Company: NWBI
Filing Date: 2025-02-24
Form Type: 424B3
Source: 0001193125-25-033488
Chunk: 70

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-24
Form: 424B3
Chunk 70
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 |     | $                     |   824 |     |      |  7.8 | % |     |        | 1.0 | % |     |      |  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. |

50

Discounted Cash Flow Analysis – Penns Woods: Stephens performed a standalone discounted cash flow analysis to estimate a range of implied equity values for Penns Woods based upon the discounted net present value of the projected after-taxfree cash flows for Penns Woods for the projected period. In this analysis, Stephens used (i) financial information and data provided by Penns Woods and (ii) financial forecasts and projections provided by the executive management team of Penns Woods. See the section below entitled “ THE MERGER—Certain Unaudited Prospective Financial Information” beginning on page 53 for additional information regarding the unaudited prospective financial information used by Stephens in performing its analysis. Stephens determined the projected amount of cash flow for Penns Woods assuming (i) annual dividend payments, including projected additional dividends for earnings and excess capital (if any) above a tangible common equity to tangible asset ratio of 9.0% from 2024 to 2029, and (ii) a standalone terminal value assuming a price to last-twelve-months Core (as defined by S&P Global Market Intelligence) earnings per share multiple (“Earnings Multiple”) of 12.