Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 264

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 264
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37,942 Maximum outstanding at end of any month during year55,900 62,300 Balance outstanding at end of year3,008 24,900 Weighted average interest rate during year5.35 %5.28 %Weighted average interest rate at end of year4.65 %5.26 %Subordinated borrowings:Average balance outstanding$114,378 114,029 Maximum outstanding at end of any month during year114,538 114,189 Balance outstanding at end of year114,538 114,189 Weighted average interest rate during year4.00 %4.00 %Weighted average interest rate at end of year4.00 %4.00 %Total borrowings:Average balance outstanding$425,798 784,015 Maximum outstanding at end of any month during year681,027 1,009,462 Balance outstanding at end of year314,869 513,084 Weighted average interest rate during year4.85 %4.82 %Weighted average interest rate at end of year4.20 %5.02 %

Shareholders’ equity. Total shareholders’ equity at December 31, 2024 was $1.60 billion, or $12.52 per share, an increase of $46 million, or 2.9%, from $1.55 billion, or $12.20 per share, at December 31, 2023. This increase was the result of net income of $100 million for the year ended December 31, 2024, as well as a decrease in accumulated other comprehensive loss of $39 million due primarily to a decrease in unrealized loss in the available-for-sale investment portfolio. These changes were partially offset by $102 million of cash dividend payments during  the year ended December 31, 2024. 

49

Comparison of Results of Operations for the Years Ended December 31, 2024 and 2023 

Net Income

Net income for the year ended December 31, 2024 was $100 million, or $0.79 per diluted share, a decrease of $35 million, or 25.7%, from $135 million, or $1.06 per diluted share, for the year ended December 31, 2023. The decrease in net income resulted, primarily from a  decrease in noninterest income of $27 million, or