Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 138

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 138
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B 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, NASDAQGS, NASDAQGM and NASDAQCM. |

| (2) | Defined as DE, DC, MD, NJ, NY, and PA. |

| (3) | Defined as IL, IN, IA, KS, KY, MI, MO, NE, ND, OH, SD, and WI. |

| (4) | Defined as CT, ME, MA, NH, RI, and VT. |

| (5) | Excludes BLFY and ESQ. |

| (6) | Excludes BCBP, HNVR, UNTY, OBT, BWFG, PDLB, and BPRN. |

| (7) | Excludes FNWD, MRBK, and CFBK. |

| (8) | As defined by S&P Global Market Intelligence. |

To perform this analysis, Stephens reviewed publicly available financial information as of and for the last twelve month period ended March 31 st, 2025, or the most recently reported period available, and the market trading multiples of the selected public companies based on July 3 rd, 2025 closing prices. The financial data included in the table presented below may not correspond precisely to the data reported in historical financial statements as a 89

result of the assumptions and methods used by Stephens to compute the financial data presented. The table below contains information reviewed and utilized by Stephens in its analysis:

|    |     | Company                       |     | Ticker |     | Total  
 Assets 
 ($M)   |       |     | Loans /  
 Deposits 
 (%)      |       |   |     | TCE / 
 TA    
 (%)   |      |   |     | NIB /     
 Total     
 Deposits  
 (%)       
 NPAs /    
 Assets(1) 
 (%)       |    |   |     | Core 
 ROAA 
 (%)  |      |   |     | Core   
 ROATCE 
 (%)    |      |      |     | Market 
 Cap    
 ($M)   |      |      |     | Tang. 
 BV    
 (x)   |     |     | Price / 
 MRQ