Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 356

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 8
Chunk 356
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ings on this line may be repaid at any time without penalty. At December 31, 2024 and December 31, 2023, the balance of the revolving line of credit was $0 million and $164 million, respectively. At December 31, 2024 and December 31, 2023, collateralized borrowings due within one year were $22 million and $35 million, respectively. These borrowings are collateralized by cash or various securities held in safekeeping by the FHLB. At December 31, 2024, the carrying value of the cash and securities used as collateral was $36 million. At December 31, 2024 and December 31, 2023, collateral received was $3 million and $25 million, respectively. This represents collateral posted to us from our derivative counterparties. At December 31, 2024 and December 31, 2023, term notes payable to the FHLB of Pittsburgh due within one year were $175 million. The December 31, 2024 total is made up of seven advance each for $25 million.

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Table of ContentsNORTHWEST BANCSHARES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024, 2023 and 2022

On September 9, 2020, the Company issued $125 million of 4.00% fixed-to-floating rate subordinated notes with a maturity date of September 15, 2030. The subordinated notes, which qualify as Tier 2 capital, bear interest at an annual rate of 4.00%, payable semi-annually in arrears commencing on March 15, 2021, and a floating rate of interest equivalent to the 3-month Secured Overnight Financing Rate (“SOFR”) plus 3.89% payable quarterly in arrears commencing on December 15, 2025. During the year ended December 31, 2022, the Company repurchased $10 million of subordinated notes leaving $115 million of subordinated notes outstanding as of December 31, 2024. The subordinated debt issuance costs of approximately $2 million are being amortized over five years on a straight-line basis into interest expense. At December 31, 2024 and December 31, 2023, subordinated debentures, net of issuance