Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 273

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 273
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 24% which was driven by a loss on sale of investments of $39 million; excluding the loss on sale of securities non interest income grew by $13 million, or 11%. The increase from the prior year was driven by service charges and fees, SBA loan sales and other operating income. Other operating income increased $6 million, or 37% driven by a gain on sale of Visa B shares and a gain on a low income housing tax credit investment. Service charges and fees increased $4 million, or 6%, driven by commercial loan fees and deposit related fees based on customer activity in the current year. Gains on the sales of SBA loans increased $2 million in during the current. Partially offsetting these increases was a decrease in income from bank owned life insurance of $2 million, resulting from higher death benefits received in the prior year.

54

Noninterest Expense  

Breakdown of noninterest expense for the year ended December 31, Change from 2023Change from 20232024Amount Percent2023AmountPercent2022Noninterest expense:Compensation and employee benefits$214,455 18,764 10 %$195,691 7,332 4 %$188,359 Premises and occupancy29,469 318 1 %29,151 (467)(2)%29,618 Processing expense59,351 664 1 %58,687 6,191 12 %52,496 Professional services14,883 (2,936)(16)%17,819 3,116 21 %14,703 Other operating expense (1)50,379 173 — %50,206 5,859 13 %44,347 Total noninterest (loss)/income$368,537 16,983 5 %$351,554 22,031 7 %$329,523 

(1)     Other noninterest expense includes collections expense, marketing expense, FDIC insurance expense, amortization of intangible assets, real estate owned expense, merger, asset disposition and restructuring expense, and other expenses. See the “Consolidated Statements of Income” in Item 1. Financial Statements of this report.  

Noninterest expense increased $17 million, or 5%, from the year ended December 31, 2023. This increase was primarily attributable to an increase in compensation and employee benefits expense of $19 million, or