Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 378

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 378
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| Presence Bank |     |                                      |
| By:           |     | /s/ Janak M. Amin                    |
|               |     | Janak M. Amin, President and CEO     |
| Wayne Bank    |     |                                      |
| By:           |     | /s/ James O. Donnelly                |
|               |     | James O. Donnelly, President and CEO |

A-78

Annex B July 7, 2025 Board of Directors PB Bankshares, Inc. 185 East Lincoln Highway Coatesville, PA 19320 Dear Members of the Board: We have acted as your financial advisor in connection with the proposed merger (the “Transaction”) of PB Bankshares, Inc. (the “Company”) with and into Norwood Financial Corp. (the “Buyer”). You have requested that we provide our opinion (the “Opinion”) as investment bankers as to whether the consideration to be received by the common stockholders of the Company (solely in their capacity as such, the “Shareholders”) in the Transaction is fair to them from a financial point of view. Pursuant to the Agreement and Plan of Merger (the “Agreement”) to be entered into by and between the Company and the Buyer, and subject to the terms, conditions and limitations set forth therein, we understand that, subject to potential adjustments as described in the Agreement, the consideration expected to be exchanged by the Buyer for all of the outstanding common stock of the Company has an aggregate value of approximately $54.9 million and will consist of the right of each Shareholder to receive in exchange for each outstanding share of the Company’s common stock (including restricted shares) 0.6280 shares of the Buyer’s common stock and $3.95 in cash and the right of holders of outstanding options for the Company’s common stock to receive cash in amounts that, in the aggregate will be approximately $2.1 million. The terms and conditions of the Transaction are more fully set forth in the Agreement. In connection with developing our Opinion we have:

| (i) | reviewed certain publicly available financial statements and reports regarding the Company and the Buyer; |

| (ii) | reviewed certain audited financial statements regarding the Company and the Buyer; |

| (iii) | reviewed certain internal financial statements, management reports and other financial and operating data             
 concerning the Company and the Buyer prepared by management of the Company and management of the Buyer, respectively; |

| (iv) | reviewed, on