Company: NWBI
Filing Date: 2025-02-20
Form Type: S-4/A
Source: 0001193125-25-030716
Chunk: 69

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-20
Form: S-4/A
Chunk 69
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 documents. Note: Transaction data as of deal announcement date. “—” means data not available or not applicable. Only includes whole bank M&A.

| (1) | MOE as defined by S&P Global Market Intelligence. |

| (2) | Any multiples < 0.0x and >25.0x are considered NM (not meaningful). |

| (3) | Core deposits calculated as bank-level total deposits less time deposits greater than $100K. |

| (4) | Core earnings is based on GAAP financials and adjusted for nonrecurring items. |

48

Relevant New York and Pennsylvania Transactions Analysis: Stephens reviewed certain publicly available transaction multiples and related financial data for bank and thrift transactions announced since January 1 st, 2020, where (i) the target was headquartered in New York or Pennsylvania, (ii) the deal value was publicly disclosed, (iii) the target’s assets were under $10 billion, and (iv) the stock consideration was greater than 50% of the total consideration, excluding mergers-of-equalstransactions (as defined by S&P Global Market Intelligence). The following transactions were selected by Stephens because each target’s relative asset size, financial performance and operations, among other factors, was reasonably similar to Penns Woods; however, no selected company or transaction below was identical or directly comparable to Penns Woods or the proposed Merger (in each transaction, the acquirer is listed first, the target is listed second and the transaction announcement date is noted parenthetically):

| • |     | Mid Penn Bancorp, Inc. / William Penn Bancorp. (11/1/2024) |

| • |     | NBT Bancorp Inc. / Evans Bancorp Inc. (9/9/2024) |

| • |     | ConnectOne Bancorp Inc. / The First of Long Island Corp. (9/5/2024) |

| • |     | ACNB Corp. / Traditions Bancorp (7/24/2024) |

| • |     | Peoples Financial Services / FNCB Bancorp, Inc. (9/27/2023) |

| • |     | First Bank / Malvern Bancorp Inc. (12/14/2022) |

| • |     | Citizens Financial Services / HV Bancorp Inc. (10/19/2022) |

| • |     | First Commonwealth Financial / Centric Financial Corp. (8/30/2024)