Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 355

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 8
Chunk 355
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,395 13,997 After 60 months1,802 3,043 Total time deposits$2,677,645 2,602,881  The following table summarizes the interest expense incurred on the respective deposits for the years ended December 31, 2024, 2023 and 2022: Years ended December 31, 202420232022Interest-bearing demand deposits$27,394 11,606 1,517 Money market deposit accounts34,563 24,734 3,381 Savings deposits24,222 8,822 2,339 Time deposits (1)119,313 60,181 6,883 Total interest expense on deposits$205,492 105,343 14,120 (1)Includes $18 million, $8 million, and $0 of interest expense on brokered deposits at December 31, 2024, 2023, and 2022.

(11)                         Borrowed Funds

 (a)                                 BorrowingsBorrowed funds at December 31, 2024 and 2023 are presented in the following table: At December 31, 20242023 AmountAverage rateAmountAverage rateTerm notes payable to the FHLB of Pittsburgh, due within one year$175,000 4.64 %$175,000 5.71 %Notes payable to the FHLB of Pittsburgh, due within one year— — %163,500 5.70 %Collateralized borrowings, due within one year22,323 1.73 %35,495 1.72 %Collateral received, due within one year3,008 4.65 %24,900 5.26 %      Total borrowed funds$200,331 $398,895  Borrowings from the Federal Home Loan Banks (“FHLB”) of Pittsburgh, if any, are secured by our residential first mortgage and other qualifying loans. At December 31, 2024, the carrying value of these loans was $5.7 billion. Certain of these borrowings are subject to restrictions or penalties in the event of prepayment.  The revolving line of credit with the FHLB of Pittsburgh carries a commitment of $250 million. The rate is adjusted daily by the FHLB of Pittsburgh, and any borrow