On this page of StockholderLetter.com we present the latest annual shareholder letter from Northwest Bancshares, Inc. — ticker symbol NWBI. Reading current and past NWBI letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT A YEAR OF TRANSFORMATION Bancshares, Inc.
Commercial Business Coverage Northwest supports customers in commercial business segments across the United States: Corporate Finance SBA Lending Equipment Finance Franchise Finance Sponsor Finance Sports Finance Consumer Market Coverage Northwest Bancshares, Inc. Columbus, Ohio Bancshares, Inc. This report may contain forward-looking statements with respect to the nancial condition and results of operations of Northwest Bancshares, Inc. including, without limitation, statements relating to the earnings outlook of the Company. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to di er materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) changes in the interest rate environment; (2) competitive pressure among nancial services companies or instability or breakdown in the nancial services sector; (3) general economic conditions including in ation, an increase in non-performing loans or changes in monetary, scal, regulatory and tari policies of the U.S. government; (4) changes in legislation or regulatory requirements, including as part of the regulatory reform agenda of the Trump administration; (5) di culties in continuing to improve operating e ciencies; (6) di culties in the integration of acquired businesses or the ability to complete sales transactions; (7) increased risk associated with commercial real-estate and business loans; (8) changes in liquidity, including the size and composition of our deposit portfolio; (9) reduction in the value of our goodwill and other intangible assets; and (10) the e ect of any pandemic, war or act of terrorism. Management has no obligation to revise or update these forward-looking statements to re ect events or circumstances that arise after the date of this release, except as required by law. These and other risk factors are more fully described in this presentation and in the Northwest Bancshares, Inc. (the Company ) Annual Report on Form 10-K for the year ended December 31, 2025 under the section entitled Item 1A - Risk Factors, and from time to time in other lings made by the Company with the SEC. 2026 Northwest Bancshares, Inc.
About Us Headquartered in Columbus, Ohio, Northwest Bancshares, Inc. is the bank holding company of Northwest Bank. Founded in 1896, Northwest Bank is a full-service nancial institution o ering a complete line of business and personal banking products, as well as employee bene ts and wealth management services. Currently, Northwest operates 151 full-service nancial centers and 10 drive-up locations across Pennsylvania, New York, Ohio, and Indiana. Northwest Bancshares, Inc. s common stock is listed on the NASDAQ Global Select Market ( NWBI ). Additional information regarding Northwest Bancshares, Inc. and Northwest Bank can be accessed online at www.northwest.bank. Northwest s business emphasis is to: Solicit personal and business deposits as a primary source of funding. Provide high quality personal banking and business banking loans in its markets. O er trust, investment management, insurance, employee bene t plans and nancial planning services with a personal touch to individuals, businesses and charitable institutions. Recent Honors and Awards 2025 | ANNUAL REPORT 3
Dear Shareholders, On behalf of Northwest Bank, I am pleased to share that we delivered a strong nancial performance in 2025, which was the result of the hard work and dedication of our talented team. 2025 was a year of continuing transformation for Northwest Bank, as we executed on our multi-year strategic plan focused on sustainable, responsible growth, which has positioned us for continued growth in 2026. We continued to enhance services and capabilities, expand our footprint and focus on our customers and communities to provide long-term value to the people we serve and ensure we re always ready for what s next. During 2025 we closed on a signi cant acquisition, the largest in the bank s 130-year history, we drove record revenue of $655 million for the full year and continued to expand the rm s net interest margin. Coupled with our demonstrated expense management discipline through the closing and integration of a sizeable acquisition, we drove double digit EPS growth. And all while investing in the talent, technology, and new nancial centers and products to support our future growth. 2025 was a year of continuing transformation for Northwest Bank, as we executed on our multi-year strategic plan focused on sustainable, responsible growth,which has positioned us for continued growth in 2026. 4 One of the high points of the year was the successful acquisition, conversion and integration of Penns Woods, bringing Northwest Bank into the ranks of the top 100 banks in the U.S. by assets. As well as adding 20 nancial centers to our existing Pennsylvania footprint, we welcomed new associates, and thousands of new customers to Northwest. I am proud of the team for its successful execution of a seamless integration at scale, while maintaining our distinct Northwest culture, and driving a strong core performance across the bank. Consumer Banking We continued to transform our consumer bank, moving from nancial center consolidation to expansion, opening our rst new nancial center since 2019 in the Indianapolis MSA, featuring our new design focused on customer hospitality. We appointed a Head of Wealth Management to lead our e orts to integrate, enhance and grow the bank s existing wealth management o erings, which include private banking, investment management, estate planning, and trust services. And we re building out our presence in our Columbus headquarters market with new nancial centers now under development and due to open later in 2026 in key locations. We remain focused on excellence as an outstanding full-service neighborhood bank providing a highly personalized service. NORTHWEST IS NOW ONE OF THE 100 LARGEST BANKS NORTHWEST IS NOW ONE OF THE TOP 50 U.S. SMALL BUSINESS IN THE UNITED STATES ADMINISTRATION (SBA) LENDERS BY TOTAL ASSETS. BY VOLUME IN THE UNITED STATES. 2025 | ANNUAL REPORT
Commercial Banking We strengthened and diversi ed our commercial banking business, with Commercial and Industrial (C&I) momentum of 26% YoY average loan growth. Our in-market commercial businesses cover Commercial Real Estate (CRE), Middle Market, Regional Commercial, and Corporate Finance relationships with $3.7 billion of legacy commercial loans as of the end of FY 2025. Our national commercial coverage is comprised of corporate nance and ve specialty verticals, including Sponsor Finance, Sports Finance, Equipment Finance, Franchise Finance and Small Business Administration (SBA) lending to serve commercial clients across the country, each with experienced and well-connected industry leaders giving us a strong point of distinction in these specialty nance areas. Since starting our vertical lines of business in 2023, with Franchise Finance launched in 2025, we have grown to $1.3 billion in loans across these ve verticals at the end of 2025, representing approximately 21% of our total commercial loan business. We also materially grew our SBA lending activity in 2025, earning a spot among the top 50 originators by volume in the U.S., as we grow our SBA business both locally and nationally. New Senior Leadership Hires Erin F. Siegfried Chief Legal Counsel and Corporate Secretary Leadership Team Strength Our bank relies on outstanding talent for its success. Over the past 18 months we ve made signi cant investments in executive and regional leadership, hiring accomplished executives across consumer and commercial banking, wealth management, legal, and nance from numerous other respected nancial institutions. We have a highly experienced leadership team in place that s equipped to drive ongoing transformation and growth across our business. Matt Bower Managing Director, Wealth Management And nally, in 2025 we delivered on our commitment to our shareholders, returning more than half of our pro ts through a quarterly dividend of $0.20 per share. 2025 was a fast-paced and productive year, and I am excited for our prospects in 2026, and another year of progress and ongoing transformation as we approach our 130th anniversary later this year. We ve laid strong foundations for a year of organic growth, as we maintain our focus on optimizing our operations, expanding our nancial center network, and delivering growth across our consumer bank and commercial lines of business. Michael Perry Managing Director, Corporate Development and Strategy Thank you for your trust and support. Sincerely, Louis J. Torchio President and Chief Executive O cer 2025 | ANNUAL REPORT Chad Wheeler Managing Director, Treasurer 5
 • shareholder letter icon 4/9/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/9/2023 NWBI Stockholder Letter
 • stockholder letter icon 3/8/2024 NWBI Stockholder Letter
 • stockholder letter icon 3/7/2025 NWBI Stockholder Letter
 • stockholder letter icon More "Banking & Savings" Category Stockholder Letters
 • Benford's Law Stocks icon NWBI Benford's Law Stock Score = 98


NWBI Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT
A YEAR OF
TRANSFORMATION
Bancshares, Inc.

Commercial Business Coverage
Northwest supports customers in commercial business segments across the United States:
Corporate
Finance
SBA
Lending
Equipment
Finance
Franchise
Finance
Sponsor
Finance
Sports
Finance
Consumer
Market Coverage
Northwest Bancshares, Inc.     Columbus, Ohio
Bancshares, Inc.
This report may contain forward-looking statements with respect to the    nancial condition and results of operations of Northwest Bancshares, Inc. including, without limitation, statements relating
to the earnings outlook of the Company. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to di   er materially from those contemplated
by such forward-looking statements include, among others, the following possibilities: (1) changes in the interest rate environment; (2) competitive pressure among    nancial services companies or
instability or breakdown in the    nancial services sector; (3) general economic conditions including in   ation, an increase in non-performing loans or changes in monetary,    scal, regulatory and tari   
policies of the U.S. government; (4) changes in legislation or regulatory requirements, including as part of the regulatory reform agenda of the Trump administration; (5) di   culties in continuing to
improve operating e   ciencies; (6) di   culties in the integration of acquired businesses or the ability to complete sales transactions; (7) increased risk associated with commercial real-estate and
business loans; (8) changes in liquidity, including the size and composition of our deposit portfolio; (9) reduction in the value of our goodwill and other intangible assets; and (10) the e   ect of any
pandemic, war or act of terrorism. Management has no obligation to revise or update these forward-looking statements to re   ect events or circumstances that arise after the date of this release, except
as required by law. These and other risk factors are more fully described in this presentation and in the Northwest Bancshares, Inc. (the    Company   ) Annual Report on Form 10-K for the year ended
December 31, 2025 under the section entitled    Item 1A - Risk Factors,    and from time to time in other    lings made by the Company with the SEC.   2026 Northwest Bancshares, Inc.

About Us
Headquartered in Columbus, Ohio,
Northwest Bancshares, Inc. is the bank
holding company of Northwest Bank.
Founded in 1896, Northwest Bank is a
full-service    nancial institution o   ering a
complete line of business and personal
banking products, as well as employee
bene   ts and wealth management services.
Currently, Northwest operates 151
full-service    nancial centers and 10
drive-up locations across Pennsylvania,
New York, Ohio, and Indiana. Northwest
Bancshares, Inc.   s common stock is
listed on the NASDAQ Global Select
Market (   NWBI   ). Additional information
regarding Northwest Bancshares, Inc.
and Northwest Bank can be accessed
online at www.northwest.bank.
Northwest   s business emphasis is to:
    Solicit personal and business deposits
as a primary source of funding.
    Provide high quality personal
banking and business banking loans
in its markets.
    O   er trust, investment management,
insurance, employee bene   t plans
and    nancial planning services with
a personal touch to individuals,
businesses and charitable institutions.
Recent Honors and Awards
2025 | ANNUAL REPORT
3

Dear Shareholders,
On behalf of Northwest Bank, I am pleased to share that we delivered a
strong    nancial performance in 2025, which was the result of the hard
work and dedication of our talented team.
2025 was a year of continuing transformation for Northwest Bank, as
we executed on our multi-year strategic plan focused on sustainable,
responsible growth, which has positioned us for continued growth in 2026.
We continued to enhance services and capabilities, expand our footprint
and focus on our customers and communities to provide long-term value
to the people we serve and ensure we   re always ready for what   s next.
During 2025 we closed on a signi   cant acquisition, the largest in the
bank   s 130-year history, we drove record revenue of $655 million for the
full year and continued to expand the    rm   s net interest margin. Coupled
with our demonstrated expense management discipline through the
closing and integration of a sizeable acquisition, we drove double digit EPS
growth. And all while investing in the talent, technology, and new    nancial
centers and products to support our future growth.
2025 was a year of
continuing transformation
for Northwest Bank,
as we executed on our
multi-year strategic plan
focused on sustainable,
responsible growth,which
has positioned us for
continued growth in 2026.
4
One of the high points of the year was the successful acquisition,
conversion and integration of Penns Woods, bringing Northwest Bank into
the ranks of the top 100 banks in the U.S. by assets. As well as adding 20
   nancial centers to our existing Pennsylvania footprint, we welcomed new
associates, and thousands of new customers to Northwest. I am proud of
the team for its successful execution of a seamless integration at scale,
while maintaining our distinct Northwest culture, and driving a strong core
performance across the bank.
Consumer Banking
We continued to transform our consumer bank, moving from    nancial
center consolidation to expansion, opening our    rst new    nancial center
since 2019 in the Indianapolis MSA, featuring our new design focused
on customer hospitality. We appointed a Head of Wealth Management
to lead our e   orts to integrate, enhance and grow the bank   s existing
wealth management o   erings, which include private banking, investment
management, estate planning, and trust services. And we   re building out
our presence in our Columbus headquarters market with new    nancial
centers now under development and due to open later in 2026 in key
locations. We remain focused on excellence as an outstanding full-service
neighborhood bank providing a highly personalized service.
NORTHWEST IS NOW ONE
OF THE 100 LARGEST BANKS
NORTHWEST IS NOW ONE OF
THE TOP 50 U.S. SMALL BUSINESS
IN THE UNITED STATES
ADMINISTRATION (SBA) LENDERS
BY TOTAL ASSETS.
BY VOLUME IN THE UNITED STATES.
2025 | ANNUAL REPORT

Commercial Banking
We strengthened and diversi   ed our commercial banking business, with
Commercial and Industrial (C&I) momentum of 26% YoY average loan growth.
Our in-market commercial businesses cover Commercial Real Estate (CRE),
Middle Market, Regional Commercial, and Corporate Finance relationships
with $3.7 billion of legacy commercial loans as of the end of FY 2025. Our
national commercial coverage is comprised of corporate    nance and    ve
specialty verticals, including Sponsor Finance, Sports Finance, Equipment
Finance, Franchise Finance and Small Business Administration (SBA) lending
to serve commercial clients across the country, each with experienced and
well-connected industry leaders giving us a strong point of distinction in
these specialty    nance areas. Since starting our vertical lines of business
in 2023, with Franchise Finance launched in 2025, we have grown to $1.3
billion in loans across these    ve verticals at the end of 2025, representing
approximately 21% of our total commercial loan business. We also materially
grew our SBA lending activity in 2025, earning a spot among the top 50
originators by volume in the U.S., as we grow our SBA business both locally
and nationally.
New Senior
Leadership Hires
Erin F. Siegfried
Chief Legal Counsel and
Corporate Secretary
Leadership Team Strength
Our bank relies on outstanding talent for its success. Over the past 18 months
we   ve made signi   cant investments in executive and regional leadership,
hiring accomplished executives across consumer and commercial banking,
wealth management, legal, and    nance from numerous other respected
   nancial institutions. We have a highly experienced leadership team in place
that   s equipped to drive ongoing transformation and growth across our
business.
Matt Bower
Managing Director,
Wealth Management
And    nally, in 2025 we delivered on our commitment to our shareholders,
returning more than half of our pro   ts through a quarterly dividend of $0.20
per share.
2025 was a fast-paced and productive year, and I am excited for our
prospects in 2026, and another year of progress and ongoing transformation
as we approach our 130th anniversary later this year. We   ve laid strong
foundations for a year of organic growth, as we maintain our focus on
optimizing our operations, expanding our    nancial center network, and
delivering growth across our consumer bank and commercial lines of business.
Michael Perry
Managing Director,
Corporate Development
and Strategy
Thank you for your trust and support.
Sincerely,
Louis J. Torchio
President and Chief Executive O   cer
2025 | ANNUAL REPORT
Chad Wheeler
Managing Director,
Treasurer
5


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