Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 70

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 70
---
. / Savoy Bank (8/27/2020) |

| • |     | Norwood Financial Corp. / UpState New York Bancorp Inc. (1/9/2020) |

49

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)                 |       |     | TCE/ 
 TA   
 (%)  |      |   |     | NPAs/  
 Assets 
 (%)    |     |   |     | LTM  
 ROAA 
 (%)  |      |      |
|:-----------------------------|:----|:-------------------------------|:----|:-----------|:-----------|:----|:------|------:|:----|:----------------------|-----:|:----|:-------|------:|:----|-------:|:----|:--------|-----:|:-----|:----|:----------------------|------:|:----|:-----|-----:|:--|:----|:-------|----:|:--|:----|:-----|-----:|:-----|
| Mid Penn Bancorp Inc.        |     | William Penn Bancorp.          |     |            | 11/1/2024  |     | $     |   126 |     |                       | 1.01 |     |        |    NM |     |     NM |     |         |  .06 | %(