Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 137

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 137
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i) target latest twelve months (LTM) return on average assets (ROAA) was less than 0.50%, (ii) target tangible common equity to tangible assets (TCE / TA) was greater than 8.0%, (iii) announced deal value was between $20 and $100 million, and (iv) target assets were less than $3 billion, excluding credit unions, digital banks, mutual institutions, and merger-of-equalstransactions (as defined by S&P Global Market Intelligence). The following transactions were selected by 90

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):

| • |     | Georgia Banking Co. / Primary Bcshs Corp (10/9/2024) |

| • |     | Hope Bancorp, Inc. / Territorial Bancorp Inc. (4/29/2024) |

| • |     | Bus. First Bancshares Inc. / Oakwood Bancshares Inc. (4/25/2024) |

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

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

| • |     | Rosedale FS&LA / CBM Bancorp Inc. (1/28/2022) |

| • |     | MidWestOne Financial Grp Inc. / Iowa First Bancshares Corp. (11/1/2021) |

| • |     | Bank7 Corp. / Watonga Bancshares Inc. (10/7/2021) |

| • |     | Fidelity D & D Bancorp Inc. / Landmark Bancorp Inc. (2/26/2021) |

| • |     | BancFirst Corp. / First National B&TC of Vinita (2/19/2021) |

Stephens considered these selected transactions to be reasonably similar, but not identical or directly comparable, to the proposed merger. A complete analysis involves complex considerations and qualitative judgments concerning differences in the selected transactions and other factors that could affect the transaction values in those selected