Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 189

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 189
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 allows for management adjustments that could include presentation of the reasonably estimable cost savings and revenue enhancements and other transaction effects that have occurred or are reasonably expected to occur. Norwood has elected not to present management’s adjustments and will only be presenting transaction accounting adjustments in the following unaudited pro forma condensed combined financial information. The following unaudited 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 ________________ 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 __________________ 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 ___________________ 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,