Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 86

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1B
Chunk 86
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.5 Nursing Home10.4 Manufacturing & Industrial Building5.8 Warehouse/Storage Building4.3 Multi-use building - commercial, retail and residential4.2 Commercial office building - owner occupied    4.2 Residential acquisition & development - 1-4 family, townhouses and apartments    4.1 Multi-use building - office and warehouse3.5 Other Medical Facility2.9 Single Family Dwelling2.4 Student Housing2.4 Hotel/Motel2.3 Agricultural Real Estate2.2 Commercial acquisition and development2.0 All Other Types12.1    Total100.0 %

The following table describes our commercial real estate portfolio by state at December 31, 2024:

December 31, 2024StatePercent of portfolio New York34.4 %Pennsylvania29.6 Ohio18.7 Indiana8.3 All other9.0    Total100.0 %

Deposits. Total deposits increased by $165 million, or 1%, to $12.1 billion at December 31, 2024 from $12.0 billion at December 31, 2023. This increase was driven by a $75 million, or 3% increase in time deposits as we continued to competitively position our deposits products, a $66 million, or 3%  increase in savings deposits and a $40 million or 2% increase in money market deposits. Partially offsetting these increases was a decrease in non-interest bearing deposit accounts of $48 million or 2% due to seasonality in customer deposit accounts.

As of December 31, 2024, we had $201 million of brokered deposits, which made up 7% of our time deposits and 2% of our total deposit balance at year end. The balance carried an average all-in cost of 4.32% and an average original term of 12 months. These purchases were through a registered broker, as part of an Asset/Liability Committee (“ALCO”) strategy to increase and diversify funding sources.

In addition, at year end we had $713 million of deposits through our participation in the Intrafi Network Deposits and FIS Insured Deposit programs. These deposits are part of a reciprocal program that allows our depositors to receive expanded FDIC insurance coverage above the insurance coverage available to our depositors at a single