Company: OSBC
Filing Date: 2025-04-23
Form Type: S-4
Source: 0001104659-25-037832
Chunk: 78

Company: OLD SECOND BANCORP INC
Filing Date: 2025-04-23
Form: S-4
Chunk 78
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orp 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 and financial condition of Bancorp Financial to 16 selected major exchange-traded banks headquartered in the Midwest region of the U.S. (defined as Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin) with total assets between $1.0 billion and $3.0 billion. KBW also reviewed the market performance of the selected companies. The selected companies were as follows (shown by column in descending order of total assets):

| ​ | ChoiceOne Financial Services, Inc.  | ​ | ​ | Hawthorn Bancshares, Inc.            | ​ |
| ​ | First Savings Financial Group, Inc. | ​ | ​ | Citizens Community Bancorp, Inc.     | ​ |
| ​ | LCNB Corp.                          | ​ | ​ | Landmark Bancorp, Inc.               | ​ |
| ​ | Waterstone Financial, Inc.          | ​ | ​ | Richmond Mutual Bancorporation, Inc. | ​ |
| ​ | Ames National Corporation           | ​ | ​ | Ohio Valley Banc Corp.               | ​ |
| ​ | CF Bankshares Inc.                  | ​ | ​ | BankFinancial Corporation            | ​ |
| ​ | Finward Bancorp                     | ​ | ​ | SB Financial Group, Inc.             | ​ |
| ​ | Middlefield Banc Corp.              | ​ | ​ | First Capital, Inc.                  | ​ |

To perform this analysis, KBW used profitability and other financial information for the most recent completed fiscal quarter (“MRQ”) or latest 12 months (“LTM”) available or as of the end of such periods and market price information as of February 14, 2025. In addition, KBW used EPS estimates of the selected companies taken from consensus “street estimates” for the selected companies to the extent publicly available (consensus “street estimates” for 2025 were not publicly available for eight of the selected companies and consensus “street estimates” for