Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 233

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 233
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 Provided by Investing Activities                                       |     |      |    113 |   |     |      |    111 |   |
| Cash Flows from Financing Activities                                            |     |      |        |   |     |      |        |   |
| Repurchased common stock                                                        |     |      | (1,756 | ) |     |      | (2,145 | ) |
| Net Cash Used in Financing Activities                                           |     |      | (1,756 | ) |     |      | (2,145 | ) |
| Decrease in cash and cash equivalents                                           |     |      | (1,592 | ) |     |      | (1,914 | ) |
| Cash and Cash Equivalents, Beginning of Period                                  |     |      |  5,513 |   |     |      |  7,427 |   |
| Cash and Cash Equivalents, End of Period                                        |     | $    |  3,921 |   |     | $    |  5,513 |   |

F-41

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of PB Bankshares, Inc.

Opinion on the Financial Statements

We have audited the
accompanying consolidated balance sheets of PB Bankshares, Inc. and its subsidiary (the Company) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows
for the years then ended, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the
Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the
responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.

We conducted our