Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 365

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 8
Chunk 365
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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 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