Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 191

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 191
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ual with the
after-tax cost as reduction to retained earnings, and (b) PB Bankshares pre-tax charges are estimated at $1.1 million ($1.0 million after-tax) and are included as a pro forma fair value liability accrual The pro forma statements of income does include an accrual for one-time merger related charges of
$6.0 million. The pro forma combined book value per share of Norwood common stock is based on the pro forma combined common stockholders’ equity of PB Bankshares and Norwood divided by total pro forma common shares of the combined
entities.

The unaudited pro forma data are qualified by the statements set forth under this caption and should not be considered indicative of the market value of Norwood common stock or the actual or future results of operations of Norwood for any period. Actual results may be materially different than the pro forma information presented.

122

Norwood Financial Corp. Unaudited Combined Pro Forma Balance Sheets as of June 30, 2025 ($ In thousands, except per share data)

| Assets                                     |     | Norwood Financial 
 Corp.             |           |   |     | PB Bankshares, 
 Inc.           |           |   |     | Transaction 
 Accounting  
 Adjustments |            |              |     | Pro Forma 
 Combined  |            |   |
|:-------------------------------------------|:----|:------------------|----------:|:--|:----|:---------------|----------:|:--|:----|:------------|-----------:|-------------:|:----|:----------|-----------:|:--|
| Cash and due from banks                    |     | $                 |    32,052 |   |     | $              |     1,031 |   |     | $           |          — |              |     | $         |     33,083 |   |
| Interest-bearing deposits with banks       |     |                   |    20,993 |   |     |                |    41,961 |   |     |             |    (11,669 |     ) (1)(3) |     |           |     51,285 |   |
| Federal funds sold                         |     |                   |         — |   |     |                |    12,914 |   |     |             |          — |              |     |           |     12,914 |   |
| Cash and cash equivalents                  |     |                   |    53,045 |