Intrinsic value of Northwest Bancshares - NWBI

Previous Close

$18.34

  Intrinsic Value

$1.42

stock screener

  Rating & Target

str. sell

-92%

Previous close

$18.34

 
Intrinsic value

$1.42

 
Up/down potential

-92%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as NWBI.

We calculate the intrinsic value of NWBI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  469
  519
  571
  625
  682
  741
  802
  866
  933
  1,002
  1,074
  1,148
  1,226
  1,306
  1,390
  1,477
  1,568
  1,663
  1,762
  1,864
  1,972
  2,084
  2,201
  2,323
  2,450
  2,584
  2,723
  2,869
  3,022
  3,182
Variable operating expenses, $m
  164
  181
  199
  218
  238
  259
  280
  302
  326
  350
  375
  401
  428
  456
  485
  516
  547
  580
  615
  651
  688
  727
  768
  811
  855
  902
  950
  1,001
  1,055
  1,110
Fixed operating expenses, $m
  145
  148
  152
  155
  158
  162
  165
  169
  173
  177
  180
  184
  188
  193
  197
  201
  206
  210
  215
  219
  224
  229
  234
  239
  245
  250
  256
  261
  267
  273
Total operating expenses, $m
  309
  329
  351
  373
  396
  421
  445
  471
  499
  527
  555
  585
  616
  649
  682
  717
  753
  790
  830
  870
  912
  956
  1,002
  1,050
  1,100
  1,152
  1,206
  1,262
  1,322
  1,383
Operating income, $m
  160
  189
  220
  252
  286
  321
  357
  395
  435
  476
  519
  563
  610
  658
  708
  761
  815
  872
  932
  994
  1,059
  1,127
  1,198
  1,273
  1,350
  1,432
  1,517
  1,607
  1,700
  1,799
EBITDA, $m
  1,217
  1,358
  1,506
  1,660
  1,822
  1,990
  2,165
  2,346
  2,536
  2,732
  2,937
  3,149
  3,370
  3,600
  3,839
  4,088
  4,348
  4,618
  4,900
  5,194
  5,500
  5,820
  6,155
  6,504
  6,869
  7,251
  7,651
  8,069
  8,507
  8,965
Interest expense (income), $m
  40
  465
  462
  507
  554
  603
  654
  707
  762
  820
  880
  942
  1,006
  1,074
  1,143
  1,216
  1,291
  1,370
  1,452
  1,537
  1,626
  1,718
  1,815
  1,915
  2,021
  2,131
  2,245
  2,365
  2,491
  2,622
  2,760
Earnings before tax, $m
  -304
  -273
  -287
  -302
  -317
  -333
  -350
  -367
  -385
  -404
  -423
  -443
  -464
  -485
  -508
  -531
  -554
  -579
  -605
  -631
  -659
  -687
  -717
  -748
  -780
  -813
  -848
  -884
  -922
  -961
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -304
  -273
  -287
  -302
  -317
  -333
  -350
  -367
  -385
  -404
  -423
  -443
  -464
  -485
  -508
  -531
  -554
  -579
  -605
  -631
  -659
  -687
  -717
  -748
  -780
  -813
  -848
  -884
  -922
  -961

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,690
  9,609
  10,573
  11,579
  12,629
  13,723
  14,861
  16,045
  17,275
  18,554
  19,883
  21,264
  22,699
  24,192
  25,745
  27,361
  29,043
  30,795
  32,622
  34,526
  36,513
  38,586
  40,751
  43,012
  45,376
  47,847
  50,431
  53,134
  55,963
  58,925
Adjusted assets (=assets-cash), $m
  8,690
  9,609
  10,573
  11,579
  12,629
  13,723
  14,861
  16,045
  17,275
  18,554
  19,883
  21,264
  22,699
  24,192
  25,745
  27,361
  29,043
  30,795
  32,622
  34,526
  36,513
  38,586
  40,751
  43,012
  45,376
  47,847
  50,431
  53,134
  55,963
  58,925
Revenue / Adjusted assets
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
  0.054
Average production assets, $m
  10,569
  11,687
  12,859
  14,083
  15,360
  16,690
  18,075
  19,514
  21,011
  22,566
  24,182
  25,862
  27,608
  29,423
  31,312
  33,277
  35,323
  37,455
  39,676
  41,992
  44,408
  46,930
  49,563
  52,314
  55,188
  58,193
  61,336
  64,624
  68,064
  71,666
Working capital, $m
  -8,710
  -9,631
  -10,596
  -11,605
  -12,657
  -13,754
  -14,894
  -16,081
  -17,314
  -18,596
  -19,927
  -21,311
  -22,750
  -24,246
  -25,802
  -27,422
  -29,108
  -30,864
  -32,695
  -34,603
  -36,595
  -38,672
  -40,842
  -43,109
  -45,477
  -47,954
  -50,543
  -53,253
  -56,088
  -59,057
Total debt, $m
  8,565
  9,392
  10,259
  11,165
  12,110
  13,094
  14,119
  15,184
  16,291
  17,442
  18,638
  19,881
  21,173
  22,516
  23,914
  25,368
  26,882
  28,460
  30,103
  31,817
  33,605
  35,471
  37,419
  39,455
  41,582
  43,805
  46,131
  48,564
  51,110
  53,776
Total liabilities, $m
  7,821
  8,649
  9,515
  10,421
  11,366
  12,351
  13,375
  14,440
  15,548
  16,699
  17,895
  19,137
  20,429
  21,773
  23,170
  24,625
  26,139
  27,716
  29,360
  31,074
  32,861
  34,727
  36,676
  38,711
  40,838
  43,062
  45,387
  47,820
  50,367
  53,032
Total equity, $m
  869
  961
  1,057
  1,158
  1,263
  1,372
  1,486
  1,604
  1,728
  1,855
  1,988
  2,126
  2,270
  2,419
  2,574
  2,736
  2,904
  3,080
  3,262
  3,453
  3,651
  3,859
  4,075
  4,301
  4,538
  4,785
  5,043
  5,313
  5,596
  5,892
Total liabilities and equity, $m
  8,690
  9,610
  10,572
  11,579
  12,629
  13,723
  14,861
  16,044
  17,276
  18,554
  19,883
  21,263
  22,699
  24,192
  25,744
  27,361
  29,043
  30,796
  32,622
  34,527
  36,512
  38,586
  40,751
  43,012
  45,376
  47,847
  50,430
  53,133
  55,963
  58,924
Debt-to-equity ratio
  9.860
  9.770
  9.700
  9.640
  9.590
  9.540
  9.500
  9.460
  9.430
  9.400
  9.370
  9.350
  9.330
  9.310
  9.290
  9.270
  9.260
  9.240
  9.230
  9.220
  9.200
  9.190
  9.180
  9.170
  9.160
  9.160
  9.150
  9.140
  9.130
  9.130
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -304
  -273
  -287
  -302
  -317
  -333
  -350
  -367
  -385
  -404
  -423
  -443
  -464
  -485
  -508
  -531
  -554
  -579
  -605
  -631
  -659
  -687
  -717
  -748
  -780
  -813
  -848
  -884
  -922
  -961
Depreciation, amort., depletion, $m
  1,057
  1,169
  1,286
  1,408
  1,536
  1,669
  1,807
  1,951
  2,101
  2,257
  2,418
  2,586
  2,761
  2,942
  3,131
  3,328
  3,532
  3,745
  3,968
  4,199
  4,441
  4,693
  4,956
  5,231
  5,519
  5,819
  6,134
  6,462
  6,806
  7,167
Funds from operations, $m
  753
  896
  999
  1,106
  1,219
  1,336
  1,457
  1,584
  1,716
  1,853
  1,995
  2,143
  2,297
  2,457
  2,624
  2,797
  2,978
  3,166
  3,363
  3,568
  3,782
  4,006
  4,239
  4,483
  4,739
  5,006
  5,285
  5,578
  5,884
  6,205
Change in working capital, $m
  -877
  -921
  -965
  -1,009
  -1,052
  -1,096
  -1,141
  -1,186
  -1,233
  -1,282
  -1,332
  -1,384
  -1,439
  -1,496
  -1,556
  -1,619
  -1,686
  -1,756
  -1,830
  -1,909
  -1,991
  -2,078
  -2,170
  -2,267
  -2,369
  -2,476
  -2,590
  -2,709
  -2,835
  -2,968
Cash from operations, $m
  1,630
  1,817
  1,964
  2,115
  2,271
  2,432
  2,598
  2,770
  2,949
  3,134
  3,327
  3,527
  3,736
  3,953
  4,180
  4,417
  4,664
  4,923
  5,193
  5,477
  5,773
  6,084
  6,409
  6,750
  7,107
  7,482
  7,875
  8,287
  8,720
  9,174
Maintenance CAPEX, $m
  -949
  -1,057
  -1,169
  -1,286
  -1,408
  -1,536
  -1,669
  -1,807
  -1,951
  -2,101
  -2,257
  -2,418
  -2,586
  -2,761
  -2,942
  -3,131
  -3,328
  -3,532
  -3,745
  -3,968
  -4,199
  -4,441
  -4,693
  -4,956
  -5,231
  -5,519
  -5,819
  -6,134
  -6,462
  -6,806
New CAPEX, $m
  -1,075
  -1,118
  -1,171
  -1,224
  -1,277
  -1,330
  -1,384
  -1,440
  -1,497
  -1,555
  -1,616
  -1,680
  -1,746
  -1,815
  -1,888
  -1,965
  -2,046
  -2,131
  -2,221
  -2,316
  -2,416
  -2,522
  -2,633
  -2,751
  -2,874
  -3,005
  -3,143
  -3,288
  -3,441
  -3,602
Cash from investing activities, $m
  -2,024
  -2,175
  -2,340
  -2,510
  -2,685
  -2,866
  -3,053
  -3,247
  -3,448
  -3,656
  -3,873
  -4,098
  -4,332
  -4,576
  -4,830
  -5,096
  -5,374
  -5,663
  -5,966
  -6,284
  -6,615
  -6,963
  -7,326
  -7,707
  -8,105
  -8,524
  -8,962
  -9,422
  -9,903
  -10,408
Free cash flow, $m
  -395
  -358
  -376
  -395
  -414
  -434
  -455
  -477
  -499
  -522
  -546
  -571
  -597
  -623
  -651
  -680
  -710
  -741
  -773
  -807
  -842
  -879
  -917
  -957
  -998
  -1,042
  -1,087
  -1,134
  -1,183
  -1,235
Issuance/(repayment) of debt, $m
  -38
  827
  867
  906
  945
  984
  1,024
  1,065
  1,107
  1,151
  1,196
  1,243
  1,292
  1,343
  1,397
  1,454
  1,514
  1,577
  1,644
  1,714
  1,788
  1,866
  1,948
  2,035
  2,127
  2,224
  2,326
  2,433
  2,546
  2,665
Issuance/(repurchase) of shares, $m
  1,205
  365
  383
  402
  422
  443
  464
  486
  508
  532
  556
  581
  608
  635
  663
  692
  723
  754
  787
  822
  857
  895
  934
  974
  1,016
  1,061
  1,107
  1,155
  1,205
  1,257
Cash from financing (excl. dividends), $m  
  1,167
  1,192
  1,250
  1,308
  1,367
  1,427
  1,488
  1,551
  1,615
  1,683
  1,752
  1,824
  1,900
  1,978
  2,060
  2,146
  2,237
  2,331
  2,431
  2,536
  2,645
  2,761
  2,882
  3,009
  3,143
  3,285
  3,433
  3,588
  3,751
  3,922
Total cash flow (excl. dividends), $m
  772
  834
  874
  914
  953
  993
  1,033
  1,074
  1,117
  1,161
  1,206
  1,253
  1,303
  1,355
  1,409
  1,467
  1,527
  1,591
  1,658
  1,728
  1,803
  1,882
  1,965
  2,053
  2,145
  2,243
  2,345
  2,454
  2,568
  2,688
Retained Cash Flow (-), $m
  -1,205
  -365
  -383
  -402
  -422
  -443
  -464
  -486
  -508
  -532
  -556
  -581
  -608
  -635
  -663
  -692
  -723
  -754
  -787
  -822
  -857
  -895
  -934
  -974
  -1,016
  -1,061
  -1,107
  -1,155
  -1,205
  -1,257
Prev. year cash balance distribution, $m
  32
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
Cash available for distribution, $m
  -401
  470
  491
  511
  531
  550
  569
  589
  608
  629
  650
  672
  695
  720
  746
  774
  804
  836
  870
  907
  946
  987
  1,031
  1,078
  1,129
  1,182
  1,239
  1,299
  1,363
  1,431
Discount rate, %
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
  32.85
  34.49
  36.21
  38.02
  39.93
  41.92
  44.02
  46.22
  48.53
  50.96
  53.50
  56.18
  58.99
  61.94
  65.03
PV of cash for distribution, $m
  -346
  345
  303
  261
  220
  183
  148
  118
  92
  70
  52
  38
  27
  19
  13
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  35.2
  25.2
  18.2
  13.4
  9.9
  7.4
  5.6
  4.2
  3.2
  2.5
  1.9
  1.5
  1.2
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0

Northwest Bancshares, Inc. (Northwest) is a savings and loan holding company. The Company's principal business consists of attracting deposits and making loans secured by various types of collateral, including real estate and other assets in the markets in which it operates. Its segments include Community Banking and Consumer Finance. The Community Banking segment includes its savings bank subsidiary, Northwest Bank, as well as the subsidiaries of the savings bank that provide similar products and services. The bank is a community-oriented institution that offers a range of personal and business deposit and loan products, including mortgage, consumer, and commercial loans, as well as trust, investment management, actuarial and benefit plan administration, and brokerage services typically offered by a full service financial institution. The Consumer Finance segment comprises Northwest Consumer Discount Company, a subsidiary of Northwest Bank.

FINANCIAL RATIOS  of  Northwest Bancshares (NWBI)

Valuation Ratios
P/E Ratio 37.3
Price to Sales 0
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 15.3
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15.4%
Cap. Spend. - 3 Yr. Gr. Rate -4.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 21.7%
Total Debt to Equity 21.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 0.8%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 4.3%
Return On Equity - 3 Yr. Avg. 5.1%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 29.6%
Eff/ Tax Rate - 3 Yr. Avg. 29.1%
Payout Ratio 120%

NWBI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NWBI stock intrinsic value calculation we used $422 million for the last fiscal year's total revenue generated by Northwest Bancshares. The default revenue input number comes from 2017 income statement of Northwest Bancshares. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NWBI stock valuation model: a) initial revenue growth rate of 11.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.8%, whose default value for NWBI is calculated based on our internal credit rating of Northwest Bancshares, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Northwest Bancshares.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NWBI stock the variable cost ratio is equal to 34.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $142 million in the base year in the intrinsic value calculation for NWBI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Northwest Bancshares.

Corporate tax rate of 27% is the nominal tax rate for Northwest Bancshares. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NWBI stock is equal to 1.2%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NWBI are equal to 2252.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Northwest Bancshares operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NWBI is equal to -1856%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Northwest Bancshares - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 103 million for Northwest Bancshares is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Northwest Bancshares at the current share price and the inputted number of shares is $1.9 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Northwest Bancshares: 2Q Earnings Snapshot   [09:17AM  Associated Press]
▶ One of Pennsylvania's biggest banks puts regional HQ in Bellevue   [Jul-10-18 12:19PM  American City Business Journals]
▶ Northwest Bank CEO on new role, challenges and M&A   [Jun-29-18 03:41AM  American City Business Journals]
▶ Northwest aims to grow in Pittsburgh, new CEO says   [Jun-25-18 01:05PM  American City Business Journals]
▶ Longtime CEO of Northwest Bank to retire this year   [Jun-22-18 11:56AM  American City Business Journals]
▶ Two years after First Niagara deal, parent of Northwest Bank makes another acquisition   [Jun-12-18 10:48AM  American City Business Journals]
▶ Northwest Bank may expand regional headquarters   [May-17-18 06:06AM  American City Business Journals]
▶ Northwest Bancshares: 1Q Earnings Snapshot   [Apr-18-18 09:14AM  Associated Press]
▶ Northwest Bank enters year two of community development program   [Apr-09-18 03:11PM  American City Business Journals]
▶ Northwest Bank moves forward with East Side branch   [Mar-27-18 10:57AM  American City Business Journals]
▶ Best-In-Class NasdaqGS Dividend Stocks   [Mar-25-18 09:02AM  Simply Wall St.]
▶ Northwest Names Torchio Head of Retail Lending   [Mar-23-18 03:41PM  PR Newswire]
▶ Northwest CEO: Bank has 'never been in a better position to compete'   [Mar-12-18 04:00PM  American City Business Journals]
▶ Northwest Bank identifies site for next branch   [Feb-22-18 11:15AM  American City Business Journals]
▶ Best Rated NYSE Dividend Stocks   [Feb-15-18 08:02AM  Simply Wall St.]
▶ Northwest Bancshares posts 4Q profit   [Jan-22-18 11:51AM  Associated Press]
▶ Whats Ahead For Northwest Bancshares Inc (NASDAQ:NWBI)?   [Jan-16-18 09:14AM  Simply Wall St.]
▶ Should You Buy Northwest Bancshares Inc (NWBI)?   [Nov-13-17 03:35PM  Simply Wall St.]
▶ Northwest Appoints President and Chief Operating Officer   [Nov-02-17 09:00AM  PR Newswire]
▶ Northwest Bancshares posts 3Q profit   [Oct-23-17 11:27AM  Associated Press]
▶ Is Northwest Bancshares Incs (NWBI) ROE Of 7.43% Sustainable?   [Oct-04-17 10:16AM  Simply Wall St.]
▶ Is It Too Late To Buy Northwest Bancshares Inc (NWBI)?   [Sep-19-17 08:15PM  Simply Wall St.]
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