Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 141

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 141
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 assets. |

| (2) | MRQ Core EPS and LTM Core EPS for Norwood Financial calculated by Stephens Investment Banking using data 
 sourced from S&P Global Market Intelligence.                                                             |

Relevant Nationwide Transactions Analysis: Stephens reviewed certain publicly available transaction multiples and related financial data for nationwide bank and thrift transactions announced since January 1 st, 2024, where (i) target latest twelve months (LTM) return on average assets (ROAA) was less than 0.50%, (ii) target tangible common equity to tangible assets (TCE / TA) was greater than 8.0%, (iii) announced deal value was between $20 and $100 million, and (iv) target assets were less than $3 billion, excluding credit unions, digital banks, mutual institutions, and merger-of-equalstransactions (as defined by S&P Global Market Intelligence). The following transactions were selected by 90

Stephens because each target’s relative asset size, financial performance and operations, among other factors, was reasonably similar to PB Bankshares; however, no selected company or transaction below was identical or directly comparable to PB Bankshares or the proposed merger (in each transaction, the acquirer is listed first, the target is listed second and the transaction announcement date is noted parenthetically):

| • |     | Georgia Banking Co. / Primary Bcshs Corp (10/9/2024) |

| • |     | Hope Bancorp, Inc. / Territorial Bancorp Inc. (4/29/2024) |

| • |     | Bus. First Bancshares Inc. / Oakwood Bancshares Inc. (4/25/2024) |

| • |     | LCNB Corp. / Eagle Financial Bancorp Inc (11/29/2023) |

| • |     | LCNB Corp. / Cincinnati Bancorp Inc (5/18/2023) |

| • |     | Rosedale FS&LA / CBM Bancorp Inc. (1/28/2022) |

| • |     | MidWestOne Financial Grp Inc. / Iowa First Bancshares Corp. (11/1/2021) |

| • |     | Bank7 Corp. / Watonga Bancshares Inc. (10/7/2021) |

| • |     | Fidelity D & D Bancorp Inc. / Landmark Bancorp Inc. (2/26/2021) |

| • |