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NORWOOD FINANCIAL CORP

Date: January 22, 2026

/s/ John M. McCaffery

John M. McCaffery

Executive Vice President and Chief Financial Officer

(Duly Authorized Representative)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 22, 2026

NORWOOD FINANCIAL CORP

(Exact name of registrant as specified in its charter)

Pennsylvania

0-28364

23-2828306

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)


717 Main Street, Honesdale, Pennsylvania		18431
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (570) 253-1455

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.10 per share

NWFL

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

NORWOOD FINANCIAL CORP

INFORMATION TO BE INCLUDED IN THE REPORT

Item 2.02

Results of Operations and Financial Condition.

On January 22, 2026, Norwood Financial Corp (the “Company”) issued a press release announcing its earnings for the three and twelve months ended December 31, 2025. A copy of the press release is furnished with this report as exhibit 99.1 hereto and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 7.01

Regulation FD Disclosure.

On January 22, 2026, the Company will host an earnings call with respect to earnings for the fourth quarter of 2025 and will use and post an earnings presentation for Q4 2025, which will include December 31, 2025, financial highlights (the “Earnings Presentation”). The Earnings Presentation is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference. The information included in this Current Report pursuant to this Item 7.01 is being furnished to, and not filed with, the Securities and Exchange Commission (“SEC”) and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.

The information contained in the Earnings Presentation is summary information that is intended to be considered in the context of the Company’s SEC filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits:

The following exhibits are being furnished with this report.


No.		Description

99.1		Press Release dated January 22, 2026.

99.2		Norwood Financial Corp Q4 2025 Earnings Presentation

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EX-99.1 2 d70813dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

FOR IMMEDIATE RELEASE

Norwood Financial Corp announces Fourth Quarter and Full Year 2025 Results

Full Year Highlights:

•

Full year fully diluted EPS of $3.01.

•

Full year net interest margin increased 58 basis points over the prior year.

•

Full year loan growth of 8.2%.

•

Full year deposit growth of 11.8%.

•

Non-interest bearing DDA up 10% during 2025.

•

Tangible book value per share increased 15.4%.

Honesdale, Pennsylvania – January 22, 2026 - Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced results for the three months and full year ended December 31, 2025.

Jim Donnelly, President and Chief Executive Officer, stated, “We finished the year on a positive note in the fourth quarter, as we continued to maintain solid growth, while improving profitability and efficiency. Our disciplined approach and commitment to core values propels us to be able to deliver strong results for our shareholders. I am proud of the performance of the entire Norwood team as they remain focused on delivering the products and services that help our customers achieve their goals. This gives us great momentum as we enter 2026.

“On January 5, we closed on the acquisition of Presence Bank, giving us a larger geographic presence, greater assets, and a talented team dedicated to serving our communities. I am energized by this combination and believe that we are on our way to creating a bright future for us, our customers, and our shareholders.”


	Year-Over Year								Linked Quarter						Year-to-Date
(dollars in thousands, except per share data)	3 Months Ended								3 Months Ended						12 Months Ended
	Dec-25			Dec-24			Change		Sep-25			Change			Dec-25			Dec-24			Change
Net interest income	$	20,944		$	16,625		$	4,319	$	20,458		$	486		$	78,324		$	62,191		$	16,133
Net interest spread (fte) 1		2.93	%		2.31	%		62 bps		0.00	%		(1	) bp		2.81	%		2.17	%		64 bps
Net interest margin (fte) 1		3.60	%		3.04	%		56 bps		3.63	%		(3	) bps		3.49	%		2.91	%		58 bps
Pre Provision Net Revenue (PPNR) 1	$	9,836		$	(14,453	)	$	24,289	$	10,029		$	(193	)	$	36,792		$	2,415		$	34,377
Net income (loss)	$	7,442		$	(12,651	)	$	20,093	$	8,334		$	(892	)	$	27,755		$	(160	)	$	27,915
Diluted earnings per share	$	0.81		$	(1.54	)	$	2.35	$	0.89		$	(0.08	)	$	3.01		$	(0.02	)	$	3.03
Return on average assets		1.21	%		-2.19	%		340 bps		1.40	%		-19 bps			1.17	%		-0.01	%		118 bps
Return on average tangible equity		14.01	%		-30.77	%		4478 bps		16.76	%		-275 bps			14.03	%		-0.10	%		1413	bps

1 - Non GAAP ratio. See Non-GAAP Reconciliation

Excluding 2025 merger charges and 2024 Loss on Sale of Securities (see Non-GAAP reconciliations)


	Year-Over Year								Linked Quarter						Year-to-Date
(dollars in thousands, except per share data)	3 Months Ended								3 Months Ended						12 Months Ended
	Dec-25			Dec-24			Change		Sep-25			Change			Dec-25			Dec-24			Change
Pre Provision Net Revenue (PPNR)	$	10,356		$	5,509		$	4,847	$	10,597		$	(241	)	$	38,030		$	22,377		$	15,653
Net income (loss)	$	7,853		$	3,119		$	4,734	$	8,783		$	(930	)	$	28,733		$	15,610		$	13,123
Diluted earnings per share	$	0.85		$	0.38		$	0.47	$	0.94		$	(0.09	)	$	3.11		$	1.93		$	1.18
Return on average assets		1.28	%		0.54	%		74 bps		1.47	%		-19 bps			1.21	%		0.69	%		52 bps
Return on average tangible equity		14.78	%		7.59	%		719 bps		17.66	%		-288 bps			14.53	%		9.97	%		456 bps

Discussion of financial results for the three months and full year ended December 31, 2025 (all comparisons are year-over-year):

•

Fourth quarter net income of $7.4 million increased $20.0 million.

•

Net interest income increased during the fourth quarter due to increases in earning assets and yields on those assets while interest costs of liabilities decreased.

•

Correspondingly, the net interest margin in the fourth quarter was 3.60% compared to 3.04%.

•

Non-interest income for the full year increased $806 thousand or 9.2%, excluding the 2024 loss on the sale of securities.

•

Total assets were $2.425 billion, compared to $2.317 billion, an increase of 4.63%.

•

Loans receivable were $1.853 billion, compared to $1.713 billion, an increase of 8.2%.

•

Total deposits were $2.079 billion, compared to $1.859 billion, an increase of 11.8%.

•

Tangible Common Equity Ratio was 8.88%, versus 8.05%.

•

Tangible Book Value per share increased $3.05 to $22.90 from $19.85.

Norwood Financial Corp is the parent company of Wayne Bank, which operates from fifteen offices throughout Northeastern Pennsylvania and fourteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, “bode”, “future performance”, “solid footing,” “good momentum,” “bright future”, “robust growth” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Non-GAAP Measures

In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission (“SEC”) and may constitute “non-GAAP financial measures” within the meaning of the SEC’s rules.

The Company has provided in this news release supplemental disclosures for the calculation of

•

Net Interest Spread (fte)

•

Net Interest Margin (fte)

•

Pre-Provision Net Revenue

•

Earnings per share

•

Return on average assets

•

Return on average tangible equity

Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company’s performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables on pages 10-12 for Non-GAAP to GAAP reconciliations.

Contact: John M. McCaffery

Executive Vice President &

Chief Financial Officer

NORWOOD FINANCIAL CORP

272-304-3003

www.waynebank.com

NORWOOD FINANCIAL CORP

Consolidated Balance Sheets

(dollars in thousands, except share and per share data)

(unaudited)


	December 31
	2025			2024
ASSETS
Cash and due from banks	$	32,118		$	27,562
Interest-bearing deposits with banks		12,318			44,777

Cash and cash equivalents		44,436			72,339
Securities available for sale		408,782			397,846
Loans receivable		1,853,422			1,713,638
Less: Allowance for credit losses		19,882			19,843

Net loans receivable		1,833,540			1,693,795
Regulatory stock, at cost		6,623			13,366
Bank premises and equipment, net		22,971			19,657
Bank owned life insurance		46,089			46,657
Foreclosed real estate owned		771			—
Accrued interest receivable		9,250			8,466
Deferred tax assets, net		14,654			17,696
Goodwill		29,266			29,266
Other intangible assets		98			152
Other assets		8,362			18,222

TOTAL ASSETS	$	2,424,842		$	2,317,462

LIABILITIES
Deposits:
Non-interest bearing demand	$	419,597		$	381,479
Interest-bearing		1,659,048			1,477,684

Total deposits		2,078,645			1,859,163
Short-term borrowings		14,714			113,069
Other borrowings		59,419			101,793
Accrued interest payable		12,138			12,615
Other liabilities		17,769			17,314

TOTAL LIABILITIES		2,182,685			2,103,954
STOCKHOLDERS’ EQUITY
Preferred Stock, no par value per share, authorized 5,000,000 shares		—			—
Common Stock, $.10 par value per share, authorized: 20,000,000 shares, issued: 2025: 9,516,503 shares, 2024: 9,487,068 shares		952			949
Surplus		127,426			126,514
Retained earnings		141,130			124,963
Treasury stock, at cost: 2025: 222,645 shares, 2024: 214,161 shares		(6,008	)		(5,797	)
Accumulated other comprehensive loss		(21,343	)		(33,121	)

TOTAL STOCKHOLDERS’ EQUITY		242,157			213,508

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,424,842		$	2,317,462

NORWOOD FINANCIAL CORP

Consolidated Statements of Income

(dollars in thousands, except per share data)

(unaudited)


	Three Months Ended December 31,					Twelve Months Ended December 31,
	2025		2024			2025		2024
INTEREST INCOME
Loans receivable, including fees	$	28,666	$	26,122		$	109,910	$	99,388
Securities		3,906		2,789			15,554		10,424
Other		474		574			1,064		2,768

Total Interest income		33,046		29,485			126,528		112,580
INTEREST EXPENSE
Deposits		11,334		10,984			43,681		42,334
Short-term borrowings		25		348			798		1,363
Other borrowings		743		1,528			3,725		6,692

Total Interest expense		12,102		12,860			48,204		50,389

NET INTEREST INCOME		20,944		16,625			78,324		62,191
PROVISION FOR CREDIT LOSSES	$	468	$	1,604		$	1,773	$	2,673

NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		20,476		15,021			76,551		59,518
OTHER INCOME (LOSS)
Service charges and fees		1,734		1,595			6,421		5,959
Income from fiduciary activities		228		224			1,033		943
Net realized (losses) gains on sales of securities		—		(19,962	)		—		(19,962	)
Gains on sales of loans, net		83		50			326		195
Gains on sales of foreclosed real estate owned		—		—			—		32
Earnings and proceeds on life insurance policies		268		275			1,088		1,056
Other		198		159			749		626

Total other income (loss)		2,511		(17,659	)		9,617		(11,151	)
OTHER EXPENSES
Salaries and employee benefits		7,155		6,690			26,928		25,018
Occupancy, furniture and equipment		1,390		1,291			5,478		5,049
Data processing and related operations		1,203		1,312			4,563		4,520
Taxes, other than income		192		163			770		615
Professional fees		898		504			3,148		2,173
FDIC Insurance assessment		423		335			1,552		1,344
Foreclosed real estate		0		9			142		54
Amortization of intangibles		11		15			54		69
Other		2,347		3,100			8,514		9,783

Total other expenses		13,619		13,419			51,149		48,625
INCOME BEFORE TAX EXPENSE (BENEFIT)		9,368		(16,057	)		35,019		(258	)
INCOME TAX EXPENSE (BENEFIT)		1,926		(3,406	)		7,264		(98	)

NET (LOSS) INCOME	$	7,442	$	(12,651	)	$	27,755	$	(160	)

Basic earnings (loss) per share	$	0.81	$	(1.54	)	$	3.01	$	(0.02	)

Diluted earnings per (loss) share	$	0.81	$	(1.54	)	$	3.01	$	(0.02	)

NORWOOD FINANCIAL CORP

NET INTEREST MARGIN ANALYSIS

(dollars in thousands)


										For the Quarter Ended
	December 31, 2025									September 30, 2025									December 31, 2024
	Average						Average			Average						Average			Average						Average
	Balance			Interest			Rate			Balance			Interest			Rate			Balance			Interest			Rate
	(2)			(1)			(3)			(2)			(1)			(3)			(2)			(1)			(3)
Assets
Interest-earning assets:
Interest-bearing deposits with banks Securities available for sale:	$	46,766		$	474			4.02	%	$	12,485		$	144			4.58	%	$	46,629		$	574			4.90	%
Taxable		400,094			3,656			3.63			399,090			3,661			3.64			404,777			2,434			2.39
Tax-exempt (1)		44,700			316			2.80			44,074			312			2.81			65,628			449			2.72

Total securities available for sale (1)		444,794			3,972			3.54			443,164			3,973			3.56			470,405			2,883			2.44
Loans receivable (1) (4) (5)		1,835,902			28,786			6.22			1,802,046			28,267			6.22			1,690,650			26,246			6.18

Total interest-earning assets		2,327,462			33,232			5.66			2,257,695			32,384			5.69			2,207,684			29,703			5.35
Non-interest earning assets:
Cash and due from banks		31,388									31,050									27,283
Allowance for credit losses		(20,070	)								(21,128	)								(18,741	)
Other assets		102,792									96,142									83,506

Total non-interest earning assets		114,110									106,064									92,048

Total Assets	$	2,441,572								$	2,363,759								$	2,299,732

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and money market	$	640,265		$	3,324			2.06		$	579,145		$	2,900			1.99		$	528,330		$	3,017			2.27
Savings		198,463			106			0.21			200,559			113			0.22			209,362			162			0.31
Time		848,216			7,904			3.70			822,491			7,717			3.72			764,819			7,805			4.06

Total interest-bearing deposits		1,686,944			11,334			2.67			1,602,195			10,730			2.66			1,502,511			10,984			2.91
Short-term borrowings		2,461			25			4.03			8,740			105			4.77			46,267			348			2.99
Other borrowings		68,025			743			4.33			81,125			899			4.40			133,620			1,528			4.55

Total interest-bearing liabilities		1,757,430			12,102			2.73			1,692,060			11,734			2.75			1,682,398			12,860			3.04
Non-interest bearing liabilities:
Demand deposits		413,238									416,150									394,001
Other liabilities		30,781									28,816									30,352

Total non-interest bearing liabilities		444,019									444,966									424,353
Stockholders’ equity		240,123									226,733									192,981

Total Liabilities and Stockholders’ Equity	$	2,441,572								$	2,363,759								$	2,299,732

Net interest income/spread (tax equivalent basis)					21,130			2.93	%					20,650			2.94	%					16,843			2.31	%
Tax-equivalent basis adjustment					(186	)								(192	)								(218	)

Net interest income				$	20,944								$	20,458								$	16,625

Net interest margin (tax equivalent basis)								3.60	%								3.63	%								3.04	%

(1)	Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.

(2)	Average balances have been calculated based on daily balances.

(3)	Annualized

(4)	Loan balances include non-accrual loans and are net of unearned income. (5) Loan yields include the effect of amortization of deferred fees, net of costs.

NORWOOD FINANCIAL CORP

NET INTEREST MARGIN ANALYSIS

(dollars in thousands)


													Year to Date
	December 31, 2025									September 30, 2025									December 31, 2024
	Average						Average			Average						Average			Average						Average
	Balance			Interest			Rate			Balance			Interest			Rate			Balance			Interest			Rate
	(2)			(1)			(3)			(2)			(1)			(3)			(2)			(1)			(3)
Assets
Interest-earning assets:
Interest-bearing deposits with banks Securities available for sale:	$	24,822		$	1,064			4.29	%	$	17,427		$	590			4.53	%	$	51,433		$	2,768			5.38	%
Taxable		402,976			14,563			3.61			403,947			10,907			3.61			400,050			8,948			2.24
Tax-exempt (1)		44,294			1,254			2.83			44,157			938			2.84			68,041			1,868			2.75

Total securities available for sale (1)		447,270			15,817			3.54			448,104			11,845			3.53			468,091			10,816			2.31
Loans receivable (1) (4) (5)		1,791,569			110,422			6.16			1,776,629			81,636			6.14			1,646,128			99,815			6.06

Total interest-earning assets		2,263,661			127,303			5.62			2,242,160			94,071			5.61			2,165,652			113,399			5.24
Non-interest earning assets:
Cash and due from banks		30,376									30,035									26,629
Allowance for credit losses		(20,523	)								(20,675	)								(18,450	)
Other assets		96,136									94,389									76,340
Total non-interest earning assets		105,989									103,749									84,519

Total Assets	$	2,369,650								$	2,345,909								$	2,250,171

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and money market	$	585,289		$	11,912			2.04		$	566,762		$	8,588			2.03		$	476,106		$	10,506			2.21
Savings		203,765			480			0.24			205,552			374			0.24			220,190			711			0.32
Time		821,710			31,289			3.81			812,778			23,385			3.85			744,895			31,117			4.18

Total interest-bearing deposits		1,610,764			43,681			2.71			1,585,092			32,347			2.73			1,441,191			42,334			2.94
Short-term borrowings		18,173			798			4.39			23,468			774			4.41			54,867			1,363			2.48
Other borrowings		84,543			3,725			4.41			90,110			2,981			4.42			146,195			6,692			4.58

Total interest-bearing liabilities		1,713,480			48,204			2.81			1,698,670			36,102			2.84			1,642,253			50,389			3.07
Non-interest bearing liabilities:
Demand deposits		399,948									395,470									393,616
Other liabilities		29,062									28,978									28,350

Total non-interest bearing liabilities		429,010									424,448									421,966
Stockholders’ equity		227,160									222,791									185,952
Total Liabilities and Stockholders’ Equity	$	2,369,650								$	2,345,909								$	2,250,171

Net interest income/spread (tax equivalent basis)					79,099			2.81	%					57,969			2.77	%					63,010			2.17	%
Tax-equivalent basis adjustment					(775	)								(589	)								(819	)

Net interest income				$	78,324								$	57,380								$	62,191

Net interest margin (tax equivalent basis)								3.49	%								3.46	%								2.91	%

(1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.

(2) Average balances have been calculated based on daily balances.

(3) Annualized

(4) Loan balances include non-accrual loans and are net of unearned income.

(5) Loan yields include the effect of amortization of deferred fees, net of costs.

NORWOOD FINANCIAL CORP

Financial Highlights (Unaudited)

(dollars in thousands, except per share data)


For the Three Months Ended December 31	2025			2024
Net interest income	$	20,944		$	16,625
Net income (loss)		7,442			(12,651	)
Net interest spread (fully taxable equivalent)		2.93	%		2.31	%
Net interest margin (fully taxable equivalent)		3.60	%		3.04	%
Return on average assets		1.21	%		-2.19	%
Return on average equity		12.30	%		-26.08	%
Return on average tangible equity		14.01	%		-30.77	%
Basic earnings (loss) per share	$	0.81		$	(1.54	)
Diluted earnings (loss) per share	$	0.81		$	(1.54	)

For the Twelve Months Ended December 31	2025			2024
Net interest income	$	78,324		$	62,191
Net income (loss)		27,755			(160	)
Net interest spread (fully taxable equivalent)		2.81	%		2.17	%
Net interest margin (fully taxable equivalent)		3.49	%		2.91	%
Return on average assets		1.17	%		-0.01	%
Return on average equity		12.22	%		-0.09	%
Return on average tangible equity		14.03	%		-0.10	%
Basic earnings (loss) per share	$	3.01		$	(0.02	)
Diluted earnings (loss) per share	$	3.01		$	(0.02	)

As of December 31	2025			2024
Total assets	$	2,424,842		$	2,317,462
Total loans receivable		1,853,422			1,713,638
Allowance for credit losses		19,882			19,843
Total deposits		2,078,645			1,859,163
Stockholders’ equity		242,157			213,508
Trust assets under management		213,912			205,097
Book value per share	$	26.06		$	23.02
Tangible book value per share	$	22.90		$	19.85
Equity to total assets		9.99	%		9.21	%
Allowance to total loans receivable		1.07	%		1.16	%
Nonperforming loans to total loans		0.34	%		0.46	%
Nonperforming assets to total assets		0.29	%		0.34	%

NORWOOD FINANCIAL CORP

Consolidated Balance Sheets (unaudited)

(dollars in thousands)


	December 31 2025		September 30 2025		June 30 2025		March 31 2025		December 31 2024
ASSETS
Cash and due from banks	$	32,118	$	50,348	$	32,052	$	31,729	$	27,562
Interest-bearing deposits with banks		12,318		24,382		20,993		43,678		44,777

Cash and cash equivalents		44,436		74,730		53,045		75,407		72,339
Securities available for sale		408,782		403,989		402,460		408,742		397,846
Loans receivable		1,853,422		1,814,682		1,790,574		1,771,269		1,713,638
Less: Allowance for credit losses		19,882		19,911		20,908		20,442		19,843

Net loans receivable		1,833,540		1,794,771		1,769,666		1,750,827		1,693,795
Regulatory stock, at cost		6,623		6,163		7,538		7,616		13,366
Bank owned life insurance		46,089		45,821		46,099		46,914		46,657
Bank premises and equipment, net		22,971		22,292		21,608		20,273		19,657
Foreclosed real estate owned		771		—		—		—		—
Goodwill and other intangibles		29,364		29,375		29,387		29,402		29,418
Other assets		32,266		34,810		35,547		36,863		44,384

TOTAL ASSETS	$	2,424,842	$	2,411,951	$	2,365,350	$	2,376,044	$	2,317,462

LIABILITIES
Deposits:
Non-interest bearing demand	$	419,597	$	424,027	$	406,358	$	391,377	$	381,479
Interest-bearing deposits		1,659,048		1,649,941		1,591,476		1,613,071		1,477,684
Total deposits		2,078,645		2,073,968		1,997,834		2,004,448		1,859,163
Borrowings		74,133		72,071		111,850		118,590		214,862
Other liabilities		29,907		31,007		30,241		32,299		29,929

TOTAL LIABILITIES		2,182,685		2,177,046		2,139,925		2,155,337		2,103,954
STOCKHOLDERS’ EQUITY		242,157		234,905		225,425		220,707		213,508

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,424,842	$	2,411,951	$	2,365,350	$	2,376,044	$	2,317,462

NORWOOD FINANCIAL CORP

Consolidated Statements of Income (unaudited)

(dollars in thousands, except per share data)


Three months ended	December 31 2025			September 30 2025			June 30 2025			March 31 2025			December 31 2024
INTEREST INCOME
Loans receivable, including fees	$	28,666		$	28,141		$	27,115		$	25,988		$	26,122
Securities		3,906			3,907			3,871			3,870			2,789
Other		474			144			220			226			574

Total interest income		33,046			32,192			31,206			30,084			29,485
INTEREST EXPENSE
Deposits		11,334			10,730			10,869			10,748			10,984
Borrowings		768			1,004			1,272			1,479			1,876

Total interest expense		12,102			11,734			12,141			12,227			12,860

NET INTEREST INCOME		20,944			20,458			19,065			17,857			16,625
PROVISION FOR (RELEASE OF) CREDIT LOSSES		468			(502	)		950			857			1,604

NET INTEREST INCOME AFTER (RELEASE OF) PROVISION FOR CREDIT LOSSES		20,476			20,960			18,115			17,000			15,021
OTHER INCOME
Service charges and fees		1,734			1,660			1,514			1,513			1,595
Income from fiduciary activities		228			254			226			325			224
Net realized (losses) gains on sales of securities		—			—			—			—			(19,962	)
Gains on sales of loans, net		83			130			65			47			50
Gains on sales of foreclosed real estate owned		—			—			—			—			—
Earnings and proceeds on life insurance policies		268			268			266			286			275
Other		198			193			177			180			159

Total other income		2,511			2,505			2,248			2,351			(17,659	)
OTHER EXPENSES
Salaries and employee benefits		7,155			6,696			6,605			6,472			6,690
Occupancy, furniture and equipment, net		1,390			1,361			2,538			1,378			1,291
Foreclosed real estate		—			1			137			4			9
FDIC insurance assessment		423			368			355			406			335
Other		4,651			4,508			2,896			3,804			5,094

Total other expenses		13,619			12,934			12,531			12,064			13,419
INCOME BEFORE TAX (BENEFIT) EXPENSE		9,368			10,531			7,832			7,287			(16,057	)
INCOME TAX (BENEFIT) EXPENSE		1,926			2,197			1,627			1,514			(3,406	)

NET (LOSS) INCOME	$	7,442		$	8,334		$	6,205		$	5,773		$	(12,651	)

Basic earnings (loss) per share	$	0.81		$	0.89		$	0.67		$	0.63		$	(1.54	)

Diluted earnings (loss) per share	$	0.81		$	0.89		$	0.67		$	0.63		$	(1.54	)

Book Value per share	$	26.06		$	25.36		$	24.34		$	23.84		$	23.02
Tangible Book Value per share		22.90			22.19			21.17			20.66			19.85
Return on average assets (annualized)		1.21	%		1.40	%		1.06	%		1.01	%		-2.19	%
Return on average equity (annualized)		12.30	%		14.58	%		11.14	%		10.73	%		-26.08	%
Return on average tangible equity (annualized)		14.01	%		16.76	%		12.83	%		12.40	%		-30.77	%
Net interest spread (fte)		2.93	%		2.94	%		2.75	%		2.61	%		2.31	%
Net interest margin (fte)		3.60	%		3.63	%		3.43	%		3.30	%		3.04	%
Allowance for credit losses to total loans		1.07	%		1.10	%		1.17	%		1.15	%		1.16	%
Net charge-offs to average loans (annualized)		0.13	%		0.13	%		0.08	%		0.07	%		0.12	%
Nonperforming loans to total loans		0.34	%		0.36	%		0.45	%		0.45	%		0.46	%
Nonperforming assets to total assets		0.29	%		0.31	%		0.34	%		0.33	%		0.34	%

NORWOOD FINANCIAL CORP

Reconciliation of Non-GAAP Adjustments for 2025 Merger Charges

Adjusted Return on Average Assets

(Dollars in thousands)


	Three Months Ended September 30, 2025			Three Months Ended December 31, 2025			Twelve Months Ended December 31, 2025
Net (loss) income	$	8,334		$	7,442		$	27,755
Average assets		2,363,759			2,441,572			2,369,516
Return on average assets (annualized)		1.40	%		1.21	%		1.17	%
Net income		8,334			7,442			27,755
Merger Expenses		568			520			1,238
Tax effect at 21%		(119	)		(109	)		(260	)

Adjusted Net Income (Non-GAAP)		8,783			7,853			28,733
Average assets		2,363,759			2,441,572			2,369,516
Adjusted return on average assets (annualized)
(Non-GAAP)		1.47	%		1.28	%		1.21	%

Adjusted Return on Average Tangible Shareholders’ Equity
(Dollars in thousands)

	Three Months Ended September 30, 2025			Three Months Ended December 31, 2025			Twelve Months Ended December 31, 2025
Net income	$	8,334		$	7,442		$	27,755
Average shareholders’ equity		226,733			240,123			227,160
Average intangible assets		(29,380	)		(29,369	)		(29,388	)
Average tangible shareholders’ equity		197,353			210,754			197,772
Return on average tangible shareholders’ equity (annualize)		16.76	%		14.01	%		14.03	%
Net income		8,334			7,442			27,755
Merger Expenses		568			520			1,238
Tax effect at 21%		(119	)		(109	)		(260	)

Adjusted Net Income (Non-GAAP)		8,783			7,853			28,733
Average tangible shareholders’ equity		197,353			210,754			197,772
Adjusted return on average shareholders’ equity (annualized)
(Non-GAAP)		17.66	%		14.78	%		14.53	%

Adjusted Earnings Per Share
(Dollars in thousands)

	Three Months Ended September 30, 2025			Three Months Ended December 31, 2025			Twelve Months Ended December 31, 2025
GAAP-Based Earnings Per Share, Basic	$	0.89		$	0.81		$	3.01
GAAP-Based Earnings Per Share, Diluted	$	0.89		$	0.81		$	3.01
Net income		8,334			7,442			27,755
Merger Expenses		568			520			1,238
Tax effect at 21%		(119	)		(109	)		(260	)

Adjusted Net Income (Non-GAAP)		8,783			7,853			28,733
Adjusted Earnings per Share, Basic (Non-GAAP)	$	0.94		$	0.85		$	3.11
Adjusted Earnings per Share, Diluted (Non-GAAP)	$	0.94		$	0.85		$	3.11



Tangible Book Value
(Dollars in thousands)

	September 30, 2025			December 31, 2025
Total shareholders’ equity		234,905			242,157
Adjustments:
Goodwill		(29,266	)		(29,266	)
Other intangible assets		(109	)		(98	)

Tangible common equity (Non-GAAP)		205,530			212,793
Common shares outstanding		9,262,325			9,293,858
Book value per common share		25.36			26.06
Tangible book value per common share (Non-GAAP)		22.19			22.90

NORWOOD FINANCIAL CORP

Reconciliation of Non-GAAP Adjustments for 2024 Loss on Sale of Securities


Adjusted Return on Average Assets
(Dollars in thousands)
	Three Months			Twelve Months
	Ended			Ended
	December 31,			December 31,
	2024			2024
Net loss	$	(12,651	)	$	(160	)
Average assets		2,299,732			2,250,171
Return on average assets (annualized)		-2.19	%		-0.01	%
Net loss		(12,651	)		(160	)
Net realized losses on sale of securities		19,962			19,962
Tax effect at 21%		(4,192	)		(4,192	)

Adjusted Net Income (Non-GAAP)		3,119			15,610
Average assets		2,299,732			2,250,171
Adjusted return on average assets (annualized)
(Non-GAAP)		0.54	%		0.69	%

Adjusted Return on Average Tangible Shareholders’ Equity
(Dollars in thousands)
	Three Months			Twelve Months
	Ended			Ended
	December 31,			December 31,
	2024			2024
Net loss	$	(12,651	)	$	(160	)
Average shareholders’ equity		192,981			185,952
Average intangible assets		29,424			29,449

Average tangible shareholders’ equity		163,557			156,503
Return on average tangible shareholders’ equity (annualized)		-30.77	%		-0.10	%
Net loss		(12,651	)		(160	)
Net realized losses on sale of securities		19,962			19,962
Tax effect at 21%		(4,192	)		(4,192	)

Adjusted Net Income (Non-GAAP)		3,119			15,610
Average tangible shareholders’ equity		163,557			156,503
Adjusted return on average shareholders’ equity (annualized)
(Non-GAAP)		7.59	%		9.97	%

Adjusted Earnings Per Share
(Dollars in thousands)
	Three Months			Twelve Months
	Ended			Ended
	December 31,			December 31,
	2024			2024
GAAP-Based Earnings Per Share, Basic	$	(1.54	)	$	(0.02	)
GAAP-Based Earnings Per Share, Diluted	$	(1.54	)	$	(0.02	)
Net loss		(12,651	)		(160	)
Net realized losses on sale of securities		19,962			19,962
Tax effect at 21%		(4,192	)		(4,192	)

Adjusted Net Income (Non-GAAP)		3,119			15,610
Adjusted Earnings per Share, Basic (Non-GAAP)	$	0.38		$	1.93
Adjusted Earnings per Share, Diluted (Non-GAAP)	$	0.38		$	1.93

Tangible Book Value
(Dollars in thousands)
	December 31,
	2024
Total shareholders’ equity		213,508
Adjustments:
Goodwill		(29,266	)
Other intangible assets		(152	)

Tangible common equity (Non-GAAP)		184,090
Common shares outstanding		9,272,906
Book value per common share		23.02
Tangible book value per common share (Non-GAAP)		19.85

NORWOOD FINANCIAL CORP

Reconciliation of Non-GAAP Adjustments for 2025 Merger Charges and Loss on Sale of Securities


Pre Provision Net Revenue
(Dollars in thousands)
	Three Months Ended December 31,					Twelve Months Ended December 31,
	2025		2024			2025		2024
Income before tax expense (GAAP)	$	9,368	$	(16,057	)	$	35,019	$	(258	)
Provision for (release of) credit losses		468		1,604			1,773		2,673

Pre provision net revenue (PPNR) (Non-GAAP)		9,836		(14,453	)		36,792		2,415
Merger expenses and net realize losses on sale of securities		520		19,962			1,238		19,962

PPNR adjusted for merger expenses (Non-GAAP)		10,356		5,509			38,030		22,377


	Three Months Ended September 30, 2025
Income before tax expense (GAAP)	$	10,531
Provision for (release of) credit losses		(502	)

Pre provision net revenue (PPNR) (Non-GAAP)		10,029
Merger expenses		568

PPNR adjusted for merger expenses (Non-GAAP)		10,597

EX-99.2 3 d70813dex992.htm EX-99.2 EX-99.2

Exhibit 99.2 Q4 2025 Earnings Presentation J a n u a r y 2 2 , 2 0 2 6

Forward-looking Statements and Additional Information This presentation contains forward-looking statements within the meaning of the federal securities laws that are made by Norwood Financial Corp (“Norwood”). All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief or current expectations of Norwood and members of its board of directors and senior management teams. Investors and security holders are cautioned that such statements are predictions, and are not guarantees of future performance. Actual events or results may differ materially. Expected financial results or other plans are subject to a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Norwood’s control. Additional risks and uncertainties may include, but are not limited to, the risk that expected cost savings, revenue synergies and other financial benefits from the recently completed merger with PB Bankshares, Inc. (“PB Bankshares”) may not be realized or take longer than expected to realize; the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the integration of PB Bankshares’ business and operations with those of Norwood may take longer than anticipated, may be more costly than anticipated and may have unanticipated adverse results relating to Norwood’s existing businesses; the anticipated cost savings and other synergies of the merger may take longer to be realized or may not be achieved in their entirety, and attrition in key client, partner and other relationships relating to the merger may be greater than expected; the ability to achieve anticipated merger-related operational efficiencies; the ability to enhance revenue through increased market penetration, expanded lending capacity and product offerings; changes in monetary and fiscal policies of the Federal Reserve Board and the U. S. Government, particularly related to changes in interest rates; changes in general economic conditions, especially the effects of current fluctuations in tariff policies, impacts of workforce deportations, the proliferation of legal actions challenging government policies, and substantial reductions in force of government and non-government organization employees, all of which may put pressure on supply chains and exacerbate market volatility; occurrence of natural or man-made disasters or calamities, including health emergencies, the spread of infectious diseases, pandemics or outbreaks of hostilities, or the effects of climate change, and the ability of Norwood and its customers to deal effectively with disruptions caused by the foregoing; legislative or regulatory changes; downturn in demand for loan, deposit and other financial services in our market area; increased competition from other banks and non-bank providers of financial services; technological changes and increased technology-related costs; and changes in accounting principles, or the application of generally accepted accounting principles. For further information regarding these risks and uncertainties and additional factors that could cause results to differ materially from those contained in the forward-looking statements, see the forward-looking statement disclosure contained in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as well as the other documents subsequently filed by Norwood with the Securities and Exchange Commission (www.sec.gov). Due to these and other possible uncertainties and risks, Norwood can give no assurance that the results contemplated in the forward-looking statements will be realized, and readers are cautioned not to place undue reliance on the forward-looking statements contained in this presentation. Forward-looking statements are based on information currently available to Norwood, and Norwood assumes no obligation and disclaim any intent to update any such forward-looking statements. All forward-looking statements, express or implied, included in the presentation are qualified in their entirety by this cautionary statement. NON-GAAP FINANCIAL MEASURES In addition to results presented in accordance with GAAP, this presentation includes certain non-GAAP financial measures. Norwood believes these non-GAAP financial measures provide additional information that is useful to investors in helping to understand underlying financial performance and condition and trends of Norwood. Non-GAAP financial measures have inherent limitations. Readers should be aware of these limitations and should be cautious with respect to the use of such measures. To compensate for these limitations, non-GAAP measures are used as comparative tools, together with GAAP measures, to assist in the evaluation of operating performance or financial condition. These measures are also calculated using the appropriate GAAP or regulatory components in their entirety and are computed in a manner intended to facilitate consistent period-to-period comparisons. Norwood’s method of calculating these non-GAAP measures may differ from methods used by other companies. These non-GAAP measures should not be considered in isolation or as a substitute or an alternative for those financial measures prepared in accordance with GAAP or in-effect regulatory requirements. Numbers in this presentation may not sum due to rounding. Where non-GAAP financial measures are used, the most directly comparable GAAP or regulatory financial measure, as well as the reconciliation to the most directly comparable GAAP or regulatory financial measure, can be found in this presentation. 2

Q4 2025 Summary Selected Financial Highlights Key Messages (all comps Y/Y) The team delivered a strong Q4 to close out the year $20.9M 2.93% 1 1 with momentum as we build towards a bright future Net Interest Spread (fte) Net Interest Income +62 bps +26% Strong financial position due to Q4 2024 portfolio repositioning drove performance by improving $10.3M 2 3.60% margins, increasing profitability, and growing assets Adjusted Pre Provision 1 Net Interest Margin (fte) 1 Net Revenue +56 bps +47% Presence Bank acquisition expanded our geographic presence, increased our asset base, and strengthened 3 our team to better serve our communities $0.85 $7.4M 1 1 Adjusted Net Income Adjusted Diluted EPS Well positioned to continue momentum into 2026, +139% +124% with focus on strategic priorities to create a stronger 4 organization with ingrained high-performance culture 1.21% 14.03% Adjusted Return on Adjusted Return on Our employees continue to live out our values, making 1 1 Average Assets Tangible Equity 5 us and our communities Every Day Better +67 bps +644 bps 1) See appendix for Non-GAAP reconciliation 3

Growing and Fortifying the Norwood Franchise Growing Our Branch Footprint Fortifying Our Financial Position Cooperstown NASDAQ: NWFL $2.4B Oneonta 33 2 13 Total Assets Headquarters: Honesdale, PA Offices States Counties Honesdale Founded: 1871 $1.9B Milford Total Gross Loans Scranton Employees: 281 Stroudsburg Dividend Yield: 4.6% NY $2.1B Geneva Total Deposits Rejoined the Russell 2000 Index in 2023 $242M Total Equity PA Acquired Presence NJ $269M Bank Branches Market Cap $1B - $5B in Asset Size Note: Financials as of December 31, 2025 and does not include Presence Bank acqisition; Market cap and dividend yield data as of January 21, 2026 Source: S&P Capital IQ Pro

Strength. Security. Stability. Key Tenets for Success Customers Employees Community Shareholders Unified brand: Consolidated Wayne Bank, the Bank of Cooperstown, Bank of the Finger Lakes, and Presence Bank (in April 2026) under single Wayne Bank brand 150+ Years in Business Committed to the same community banking mission and core values instated upon our founding in 1871 Focused on achieving above-peer performance targets bolstered by our competitive strength in markets of operation Rewarding Shareholders Repositioned the balance sheet to improve performance in 2025 and beyond Record of 32 consecutive years of increasing cash dividends Consistent record of organic growth bolstered by four successful acquisitions between 2011 and 2026, including Presence Bank Growth & Expansion Focused on expanding fee income lines such as wealth/trust, mortgage and treasury management services Mission Statement: “Helping the community grow by serving businesses and their employees” A Community Pillar The Bank and its employees are key contributors to several local charities Focused on small business and local relationships

Disciplined, Opportunistic Growth Strategy A History of Organic Growth and Successful Acquisitions 1 Acquired Branches NY $0.5 PA $0.5 $2.4 $2.3 $2.2 $2.1 $2.0 $0.4 $1.4 $1.2 $1.2 $0.2 $1.1 $0.8 $0.7 $0.7 $0.7 $0.7 $0.5 $0.5 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Pro Forma NWFL Assets ($B) Acquired Assets ($B) Note: Acquired branches on map reflect the branches existing today and exclude pending Presence Bank acquisition 1. Presence Bank acquisition announced July 7, 2025; expected to close Q4 2025 or Q1 2026

2026 Strategic Priorities Focused on Actions that will Create Value and Build Momentum Integrate IT and HR systems to create seamless, unified organization Successfully complete Standardize on operations and customer engagement Presence Bank integration Implement sharing of best practices Implement commercial system from PB to drive efficiency and manage risk, empowering Increase operating efficiency employees to do more and elevate the customer Utilize AI embedded in PB processes across the organization as part of integration experience through AI Assess AI implementation and pursue highest value opportunities Invest in our people to empower them to serve our communities Cascade strategic priorities throughout organization Strengthen our talent pool and Janak M. Amin joins as EVP and Chief Operating Officer; Larry Witt as Chief Information deepen our leadership bench Officer; Douglas Byers, Head of Treasury Management; Joseph W. Carroll and Spencer J. Andress join NWFL Board of Directors Maintain strong financial position Grow asset base through increasing deposits and investment decisions and continued Increase shareholder value strategic M&A Enhance shareholder returns through a reliable and growing dividend 7

Positioning the Bank for Continued Growth Improving Financial Performance Actions Taken to Drive Results 1 Adjusted Earnings Per Share Reduction in EPS from 2022 to 2023 due to reduction in net interest income and increase in provision for credit losses due to rising interest rates $3.58 $3.04 Repositioned the portfolio in 2024 to improve health and $3.01 $2.07 $1.93 reduce interest rate variability Presence Bank acquisition in 2025 further strengths our 2021 2022 2023 2024 2025 financial position and provides us with a larger organization to scale as we serve our communities Tangible Book Value Per Share $22.90 $21.63 $19.85 $18.69 $17.24 2021 2022 2023 2024 2025 1) See appendix for Non-GAAP reconciliation

Loan Portfolio Overview Small Business Lending, Granular Relationships and Limited Industry Concentration Loan Portfolio By Category Historical Asset Yields C&I 1-4 Family 14% 6.22% 6.22% 6.18% 14% 6.16% 6.13% 6.08% 5.98% 5.90% Const & Land 5.69% 5.66% 5.60% 5% 5.54% 5.35% 5.31% 5.17% Consumer 5.08% Indirect Total 1% 18% $1.8B 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 CRE Home Eq Yield on Loans Yield on Interest Earning Assets 43% 5% CRE Loans by Industry Investor 1-4 Family Rental Real Estate 10% $87K Average Loan Size 23% Agriculture $259K Average Commercial Loan Size 7% Total 15% Adjustable, 33% Floating, and 52% Fixed Rate Multi Family $803M 8% Office Exposure: 7 loans for ~$4.2M Owner Occupied CRE Ratio: 147% (as of Q3 2025) 52%

Strong Historical Credit Quality Credit Quality Ratios 2021 2022 2023 2024 2025 Non-performing Loans / 0.05% 0.08% 0.48% 0.46% 0.34% Loans Net Charge Offs / Loans 0.07% 0.02% 0.39% 0.10% 0.03% ACL / Loans 1.21% 1.15% 1.18% 1.16% 1.07% Reserves/NPAs 664% 1,165% 246% 252% 280%

Deposit Portfolio Overview Attractive Retail Franchise Bolstered by Commercial and Municipal Relationships Historical Funding Costs Deposit Portfolio by Category 2.50% NIB Demand 2.49% 2.46% 2.43% 20% 2.39% 2.30% 2.21% 2.21% Time 2.34% 2.32% 2.30% Deposts 2.26% 2.25% 42% 2.17% Total IB Demand 2.14% 2.11% 19% $1.8B 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 Cost of Deposits Cost of Funds Savings MMDA 10% 9% Deposit Composition Over Time 20% 22% 21% 25% 25% $30K Average Account Size 14% 17% 19% 11% 14% 12% 10% 9% 18% 16% 10% 13% 11% 6.2% 5-Yr Organic Compound Annual Growth Rate 16% 16% 41% 42% 40% 30% 29% $462M in Municipal Deposits 2021 2022 2023 2024 2025 Time Deposits Savings MMDA IB Demand NIB Demand

Interest Rate Sensitivity Net Interest Income Sensitivity 0.9% 0.8% 0.5% -0.2% -0.3% -1.0% -1.6% -1.7% -3.5% -3.6% -5.6% -5.6% -300 -200 -100 Base +100 +200 +300 Q3 2025 Q3 2024 Sensitivity to Net Interest Income over a 1-year time horizon, given a change in interest rates

Investment Proposition Strong local ties providing consistent Disciplined underwriting culture and sound growth opportunities Experienced Executive Team, aligned Granular loan and deposit with Board of Directors, focused on portfolio tied to our community delivering shareholder return Well-positioned to take Attractive financial profile advantage of market dislocation enhanced by recent repositioning and M&A opportunities Strength. Security. Stability.

APPENDIX

Non-GAAP Financial Measures Adjusted Return on Average Assets (Dollars in thousands) Three Months Three Months Twelve Months Ended Ended Ended September 30, December 31, December 31, 2025 2025 2025 Net (loss) income $ 8,334 $ 7,442 $ 27,755 Average assets 2,363,759 2,441,572 2,369,516 Return on average assets (annualized) 1.40 % 1.21 % 1.17 % Net (loss) income 8,334 7,442 27,755 Merger Expenses 568 520 1,238 Tax effect at 21% (119) (109) (260) Adjusted Net Income (Non-GAAP) 8,783 7,853 28,733 Average assets 2,363,759 2,441,572 2,369,516 Adjusted return on average assets (annualized) (Non-GAAP) 1.47 % 1.28 % 1.21 % Adjusted Return on Average Tangible Shareholders' Equity (Dollars in thousands) Three Months Three Months Twelve Months Ended Ended Ended September 30, December 31, December 31, 2025 2025 2025 Net (loss) income $ 8,334 $ 7,442 $ 27,755 Average shareholders' equity 226,733 240,123 227,160 Average intangible assets 29,380 29,369 29,388 Average tangible shareholders' equity 197,353 210,754 197,772 Return on average tangible shareholders' equity (annualized) 16.76 % 14.01 % 14.03 % Net (loss) income 8,334 7,442 27,755 Merger Expenses 568 520 1,238 Tax effect at 21% (119) (109) (260) Adjusted Net Income (Non-GAAP) 8,783 7,853 28,733 Average tangible shareholders' equity 197,353 210,754 197,772 Adjusted return on average shareholders' equity (annualized) (Non-GAAP) 17.66 % 14.78 % 14.53 % 15

Non-GAAP Financial Measures (continued) Adjusted Earnings Per Share (Dollars in thousands) Three Months Three Months Twelve Months Ended Ended Ended September 30, December 31, December 31, 2025 2025 2025 GAAP-Based Earnings Per Share, Basic $ 0.89 $ 0.81 $ 3.01 GAAP-Based Earnings Per Share, Diluted $ 0.89 $ 0.81 $ 3.01 Net income 8,334 7,442 27,755 Merger Expenses 568 520 1,238 Tax effect at 21% (119) (109) (260) Adjusted Net Income (Non-GAAP) 8,783 7,853 28,733 Adjusted Earnings per Share, Basic (Non-GAAP) $ 0.94 $ 0.85 $ 3.11 Adjusted Earnings per Share, Diluted (Non-GAAP) $ 0.94 $ 0.85 $ 3.11 Tangible Book Value (Dollars in thousands) September 30, December 31, 2025 2025 Total shareholders' equity 234,905 242,157 Adjustments: Goodwill (29,266) (29,266) Other intangible assets (109) (98) Tangible common equity (Non-GAAP) 205,530 212,793 Common shares outstanding 9,262,325 9,293,858 Book value per common share 25.36 26.06 16 Tangible book value per common share (Non-GAAP) 22.19 22.90

Non-GAAP Financial Measures (continued) Adjusted Return on Average Assets (Dollars in thousands) Three Months Twelve Months Ended Ended December 31, December 31, 2024 2024 Net (loss) income $ (12,651) $ (160) Average assets 2,299,732 2,250,171 Return on average assets (annualized) -2.19 % -0.01 % Net (loss) income (12,651) (160) Net realized losses on sale of securities 19,962 19,962 Tax effect at 21% (4,192) (4,192) Adjusted Net Income (Non-GAAP) 3,119 15,610 Average assets 2,299,732 2,250,171 Adjusted return on average assets (annualized) (Non-GAAP) 0.54 % 0.69 % Adjusted Return on Average Tangible Shareholders' Equity (Dollars in thousands) Three Months Twelve Months Ended Ended December 31, December 31, 2024 2024 Net (loss) income $ (12,651) $ (160) Average shareholders' equity 192,981 185,952 Average intangible assets 29,424 29,449 Average tangible shareholders' equity 163,557 156,503 Return on average tangible shareholders' equity (annualized) -30.77 % -0.10 % Net (loss) income (12,651) (160) Net realized losses on sale of securities 19,962 19,962 Tax effect at 21% (4,192) (4,192) Adjusted Net Income (Non-GAAP) 3,119 15,610 Average tangible shareholders' equity 163,557 156,503 Adjusted return on average shareholders' equity (annualized) (Non-GAAP) 7.59 % 9.97 % 17

Non-GAAP Financial Measures (continued) Adjusted Earnings Per Share (Dollars in thousands) Three Months Twelve Months Ended Ended December 31, December 31, 2024 2024 GAAP-Based Earnings Per Share, Basic $ (1.54) $ (0.02) GAAP-Based Earnings Per Share, Diluted $ (1.54) $ (0.02) Net (Loss) Income (12,651) (160) Net realized losses on sale of securities 19,962 19,962 Tax effect at 21% (4,192) (4,192) Adjusted Net Income (Non-GAAP) 3,119 15,610 Adjusted Earnings per Share, Basic (Non-GAAP) $ 0.38 $ 1.93 Adjusted Earnings per Share, Diluted (Non-GAAP) $ 0.38 $ 1.93 Tangible Book Value (Dollars in thousands) December 31, 2024 Total shareholders' equity 213,508 Adjustments: Goodwill (29,266) Other intangible assets (152) Tangible common equity (Non-GAAP) 184,090 Common shares outstanding 9,272,906 Book value per common share 23.02 Tangible book value per common share (Non-GAAP) 19.85 18

Non-GAAP Financial Measures (continued) Pre Provision Net Revenue (Dollars in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Income before tax expense (GAAP) $ 9,368 $ (16,057) $ 35,019 $ (258) Provision for (release of) credit losses 468 1,604 1,773 2,673 Pre provision net revenue (PPNR) (Non-GAAP) 9,836 (14,453) 36,792 2,415 Merger expenses and net realize losses on sale of securities 520 19,962 1,238 19,962 PPNR adjusted for merger expenses (Non-GAAP) 10,356 5,509 38,030 22,377 Three Months Ended September 30, 2025 Income before tax expense (GAAP) $ 10,531 Provision for (release of) credit losses (502) Pre provision net revenue (PPNR) (Non-GAAP) 10,029 Merger expenses 568 PPNR adjusted for merger expenses (Non-GAAP) 10,597 19

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