Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 138

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 138
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        | 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. Only includes whole bank M&A.

| (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.    |

Relevant Converted Thrifts Transactions Analysis: Stephens reviewed certain publicly available transaction multiples and related financial data for nationwide transactions announced since January 1 st, 2022, where (i) the seller was a converted thrift, (ii) seller mutual conversion offering was completed after January 1 st, 2011, (iii) stock consideration was greater than 50%, (iv) target assets were less than $2 billion, and (v) deal value was greater than $20 million. The following transactions were selected by Stephens because each target’s relative asset size, financial performance and operations, among other factors, was reasonably similar to PB Bankshares; however, no selected company or transaction below was identical or directly comparable to PB Bankshares or the proposed merger (in each transaction, the acquirer is listed first, the target is listed second and the transaction announcement date is noted parenthetically):

| • |     | Mid Penn Bancorp Inc. / William Penn Bancorp. (11/1/2024) |

| • |     | LCNB Corp. / Eagle Financial Bancorp Inc (11/29/2023) |

| • |     | LCNB Corp. / Cincinnati Bancorp Inc (5/18/2023) |

| • |     | First Bank / Malvern Bancorp Inc (12/14/2022) |

| • |     | Citizens Financial Services / HV Bancorp Inc. (10/19/2022) |

| • |     | Brookline Bancorp Inc. / PCSB Financial Corp. (5/24/2022) |

| • |     | Fulton Financial Corp. / Prudential Bancorp Inc. (3/2/2022) |

92

Stephens considered these selected transactions to be reasonably similar, but not identical or directly comparable, to the proposed merger. A complete analysis involves complex