Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 190

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1B
Chunk 190
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Interest cost8,821 9,009 Actuarial gain(19,318)935 Benefits paid(18,207)(15,748)Benefit obligation at end of year162,193 185,196 Change in plan assets:  Fair value of plan assets at beginning of year216,596 202,791 Actual return on plan assets20,832 29,135 Employer contributions383 418 Benefits paid(18,207)(15,748)Fair value of plan assets at end of period219,604 216,596 Funded status at end of year$57,411 31,400  The following table sets forth the assumptions used to develop the net periodic pension cost:      Years ended December 31, 202420232022Discount rate4.79 %4.99 %2.75 %Expected long-term rate of return on assets7.00 %7.00 %6.50 %Rate of increase in compensation levels3.00 %3.00 %3.00 % 

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

The following table sets forth the assumptions used to determine benefit obligations at the end of each period: Years ended December 31, 202420232022Discount rate5.44 %4.79 %4.99 %Expected long-term rate of return on assets5.50 %7.00 %6.50 %Rate of increase in compensation levels3.00 %3.00 %3.00 % The expected long-term rate of return on assets is based on the expected return of each of the asset categories, weighted based on the median of the target allocation for each category. We use the FTSE (previously Citigroup) Pension Liability Index rates matching the duration of our benefit payments as of the measurement date to determine the discount rate.The accumulated benefit obligation for the funded defined benefit pension plan was $160 million, $183 million, and $182 million at December 31, 2024, 2023 and 2022, respectively. The accumulated benefit obligation for all unfunded defined benefit plans was $2 million, $2 million