	48	28,965		1.0	%
Commercial loans	35	7,545		1.1	%	32	1,187		0.2	%	20	362		0.1	%	14	666		0.1	%	30	3,359		0.5	%
Total loans delinquent 30 days to 59 days	1,594	$	69,030	0.8	%	1,500	$	48,081	0.5	%	1,081	$	19,277	0.2	%	1,079	$	16,916	0.2	%	1,489	$	75,482	0.9	%

Loans delinquent 60 days to 89 days:
Residential mortgage loans	11	$	511	—	%	67	$	5,693	0.2	%	95	$	5,320	0.2	%	78	$	6,264	0.2	%	29	$	2,602	0.1	%
Home equity loans	65	2,652		0.2	%	66	2,405		0.2	%	66	2,103		0.2	%	59	2,319		0.2	%	53	2,544		0.2	%
Consumer loans	265	2,610		0.2	%	395	3,302		0.3	%	288	2,632		0.2	%	338	2,897		0.3	%	299	2,177		0.2	%
Commercial real estate loans	12	2,981		0.1	%	19	1,690		0.1	%	15	1,893		0.1	%	16	2,617		0.1	%	17	4,064		0.1	%
Commercial loans	10	309		—	%	17	6,403		0.9	%	10	589		0.1	%	16	1,725		0.2	%	7	738		0.1	%
Total loans delinquent 60 days to 89 days	363	$	9,063	0.1	%	564	$	19,493	0.2	%	474	$	12,537	0.1	%	507	$	15,822	0.2	%	405	$	12,125	0.2	%

Loans delinquent 90 days or more: **
Residential mortgage loans	129	$	10,457	0.4	%	141	$	12,775	0.4	%	138	$	11,816	0.4	%	129	$	10,800	0.4	%	113	$	10,801	0.4	%
Home equity loans	152	5,816		0.4	%	159	5,688		0.4	%	157	5,966		0.4	%	136	5,591		0.4	%	155	5,542		0.4	%
Consumer loans	445	3,459		0.3	%	590	3,611		0.3	%	398	3,401		0.3	%	710	2,908		0.3	%	764	3,221		0.3	%
Commercial real estate loans	139	25,342		0.9	%	129	25,014		0.9	%	118	22,292		0.8	%	118	21,123		0.7	%	125	24,589		0.9	%
Commercial loans	51	16,685		2.3	%	37	4,739		0.7	%	40	5,741		0.8	%	25	2,920		0.4	%	23	2,027		0.3	%
Total loans delinquent 90 days or more	916	$	61,759	0.7	%	1,056	$	51,827	0.6	%	851	$	49,216	0.6	%	1,118	$	43,342	0.5	%	1,180	$	46,180	0.6	%

Total loans delinquent	2,873	$	139,852	1.6	%	3,120	$	119,401	1.4	%	2,406	$	81,030	0.9	%	2,704	$	76,080	0.9	%	3,074	$	133,787	1.6	%


*	Represents delinquency, in dollars, divided by the respective total amount of that type of loan outstanding.



At March 31, 2020	30-59 days delinquent		*		60-89 days delinquent		*		90 days or greater delinquent		*		Total delinquent		*		Current		*		Total loans receivable		*
Restaurants/bars	$	47	—	%	$	—	—	%	$	116	—	%	$	163	—	%	$	46,058	0.5	%	$	46,221	0.5	%
Hotels/hospitality	—		—	%	—		—	%	—		—	%	—		—	%	183,697		2.1	%	183,697		2.1	%
Gyms and fitness	109		—	%	59		—	%	—		—	%	168		—	%	3,931		—	%	4,099		—	%
Transportation	—		—	%	—		—	%	5,094		0.1	%	5,094		0.1	%	11,145		0.1	%	16,239		0.2	%
Oil and gas	130		—	%	—		—	%	1,781		—	%	1,911		—	%	22,091		0.2	%	24,002		0.3	%
Residential care facilities	—		—	%	—		—	%	—		—	%	—		—	%	192,264		2.2	%	192,264		2.2	%
Education	4,151		—	%	—		—	%	506		—	%	4,657		—	%	35,751		0.4	%	40,408		0.4	%
All other sectors	64,593		0.8	%	9,004		0.1	%	54,262		0.6	%	127,859		1.5	%	8,202,085		92.8	%	8,329,944		94.3	%
Total loans	$	69,030	0.8	%	$	9,063	0.1	%	$	61,759	0.7	%	$	139,852	1.6	%	$	8,697,022	98.4	%	$	8,836,874	100.0	%


**	Includes $56.8 million, $53.1 million, $46.6 million, $38.6 million, and $37.8 million of acquired loans at March 31, 2020, December 31, 2019, September 30, 2019, December 31, 2019, and March 31, 2019, respectively.


**	Includes purchased credit deteriorated loans of $298,000 at March 31, 2020, and purchased credit impaired loans of $147,000, $95,000, $190,000, and $87,000 at December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019, respectively.



At March 31, 2020	# of Loans	Outstanding principal balance
Residential mortgage loans	640	$	96,839
Home equity loans	533	33,521
Consumer loans	1,803	33,443
Commercial real estate loans	1,041	736,688
Commercial loans	542	85,483
Total loans *	4,559	$	985,974



	March 31, 2020
	Originated loans			Acquired loans		Total loans
	Balance		Reserve	Balance	Reserve	Balance	Reserve
Residential mortgage loans	$	2,762,248	10,299	76,038	374	2,838,286	10,673
Home equity loans	1,121,979		8,497	231,284	1,288	1,353,263	9,785
Consumer loans	1,163,689		16,962	14,366	198	1,178,055	17,160
Personal Banking Loans	5,047,916		35,758	321,688	1,860	5,369,604	37,618
Commercial real estate loans	2,374,451		30,628	381,017	7,128	2,755,468	37,756
Commercial loans	658,161		16,045	53,641	1,478	711,802	17,523
Commercial Banking Loans	3,032,612		46,673	434,658	8,606	3,467,270	55,279
Total Loans	$	8,080,528	82,431	756,346	10,466	8,836,874	92,897


(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 ("FTE") basis.


(e)	Average balances include the effect of unrealized gains or losses on securities held as available-for-sale.


(f)	Average balances include FHLB borrowings and collateralized borrowings.


(g)	Average cost of deposits were 0.53%, 0.59%, 0.63%, 0.58%, and 0.51%, respectively.