Company: NWBI
Filing Date: 2025-02-24
Form Type: 424B3
Source: 0001193125-25-033488
Chunk: 60

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-24
Form: 424B3
Chunk 60
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 summary description. The order of the summaries of analyses described does not represent the relative importance or weight given to those analyses by Stephens. It should be noted that in arriving at its opinion, Stephens did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Accordingly, Stephens believes that its analysis must be considered as a whole and that considering any portion of such analyses and factors, without considering all analyses and factors as a whole, could create a misleading or incomplete view of the process underlying its opinion. The financial analyses 41

summarized below include information presented in tabular format. The tables alone do not constitute a complete description of the financial analyses summarized below. Accordingly, Stephens’ analyses and the summary of its analyses must be considered as a whole, and selecting portions of its analyses and factors or focusing on the information presented below in tabular format, without considering all analyses and factors or the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the process underlying Stephens’ analyses and opinion. Summary of Proposed Merger: Pursuant to the merger agreement, and subject to the terms, conditions and limitations set forth therein, and for purposes of its opinion, Stephens understood that, subject to potential adjustments as described in the merger agreement, each outstanding share of Penns Woods common stock will be converted into the right to receive 2.3850 shares of Northwest common stock, which, based on Northwest’s closing stock price of $14.33 on December 13, 2024, results in the expected consideration to be exchanged by Northwest to acquire all of the equity interests in Penns Woods having an aggregate value of approximately $268 million. Based upon the unaudited financial information of Penns Woods as of and for the twelve months ended September 30, 2024, and market data as of December 13, 2024, Stephens calculated the following transaction multiples:

| Transaction Value / Reported Tangible Book Value (at September 30, 2024)      |     | 1.38x |
|:------------------------------------------------------------------------------|:----|:------|
| Transaction Value / Most Recent Quarter Annualized (“MRQA”) Core Earnings (1) |     | 12.7x |
| Transaction Value /                                                           
 Year-to-Date Annualized (“YTDA”) Core Earnings (1)                            |     | 14.8x |
| Transaction