Company: NWBI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001471265-25-000077
Chunk: 28

Company: Northwest Bancshares, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 28
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 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 borrowings on this line may be repaid at any time without penalty. There was no balance on the revolving line of credit at March 31, 2025 and December 31, 2024.At March 31, 2025 and December 31, 2024, collateralized borrowings due within one year were $19 million and $22 million, respectively. These borrowings are collateralized by cash or various securities held in safekeeping by the FHLB. At March 31, 2025, the carrying value of the cash and securities used as collateral was $36 million.At March 31, 2025 and December 31, 2024, collateral received was $4 million and $3 million, respectively. This represents collateral posted to us from our derivative counterparties.  

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At March 31, 2025 and December 31, 2024, term notes payable to the FHLB of Pittsburgh due within one year were $175 million. The The March 31, 2025 total is made up of seven advances each for $25 million.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 2022 the Company repurchased $10 million of subordinated notes leaving $115 million of subordinated notes outstanding.  The subordinated debt issuance costs of approximately $2 million are being amortized over five years on a straight-line basis into interest expense. At March 31, 2025 and December 31, 2024, subordinated debentures, net of issuance costs, were $115 million.  For the quarters ended March 31, 2025 and March 31, 2024 total interest expense paid on the