2024 SUMMARY ANNUAL REPORT TRANSFORMING FOR WHAT’S NEXT 2 2024 | SUMMARY ANNUAL REPORT DISCLOSURE STATEMENT This report may contain forward-looking statements with respect to the financial condition and results of operations of Northwest Bancshares, Inc. (the “Company”) and the proposed merger between the Company and Penns Woods Bancorp, Inc. (the “Merger”), including, without limitation, statements relating to certain plans and expectations relating to the Merger. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward- looking statements, include among others, the following possibilities: (1) changes in the interest rate environment; (2) competitive pressure among financial services companies; (3) general economic conditions including inflation and an increase in non-performing loans; (4) changes in legislation or regulatory requirements; (5) difficulties in continuing to improve operating efficiencies; (6) difficulties in the integration of acquired businesses or the ability to complete sales transactions; (7) increased risk associated with commercial real-estate and business loans; (8) changes in liquidity, including the size and composition of our deposit portfolio; (9) reduction in the value of our goodwill and other intangible assets; (10) the failure of the Merger to close for any reason or the possibility that any of the anticipated benefits of the Merger will not be realized; and (11) the effect of any pandemic, war or act of terrorism. These and other risk factors are more fully described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 under the section entitled “Item 1A - Risk Factors,” and from time to time in other filings made by the Company with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, as actual results may differ materially from those expressed or implied. Management has no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this release, except as required by law. ©2025 Northwest Bancshares, Inc. Directors and Officers Board of Directors Timothy B. Fannin Chairman of the Board Retired Partner Catalano, Case, Catalano & Clark-Radzieta, LLP Timothy M. Hunter Vice Chairman of the Board President and Chief Executive Officer McInnes Rolled Rings Robert M. Campana Chief Executive Officer Campana Development Deborah J. Chadsey Attorney and Partner Kavinoky Cook, LLP Wilbur R. Davis Retired Co-Founder and Chief Executive Officer Ontario Systems, LLC John P. Meegan Retired Executive Vice President and Chief Operating Officer Hefren-Tillotson, Inc. Executive Management Louis J. Torchio President and Chief Executive Officer Carey A. Barnum Chief Auditor Gregory J. Betchkal Chief Risk Officer Urich T. Bowers Chief Consumer Banking and Strategy Officer James M. Colestro Chief Retail Lending Officer Thomas K. Creal IV Chief Credit Officer Devin T. Cygnar Chief Marketing and Communications Officer Jay M. DesMarteau Chief Commercial Banking Officer Kyle P. Kane Chief People Officer Richard K. Laws Chief Legal Counsel and Corporate Secretary Douglas M. Schosser Chief Financial Officer Scott J. Watson Chief Information Officer Mark A. Paup President and Chief Executive Officer Zippo Manufacturing, W.R. Case and Sons Cutlery Company Louis J. Torchio President and Chief Executive Officer Northwest Bancshares, Inc. David M. Tullio President and Chief Executive Officer Custom Engineering Company, LAMJEN, Inc. Pablo A. Vegas President and Chief Executive Officer of the Electric Reliability Council of Texas Amber L. Williams Senior Vice President, Deputy General Counsel at Bath & Body Works 2024 | SUMMARY ANNUAL REPORT 3 Saint Joseph Elkhart Kosciusko Allen Grant Delaware Randolph Hamilton Monroe Greene Lorain Cuyahoga Summit Franklin Erie Crawford Mercer Butler Allegheny Washington Armstrong Clarion Venango Forest Warren McKean Elk Cambria Clearfield Blair Cameron Clinton Centre Potter Tioga Dauphin York Lancaster Lebanon Montgomery Delaware Philadelphia Niagara Erie Chautauqua Monroe Northwest Bancshares, Inc. — Columbus, Ohio Northwest Bank — Warren, Pennsylvania NY PA OH IN Who We Are Market Coverage Headquartered in Columbus, Ohio, Northwest Bancshares, Inc. is the bank holding company of Northwest Bank. Founded in 1896 and headquartered in Warren, Pennsylvania, Northwest Bank is a Pennsylvania-chartered savings bank offering a complete line of business and personal banking products, as well as employee benefits and wealth management services. As of December 31, 2024, we held assets of $14.4 billion and operated 130 full-service financial centers and 11 free standing drive-up facilities in Pennsylvania, New York, Ohio and Indiana. Since 1896, we have helped our customers reach their financial goals and served our communities. Today, we are transforming for what’s next. We support customers nationwide in the commercial business segments of Corporate Finance, Sponsor Finance, Equipment Finance, Sports Finance, Restaurant and Franchise Finance and Small Business Administration (SBA) lending. 4 2024 | SUMMARY ANNUAL REPORT Dear Shareholders, On behalf of Northwest Bank, I am pleased to share that we delivered solid financial results in 2024 thanks to our multi-year transformation focused on sustainable, responsible growth and the hard work and dedication of our talented team. We continue to enhance services and capabilities, expand our footprint and focus on our customers and communities to provide long-term value to the people we serve and ensure we’re always ready for what’s next. Our core operating performance in 2024 has positioned us for continued, sustainable growth in the years to come, with adjusted net income1 of $132.8 million, or $1.04 per share. Our balance sheet and capital ratios remain strong with tangible common equity to tangible assets1 of 8.65%, which provides us with flexibility for continued growth. Our adjusted return on average equity1 (adjusted ROAE) was 8.49%, and our adjusted return on average assets1 (adjusted ROAA) was 0.70%. Over the past several years, we have been focused on increasing our commercial capabilities, launching new verticals in Sponsor Finance, Restaurant and Franchise Finance, Sports Finance, Equipment Finance and Small Business Administration (SBA) lending to serve commercial clients across the country. This expansion began to deliver for us in 2024, growing our commercial loan portfolio by $348.7 million. Amid a dyanmic rate environment, Northwest deposits grew by $164.7 million as a result of our team’s focus on deposit gathering and retention through our suite of products that offer competitive pricing. This growth has positively impacted our balance sheet by allowing us to reduce our reliance on more expensive wholesale funding sources. As part of our growth strategy, Northwest Bancshares, Inc. announced in 2024 a definitive agreement to acquire Penns Woods Bancorp, serving North Central and Northeastern Pennsylvania. The all-stock transaction is valued at approximately $270 million as of the date the merger agreement was executed and is expected to be completed on or before the third quarter of 2025. Total assets of the combined company are expected to be in excess of $17 billion total pro forma assets, placing us among the nation’s top 100 largest banks. “ ” Serving our neighbors, small businesses and commercial clients is central to our mission. Our multi-year transformation into a more innovative and forward- looking bank with enhanced commercial and consumer capabilities is well underway and delivering results. ONCE COMPLETE, THE ACQUISITION OF PENNS WOODS BANCORP WOULD PLACE US AMONG THE NATION’S 100 LARGEST BANKS. THE COMPANY’S CORE EARNINGS AND STRONG BALANCE SHEET UNDERSCORE OUR ONGOING COMMITMENT TO SUSTAINABLE, RESPONSIBLE GROWTH. 100 TOP 1 See reconciliation of non-GAAP financial measures on page 18 2024 | SUMMARY ANNUAL REPORT 5 2024 HIGHLIGHTS Serving our neighbors, small businesses and commercial clients is central to our mission. Our multi-year transformation into a more innovative and forward-looking bank with enhanced commercial and consumer capabilities is well underway and delivering results. Thanks to our strong financial health, we continue to provide meaningful return to our valued shareholders. I am pleased that in the fourth quarter of 2024, we delivered a cash dividend for the 121st consecutive quarter, representing an annualized dividend yield of approximately 6.1%. As we look ahead, we are excited for what’s next. I’d like to thank the dedicated members of our Northwest team for making it all possible. We appreciate your service, expertise and commitment to doing what’s right for your colleagues, customers and communities. Together, we are forging ahead in an evolving marketplace and continue to deliver long-term value for our shareholders. As you will see in the pages of this report, we continue to chart a course into the new era. Thank you for your trust and support. Sincerely, Louis J. Torchio President and Chief Executive Officer $100M NET INCOME $164.7M DEPOSIT GROWTH $348.7M COMMERCIAL LOAN GROWTH $14.4B TOTAL ASSETS 6 2024 | SUMMARY ANNUAL REPORT Key Stats $14.4B ASSETS $11.1B LOANS, NET $12.1B DEPOSITS STOCK PRICE PERFORMANCE SINCE IPO in total return % (Source: S&P Capital IQ) INVESTMENT OF FUNDS 8% 15% 16% 22% 24% 15% SOURCE OF FUNDS 42% 16% 17% 21% 2% NWB Peer Median S&P 500 Bank 0 500 1000 1500 2000 2500 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2024 | SUMMARY ANNUAL REPORT 7 YEAR ENDED DECEMBER 31, 2024 2023 2022 Total assets $14,408,224 14,419,105 14,113,324 Loans receivable, net 11,063,195 11,280,798 10,802,416 Deposits 12,144,554 11,979,902 11,464,548 Shareholders’ equity 1,596,856 1,551,317 1,491,486 Book value per share 12.52 12.20 11.74 Tangible book value per share1 9.51 9.17 8.67 Closing market price per share 13.19 12.48 13.98 FOR THE YEAR ENDED DECEMBER 31, Net interest income $435,578 435,683 420,681 Net income 100,278 134,957 133,666 Non-GAAP net income1 132,805 139,818 137,710 Diluted earnings per share 0.79 1.06 1.05 Non-GAAP earnings per share1 1.04 1.10 1.08 Dividends per share 0.80 0.80 0.80 KEY FINANCIAL RATIOS FOR THE YEAR ENDED DECEMBER 31, Return on average shareholders’ equity 6.41% 8.94% 8.80% Non-GAAP return on average shareholders’ equity1 8.49% 9.26% 9.07% Return on average assets 0.70% 0.95% 0.94% Non-GAAP return on average assets1 0.92% 0.98% 0.97% Equity to assets 11.08% 10.76% 10.57% Tangible common equity to tangible assets1 8.65% 8.30% 8.03% Net interest margin 3.26% 3.28% 3.20% Nonperforming assets to total assets at end of period 0.54% 0.67% 0.58% Net charge-offs as a percentage of average loans outstanding 0.32 % 0.11% 0.02% Allowance for loan losses to nonperforming loans at end of period 188.24% 129.01% 143.98% Allowance for loan losses as a percentage of loans receivable 1.04% 1.10% 1.08% OTHER DATA AT DECEMBER 31, Full-service community banking locations 130 134 142 Average deposits per full-service location2 $93,420 89,402 80,736 Full time equivalent employees 1,956 2,098 2,160 Registered shareholders3 10,288 9,464 11,242 1 See reconciliation of non-GAAP financial measures on page 18 2 In thousands 3 Excludes shareholders who own their stock in “street name” Northwest Bancshares, Inc. and Subsidiaries Financial Highlights In thousands, except per share and other data 8 2024 | SUMMARY ANNUAL REPORT Adding Expertise to Our Team As we transform our bank, we must continue to build a best-in-class team. In 2024, we were pleased to welcome our new Chief Financial Officer, Doug Schosser, who oversees all financial management and a team across treasury, financial planning, accounting, reporting and tax. In welcoming Doug, we say thank you to former CFO Bill Harvey as he begins his well-deserved retirement. 2024 | SUMMARY ANNUAL REPORT 9 What’s Next: Transforming to Better Serve Businesses As we continue our multi-year transformation into a high-performing commercial bank, we are taking significant steps to provide even better service, additional expertise and expanded capabilities for businesses of any size and every sector. For each of our commercial clients, we work to understand their needs and put solutions in place to create efficiencies and help them grow. We build full-service relationships, providing comprehensive support that includes loans, operating accounts, treasury management, wealth management, employee retirement plans and succession plans. Providing 360-Degree Support for Small Businesses To support small businesses throughout the communities we serve, our business bankers work collaboratively with our local financial center managers to better understand the needs of local businesses and economies. These insights allow our teams to tailor advice and support how and where it’s needed. To make the experience even more seamless, we organized our small business solutions across three levels of service, Basic, Preferred and Premier, to support businesses through every step of their journey—from day one to optimal growth. Businesses can move up to the next tier of service as they grow, maximizing the value they receive while adding the products and benefits they need. These new small business-focused features add to our existing capabilities as a national Small Business Administration (SBA) Preferred Lender, which provides its own set of benefits, including lower rates and flexible repayment terms. Specializing to Serve More Commercial Verticals We continue to grow a team of industry experts who provide tailored advice and solutions to specialized verticals across the country. One example is Northwest Sponsor Finance, which supports the acquisition, recapitalization and growth investment efforts of private equity firms operating in the lower middle market. We also have specialized teams in Commercial Finance, Healthcare Finance, Equipment Finance and Sports Finance, each bringing deep industry knowledge to provide tailored financial solutions. Seeding Success Northwest Bank Commercial Real Estate lenders Jeff Skonieczny and Mike Pietropaoli recently worked with Geis Development to secure $29.9 million in financing to build a 195,000 sq. ft. advanced manufacturing facility in Bergen, N.Y. The facility will serve Netherlands- based Oxbo International, an innovator in specialty harvesting and controlled application technology. This facility will help Oxbo grow, today and in the future. Supporting Women-Owned Businesses As the owner of Levitate Float Spa, Leanna Cameron takes pride in improving the physical, mental and emotional well-being of her clients through a combination of spa treatments, float and oxygen therapies. She also is committed to playing her part in building a stronger community. “Northwest Bank has been an incredible partner. The support I had from them was pivotal in transforming my vision into reality.” In 2024, we added new expertise and capabilities in the area of Restaurant and Franchise Finance. Providing best-in-class lending options to franchises across the nation will allow Northwest to further diversify our expanding commercial lending portfolio. 10 2024 | SUMMARY ANNUAL REPORT What’s Next: Helping Customers Achieve Their Goals Every customer has their own unique financial goals. Helping them reach those goals and achieve their dreams requires a partner who takes the time to understand them and provides everything they need to get there. At Northwest, we offer our customers the attention and welcoming environment of a community bank along with all the latest in solutions and digital banking capabilities. We’re focused on providing engaging experiences whether customers are going to the bank or tapping into online and mobile banking. Our frontline team members put customers first and remain highly engaged in every personal interaction. To further elevate Northwest as the bank of choice across the markets we serve, we are investing in our people, products, processes and technology. This includes: • Enhancing the branch experience, from the appearance of our spaces to optimized staffing models and employee training • Establishing customer journeys that are consistent and accessible in an omni channel environment • Simplifying our deposit products to make banking easier Through these efforts, we continue to show our commitment to people and families as they plan for what’s next. Continuing our Digital Transformation With the launch of new features and functionality, we are continuing our multi-year effort to transform Northwest’s digital capabilities. These enhancements allow us to better serve our customers: • Improving customers’ ability to manage their money and reach their financial goals using the comprehensive financial picture available through our enhanced Money Insights tool • Enhancing card management features through Cardhub, which allows customers to manage cards, track spending, receive transaction alerts and more • Enhancing cybersecurity through an improved biometric sign-in feature on our mobile app Passing it Along In 2024, we launched Refer-A-Friend, our customer referral program that provides customers with a $50 Visa® virtual reward when they refer someone they know to open a Northwest checking account. Newly referred customers earn a $200 reward when they open the account and complete program requirements. This program exceeded expectations, rewarding loyal customers and attracting new customers to the bank. Adding New Leadership Northwest Bank recently welcomed Urich Bowers as Chief Consumer Banking & Strategy Officer, overseeing approximately 1,100 employees, the bank’s network of 130 financial centers, investment services; trust services; retail operations and the customer contact center. 2024 | SUMMARY ANNUAL REPORT 11 Planning Secure Financial Futures At Northwest, we take pride in helping people and business clients identify, plan for and eventually reach their financial goals. Our team works with clients to develop comprehensive plans, from retirement accounts and other investments to estate plans and trusts, lines of credit, insurance and annuities. From saving for college to retirement and trusts, our wealth management professionals are with customers every step of the way. Wealth Assets Under Management* Total in billions $7.297 $6.290 $5.400 $4.859 2020 2021 2022 2023 2024 $6.898 *Data as of December 31, 2024 12 2024 | SUMMARY ANNUAL REPORT “Regional banks, with their localized focus, often cultivate strong relationships with customers, enabling them to provide personalized services. These institutions become familiar in the neighborhood; they offer a sense of trust and community that resonates with account holders.” — Newsweek, which named Northwest Bank to its list of America’s Best Regional Banks and Credit Unions 2024 2024 | SUMMARY ANNUAL REPORT 13 What’s Next: Building a Great Team Reed Levitz, Consumer Bank District Manager, Indiana, won the 2024 Ronald J. Seiffert Champions of Opportunity Award. Named for Northwest’s former President and CEO, the award recognizes a team member who demonstrates the company’s culture every day. Melanie Clabaugh, Director of Internal Communications, won the 2024 William J. Wagner Leadership Award. Honoring Northwest’s former Chairman, President and CEO, the award recognizes integrity, leadership style and contributions to moving the company forward. At Northwest Bank, we are constantly working to create an environment that attracts and retains talented and engaged team members. We continue to cultivate a workplace where everyone feels they belong, their experience matters and their expertise is valued. Recognizing Outstanding Efforts To build a company culture that celebrates and elevates excellence, we take the time to recognize employees who best reflect who we are as a bank. Our High Five program empowers employees to award points to coworkers who uphold company values, drive goals and go above and beyond. Recipients can redeem points for gift cards and merchandise. Employees have distributed more than 4,300 awards to 1,600-plus recipients from over 50 departments. Forming Team Connections To connect team members who share common interests, backgrounds and experiences, Northwest Bank has five Employee Resource Groups (ERGs) with a total of more than 700 members. These voluntary, employee- led groups provide places for employees to share knowledge and serve as a sounding board for the organization. Each ERG increased its membership over the past year, some as high as 30%. In 2024, our Veterans & First Responders ERG engaged with the National Veterans Memorial and Museum in Columbus to observe Veterans Day and attend a summit on optimizing engagement and making an impact. Taking Steps Together For a team to truly perform to its potential, team members must be able to understand one another, relate to one another and come together to solve problems. Our annual “Walk a Mile” event encourages team members to connect with someone else within the company to walk or meet with virtually over lunch or a cup of coffee—a chance to share perspectives and have honest conversations. Maintaining Strong Governance and Ethics Integrity, transparency and trust are three principles that drive the way we do business. We continue to strengthen and enhance our approach to corporate governance, risk management and business ethics. Our Code of Ethics defines the standards and expectations we have for how we conduct our business and interact with others. This applies to everyone— from front line employees to senior leaders and our Board of Directors. This gives everyone a clear understanding of our policies and expectations and provides helpful guidance whenever a question or concern arises. We also maintain a strong internal audit structure and a risk management framework driven by our Board of Directors. 14 2024 | SUMMARY ANNUAL REPORT What’s Next: Building Strong Communities We care about the well-being of the communities we serve because we don’t just work in those communities—we live there, too. Leveraging Partnerships to Invest in Communities To help make the dream of home and small business ownership come to life for people living in low-to-moderate income communities, Northwest’s community lending officers (CLOs) spend time building relationships with local organizations that are well-known and trusted. These partnerships, along with our participation in special loan programs like the SBA, First Front Door and Keys to Equity, have connected our CLOs with opportunities to educate, empower and provide the funds people need to achieve their goals. Sharing our Expertise Through these partnerships, members of the Northwest team are uniquely positioned to empower communities by sharing knowledge with our neighbors. From churches to schools and nonprofits, our team members frequently partner with local organizations to present on financial wellness topics. Northwest also makes free resources available to the public on its website, including articles, calculators and learning modules. In Cleveland, CLO Charles Payton partnered with Breadwinners Academy to provide financial education to the Whitney School. Of this partnership, Breadwinners’ founder said, “It’s partnerships like this that bring real value and resources to OUR communities. Charles, your boots-on-the-ground education is making a lasting impact on the next generation of financially empowered individuals.” Homebuyer Success Story Facing both physical and financial obstacles, Scott and Leah Adams never imagined homeownership was possible for them. But through their unwavering determination and support they received through a partnership between PathStone Indiana, First Merchants Bank and Northwest Bank CLO Arlicia Robertson, they made their dream come true! Today, they describe owning their first home as “freedom”— a testament to their resilience and help from the Homebuyers Acquisition and Rehabilitation Program (HARP). COMMUNITY DONATIONS $2.8M COMMUNITY LENDING $241M Ready to be inspired? Scan the code to read their story. Making a Difference In 2024, Northwest hosted an event for Gracehaven, a Columbus-based organization that provides education and resources to help fight human trafficking. More than 130 Northwest employees learned about the role a bank can play in combating human trafficking. By monitoring unusual transactions and patterns, banks can identify and report suspicious activities that may indicate trafficking. 2024 | SUMMARY ANNUAL REPORT 15 16 2024 | SUMMARY ANNUAL REPORT Condensed Consolidated Balance Sheet 2024 2023 ASSETS Cash and cash equivalents $288,378 122,260 Marketable securities available-for-sale 1,108,944 1,043,359 Marketable securities held-to-maturity 750,586 814,839 Loans receivable, net of allowance for credit losses of $116,819 and $125,243 11,063,195 11,280,798 Federal Home Loan Bank stock, at cost 21,006 30,146 Accrued interest receivable 46,356 47,353 Real estate owned, net 35 104 Premises and equipment, net 124,246 138,838 Bank-owned life insurance 253,137 251,895 Goodwill and other intangible assets 383,834 386,287 Other assets 368,507 303,226 TOTAL ASSETS $14,408,224 14,419,105 LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits $12,144,554 11,979,902 Borrowed funds 200,331 398,895 Subordinated debt 114,538 114,189 Junior subordinated debentures 129,834 129,574 Advances by borrowers for taxes and insurance 42,042 45,253 Accrued interest payable 6,935 13,669 Other liabilities 173,134 186,306 TOTAL LIABILITIES 12,811,368 12,867,788 Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued — — Common stock, $0.01 par value, 500,000,000 shares authorized; 1,275 1,271 127,508,003 and 127,110,453 shares issued and outstanding, respectively Additional paid-in capital 1,033,385 1,024,852 Retained earnings 673,110 674,686 Accumulated other comprehensive loss (110,914) (149,492) TOTAL SHAREHOLDERS’ EQUITY 1,596,856 1,551,317 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $14,408,224 14,419,105 AS OF DECEMBER 31, In thousands, except share data Financial Data 2024 | SUMMARY ANNUAL REPORT 17 Condensed Consolidated Statements of Income 2024 2023 2022 INTEREST INCOME Loans $615,776 543,659 407,828 Investments and interest-earning deposits 53,420 44,263 40,970 TOTAL INTEREST INCOME 669,196 587,922 448,798 INTEREST EXPENSE Deposits 205,492 105,343 14,120 Borrowed funds 28,126 46,896 13,997 TOTAL INTEREST EXPENSE 233,618 152,239 28,117 Net interest income 435,578 435,683 420,681 Provision for credit losses - loans 27,679 18,664 17,860 Provision for credit losses - unfunded commitments (3,174) 4,210 10,455 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 411,073 412,809 392,366 NON-INTEREST INCOME Loss on sale of investments (39,413) (8,307) (8) Gain on sale of mortgage servicing rights — 8,305 — Gain on sale of SBA loans 3,819 1,800 — Gain on sale of loans — 726 — Service charges and fees 62,957 59,214 55,188 Trust and other financial services income 30,102 27,284 27,765 Income from bank-owned life insurance 6,327 8,588 7,129 Mortgage banking income 2,321 2,431 4,865 Other 20,897 13,782 15,910 TOTAL NON-INTEREST INCOME 87,010 113,823 110,849 NON-INTEREST EXPENSE Compensation and employee benefits 214,455 195,691 188,359 Premises and occupancy costs 29,469 29,151 29,618 Office operations 12,433 12,955 13,318 Collections expense 2,121 1,695 1,808 Processing expenses 59,351 58,687 52,496 Marketing expenses 8,890 9,444 9,095 Federal deposit insurance premiums 11,600 9,271 4,778 Professional services 14,883 17,819 14,703 Amortization of intangible assets 2,452 3,270 4,277 Merger, asset disposition and restructuring expense 5,763 6,749 5,617 Other 7,120 6,822 5,454 TOTAL NON-INTEREST EXPENSE 368,537 351,554 329,523 Income before income taxes 129,546 175,078 173,692 Income tax expense 29,268 40,121 40,026 NET INCOME $100,278 134,957 133,666 Basic earnings per share $0.79 1.06 1.05 Diluted earnings per share 0.79 1.06 1.05 YEARS ENDED DECEMBER 31, In thousands, except per share data 18 2024 | SUMMARY ANNUAL REPORT Reconciliation of non-GAAP financial measures reported in Financial Highlights in thousands, except per share amounts 2024 2023 2022 RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME Net income (GAAP) $100,278 134,957 133,666 Non-GAAP adjustments Add: merger, asset disposition and restructuring expense 5,763 6,749 5,617 Add: loss on the sale of investments 39,413 8,307 — Less: gain on sale of mortgage servicing rights — (8,305) — Less: tax benefit of non-GAAP adjustments (12,649) (1,890) (1,573) Adjusted net income (non-GAAP) $132,805 139,818 137,710 Diluted earnings per share (GAAP) $0.79 1.06 1.05 Diluted adjusted earnings per share (non-GAAP) $1.04 1.10 1.08 Average equity $1,563,454 1,510,285 1,518,704 Average assets 14,385,171 14,269,809 14,177,698 Annualized return on average equity (GAAP) 6.41% 8.94% 8.80% Annualized return on average assets (GAAP) 0.70% 0.95% 0.94% Annualized return on average equity, excluding merger, asset disposition and restructuring expense, loss on the sale of investments and gain on sale of mortgage servicing rights, net of tax (non-GAAP) 8.49% 9.26% 9.07% Annualized return on average assets, excluding merger, asset disposition and restructuring expense, loss on sale of investments, and gain on sale of mortgage servicing rights, net of tax (non-GAAP) 0.92% 0.98% 0.97% 2024 2023 2022 TANGIBLE COMMON EQUITY TO ASSETS Total shareholders’ equity $1,596,856 1,551,317 1,491,486 Less: goodwill and intangible assets (383,834) (386,287) (389,557) Tangible common equity $1,213,022 1,165,030 1,101,929 Total assets $14,408,224 14,419,105 14,113,324 Less: goodwill and intangible assets (383,834) (386,287) (389,557) Tangible assets $14,024,390 14,032,818 13,723,767 Tangible common equity to tangible assets 8.65% 8.30% 8.03% TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS, INCLUDING UNREALIZED LOSSES ON HELD-TO-MATURITY INVESTMENTS Tangible common equity $1,213,022 1,165,030 1,101,929 Less: unrealized losses on held to maturity investments (112,638) (115,334) (129,865) Add: deferred taxes on unrealized losses on held to maturity investments 31,539 32,294 36,362 Tangible common equity, including unrealized losses on held-to-maturity investments $1,131,923 1,081,990 1,008,426 Tangible assets $14,024,390 14,032,818 13,723,767 Tangible common equity to tangible assets, including unrealized losses on held-to-maturity investments 8.07% 7.71% 7.35% TANGIBLE BOOK VALUE PER SHARE Tangible common equity $1,213,022 1,165,030 1,101,929 Common shares outstanding 127,508,003 127,110,453 127,028,848 Tangible book value per share 9.51 9.17 8.67 YEARS ENDED DECEMBER 31, The following non-GAAP financial measures used by the Company provide information useful to investors in understanding our operating performance and trends, and facilitate comparisons with the performance of our peers. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s Consolidated Statements of Financial Condition. 2024 | SUMMARY ANNUAL REPORT 19 Investor Information Corporate Headquarters 3 Easton Oval, Suite 500 Columbus, OH 43219 Phone: (800) 859-1000 www.northwest.com Annual Meeting The Annual Meeting will be held virtually at 10:00 a.m. Eastern Time on April 17, 2025 at www.virtualshareholdermeeting.com/NWBI2025. Stock Listing Northwest Bancshares, Inc. common stock trades on the NASDAQ Global Select Market under the symbol “NWBI.” The CUSIP number is 667340103. Registrar, Transfer and Dividend Disbursing Agent Shareholder communications regarding change of address, change in stock registration, reporting of lost certificates and dividend checks should be directed to: Equiniti Trust Company, LLC 48 Wall Street, Floor 23 New York, NY 10005 Phone: (877) 715-0499 or (800) 937-5449 Email: helpAST@equiniti.com www.equiniti.com Online Shareholder Account Access Registered shareholders can securely manage their account(s) online through Equiniti Trust Company, LLC at www.equiniti.com by navigating to “Login”, “AST Access to AST Portals”, clicking “Login” under Individuals and then under “Shareholder Central”, click “Login” again. Here you can easily obtain important details about your holdings and general stock transfer information, as well as initiate a number of transactions and inquiries including the following: • Update your mailing address • Print a duplicate 1099 tax form • Combine/consolidate accounts • Request a replacement dividend check • Download stock transfer instructions and forms • Enroll in direct deposit of dividends Independent Auditors KPMG LLP, Pittsburgh, Pennsylvania Securities Counsel Davis Polk & Wardwell LLP, New York, New York Financial Information The Annual Report on Form 10-K is filed with the Securities and Exchange Commission (SEC). Copies of this document and other filings, including exhibits thereto, may be obtained electronically at www.sec.gov or through the company’s website, www.northwest.com. Copies may also be obtained, without charge, by submitting a request to: Shareholder Relations Northwest Bancshares, Inc. 100 Liberty Street P.O. Box 128 Warren, PA 16365 Phone: (800) 859-1000 Email: shareholderrelations@northwest.com Direct Deposit of Dividends (ACH) Registered shareholders who do not reinvest their dividends may elect to have cash dividends directly deposited into their savings or checking account, thereby providing immediate access to funds and eliminating mail delays and lost or stolen checks. You may enroll online by accessing your shareholder account(s) at www.equiniti. com or, to obtain an enrollment card, by calling Equiniti Trust Company, LLC at (877) 715-0499, (800) 937-5449 or Northwest at (800) 859-1000. Investor Relations Louis J. Torchio President and Chief Executive Officer Douglas M. Schosser Chief Financial Officer 3 Easton Oval, Suite 500 Columbus, OH 43219 (814) 726-2140 Northwest.com