Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 51

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 51
---
-off of deposits and loans following announcement 
 and/or the closing of the Merger;                              |

| • |     | the risk that projected earnings and/or cost savings will not materialize or will be less than expected; |

| • |     | the possibility that Northwest common stock may trade down post-announcement and/or post-Merger; |

| • |     | the risk that Penns Woods’ loans and other items were not appropriately valued; |

| • |     | the risk that Penns Woods terminates the Merger Agreement by reason of a superior competing proposal; and |

| • |     | other risks described under the sections entitled “RISK FACTORS” beginning on page 18 and 
 “CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS” beginning on page 16.         |

The above discussion of the information and factors considered by the Northwest board of directors is not intended to be exhaustive but includes the material factors considered by the Northwest board of directors. In reaching its decision to approve the Merger Agreement, the Merger and the other transactions contemplated by 34

the Merger Agreement, the Northwest board of directors did not quantify or assign any relative weights to the factors considered, and individual directors may have given different weights to different factors. The Northwest board of directors considered all these factors as a whole, including through its discussions with Northwest’s management and financial and legal advisors, in evaluating the Merger Agreement, the Merger, and the other transactions contemplated by the Merger Agreement. Penns Woods’ Reasons for the Merger In reaching the conclusion that the Merger Agreement, and the transactions contemplated thereunder, are in the best interests of and advisable for Penns Woods and its shareholders, and in approving the Merger Agreement, the Penns Woods board of directors consulted with executive management, its financial advisor, and its legal counsel, and considered a number of factors, including, among others, the following, which are not presented in any order of priority:

| • |     | the business strategy and strategic plans of Penns Woods, its prospects for the future and projected financial 
 results, particularly in light of Penns Woods’ asset size, geographic location, and product offerings;         |

| • |     | the consideration and related exchange ratio offered by Northwest, which represents an attractive premium or                                                                                                
 multiple to Penns Woods’ current tangible book value per share (139%), its LTM core earnings per share (12.8x), and its recent and historical stock prices, based on various