Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 133

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 133
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 Public Companies Analysis – PB Bankshares: Stephens compared the financial condition, operating statistics and market valuation of PB Bankshares to certain public companies selected by Stephens and their respective public trading values. Stephens selected the public companies outlined below because their relative asset size and financial performance, among other factors, were reasonably similar to PB Bankshares; however, no selected company below was identical or directly comparable to PB Bankshares. 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. 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