Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 359

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 8
Chunk 359
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ANCSHARES, 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 provision/(benefit)26,465 45,041 45,530 Deferred  tax provision/(benefit):    Federal2,315 (5,267)(5,325)    State 488 347 (179)       Total deferred tax provision/(benefit)2,803 (4,920)(5,504)Total income tax expense$29,268 40,121 40,026 A reconciliation of the expected federal statutory income tax rate to the effective rate, expressed as a percentage of pretax income for the years ended December 31, 2024, 2023 and 2022, is as follows: Years ended December 31, 202420232022Expected tax rate21.0 %21.0 %21.0 %Tax-exempt interest income(1.8)%(1.2)%(1.1)%State income tax, net of federal benefit4.3 %4.0 %4.0 %Bank-owned life