Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 194

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 194
---
ings.” The web addresses of the SEC, Norwood
and PB Bankshares are included as inactive textual references only. Except as specifically incorporated by reference into this proxy statement/prospectus, information on those web sites is not part of this proxy statement/prospectus.

Norwood has filed a registration statement on Form S-4 with the SEC under the Securities Act to
register the Norwood common stock to be issued to PB Bankshares stockholders in the merger. This proxy statement/prospectus is a part of that registration statement and constitutes a prospectus of Norwood in addition to constituting a proxy
statement for PB Bankshares stockholders. As allowed by SEC rules, this document does not contain all the information you can find in Norwood’s registration statement or the exhibits to the registration statement. Statements made in this
document as to the content of any contract, agreement or other document referenced are not necessarily complete. With respect to each of those contracts, agreements or other documents to be filed or incorporated by reference as an exhibit to the
registration statement, you should refer to the corresponding exhibit, when it is filed, for a more complete description of the matter involved and read all statements in this document in light of that exhibit.

143

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF PB BANKSHARES, INC.

| For the Year Ended December 31, 2024:                                             |     |      |      |
|:----------------------------------------------------------------------------------|:----|:-----|:-----|
|                                                                                   |     | Page |      |
| Consolidated Balance Sheets as of December                                        
 31, 2024 and December 31, 2023                                                    |     |      | F-1  |
| Consolidated Statements of Income for the years ended December                    
 31, 2024 and 2023                                                                 |     |      | F-2  |
| Consolidated Statements of Comprehensive Income for the years ended December 31,  
 2024 and 2023                                                                     |     |      | F-3  |
| Consolidated Statements of Stockholders’ Equity for the years ended December 31,  
 2024 and 2023                                                                     |     |      | F-4  |
| Consolidated Statements of Cash Flows for the years ended December                
 31, 2024 and 2023                                                                 |     |      | F-5  |
| Notes to Consolidated Financial Statements                                        |     |      | F-6  |
| Report of Independent Registered Public Accounting Firm