Company: NWBI
Filing Date: 2025-02-20
Form Type: S-4/A
Source: 0001193125-25-030716
Chunk: 63

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-20
Form: S-4/A
Chunk 63
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x |
| 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            
 is net income after taxes and before extraordinary items, less gain on the sale of available for sale securities, nonrecurring provision expense, and normalized provision expense. |

| (2) | Note: Estimated 2025 and 2026 net income provided by and approved for use by Penns Woods management. |

| (3) | Note: Core deposit premium calculated using tangible common equity and deposits less time deposits > 
 $100,000.                                                                                            |

Relevant Public Companies Analysis – Penns Woods: Stephens compared the financial condition, operating statistics and market valuation of Penns Woods to certain public companies selected by Stephens and their respective public trading values. Stephens selected the public companies outlined below because their relative asset size and financial performance, among other factors, were reasonably similar to Penns Woods; however, no selected company below was identical or directly comparable to Penns Woods. A complete analysis involves complex considerations and qualitative judgments concerning differences in financial and operating characteristics and other factors that could affect the public trading values of the relevant public companies. Mathematical analysis (such as determining the median) is not in itself a meaningful method of using relevant public company data. Stephens selected the following fifteen (15) public companies based on the criteria set forth below: Includes major exchange-traded (1)banks and thrifts headquartered in the Mid-Atlantic (2)with most recent quarter total assets between $2 and $3 billion excluding merger targets, distressed entities (3), and mutuals 42

| LINKBANCORP, Inc. (LNKB)            
 Chemung Financial Corp. (CHMG)      
 Citizens & Northern Corp. (CZNC)    
 Unity Bancorp, Inc. (