Company: NWBI
Filing Date: 2025-02-24
Form Type: 424B3
Source: 0001193125-25-033488
Chunk: 66

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-24
Form: 424B3
Chunk 66
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 Inc. / Evans Bancorp Inc. (9/9/2024) |

| • |     | German American Bancorp Inc. / Heartland BancCorp (7/29/2024) |

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

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

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

| • |     | Summit Financial Group Inc. / PSB Holding Corp. (12/12/2022) |

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

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

| • |     | Brookline Bancorp Inc. / PCSB Financial Corp. (5/24/2022) |

| • |     | Fulton Financial Corp. / Prudential Bancorp, Inc. (3/2/2022) |

| • |     | Farmers National Banc Corp. / Emclaire Financial Corp. (3/24/2022) |

47

Stephens considered these selected transactions to be reasonably similar, but not identical or directly comparable, to the proposed Merger. A complete analysis involves complex considerations and qualitative judgments concerning differences in the selected transactions and other factors that could affect the transaction values in those selected transactions as compared with the proposed Merger. Mathematical analysis (such as determining the median) is not in itself a meaningful method of using selected transaction data. Stephens compared certain proposed transaction multiples of the proposed Merger to the 25 thpercentile, median and 75 thpercentile transaction multiples of the selected transactions:

| Acquirer                     |     | Target                    |     | Annc. 
 Date  |            |     | Deal  
 Value 
 ($MM) |     |     | Transaction Multiples 
 Target                
 Price/                
 TBV                   
 (x)                   |      |     | Price/ 
 MRQ    
 EPS(2) 
 (x)    |       |     | Price/ 
 LTM    
 EPS(2) 
 (x)    |       |     | Core    
 Deposit 
 Prem.   
 (%)     |      |      |     | Target Financial Data 
 Total                 
 Assets                
 ($MM)                 |       |     | T