Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 150

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 150
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 generally means as property held for investment. This summary is for general information only, and it does not address all the U.S. federal income tax consequences that may be relevant to particular holders of PB Bankshares common stock in light of their investments or individual tax circumstances or to holders of PB Bankshares common stock that are subject to special rules under the U.S. federal income tax laws, such as:

| • |     | banks and other financial institutions; |

| • |     | investors in partnerships, S corporations or other pass-through entities; |

| • |     | persons who are subject to alternative minimum tax; |

| • |     | insurance companies; |

| • |     | tax-exempt organizations; |

| • |     | mutual funds; |

| • |     | dealers in securities, commodities or currencies; |

| • |     | traders in securities that elect to use a                 
 mark-to-market method of accounting for their securities; |

| • |     | persons that hold PB Bankshares common stock as part of a straddle, hedge, constructive sale or conversion 
 transaction;                                                                                               |

| • |     | regulated investment companies; |

| • |     | real estate investment trusts; |

| • |     | persons whose “functional currency” for tax purposes (as defined in Section 985 of the Code) is 
 not the U.S. dollar;                                                                            |

| • |     | persons who are not citizens or residents of the United States; |

99

| • |     | holders who acquired their shares of PB Bankshares common stock through the exercise of an employee stock option 
 or otherwise as compensation for services;                                                                       |

| • |     | persons required to accelerate the recognition of any item of gross income as a result of such income being 
 recognized on an applicable financial statement;                                                            |

| • |     | holders who actually or constructively own five percent or more of PB Bankshares common stock; |

| • |     | non-U.S. holders; and |

| • |     | governments or agencies or instrumentalities thereof. |

If a partnership (or other entity or arrangement that is taxed as a partnership for U.S. federal income tax purposes) holds PB Bankshares common stock, the tax treatment of a partner in that partnership generally will depend upon the status of the partner and the activities of the partnership. Partnerships and partners in partnerships should consult their own tax advisors about the tax consequences of the merger applicable to them. In the discussion does not address any alternative minimum tax or any