Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 137

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 137
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 -2 |     |     | 10.1x |     | 9.5x  |

Source: S&P Global Market Intelligence, FactSet. Note: Market data as of 7/3/2025. Financial data as of the most recent quarter reported. Bank-level data used where consolidated BHC data not available. Core defined by S&P Global Market Intelligence. Any Price / Earnings ratio greater than 30.0x is “Not Material.”; any Price / Tangible Book Ratio less than 0.50x is “Not Material”.

| (1) | NPAs/Assets excludes restructured loans from nonperforming assets. |

| (2) | MRQ Core EPS and LTM Core EPS for Norwood Financial calculated by Stephens Investment Banking using data 
 sourced from S&P Global Market Intelligence.                                                             |

Relevant Nationwide Transactions Analysis: Stephens reviewed certain publicly available transaction multiples and related financial data for nationwide bank and thrift transactions announced since January 1 st, 2024, where (i) target latest twelve months (LTM) return on average assets (ROAA) was less than 0.50%, (ii) target tangible common equity to tangible assets (TCE / TA) was greater than 8.0%, (iii) announced deal value was between $20 and $100 million, and (iv) target assets were less than $3 billion, excluding credit unions, digital banks, mutual institutions, and merger-of-equalstransactions (as defined by S&P Global Market Intelligence). The following transactions were selected by 90

Stephens because each target’s relative asset size, financial performance and operations, among other factors, was reasonably similar to PB Bankshares; however, no selected company or transaction below was identical or directly comparable to PB Bankshares or the proposed merger (in each transaction, the acquirer is listed first, the target is listed second and the transaction announcement date is noted parenthetically):

| • |     | Georgia Banking Co. / Primary Bcshs Corp (10/9/2024) |

| • |     | Hope Bancorp, Inc. / Territorial Bancorp Inc. (4/29/2024) |

| • |     | Bus. First Bancshares Inc. / Oakwood Bancshares Inc. (4/25/2024) |

| • |     | LCNB Corp. / Eagle Financial Bancorp Inc (11/29/2023) |

| • |     | L