Northwest Bancshares Inc. (NASDAQ:NWBI) Q3 2024 Results Conference Call October 29, 2024 9:00 AM ET

Company Participants

Joseph Canfield - Executive Vice President, Chief Accounting Officer
Louis Torchio - President, CEO & Director
Doug Schosser - Chief Financial Officer
Thomas Creal - Executive VP & Chief Credit Officer

Conference Call Participants

Daniel Tamayo - Raymond James
Manuel Navas - D.A. Davidson
Matthew Breese - Stephens Inc
Frank Schiraldi - Piper Sandler
Daniel Cardenas - Janney Montgomery Scott

Operator

Thank you for standing by. My name is Calin. I will be your conference operator today. At this time, I would like to welcome everyone to the Northwest Bancshares Inc 3Q 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question and answer session. [Operator Instructions].

I would now like to turn the call over to Joseph Canfield, Executive Vice President, Chief Accounting Officer. You may begin.

Joseph Canfield

Good morning, everyone, and thank you, operator. Welcome to Northwest Bancshares third quarter 2024 earnings call. Joining me today are Louis Torchio, President and CEO of Northwest Bancshares Inc, the holding company for Northwest Bank; Douglas Schosser, our Chief Financial Officer; and TK Creal, our Chief Credit Officer.

During this call, we will refer to information included in the supplemental earnings release presentation, which is available on our Investor Relations website. This presentation includes our forward-looking statements and other data, including non-GAAP measures. Please note that actual results may differ materially from the forward-looking statements made today, October 29, 2024. These statements will not be updated after today's call.

Thank you. And now I'll hand it over to Lou.

Louis Torchio

Good morning, everyone. Thank you for joining us to discuss our quarterly results. We delivered solid returns, and I'm pleased with our core financial performance, which Doug will cover momentarily. I'm particularly pleased with our NIM expansion quarter-over-quarter revenue growth and continued improvement in our efficiency ratio. This clearly demonstrates that we are delivering on prior commitments made. Though modest, we continue to see deposits rise even with the near best-in-class cost of funds. In addition, we continue to see positive results from the security portfolio restructure executed last quarter, which continues to positively position Northwest for the upcoming quarters and years ahead. I want to thank every team member for their talent and dedication in producing these results. I'm proud of your hard work and focus on our customers and communities.