Company: OSBC
Filing Date: 2025-05-06
Form Type: S-4/A
Source: 0001104659-25-045103
Chunk: 77

Company: OLD SECOND BANCORP INC
Filing Date: 2025-05-06
Form: S-4/A
Chunk 77
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W to the Bancorp Financial board of directors, but summarizes the material analyses performed and presented in connection with such opinion. The financial analyses summarized below include information presented in tabular format. The tables alone do not constitute a complete description of the financial analyses. The preparation of a fairness opinion is a complex analytic process involving various determinations as to appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances. Therefore, a fairness opinion is not readily susceptible to partial analysis or summary description. In arriving at its opinion, KBW did not attribute any particular weight to any analysis or factor that it considered, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Accordingly, KBW believes that its analyses and the summary of its analyses must be considered as a whole and that selecting portions of its analyses and factors or focusing on the information presented below in tabular format, without considering all analyses and factors or the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the process underlying its analyses and opinion.

For purposes of the financial analyses described below, KBW utilized an indicative transaction value for the merger of $64.46 per outstanding share of Bancorp Financial common stock, or approximately

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TABLE OF CONTENTS

$202.3 million in the aggregate, based on the per share cash consideration of $15.93 and the implied value of the per share stock consideration derived by multiplying the exchange ratio of 2.5814x by the Old Second closing price of $18.80 on February 14, 2025. In addition to the financial analyses described below, KBW reviewed with the Bancorp Financial board of directors for informational purposes, among other things, the implied transaction multiples for the proposed merger (based on the indicative transaction value for the merger of $64.46 per outstanding share of Bancorp Financial common stock) of 19.7x Bancorp Financial’s annualized earnings per share (“EPS”) for the three-month period ended December 31, 2024, 16.0x Bancorp Financial’s estimated calendar year 2025 EPS and 10.9x Bancorp Financial’s estimated calendar year 2026 EPS, using historical financial information and financial and operating forecasts and projections of Bancorp Financial provided by Bancorp Financial management. Bancorp Financial Selected Companies Analysis #1 — Selected Regional Banks. Using publicly available information, KBW compared the financial performance