Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 234

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 234
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 audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial
reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial
reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the
financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ YOUNT, HYDE & BARBOUR, P.C.

We have
served as the Company’s auditor since 2020.

Winchester, Virginia

March 28, 2025

F-42

PB BANKSHARES, INC. Condensed Consolidated Balance Sheets (dollars in thousands, except per share data)

| Assets                                                                                                                                                     |     | June 30,    
 2025        
 (Unaudited) |         |   |     | December 31, 
 2024         |         |   |
|:-----------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:------------|--------:|:--|:----|:-------------|--------:|:--|
| Cash and due from banks                                                                                                                                    |     | $           |  42,992 |   |     | $            |  35,449 |   |
| Federal funds sold                                                                                                                                         |     |             |  12,914 |   |     |              |   2,328 |   |
| Cash and cash equivalents                                                                                                                                  |     |             |  55,906 |   |     |              |  37,777 |   |
| Debt securities available-for-sale, at fair value                                                                                                          |     |             |  35,600 |   |     |              |  50,296 |   |
| Equity securities, at fair value                                                                                                                           |     |