Company: NWBI
Filing Date: 2025-02-24
Form Type: 424B3
Source: 0001193125-25-033488
Chunk: 65

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-24
Form: 424B3
Chunk 65
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     |        |  1.37 |    |     |      | 13.2 |     |     | 14.0 |
| Northwest Bancshares, Inc.     |     | NWBI   |     |        | 14,354 |     |          | 93.6 | % |     |      |  8.6 | % |     |          | 21 | % |     |           | 0.54 | % |     |      | 0.88 | %(2) |     |        | 10.6 | %(2) |     |        | 1,826 |     |        | 1.51x | -2 |     |      | 14.5 |     |     | 14.0 |

Source: S&P Global Market Intelligence, FactSet. Note: Market data as of 12/13/2024. Financial data as of the most recent quarter reported. Bank-level data used where consolidated BHC data not available. Core defined by S&P Global Market Intelligence.

| (1) | NPAs/Assets excludes restructured loans from nonperforming assets. |

| (2) | Core earnings is based on GAAP financials and adjusted for nonrecurring items. |

46

Relevant Mid-Atlanticand Ohio Transactions Analysis: Stephens reviewed certain publicly available transaction multiples and related financial data for bank and thrift transactions announced since January 1 st, 2022, where (i) the target was headquartered in the Mid-Atlantic(DC, DE, MD, NJ, NY, and PA) or Ohio, (ii) the deal value was publicly disclosed, (iii) the target’s assets were between $500 million and $4 billion, and (iv) the stock consideration was greater than 50% of the total consideration, excluding TBB Investments LLC / Berkshire Bancorp, Inc. (investor group transaction). 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