Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 135

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 135
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 | 10.6 | % |     |           |  7 | % |     |      | 0.23 | % |     |        |  0.40 | %(2) |     |        |  3.6 | %(2) |     | $     |  44 |     |         | 0.89x |      |     | 22.9x(2) |     |     | 30.3x | -2 |     |     | 18.4x | -3 |     | 13.3x | -3 |

Source: S&P Global Market Intelligence, FactSet. Note: Market data as of 7/3/2025. Financial data as of the most recent quarter reported. Bank-level data used where consolidated BHC data not available. Core defined by S&P Global Market Intelligence. Any Price / Earnings ratio greater than 30.0x is “Not Material.”; any Price / Tangible Book Ratio less than 0.50x is “Not Material”.

| (1) | NPAs/Assets excludes restructured loans from nonperforming assets. |

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

| (3) | Management guidance used. |

Relevant Public Companies Analysis – Norwood: Stephens compared the financial condition, operating statistics and market valuation of Norwood to certain public companies selected by Stephens and their respective public trading values. Stephens selected the companies outlined below because their relative asset size and financial performance, among other factors, were reasonably similar to Norwood; however, no selected company below was identical or directly comparable to Norwood. A complete analysis involves complex considerations and qualitative judgments concerning differences in financial and operating characteristics and other factors that could affect the public trading values of the relevant public companies. Mathematical analysis (such as determining the median) is not in itself a meaningful method of using relevant public company data. 88

Stephens selected the following seventeen (17) public companies based on the criteria set forth below: Includes major exchange traded (1)banks and thrifts headquartered in the Mid-Atlantic (2), Midwest (3), and Northeast (4)with 2025 Q1 assets between $2.0 billion and $3.5 billion, excluding distressed entities (5), NY/NJ focused banks (6), niche business models (7), merger targets,