Company: NWBI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001471265-25-000077
Chunk: 29

Company: Northwest Bancshares, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 29
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 subordinate notes was $1 million(b)    Trust Preferred Securities The Company has seven statutory business trusts: Northwest Bancorp Capital Trust III, a Delaware statutory business trust, Northwest Bancorp Statutory Trust IV, a Connecticut statutory business trust, LNB Trust II, a Delaware statutory business trust, Union National Capital Trust I (“UNCT I”), a Delaware statutory business trust, Union National Capital Trust II (“UNCT II”), a Delaware statutory business trust, MFBC Statutory Trust I, a Delaware statutory trust, and Universal Preferred Trust, a Delaware statutory trust (the “Trusts”). The Trusts exist solely to issue preferred securities to third parties for cash, issue common securities to the Company in exchange for capitalization of the Trusts, invest the proceeds from the sale of trust securities in an equivalent amount of debentures of the Company, and engage in other activities that are incidental to those previously listed. The Trusts have invested the proceeds of the offerings in junior subordinated deferrable interest debentures issued by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. These subordinated debentures are the sole assets of the Trusts. As the shareholders of the trust preferred securities are the primary beneficiaries of the Trusts, the Trusts are not consolidated in our financial statements. The following table sets forth a summary of the cumulative trust preferred securities and the junior subordinated debt held by the Trust as of the date listed (dollars in thousands).Maturity dateInterest rateCapital debt securitiesMarch 31, 2025December 31, 2024Northwest Bancorp Capital Trust IIIDecember 30, 20353-month  SOFR plus 1.38%$50,000 51,547 51,547 Northwest Bancorp Statutory Trust IVDecember 15, 20353-month  SOFR plus 1.38%50,000 51,547 51,547 LNB Trust IIJune 15, 20373-month  SOFR plus 1.48%7,875 8,119 8,119 Union National Capital Trust I (1)January 23, 20343-month  SOFR plus 2.85%8,000 8,030 8,024 Union National Capital Trust II (1)November 23, 20343-month  SOFR plus 2.00%3,000 2,830 2,823 MFBC Statutory Trust