Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 61

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 61
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 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 Value / Last-Twelve-Months (“LTM”) Core Earnings (1)              |     | 15.1x |
| Transaction Value / 2025 Estimated Earnings (2)                               |     | 11.7x |
| Transaction Value / 2026 Estimated Earnings (2)                               |     | 10.7x |
| Core Deposit Premium(3)                                                       |     | 5.0%  |

Source: S&P Global Market Intelligence, Management Guidance. Note: Market data as of December 13, 2024.

| (1) | Note: The most recent quarter annualized,                                                                                                                                           
 year-to-date annualized, and last-twelve-months earnings of Penns Woods are based on the most recent available financial statements prior to announcement. Core Earnings            
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