Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 125

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 125
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, as of such date, the consideration to be received by the common stockholders of PB Bankshares (solely in their capacity as such) in the proposed merger was fair to them from a financial point of view, based upon and subject to the qualifications, assumptions and other matters considered by Stephens in connection with the preparation of its opinion. The full text of Stephens’ written opinion letter (the “Opinion Letter”) is attached as Appendix B to this proxy statement/prospectus. The Opinion Letter outlines the procedures followed, assumptions made, matters considered and qualifications and limitations on the review undertaken by Stephens in rendering its opinion. The summary of the opinion set forth in this document is qualified in its entirety by reference to the full text of such written Opinion Letter. Investors are urged to read the entire Opinion Letter carefully in connection with their consideration of the proposed merger. PB Bankshares did not give any instruction to or impose any limitations on Stephens as it related to the issuance of its opinion. Stephens’ opinion speaks only as of the date of the opinion, and Stephens has undertaken no obligation to update or revise its opinion. The opinion was directed to PB Bankshares’s board of directors (solely in its capacity as such) in connection with, and for purposes of, its consideration of the proposed merger. The opinion only addresses whether the consideration to be received by the common stockholders of PB Bankshares (solely in their capacity as such) in the proposed merger was fair to them from a financial point of view as of the date of the opinion. The opinion does not address the underlying business decision of PB Bankshares to engage in the proposed merger or any other term or aspect of the merger agreement or the transactions contemplated thereby. Stephens’ opinion does not constitute a recommendation to PB Bankshares’s board of directors or any of PB Bankshares’s shareholders as to how such person should vote or otherwise act with respect to the proposed merger or any other matter. PB Bankshares and Norwood determined the merger consideration through a negotiation process. 82

In connection with developing its opinion, Stephens:

| (i) | reviewed certain publicly available financial statements and reports regarding PB Bankshares and Norwood; |

| (ii) | reviewed certain audited financial statements regarding PB Bankshares and Norwood; |

| (iii) | reviewed certain internal financial statements, management reports and other financial and operating data             
 concerning PB Bankshares and Norwood prepared by management of PB Bankshares and management of Norwood, respectively; |

| (iv) | reviewed, on a pro