Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 136

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 136
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 company data. 86

Stephens selected the following fourteen (14) public companies based on the criteria set forth below: Includes nationwide major exchange-traded (1)banks and thrifts with 2025 Q1 assets less than $1 billion, excluding niche business models (2), distressed entities (3), merger targets, merger-of-equals (4)participants and mutual institutions

| Auburn National Bancorp. (AUBN)  
 OptimumBank Holdings Inc. (OPHC) 
 BV Financial Inc. (BVFL)         
 Affinity Bancshares Inc. (AFBI)  
 IF Bancorp Inc. (IROQ)           
 United Bancorp Inc. (UBCP)       
 Home Fedl Bncp Inc. LA (HFBL)    
 First Seacoast Bancorp (FSEA)    |     | Fifth District Bancorp (FDSB)     
 Texas Community Bancshares (TCBS) 
 Glen Burnie Bancorp (GLBZ)        
 NSTS Bancorp (NSTS)               
 Catalyst Bancorp (CLST)           
 Marathon Bancorp (MBBC)           |

Note:

| (1) | Major exchanges include NYSE, NYSEAM, NASDAQGS, NASDAQGM and NASDAQCM. |

| (2) | Excludes FINW. |

| (3) | Excludes PNBK. |

| (4) | As defined by S&P Global Market Intelligence. |

To perform this analysis, Stephens reviewed publicly available financial information as of and for the last twelve month period ended March 31 st, 2025, or the most recently reported period available, and the market trading multiples of the selected public companies based on July 3 rd, 2025 closing prices. The financial data included in the table presented below may not correspond precisely to the data reported in historical financial statements as a 87

result of the assumptions and methods used by Stephens to compute the financial data presented. The table below contains information reviewed and utilized by Stephens in its analysis:

|    |     | Company                    |     | Ticker |     | Total  
 Assets 
 ($M)   |     |     | Loans /  
 Deposits 
 (%)      |       |   |     | TCE / 
 TA    
 (%)   |      |   |     | NIB /     
 Total     
 Deposits  
 (%)       
 NPAs /    
 Assets(1) 
 (%)       |    |   |     | Core 
 ROAA 
 (%)  |      |   |     |