Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 126

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 126
---
 forma basis, in reliance upon financial projections and other information and assumptions                                                                                                                                            
 concerning PB Bankshares and Norwood provided by management of PB Bankshares and management of Norwood, as applicable, and upon consensus research estimates concerning Norwood, the effect of the proposed merger on the balance sheet, capitalization 
 ratios, earnings and tangible book value, both in the aggregate and, where applicable, on a per share basis of Norwood;                                                                                                                                 |

| (v) | reviewed the reported prices and trading activity for the common stock of PB Bankshares and Norwood; |

| (vi) | compared the financial performance of PB Bankshares and Norwood with that of certain other publicly-traded 
 companies and their securities that Stephens deemed relevant to Stephens’ analysis of the proposed merger; |

| (vii) | reviewed the financial terms, to the extent publicly available, of certain merger or acquisition transactions 
 that Stephens deemed relevant to Stephens’ analysis of the proposed merger;                                   |

| (viii) | reviewed the then most recent draft of the merger agreement and related documents provided to Stephens by PB 
 Bankshares;                                                                                                  |

| (ix) | discussed with management of PB Bankshares and management of Norwood the operations of and future business                                                          
 prospects for PB Bankshares and Norwood, respectively and the anticipated financial consequences of the proposed merger to PB Bankshares and Norwood, respectively; |

| (x) | assisted in PB Bankshares’s deliberations regarding the material terms of the proposed merger and PB 
 Bankshares’s negotiations with Norwood; and                                                          |

| (xi) | performed such other analyses and provided such other services as Stephens deemed appropriate. |

Stephens relied on the accuracy and completeness of the information, financial data and financial forecasts provided to Stephens by PB Bankshares and Norwood and of the other information reviewed by Stephens in connection with the preparation of Stephens’ opinion, and its opinion was based upon such information. Stephens did not independently verify or undertake any responsibility to independently verify the accuracy or completeness of any of such information, data or forecasts. Management of PB Bankshares and management of Norwood assured Stephens that they were not aware of any relevant information that had been omitted or remained undisclosed to Stephens. Stephens did not assume any responsibility for making or undertaking an independent evaluation or appraisal of any of the assets or liabilities of PB Bankshares or of Norwood, and Stephens was not furnished with any such evaluations or appraisals; nor did Stephens evaluate the solvency or fair value of PB Bankshares or of Nor