Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 189

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1B
Chunk 189
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 and 2022, and net periodic pension expense for the defined benefit pension plan was a benefit of $3 million and $1 million for the years ended December 31, 2024 and 2023, respectively and a total cost of  and $0.9 million for the year ended 2022.                         

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Table of ContentsNORTHWEST BANCSHARES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024, 2023 and 2022

Components of net periodic pension cost and other amounts recognized in other comprehensive income: The following table sets forth components of net periodic pension cost and other amounts recognized in other comprehensive income for the years ended December 31, 2024, 2023 and 2022. Years ended December 31,202420232022Defined benefit pension plan:Service cost$5,701 6,241 10,396 Interest cost8,821 9,009 6,683 Expected return on plan assets(15,102)(13,915)(15,454)Amortization of prior service cost(2,254)(2,254)(2,257)Amortization of the net loss71 (219)1,525 Net periodic pension cost, defined benefit pension plans(2,763)(1,138)893 Other changes in defined benefit pension plan recognized in other comprehensive income:Net gain(25,118)(14,066)(28,222)Amortization of prior service cost2,254 2,254 2,257 Total recognized in other comprehensive income(22,864)(11,812)(25,965)Total recognized in net periodic pension cost and other comprehensive income$(25,627)(12,950)(25,072)     The estimated net gain and prior service credit for the defined benefit pension plan that will be amortized from accumulated other comprehensive income into net periodic cost ending December 31, 2025 is $149,000 and $812,000, respectively.The following table sets forth information for the defined benefit pension plans’ funded status at December 31, 2024 and 2023:      December 31, 20242023Change in benefit obligation:  Benefit obligation at beginning of year$185,196 184,759 Service cost5,701 6,241