Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 261

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 261
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billion at December 31, 2024 from $12.0 billion at December 31, 2023. This increase was driven by a $75 million, or 3% increase in time deposits as we continued to competitively position our deposits products, a $66 million, or 3%  increase in savings deposits and a $40 million or 2% increase in money market deposits. Partially offsetting these increases was a decrease in non-interest bearing deposit accounts of $48 million or 2% due to seasonality in customer deposit accounts.

As of December 31, 2024, we had $201 million of brokered deposits, which made up 7% of our time deposits and 2% of our total deposit balance at year end. The balance carried an average all-in cost of 4.32% and an average original term of 12 months. These purchases were through a registered broker, as part of an Asset/Liability Committee (“ALCO”) strategy to increase and diversify funding sources.

In addition, at year end we had $713 million of deposits through our participation in the Intrafi Network Deposits and FIS Insured Deposit programs. These deposits are part of a reciprocal program that allows our depositors to receive expanded FDIC insurance coverage above the insurance coverage available to our depositors at a single FDIC-insured institution, by placing multiple interest-bearing demand accounts at other member banks and Northwest receives an equal amount of deposits from other member banks. The balance carried an average cost of 3.68%.

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The following table sets forth the dollar amount of deposits in the various types of accounts we offered at the dates indicated.

 At December 31, 20242023 BalancePercent (1)Rate (2)BalancePercent (1)Rate (2) (Dollars in thousands)Savings deposits$2,171,251 17.9 %1.12 %$2,105,234 17.6 %0.42 %Demand deposits5,287,919 43.5 %0.52 %5,303,569 44.3 %0.22 %Money market deposit accounts2,007,739 16.5 %1.72 %1,968,218 16.4 %1.26 %Time deposits:Maturing within 1 year2,547,129 21.