Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 52

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 52
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 analyses provided by Stephens; |

| • |     | the anticipated approximately 50% increase in per share cash dividends to be received by Penns Woods shareholders                                                                                                                                      
 based on the exchange ratio and the current per share dividend payment amounts by Penns Woods and Northwest (from $1.28 annualized per share of Penns Woods common stock to $1.91 annualized per equivalent share based on the exchange ratio of 2.385 
 shares of Northwest common stock for each share of Penns Woods common stock);                                                                                                                                                                          |

| • |     | the strategic rationale for the merger, including the complementary nature of the branch networks of the combined 
 company after the merger, and the prospects for continued growth of the combined company;                         |

| • |     | the fact that the transaction is an all-stock transaction with a fixed                                                                                                               
 exchange ratio, thereby permitting Penns Woods shareholders to realize the benefits of any increases in value of Northwest common stock before and after closing of the transaction; |

| • |     | on a pro forma combined basis, the transaction is estimated to be accretive to earnings per share in the first 
 full year after completion of the transaction;                                                                 |

| • |     | on a pro forma combined basis, the transaction is estimated to be accretive to book value per share within three 
 years after completion of the transaction;                                                                       |

| • |     | the understanding of the Penns Woods board of directors of the strategic options available to Penns Woods and the                                                                                                                                        
 board’s assessment of those options taking into account a number of factors, including Penns Woods’ prospects for continued growth as an independent financial institution and the need to fund continued growth (including the effects of               
 dilution resulting from any future offering and sale of additional shares of common equity), the limited opportunities for acquisitions of other financial institutions in its market area, or a business combination with a potential acquirer, and the 
 board’s belief that none of the available alternatives were expected to result in the financial and operational benefits that would be achievable through the merger transaction with Northwest;                                                         |

| • |     | the challenges facing community financial institutions in growing a franchise and enhancing shareholder value on                                                                                                                                        
 a standalone basis given current market and operating conditions, including increased costs resulting from the continuing need to invest in technology and regulatory compliance, continued pressure on net interest margins resulting from competition 
 and other factors, and anticipated challenges in funding continued loan growth in Penns Woods’ market area through core deposits or otherwise;                                                                                                          |

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