Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 192

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1B
Chunk 192
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 defined by the fair value hierarchy defined in Note 16. The following table sets forth the pension plan assets as of December 31, 2024 and 2023. December 31, 20242023Defined benefit pension assets:Common stock$17,320 71,192 Mutual funds190,249 131,921 Money market funds2,873 2,150 Other9,162 11,333 Total defined benefit pension plan assets (1)$219,604 216,596 (1)    The defined benefit pension plan statement of net assets also includes accrued interest and dividends resulting in net assets available for benefits of $220.0 million and $217 million, respectfully.The benefits expected to be paid in each year from 2025 to 2029 are $11.2 million, $11.4 million, $11.8 million, $12.4 million and $13.4 million, respectively. The aggregate benefits expected to be paid in the five years from 2030 to 2034 are $70.2 million. The expected benefits to be paid are based on the same assumptions used to measure our benefit obligations at December 31, 2024 and include estimated future employee service.(b)                                 Stock-based CompensationStock-based awards are eligible for issuance under the our Incentive Compensation Plans to executives, directors and key employees of the Northwest Bancshares and its subsidiaries. On May 18, 2022, shareholders approved the Northwest Bancshares, Inc. 2022 Equity Incentive Plan with up to 3,500,000 shares authorized for award. This plan provides for the granting of stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance awards. At December 31,2024 1,079,102 shares were available for future grants.We issue shares to fulfill stock-based award vesting from available authorized common shares. At December 31,2024, we believe there are adequate authorized common shares to satisfy anticipated stock-based vesting for all grants outstanding.Stock-based compensation expense was $6 million, $4 million and $3 million and was included in compensation and employee benefits expense on the Consolidated Statements of Income during the years ended December 31, 2024, 2023 and 2022, respectively. The effect on net income for the years ended December 31, 2024, 2023 and 202