Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 68

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 68
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.9 | %    |
| Median                       |     |                           |     |       |            |     | $     | 133 |     |                       | 1.30 |     |        | 14.56 |     |        | 16.21 |     |         |  3.2 | %    |     | $                     | 1,052 |     |      |  8.0 | % |     |        | 0.5 | % |     |      |  0.8 | %    |
| 25th Percentile              |     |                           |     |       |            |     | $     | 102 |     |                       | 1.06 |     |        | 11.54 |     |        | 12.14 |     |         |  1.4 | %    |     | $                     |   847 |     |      |  7.2 | % |     |        | 0.9 | % |     |      |  0.6 | %    |
| Northwest Bancshares, Inc.   |     | Penns Woods Bancorp, Inc. |     |       |            |     |       |     |     |                       |      |     |        |       |     |        |       |     |         |      |      |     |                       | 2,259 |     |      |  8.3 | % |     |        | 0.2 | % |     |      |  1.0 | %(4) |

Source: S&P Global Market Intelligence, Company documents. Note: Transaction data as of deal announcement date. “—” means data not available or not applicable. Only includes whole bank M&A.

| (1) | MOE as defined by S&P Global Market Intelligence. |

| (2) | Any multiples < 0.0x and >25.0x are considered NM (not meaningful). |

| (3) | Core deposits calculated as bank-level total deposits less time deposits greater than $100K. |

| (4) | Core earnings is based on GAAP financials and adjusted for nonrecurring items. |

48

Relevant New York and Pennsylvania Transactions Analysis: Stephens reviewed certain publicly available transaction multiples and related financial data for bank and thrift transactions announced since January 1 st, 2020, where (i) the target was headquartered in New York or Pennsylvania, (ii