Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 183

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1B
Chunk 183
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 the preferred securities. For the years ended December 31, 2024, December 31, 2023, and December 31, 2022, total interest expense paid on the trust preferred securities was $10 million, $9 million, and $5 million respectively. The Trusts must redeem the preferred securities when the debentures are paid at maturity or upon an earlier redemption of the debentures to the extent the debentures are redeemed. All or part of the debentures may be redeemed at any time. Also, the debentures may be redeemed at any time if existing laws or regulations, or the interpretation or application of these laws or regulations, change causing: •the interest on the debentures to no longer be deductible by the Company for federal income tax purposes;•the trust to become subject to federal income tax or to certain other taxes or governmental charges;•the trust to register as an investment company; or•the preferred securities do not qualify as Tier I capital. 

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

We may, at any time, dissolve any of the Trusts and distribute the debentures to the trust security holders, subject to receipt of any required regulatory approvals.

(12)                          Income Taxes

 Total income tax was allocated for the years ended December 31, 2024, 2023 and 2022 as follows:  Years ended December 31, 202420232022Income tax expense$29,268 40,121 40,026 Shareholders’ equity for unrealized gain/(loss) on securities available-for-sale6,513 3,429 (45,321)Shareholders’ equity for pension adjustment6,304 3,354 6,980 Shareholders’ equity for swap fair value adjustment448 (110)— Unallocated income tax$42,533 46,794 1,685 Income tax expense applicable to income before taxes consists of:  Years ended December 31, 202420232022Current tax provision/(benefit):    Federal$20,022 36,599 36,235     State6,443 8,442 9,295       Total current tax