Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 133

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 133
---
 the common stockholders of PB Bankshares;                                                                                                                                                                                              |

| (vi) | there has been no material change in the assets, liabilities, financial condition, results of operations,                                                                                                                                               
 business or prospects of PB Bankshares or Norwood since the date of the most recent financial statements made available to Stephens, and that no legal, political, economic, regulatory or other development has occurred that will adversely impact PB 
 Bankshares or Norwood; and                                                                                                                                                                                                                              |

84

| (vii) | the proposed merger will be consummated in a manner that complies with applicable law and regulations. |

Stephens’ opinion was limited to whether the consideration to be received by the common stockholders of PB Bankshares (solely in their capacity as such) in the proposed merger was fair to them from a financial point of view as of the date of the opinion. Stephens was not asked to, and it did not, offer any opinion as to the terms of the merger agreement or the form of the proposed merger or any aspect of the proposed merger, other than the fairness, from a financial point of view, of the consideration to be received in the proposed merger by the common stockholders of PB Bankshares (solely in their capacity as such). The opinion did not address the merits of the underlying decision by PB Bankshares to engage in the proposed merger, the merits of the proposed merger as compared to other alternatives potentially available to PB Bankshares or the relative effects of any alternative transaction in which PB Bankshares might engage, nor is it intended to be a recommendation to any person or entity as to any specific action that should be taken in connection with the proposed merger, including with respect to how to vote or act with respect to the proposed merger. Moreover, Stephens did not express any opinion as to the fairness of the amount or nature of the compensation to any of PB Bankshares’s officers, directors or employees, or to any group of such officers, directors or employees, whether relative to the compensation to other shareholders of PB Bankshares or otherwise. The following is a summary of the material financial analyses performed and material factors considered by Stephens in connection with developing its opinion. In performing the financial analyses described below, Stephens relied on the financial and operating data, projections and other financial information and assumptions concerning PB Bankshares and Norwood provided by management of PB Bankshares and management of Norwood, as applicable, and Stephens reviewed with PB Bankshares’s executive management certain assumptions concerning PB Bankshares and Norwood upon which the analyses were based,