Northwest Bank
Spencer, Iowa, Clay County
$3.0B in total assets, the 438th largest of 4,309 US banks and 5th of 227 headquartered in Iowa.
- FDIC certificate
- 32647
- Established
- 1988
- Owned by
- Northwest Financial Corp
- Primary regulator
- FDIC
- Website
- www.nw.bank
At a glance
Compared with 26 banks headquartered in Iowa with $1 billion to $10 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $3.0B | 85% | $1.7B | |
| Loans | $2.5B | 85% | $1.3B | |
| Deposits | $2.6B | 85% | $1.5B | |
| Return on assets | 1.28% | 46% | 1.29% | |
| Net interest margin | 3.66% | 73% | 3.49% | |
| Efficiency ratio | 57.6% | 69% | 51.5% | |
| Equity to assets | 9.83% | 38% | 10.33% | |
| Loans to deposits | 95% | 69% | 90% |
Growth
Total assets grew 7.1% a year over the last 5 years and 7.8% a year over 10 years, including 1 acquisition in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| May 2024 | The First National Bank in Creston Creston, IA, an affiliate under the same holding company | $450M |
| Oct 2013 | First National Bank Sioux Center, IA, an affiliate under the same holding company | $258M |
| Aug 2006 | Gateway Savings Bank Ankeny, IA, an affiliate under the same holding company | $82M |
| Feb 1992 | Home Federal Savings and Loan Association, F.A. Algona, IA | $115M |
| Dec 1988 | Northwest Federal Savings and Loan Association of Spencer Spencer, IA | $129M |
| Dec 1988 | Home Federal Savings and Loan Association of Spencer Spencer, IA | $46M |
Where they operate
22 branches in 15 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Polk County, IA | $410M | 1.3% | 9 of 39 |
| Dickinson County, IA | $339M | 25.4% | 1 of 8 |
| Webster County, IA | $328M | 33.4% | 1 of 8 |
| Clay County, IA | $289M | 23.9% | 2 of 7 |
| Union County, IA | $255M | 48.7% | 1 of 5 |
| Douglas County, NE | $175M | 0.5% | 23 of 43 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
No net change since 2016 (22 branches then and now). 4 opened, 4 acquired, 8 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 22 | |||
| 2016 | Sold 1 branch to Green Belt Bank & TrustClosed Storm Lake | 0 | 2 | −2 | 20 |
| 2020 | Opened Ames and AnkenyClosed Ankeny and Le Mars | 2 | 2 | 0 | 20 |
| 2021 | Opened OmahaClosed Fort Dodge and Sioux City | 1 | 2 | −1 | 19 |
| 2022 | Opened AmesClosed Ames | 1 | 1 | 0 | 19 |
| 2024 | Acquired The First National Bank in Creston | 4 | 0 | +4 | 23 |
| 2026 through Q2 | Closed Omaha | 0 | 1 | −1 | 22 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| 1-4 family residential | 29% | 20% | |
| Commercial real estate | 26% | 22% | |
| Business (C&I) | 14% | 14% | |
| Farmland | 9% | 13% | |
| Agricultural | 8% | 9% | |
| Construction and land | 7% | 8% | |
| Multifamily | 5% | 11% | |
| Consumer | 1% | 1% | |
| Other | 2% | 2% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 55% | 58% | |
| Time deposits | 27% | 28% | |
| Noninterest-bearing | 19% | 15% |
Brokered deposits are 0.1% of deposits (peers 5.0%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.20% | 0.31% |
| Net charge-offs, annualized | 0.04% | 0.01% |
| Reserves to loans | 1.25% | 1.19% |
| Leverage ratio | 10.12% | 10.28% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Iowa
Largest competitors in Polk County, IA
Figures as of June 30, 2026 from the bank's Call Report, FDIC structure and branch data, and the Federal Reserve. Short link: bankingstats.com/banks/northwest-bank-spencer-ia