The Company's adjusted net operating income was $35 million, or $0.27 per diluted share(1)  Previously announced balance sheet restructure successfully completed Net interest margin expands 10 basis points to 3.20% Credit quality remains strong 119th consecutive quarterly dividend of $0.20 per share declared COLUMBUS, Ohio, July 23, 2024 /PRNewswire/ -- Northwest Bancshares, Inc., (the "Company"), (NASDAQ:NWBI) announced net income for the quarter ended June 30, 2024 of $5 million, or $0.04 per diluted share. This represents a decrease of $28 million compared to the same quarter last year, when net income was $33 million, or $0.26 per diluted share, and a decrease of $24 million compared to the prior quarter, when net income was $29 million, or $0.23 per diluted share. The annualized returns on average shareholders' equity and average assets for the quarter ended June 30, 2024 were 1.24% and 0.13% compared to 8.72% and 0.93% for the same quarter last year and 7.57% and 0.81% from the prior quarter.  Excluding loss on the sale of investments of $28 million, net of tax, and restructuring expense of $1 million, net of tax, the Company's adjusted net operating income was $35 million, or $0.27 per diluted share for the quarter ended June 30, 2024. This represents an increase of $1 million from the same quarter last year, when adjusted net operating income was $34 million, or $0.27 per diluted share, and an increase of $5 million compared to the prior quarter, where adjusted net operating income was $30 million, or $0.23 per diluted share.  The adjusted annualized returns on average shareholders' equity and average assets for the quarter ended June 30, 2024 were 9.00% and 0.96% compared to 9.02% and 0.96% for the same quarter last year and 7.75% and 0.83% from the prior quarter.  The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share payable on August 14, 2024 to shareholders of record as of August 2, 2024. This is the 119th consecutive quarter in which the Company has paid a cash dividend. Based on the market value of the Company's common stock as of June 30, 2024, this represents an annualized dividend yield of approximately 6.9%. In the quarter, as previously disclosed, the Company repositioned its security portfolio by selling 15% of its investment securities with proceeds totaling $276 million at a pre-tax loss of $39 million, or $28 million after tax. The proceeds of the sale were immediately used to repay short-term borrowings.  In addition, $258 million has already been invested into securities netting a 420 basis point higher yield. The Company currently expects to earn-back the loss over the next three years. Louis J. Torchio, President and CEO, added, "Our core earnings this quarter reflect our commitment to responsible growth, with particularly strong performance in our commercial division. I'm especially proud of the flawless execution of our previously announced securities restructuring, which has yielded results surpassing our initial projections. This success underscores our team's ability to implement strategic initiatives effectively while maintaining focus on our core business objectives." "Performance this quarter highlights the significant progress in our commercial transformation strategy. We've seen solid loan growth, particularly in commercial and industrial originations, which aligns with our strategic focus. This targeted growth outpaces less preferred categories in the current market, such as commercial office space or long-term health care. Our success in this area not only validates our strategic direction but also positions us well for sustained, quality growth in the commercial sector." (1) See reconciliation of non-GAAP financial measures for additional information relating to these items. Balance Sheet Highlights Dollars in thousands Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Average loans receivable $    11,368,749 11,345,308 11,065,660 0.2 % 2.7 % Average investments 2,021,347 2,051,058 2,233,987 (1.4) % (9.5) % Average deposits 12,086,362 11,887,954 11,420,702 1.7 % 5.8 % Average borrowed funds 323,191 469,697 837,358 (31.2) % (61.4) %   Average loans receivable increased $303 million from the quarter ended June 30, 2023 driven by our commercial banking portfolio, which grew by $631 million in total, including a $444 million increase in our commercial and industrial  portfolio as we have continued to build-out our commercial lending verticals. Compared to the first quarter of 2024, average loans receivable increased by $23 million, also driven by growth in the commercial banking portfolio. Average investments declined $213 million from the quarter ended June 30, 2023 and $30 million from the quarter ended March 31, 2024. The decline from the prior year was driven by the investment portfolio restructure described above and from lack of reinvestment of cash flow over the past year. The decline in investments from the prior quarter is expected to be temporary and was also driven by the timing of the investment portfolio repositioning activity.  Average deposits grew $666 million from the quarter ended June 30, 2023, driven by a $1.1 billion increase in our average time deposits as we continued competitively positioning our deposit products. This increase was partially offset by a decrease in money market balances as customers shifted balances into higher yielding time deposit accounts. Compared to the first quarter of 2024, average deposits grew $198 million, also driven by an increase in time deposits. Average borrowings saw a significant reduction of $514 million compared to the quarter end June 30, 2023 and $147 million compared to the quarter ended March 31, 2024. The decrease in average borrowings is primarily attributable to the strategic pay-down of wholesale borrowings. This decrease was made possible by our repositioning of our securities portfolio as well as a substantial increase in cash reserves resulting from the notable rise in the average balance of deposits noted above. Income Statement Highlights Dollars in thousands Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Interest income $   166,854 160,239 143,996 4.1 % 15.9 % Interest expense 60,013 57,001 35,447 5.3 % 69.3 % Net interest income $   106,841 103,238 108,549 3.5 % (1.6) % Net interest margin 3.20 % 3.10 % 3.28 % Net interest income decreased $2 million and net interest margin decreased to 3.20% for the quarter ended June 30, 2024 from 3.28% for the quarter ended June 30, 2023.  This decrease in net interest income resulted primarily from: A $23 million increase in interest income that was the result of cash and marketable securities being redeployed into higher yielding loans. Driven by higher market interest rates, the average yield on loans improved to 5.47% for the quarter ended June 30, 2024 from 4.83% for the quarter ended June 30, 2023. A $25 million increase in interest expense more than offset the increase in interest income as the result of higher costs of deposits due to the higher interest rate environment and competitive pressure for liquidity. The cost of interest-bearing liabilities increased to 2.40% for the quarter ended June 30, 2024 from 1.47% for the quarter ended June 30, 2023. Compared to the quarter ended March 31, 2024, net interest income increased $4 million and net interest margin increased to 3.20% for the quarter ended June 30, 2024. This increase in net interest income resulted from the following: A $7 million increase in interest income driven by higher interest income on loans receivable as both the average balance and average yield increased compared to the prior quarter. The average yield on loans improved to 5.47% from 5.33% for the quarter ended March 31, 2024. Partially offsetting the increase in interest income was a $3 million increase in interest expense due to increases in both the average balance and average yield of interest-earning deposits. The cost of interest-bearing liabilities increased to 2.40% from 2.28% for the quarter ended March 31, 2024.   Dollars in thousands Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Provision for credit losses - loans $          2,169 4,234 6,010 (48.8) % (63.9) % Provision for credit losses - unfunded commitments (2,539) (799) 2,920 217.8 % (187.0) % Total provision for credit losses expense $           (370) 3,435 8,930 (110.8) % (104.1) % The total provision for credit losses for the quarter ended June 30, 2024 was a credit of $0.4 million primarily driven by improvements in the economic forecasts coupled with a decline in our reserves for unfunded commitments in the current period. This decline is based on the timing of origination and funding of commercial construction loans and lines of credit. Additionally, the Company continued to experience low levels of classified loans with a slight increase to $257 million or 2.26% of total loans at June 30, 2024 from $214 million, or 1.90% of total loans, at June 30, 2023 and $229 million, or 1.99% of total loans, at March 31, 2024. Dollars in thousands Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Noninterest income: Loss on sale of investments $      (39,413) — (8,306) NA 374.5 % Gain on sale of mortgage servicing rights — — 8,305 NA (100.0) % Gain on sale of SBA loans 1,457 873 832 66.9 % 75.1 % Service charges and fees 15,527 15,523 14,833 — % 4.7 % Trust and other financial services income 7,566 7,127 6,866 6.2 % 10.2 % Gain on real estate owned, net 487 57 785 754.4 % (38.0) % Income from bank-owned life insurance 1,371 1,502 1,304 (8.7) % 5.1 % Mortgage banking income 901 452 1,028 99.3 % (12.4) % Other operating income 3,255 2,429 4,150 34.0 % (21.6) % Total noninterest (loss)/income (8,849) 27,963 29,797 (131.6) % (129.7) % Noninterest income for the quarter ended June 30, 2024 showed a loss of $9 million inclusive of a $39 million loss on the sale of investment securities, excluding the loss on sale of securities net interest income grew by $1 million, or 3%, from the quarter ended June 30, 2023 and $3 million, or 9% from the quarter ended March 31, 2024. In addition, in the prior year period we realized a gain on sale of mortgage servicing rights of $8 million and an offsetting loss on the sale of investments of $8 million. Dollars in thousands Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Noninterest expense: Personnel expense $        53,531 51,540 47,650 3.9 % 12.3 % Non personnel expense 38,889 38,484 38,208 1.1 % 1.8 % Total noninterest expense $        92,420 90,024 85,858 2.7 % 7.6 % Noninterest expense increased from the quarter ended June 30, 2023 due to a $6 million increase in personnel expenses driven by the build-out of the commercial business and related credit, risk management and internal audit support functions over the past year. Compared to the quarter ended March 31, 2024, noninterest expense increased due to a $2 million increase in personnel expense driven by an annual salary merit increase, additional contracted employees utilized during the quarter and an increase in incentive compensation expenses. Dollars in thousands Change 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Income before income taxes $          5,942 37,742 43,558 (84.3) % (86.4) % Income tax expense 1,195 8,579 10,514 (86.1) % (88.6) % Net income $          4,747 29,163 33,044 (83.7) % (85.6) % The provision for income taxes decreased by $9 million from the quarter ended June 30, 2023 and $7 million from the quarter ended March 31, 2024 primarily due to lower income before income taxes. Net income declined compared to both the quarter ended June 30, 2023 and the quarter ended March 31, 2024 due to loss on sale of investments from the current period balance sheet restructuring as well as the additional factors discussed above. Headquartered in Columbus, Ohio, Northwest Bancshares, Inc. is the bank holding company of Northwest Bank. Founded in 1896 Northwest Bank is a full-service financial institution offering a complete line of business and personal banking products, as well as employee benefits and wealth management services. As of June 30, 2024, Northwest operated 131 full-service financial centers and eight free standing drive-through facilities in Pennsylvania, New York, Ohio and Indiana. Northwest Bancshares, Inc.'s common stock is listed on the NASDAQ Global Select Market ("NWBI"). Additional information regarding Northwest Bancshares, Inc. and Northwest Bank can be accessed on-line at www.northwest.com. Forward-Looking Statements - This release may contain forward-looking statements with respect to the financial condition and results of operations of Northwest Bancshares, Inc. including, without limitations, statements relating to the earnings outlook of the Company. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements, include among others, the following possibilities: (1) changes in the interest rate environment; (2) competitive pressure among financial services companies; (3) general economic conditions including inflation and an increase in non-performing loans; (4) changes in legislation or regulatory requirements; (5) difficulties in continuing to improve operating efficiencies; (6) difficulties in the integration of acquired businesses or the ability to complete sales transactions; (7) increased risk associated with commercial real-estate and business loans; (8) changes in liquidity, including the size and composition of our deposit portfolio; (9) reduction in the value of our goodwill and other intangible assets; and (10) the effect of any pandemic, including COVID-19, war or act of terrorism. Management has no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this release.   Northwest Bancshares, Inc. and Subsidiaries Consolidated Statements of Financial Condition (Unaudited) (dollars in thousands, except per share amounts) June 30,2024 December 31,2023 June 30,2023 Assets Cash and cash equivalents $       228,433 122,260 127,627 Marketable securities available-for-sale (amortized cost of $1,202,354, $1,240,003 and $1,287,101, respectively) 1,029,191 1,043,359 1,073,952 Marketable securities held-to-maturity (fair value of $663,292, $699,506 and $718,676, respectively) 784,208 814,839 847,845 Total cash and cash equivalents and marketable securities 2,041,832 1,980,458 2,049,424 Loans held-for-sale 9,445 8,768 16,077 Residential mortgage loans 3,315,303 3,419,417 3,479,080 Home equity loans 1,180,486 1,227,858 1,276,062 Consumer loans 2,080,058 2,126,027 2,201,062 Commercial real estate loans 3,026,958 2,974,010 2,895,224 Commercial loans 1,742,114 1,658,729 1,403,726 Total loans receivable 11,354,364 11,414,809 11,271,231 Allowance for credit losses (125,070) (125,243) (124,423) Loans receivable, net 11,229,294 11,289,566 11,146,808 FHLB stock, at cost 20,842 30,146 44,613 Accrued interest receivable 48,739 47,353 37,281 Real estate owned, net 74 104 371 Premises and equipment, net 128,208 138,838 139,915 Bank-owned life insurance 253,890 251,895 257,614 Goodwill 380,997 380,997 380,997 Other intangible assets, net 3,954 5,290 6,809 Other assets 277,723 294,458 227,659 Total assets $   14,385,553 14,419,105 14,291,491 Liabilities and shareholders' equity Liabilities Noninterest-bearing demand deposits $     2,581,699 2,669,023 2,820,563 Interest-bearing demand deposits 2,565,750 2,634,546 2,577,653 Money market deposit accounts 1,964,841 1,968,218 2,154,253 Savings deposits 2,148,727 2,105,234 2,120,215 Time deposits 2,826,362 2,602,881 1,989,711 Total deposits 12,087,379 11,979,902 11,662,395 Borrowed funds 242,363 398,895 632,313 Subordinated debt 114,364 114,189 114,015 Junior subordinated debentures 129,703 129,574 129,444 Advances by borrowers for taxes and insurance 52,271 45,253 57,143 Accrued interest payable 21,423 13,669 4,936 Other liabilities 181,452 186,306 179,744 Total liabilities 12,828,955 12,867,788 12,779,990 Shareholders' equity Preferred stock, $0.01 par value: 50,000,000 shares authorized, no shares issued — — — Common stock, $0.01 par value: 500,000,000 shares authorized, 127,307,997, 127,110,453 and 127,088,963 shares issued and outstanding, respectively 1,273 1,271 1,271 Additional paid-in capital 1,027,703 1,024,852 1,022,189 Retained earnings 657,706 674,686 657,292 Accumulated other comprehensive loss (130,084) (149,492) (169,251) Total shareholders' equity 1,556,598 1,551,317 1,511,501 Total liabilities and shareholders' equity $   14,385,553 14,419,105 14,291,491 Equity to assets 10.82 % 10.76 % 10.58 % Tangible common equity to assets* 8.37 % 8.30 % 8.08 % Book value per share $           12.23 12.20 11.89 Tangible book value per share* $             9.20 9.17 8.84 Closing market price per share $           11.55 12.48 10.60 Full time equivalent employees 1,991 2,098 2,025 Number of banking offices 139 142 142 * Excludes goodwill and other intangible assets (non-GAAP).  See reconciliation of non-GAAP financial measures for additional information relating to these items.   Northwest Bancshares, Inc. and Subsidiaries Consolidated Statements of Income (Unaudited) (dollars in thousands, except per share amounts) Quarter ended June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Interest income: Loans receivable $   153,954 149,571 146,523 140,667 132,724 Mortgage-backed securities 9,426 7,944 7,951 8,072 8,326 Taxable investment securities 728 794 786 786 841 Tax-free investment securities 457 491 492 491 667 FHLB stock dividends 498 607 666 668 844 Interest-earning deposits 1,791 832 970 914 594 Total interest income 166,854 160,239 157,388 151,598 143,996 Interest expense: Deposits 52,754 47,686 40,600 31,688 21,817 Borrowed funds 7,259 9,315 10,486 11,542 13,630 Total interest expense 60,013 57,001 51,086 43,230 35,447 Net interest income 106,841 103,238 106,302 108,368 108,549 Provision for credit losses - loans 2,169 4,234 3,801 3,983 6,010 Provision for credit losses - unfunded commitments (2,539) (799) 4,145 (2,981) 2,920 Net interest income after provision for credit losses 107,211 99,803 98,356 107,366 99,619 Noninterest income: Loss on sale of investments (39,413) — (1) — (8,306) Gain on sale of mortgage servicing rights — — — — 8,305 Gain on sale of SBA loans 1,457 873 388 301 832 Gain on sale of loans — — 726 — — Service charges and fees 15,527 15,523 15,922 15,270 14,833 Trust and other financial services income 7,566 7,127 6,884 7,085 6,866 Gain on real estate owned, net 487 57 1,084 29 785 Income from bank-owned life insurance 1,371 1,502 1,454 4,561 1,304 Mortgage banking income 901 452 247 632 1,028 Other operating income 3,255 2,429 2,465 3,010 4,150 Total noninterest (loss)/income (8,849) 27,963 29,169 30,888 29,797 Noninterest expense: Compensation and employee benefits 53,531 51,540 50,194 51,243 47,650 Premises and occupancy costs 7,464 7,627 7,049 7,052 7,579 Office operations 3,819 2,767 3,747 3,398 2,800 Collections expense 406 336 328 551 429 Processing expenses 14,695 14,725 15,017 14,672 14,648 Marketing expenses 2,410 2,149 1,317 2,379 2,856 Federal deposit insurance premiums 2,865 3,023 2,643 2,341 2,064 Professional services 3,728 4,065 6,255 3,002 3,804 Amortization of intangible assets 635 701 724 795 842 Real estate owned expense 57 66 51 141 83 Merger, asset disposition and restructuring expense 1,915 955 2,354 — 1,593 Other expenses 895 2,070 997 1,996 1,510 Total noninterest expense 92,420 90,024 90,676 87,570 85,858 Income before income taxes 5,942 37,742 36,849 50,684 43,558 Income tax expense 1,195 8,579 7,835 11,464 10,514 Net income $       4,747 29,163 29,014 39,220 33,044 Basic earnings per share $         0.04 0.23 0.23 0.31 0.26 Diluted earnings per share $         0.04 0.23 0.23 0.31 0.26 Annualized return on average equity 1.24 % 7.57 % 7.64 % 10.27 % 8.72 % Annualized return on average assets 0.13 % 0.81 % 0.80 % 1.08 % 0.93 % Annualized return on average tangible common equity * 1.65 % 10.08 % 10.28 % 13.80 % 11.71 % Efficiency ratio 94.31 % 68.62 % 66.93 % 62.88 % 62.06 % Efficiency ratio, excluding certain items  ** 65.41 % 67.35 % 64.66 % 62.31 % 60.30 % Annualized noninterest expense to average assets 2.57 % 2.51 % 2.51 % 2.42 % 2.42 % Annualized noninterest expense to average assets, excluding certain items** 2.50 % 2.47 % 2.43 % 2.39 % 2.35 % * Excludes goodwill and other intangible assets (non-GAAP).  See reconciliation of non-GAAP financial measures for additional information relating to these items. ** Excludes loss on sale of investments, gain on sale of mortgage servicing rights, amortization of intangible assets and merger, asset disposition and restructuring expenses (non-GAAP). See reconciliation of non-GAAP financial measures for additional information relating to these items.   Northwest Bancshares, Inc. and Subsidiaries Consolidated Statements of Income (Unaudited) (dollars in thousands, except per share amounts) Six months ended June 30, 2024 2023 Interest income: Loans receivable $                         303,525 256,469 Mortgage-backed securities 17,370 16,863 Taxable investment securities 1,522 1,686 Tax-free investment securities 948 1,367 FHLB stock dividends 1,105 1,534 Interest-earning deposits 2,623 1,017 Total interest income 327,093 278,936 Interest expense: Deposits 100,440 33,055 Borrowed funds 16,574 24,868 Total interest expense 117,014 57,923 Net interest income 210,079 221,013 Provision for credit losses - loans 6,403 10,880 Provision for credit losses - unfunded commitments (3,338) 3,046 Net interest income after provision for credit losses 207,014 207,087 Noninterest income: Loss on sale of investments (39,413) (8,306) Gain on sale of mortgage servicing rights — 8,305 Gain on sale of SBA loans 2,330 1,111 Service charges and fees 31,050 28,022 Trust and other financial services income 14,693 13,315 Gain on real estate owned, net 544 893 Income from bank-owned life insurance 2,873 2,573 Mortgage banking income 1,353 1,552 Other operating income 5,684 6,301 Total noninterest income 19,114 53,766 Noninterest expense: Compensation and employee benefits 105,071 94,254 Premises and occupancy costs 15,091 15,050 Office operations 6,586 5,810 Collections expense 742 816 Processing expenses 29,420 28,998 Marketing expenses 4,559 5,748 Federal deposit insurance premiums 5,888 4,287 Professional services 7,793 8,562 Amortization of intangible assets 1,336 1,751 Real estate owned expense 123 264 Merger, asset disposition and restructuring expense 2,870 4,395 Other expenses 2,965 3,373 Total noninterest expense 182,444 173,308 Income before income taxes 43,684 87,545 Income tax expense 9,774 20,822 Net income $                           33,910 66,723 Basic earnings per share $                               0.27 0.53 Diluted earnings per share $                               0.27 0.52 Annualized return on average equity 4.41 % 8.91 % Annualized return on average assets 0.47 % 0.95 % Annualized return on tangible common equity * 5.88 % 12.01 % Efficiency ratio 79.60 % 63.07 % Efficiency ratio, excluding certain items ** 66.36 % 60.83 % Annualized noninterest expense to average assets 2.54 % 2.46 % Annualized noninterest expense to average assets, excluding certain items ** 2.48 % 2.38 % * Excludes goodwill and other intangible assets (non-GAAP).  See reconciliation of non-GAAP financial measures for additional information relating to these items. ** Excludes loss on sale of investments, gain on sale of mortgage servicing rights, amortization of intangible assets and merger, asset disposition and restructuring expenses (non-GAAP).  See reconciliation of non-GAAP financial measures for additional information relating to these items.   Northwest Bancshares, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures (Unaudited) * (dollars in thousands, except per share amounts) Quarter ended Six months ended June 30, June 30, 2024 March 31, 2024 June 30, 2023 2024 2023 Reconciliation of net income to adjusted net operating income: Net income (GAAP) $           4,747 29,163 33,044 33,910 66,723 Non-GAAP adjustments Add: merger, asset disposition and restructuring expense 1,915 955 1,593 2,870 4,395 Add: loss on the sale of investments 39,413 — 8,306 39,413 8,306 Less: gain on sale of mortgage servicing rights — — (8,305) — (8,305) Less: tax benefit of non-GAAP adjustments (11,572) (267) (446) (11,839) (1,231) Adjusted net operating income (non-GAAP) $          34,503 29,851 34,192 64,354 69,888 Diluted earnings per share (GAAP) $             0.04 0.23 0.26 0.27 0.52 Diluted adjusted operating earnings per share (non-GAAP) $             0.27 0.23 0.27 0.51 0.55 Average equity $     1,541,434 1,549,870 1,519,990 1,545,651 1,509,466 Average assets 14,458,592 14,408,612 14,245,917 14,433,602 14,184,050 Annualized return on average equity (GAAP) 1.24 % 7.57 % 8.72 % 4.41 % 8.91 % Annualized return on average assets (GAAP) 0.13 % 0.81 % 0.93 % 0.47 % 0.95 % Annualized return on average equity, excluding merger, asset disposition and restructuring expense, loss on the sale of investments and gain on sale of mortgage servicing rights, net of tax (non-GAAP) 9.00 % 7.75 % 9.02 % 8.37 % 9.34 % Annualized return on average assets, excluding merger, asset disposition and restructuring expense, loss on sale of investments, and gain on sale of mortgage servicing rights, net of tax (non-GAAP) 0.96 % 0.83 % 0.96 % 0.90 % 0.99 %   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 Financial Condition.  June 30,2024 December 31,2023 June 30,2023 Tangible common equity to assets Total shareholders' equity $       1,556,598 1,551,317 1,511,501   Less: goodwill and intangible assets (384,951) (386,287) (387,806) Tangible common equity $       1,171,647 1,165,030 1,123,695 Total assets $     14,385,553 14,419,105 14,291,491 Less: goodwill and intangible assets (384,951) (386,287) (387,806)   Tangible assets $     14,000,602 14,032,818 13,903,685 Tangible common equity to tangible assets 8.37 % 8.30 % 8.08 % Tangible common equity to tangible assets, including unrealized losses on held-to-maturity investments