Company: OSBC
Filing Date: 2025-05-08
Form Type: 424B3
Source: 0001104659-25-046065
Chunk: 85

Company: OLD SECOND BANCORP INC
Filing Date: 2025-05-08
Form: 424B3
Chunk 85
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x                 | ​ | ​ | 22.3x   | ​ | ​ | 22.2x  | ​ | ​ | 17.9x          | ​ |

No company or transaction used as a comparison in the above selected transaction analysis is identical to Bancorp Financial or the proposed merger. Accordingly, an analysis of these results is not mathematical. Rather, it involves complex considerations and judgments concerning differences in financial and operating characteristics of the companies involved. Relative Contribution Analysis . KBW analyzed the relative standalone contribution of Old Second and Bancorp Financial to various pro forma balance sheet and income statement items of the combined entity. This analysis did not include purchase accounting adjustments or cost savings. To perform this analysis, KBW used (i) historical financial information for Bancorp Financial and Old Second as of, or for the three-month and 12-month periods ended, December 31, 2024, (ii) financial and operating forecasts and projections of Bancorp Financial provided by Bancorp Financial management, and (iii) publicly available consensus “street estimates” of Old Second. The results of KBW’s analysis are set forth in the following table, which also compares the results of KBW’s analysis with the implied pro forma ownership percentages of Old Second stockholders and Bancorp Financial stockholders in the combined company based on the 2.5814x exchange ratio provided for in the merger agreement and also with the implied pro forma ownership percentages of Old Second stockholders and Bancorp Financial stockholders in the combined company hypothetically assuming 100% stock consideration in the merger for illustrative purposes:

| ​                                                               | ​ | ​ | Old Secondas a % ofTotal |   |     |   | ​ | ​ | Bancorp Financialas a % ofTotal |   |     |   | ​ |
| Pro Forma Ownership                                             | ​ | ​ | ​                        | ​ | ​   | ​ | ​ | ​ | ​                               | ​ | ​   | ​ | ​ |
| Ownership at 2.5814x Merger Exchange Ratio                      | ​ | ​ | ​                        | ​ | 85% | ​ | ​ | ​ | ​                               | ​ | 15% | ​ | ​ |
| Illustrative Ownership at Hypothetical 100% stock consideration | ​ | ​ | ​                        | ​ | 81% | ​ | ​ | ​ | ​                               | ​ | 19% | ​ | ​ |
| Balance Sheet                                                   | ​ | ​ | ​                        | ​ | ​   |