Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 131

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 131
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     | 1.07 | x |
|:------------------------------------------------------------------------------|:----|-----:|:--|
| Transaction Value / Most Recent Quarter Annualized (“MRQA”) Core Earnings (1) |     | 27.3 | x |
| Transaction Value / Last-Twelve-Months (“LTM”) Core Earnings (1)              |     | 36.1 | x |
| Transaction Value / 2025 Estimated Earnings (2)                               |     | 21.9 | x |
| Transaction Value / 2026 Estimated Earnings (2)                               |     | 15.8 | x |
| Core Deposit Premium (3)                                                      |     |  2.3 | % |

| Source: S&P Global Market Intelligence, Management Guidance. |

| (1) | Note: The most recent quarter annualized,                                                                                                                                        
 year-to-date annualized, and last-twelve-months earnings of Presence are based on the most recent available financial statements prior to announcement. Core Earnings is         
 net income after taxes and before extraordinary items, less gain on the sale of available for sale securities, nonrecurring provision expense, and normalized provision expense. |

| (2) | Note: Estimated 2025 and 2026 net income provided by and approved for use by Presence management. |

| (3) | Note: Core deposit premium calculated using tangible common equity and deposits less time deposits 
 > $100,000.                                                                                        |

Relevant Public Companies Analysis – PB Bankshares: Stephens compared the financial condition, operating statistics and market valuation of PB Bankshares to certain public companies selected by Stephens and their respective public trading values. Stephens selected the public companies outlined below because their relative asset size and financial performance, among other factors, were reasonably similar to PB Bankshares; however, no selected company below was identical or directly comparable to PB Bankshares. 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. 86

Stephens selected the following fourteen (14) public companies based on the criteria set forth below: Includes nationwide major exchange-traded (1)banks and thrifts with 2025 Q1 assets less than $1 billion, excluding niche business models (2), distressed entities (3), merger targets, merger-of-equals (4)participants