Company: OSBC
Filing Date: 2025-05-06
Form Type: S-4/A
Source: 0001104659-25-045103
Chunk: 78

Company: OLD SECOND BANCORP INC
Filing Date: 2025-05-06
Form: S-4/A
Chunk 78
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 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 2026 were not publicly available for nine of the selected companies). Where consolidated holding company level financial data for the selected companies was unreported, subsidiary bank level data was utilized to calculate ratios (subsidiary bank level data necessary to calculate Common Equity Tier 1 (“CET1”) Ratio and Total Capital Ratio was also unreported for two of the selected companies). Certain financial data presented in the tables below may not correspond to the data presented in Bancorp Financial’s historical financial statements as a result of the different periods, assumptions