Northwest Bancshares, Inc. 10-Q

nwbi-20260331 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2026 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 001-34582 NORTHWEST BANCSHARES, INC. (Exact name of registrant as specified in its charter) Maryland 27-0950358 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 3 Easton Oval Suite 500 Columbus Ohio 43219 (Address of Principal Executive Offices) (Zip Code) ( 814 ) 726-2140 (Registrant’s telephone number, including area code) Not applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, $0.01 Par Value NWBI The Nasdaq Stock Market, LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. ☒ Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No ☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: Common Stock ($0.01 par value), 146,314,651 shares outstanding as of April 30, 2026. Table of Content s NORTHWEST BANCSHARES, INC. Table of Contents PART I FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Statements of Financial Condition at March 31 , 202 6 and December 31, 202 5 (Unaudited) 1 Consolidated Statements of Income for the quarter s ended March 31, 2026 and 2 025 (Unaudited) 2 Consolidated Statements of Comprehensive Income for the quarte r s ended March 31 , 2026 and 2025 (Unaudited) 3 Consolidated Statements of Changes in Shareholders’ Equity for the quarter s ended March 31, 2026 and 2025 (Unaudited) 4 Consolidated Statements of Cash Flows for the quarters ended March 31, 2026 and 2025 (Unaudited) 5 Notes to Consolidated Financial Statements (Unaudited) 6 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 40 Item 3. Quantitative and Qualitative Disclosures about Market Risk 55 Item 4. Controls and Procedures 56 PART II OTHER INFORMATION Item 1. Legal Proceedings 56 Item 1A. Risk Factors 56 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57 Item 3. Defaults Upon Senior Securities 57 Item 4. Mine Safety Disclosures 57 Item 5. Other Information 57 Item 6. Exhibits 58 Signature 59 Table of Content s Item 1. FINANCIAL STATEMENTS NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (in thousands, except share data) March 31, 2026 December 31, 2025 Assets Cash and cash equivalents $ 286,707 233,647 Marketable securities available-for-sale (amortized cost of $ 1,884,060 and $ 1,710,978 , respectively) 1,746,919 1,586,382 Marketable securities held-to-maturity (fair value of $ 567,470 and $ 605,929 , respectively) 646,661 683,369 Total cash and cash equivalents and marketable securities 2,680,287 2,503,398 Loans held-for-sale 16,846 22,437 Loans held for investment 13,055,948 13,007,316 Allowance for credit losses ( 150,045 ) ( 150,212 ) Loans receivable, net 12,905,903 12,857,104 FHLB stock, at cost 32,781 36,628 Accrued interest receivable 57,221 56,291 Real estate owned, net 65 76 Premises and equipment, net 141,477 140,381 Bank-owned life insurance 292,103 294,386 Goodwill 444,330 444,330 Other intangible assets, net 37,478 39,667 Other assets 298,558 371,919 Total assets $ 16,907,049 16,766,617 Liabilities and shareholders’ equity Liabilities: Noninterest-bearing demand deposits $ 3,121,044 3,123,229 Interest-bearing demand deposits 2,937,654 2,995,759 Money market deposit accounts 2,734,781 2,540,818 Savings deposits 2,444,799 2,366,513 Time deposits 2,975,026 2,916,698 Total deposits 14,213,304 13,943,017 Borrowed funds 350,884 446,283 Subordinated debt 114,800 114,800 Junior subordinated debentures 130,158 130,093 Advances by borrowers for taxes and insurance 40,127 37,309 Accrued interest payable 8,585 6,846 Other liabilities 144,884 197,845 Total liabilities 15,002,742 14,876,193 Shareholders’ equity: Preferred stock, $ 0.01 par value: 50,000,000 authorized, no shares issued — — Common stock, $ 0.01 par value: 500,000,000 shares authorized, 146,302,025 and 146,107,964 shares issued and outstanding, respectively 1,463 1,461 Additional paid-in capital 1,271,372 1,270,444 Retained earnings 710,351 689,210 Accumulated other comprehensive loss ( 78,879 ) ( 70,691 ) Total shareholders’ equity 1,904,307 1,890,424 Total liabilities and shareholders’ equity $ 16,907,049 16,766,617 See accompanying notes to unaudited Consolidated Financial Statements. 1 Table of Content s NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in thousands, except share data) Quarter ended March 31, 2026 2025 Interest income: Loans receivable $ 180,549 164,638 Mortgage-backed securities 16,999 11,730 Taxable investment securities 1,601 933 Tax-free investment securities 762 512 FHLB stock dividends 768 366 Interest-earning deposits 871 2,416 Total interest income 201,550 180,595 Interest expense: Deposits 51,083 47,325 Borrowed funds 7,985 5,452 Total interest expense 59,068 52,777 Net interest income 142,482 127,818 Provision for credit losses - loans 4,954 8,256 Provision/(benefit) for credit losses - unfunded commitments ( 585 ) ( 345 ) Net interest income after provision for credit losses 138,113 119,907 Noninterest income: Gain on sale of investments 11 — Gain on sale of SBA loans 1,186 1,238 Service charges and fees 17,118 14,987 Trust and other financial services income 8,618 7,910 Gain on real estate owned, net 70 84 Income from bank-owned life insurance 2,042 1,331 Mortgage banking income 329 696 Other operating income 3,208 2,109 Total noninterest income 32,582 28,355 Noninterest expense: Compensation and employee benefits 58,330 54,540 Premises and occupancy costs 9,863 8,400 Office operations 3,875 2,977 Collections expense 878 328 Processing expenses 16,806 13,990 Marketing expenses 1,668 1,880 Federal deposit insurance premiums 2,895 2,328 Professional services 3,523 2,756 Amortization of intangible assets 2,189 504 Merger, asset disposition and restructuring expense 631 1,123 Other expenses 3,380 2,911 Total noninterest expense 104,038 91,737 Income before income taxes 66,657 56,525 Federal and state income taxes expense 16,121 13,067 Net income $ 50,536 43,458 Basic earnings per share $ 0.35 0.34 Diluted earnings per share $ 0.34 0.34 See accompanying notes to unaudited Consolidated Financial Statements. 2 Table of Content s NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (in thousands) Quarter ended March 31, 2026 2025 Net income $ 50,536 43,458 Other comprehensive income net of tax: Net unrealized holding gains/(losses) on marketable securities: Unrealized holding (losses)/gains, net of tax of $ 3,430 and ($ 4,483 ), respectively ( 9,108 ) 13,863 Reclassification adjustment for (gains)/losses included in net income, net of tax of $ 2 and $ 0 , respectively ( 7 ) — Net unrealized holding (losses)/gains on marketable securities ( 9,115 ) 13,863 Change in fair value of interest rate swaps, net of tax of ($ 274 ) and $ 378 , respectively 727 ( 1,261 ) Defined benefit plan: Net gain, net of tax of ($ 125 ) and $ 0 , respectively 331 — Reclassification adjustments for prior period service costs and actuarial gains included in net income, net of tax of $ 51 and $ 64 , respectively ( 131 ) ( 169 ) Net gain/(loss) on defined benefit plans 200 ( 169 ) Other comprehensive (loss)/income ( 8,188 ) 12,433 Total comprehensive income $ 42,348 55,891 See accompanying notes to unaudited Consolidated Financial Statements. 3 Table of Content s NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (in thousands, expect share data) Additional paid-in capital Retained earnings Accumulated other comprehensive income/(loss) Total shareholders’ equity Common stock Quarter ended March 31, 2026 Shares Amount Beginning balance at December 31, 2025 146,107,964 $ 1,461 1,270,444 689,210 ( 70,691 ) 1,890,424 Comprehensive income: Net income — — — 50,536 — 50,536 Other comprehensive income, net of tax of $ 3,084 — — — — ( 8,188 ) ( 8,188 ) Total comprehensive income — — — 50,536 ( 8,188 ) 42,348 Exercise of stock options 25,002 — 243 — — 243 Stock-based compensation expense 260,980 3 685 — — 688 Common shares returned (1) ( 91,921 ) ( 1 ) — — — ( 1 ) Dividends paid ($ 0.20 per share) — — — ( 29,395 ) — ( 29,395 ) Ending balance at March 31, 2026 146,302,025 $ 1,463 1,271,372 710,351 ( 78,879 ) 1,904,307 (1) includes shares withheld for taxes and forfeitures Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total shareholders’ equity Common stock Quarter ended March 31, 2025 Shares Amount Beginning balance at December 31, 2024 127,508,003 $ 1,275 1,033,385 673,110 ( 110,914 ) 1,596,856 Comprehensive income: Net income — — — 43,458 — 43,458 Other comprehensive loss, net of tax of ($ 4,041 ) — — — — 12,433 12,433 Total comprehensive income — — — 43,458 12,433 55,891 Exercise of stock options 2,977 — 31 — — 31 Stock-based compensation expense 226,084 2 1,677 — — 1,679 Stock-based compensation forfeited ( 761 ) — — — — — Dividends paid ($ 0.20 per share) — — — ( 25,502 ) — ( 25,502 ) Ending balance at March 31, 2025 127,736,303 $ 1,277 1,035,093 691,066 ( 98,481 ) 1,628,955 (1) includes shares withheld for taxes and forfeitures See accompanying notes to unaudited Consolidated Financial Statements. 4 Table of Content s NORTHWEST BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Three months ended March 31, 2026 2025 Operating activities: Net income $ 50,536 43,458 Adjustments to reconcile net income to net cash provided by operating activities: Provision for credit losses 4,368 7,911 (Gain)/loss on sale of investments ( 11 ) — Net gain/loss on sale of assets ( 25 ) ( 101 ) Mortgage banking activity ( 64 ) ( 670 ) Gain on sale of SBA loans ( 1,186 ) ( 1,143 ) Net depreciation, amortization and accretion ( 1,346 ) 596 Decrease in other assets 63,315 65,841 Decrease in other liabilities ( 49,361 ) ( 16,895 ) Net amortization on marketable securities ( 54 ) ( 51 ) Noncash compensation expense related to stock benefit plans 687 1,679 Noncash write-down of other assets 21 160 Origination of loans held-for-sale ( 41,552 ) ( 35,979 ) Proceeds from sale of loans held-for-sale 48,536 42,806 Net cash provided by operating activities 73,864 107,612 Investing activities: Purchase of marketable securities available-for-sale ( 213,204 ) ( 46,420 ) Proceeds from maturities and principal reductions of marketable securities held-to-maturity 36,531 14,497 Proceeds from maturities and principal reductions of marketable securities available-for-sale 40,362 20,556 Proceeds from bank-owned life insurance 14,339 — Loan originations ( 1,368,879 ) ( 915,437 ) Proceeds from loan maturities and principal reductions 1,321,853 879,505 Net proceeds of FHLB stock 3,847 3,065 Proceeds from sale of real estate owned 21 120 Purchases of premises and equipment, net ( 4,308 ) ( 1,822 ) Net cash used in investing activities ( 169,438 ) ( 45,936 ) Financing activities: Net increase in deposits 270,286 29,602 Repayments of long-term borrowings ( 24,238 ) — Net decrease in short-term borrowings ( 71,080 ) ( 3,061 ) Increase in advances by borrowers for taxes and insurance 2,818 2,079 Cash dividends paid on common stock ( 29,395 ) ( 25,502 ) Proceeds from stock options exercised 243 31 Net cash provided by financing activities 148,634 3,149 Net increase in cash and cash equivalents $ 53,060 64,825 Cash and cash equivalents at beginning of period $ 233,647 288,378 Net increase in cash and cash equivalents 53,060 64,825 Cash and cash equivalents at end of period $ 286,707 353,203 Cash paid during the period for: Interest on deposits and borrowings (including interest credited to deposit accounts of $ 42,489 and $ 40,140 , respectively) $ 57,329 52,869 Income taxes 542 774 Non-cash activities: Loan foreclosures and repossessions $ 1,193 850 See accompanying notes to unaudited Consolidated Financial Statements. 5 Table of Content s NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (1) Basis of Presentation and Informational Disclosures Northwest Bancshares, Inc. (the “Company” or “Northwest”), a Maryland corporation headquartered in Columbus, Ohio, is a bank holding company regulated by the Board of Governors of the Federal Reserve Board (“Federal Reserve Board”). The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest Bank”). Northwest Bank is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking and Securities. Northwest Bank operates 161 community-banking offices throughout Pennsylvania, Western New York, northeaster Ohio, and Indiana. The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiary, Northwest Bank, and Northwest’s subsidiaries Northwest Capital Group, Inc., Great Northwest Corporation, Northwest Capital Group, Inc., Mutual Federal Interest Corporation and the M Group, Inc. The unaudited Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The Consolidated Financial Statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 updated, as required, for any new pronouncements or changes. Certain items previously reported have been reclassified to conform to the current year’s reporting format. The results of operations for the quarter ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or any other period. 6 Table of Content s (2) Acquisition On July 25, 2025, the Company completed the previously announced merger with Penns Woods Bancorp, Inc. (“Penns Woods”), the holding company for Jersey Shore State Bank and Luzerne Bank, along with the mergers of Jersey Shore State Bank and Luzerne Bank, (collectively referred to as "Penns Woods"), with and into Northwest Bank, for total consideration of $ 234 million. The transaction has expanded Northwest’s franchise by 21 branch locations across North Central and Northeastern Pennsylvania after the consolidation. The results of Penns Woods operations are included in the Consolidated Statements of Income from the date of acquisition. The Penns Woods transactions constitute a business combination as defined by FASB ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their estimated fair values based on preliminary valuations as of the acquisition date. Under the terms of the merger agreement, each share of Penns Woods common stock was converted into 2.385 shares of the Company's common stock, or a total of 18,226,469 shares of common stock of the Company, valued at $ 230 million, based on the $ 12.63 per share closing price of the Company's stock on July 25, 2025 with cash in lieu of fractional shares paid at a rate of $ 13.14 per whole share of Company common stock. Additionally, any outstanding unexercised Penns Woods stock options of were cancelled in exchange for a cash payment at the spread value over the exercise price with total consideration paid of $ 4 million. Preliminary goodwill associated with the Penns Woods acquisition totaled $ 63.3 million at March 31, 2026, which reflects expected synergies and economies of scale from the acquisition. The goodwill at March 31, 2026 was calculated based on the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date, inclusive of subsequent measurement period adjustments, and is subject to change if the Company obtains additional information and evidence within the one-year measurement period. Valuations subject to change include, but are not limited to: loans, certain other assets and liabilities, and related deferred income taxes. The Company did not record any measurement period adjustments in the first quarter of 2026. The following table shows the preliminary assessment of the consideration transferred and assets acquired and the liabilities assumed that were recorded at fair value on the date of acquisition, inclusive of the aforementioned measurement period adjustments (dollars in thousands): Consideration paid: Northwest Bancshares, Inc. common stock issued $ 230,200 Cash consideration paid 3,607 Total consideration paid 233,807 Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value (1) Cash and cash equivalents $ 34,506 Investment securities available-for-sale 160,728 Loans, net 1,814,501 Federal Home Loan Bank stock 29,408 Premises and equipment 15,862 Core deposit intangible 42,000 Other assets 108,600 Deposits ( 1,617,611 ) Borrowings ( 394,135 ) Other liabilities ( 23,385 ) Total identifiable net assets $ 170,474 Goodwill $ 63,333 (1) Amounts are estimates and subject to adjustment. Actual amounts are not expected to differ materially from the amounts shown. We estimated the fair value of loans acquired from Penns Woods by utilizing a methodology wherein similar loans were aggregated into pools. Cash flows for each pool were determined by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value based on a market rate for similar loans. There was no carryover of Penns Woods allowance for credit losses associated with the loans we acquired as the loans were initially recorded at fair value. The following table presents additional information related to the acquired Penns Woods loan portfolio at the acquisition date, including the initial ACL recorded at acquisition on the PCD loans (amounts in thousands). 7 Table of Content s Non PCD loans Principal balance at acquisition $ 1,766,599 Net discount at acquisition ( 68,716 ) Purchase price $ 1,697,883 PCD loans Principal balance at acquisition $ 119,416 Initial allowance for credit losses at acquisition ( 6,029 ) Non-credit discount at acquisition ( 2,798 ) Purchase price $ 110,589 The core deposit intangible represents the future economic benefit of acquired customer deposits. The fair value of the core deposit intangible asset was estimated based on a discounted cash flow methodology that incorporated expected customer attrition rates, cost of deposit base, net maintenance cost associated with customer deposits, and the cost for alternative funding sources. The core deposit intangible asset recognized as part of the Penns Woods merger is being amortized over its estimated useful life of ten years utilizing an accelerated method. The goodwill, which is not amortized for book purposes, was assigned to our only segment, Banking, and is not deductible for tax purposes. The fair values of savings and transaction deposit accounts acquired from Penns Woods were assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. Certificates of deposit were valued by projecting out the expected cash flows based on the contractual terms of the certificates of deposit. These cash flows were discounted based on a market rate for a certificate of deposit with a corresponding maturity. The following table presents unaudited pro forma information as if the acquisition of Penns Woods had occurred on January 1, 2025. These results combine the historical results of Penns Woods in the Company's Consolidated Statements of Income and while certain adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on January 1, 2025. No adjustments have been made to the pro forma results regarding possible revenue enhancements or expense efficiencies. Pro forma adjustments below include the net impact of Penns Woods loan accretion, CDI amortization and the elimination of merger-related costs and day 1 provision expense for non-PCD acquired loans. The Company expects to achieve further operating cost savings and other business synergies, as a result of the acquisition, which are not reflected in the pro forma amounts below (dollars in thousands): Proforma (unaudited) Three Months Ended March 31, 2026 2025 Total revenues (1) $ 175,064 173,979 Net income available to common shareholders 50,712 52,124 (1) Includes net interest income and total noninterest income The Company's operating results for the three ended March 31, 2026 includes the operating results of the acquired assets and assumed liabilities of Penns Woods subsequent to the acquisition on July 25, 2025. Due to the conversion of Penns Woods systems occurring at the merger date, as well as other streamlining and integration of the operating activities into those of the Company, historical reporting for the former Penns Woods operations is impracticable and thus disclosures of the revenue from the assets acquired and net income is impracticable for the period subsequent to acquisition. 8 Table of Content s (3) Marketable Securities The following table shows the portfolio of marketable securities available-for-sale at March 31, 2026 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Debt issued by the U.S government and agencies: Due after one year through five years $ 1,571 11 ( 11 ) 1,571 Due after ten years 40,722 — ( 7,230 ) 33,492 Debt issued by government-sponsored enterprises: Due after one year through five years 1,022 4 ( 1 ) 1,025 Due after five years through ten years 996 3 — 999 Municipal securities: Due within one year 2,475 6 — 2,481 Due after one year through five years 10,492 72 ( 13 ) 10,551 Due after five years through ten years 26,140 343 ( 1,607 ) 24,876 Due after ten years 51,009 239 ( 7,459 ) 43,789 Corporate debt issues: Due in one year or less 500 — — 500 Due after five years through ten years 12,627 74 ( 160 ) 12,541 Due after ten years 71,460 1,380 ( 367 ) 72,473 Mortgage-backed securities: Fixed rate pass-through 518,443 2,211 ( 12,893 ) 507,761 Variable rate pass-through 2,835 55 ( 2 ) 2,888 Fixed rate agency CMOs 1,099,815 1,413 ( 113,354 ) 987,874 Variable rate agency CMOs 43,953 161 ( 16 ) 44,098 Total mortgage-backed securities 1,665,046 3,840 ( 126,265 ) 1,542,621 Total marketable securities available-for-sale $ 1,884,060 5,972 ( 143,113 ) 1,746,919 9 Table of Content s The following table shows the portfolio of marketable securities available-for-sale at December 31, 2025 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Debt issued by the U.S. government and agencies: Due after one year through five years $ 1,631 11 ( 13 ) 1,629 Due after ten years 41,673 — ( 7,390 ) 34,283 Debt issued by government-sponsored enterprises: Due after one year through five years 1,040 6 ( 2 ) 1,044 Due after five years through ten years 996 7 — 1,003 Municipal securities: Due within one year 1,810 9 — 1,819 Due after one year through five years 10,876 118 ( 7 ) 10,987 Due after five years through ten years 25,111 393 ( 1,253 ) 24,251 Due after ten years 52,342 342 ( 6,473 ) 46,211 Corporate debt issues: Due in one year or less 500 — — 500 Due after one year through five years 4,716 12 ( 22 ) 4,706 Due after five years through ten years 46,436 1,429 ( 64 ) 47,801 Due after ten years 4,000 27 — 4,027 Mortgage-backed securities: Fixed rate pass-through 407,377 4,008 ( 10,685 ) 400,700 Variable rate pass-through 3,015 66 ( 2 ) 3,079 Fixed rate agency CMOs 1,063,820 3,170 ( 108,309 ) 958,681 Variable rate agency CMOs 45,635 105 ( 79 ) 45,661 Total mortgage-backed securities 1,519,847 7,349 ( 119,075 ) 1,408,121 Total marketable securities available-for-sale $ 1,710,978 9,703 ( 134,299 ) 1,586,382 The following table shows the portfolio of marketable securities held-to-maturity at March 31, 2026 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Debt issued by government-sponsored enterprises: Due after one year through five years $ 107,989 — ( 8,248 ) 99,741 Mortgage-backed securities: Fixed rate pass-through 115,294 — ( 12,468 ) 102,826 Variable rate pass-through 301 2 — 303 Fixed rate agency CMOs 422,549 — ( 58,476 ) 364,073 Variable rate agency CMOs 528 — ( 1 ) 527 Total mortgage-backed securities 538,672 2 ( 70,945 ) 467,729 Total marketable securities held-to-maturity $ 646,661 2 ( 79,193 ) 567,470 10 Table of Content s The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2025 (in thousands): Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Debt issued by government-sponsored enterprises: Due after one year through five years $ 16,477 — ( 98 ) 16,379 Due after five years through ten years 107,988 — ( 8,216 ) 99,772 Mortgage-backed securities: Fixed rate pass-through 118,614 1 ( 12,362 ) 106,253 Variable rate pass-through 310 3 — 313 Fixed rate agency CMOs 439,452 — ( 56,766 ) 382,686 Variable rate agency CMOs 528 — ( 2 ) 526 Total mortgage-backed securities 558,904 4 ( 69,130 ) 489,778 Total marketable securities held-to-maturity $ 683,369 4 ( 77,444 ) 605,929 The following table shows the contractual maturity of our mortgage-backed securities available-for-sale at March 31, 2026 (in thousands): Amortized cost Fair value Mortgage-backed securities: Due within one year $ 92 92 Due after one year through five years 14,537 13,888 Due after five years through ten years 16,795 17,031 Due after ten years 1,633,622 1,511,610 Total mortgage-backed securities $ 1,665,046 1,542,621 The following table shows the contractual maturity of our mortgage-backed securities held-to-maturity at March 31, 2026 (in thousands): Amortized cost Fair value Mortgage-backed securities: Due after one year through five years $ 31,700 28,616 Due after five years through ten years 67,553 60,492 Due after ten years 439,419 378,621 Total mortgage-backed securities $ 538,672 467,729 The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2026 (in thousands): Less than 12 months 12 months or more Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss U.S. government-sponsored enterprises $ 1,013 ( 11 ) 133,264 ( 15,479 ) 134,277 ( 15,490 ) Municipal securities 7,458 ( 64 ) 39,382 ( 9,015 ) 46,840 ( 9,079 ) Corporate issues 44,848 ( 527 ) — — 44,848 ( 527 ) Mortgage-backed securities - agency 688,171 ( 4,631 ) 983,409 ( 192,579 ) 1,671,580 ( 197,210 ) Total $ 741,490 ( 5,233 ) 1,156,055 ( 217,073 ) 1,897,545 ( 222,306 ) 11 Table of Content s The following table shows the fair value of and gross unrealized losses on available-for-sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2025 (in thousands): Less than 12 months 12 months or more Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss U.S. government-sponsored enterprises $ 1,055 ( 13 ) 150,484 ( 15,706 ) 151,539 ( 15,719 ) Corporate debt issues 4,914 ( 86 ) — — 4,914 ( 86 ) Municipal securities 5,627 ( 14 ) 41,333 ( 7,719 ) 46,960 ( 7,733 ) Mortgage-backed securities - agency 109,300 ( 170 ) 1,105,007 ( 188,035 ) 1,214,307 ( 188,205 ) Total $ 120,896 ( 283 ) 1,296,824 ( 211,460 ) 1,417,720 ( 211,743 ) The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position as of March 31, 2026, which were comprised of 359 individual securities, represent a credit loss impairment. All of these securities were issued by U.S. government agencies, U.S. government-sponsored enterprises, local municipalities, or represent corporate debt. The securities issued by the U.S. government agencies or U.S. government-sponsored enterprises are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The securities issued by local municipalities and the corporate debt issues were all highly rated by major rating agencies and have no history of credit losses. The unrealized losses were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities. As of March 31, 2026, t he Company does not have the intent to sell these investment securities and it is more likely than not that we will not be required to sell these securities before their anticipated recovery, which may be at maturity. All of the Company ’ s held-to-maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The decline in fair value of the held-to-maturity debt securities were primarily attributable to changes in the interest rate environment and not due to the credit quality of these investment securities, therefore, the Company did not record an allowance for credit losses for these securities as of March 31, 2026. The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of March 31, 2026 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, and they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of March 31, 2026. AA+ Total Held-to-maturity securities (at amortized cost): Debt issued by the U.S. government-sponsored enterprises $ 107,989 107,989 Mortgage-backed securities 538,672 538,672 Total marketable securities held-to-maturity $ 646,661 646,661 12 Table of Content s (4) Loans Receivable The following tables excludes loans held for sale. The following table shows a summary of our loans receivable at amortized cost basis at March 31, 2026 and December 31, 2025 (in thousands): March 31, 2026 December 31, 2025 Personal Banking: Residential mortgage loans 3,035,984 3,100,780 Home equity loans 1,495,800 1,507,532 Vehicle loans 2,530,245 2,426,636 Consumer loans 130,322 137,254 Total Personal Banking 7,192,351 7,172,202 Commercial Banking: Commercial real estate loans 2,766,612 2,915,696 Commercial real estate loans - owner occupied 394,702 381,206 Commercial and industrial 2,702,283 2,538,212 Total Commercial Banking 5,863,597 5,835,114 Total loans receivable, gross 13,055,948 13,007,316 Allowance for credit losses ( 150,045 ) ( 150,212 ) Total loans receivable, net (1) 12,905,903 12,857,104 (1) Includes $ 14 million and $ 8 million of net unearned income, unamortized premiums and discounts and deferred fees and costs at March 31, 2026 and December 31, 2025, respectively. 13 Table of Content s The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2026 (in thousands): Balance as of March 31, 2026 Current period provision Charge-offs Recoveries Balance as of December 31, 2025 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 9,895 220 ( 1,001 ) 130 10,546 Home equity loans 6,340 334 ( 291 ) 148 6,149 Vehicle loans 26,346 2,804 ( 2,930 ) 527 25,945 Consumer loans 5,022 1,397 ( 1,601 ) 409 4,817 Total Personal Banking 47,603 4,755 ( 5,823 ) 1,214 47,457 Commercial Banking: Commercial real estate loans 56,604 ( 2,008 ) ( 254 ) 632 58,234 Commercial real estate loans - owner occupied 5,030 348 — 3 4,679 Commercial and industrial 40,808 1,859 ( 1,155 ) 262 39,842 Total Commercial Banking 102,442 199 ( 1,409 ) 897 102,755 Total $ 150,045 4,954 ( 7,232 ) 2,111 150,212 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Home equity loans $ 86 ( 5 ) — — 91 Total Personal Banking 86 ( 5 ) — — 91 Commercial Banking: Commercial real estate loans 1,728 ( 198 ) — — 1,926 Commercial real estate loans - owner occupied 136 ( 29 ) — — 165 Commercial and industrial 10,149 ( 353 ) — — 10,502 Total Commercial Banking 12,013 ( 580 ) — — 12,593 Total off-balance sheet exposure $ 12,099 ( 585 ) — — 12,684 14 Table of Content s The following table provides information related to the allowance for credit losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2025 (in thousands): Balance as of March 31, 2025 Current period provision Charge-offs Recoveries Balance as of December 31, 2024 Allowance for Credit Losses Personal Banking: Residential mortgage loans $ 13,275 ( 593 ) ( 588 ) 109 14,347 Home equity loans 4,624 ( 150 ) ( 273 ) 202 4,845 Vehicle loans 22,455 1,815 ( 2,301 ) 552 22,389 Consumer loans 1,997 1,261 ( 1,504 ) 357 1,883 Total Personal Banking 42,351 2,333 ( 4,666 ) 1,220 43,464 Commercial Banking: Commercial real estate loans 45,583 ( 151 ) ( 116 ) 1,522 44,328 Commercial real estate loans - owner occupied 4,187 298 — 7 3,882 Commercial and industrial loans 30,688 5,776 ( 571 ) 338 25,145 Total Commercial Banking 80,458 5,923 ( 687 ) 1,867 73,355 Total $ 122,809 8,256 ( 5,353 ) 3,087 116,819 Allowance for Credit Losses - off-balance sheet exposure Personal Banking: Home equity loans 61 ( 1 ) — — 62 Total Personal Banking 61 ( 1 ) — — 62 Commercial Banking: Commercial real estate loans 2,956 ( 1,198 ) — — 4,154 Commercial real estate loans - owner occupied 136 ( 24 ) — — 160 Commercial and industrial loans 10,451 878 — — 9,573 Total Commercial Banking 13,543 ( 344 ) — — 13,887 Total off-balance sheet exposure $ 13,604 ( 345 ) — — 13,949 The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at March 31, 2026 (in thousands): Total loans receivable Allowance for credit losses Nonaccrual loans Loans 90 days past due and accruing Personal Banking: Residential mortgage loans $ 3,035,984 9,895 10,500 — Home equity loans 1,495,800 6,340 4,780 — Vehicle loans 2,530,245 26,346 5,534 — Consumer loans 130,322 5,022 198 524 Total Personal Banking 7,192,351 47,603 21,012 524 Commercial Banking: Commercial real estate loans 2,766,612 56,604 46,123 — Commercial real estate loans - owner occupied 394,702 5,030 1,214 — Commercial and industrial 2,702,283 40,808 22,594 19 Total Commercial Banking 5,863,597 102,442 69,931 19 Total $ 13,055,948 150,045 90,943 543 15 Table of Content s The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2025 (in thousands): Total loans receivable Allowance for credit losses Nonaccrual loans Loans 90 days past due and accruing Personal Banking: Residential mortgage loans $ 3,100,780 10,546 12,247 — Home equity loans 1,507,532 6,149 3,755 — Vehicle loans 2,426,636 25,945 5,493 — Consumer loans 137,254 4,817 218 602 Total Personal Banking 7,172,202 47,457 21,713 602 Commercial Banking: Commercial real estate loans 2,915,696 58,234 56,223 — Commercial real estate loans - owner occupied 381,206 4,679 1,262 — Commercial and industrial 2,538,212 39,842 28,085 44 Total Commercial Banking 5,835,114 102,755 85,570 44 Total $ 13,007,316 150,212 107,283 646 We present the amortized cost of our loans on nonaccrual status including such loans with no allowance. The following table presents the amortized cost of our loans on nonaccrual status as of the beginning and end of the period ended March 31, 2026 (in thousands): March 31, 2026 Nonaccrual loans at January 1, 2026 Nonaccrual loans with an allowance Nonaccrual loans with no allowance Total nonaccrual loans at the end of the period Personal Banking: Residential mortgage loans $ 12,247 7,681 2,819 10,500 Home equity loans 3,755 4,195 585 4,780 Vehicle loans 5,493 4,582 952 5,534 Consumer loans 218 198 — 198 Total Personal Banking 21,713 16,656 4,356 21,012 Commercial Banking: Commercial real estate loans 56,223 27,505 18,618 46,123 Commercial real estate loans - owner occupied 1,262 228 986 1,214 Commercial and industrial 28,085 20,701 1,893 22,594 Total Commercial Banking 85,570 48,434 21,497 69,931 Total $ 107,283 65,090 25,853 90,943 During the three months ended March 31, 2026, we did no t recognize any interest income on nonaccrual loans. 16 Table of Content s The following table presents the amortized cost of our loans on nonaccrual status as of the beginning and end of the year ended December 31, 2025 (in thousands): December 31, 2025 Nonaccrual loans at January 1, 2025 Nonaccrual loans with an allowance Nonaccrual loans with no allowance Total nonaccrual loans at the end of the period Personal Banking: Residential mortgage loans $ 6,951 9,158 3,089 12,247 Home equity loans 3,332 3,017 738 3,755 Vehicle loans 4,829 4,563 930 5,493 Consumer loans 199 218 — 218 Total Personal Banking 15,311 16,956 4,757 21,713 Commercial Banking: Commercial real estate loans 36,183 24,186 32,037 56,223 Commercial real estate loans - owner occupied 784 275 987 1,262 Commercial and industrial 9,123 22,114 5,971 28,085 Total Commercial Banking 46,090 46,575 38,995 85,570 Total $ 61,401 63,531 43,752 107,283 During the year ended December 31, 2025, we did not recognize any interest income on nonaccrual loans. A loan is considered to be collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. The following table presents the amortized cost basis of collateral-dependent loans by class of loans and collateral type as of as of March 31, 2026 (in thousands): Real estate Equipment Other Total Commercial Banking: Commercial real estate loans $ 29,704 49 — 29,753 Commercial and industrial 2,330 7,414 1,642 11,386 Total Commercial Banking 32,034 7,463 1,642 41,139 Total $ 32,034 7,463 1,642 41,139 The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of December 31, 2025 (in thousands): Real estate Equipment Other Total Commercial Banking: Commercial real estate loans $ 40,086 50 — 40,136 Commercial and industrial 5,821 9,425 2,352 17,598 Total Commercial Banking 45,907 9,475 2,352 57,734 Total $ 45,907 9,475 2,352 57,734 Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extensions, an other-than-insignificant payment delay, or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged off against the allowance for credit losses. In some cases, the Company provides multiple types of concessions to one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension, principal forgiveness, an other-than-insignificant payment delay, and/or an interest rate reduction. 17 Table of Content s The following table presents the amortized cost basis of loans for the periods indicated that were both experiencing financial difficulty and modified during the respective period, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financial receivable is also presented below (dollars in thousands). For the quarter ended March 31, 2026 2025 Term extension Combination term extension and interest rate reduction Total class of financing receivable Payment delay Term extension Combination term extension and interest rate reduction Total class of financing receivable Personal Banking: Residential mortgage loans $ 4 — 0.00 % — 31 — 0.00 % Home equity loans 1 — 0.00 % — 89 — 0.01 % Total Personal Banking 5 — 0.00 % — 120 — 0.00 % Commercial Banking: Commercial real estate loans 8,692 — 0.31 % 30 1,827 — 0.08 % Commercial real estate loans - owner occupied — 2,974 0.75 % — — — 0.00 % Commercial and industrial — — — % 1,785 8 10 0.09 % Total Commercial Banking 8,692 2,974 0.20 % 1,815 1,835 10 0.08 % Total $ 8,697 2,974 0.09 % 1,815 1,955 10 0.03 % The following table presents the effect of the loan modifications presented above to borrowers experiencing financial difficulty for the periods indicated: For the quarter ended March 31, 2026 2025 Weighted-average interest rate reduction Weighted-average term extension in months Weighted-average interest rate reduction Weighted-average term extension in months Weighted-average payment deferral in years Personal Banking: Residential mortgage loans — % 281 — % 130 0 Home equity loans — % 13 — % 119 0 Total Personal Banking — % 77 — % 122 0 Commercial Banking: Commercial real estate loans — % 5 — % 5 0.5 Commercial real estate loans - owner occupied 4 % 17 — % 0 0 Commercial and industrial — % 0 1 % 89 0.8 Total Commercial Banking 4 % 8 1 % 5 0.8 Total loans 4 % 8 1 % 12 0.8 The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of loans that such loans have been modified within the previous twelve months of March 31, 2026 (in thousands) : 18 Table of Content s Current 30-59 days delinquent 60-89 days delinquent 90 days or greater delinquent Personal Banking: Residential mortgage loans $ 610 168 — 214 Home equity loans 364 4 — — Vehicle loans 3 — — — Consumer loans 5 — — — Total Personal Banking 982 172 — 214 Commercial Banking: Commercial real estate loans 105,472 5,438 — 42 Commercial real estate loans - owner occupied 6,065 — — — Commercial and industrial 390 49 — — Total Commercial Banking 111,927 5,487 — 42 Total loans $ 112,909 5,659 — 256 The following table presents the performance of loans modified within the previous twelve months of March 31, 2025 (in thousands) : Current 30-59 days delinquent 60-89 days delinquent 90 days or greater delinquent Personal Banking: Residential mortgage loans $ 516 8 — 191 Home equity loans 195 — — 25 Consumer loans 9 — — — Total Personal Banking 720 8 — 216 Commercial Banking: Commercial real estate loans 30 — — 1,827 Commercial real estate loans - owner occupied 645 — — — Commercial and industrial 1,828 — — — Total Commercial Banking 2,503 — — 1,827 Total loans $ 3,223 8 — 2,043 A modification is considered to be in default when the loan is 90 days or more past due. The following table provides the amortized cost basis of financing receivables that had a payment default during the periods indicated and were modified within the previous twelve months to borrowers experiencing financial difficulty (in thousands): For the quarter ended March 31, 2026 2025 Term extension Payment delay Term extension Payment delay Personal Banking: Residential mortgage loans $ 214 $ — — $ 191 Home equity loans — — 25 — Total Personal Banking 214 — 25 191 Commercial Banking: Commercial real estate loans — 42 1,827 — Total Commercial Banking — 42 1,827 — Total $ 214 42 1,852 191 19 Table of Content s The modifications to borrowers experiencing financial distress are included in their respective portfolio segment and the current loan balance and updated loan terms are run through their respective ACL models to arrive at the quantitative portion of the ACL. Subsequent performance of the loans will be measured by delinquency status and will be captured through our ACL models or our qualitative factor assessment, as deemed appropriate. If we no longer believe the loan demonstrates similar risks to their respective portfolio segment an individual assessment will be performed. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. The following table provides information related to the amortized cost basis of loan payment delinquencies at March 31, 2026 (in thousands): 30-59 days delinquent 60-89 days delinquent 90 days or greater delinquent Total delinquency Current Total loans receivable Personal Banking: Residential mortgage loans $ 44,502 2,531 6,468 53,501 2,982,483 3,035,984 Home equity loans 5,932 2,946 3,263 12,141 1,483,659 1,495,800 Vehicle loans 9,650 3,764 3,843 17,257 2,512,988 2,530,245 Consumer loans 779 500 718 1,997 128,325 130,322 Total Personal Banking 60,863 9,741 14,292 84,896 7,107,455 7,192,351 Commercial Banking: Commercial real estate loans 16,435 25,659 17,296 59,390 2,707,222 2,766,612 Commercial real estate loans - owner occupied 1,106 200 986 2,292 392,410 394,702 Commercial and industrial 7,127 8,432 11,266 26,825 2,675,458 2,702,283 Total Commercial Banking 24,668 34,291 29,548 88,507 5,775,090 5,863,597 Total loans $ 85,531 44,032 43,840 173,403 12,882,545 13,055,948 The following table provides information related to the amortized cost basis of loan payment delinquencies at December 31, 2025 (in thousands): 30-59 days delinquent 60-89 days delinquent 90 days or greater delinquent Total delinquency Current Total loans receivable Personal Banking: Residential mortgage loans $ 41,180 10,934 10,001 62,115 3,038,665 3,100,780 Home equity loans 6,488 2,316 2,492 11,296 1,496,236 1,507,532 Vehicle loans 13,271 4,161 4,098 21,530 2,405,106 2,426,636 Consumer loans 792 438 795 2,025 135,229 137,254 Total Personal Banking 61,731 17,849 17,386 96,966 7,075,236 7,172,202 Commercial Banking: Commercial real estate loans 24,379 12,736 31,723 68,838 2,846,858 2,915,696 Commercial real estate loans - owner occupied 4,266 205 1,022 5,493 375,713 381,206 Commercial and industrial 5,657 2,899 16,269 24,825 2,513,387 2,538,212 Total Commercial Banking 34,302 15,840 49,014 99,156 5,735,958 5,835,114 Total originated loans $ 96,033 33,689 66,400 196,122 12,811,194 13,007,316 Credit Quality Indicators: For Commercial Banking we categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We analyze loans individually by classifying the loans by credit risk. Credit relationships greater than or equal to $ 1.0 million classified as special mention or substandard are reviewed quarterly for deterioration or improvement to determine if the loan is appropriately classified. We use the following definitions for risk ratings other than pass: Special Mention — Loans designated as special mention have specific, well-defined risk issues, which create a high level of uncertainty regarding the long-term viability of the business. Loans in this class are considered to have high-risk characteristics. A 20 Table of Content s special mention loan exhibits material negative financial trends due to company-specific or systemic conditions. If these potential weaknesses are not mitigated, they threaten the borrower’s capacity to meet its debt obligations. Special mention loans still demonstrate sufficient financial flexibility to react to and positively address the root cause of the adverse financial trends without significant deviations from their current business strategy. Their potential weaknesses deserve our close attention and warrant enhanced monitoring. Substandard — Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified as substandard. In addition, those weaknesses make collection or liquidation in full highly questionable and improbable. A loan classified as doubtful exhibits discernible loss potential, but a complete loss seems very unlikely. The possibility of a loss on a doubtful loan is high, but because of certain important and reasonably specific pending factors that may strengthen the loan, its classification as an estimated loss is deferred until a more exact status can be determined. Loss — Loans classified as loss are considered uncollectible and of such value that the continuance as a loan is not warranted. A loss classification does not mean that the loan has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off all or a portion of a basically worthless loan even though partial recovery may be possible in the future. For Personal Banking loans a pass risk rating is maintained until they are 90 days or greater past due, and risk rating reclassification is based primarily on past due status of the loan. The risk rating categories can generally be described by the following groupings: Pass — Loans classified as pass are homogeneous loans that are less than 90 days past due from the required payment date at month-end. Substandard — Loans classified as substandard are homogeneous loans that are greater than 90 days past due from the required payment date at month-end, or homogenous retail loans that are greater than 180 days past due from the required payment date at month-end that has been written down to the value of underlying collateral, less costs to sell. Doubtful — Loans classified as doubtful are homogeneous loans that are greater than 180 days past due from the required payment date at month-end and not written down to the value of underlying collateral. These loans are generally charged-off in the month in which the 180 day period elapses. 21 Table of Content s The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator and the current period charge-offs by year of origination for each portfolio segment as of March 31, 2026 (in thousands): YTD March 31, 2026 2025 2024 2023 2022 Prior Revolving loans Revolving loans converted to term loans Total loans receivable Personal Banking: Residential mortgage loans Pass $ 17,622 61,479 39,366 206,557 595,055 2,105,406 — — 3,025,485 Substandard — — — 984 915 8,600 — — 10,499 Total residential mortgage loans 17,622 61,479 39,366 207,541 595,970 2,114,006 — — 3,035,984 Residential mortgage current period charge-offs — — — — — ( 1,001 ) — — ( 1,001 ) Home equity loans Pass 26,149 94,914 25,168 45,137 67,943 343,957 831,045 56,707 1,491,020 Substandard — 46 139 14 265 984 2,527 805 4,780 Total home equity loans 26,149 94,960 25,307 45,151 68,208 344,941 833,572 57,512 1,495,800 Home equity current period charge-offs — — — — ( 49 ) ( 74 ) ( 32 ) ( 136 ) ( 291 ) Vehicle loans Pass 346,080 1,089,703 425,197 292,068 237,110 134,553 — — 2,524,711 Substandard — 1,115 1,048 1,385 977 1,009 — — 5,534 Total vehicle loans 346,080 1,090,818 426,245 293,453 238,087 135,562 — — 2,530,245 Vehicle current period charge-offs — ( 565 ) ( 736 ) ( 671 ) ( 517 ) ( 441 ) — — ( 2,930 ) Consumer loans Pass 10,731 25,594 14,687 6,923 2,385 3,730 65,082 467 129,599 Substandard — 36 57 16 12 1 546 55 723 Total consumer loans 10,731 25,630 14,744 6,939 2,397 3,731 65,628 522 130,322 Consumer loan current period charge-offs ( 310 ) ( 352 ) ( 197 ) ( 217 ) ( 114 ) ( 393 ) ( 9 ) ( 9 ) ( 1,601 ) Total Personal Banking 400,582 1,272,887 505,662 553,084 904,662 2,598,240 899,200 58,034 7,192,351 Commercial Banking: Commercial real estate loans Pass 46,666 175,826 261,484 264,826 346,591 1,160,895 36,337 10,806 2,303,431 Special mention — 8,117 5,408 53,015 23,165 48,346 544 — 138,595 Substandard — 1,709 32,584 19,709 61,718 204,883 2,353 1,630 324,586 Total commercial real estate loans 46,666 185,652 299,476 337,550 431,474 1,414,124 39,234 12,436 2,766,612 Commercial real estate current period charge-offs — — — — — ( 254 ) — — ( 254 ) Commercial real estate loans - owner occupied Pass 7,474 66,968 35,409 33,702 21,730 179,380 3,210 — 347,873 Special mention — 3,685 — — 127 4,038 939 — 8,789 Substandard 2,974 — 4,776 1,307 4,320 20,014 3,726 923 38,040 Total commercial real estate loans - owner occupied 10,448 70,653 40,185 35,009 26,177 203,432 7,875 923 394,702 Commercial real estate - owner occupied current period charge-offs — — — — — — — — — Commercial and industrial Pass 207,762 745,024 460,974 228,052 196,117 78,377 624,598 2,540 2,543,444 Special mention — 638 23,532 9,547 3,260 428 7,975 3 45,383 Substandard — 2,059 26,870 19,065 4,350 7,229 52,513 1,370 113,456 Total commercial and industrial 207,762 747,721 511,376 256,664 203,727 86,034 685,086 3,913 2,702,283 Commercial and industrial current period charge-offs — ( 65 ) ( 203 ) ( 121 ) ( 209 ) ( 185 ) ( 303 ) ( 69 ) ( 1,155 ) Total Commercial Banking 264,876 1,004,026 851,037 629,223 661,378 1,703,590 732,195 17,272 5,863,597 Total loans $ 665,458 2,276,913 1,356,699 1,182,307 1,566,040 4,301,830 1,631,395 75,306 13,055,948 For the three months ended March 31, 2026, $ 8 million of revolving loans were converted to term loans. 22 Table of Content s The following table presents the amortized cost basis of our loan portfolio by year of origination and credit quality indicator for each portfolio segment as of December 31, 2025 (in thousands): 2025 2024 2023 2022 2021 Prior Revolving loans Revolving loans converted to term loans Total loans receivable Personal Banking: Residential mortgage loans Pass $ 65,511 41,435 216,600 607,377 709,122 1,448,488 — — 3,088,533 Substandard — — 729 2,363 2,760 6,395 — — 12,247 Total residential mortgage loans 65,511 41,435 217,329 609,740 711,882 1,454,883 — — 3,100,780 Residential mortgage current period charge-offs — — ( 51 ) ( 447 ) ( 55 ) ( 623 ) ( 50 ) — ( 1,226 ) Home equity loans Pass 99,444 26,377 47,301 71,086 71,038 290,393 840,879 57,259 1,503,777 Substandard — — 47 255 — 1,168 1,441 844 3,755 Total home equity loans 99,444 26,377 47,348 71,341 71,038 291,561 842,320 58,103 1,507,532 Home equity current period charge-offs — ( 85 ) ( 13 ) ( 219 ) ( 98 ) ( 399 ) ( 545 ) ( 221 ) ( 1,580 ) Vehicle loans Pass 1,157,146 477,435 335,622 281,604 111,302 58,034 — — 2,421,143 Substandard 537 1,169 1,455 1,128 735 469 — — 5,493 Total vehicle loans 1,157,683 478,604 337,077 282,732 112,037 58,503 — — 2,426,636 Vehicle current period charge-offs ( 527 ) ( 1,663 ) ( 2,159 ) ( 2,129 ) ( 1,205 ) ( 1,145 ) — — ( 8,828 ) Consumer loans Pass 34,396 17,034 8,244 3,117 1,063 3,128 68,963 489 136,434 Substandard 16 72 32 8 9 — 603 80 820 Total consumer loans 34,412 17,106 8,276 3,125 1,072 3,128 69,566 569 137,254 Consumer loan current period charge-offs ( 2,488 ) ( 872 ) ( 805 ) ( 500 ) ( 313 ) ( 1,206 ) ( 166 ) ( 91 ) ( 6,441 ) Total Personal Banking 1,357,050 563,522 610,030 966,938 896,029 1,808,075 911,886 58,672 7,172,202 Commercial Banking: Commercial real estate loans Pass 192,876 280,328 304,567 406,936 275,080 973,846 37,133 11,234 2,482,000 Special Mention 1,738 5,933 23,540 28,030 41,409 27,177 639 — 128,466 Substandard 886 29,241 22,868 81,445 55,020 112,043 1,942 1,785 305,230 Total commercial real estate loans 195,500 315,502 350,975 516,411 371,509 1,113,066 39,714 13,019 2,915,696 Commercial real estate current period charge-offs — ( 3 ) ( 73 ) ( 2,009 ) ( 30 ) ( 11,847 ) ( 15 ) ( 173 ) ( 14,150 ) Commercial real estate loans - owner occupied Pass 59,948 34,150 28,382 17,798 54,818 134,942 5,764 — 335,802 Special Mention — — — — 615 2,508 — — 3,123 Substandard — 3,758 1,720 3,614 3,359 26,925 1,963 942 42,281 Total commercial real estate loans - owner occupied 59,948 37,908 30,102 21,412 58,792 164,375 7,727 942 381,206 Commercial real estate - owner occupied current period charge-offs — — — — — ( 336 ) — — ( 336 ) Commercial and industrial Pass 741,190 531,151 246,591 210,899 35,114 55,116 569,922 2,847 2,392,830 Special Mention 187 21,007 7,883 976 426 107 31,262 4 61,852 Substandard 3,840 12,765 20,440 5,698 5,141 6,185 27,886 1,575 83,530 Total commercial and industrial 745,217 564,923 274,914 217,573 40,681 61,408 629,070 4,426 2,538,212 Commercial and industrial current period charge-offs — ( 128 ) ( 489 ) ( 2,986 ) ( 230 ) ( 1,493 ) ( 310 ) ( 1,459 ) ( 7,095 ) Total Commercial Banking 1,000,665 918,333 655,991 755,396 470,982 1,338,849 676,511 18,387 5,835,114 Total loans $ 2,357,715 1,481,855 1,266,021 1,722,334 1,367,011 3,146,924 1,588,397 77,059 13,007,316 For the year ended December 31, 2025, $ 16 million of revolving loans were converted to term loans. 23 Table of Content s (5) Goodwill and Other Intangible Assets The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands): March 31, 2026 December 31, 2025 Amortizable intangible assets: Core deposit intangibles - gross $ 116,899 74,899 Acquisitions — 42,000 Less: accumulated amortization ( 79,421 ) ( 77,232 ) Core deposit intangibles - net $ 37,478 39,667 Total intangible assets - net $ 37,478 39,667 The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2026 and 2025, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands): For the quarter ended March 31, 2026 $ 2,189 For the quarter ended March 31, 2025 504 For the year ending December 31, 2026 8,473 For the year ending December 31, 2027 7,073 For the year ending December 31, 2028 5,936 For the year ending December 31, 2029 5,102 For the year ending December 31, 2030 4,269 For the year ending December 31, 2031 3,685 The following table provides information for the changes in the carrying amount of goodwill (in thousands): Total Balance at December 31, 2025 $ 444,330 Balance at March 31, 2026 $ 444,330 We performed our annual goodwill impairment test as of June 30, 2025 in accordance with Accounting Standards Codification ("ASC") 350, Intangibles - Goodwill and Other, and concluded that goodwill was not impaired. As of March 31, 2026, there were no events or changes in circumstances that would cause us to update that year’s goodwill impairment test and we concluded there was no impairment of goodwill as of such dates. (6) Borrowings (a) Borrowed Funds Borrowed funds at March 31, 2026 and December 31, 2025 are presented in the following table (dollars in thousands): March 31, 2026 December 31, 2025 Amount Average rate Amount Average rate Term notes payable to the FHLB of Pittsburgh, due within one year $ 263,331 3.93 % $ 332,569 3.99 % Term notes payable to the FHLB of Pittsburgh, due in more than one year 85,401 4.06 % 105,482 4.09 % Total term notes payable to the FHLB 348,732 438,051 Collateralized borrowings, due within one year 649 1.04 % 8,232 1.55 % Collateral received, due within one year 1,503 3.64 % — — % Total borrowed funds $ 350,884 $ 446,283 Borrowings from the Federal Home Loan Bank (“FHLB”) of Pittsburgh, if any, are secured by our residential first mortgage and other qualifying loans. At March 31, 2026, the carrying value of these loans was $ 6.3 billion. Certain of these borrowings are subject to restrictions or penalties in the event of prepayment. The revolving line of credit with the FHLB of Pittsburgh carries a commitment of $ 250 million. The rate is adjusted daily by the FHLB of Pittsburgh, and any borrowings on this line may be repaid at any time without penalty. There was no balance on the revolving line of credit at March 31, 2026 and December 31, 2025. 24 Table of Content s At March 31, 2026 and December 31, 2025, collateralized borrowings due within one year were $ 1 million and $ 8 million, respectively. These borrowings are collateralized by cash or va rious securities held in safekeeping by the FHLB. At March 31, 2026, the carrying value of the cash and securities used as collateral was $ 32 million . At March 31, 2026 and December 31, 2025, collateral received was $ 2 million and $ 0 million, respectively. This represents collateral posted to us from our derivative counterparties. At March 31, 2026 and December 31, 2025, term notes payable to the FHLB of Pittsburgh due within one year was $ 263 million and $ 333 million, respectively. At March 31, 2026 and December 31, 2025 term notes payable to the FHLB of Pittsburgh due in more than one year was $ 85 million and $ 105 million , respectively . (b) Subordinated Debt On September 9, 2020, the Company issued $ 125 million of 4.00 % fixed-to-floating rate subordinated notes with a maturity date of September 15, 2030. The subordinated notes, which qualify as Tier 2 capital, subject to certain limitations based on maturity date, bear interest at an annual rate of 4.00 %, payable semi-annually in arrears commencing on March 15, 2021, and a floating rate of interest equivalent to the 3-month Secured Overnight Financing Rate (“SOFR”) plus 3.89 % payable quarterly in arrears commencing on December 15, 2025. During 2022 the Company repurchased $ 10 million of subordinated notes leaving $ 115 million of subordinated notes outstanding. The subordinated debt issuance costs of approximately $ 2 million were amortized over five years on a straight-line basis into interest expense. At March 31, 2026 and December 31, 2025, subordinated notes, net of issuance costs, were $ 115 million. For the three months ended March 31, 2026 and March 31, 2025 total interest expense paid on the subordinated notes was $ 2 million and $ 1 million, respectively . (b) Junior Subordinated Debentures The Company has seven statutory business trusts: Northwest Bancorp Capital Trust III, a Delaware statutory business trust, Northwest Bancorp Statutory Trust IV, a Connecticut statutory business trust, LNB Trust II, a Delaware statutory business trust, Union National Capital Trust I (“UNCT I”), a Delaware statutory business trust, Union National Capital Trust II (“UNCT II”), a Delaware statutory business trust, MFBC Statutory Trust I, a Delaware statutory trust, and Universal Preferred Trust, a Delaware statutory trust (the “Trusts”). The Trusts exist solely to issue preferred securities to third parties for cash, issue common securities to the Company in exchange for capitalization of the Trusts, invest the proceeds from the sale of trust securities in an equivalent amount of debentures of the Company, and engage in other activities that are incidental to those previously listed. The Trusts have invested the proceeds of the offerings in junior subordinated deferrable interest debentures issued by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. These subordinated debentures are the sole assets of the Trusts. As the shareholders of the trust preferred securities are the primary beneficiaries of the Trusts, the Trusts are not consolidated in our financial statements. The following table sets forth a summary of the cumulative trust preferred securities and the junior subordinated debt held by the Trust as of the date listed (dollars in thousands). Maturity date Interest rate Capital debt securities March 31, 2026 December 31, 2025 Northwest Bancorp Capital Trust III December 30, 2035 3-month SOFR plus 1.38 % $ 50,000 51,547 51,547 Northwest Bancorp Statutory Trust IV December 15, 2035 3-month SOFR plus 1.38 % 50,000 51,547 51,547 LNB Trust II June 15, 2037 3-month SOFR plus 1.48 % 7,875 8,119 8,119 Union National Capital Trust I (1) January 23, 2034 3-month SOFR plus 2.85 % 8,000 8,055 8,049 Union National Capital Trust II (1) November 23, 2034 3-month SOFR plus 2.00 % 3,000 2,857 2,850 MFBC Statutory Trust I (1) September 15, 2035 3-month SOFR plus 1.70 % 5,000 4,021 3,995 Universal Preferred Trust (1) October 7, 2035 3-month SOFR plus 1.69 % 5,000 4,012 3,986 $ 128,875 130,158 130,093 (1) Net of discounts due to the fair value adjustment made at the time of acquisition. Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We have the right to defer payment of interest on the subordinated debentures at any time, or from time-to-time, for periods not exceeding five years . If interest payments on the subordinated debentures are deferred, the distributions on the trust securities also are deferred. To date there have been no interest deferrals. Interest on the subordinated debentures and distributions on the trust securities is cumulative. Our obligation constitutes a full, irrevocable, and unconditional guarantee on a subordinated basis of the obligations of the trust under the preferred securities. For the three months ended March 31, 2026 and March 31, 2025 total interest expense paid on trust preferred securities was $ 2 million . 25 Table of Content s The Trusts must redeem the preferred securities when the debentures are paid at maturity or upon an earlier redemption of the debentures to the extent the debentures are redeemed. All or part of the debentures may be redeemed at any time. (7) Guarantees We issue standby letters of credit in the normal course of business. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. We are required to perform under a standby letter of credit when drawn upon by the guaranteed third party in the case of nonperformance by our customer. The credit risk associated with standby letters of credit is essentially the same as that involved in extending loans to customers and is subject to normal loan underwriting procedures. Collateral may be obtained based on management’s credit assessment of the customer. At March 31, 2026, the maximum potential amount of future payments we could be required to make under these non-recourse standby letters of credit was $ 67 million, of which $ 64 million is fully collateralized. At March 31, 2026, we had a liability which represents deferred income of $ 1 million related to the standby letters of credit. In addition, we maintain a $ 23 million unsecured line of credit with a correspondent bank for private label credit card facilities for certain existing commercial clients of the Bank, of which $ 16 million in notional value of credit cards have been issued. These issued credit cards had an outstanding balance of $ 2 million at March 31, 2026. The clients of the Bank are responsible for repaying any balances due on these credit cards directly to the correspondent bank; however, if the customer fails to repay their balance, the Bank could be required to satisfy the obligation to correspondent bank and initiate collection from our customer as part of the existing credit facility of that customer. (8) Earnings Per Share Basic earnings per common share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted EPS. The two-class method was used to determine basic EPS for the three months ended March 31, 2026 and 2025 and the treasury stock method was used to determine diluted earnings per share for the three months ended March 31, 2026 and 2025. The following table sets forth the computation of basic and diluted EPS (in thousands, except share data and per share amounts): Quarter ended March 31, 2026 2025 Numerator for earnings per share - Basic and Diluted: Net income - treasury stock method - Basic and Diluted $ 50,536 43,458 Less: Dividends and undistributed earnings allocated to participating securities 10 54 Net income available to common shareholders - two class method - Basic and Diluted $ 50,526 43,404 Denominator for earnings per share - treasury stock method - Basic and Diluted Weighted average common shares outstanding - Basic 146,106,143 127,387,573 Add: Potentially dilutive shares 744,492 911,440 Denominator for treasury stock method - Diluted 146,850,635 128,299,013 Denominator for earnings per share - two class method - Basic and Diluted: Weighted average common shares outstanding - Basic 146,106,143 127,387,573 Add: Average participating shares outstanding 29,037 157,993 Denominator for two class method - Diluted 146,135,180 127,545,566 Basic earnings per share $ 0.35 0.34 Diluted earnings per share $ 0.34 0.34 Anti-dilutive awards (1) 1,964 2,111 (1) Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive. 26 Table of Content s (9) Pension and Other Post-Retirement Benefits The following table sets forth the net periodic costs for the defined benefit pension plans and post-retirement healthcare plans for the periods indicated (in thousands): Quarter ended March 31, Pension benefits Other post-retirement benefits 2026 2025 2026 2025 Service cost $ 1,028 1,120 — — Interest cost 2,249 2,173 17 15 Expected return on plan assets ( 3,302 ) ( 2,989 ) — — Amortization of prior service cost — ( 203 ) — — Amortization of the net loss ( 202 ) ( 37 ) 21 7 Net periodic cost $ ( 227 ) 64 38 22 Because of the current funding status, we do not anticipate a funding requirement during the year ending December 31, 2026. (10) Disclosures About Fair Value of Financial Instruments We are required to disclose fair value information about financial instruments whether or not recognized in the Consolidated Statement of Financial Condition. Fair value information of certain financial instruments and all nonfinancial instruments is not required to be disclosed. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. Financial assets and liabilities recognized or disclosed at fair value on a recurring basis and certain financial assets and liabilities on a non-recurring basis are accounted for using a three-level hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. This hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest level input that has a significant impact on fair value measurement is used. Financial assets and liabilities are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 — Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in actively traded markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities. • Level 2 — Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets or liabilities that are actively traded. Level 2 also includes pricing models in which the inputs are corroborated by market data, for example, matrix pricing. • Level 3 — Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include the following: ◦ Quotes from brokers or other external sources that are not considered binding; ◦ Quotes from brokers or other external sources where it cannot be determined that market participants would in fact transact for the asset or liability at the quoted price; and ◦ Quotes and other information from brokers or other external sources where the inputs are not deemed observable. We are responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. We perform due diligence to understand the inputs used or how the data was calculated or derived. We also corroborate the reasonableness of external inputs in the valuation process. The carrying amounts reported in the Consolidated Statement of Financial Condition approximate fair value for the following financial instruments: cash and cash equivalents, marketable securities available-for-sale, loans held-for-sale, accrued interest receivable, interest rate lock commitments, forward commitments, interest rate swaps, savings and checking deposits, foreign exchange swaps, risk participation agreements, and accrued interest payable. 27 Table of Content s Marketable Securities Where available, market values are based on quoted market prices, dealer quotes, and prices obtained from independent pricing services. Debt Securities — available-for-sale - Generally, debt securities are valued using pricing for similar securities, recently executed transactions and other pricing models utilizing observable inputs. The valuation for most debt securities is classified as Level 2. Securities within Level 2 include corporate bonds, municipal bonds, mortgage-backed securities and U.S. government and agency debt securities. Debt Securities — held-to-maturity - The fair value of debt securities held-to-maturity is determined in the same manner as debt securities available-for-sale. Loans Receivable Loans with comparable characteristics including collateral and re-pricing structures are segregated for valuation purposes. Each loan pool is separately valued utilizing a discounted cash flow analysis. Projected monthly cash flows are discounted to present value using a market rate for comparable loans, which is not considered an exit price. Characteristics of comparable loans include remaining term, coupon interest, and estimated prepayment speeds. Delinquent loans are separately evaluated given the impact delinquency has on the projected future cash flow of the loan including the approximate discount or market rate, which is not considered an exit price. Loans Held-for-Sale The estimated fair value of loans held-for-sale is based on market bids obtained from potential buyers. FHLB Stock Due to the restrictions placed on transferability of FHLB stock, it is not practical to determine the fair value. FHLB stock is recorded at cost. Deposit Liabilities The estimated fair value of deposits with no stated maturity, which includes demand deposits, money market, and other savings accounts, is the amount payable on demand. Although market premiums paid for depository institutions reflect an additional value for these low-cost deposits, adjusting fair value for any value expected to be derived from retaining those deposits for a future period of time or from the benefit that results from the ability to fund interest-earning assets with these deposit liabilities is prohibited. The fair value estimates of deposit liabilities do not include the benefit that results from the low-cost funding provided by these deposits compared to the cost of borrowing funds in the market. Fair values for time deposits are estimated using a discounted cash flow calculation that applies contractual cost currently being offered in the existing portfolio to current market rates being offered locally for deposits of similar remaining maturities. The valuation adjustment for the portfolio consists of the present value of the difference of these two cash flows, discounted at the assumed market rate of the corresponding maturity. Borrowed Funds Fixed rate advances are valued by comparing their contractual cost to the prevailing market cost. The carrying amount of repurchase agreements approximates their fair value. Subordinated Debentures The fair value of our subordinated debentures is calculated using the discounted cash flows at rates observable for other similarly traded liabilities with considerations given to early call provisions. Junior Subordinated Debentures The fair value of junior subordinated debentures is calculated using the discounted cash flows at the prevailing rate of interest. Interest Rate Lock Commitments and Forward Commitments The fair value of interest rate lock commitments is based on the value of underlying loans held-for-sale which is based on quoted prices for similar loans in the secondary market. This value is then adjusted based on the probability of the loan closing (i.e., the “pull- 28 Table of Content s through” amount, a significant unobservable input). The fair value of forward sale commitments is based on quoted prices from the secondary market based on the settlement date of the contracts. Interest Rate and Foreign Exchange Swap Agreements and Risk Participation Agreements The fair value of interest rate swaps is based upon the present value of the expected future cash flows using the SOFR discount curve, the basis for the underlying interest rate. To price interest rate swaps, cash flows are first projected for each payment date using the fixed rate for the fixed side of the swap and the forward rates for the floating side of the swap. These swap cash flows are then discounted to time zero using SOFR zero-coupon interest rates. The sum of the present value of both legs is the fair market value of the interest rate swap. These valuations have been derived from our third party vendor’s proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions that we believe to be reasonable. The fair value of the foreign exchange swap is derived from proprietary models rather than actual market quotations. The proprietary models are based upon financial principles and assumptions that we believe to be reasonable. Risk participation agreements are entered into when Northwest Bank purchases a portion of a commercial loan that has an interest rate swap. Northwest Bank assumes credit risk on its portion of the interest rate swap should the borrower fail to pay as agreed. The value of risk participation agreements is determined based on the value of the swap after considering the credit quality, probability of default, and loss given default of the borrower. Off-Balance Sheet Financial Instruments These financial instruments generally are not sold or traded, and estimated fair values are not readily available. However, the fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. Commitments to extend credit are generally short-term in nature and, if drawn upon, are issued under current market terms. At March 31, 2026 and December 31, 2025, there was no significant unrealized appreciation or depreciation on these financial instruments. The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at March 31, 2026 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Netting Adjustments (1) Financial assets: Cash and cash equivalents $ 286,707 286,707 286,707 — — — Securities available-for-sale 1,746,919 1,746,919 — 1,746,919 — — Securities held-to-maturity 646,661 567,470 — 567,470 — — Loans receivable, net 12,905,903 12,476,928 — — 12,476,928 — Loans held-for-sale 16,846 16,846 — 16,846 — Accrued interest receivable 57,221 57,221 57,221 — — — Interest rate lock commitments 541 541 — — 541 — Forward commitments 37 37 — 37 — — Foreign exchange swaps 6 6 — 6 — — Interest rate swaps designated as hedging instruments — — — 320 — ( 320 ) Interest rate swaps not designated as hedging instruments 8,414 8,414 — 23,231 — ( 14,817 ) FHLB stock 32,781 32,781 — — — — Total financial assets $ 15,702,036 15,193,870 343,928 2,337,983 12,494,315 ( 15,137 ) Financial liabilities: Savings and checking deposits $ 11,238,278 11,238,278 11,238,278 — — — Time deposits 2,975,026 2,971,247 — — 2,971,247 — Borrowed funds 350,884 343,475 351,222 — — ( 7,747 ) Subordinated debt 114,800 114,800 — 114,800 — — Junior subordinated debentures 130,158 127,111 — — 127,111 — Foreign exchange swaps 11 11 — 11 — — Interest rate swaps designated as hedging instruments — — — 547 — ( 547 ) Interest rate swaps not designated as hedging instruments 16,511 16,511 — 23,354 — ( 6,843 ) Risk participation agreements 22 22 — 22 — — 29 Table of Content s Accrued interest payable 8,585 8,585 8,585 — — — Total financial liabilities $ 14,834,275 14,820,040 11,598,085 138,734 3,098,358 ( 15,137 ) (1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties. The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2025 (in thousands): Carrying amount Estimated fair value Level 1 Level 2 Level 3 Netting Adjustments (1) Financial assets: Cash and cash equivalents $ 233,647 233,647 233,647 — — — Securities available-for-sale 1,586,382 1,586,382 — 1,586,382 — — Securities held-to-maturity 683,369 605,929 — 605,929 — — Loans receivable, net 12,857,104 12,418,154 — — 12,418,154 — Loans held-for-sale 22,437 22,437 — — 22,437 — Accrued interest receivable 56,291 56,291 56,291 — — — Interest rate lock commitments 617 617 — — 617 — Forward commitments 95 95 — 95 — — Forward exchange swaps 4 4 — 4 — — Interest rate swaps designated as hedging instruments — — — 51 — ( 51 ) Interest rate swaps not designated as hedging instruments 11,775 11,775 — 25,155 — ( 13,380 ) FHLB stock 36,628 36,628 — — — — Total financial assets $ 15,488,349 14,971,959 289,938 2,217,616 12,441,208 ( 13,431 ) Financial liabilities: Savings and checking accounts $ 11,026,319 11,026,319 11,026,319 — — — Time deposits 2,916,698 2,909,139 — — 2,909,139 — Borrowed funds 446,283 444,936 446,836 — — ( 1,900 ) Subordinated debt 114,800 114,800 — 114,800 — — Junior subordinated debentures 130,093 120,237 — — 120,237 — Interest rate swaps designated as hedging instruments — — — 1,280 — ( 1,280 ) Interest rate swaps not designated as hedging instruments 15,115 15,115 — 25,366 — ( 10,251 ) Risk participation agreements 27 27 — 27 — — Accrued interest payable 6,846 6,846 6,846 — — — Total financial liabilities $ 14,656,181 14,637,419 11,480,001 141,473 3,029,376 ( 13,431 ) (1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties. Fair value estimates are made at a point-in-time, based on relevant market data and information about the instrument. The methods and assumptions detailed above were used in estimating the fair value of financial instruments at both March 31, 2026 and December 31, 2025. 30 Table of Content s The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2026 (in thousands): Level 1 Level 2 Level 3 Netting Adjustments (1) Total assets at fair value Debt securities: U.S. government and agencies $ — 35,063 — — 35,063 Government-sponsored enterprises — 2,023 — — 2,023 States and political subdivisions — 81,698 — — 81,698 Corporate — 85,514 — — 85,514 Total debt securities — 204,298 — — 204,298 Mortgage-backed securities: GNMA — 142,414 — — 142,414 FNMA — 143,385 — — 143,385 FHLMC — 224,847 — — 224,847 Non-agency — 3 — — 3 Collateralized mortgage obligations: GNMA — 735,375 — — 735,375 FNMA — 92,734 — — 92,734 FHLMC — 203,863 — — 203,863 Total mortgage-backed securities — 1,542,621 — — 1,542,621 Interest rate lock commitments — — 541 — 541 Forward commitments — 37 — — 37 Foreign exchange swaps — 6 — — 6 Interest rate swaps designated as hedging instruments — 320 — ( 320 ) — Interest rate swaps not designated as hedging instruments — 23,231 — ( 14,817 ) 8,414 Total assets $ — 1,770,513 541 ( 15,137 ) 1,755,917 Foreign exchange swaps $ — 11 — — 11 Interest rate swaps designated as hedging instruments $ — 547 — ( 547 ) — Interest rate swaps not designated as hedging instruments — 23,354 — ( 6,843 ) 16,511 Risk participation agreements — 22 — — 22 Total liabilities $ — 23,934 — ( 7,390 ) 16,544 (1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties. 31 Table of Content s The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2025 (in thousands): Level 1 Level 2 Level 3 Netting Adjustment (1) Total assets at fair value Debt securities: U.S. government and agencies $ — 35,912 — — 35,912 Government-sponsored enterprises — 2,047 — — 2,047 States and political subdivisions — 83,268 — — 83,268 Corporate — 57,034 — — 57,034 Total debt securities — 178,261 — — 178,261 Mortgage-backed securities: GNMA — 96,344 — — 96,344 FNMA — 139,786 — — 139,786 FHLMC — 167,647 — — 167,647 Non-agency — 3 — — 3 Collateralized mortgage obligations: GNMA — 708,908 — — 708,908 FNMA — 97,672 — — 97,672 FHLMC — 197,761 — — 197,761 Total mortgage-backed securities — 1,408,121 — — 1,408,121 Interest rate lock commitments — — 617 — 617 Forward commitments — 95 — — 95 Foreign exchange swaps — 4 — — 4 Interest rate swaps designated as hedging instruments — 51 — ( 51 ) — Interest rate swaps not designated as hedging instruments — 25,155 — ( 13,380 ) 11,775 Total assets $ — 1,611,687 617 ( 13,431 ) 1,598,873 Interest rate swaps designated as hedging instruments — 1,280 — ( 1,280 ) — Interest rate swaps not designated as hedging instruments — 25,366 — ( 10,251 ) 15,115 Risk participation agreements — 27 — — 27 Total liabilities $ — 26,673 — ( 11,531 ) 15,142 (1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties. The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands): For the quarter ended March 31, 2026 2025 Beginning balance, $ 617 342 Interest rate lock commitments: Net activity ( 76 ) 91 Transfers from Level 3 — — Transfers into Level 3 — — Ending balance $ 541 433 Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans individually assessed and real estate owned. 32 Table of Content s The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of March 31, 2026 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans individually assessed $ — — 23,392 23,392 Real estate owned, net — — 65 65 Total assets $ — — 23,457 23,457 The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2025 (in thousands): Level 1 Level 2 Level 3 Total assets at fair value Loans individually assessed $ — — 38,698 38,698 Real estate owned, net — — 76 76 Total assets $ — — 38,774 38,774 Individually Assessed Loans — A loan is considered to be individually assessed as described in Note 1(f) of the Notes to the Consolidated Financial Statements in Item 8 of Part II of our 2025 Annual Report on Form 10-K. We classify loans individually assessed as nonrecurring Level 3. Real Estate Owned — Real estate owned is comprised of property acquired through foreclosure or voluntarily conveyed by borrowers. These assets are recorded on the date acquired at the lower of the related loan balance or fair value, less estimated disposition costs, with the fair value being determined by appraisal. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or fair value, less estimated disposition costs. We classify real estate owned as nonrecurring Level 3. The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2026 (in thousands): Fair value Valuation techniques Significant unobservable inputs Range (weighted average) Loans individually assessed $ 23,392 Appraisal value (1) Estimated cost to sell 10 % Real estate owned, net 65 Appraisal value (1) Estimated cost to sell 15 % Loans held for sale 16,846 Quoted prices for similar loans in active markets adjusted by an expected pull-through rate Estimated pull-through rate 100 % (1) Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. 33 Table of Content s (11) Derivative Financial Instruments We are a party to derivative financial instruments in the normal course of business to manage our own exposure to fluctuations in interest rates and to meet the needs of our customers. The primary derivatives that we use are interest rate swaps and caps and foreign exchange contracts, which are entered into with counterparties that meet established credit standards. We believe that the credit risk inherent in all of our derivative contracts is minimal based on our credit standards and the netting and collateral provisions of the interest rate swap agreements. Derivatives Designated as Hedging Instruments As of March 31, 2026, the Company had entered into seven separate pay-fixed interest rate swaps in order to synthetically convert short-term three month FHLB advances to fixed-rate term funding with an aggregate value of $ 175 million with maturities spread over the next three years . Our risk management objective and strategy for these interest rate swaps at such time was to reduce our exposure to variability in interest-related cash outflows attributable to changes in the USD-SOFR swap rate, the designated benchmark interest rate being hedged. Based upon our contemporaneous quantitative analysis at the inception of the interest rate swaps, we have determined these interest rate swaps qualify for hedge accounting in accordance with ASC 815, Derivatives and Hedging . Our cash flow hedges are recorded within other assets or other liabilities on the Consolidated Statement of Financial Condition at their estimated fair value. As long as the hedge remains highly effective, the changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. A hedging relationship that is determined to not be highly effective no longer qualifies for hedge accounting and any gain or loss is recognized immediately into earnings. Amounts reclassified into earnings are included in interest expense in the Consolidated Statement of Income. Derivatives Not Designated as Hedging Instruments We act as an interest rate or foreign exchange swap counterparty for certain commercial borrowers in the normal course of servicing our customers, which are accounted for at fair value. We manage our exposure to such interest rate or foreign exchange swaps by entering into corresponding and offsetting interest rate swaps with third parties that mirror the terms of the swaps we have with the commercial borrowers. These positions (referred to as “customer swaps”) directly offset each other and our exposure is the fair value of the derivatives due to changes in credit risk of our commercial borrowers and third parties. Customer swaps are recorded within other assets or other liabilities on the Consolidated Statement of Financial Condition at their estimated fair value. Changes to the fair value of assets and liabilities arising from these derivatives are included, net, in other operating income in the Consolidated Statement of Income. We enter into interest rate lock commitments for residential mortgage loans which commit us to lend funds to a potential borrower at a specific interest rate within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that will be held-for-sale are considered derivative financial instruments under applicable accounting guidance. Interest rate lock commitments on loans held-for-sale are carried at fair value in other assets on the Consolidated Statement of Financial Condition. Northwest Bank sells loans to the secondary market on a mandatory or best efforts basis. The loans sold on a mandatory basis commit us to deliver a specific principal amount of mortgage loans to an investor at a specified price, by a specified date, or the commitment must be paired off. These forward commitments entered into on a mandatory delivery basis meet the definition of a derivative financial instrument. All closed loans to be sold on a mandatory delivery basis are classified as held-for-sale on the Consolidated Statement of Financial Condition. Changes to the fair value of the interest rate lock commitments and the forward commitments are recorded in mortgage banking income in the Consolidated Statements of Income. We enter into risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. These risk participation agreements are recorded within other liabilities on the Consolidated Statement of Financial Condition at their estimated fair value. Changes to the fair value of the risk participation agreements are included in other operating income in the Consolidated Statement of Income. 34 Table of Content s The following table presents information regarding our derivative financial instruments at the dates indicated (in thousands): Asset derivatives Liability derivatives Notional amount Fair value Notional amount Fair value At March 31, 2026 Derivatives designated as hedging instruments: Interest rate swap agreements $ 75,000 320 100,000 547 Derivatives not designated as hedging instruments: Interest rate swap agreements 895,872 23,231 895,872 23,354 Foreign exchange swap agreements 1,702 6 2,450 11 Interest rate lock commitments 20,425 541 — — Forward commitments 1,973 37 — — Risk participation agreements — — 114,536 22 Total Derivatives $ 994,972 24,135 1,112,858 23,934 At December 31, 2025 Derivatives designated as hedging instruments: Interest rate swap agreements $ 50,000 51 125,000 1,280 Derivatives not designated as hedging instruments: Interest rate swap agreements 912,021 25,155 912,021 25,366 Foreign exchange swap agreements 2,592 4 — — Interest rate lock commitments 24,772 617 — — Forward commitments 2,711 95 — — Risk participation agreements — — 117,582 27 Total derivatives $ 992,096 25,922 1,154,603 26,673 The following table presents income or expense recognized on derivatives for the periods indicated (in thousands): For the quarter ended March 31, 2026 2025 Hedging derivatives: Decrease in interest expense $ 294 294 Non-hedging swap derivatives: Increase/(decrease) in other income 82 ( 381 ) (Decrease)/increase in mortgage banking income ( 245 ) 162 The following table presents information regarding our derivative financial instruments designated as hedging for the quarter ended March 31, 2026 (dollars in thousands): Notional amount Effective rate Estimated (decrease)/increase to interest expense in the next twelve months Maturity date Remaining term (in months) Interest rate products: Issued May 11, 2023 $ 25,000 3.41 % $ ( 124 ) 5/11/2027 13 Issued May 12, 2023 25,000 3.52 % ( 112 ) 5/12/2028 25 Issued May 19, 2023 25,000 3.80 % ( 39 ) 11/19/2027 20 Issued May 31, 2023 25,000 3.94 % 15 11/30/2026 8 Issued July 26, 2023 25,000 4.13 % 62 7/26/2028 28 Issued July 31, 2023 25,000 4.22 % 84 1/31/2028 22 Issued August 9, 2023 25,000 4.22 % 82 8/9/2027 16 Total $ 175,000 $ ( 32 ) 35 Table of Content s Our derivatives are presented on a net basis taking into consideration the effects of legally enforceable master netting agreements. Additionally, collateral exchanged with counterparties is also netted against the applicable derivative fair values. We enter into derivative transactions with two primary groups, banks and our customers. Different methods are utilized for managing counterparty credit exposure and credit risk for each of these groups. The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net amounts recognized in the Consolidated Statements of Financial Condition as of March 31, 2026 (dollars in thousands). Derivative assets Gross amounts of recognized assets Gross amounts offset in the consolidated statement of financial condition Net amounts of assets presented in the consolidated of condition Interest rate swaps - hedging $ 320 ( 320 ) — Interest rate swaps - not hedging 23,231 ( 14,817 ) 8,414 Derivative liabilities Gross amounts of recognized liabilities Gross amounts offset in the consolidated statement of financial condition Net amounts of liabilities presented in the consolidated of condition Interest rate swaps - hedging 547 ( 547 ) — Interest rate swaps - not hedging 23,354 ( 6,843 ) 16,511 The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net amounts recognized in the Consolidated Statements of Financial Condition as of December 31, 2025 (dollars in thousands). Derivative assets Gross amounts of recognized assets Gross amounts offset in the consolidated statement of financial condition Net amounts of assets presented in the consolidated of condition Interest rate swaps - hedging $ 51 ( 51 ) — Interest rate swaps - not hedging 25,155 ( 13,380 ) 11,775 Derivative liabilities Gross amounts of recognized liabilities Gross amounts offset in the consolidated statement of financial condition Net amounts of liabilities presented in the consolidated of condition Interest rate swaps - hedging $ 1,280 ( 1,280 ) — Interest rate swaps - not hedging 25,366 ( 10,251 ) 15,115 (12) Legal Proceedings We establish accruals for legal proceedings when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. As of March 31, 2026, we do not anticipate that the aggregate ultimate liability arising out of any pending or threatened legal proceedings will be material to our Consolidated Financial Statements. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances. Due to the inherent subjectivity of assessments and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate loss to us from legal proceedings. 36 Table of Content s (13) Changes in Accumulated Other Comprehensive Income The following tables show the changes in accumulated other comprehensive income by component for the periods indicated (in thousands): For the quarter ended March 31, 2026 Unrealized losses on securities available-for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of December 31, 2025 $ ( 96,126 ) ( 891 ) 26,326 ( 70,691 ) Other comprehensive income/(loss) income before reclassification adjustments (1) (3) (4) ( 9,108 ) 727 331 ( 8,050 ) Amounts reclassified from accumulated other comprehensive income (2) (5) ( 7 ) — ( 131 ) ( 138 ) Net other comprehensive income/(loss) ( 9,115 ) 727 200 ( 8,188 ) Balance as of March 31, 2026 $ ( 105,241 ) ( 164 ) 26,526 ( 78,879 ) For the quarter ended March 31, 2025 Unrealized losses on securities available-for-sale Change in fair value of interest rate swaps Change in defined benefit pension plans Total Balance as of December 31, 2024 $ ( 130,248 ) 1,159 18,175 ( 110,914 ) Other comprehensive (loss)/income before reclassification adjustments (6) (8) 13,863 ( 1,261 ) — 12,602 Amounts reclassified from accumulated other comprehensive income (7) (9) — — ( 169 ) ( 169 ) Net other comprehensive income/(loss) 13,863 ( 1,261 ) ( 169 ) 12,433 Balance as of March 31, 2025 $ ( 116,385 ) ( 102 ) 18,006 ( 98,481 ) (1) Consists of unrealized holding losses, net of tax of $ 3,430 . (2) Consists of realized gain, net of tax of $ 2 . (3) Change in fair value of interest rate swaps, net of tax ($ 274 ). (4) Consists of unrealized gains, net of tax of ($ 125 ). (5) Consists of realized gains, net of tax of $ 51 . (6) Consists of unrealized holding gains, net of tax of ($ 4,483 ). (7) Consists of realized losses, net of tax of $ 0 (8) Change in fair value of interest rate swaps, net of tax $ 378 . (9) Consists of realized gains, net of tax of $ 64 . 37 Table of Content s (14) Segment Information The Company’s reportable segment is determined by the Chief Executive Officer, who is the designated chief operating decision maker, based upon information provided about the Company’s products and services offered, primarily banking operations. Our one operating segment, Banking, is also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review performance of the various components of the business such as branches and lending, which are then aggregated because operating performance, products/services and customers are similar. The chief operating decision maker will evaluate the financial performance of the Company’s business components by evaluating revenue streams, significant expenses and budget to actual results in assessing the Company’s segment and in the determination of allocating resources. The information reviewed is on a consolidated basis and discrete financial information is not available. The chief operating decision maker uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The chief operating decision maker uses consolidated net income through return on average assets and return on average equity and the efficiency ratio, as well as loan growth to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans, investments, and deposits provide the revenues in the banking operation. Interest expense, provisions for credits losses and payroll provide the significant expenses in the banking operating. All operations are domestic. Accounting policies for segment are the same as those described in Note 1 of the Notes to the Consolidated Financial Statements in Item 8 of Part II of our 2025 Annual Report on Form 10-K. Segment performance is evaluated using consolidated net income. Information reported internally for performance assessment by the chief operating decision maker follows, inclusive of reconciliations of significant segment totals to the financial statements: Banking Segment Quarter ended March 31, 2026 2025 Interest income $ 201,550 180,595 Reconciliation of revenue Service charges and fees 17,118 14,987 Trust and other financial services income 8,618 7,910 Other revenue (1) 6,846 5,458 Consolidated revenues $ 234,132 208,950 Less: Interest expense 59,068 52,777 Segment net interest income and noninterest income $ 175,064 156,173 Less: Provision for credit losses 4,369 7,911 Compensation and employee benefits 58,330 54,540 Processing expenses 16,806 13,990 Premises and occupancy costs 9,863 8,400 Professional services 3,523 2,756 Office operations 3,875 2,977 Federal deposit insurance premiums 2,895 2,328 Other segment items (2) 8,746 6,746 Income tax expense 16,121 13,067 Segment net income/consolidated net income $ 50,536 43,458 (1) Other revenues include gain/(loss) on sale of investments, gain on real estate owned, income from bank owned life insurance and other operating income. (2) Other segment items include expenses for collections, marketing, amortization of intangibles, merger, asset disposition and restructuring and other operating expense. 38 Table of Content s Banking Segment Quarter ended March 31, 2026 2025 Other segment disclosures Interest income $ 201,550 180,595 Interest expense 59,068 52,777 Depreciation 3,169 2,775 Amortization 2,189 504 Other significant noncash items: Provision for credit losses 4,369 7,911 Segment assets 16,907,049 14,453,727 Expenditures for segment assets 4,308 1,822 39 Table of Content s Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements In ad dition to historical information, this document may contain certain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, as they reflect management’s analysis only as of the date of this report. We have no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this report. Important factors that might cause such a difference include, but are not limited to: • the possibility that any of the anticipated benefits of the Merger (as defined below) 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 and tariff policies of the U.S. government, including policies of the U.S. Department of Treasury and the Federal Reserve Board; • 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 growth internally 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, including commercial real estate, 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: • a prolonged government shutdown, which could adversely affect the U.S. and global economy; • changes in the financial performance and/or condition of our borrowers; 40 Table of Content s • 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 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. Overview of Critical Accounting Policies Involving Estimates Please refer to Note 1 of the Notes to Consolidated Financial Statements in Item 8 of Part II of our 2025 Annual Report on Form 10-K. Recently Issued Accounting Standards The following Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board ("FASB") have not yet been adopted. In October 2023, the FASB issued ASU No. 2023-06, "Disclosure Improvements." This ASU includes amendments on several subtopics in the FASB Accounting Standards Codification ("Codification") to incorporate certain disclosures and presentation requirements currently residing in SEC Regulations S-X and S-K. The adoption of this ASU may lead to certain disclosures being relocated into the financial statements. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. These amendments are to be applied prospectively. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. We do not believe this guidance will have a material impact on the Company's financial statements. In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. The guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. In January 2025, the FASB issued ASU 2025-01, “Income Statement — Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40).” The guidance amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the effect the updated guidance will have on the Company’s financial statement disclosures. In September 2025, the FASB issued ASU 2025-06, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”. This ASU addresses the challenges of applying current internal-use software accounting requirements due to the evolution of software development since the original guidance was issued. The ASU removes all references to project stages. The amendments require an entity to start capitalizing software costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2027, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted as of the beginning of an annual reporting period. We do not believe this guidance will have a material impact on the Company's financial statements. 41 Table of Content s In November 2025, the FASB issued ASU 2025-08, "Financial Instruments - Credit Losses (Topic 326): Purchased Loans". This ASU amends the accounting for acquired loans (excluding credit cards) by expanding the scope of acquired financial assets subject to the gross-up approach under ASC 326, for assets that meet certain criteria at acquisition referred to as purchased seasoned loans. The ASU also provides for an irrevocable accounting policy election to measure the ACL on purchased seasoned loans using the amortized cost basis, rather than unpaid principal balance, if a method other than a discounted cash flow method is utilized to estimate expected credit losses. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. Early adoption is permitted. This guidance will impact our Consolidated Financial Statements on a prospective basis only when loans are acquired. In November 2025, the FASB issued ASU 2025-09. "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements." This ASU more closely aligns hedge accounting with the economics of an entity’s risk management activities. The revised guidance allows for individually forecasted transactions with similar risk exposure to be hedged in a group, enables the hedging of the variable price components of forecasted purchases or sales of nonfinancial assets, introduces a model for hedging interest payments on debt instruments with multiple rate options and allows a borrower to select a documented interest rate index and/or tenor without automatically discontinuing hedge accounting. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods on a prospective basis. Early adoption is permitted. We do not believe this guidance will have a material impact on the Company's financial statements. Acquisition of Penns Woods On July 25, 2025, the Company completed its acquisition of Penns Woods, pursuant to the merger agreement, which was entered into by the Company and Penns Woods on December 16, 2024 (the "Merger Agreement"). In accordance with the Merger Agreement, the Company and Penns Woods completed a business combination whereby Penns Woods merged with and into the Company (the “Merger”), with the Company as the surviving corporation in the Merger. Immediately after the effective time of the Merger (the “Effective Time”), Penns Woods’ wholly-owned subsidiary banks, Luzerne Bank, a Pennsylvania-chartered state bank, and Jersey Shore State Bank, a Pennsylvania-chartered state bank, merged with and into Northwest Bank, with Northwest Bank as the surviving bank in the subsidiary bank mergers. Under the terms and subject to the conditions of the Merger Agreement, at the Effective Time, each share of Penns Woods’ common stock, $5.55 par value, issued and outstanding immediately prior to the Effective Time (except for Treasury Shares (as provided for in the Merger Agreement), converted, in accordance with the procedures set forth in the Merger Agreement, into a right to receive 2.385 shares of common stock, $0.01 par value, of the Company. The Penns Woods results of operations are included in the Company’s consolidated results since the date of acquisition. Therefore, the Company’s first quarter 2026 results reflect increased levels of average balances, net interest income, and noninterest expense compared to the first quarter 2025 results. After purchase accounting fair value adjustments, the acquisition added $2.2 billion of total assets, including $1.8 billion of loans, $160 million of investments, of which $82 million were immediately sold, as well as $2.0 billion of total liabilities, primarily consisting of $1.6 billion in deposits. The Company recorded preliminary goodwill of $63 million and core deposit intangibles of $42 million related to the acquisition. Comparison of Financial Condition Total assets at March 31, 2026 were $16.9 billion, an increase of $140 million from December 31, 2025. A discussion of significant changes follows. Cash and cash equivalents increased by $53 million, or 23%, to $287 million at March 31, 2026, from $234 million at December 31, 2025 due to growth in our deposits exceeding the growth in loans and securities. Total marketable securities increased to $2.4 billion at March 31, 2026, increasing by $124 million, or 5%, from December 31, 2025. Available-for-sale securities increased by $161 million, this was driven by the purchase of additional securities. Held-to-maturity securities decreased $37 million, driven by maturities and regular monthly cash flows. Gross loans receivable was $13.1 billion at March 31, 2026, increasing $49 million from December 31, 2025. This increase is attributed to net growth of C&I and vehicle loans. Our total personal banking loan portfolio increased by $20 million, to $7.2 billion at March 31, 2026 while our total commercial banking loans increased by $28 million, to $5.9 billion at March 31, 2026. The following table provides the various loan sectors in our commercial real estate portfolio at March 31, 2026: 42 Table of Content s Property type Percent of portfolio Retail Building 12.6 % 5 or more unit dwelling 11.8 Commercial office building - non-owner occupied 8.1 Nursing Home 7.8 Manufacturing & industrial building 7.0 Single family dwelling 5.7 2-4 family 4.3 Residential acquisition & development - 1-4 family, townhouses and apartments 4.2 Warehouse/storage building 4.2 Commercial office building - owner occupied 3.5 Multi-use building - office and warehouse 2.9 Student housing 2.4 Other medical facility 2.4 Hotel/motel 2.2 Multi-use building - commercial, retail and residential 2.2 All other 18.7 Total 100.0 % The following table describes the collateral of our commercial real estate portfolio by state at March 31, 2026: State Percent of portfolio Pennsylvania 47.5 % New York 24.3 Ohio 14.1 Indiana 5.0 New Jersey 1.6 All other 7.5 Total 100.0 % Total deposits increased by $270 million, to $14.2 billion at March 31, 2026 from $13.9 billion at December 31, 2025. This increase was driven primarily by an increase in the balance of money market, savings deposits and time deposits of $194 million, $78 million and $58 million, respectively. This is partially offset by a decrease in interest-bearing checking deposits of $58 million. As of March 31, 2026, we had $306 million of brokered deposits, which made up 10% of our time deposits and 2% of our total deposit balance at quarter end. As of December 31, 2025, we had $193 million of brokered deposits, which made up 7% of our time deposits and 1% of our total deposit balance at year end. The brokered deposits had an average original term of 7 and 8.5 months, respectively. In addition, we had $903 million and $941 million of deposits through our participation in the IntraFi Network Deposits and R&T Insured Deposit programs as of March 31, 2026 and December 31, 2025, respectively. These deposits are part of a reciprocal program that allows our depositors to receive expanded FDIC coverage by placing multiple interest-bearing demand accounts at other member banks and Northwest Bank receives an equal amount of deposits from other member banks. The balance carried an average cost of 2.85% as of March 31, 2026 and 3.00% as of December 31, 2025. At March 31, 2026 and December 31, 2025, we had total deposits in excess of $250,000 (the limit for FDIC insurance) of $2.1 billion and $1.9 billion, respectively. At those dates, we had no deposits that were uninsured for any other reason. The following table presents details regarding the Company's uninsured deposits portfolio: As of March 31, 2026 Balance Percent of total deposits Number of relationships Uninsured deposits per the Call Report (1) $ 3,832,582 27.0 % 6,389 Less intercompany deposit accounts 1,349,832 9.5 % 12 Less collateralized deposit accounts 423,037 3.0 % 253 Uninsured deposits excluding intercompany and collateralized accounts $ 2,059,713 14.5 % 6,124 (1) Uninsured deposits presented may be different from actual amounts due to titling of accounts. Our largest uninsured depositor, excluding intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $134 million, or 0.95% of total deposits, as of March 31, 2026. Our top ten largest uninsured depositors, excluding 43 Table of Content s intercompany and collateralized deposit accounts, had an aggregate uninsured deposit balance of $358 million, or 2.53%, of total deposits, as of March 31, 2026. The average uninsured deposit account balance, excluding intercompany and collateralized accounts, was $336,335 as of March 31, 2026. Total shareholders’ equity increased to $1.9 billion, or $13.02 per share, at March 31, 2026 compared to $12.94 per share at December 31, 2025, increasing by $14 million in the current year. The increase was the result of year-to-date earnings of $51 million, partially offset by a $29 million of cash dividend payment and an increase in accumulated other comprehensive loss of $8 million, or 12%, due to an increase in unrealized loss in the available-for-sale investment portfolio. Regulatory Capital Financial institutions and their holding companies are subject to various regulatory capital requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a direct, material effect on a company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, financial institutions must meet specific capital guidelines that involve quantitative measures of its assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting guidelines. Capital amounts and classifications are also subject to qualitative judgments made by the regulators about components, risk-weighting and other factors. Applicable rules limit an organization’s capital distributions and certain discretionary bonus payments if the organization does not hold a “ capital conservation buffer ” consisting of 2.5% of Total, Tier 1 and Common Equity Tier 1 ( “ CET1 ” ) capital to risk-weighted assets in addition to the amount necessary to meet its minimum risk-based capital requirements. Quantitative measures, established by regulation to ensure capital adequacy, require financial institutions to maintain minimum amounts and ratios (set forth in the table below) of Total, CET1 and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to average assets (as defined). Capital requirements are presented in the tables below (dollars in thousands). At March 31, 2026 Actual Minimum capital requirements (1) Well capitalized requirements (2) Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Northwest Bancshares, Inc. $ 1,901,849 15.33 % $ 1,302,558 10.50 % $ 1,240,532 10.00 % Northwest Bank 1,758,853 14.19 % 1,301,127 10.50 % 1,239,169 10.00 % Tier 1 capital (to risk weighted assets) Northwest Bancshares, Inc. 1,528,581 12.32 % 1,054,452 8.50 % 744,319 6.00 % Northwest Bank 1,603,762 12.94 % 1,053,294 8.50 % 991,335 8.00 % CET1 capital (to risk weighted assets) Northwest Bancshares, Inc. 1,528,581 12.32 % 868,372 7.00 % N/A N/A Northwest Bank 1,603,762 12.94 % 867,418 7.00 % 805,460 6.50 % Tier 1 capital (leverage) (to average assets) Northwest Bancshares, Inc. 1,528,581 9.25 % 660,801 4.00 % N/A N/A Northwest Bank 1,603,762 9.72 % 660,322 4.00 % 825,403 5.00 % (1) Amounts and ratios include the capital conservation buffer of 2.5%, which does not apply to Tier 1 capital to average assets (leverage ratio). (2) Reflects the well-capitalized standard applicable to Northwest Bank and the well-capitalized standard applicable to the Company under the Federal Reserve Board’s Regulation Y. 44 Table of Content s At December 31, 2025 Actual Minimum capital requirements (1) Well capitalized requirements (2) Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Northwest Bancshares, Inc. $ 1,877,495 15.14 % $ 1,302,238 10.50 % $ 1,240,226 10.00 % Northwest Bank 1,735,293 14.01 % 1,300,924 10.50 % 1,238,975 10.00 % Tier 1 capital (to risk weighted assets) Northwest Bancshares, Inc. 1,504,320 12.13 % 1,054,192 8.50 % 744,136 6.00 % Northwest Bank 1,580,217 12.75 % 1,053,129 8.50 % 991,180 8.00 % CET1 capital (to risk weighted assets) Northwest Bancshares, Inc. 1,504,320 12.13 % 868,158 7.00 % N/A N/A Northwest Bank 1,580,217 12.75 % 867,283 7.00 % 805,334 6.50 % Tier 1 capital (leverage) (to average assets) Northwest Bancshares, Inc. 1,504,320 9.29 % 647,636 4.00 % N/A N/A Northwest Bank 1,580,217 9.77 % 647,141 4.00 % 808,926 5.00 % (1) Amounts and ratios include the capital conservation buffer of 2.5%, which does not apply to Tier 1 capital to average assets (leverage ratio). (2) Reflects the well-capitalized standard applicable to Northwest Bank and the well-capitalized standard applicable to the Company under the Federal Reserve Board’s Regulation Y. Liquidity Northwest Bank is required to maintain a sufficient level of liquid assets, as determined by management and reviewed for adequacy by the FDIC and the Pennsylvania Department of Banking and Securities during their regular examinations. Northwest frequently monitors its liquidity position primarily using the ratio of unencumbered available-for-sale liquid assets as a percentage of deposits and borrowings (“liquidity ratio”). Northwest Bank’s liquidity ratio at March 31, 2026 was 21.89% compared to 18.44% as of December 31, 2025. Northwest Bank adjusts liquidity levels in order to meet funding needs for deposit outflows, payment of real estate taxes and insurance on mortgage loan escrow accounts, repayment of borrowings and loan commitments. At March 31, 2026, Northwest had $4.4 billion of additional borrowing capacity available with the FHLB, including $250 million on an overnight line of credit, which had no balance as of March 31, 2026, as well as $1.7 billion of borrowing capacity available with the Federal Reserve Bank and $369 million with four correspondent banks. Dividends We paid $29 million in cash dividends during the quarter ended March 31, 2026 compared to $26 million for the quarter ended March 31, 2025. The common stock dividend payout ratio (dividends declared per share divided by net income per diluted share) for the quarters ended March 31, 2026 and 2025 was 58.8% on dividends of $0.20 per share. On April 22, 2026, the Board of Directors declared a cash dividend of $0.20 per share payable on May 20, 2026 to shareholders of record as of May 7, 2026. This represents the 126 th consecutive quarter we have paid a cash dividend. Nonperforming Assets The following table sets forth information with respect to nonperforming assets. Nonaccrual loans are those loans on which the accrual of interest has ceased. Generally, when a loan is 90 days past due, we fully reverse all accrued interest thereon and cease to accrue interest thereafter. Exceptions are made for loans that have contractually matured, are in the process of being modified to extend the maturity date and are otherwise current as to principal and interest, and well-secured loans that are in the process of collection. Loans may also be placed on nonaccrual before they reach 90 days past due if conditions exist that call into question our ability to collect all contractual interest. Other nonperforming assets represent property acquired through foreclosure or repossession. Foreclosed property is carried at the lower of its fair value less estimated costs to sell or the principal balance of the related loan. 45 Table of Content s March 31, 2026 December 31, 2025 (in thousands) Loans 90 days or more past due: Residential mortgage loans $ 6,468 10,001 Home equity loans 3,263 2,492 Vehicle loans 3,843 4,098 Other consumer loans 718 795 Commercial real estate loans 17,296 31,723 Commercial real estate - owner occupied 986 1,022 Commercial and industrial loans 11,266 16,269 Total loans 90 days or more past due $ 43,840 66,400 Total real estate owned (REO) $ 65 76 Total loans 90 days or more past due and REO 43,905 66,476 Total loans 90 days or more past due to net loans receivable 0.34 % 0.52 % Total loans 90 days or more past due and REO to total assets 0.26 % 0.40 % Nonperforming assets: Nonaccrual loans - loans 90 days or more past due 43,297 65,753 Nonaccrual loans - loans less than 90 days past due 47,646 41,530 Loans 90 days or more past due still accruing 543 646 Total nonperforming loans 91,486 107,929 Total nonperforming assets $ 91,551 $ 108,005 Total nonaccrual loans to total loans 0.70 % 0.82 % Allowance for Credit Losses On an ongoing basis, the Credit Administration department, as well as loan officers and department heads, review and monitor the loan portfolio for problem loans. This portfolio monitoring includes a review of the monthly delinquency reports as well as historical comparisons and trend analysis. Personal and small business commercial loans are classified primarily by delinquency status. In addition, a meeting is held every quarter with each vertical to monitor the performance and status of commercial loans on an internal watch list. On an on-going basis, the loan officer, in conjunction with a portfolio manager, grades or classifies problem commercial loans or potential problem commercial loans based upon their knowledge of the lending relationship and other information previously accumulated. This rating is also reviewed independently by our Loan Review department on a periodic basis. Our loan grading system for problem commercial loans is consistent with industry regulatory guidelines which classifies loans as “substandard”, “doubtful” or “loss”. Loans that do not expose us to risk sufficient to warrant classification in one of the previous categories, but which possess some weaknesses, are designated as “special mention”. A “substandard” loan is any loan that is 90 days or more contractually delinquent or is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as “doubtful” have all the weaknesses inherent in those classified as “substandard” with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions or values, highly questionable and improbable. Loans classified as “loss” have all the weakness inherent in those classified as “doubtful” and are considered uncollectible. Credit relationships that have been classified as substandard or doubtful and are greater than or equal to $1.0 million are reviewed by the Credit Administration department to determine if they no longer continue to demonstrate similar risk characteristics to their loan pool. If a loan no longer demonstrates similar risk characteristics to their loan pool they are removed from the pool and an individual assessment will be performed. If it is determined that a loan needs to be individually assessed, the Credit Administration department determines the proper measure of fair value for each loan based on one of three methods: (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; (2) the loan’s observable market price; or (3) the fair value of the collateral if the loan is collateral dependent, less costs of sale or disposal. If the measurement of the fair value of the loan is more or less than the amortized cost basis of the loan, the Credit Administration department adjusts the specific allowance associated with that individual loan accordingly. If a substandard or doubtful loan is not individually assessed, it is grouped with other loans that possess common characteristics for credit losses and analysis. For the purpose of calculating reserves, we have grouped our loans into seven segments: residential mortgage loans, home equity loans, vehicle loans, consumer loans, commercial real estate loans, commercial real estate loans - owner occupied and commercial loans. The allowance for credit losses is measured using a combination of statistical models and qualitative assessments. We use a twenty four month forecasting period and revert to historical average loss rates thereafter. Reversion to average 46 Table of Content s loss rates takes place over twelve months. Historical average loss rates are calculated using historical data beginning in October 2009 through the current period. The credit losses for individually assessed loans along with the estimated loss for each homogeneous pool are consolidated into one summary document. This summary schedule along with the support documentation used to establish this schedule is presented to management’s Allowance for Credit Losses Committee (“ACL Committee”) monthly. The ACL Committee reviews and approves the processes and ACL documentation presented. Based on this review and discussion, the appropriate amount of ACL is estimated and any adjustments to reconcile the actual ACL with this estimate are determined. The ACL Committee also considers if any changes to the methodology are needed. In addition to the ACL Committee’s review and approval, a review is performed by the Risk Management Committee of the Board of Directors on a quarterly basis and annually by internal audit. In addition to the reviews by management’s ACL Committee and the Board of Directors’ Risk Management Committee, regulators from either the FDIC and/or the Pennsylvania Department of Banking and Securities perform an extensive review on at least an annual basis for the adequacy of the ACL and its conformity with regulatory guidelines and pronouncements. Any recommendations or enhancements from these independent parties are considered by management and the ACL Committee and implemented accordingly. We acknowledge that this is a dynamic process and consists of factors, many of which are external and out of our control that can change frequently, rapidly and substantially. The adequacy of the ACL is based upon estimates using all the information previously discussed as well as current and known circumstances and events. There is no assurance that actual portfolio losses will not be substantially different than those that were estimated. We utilize a structured methodology each period when analyzing the adequacy of the allowance for credit losses and the related provision for credit losses, which the ACL Committee assesses regularly for appropriateness. As part of the analysis as of March 31, 2026, we considered the most recent economic conditions and forecasts available which incorporated the impact of material recent economic events. In addition, we considered the overall trends in asset quality, reserves on individually assessed loans, historical loss rates and collateral valuations. The ACL increased by $167 thousand to $150 million, or 1.15% of total loans at March 31, 2026, consistent with 1.15% at December 31, 2025. This increase was primarily driven by the increase in the balance of total loans. The provision for credit losses for the quarter ended March 31, 2026 was $4 million, driven by growth in our commercial lending portfolio and increased uncertainty in the economic outlook, compared to $8 million for the quarter ended March 31, 2025. Total classified loans increased by $44 million to $498 million at March 31, 2026 compared to $453 million at December 31, 2025. This increase was driven by net increases in our C&I and commercial real estate portfolios which increased $30 million and $15 million, respectively. The increase in classified loans was driven primarily by receipt of updated financials and borrowers whose performance deteriorated during the quarter. We also consider how the levels of nonaccrual loans and historical charge-offs have influenced the required amount of allowance for credit losses. Nonaccrual loans of $91 million at March 31, 2026 decreased by $16 million, or 15%, from $107 million at December 31, 2025, or 0.70% of total loans receivable as of March 31, 2026 and 0.82% of total loans receivable as of December 31, 2025. As a percentage of average loans, annualized net charge-offs were 0.16% for the three months ended March 31, 2026 compared to 0.25% for the year ended December 31, 2025. 47 Table of Content s Comparison of Operating Results for the Quarters Ended March 31, 2026 and 2025 The following chart provides a reconciliation of net income from the quarter ended March 31, 2025 to the quarter ended March 31, 2026 (dollars in thousands): Net income for the quarter ended March 31, 2026 was $51 million, or $0.34 per diluted share, an increase of $7 million, or 16%, from net income of $43 million, or $0.34 per diluted share, for the quarter ended March 31, 2025. This increase in net income resulted primarily from an increase in net interest income of $15 million which was driven by the increase in interest income on loans receivable of $16 million. This was offset by an increase in noninterest expense of $12 million which was driven by an increase in compensation and employee benefits and processing expenses of $4 million and $3 million, respectively. Net income for the quarter ended March 31, 2026 represents annualized returns on average equity and average assets of 10.86% and 1.22%, respectively, compared to 10.90% and 1.22% for the same quarter last year. To make it easier to compare both the results across several periods and the yields on various types of earning assets (some taxable, some not), we present net interest income in the discussion below on a fully taxable equivalent “FTE basis” (i.e., as if all income were taxable and at the same rate). For example, $100 of tax-exempt income would be presented as $126, an amount that, if taxed at the statutory federal income tax rate of 21%, would yield $100. See the "GAAP to Non-GAAP Reconciliations" for information regarding tax-equivalent adjustments and GAAP results. Net Interest Income 48 Table of Content s Net interest income for the first quarter of 2026 was $142 million which increased $15 million, or 11%, from the first quarter of 2025. Net interest income (FTE) was $143 million for the quarter ended March 31, 2026 and net interest margin (FTE) was 3.70%. Compared to the same quarter of the prior year, net interest income (FTE) increased $15 million and net interest margin (FTE) decreased by seventeen basis points. The increase in net interest income (FTE) was primarily driven by a higher average balance of earnings assets and interest bearing liabilities acquired from the Penns Woods acquisition. The decrease in net interest margin (FTE) was driven by a $13.1 million non-accrual loan interest recovery in the first quarter of 2025. Average loans receivable increased $1.9 billion, or 17%, from the quarter ended March 31, 2025. This increase was driven by the acquisition of Penns Woods which resulted in an additional $1.8 billion in loans. Interest income on loans receivable increased by $16 million, or 10%, from the same quarter in the prior year, driven by the Penns Woods acquisition and a loan mix shift towards higher yielding commercial loans which was partially offset by an interest recovery of $13.1 million on a non-accrual commercial real estate loan payoff during the first quarter of 2025. Average investments increased 21% from the first quarter of 2025 driven by the Penns Woods acquisition and a targeted increase in the overall securities portfolio. Interest income on investment securities increased by $6 million, or 47%, from the quarter ended March 31, 2025. The increase is due to the increase in the average balance of investments and the increase in average yield on investments (FTE) to 3.17% for the quarter ended March 31, 2026. Average deposits grew 16% from the quarter ended March 31, 2025 driven by deposits acquired from the Penns Woods merger. Our average money market, interest-bearing checking, and time deposit accounts grew by $526 million, $406 million, $338 million respectively, from the quarter ended March 31, 2025 partly due to acquisition and higher use of brokered CDs. Interest expense on deposits increased by $4 million, or 8% from the quarter ended March 31, 2025, primarily attributable to an increase in average balance of deposits partially offset by lower cost of funds. 49 Table of Content s Compared to the quarter ended March 31, 2025, average borrowings saw a 81% increase. This increase was attributable to the acquisition of long-term borrowings from Penns Woods. The increase in the average balance of borrowings resulted in an increase in interest expense on borrowings of $3 million from the quarter ended March 31, 2025. 50 Table of Content s Average Balance Sheet (in thousands) The following table sets forth certain information relating to the Company’s average balance sheet and reflects the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated. Such yields and costs are derived by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented. Average balances are calculated using daily averages. Quarter ended March 31, 2026 2025 Average balance Interest Avg. yield/ cost (h) Average balance Interest Avg. yield/ cost (h) Assets Interest-earning assets: Residential mortgage loans $ 3,078,476 30,596 3.98 % $ 3,155,738 30,394 3.85 % Home equity loans 1,501,203 21,512 5.81 % 1,139,728 16,164 5.75 % Consumer loans 2,529,868 34,270 5.49 % 1,948,230 26,273 5.47 % Commercial real estate loans 3,342,140 51,337 6.14 % 2,879,607 56,508 7.85 % Commercial and industrial 2,632,150 43,497 6.61 % 2,053,213 36,012 7.02 % Loans receivable (a) (b) (d) (includes FTE adjustments of $663 and $713, respectively) 13,083,837 181,212 5.62 % 11,176,516 165,351 6.00 % Mortgage-backed securities (c) 2,148,996 16,999 3.16 % 1,773,402 11,730 2.65 % Investment securities (c) (d) (includes FTE adjustments of $203 and $154, respectively) 317,996 2,566 3.23 % 263,825 1,599 2.43 % FHLB stock, at cost 36,220 768 8.59 % 20,862 366 7.11 % Other interest-earning deposits 139,970 871 2.49 % 243,412 2,416 3.97 % Total interest-earning assets (includes FTE adjustments of $866 and $914, respectively) 15,727,019 202,416 5.22 % 13,478,017 181,462 5.46 % Noninterest-earning assets (e) 1,105,758 924,466 Total assets $ 16,832,777 $ 14,402,483 Liabilities and shareholders’ equity Interest-bearing liabilities: Savings deposits $ 2,395,887 6,072 1.03 % $ 2,194,305 6,452 1.19 % Interest-bearing demand deposits 2,999,478 8,741 1.18 % 2,593,228 7,063 1.10 % Money market deposit accounts 2,609,333 12,128 1.88 % 2,082,948 9,306 1.81 % Time deposits 2,967,098 24,142 3.30 % 2,629,388 24,504 3.78 % Total interest-bearing deposits (g) 10,971,796 51,083 1.89 % 9,499,869 47,325 2.02 % Borrowed funds (f) 404,547 3,875 3.88 % 224,122 2,206 3.99 % Subordinated debentures 114,800 2,204 7.68 % 114,576 1,148 4.01 % Junior subordinated debentures 130,121 1,906 5.86 % 129,856 2,098 6.46 % Total interest-bearing liabilities 11,621,264 59,068 2.06 % 9,968,423 52,777 2.15 % Noninterest-bearing demand deposits (g) 3,074,939 2,588,502 Noninterest-bearing liabilities 248,832 228,947 Total liabilities 14,945,035 12,785,872 Shareholders’ equity 1,887,742 1,616,611 Total liabilities and shareholders’ equity $ 16,832,777 $ 14,402,483 Net interest income (FTE)/Interest rate spread (FTE) (d) 143,348 3.16 % 128,685 3.31 % Net interest-earning assets/Net interest margin (FTE) $ 4,105,755 3.70 % $ 3,509,594 3.87 % Tax equivalent adjustment (d) 866 867 Net interest income, GAAP basis 142,482 127,818 Ratio of interest-earning assets to interest- bearing liabilities 1.35X 1.35X (a) Average gross loans 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 were 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 FTE basis. We believe this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts. (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 1.48% and 1.59%, respectively. (h) Annualized. 51 Table of Content s Rate/Volume Analysis (in thousands) The following table represents the extent to which changes in interest rates and changes in the volume of interest-earning assets and interest-bearing liabilities have affected interest income (FTE) and interest expense during the periods indicated. Information is provided in each category with respect to (i) changes attributable to changes in volume (changes in volume multiplied by prior rate), (ii) changes attributable to changes in rate (changes in rate multiplied by prior volume), and (iii) net change. Changes that cannot be attributed to either rate or volume have been allocated to both rate and volume. For the quarter ended March 31, 2026 vs. 2025 Increase/(decrease) due to Total increase/(decrease) Rate Volume Interest-earning assets: Loans receivable $ (10,556) 26,417 15,861 Mortgage-backed securities 2,298 2,971 5,269 Investment securities 529 438 967 FHLB stock, at cost 76 326 402 Other interest-earning deposits (900) (645) (1,545) Total interest-earning assets (8,553) 29,507 20,954 Interest-bearing liabilities: Savings deposits (892) 512 (380) Interest-bearing demand deposits 494 1,184 1,678 Money market deposit accounts 376 2,446 2,822 Time deposits (3,109) 2,747 (362) Borrowed funds (59) 1,728 1,669 Subordinated debt 1,052 4 1,056 Junior subordinated debentures (196) 4 (192) Total interest-bearing liabilities (2,334) 8,625 6,291 Net change in net interest income (FTE) $ (6,219) 20,882 14,663 Provision for Credit Losses 1Q25 2Q25 3Q25 4Q25 1Q26 Provision for credit losses - loans (in thousands) $ 8,256 11,456 31,394 5,743 4,954 Provision/(benefit) for credit losses - unfunded commitments (in thousands) (345) (2,712) (189) 1,981 (585) Annualized net charge-offs to average loans 0.08 % 0.18 % 0.29 % 0.40 % 0.16 % The provision for credit losses decreased by $4 million from the quarter ended March 31, 2025. This decrease included a $3 million decrease in the provision for credit losses - loans, as well as a $0.2 million decrease in the provision for credit losses - unfunded commitments. This decrease is provision for unfunded was due to the timing of organic origination and funding of commercial construction loans and lines of credit which was partially offset by increased uncertainty in the economic outlook. Additionally, 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 year was primarily due to classified loans acquired in the Penns Woods acquisition. The increase from the prior quarter was due to receipt of updated financials and borrowers whose performance deteriorated during the quarter. In determining the amount of the current period provision, we considered current and forecasted economic conditions, including but not limited to improvements in unemployment levels, expected economic growth, bankruptcy filings, and changes in real estate values and the impact of these factors on the quality of our loan portfolio and historical loss experience. We analyze the allowance for credit losses as described in the section entitled “ Allowance for Credit Losses. ” The provision that is recorded is appropriate, in our judgment, to bring this reserve to a level that reflects the current expected lifetime losses in our loan portfolio relative to loan mix, a reasonable and supportable economic forecast period and historical loss experience at March 31, 2026. 52 Table of Content s Noninterest Income (a) Other noninterest income includes gain on sale of investments, gain on real estate owned, net, mortgage banking income, and other operating income. See the "Consolidated Statements of Income" in Item 1. Financial Statements of this report. Noninterest income for the quarter ended March 31, 2026 was $33 million, an increase of $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 Expense (a) Other noninterest expense includes office operations, collections expense, marketing expense, FDIC insurance expense, amortization of intangible assets, merger, asset disposition and restructuring expense, and other expenses. See the "Consolidated Statements of Income" in Item 1. Financial Statements of this report. Noninterest expense increased by $12 million, or 13%, from the quarter ended March 31, 2025. The increase from the prior year quarter was primarily attributable an increase in compensation and employee benefits expense of $4 million, or 7%, to $58 million for the quarter ended March 31, 2026 driven by an increase in core compensation and benefits expense due to the addition of Penns Woods employees. Additional increases included an increase in processing expenses of $3 million for the quarter ended March 31, 2026, due to the addition of the Penns Woods branches to our footprint and an increase of $2 million in amortization of intangible expense related to the acquisition. Income Taxes The provision for income taxes increased by $3 million from the quarter ended March 31, 2025 due to higher income before taxes as the result of an increase in interest income due to the acquisition resulting in a larger loan portfolio. The provision for income taxes is primarily driven by changes in our current period income before taxes. We anticipate our effective tax rate to be between 23.0% and 25.0% for the year ending December 31, 2026. 53 Table of Content s GAAP to Non-GAAP Reconciliations The following non-GAAP financial measures used by the Company provide information useful to investors in understanding our operating performance and trends, and facilitate comparisons with the performance of our peers. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s Consolidated Statements of Income. Quarter ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Net interest income fully tax equivalent (FTE) Net interest income (GAAP) $ 142,482 142,166 135,974 119,444 127,818 Plus: Taxable-equivalent adjustment 866 1,035 970 878 867 Net interest income FTE 143,348 143,201 136,944 120,322 128,685 54 Table of Content s Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK As the holding company for a savings bank, one of our primary market risks is interest rate risk. Interest rate risk is the sensitivity of net interest income to variations in interest rates over a specified time period. The sensitivity results from differences in the time periods in which interest rate sensitive assets and liabilities mature or re-price. We attempt to control interest rate risk by matching, within acceptable limits, the re-pricing periods of assets and liabilities. We have attempted to limit our exposure to interest sensitivity by increasing core deposits, borrowing funds with fixed-rates and longer maturities and by shortening the maturities of our assets by emphasizing the origination of more short-term fixed rate loans and adjustable rate loans. We also have the ability to sell a portion of the long-term, fixed-rate mortgage loans that we originate. In addition, we purchase shorter term investment securities and mortgage-backed securities. We have an ALCO Committee consisting of members of management which meets monthly to review market interest rates, economic conditions, the pricing of interest-earning assets and interest-bearing liabilities, cash flow projections, and the balance sheet structure. On a quarterly basis, this Committee also reviews the interest rate risk position and liquidity stress scenarios; while annually the Committee reviews and capital stress scenarios. The Board of Directors has a Risk Management Committee which meets quarterly and reviews interest rate risk and trends, our interest sensitivity position, the liquidity position and the market risk inherent in the investment portfolio. In an effort to assess interest rate risk and market risk, we utilize a simulation model to determine the effect of immediate incremental increases and decreases in interest rates on net income and the market value of equity. Certain assumptions are made regarding loan prepayments and decay rates of savings and interest-bearing demand accounts. Because it is difficult to accurately project the market reaction of depositors and borrowers, the effect of actual changes in interest rates on these assumptions may differ from simulated results. We have established the following guidelines for assessing interest rate risk: Net interest income simulation . Given a parallel shift of 100 basis points (“bps”), 200 bps and 300 bps in interest rates, the estimated net income may not decrease by more than 5%, 10% and 15%, respectively, within a one-year period. Net income simulation . Given a parallel shift of 100 bps, 200 bps and 300 bps in interest rates, the estimated net income may not decrease by more than 10%, 20% and 30%, respectively, within a one-year period. Market value of equity simulation . The market value of equity is the present value of assets and liabilities. Given a parallel shift of 100 bps, 200 bps and 300 bps in interest rates, the market value of equity may not decrease by more than 10%, 20% and 25%, respectively, from the computed economic value at current interest rate levels. The following table illustrates the simulated impact of a 100 bps, 200 bps or 300 bps upward or a 100 bps, 200 bps or 300 bps downward movement in interest rates on net income, return on average equity, earnings per share and market value of equity. This analysis was prepared assuming that interest-earning asset and interest-bearing liability levels at March 31, 2026 remain constant. The impact of the rate movements was computed by simulating the effect of an immediate and sustained shift in interest rates over a twelve-month period from March 31, 2026 levels. Increase Decrease Parallel shift in interest rates over the next 12 months 100 bps 200 bps 300 bps 100 bps 200 bps 300 bps Projected percentage increase/(decrease) in net interest income 2.3 % 4.5 % 6.6 % (2.1 %) (4.7 %) (7.6 %) Projected percentage increase/(decrease) in net income 5.3 % 10.2 % 14.9 % (4.8 %) (10.7 %) (17.2 %) Projected increase/(decrease) in return on average equity 5.0 % 9.6 % 14.1 % (4.6 %) (10.2 %) (16.5 %) Projected increase/(decrease) in earnings per share $ 0.08 $ 0.14 $ 0.21 $ (0.06) $ (0.14) $ (0.23) Projected percentage increase/(decrease) in market value of equity (2.3 %) (4.8 %) (7.5 %) 1.2 % 1.3 % 0.1 % The figures included in the table above represent projections that were computed based upon certain assumptions including prepayment rates and decay rates. These assumptions are inherently uncertain and, as a result, cannot precisely predict the impact of changes in interest rates. Actual results may differ significantly due to timing, magnitude and frequency of interest rate changes and changes in market conditions, and actions that may be taken by management in response to interest rate changes. Compared to 2025, changes in interest rate sensitivity were driven by both decreases to deposit beta assumptions and changes in asset mix. 55 Table of Content s Item 4. CONTROLS AND PROCEDURES Under the supervision of and with the participation of management, including the Principal Executive Officer and Principal Financial Officer, we evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report (the “Evaluation Date”). Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that, as of the Evaluation Date, these disclosure controls and procedures were effective. In the first quarter of 2026, the Company implemented a new general ledger accounting system. The new general ledger accounting system was implemented in order to standardize processes, improve efficiency and enhance management reporting and analysis, and was subject to thorough testing and review both before and after final implementation. This implementation has not materially affected, and the Company does not expect it to materially affect, its internal control over financial reporting. PART II. OTHER INFORMATION Item 1. LEGAL PROCEEDINGS We are subject to a number of asserted and unasserted claims encountered in the normal course of business. We believe that any additional liability, other than that which has already been accrued, that may result from such potential litigation will not have a material adverse effect on the financial statements. However, we cannot presently determine whether or not any claims against us will have a material adverse effect on our results of operations in any future reporting period. Refer to Note 12. Item 1A. RISK FACTORS Except as previously disclosed, there have been no material updates or additions to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission. Additional risks not presently known to us, or that we currently deem immaterial, may also adversely affect our business, financial condition or results of operations. 56 Table of Content s Item 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES a) Not applicable. b) Not applicable. c) On April 22, 2026, the Board of Directors approved a share repurchase program that authorizes the repurchase of up to $50 million of its outstanding common shares over the next 24 months, which replaces the previous 2012 plan. During the quarter ended March 31, 2026, there were no shares of common stock repurchased and there is a maximum of $50 million remaining that can be purchased under the current repurchase program. Item 3. DEFAULTS UPON SENIOR SECURITIES Not applicable. Item 4. MINE SAFETY DISCLOSURES Not applicable. Item 5. OTHER INFORMATION During the three months ended March 31, 2026, no directors or officers of the Company, as defined in Section 16 of the Exchange Act, adopted or terminated any “Rule 10b5-1 trading arrangements” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K of the Exchange Act. 57 Table of Content s Item 6. EXHIBITS 31.1 Certification of the Chief Executive Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of the Chief Financial Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1 * Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 101.INS The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. 101.SCH XBRL Taxonomy Extension Schema Document. 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document. 101.DEF XBRL Taxonomy Extension Definition Linkbase Document. 101.LAB XBRL Taxonomy Extension Label Linkbase. 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document. 104 The cover page of this Quarterly Report on Form 10-Q, formatted in inline XBRL. * Furnished herewith 58 Table of Content s Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed by the undersigned thereunto duly authorized. NORTHWEST BANCSHARES, INC. (Registrant) Date: May 7, 2026 By: /s/ Louis J. Torchio Louis J. Torchio President and Chief Executive Officer (Duly Authorized Officer) Date: May 7, 2026 By: /s/ Joseph D. Canfield Jr. Joseph D. Canfield Jr. Executive Vice President, Chief Accounting Officer (Principal Accounting Officer) 59