Company: OSBC
Filing Date: 2025-04-23
Form Type: S-4
Source: 0001104659-25-037832
Chunk: 85

Company: OLD SECOND BANCORP INC
Filing Date: 2025-04-23
Form: S-4
Chunk 85
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7%           | ​ |
| Price / LTM EPS             | ​ | ​ | 35.7x                          | ​ | ​ | 17.7x                 | ​ | ​ | 15.7x   | ​ | ​ | 12.2x  | ​ | ​ | 10.1x          | ​ |

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. Selected Transactions Analysis #2. KBW reviewed publicly available information related to seven selected U.S. whole bank acquisitions announced since January 1, 2022 with a reported deal value between $150 million and $300 million and an acquired company with an LTM ROAA below 0.75%. The selected transactions were as follows:

| Acquiror                           | ​ | ​ | Acquired Company                     | ​ |
| EverBank Financial Corp            | ​ | ​ | Sterling Bank and Trust, FSB         | ​ |
| ConnectOne Bancorp, Inc.           | ​ | ​ | The First of Long Island Corporation | ​ |
| ChoiceOne Financial Services, Inc. | ​ | ​ | Fentura Financial, Inc.              | ​ |
| Global Federal Credit Union        | ​ | ​ | First Financial Northwest Bank       | ​ |
| First Bank                         | ​ | ​ | Malvern Bancorp, Inc.                | ​ |
| Byline Bancorp, Inc.               | ​ | ​ | Inland Bancorp, Inc.                 | ​ |
| Southern Missouri Bancorp, Inc.    | ​ | ​ | Citizens Bancshares Co.              | ​ |

For each selected transaction, KBW derived the following implied transaction statistics, in each case based on the transaction consideration value paid for the acquired company and using financial data to the extent publicly available based on the acquired company’s then latest publicly available financial statements prior to the announcement of the respective transaction: Price per common share to tangible book value per share of the acquired company (in the case of selected transactions involving a private acquired company, this transaction statistic was calculated as total transaction consideration divided by total tangible common equity);

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Pay to Trade ratio (calculated as the price to tangible book value multiple paid in the respective transaction divided by the acquiror’s standalone closing stock price to tangible book value multiple)