Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 36

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 36
---
 the Actual Financial Condition and Results of Operations After the Merger May Differ Materially.

The unaudited pro forma combined financial
information in this proxy statement/prospectus is presented for illustrative purposes only and is not necessarily indicative of what Norwood’s actual financial condition or results of operations would have been had the merger been completed on
the dates indicated. The pro forma combined financial information reflects adjustments, which are based upon preliminary estimates, to record the PB Bankshares identifiable assets acquired and liabilities assumed at fair value and the resulting
goodwill recognized. The purchase price allocation reflected in this proxy statement/prospectus is preliminary, and final allocation of the purchase price will be based upon the actual purchase price (based on the stock price of Norwood at the time
of the merger) and the fair value of the assets and liabilities of PB Bankshares as of the date of the completion of the merger. Accordingly, the final acquisition accounting adjustments may differ materially from the pro forma adjustments reflected
in this proxy statement/prospectus. For more information, see “Unaudited Pro Forma Condensed Combined Financial Information” beginning on page 121.

The fairness opinion obtained by PB Bankshares from its financial advisor will not reflect changes in circumstances subsequent to the date of the fairness opinion.

Stephens, PB Bankshares’s financial advisor in connection with the merger, has delivered to
the board of directors of PB Bankshares its opinion, dated as of July 7, 2025. The opinion of Stephens stated that as of such date, and based upon and subject to the factors and assumptions set forth therein, the merger consideration to be paid
to the holders of the outstanding shares of PB Bankshares common stock pursuant to the merger agreement was fair from a financial point of view to such holders. The opinion does not reflect changes that may occur or have occurred after the date of
the opinion, including changes to the operations and prospects of Norwood or PB Bankshares, changes in general market and economic conditions or regulatory or other factors. Any such changes, or changes in other factors on which the opinion is
based, may materially alter or affect the relative values of Norwood and PB Bankshares.

Norwood and PB Bankshares expect to incur non-recurringexpenses related to the merger.

Norwood and PB Bankshares anticipate that certain non-recurring charges, such as computer system conversion costs, severance and branding, will be incurred in connection with integration. Norwood and PB Bankshares cannot identify the timing, nature and amount of