Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 392

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 8
Chunk 392
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 32 Derivatives not designated as hedging instruments: Interest rate swap agreements 780,177 37,697 780,177 37,767 Foreign exchange swap agreements5,724 199 2,690 4 Interest rate lock commitments17,426 342 — — Forward commitments1,509 34 — — Risk participation agreements— — 129,439 16 Total derivatives $929,836 39,801 962,306 37,819 At December 31, 2023Derivatives designated as hedging instruments:Interest rate swap agreements$75,000 713 100,000 1,198 Derivatives not designated as hedging instruments:Interest rate swap agreements725,139 41,406 725,139 41,437 Foreign exchange swap agreements— — 12,278 291 Interest rate lock commitments21,857 641 — — Forward commitments28112 — — Risk participation agreements— — 101,727 14 Total derivatives$822,277 42,772 939,144 42,940 The following table presents income or expenses recognized on derivatives for the periods indicated (in thousands):For the years ended December 31,202420232022Hedging derivatives:Decrease in interest expense$2,659 1,573 — Non-hedging swap derivatives:Increase/(decrease) in other income444 (613)(83)(Decrease)/increase in mortgage banking income(277)(34)1,368 The following table presents information regarding our derivative financial instruments designated as hedging for the year ended December 31, 2024 (dollars in thousands):Notional amountEffective rateEstimated decrease to interest expense in the next twelve monthsMaturity dateRemaining term (in months)Interest rate products:Issued May 11, 2023$25,000 3.46 %$(334)5/11/202728Issued May 12, 202325,000 3.50 %(322)5/12/202840Issued May 19, 202325,000 3.78 %(248)11/19/202735Issued May 31, 202325,000 4.04 %(194)11/30/202623Issued July 26, 202325,000 4.18 %(