Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 139

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 139
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 %    |
| Median                      |     |                             |     |       |            |     |       | 126 |     |                       | 1.07x |     |        | 23.0x |    |     |        | 21.4x |    |     |         |  1.7 | %  |     |                       |   812 |     |      | 13.7 | % |     |        | 0.49 | %    |     |      |  0.49 | %    |
| 25th                        
 Percentile                  |     |                             |     |       |            |     |       |  57 |     |                       | 1.02x |     |        | 18.8x |    |     |        | 20.3x |    |     |         |  0.6 | %  |     |                       |   438 |     |      | 12.5 | % |     |        | 0.89 | %    |     |      |  0.26 | %    |
| Norwood Financial Corp.     |     | PB Bankshares, Inc.         |     |       |            |     | $     |  55 |     |                       | 1.07x |     |        | 27.3x | -2 |     |        | 36.1x | -2 |     |         |  2.3 | %  |     | $                     |   467 |     |      | 10.6 | % |     |        | 0.23 | %    |     |      |  0.30 | %(2) |

Source: S&P Global Market Intelligence, Company documents. Note: Transaction data as of deal announcement date. “—” means data not available or not applicable. NM means not material.

| (1) | Bank-level regulatory data used. |

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

Discounted Cash Flow Analysis – PB Bankshares: Stephens performed a standalone discounted cash flow analysis of PB Bankshares to estimate a range of implied equity values for PB Bankshares based upon the discounted net present value of the projected after-taxfree cash flows for PB Bankshares for