Net interest margin continues to expand to 3.70%
28% average commercial and industrial loan growth from prior year
Credit quality remained strong with annualized net charge-offs of 0.16% and nonperforming assets of 0.70%
COLUMBUS, Ohio, April 27, 2026 /PRNewswire/ -- Northwest Bancshares, Inc., (the "Company"), (NASDAQ:NWBI) announced net income for the quarter ended March 31, 2026 of $51 million, or $0.34 per diluted share. This represents an increase of $7 million compared to the same quarter last year, when net income was $43 million, or $0.34 per diluted share, and an increase of $5 million compared to the prior quarter, when net income was $46 million, or $0.31 per share. The annualized returns on average shareholders' equity and average assets for the quarter ended March 31, 2026 were 10.86% and 1.22% compared to 10.90% and 1.22% for the same quarter last year and 9.70% and 1.10% for the prior quarter.
Adjusted net income (non-GAAP) for the quarter ended March 31, 2026 was $51 million, or $0.35, per diluted share, which increased by $2 million from $49 million, or $0.33, per diluted share, in the prior quarter. This increase was primarily driven by a decrease in adjusted noninterest expense of $6 million and a decrease in provision for credit losses expense of $3 million which were partially offset by a decrease in noninterest income of $5 million. The adjusted annualized returns on average shareholders' equity (non-GAAP) and average assets (non-GAAP) for the quarter ended March 31, 2026 were 10.95% and 1.23% compared to 10.33% and 1.17% for the prior quarter.
The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share payable on May 20, 2026 to shareholders of record as of May 7, 2026. This is the 126th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company's common stock as of March 31, 2026, this represents an annualized dividend yield of approximately 6.3%.
In addition, the Board of Directors approved a share repurchase program authorizing the Company to purchase, from time to time, up to an aggregate $50 million of its outstanding common shares over the next 24 months. This new program replaces the prior share repurchase program approved by the Board of Directors on December 13, 2012. Under the share repurchase program, shares may be repurchased from time to time in the open market or through negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws. The timing and amount of share repurchases under the stock repurchase program will depend on several factors, including the Company's stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal and regulatory requirements.
Louis J. Torchio, President and CEO, Northwest Bancshares commented, "I am delighted with Northwest's strong first quarter performance delivering record net income in the Company's 130-year history, more than 16% year-over-year growth, supported by a balanced and consistent performance across the whole bank. We drove 28% year-over-year loan growth in our C&I business, with disciplined growth in our national specialty business verticals, and our deposit franchise continues as a core strength with our third consecutive quarter of lower deposit costs, one of the best-in-class among our peers. On the cost side, our expense management discipline led to a 59.4% efficiency ratio, which was 57.8% on an adjusted basis (non-GAAP), and our rigorous credit and risk management approach led to a decline in non-performing assets and overall delinquencies this quarter and lower annualized net charge-offs. We achieved these outstanding results while continuing to invest in talent, technology, and new financial centers to support our future growth."
"We have another year of growth ahead of us, with our first financial centers in the Columbus market on track to open this year, and our team already delivering an impact in the market attracting new talent, customers, and deposits. The growing momentum and continuing transformation at Northwest, coupled with our consistent execution across the organization, gives me great confidence in our ability to capitalize on further opportunities for profitable and sustainable core growth."
Balance Sheet Highlights
Dollars in thousands
Change 1Q26 vs.
1Q26
4Q25
1Q25
4Q25
1Q25
Average loans receivable
$ 13,083,837
12,982,499
11,176,516
0.8 %
17.1 %
Average investments
2,466,992
2,201,221
2,037,227
12.1 %
21.1 %
Average deposits
14,046,735
13,771,215
12,088,371
2.0 %
16.2 %
Average borrowed funds
404,547
354,894
224,122
14.0 %
80.5 %
Average loans receivable increased $1.9 billion from the quarter ended March 31, 2025, primarily driven by the Penns Woods acquisition. Compared to the quarter ended December 31, 2025, average loans receivable increased $101 million driven by growth in our commercial and industrial and consumer loan portfolios.
Average investments grew $430 million from the quarter ended March 31, 2025 and $266 million from the quarter ended December 31, 2025. The growth in average investments was primarily due to the Penns Woods Bancorp, Inc. ("Penns Woods") acquisition and a targeted increase in the overall securities portfolio.
Average deposits grew $2.0 billion from the quarter ended March 31, 2025 primarily driven by an increase in interest-bearing account balances primarily due to the addition of the Penns Woods deposit accounts. Average deposits grew $276 million from the quarter ended December 31, 2025 across all interest-bearing products due to internal growth and the higher use of brokered CDs.
Average borrowings increased $180 million compared to the quarter end March 31, 2025 due to the acquisition of long term borrowings from Penns Woods. Average borrowings increased $50 million compared to the quarter ended December 31, 2025. The increase in average borrowings is attributable to the addition of short term borrowings to fund loan and securities growth.
Income Statement Highlights
Dollars in thousands
Change 1Q26 vs.
1Q26
4Q25
1Q25
4Q25
1Q25
Interest income
$ 201,550
202,825
180,595
(0.6) %
11.6 %
Interest expense
59,068
60,659
52,777
(2.6) %
11.9 %
Net interest income
$ 142,482
142,166
127,818
0.2 %
11.5 %
Net interest margin
3.70 %
3.69 %
3.87 %
Compared to the quarter ended March 31, 2025, net interest income increased $15 million and net interest margin decreased to 3.70% from 3.87% for the quarter ended March 31, 2025. This increase in net interest income resulted primarily from:
A $21 million increase in interest income that was the result of higher average yields coupled with increase in average earning assets. The increase in average earnings assets was driven by the Penns Woods acquisition during the third quarter 2025. The average yield on loans declined to 5.62% for the quarter ended March 31, 2026 from 6.00% for the quarter ended March 31, 2025, which included an interest recovery of $13.1 million on a non-accrual commercial loan payoff during the quarter ended March 31, 2025. Excluding this interest recovery, the yield on loans for the quarter ended March 31, 2025 was 5.52%. The increase in yield, excluding the recovery, was driven by loan mix shift towards higher yielding commercial loans, partially offset by the impact of fourth quarter 2025 rate cuts.
A $6 million increase in interest expense is the result of an increase in the average balance of interest-bearing liabilities partially offset by a decline in the cost of deposits. The cost of interest-bearing liabilities decreased to 2.06% for the quarter ended March 31, 2026 from 2.15% for the quarter ended March 31, 2025.
Compared to the quarter ended December 31, 2025, net interest income increased slightly and net interest margin increased to 3.70% for the quarter ended March 31, 2026 from 3.69%. This increase in net interest income resulted from the following:
A $1 million decrease in interest income driven by growth in the average interest earning balances and an increase on investments yields compared to the prior quarter which was offset by a decrease in loan yields. The average yield on loans decreased to 5.62% from 5.65% and average investment yields increased to 3.17% from 2.98% for the quarter ended December 31, 2025. The decrease in loan yields was driven by a decline in the accretion of loan fair value marks, based on timing of loan payoffs, coupled the impact of the fourth quarter 2025 rate cuts.
A $2 million decrease in interest expense driven by lower interest expense on deposits which was partially offset by an increase in interest expense on borrowings. Average cost of interest-bearing deposits declined compared to the prior quarter to 1.89% from 1.97% for the quarter ended December 31, 2025 while average cost of borrowings increased to 3.88% from 3.83% for the quarter ended December 31, 2025.
Dollars in thousands
Change 1Q26 vs.
1Q26
4Q25
1Q25
4Q25
1Q25
Provision for credit losses - loans
$ 4,954
5,743
8,256
(13.7) %
(40.0) %
Provision for credit losses - unfunded commitments
(585)
1,981
(345)
(129.5) %
69.6 %
Total provision for credit losses expense
$ 4,369
7,724
7,911
(43.4) %
(44.8) %
The total provision for credit losses for the quarter ended March 31, 2026 was $4 million primarily driven by growth in our commercial lending portfolio and increased uncertainty in the economic outlook. Total provision for credit losses for the quarter ended December 31, 2025 was $8 million driven by growth in our commercial lending portfolio and net charge-offs in the period.
The Company saw an increase in classified loans to $498 million, or 3.81% of total loans, at March 31, 2026 from $279 million, or 2.49% of total loans, at March 31, 2025 and $453 million, or 3.49% of total loans, at December 31, 2025. The increase from the prior quarter was driven by changes in our commercial portfolio which increased $30 million. The increase from the prior year was primarily due to classified loans acquired in the Penns Woods acquisition.
Dollars in thousands
Change 1Q26 vs.
1Q26
4Q25
1Q25
4Q25
1Q25
Noninterest income:
Gain on sale of investments
$ 11
142
—
(92.3) %
NA
Gain on sale of SBA loans
1,186
437
1,238
171.4 %
(4.2) %
Service charges and fees
17,118
17,377
14,987
(1.5) %
14.2 %
Trust and other financial services income
8,618
8,416
7,910
2.4 %
9.0 %
Gain on real estate owned, net
70
148
84
(52.7) %
(16.7) %
Income from bank-owned life insurance
2,042
8,269
1,331
(75.3) %
53.4 %
Mortgage banking income
329
379
696
(13.2) %
(52.7) %
Other operating income
3,208
2,609
2,109
23.0 %
52.1 %
Total noninterest income
$ 32,582
37,777
28,355
(13.8) %
14.9 %
Noninterest income increased $4 million from the quarter ended March 31, 2025 driven by an increase in service charges and fees driven by deposit related fees based on customer activity related to the Penns Woods acquisition and other operating income driven by a gain on equity method investments during the current quarter. Noninterest income decreased by $5 million from the quarter ended December 31, 2025, due to a decrease in income from bank-owned life insurance due to a large claim recognized in the prior quarter.
Dollars in thousands
Change 1Q26 vs.
1Q26
4Q25
1Q25
4Q25
1Q25
Noninterest expense:
Personnel expense
$ 58,330
65,143
54,540
(10.5) %
6.9 %
Non-personnel expense
45,708
48,378
37,197
(5.5) %
22.9 %
Total noninterest expense
$ 104,038
113,521
91,737
(8.4) %
13.4 %
Noninterest expense increased from the quarter ended March 31, 2025 due to a $4 million increase in personnel expenses driven by an increase in core compensation and benefits expense due to the addition of Penns Woods employees. Additionally, non-personnel expense increased by $9 million due an increase of $2 million in amortization of intangible expense related to the acquisition coupled with increases in operating and processing expenses due to the addition of the Penns Woods branches to our footprint.
Noninterest expense decreased from the quarter ended December 31, 2025 due to declines in personnel and non-personnel expenses. Personnel expense decreased $7 million driven by lower incentive compensation and medical expenses. Non-personnel expense decreased by $3 million due to an decrease of $4 million in merger and restructuring expenses in the quarter ended March 31, 2026, partly offset by a $2 million increase in premises and occupancy expenses based on seasonal operating expenses during the quarter.
Dollars in thousands
Change 1Q26 vs.
1Q26
4Q25
1Q25
4Q25
1Q25
Income before income taxes
$ 66,657
58,698
56,525
13.6 %
17.9 %
Income tax expense
16,121
12,985
13,067
24.2 %
23.4 %
Net income
$ 50,536
45,713
43,458
10.6 %
16.3 %
The provision for income taxes increased by $3 million from the quarter ended March 31, 2025 and the quarter ended December 31, 2025 primarily due to the quarterly change in income before income taxes.
Net income increased from the quarter ended March 31, 2025 and the quarter ended December 31, 2025 due to the factors discussed above.
Headquartered in Columbus, Ohio, Northwest Bancshares, Inc. is the bank holding company of Northwest Bank. Founded in 1896 Northwest Bank is a full-service financial institution offering a complete line of business and personal banking products, as well as employee benefits and wealth management services. As of March 31, 2026, Northwest operated 151 full-service financial centers and ten free standing drive-up facilities in Pennsylvania, New York, Ohio and Indiana. Northwest Bancshares, Inc.'s common stock is listed on The Nasdaq Stock Market LLC ("NWBI"). Additional information regarding Northwest Bancshares, Inc. and Northwest Bank can be accessed online at www.northwest.com.
Investor Contact: Michael Perry, Corporate Development & Strategy (814) 726-2140Media Contact: Ian Bailey, External Communications (380) 400-2423
# # #
This release may contain forward-looking statements. When used or incorporated by reference in disclosure documents, the words "believe," "anticipate," "estimate," "expect," "project," "target," "goal" and similar expressions are intended to identify forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. These forward-looking statements include but are not limited to: statements of our goals, intentions and expectations; statements regarding our financial condition and results of operations, including statements related to our earnings outlook; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including but not limited to the following: the possibility that any of the anticipated benefits of the merger with Penns Woods will not be realized or will not be realized within the expected time period; the effect of the merger on the combined company's customer and employee relationships and operating results; and other factors that may affect the results of operations and financial condition of the combined company; inflation and changes in the interest rate environment that reduce our margins, our loan origination, or the fair value of financial instruments; changes in asset quality, including increases in default rates on loans and higher levels of nonperforming loans and loan charge-offs generally; changes in laws, government regulations or supervision, examination and enforcement priorities affecting financial institutions, including as part of the regulatory reform agenda of the Trump administration, as well as changes in regulatory fees and capital requirements; changes in federal, state, or local tax laws and tax rates; general economic conditions, either nationally or in our market areas, that are different than expected, including inflationary or recessionary pressures or those related to changes in monetary, fiscal, regulatory, tariff and international trade policies of the U.S. government, including policies of the U.S. Department of Treasury and Board of Governors of the Federal Reserve System, and any related increases in compliance and other costs; trade disputes, barriers to trade or the emergence of trade restrictions and the resulting impacts on market volatility and global trade; growing fiscal deficits; potential recession or slowing of growth in the U.S., Europe and other regions; developments in the Middle East; adverse changes in the securities and credit markets; instability or breakdown in the financial services sector, including failures or rumors of failures of other depository institutions, along with actions taken by governmental agencies to address such turmoil; cyber-security concerns, including an interruption or breach in the security of our website or other information systems; technological changes that may be more difficult or expensive than expected; changes in liquidity, including the size and composition of our deposit portfolio, and the percentage of uninsured deposits in the portfolio; the ability of third-party providers to perform their obligations to us; competition among depository and other financial institutions, including with respect to deposit gathering, service charges and fees; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to manage our internal growth and our ability to successfully integrate acquired entities, businesses or branch offices; changes in consumer spending, borrowing and savings habits; our ability to continue to increase and manage our commercial and personal loans; possible impairments of securities held by us, including those issued by government entities and government sponsored enterprises; changes in the value of our goodwill or other intangible assets; the impact of the economy on our loan portfolio (including cash flow and collateral values), investment portfolio, customers and capital market activities; our ability to receive regulatory approvals for proposed transactions or new lines of business; the effects of any federal government shutdown or the inability of the federal government to manage debt limits; changes in the financial performance and/or condition of our borrowers; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Securities and Exchange Commission (the "SEC"), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board ("FASB") and other accounting standard setters; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the effect of global or national war, conflict, or terrorism; our ability to manage market risk, credit risk and operational risk; the disruption to local, regional, national and global economic activity caused by infectious disease outbreaks, and the significant impact that any such outbreaks may have on our growth, operations and earnings; the effects of natural disasters and extreme weather events; changes in our ability to continue to pay dividends, either at current rates or at all; our ability to retain key employees; and our compensation expense associated with equity allocated or awarded to our employees. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, expected or projected. 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 filings made by the Company with the SEC. These forward-looking statements speak only at the date of the presentation. The Company expressly disclaims any obligation to publicly release any updates or revisions to reflect any change in the Company's expectations with regard to any change in events, conditions or circumstances on which any such statement is based.
Use of Non-GAAP Financial Measures
This release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management uses these "non-GAAP" measures in its analysis of the Company's performance. Management believes these non-GAAP financial measures allow for better comparability of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. See the pages 9 and 10 of this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures where applicable.
Northwest Bancshares, Inc. and Subsidiaries
Consolidated Statements of Financial Condition (Unaudited)
(dollars in thousands, except per share amounts)
March 31,2026
December 31,2025
March 31,2025
Assets
Cash and cash equivalents
$ 286,707
233,647
353,203
Marketable securities available-for-sale (amortized cost of $1,884,060, $1,710,978 and $1,304,760, respectively)
1,746,919
1,586,382
1,153,385
Marketable securities held-to-maturity (fair value of $567,470, $605,929 and $637,803, respectively)
646,661
683,369
735,909
Total cash and cash equivalents and marketable securities
2,680,287
2,503,398
2,242,497
Loans held-for-sale
16,846
22,437
71,206
Residential mortgage loans
3,035,984
3,100,780
3,121,647
Home equity loans
1,495,800
1,507,532
1,141,577
Consumer loans
2,660,567
2,563,890
2,081,469
Commercial real estate loans
3,161,314
3,296,902
2,792,734
Commercial and industrial loans
2,702,283
2,538,212
2,079,018
Total loans receivable
13,055,948
13,007,316
11,216,445
Allowance for credit losses
(150,045)
(150,212)
(122,809)
Loans receivable, net
12,905,903
12,857,104
11,093,636
FHLB stock, at cost
32,781
36,628
17,941
Accrued interest receivable
57,221
56,291
45,949
Real estate owned, net
65
76
80
Premises and equipment, net
141,477
140,381
123,138
Bank-owned life insurance
292,103
294,386
254,444
Goodwill
444,330
444,330
380,997
Other intangible assets, net
37,478
39,667
2,334
Other assets
298,558
371,919
221,505
Total assets
$ 16,907,049
16,766,617
14,453,727
Liabilities and shareholders' equity
Liabilities
Noninterest-bearing demand deposits
$ 3,121,044
3,123,229
2,640,943
Interest-bearing demand deposits
2,937,654
2,995,759
2,590,568
Money market deposit accounts
2,734,781
2,540,818
2,124,293
Savings deposits
2,444,799
2,366,513
2,221,901
Time deposits
2,975,026
2,916,698
2,596,451
Total deposits
14,213,304
13,943,017
12,174,156
Borrowed funds
350,884
446,283
197,270
Subordinated debt
114,800
114,800
114,625
Junior subordinated debentures
130,158
130,093
129,899
Advances by borrowers for taxes and insurance
40,127
37,309
44,121
Accrued interest payable
8,585
6,846
6,843
Other liabilities
144,884
197,845
157,858
Total liabilities
15,002,742
14,876,193
12,824,772
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, 146,302,025, 146,107,964 and 127,736,303 shares issued and outstanding, respectively
1,463
1,461
1,277
Additional paid-in capital
1,271,372
1,270,444
1,035,093
Retained earnings
710,351
689,210
691,066
Accumulated other comprehensive loss
(78,879)
(70,691)
(98,481)
Total shareholders' equity
1,904,307
1,890,424
1,628,955
Total liabilities and shareholders' equity
$ 16,907,049
16,766,617
14,453,727
Equity to assets
11.26 %
11.27 %
11.27 %
Tangible common equity to tangible assets*
8.66 %
8.64 %
8.85 %
Book value per share
$ 13.02
12.94
12.75
Tangible book value per share*
$ 9.72
9.63
9.75
Closing market price per share
$ 12.69
12.00
12.02
Full time equivalent employees
2,170
2,169
1,996
Number of banking offices
161
161
141
*
Excludes goodwill and other intangible assets (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items.
Northwest Bancshares, Inc. and Subsidiaries
Consolidated Statements of Income (Unaudited)
(dollars in thousands, except per share amounts)
Quarter ended
March 31, 2026
December 31,2025
September 30, 2025
June 30, 2025
March 31, 2025
Interest income:
Loans receivable
$ 180,549
184,047
177,723
154,914
164,638
Mortgage-backed securities
16,999
14,071
12,668
12,154
11,730
Taxable investment securities
1,601
1,324
1,183
999
933
Tax-free investment securities
762
777
752
512
512
FHLB stock dividends
768
701
652
318
366
Interest-earning deposits
871
1,905
1,700
2,673
2,416
Total interest income
201,550
202,825
194,678
171,570
180,595
Interest expense:
Deposits
51,083
52,947
51,880
46,826
47,325
Borrowed funds
7,985
7,712
6,824
5,300
5,452
Total interest expense
59,068
60,659
58,704
52,126
52,777
Net interest income
142,482
142,166
135,974
119,444
127,818
Provision for credit losses - loans
4,954
5,743
31,394
11,456
8,256
Provision for credit losses - unfunded commitments
(585)
1,981
(189)
(2,712)
(345)
Net interest income after provision for credit losses
138,113
134,442
104,769
110,700
119,907
Noninterest income:
Gain on sale of investments
11
142
36
—
—
Gain on sale of SBA loans
1,186
437
341
819
1,238
Service charges and fees
17,118
17,377
16,911
15,797
14,987
Trust and other financial services income
8,618
8,416
8,040
7,948
7,910
Gain on real estate owned, net
70
148
132
258
84
Income from bank-owned life insurance
2,042
8,269
1,751
1,421
1,331
Mortgage banking income
329
379
1,003
1,075
696
Other operating income
3,208
2,609
3,984
3,620
2,109
Total noninterest income
32,582
37,777
32,198
30,938
28,355
Noninterest expense:
Compensation and employee benefits
58,330
65,143
63,014
55,213
54,540
Premises and occupancy costs
9,863
8,170
7,707
7,122
8,400
Office operations
3,875
4,217
3,495
2,910
2,977
Collections expense
878
856
776
838
328
Processing expenses
16,806
16,454
15,072
12,973
13,990
Marketing expenses
1,668
1,827
1,932
3,018
1,880
Federal deposit insurance premiums
2,895
3,538
3,361
2,296
2,328
Professional services
3,523
3,366
3,010
3,990
2,756
Amortization of intangible assets
2,189
2,257
1,974
436
504
Merger, asset disposition and restructuring expense
631
4,160
31,260
6,244
1,123
Other expenses
3,380
3,533
1,897
2,500
2,911
Total noninterest expense
104,038
113,521
133,498
97,540
91,737
Income before income taxes
66,657
58,698
3,469
44,098
56,525
Income tax expense
16,121
12,985
302
10,423
13,067
Net income
$ 50,536
45,713
3,167
33,675
43,458
Basic earnings per share
$ 0.35
0.31
0.02
0.26
0.34
Diluted earnings per share
$ 0.34
0.31
0.02
0.26
0.34
Weighted average common shares outstanding - diluted
146,850,635
146,703,966
141,175,516
128,114,509
128,299,013
Annualized return on average equity
10.86 %
9.70 %
0.69 %
8.26 %
10.90 %
Annualized return on average assets
1.22 %
1.10 %
0.08 %
0.93 %
1.22 %
Annualized return on average tangible common equity*
14.59 %
13.10 %
0.90 %
10.78 %
14.29 %
Efficiency ratio
