Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 134

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 134
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 less than 0.50x is “Not Material”.

| (1) | NPAs/Assets excludes restructured loans from nonperforming assets. |

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

| (3) | Management guidance used. |

Relevant Public Companies Analysis – Norwood: Stephens compared the financial condition, operating statistics and market valuation of Norwood to certain public companies selected by Stephens and their respective public trading values. Stephens selected the companies outlined below because their relative asset size and financial performance, among other factors, were reasonably similar to Norwood; however, no selected company below was identical or directly comparable to Norwood. A complete analysis involves complex considerations and qualitative judgments concerning differences in financial and operating characteristics and other factors that could affect the public trading values of the relevant public companies. Mathematical analysis (such as determining the median) is not in itself a meaningful method of using relevant public company data. 88

Stephens selected the following seventeen (17) public companies based on the criteria set forth below: Includes major exchange traded (1)banks and thrifts headquartered in the Mid-Atlantic (2), Midwest (3), and Northeast (4)with 2025 Q1 assets between $2.0 billion and $3.5 billion, excluding distressed entities (5), NY/NJ focused banks (6), niche business models (7), merger targets, merger-of-equalsparticipants (8)and mutual institutions.

| Farmers & Merchants Bancorp (FMAO)   
 Capital Bancorp Inc. (CBNK)          
 ACNB Corp. (ACNB)                    
 The First Bancorp (FNLC)             
 Citizens Financial Services (CZFS)   
 LINKBANCORP Inc. (LNKB)              
 Chemung Financial Corp. (CHMG)       
 Fidelity D & D Bancorp Inc. (FDBC)   
 Western New England Bancorp (WNEB)   
 Citizens & Northern Corp. (CZNC)     
 First Savings Financial Group (FSFG) |     | LCNB Corp. (LCNB)                  
 Franklin Financial Services (FRAF) 
 Ames National Corp. (ATLO)         
 Waterstone Financial Inc. (WSBF)   
 Parke Bancorp Inc. (PKBK)          
 Isabella Bank Corporation (ISBA)   |

Note:

| (1) | Major exchanges include NYSE, NYSEAM, NAS