Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 57

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 57
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 record. PB Bankshares has never paid dividends on its common stock. Share Information and Market Prices The table below shows the last sale prices of Norwood and PB Bankshares common stock and the equivalent price per share of PB Bankshares common stock based on the exchange ratio on July 3, 2025, the last trading day before announcement of the merger, and on _________, 2025, the latest practicable date before printing of this proxy statement/prospectus.

| Norwood Common Stock          |     | Historical      
 Price Per Share |       |     | Pro Forma       
 Equivalent      
 Price Per Share |       |
|:------------------------------|:----|:----------------|------:|:----|:----------------|------:|
| Closing Price on July 3, 2025 |     | $               | 25.77 |     |                 |   N/A |
| Closing Price on     , 2025   |     | $               |   [●] |     |                 |   N/A |
| PB Bankshares Common Stock    |     |                 |       |     |                 |       |
| Closing Price on July 3, 2025 |     | $               | 17.35 |     | $               | 15.58 |
| Closing Price on     , 2025   |     |                 |   [●] |     | $               |   [●] |

| (1) | Based upon the exchange ratio (0.7850) and the closing price of Norwood common stock, rounded to the nearest 
 cent.                                                                                                        |

Because the exchange ratio is fixed and will be adjusted only in limited circumstances, including if Norwood declares any stock dividends or effects a stock split or reverse stock split, and the market price of Norwood common stock will fluctuate prior to the merger, the pro forma equivalent price per share of PB Bankshares common stock will also fluctuate prior to the merger. PB Bankshares shareholders will not know the final equivalent price per share of PB Bankshares common stock when they vote on the merger. This information relates to the value of shares of PB Bankshares common stock that will be converted into shares of Norwood common stock in the merger. You should obtain current stock price quotations for Norwood’s and PB Bankshares’s shares prior to voting on the merger. Following completion of the merger, current Norwood shareholders will own in the aggregate approximately% of the outstanding shares