Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 143

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 143
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 |     |       |  57 |     |                       | 1.02x |     |        | 18.8x |    |     |        | 20.3x |    |     |         |  0.6 | %  |     |                       |   438 |     |      | 12.5 | % |     |        | 0.89 | %    |     |      |  0.26 | %    |
| Norwood Financial Corp.     |     | PB Bankshares, Inc.         |     |       |            |     | $     |  55 |     |                       | 1.07x |     |        | 27.3x | -2 |     |        | 36.1x | -2 |     |         |  2.3 | %  |     | $                     |   467 |     |      | 10.6 | % |     |        | 0.23 | %    |     |      |  0.30 | %(2) |

Source: S&P Global Market Intelligence, Company documents. Note: Transaction data as of deal announcement date. “—” means data not available or not applicable. NM means not material.

| (1) | Bank-level regulatory data used. |

| (2) | Core Price / MRQ EPS and Core Price / LTM EPS for the proposed merger and Core LTM ROAA for Presence 
 calculated by Stephens Investment Banking using data sourced from S&P Global Market Intelligence.    |

Discounted Cash Flow Analysis – PB Bankshares: Stephens performed a standalone discounted cash flow analysis of PB Bankshares to estimate a range of implied equity values for PB Bankshares based upon the discounted net present value of the projected after-taxfree cash flows for PB Bankshares for the projected period. In this analysis, Stephens used (i) financial information and data provided by PB Bankshares and (ii) financial forecasts and projections provided by the executive management team of PB Bankshares. Stephens determined the projected amount of cash flow for PB Bankshares assuming (i) annual dividend payments for excess capital (if any) above a tangible common equity to tangible asset ratio of 9.0% from 2025 to 2029, and (ii) a range of standalone terminal values assuming price to last-twelve-months tangible book value per share multiples ranging from 0.90x to 1.15x. Stephens discounted the projected