Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 184

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 184
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ited pro forma combined consolidated balance sheet as of June 30, 2025, combines the unaudited consolidated balance sheet of Norwood of June 30, 2025, with the unaudited consolidated balance sheet of PB Bankshares as of June 30, 2025, giving effect to the transaction and the common stock offering per the proxy statement/prospectus dated October, 2025 as if it had been consummated on June 30, 2025. The unaudited pro forma condensed combined statements of income for the six months ended June 30, 2025, combines the unaudited consolidated statements of income of Norwood for the six months ended June 30, 2025, with the unaudited consolidated statement of income of PB Bankshares for the six months ended June 30, 2025, giving effect to the transaction and the common stock offering per the proxy statement/prospectus dated October, 2025 as if it had been consummated on January 1, 2024. The unaudited pro forma condensed combined statements of income for the year ended December 31, 2024 combines the audited consolidated 121

statements of income of Norwood for the year ended December 31, 2024 with the consolidated statements of income of PB Bankshares for the year ended December 31, 2024, giving effect to
the transaction and the common stock offering per the proxy statement/prospectus dated October , 2025 as if it had been consummated on January 1, 2024. Certain reclassification adjustments have been made to PB Bankshares’s
financial statements to conform to Norwood’s financial statement presentation.

The unaudited pro forma condensed consolidated
financial statements were prepared with Norwood as the accounting acquirer and PB Bankshares as the accounting acquiree under the acquisition method of accounting. Accordingly, the consideration paid by Norwood to complete the acquisition of PB
Bankshares will be allocated to PB Bankshares’ assets and liabilities based upon their estimated fair values as of the date of completion of the acquisition. The allocation is dependent upon certain valuations and other studies that have not
been finalized at this time; however, preliminary significant valuations based on the fair value of the acquired assets and liabilities have been estimated and included in the unaudited condensed pro forma financial statements.

The final allocation of the purchase price will be determined after the merger is completed and after completion of thorough analyses to
determine the fair value