Ottawa Bancorp Inc - FORM S-1 - EX-99.1 - APPRAISAL

Ottawa Bancorp Inc - FORM S-1 - EX-99.1 - APPRAISAL - June 6, 2016

Attached files

Attached files

Ottawa Bancorp Inc Reports

file	filename
EX-23.3 - CONSENT - Ottawa Bancorp Inc	d189351dex233.htm
EX-23.2 - CONSENT - Ottawa Bancorp Inc	d189351dex232.htm
EX-10.2 - 401(K) PLAN DOC - Ottawa Bancorp Inc	d189351dex102.htm
EX-10.1 - ESOP LOAN DOCS - Ottawa Bancorp Inc	d189351dex101.htm
EX-8.1 - FORM OF TAX OPINION - Ottawa Bancorp Inc	d189351dex81.htm
EX-5.0 - FORM OF OPINION - Ottawa Bancorp Inc	d189351dex50.htm
EX-4.0 - STOCK CERTIFICATE - Ottawa Bancorp Inc	d189351dex40.htm
EX-3.2 - BYLAWS - Ottawa Bancorp Inc	d189351dex32.htm
EX-3.1 - ARTICLES OF INCORPORATION - Ottawa Bancorp Inc	d189351dex31.htm
EX-1.2 - RECORDS AGENT LTR - Ottawa Bancorp Inc	d189351dex12.htm
EX-1.1 - MARKETING AGENT LTR - Ottawa Bancorp Inc	d189351dex11.htm
S-1 - FORM S-1 - Ottawa Bancorp Inc	d189351ds1.htm

Exhibit 99.1

CONVERSION VALUATION APPRAISAL REPORT

Prepared for:

Ottawa Bancorp, Inc.

Ottawa, Illinois

As Of:

May 16, 2016

Prepared By:

Keller & Company, Inc.

555 Metro Place North

Suite 524

Dublin, Ohio 43017

(614) 766-1426

KELLER & COMPANY

KELLER & COMPANY, INC.

FINANCIAL INSTITUTION CONSULTANTS

555 METRO PLACE NORTH

SUITE 524

DUBLIN, OHIO 43017

(614) 766-1426 (614) 766-1459 FAX

May 25, 2016

Board of Directors

Ottawa Bancorp, Inc.

925 LaSalle Street

Ottawa, Illinois 61350

To the Board:

We hereby submit an independent appraisal (“Appraisal”) of the pro forma market value of the common stock to be issued by the new Ottawa Bancorp, Inc. (the “Corporation”) in conjunction with the second stage stock conversion of Ottawa Savings Bancorp, MHC (the “MHC”) from the mutual to the stock form of ownership. The MHC currently owns 69.1 percent of the stock of the new Ottawa Bancorp, Inc., formerly Ottawa Savings Bancorp, Inc., the mid-tier holding company of Ottawa Savings Bank (the “Bank”), which remains at 69.1 percent with the inclusion of the $128,000 in cash held by Ottawa Savings Bancorp, MHC. The remaining 30.9 percent of the Corporation’s common stock is owned by public shareholders. The exchange ratios established by the Corporation as applied to the value established herein are 0.8811 shares, 1.0366 shares, and 1.1921 shares for each share of the Corporation’s common stock at the minimum, midpoint and maximum, respectively, of the valuation range. This appraisal was prepared and provided to the Corporation in accordance with regulatory appraisal requirements.

Keller & Company, Inc. is an independent, financial institution consulting firm that serves both thrift institutions and banks. The firm is a full-service consulting organization, as described in more detail in Exhibit A in the Appraisal, specializing in business and strategic plans, stock valuations, conversion and reorganization appraisals, market studies and fairness opinions for thrift institutions and banks. The firm has affirmed its independence in this transaction with the preparation of its Affidavit of Independence, a copy of which is included as Exhibit C in the Appraisal.

Our appraisal is based on the assumption that the data provided to us by the Bancorp and the Bank and the material provided by the independent auditors, RSM US LLP, Chicago, Illinois, are both accurate and complete. We did not verify the financial statements provided to us, nor did we conduct independent valuations of the Bank’s assets and liabilities. We have also used information from other public sources, but we cannot assure the accuracy of such material.

Board of Directors

Ottawa Bancorp, Inc.

May 25, 2016

Page 2

In the preparation of this appraisal, we held discussions with the management of the Bancorp and the Bank, with the law firm of Kilpatrick Townsend & Stockton, LLP, Washington, D.C., the Bank’s conversion counsel, and with Sandler + O’Neill, the Bank’s investment banking firm. Further, we viewed the Bank’s local economy and primary market area and also reviewed the Bank’s most recent Business Plan as part of our review process.

This valuation must not be considered to be a recommendation as to the purchase of stock in the Corporation, and we can provide no guarantee or assurance that any person who purchases shares of the Corporation’s stock will be able to later sell such shares at a price equivalent to the price designated in this appraisal.

Our valuation will be updated as required and will give consideration to any new developments in the Bank’s operation that have an impact on operations or financial condition. Further, we will give consideration to any changes in general market conditions and to specific changes in the market for publicly-traded thrift institutions. Based on the material impact of any such changes on the pro forma market value of the Corporation as determined by this firm, we will make necessary adjustments to the Corporation’s appraised value in such appraisal update.

It is our opinion that as of May 16, 2016, the pro forma market value or appraised value of the Corporation was $30,000,000 at the midpoint, with a public offering of $20,730,000 or 2,073,000 shares at $10 per share, representing 69.1 percent of the total valuation. The pro forma valuation range of the Corporation is from a minimum of $25,500,000 to a maximum of $34,500,000, representing public offering ranges of $17,620,500 at the minimum to a maximum of $23,839,500, representing 1,762,050 shares and 2,383,950 shares at $10 per share at the minimum and maximum, respectively.

The pro forma appraised value of the Corporation as of May 16, 2016, is $30,000,000, at the midpoint with a midpoint public offering of $20,730,000.

Very truly yours,

KELLER & COMPANY, INC.

LOGO

TABLE OF CONTENTS


			PAGE

INTRODUCTION				1

	I.	Description of Ottawa Savings Bank
		General		4
		Performance Overview		8
		Income and Expense		10
		Yields and Costs		15
		Interest Rate Sensitivity		17
		Lending Activities		19
		Nonperforming Assets		24
		Investments		27
		Deposit Activities		28
		Borrowings		29
		Subsidiaries		29
		Office Properties		29
		Management		29

	II.	Description of Primary Market Area		31

	III.	Comparable Group Selection
		Introduction		37
		General Parameters
		Merger/Acquisition		38
		Mutual Holding Companies		38
		Trading Exchange		39
		IPO Date		39
		Geographic Location		40
		Asset Size		40
		Balance Sheet Parameters
		Introduction		41
		Cash and Investments to Assets		42
		Mortgage-Backed Securities to Assets		43
		One- to Four-Family Loans to Assets		43
		Total Net Loans to Assets		43
		Total Net Loans and Mortgage-Backed Securities to Assets		44
		Borrowed Funds to Assets		44
		Equity to Assets		45
		Performance Parameters
		Introduction		46

TABLE OF CONTENTS (cont.)


		PAGE
III.	Comparable Group Selection (cont.)
	Performance Parameters (cont.)
	Return on Average Assets		46
	Return on Average Equity		47
	Net Interest Margin		47
	Operating Expenses to Assets		48
	Noninterest Income to Assets		48
	Asset Quality Parameters
	Introduction		48
	Nonperforming Assets to Total Assets		49
	Repossessed Assets to Assets		49
	Loan Loss Reserve to Assets		50
	The Comparable Group		50

IV.	Analysis of Financial Performance		51

V.	Market Value Adjustments
	Earnings Performance		54
	Market Area		59
	Financial Condition		59
	Asset, Loan and Deposit Growth		62
	Dividend Payments		64
	Subscription Interest		64
	Liquidity of Stock		65
	Management		66
	Marketing of the Issue		67

VI.	Valuation Methods
	Introduction		68
	Price to Book Value Method		69
	Price to Core Earnings Method		70
	Price to Assets Method		71
	Valuation Conclusion		72

LIST OF EXHIBITS


NUMERICAL EXHIBITS		PAGE

1	Consolidated Balance Sheets - At December 31, 2015 and March 31, 2016		74
2	Consolidated Balance Sheets - At December 31, 2011 through 2014		75
3	Consolidated Statements of Operations for the Twelve Months Ended March 31, 2016 and for the Year Ended December 31, 2015		76
4	Consolidated Statements of Operations for the Years Ended December 31, 2011 through 2014		77
5	Selected Financial Information		78
6	Income and Expense Trends		79
7	Normalized Core Earnings Trend		80
8	Performance Indicators		81
9	Volume/Rate Analysis		82
10	Yield and Cost Trends		83
11	Net Portfolio Value		84
12	Loan Portfolio Composition		85
13	Loan Maturity Schedule		86
14	Loan Originations and Purchases		88
15	Delinquent Loans		89
16	Nonperforming Assets		90
17	Classified Assets		91
18	Allowance for Loan Losses		92
19	Investment Portfolio Composition		93
20	Mix of Deposits		94
21	Certificates of Deposit by Rate		95
22	Deposit Activity		96
23	Offices of Ottawa Savings Bank		97
24	Management of the Bank		98
25	Key Demographic Data and Trends		99
26	Key Housing Data		100
27	Major Sources of Employment		101
28	Unemployment Rates		102
29	Market Share of Deposits		103
30	National Interest Rates by Quarter		104
31	Share Data Prices and Pricing Ratios		105
32	Key Financial Data and Ratios		112
33	Recent Second Stage Conversions		119
34	Acquisitions and Pending Acquisitions		120

LIST OF EXHIBITS (cont.)


NUMERICAL EXHIBITS		PAGE

35	Balance Sheets Parameters - Comparable Group Selection		121
36	Operating Performance and Asset Quality Parameters - Comparable Group Selection		125
37	Balance Sheet Ratios Final Comparable Group		129
38	Operating Performance and Asset Quality Ratios Final Comparable Group		130
39	Balance Sheet Totals - Final Comparable Group		131
40	Balance Sheet - Asset Composition Most Recent Quarter		132
41	Balance Sheet - Liability and Equity Most Recent Quarter		133
42	Income and Expense Comparison Trailing Four Quarters		134
43	Income and Expense Comparison as a Percent of Average Assets - Trailing Four Quarters		135
44	Yields, Costs and Earnings Ratios Trailing Four Quarters		136
45	Reserves and Supplemental Data		137
46	Comparable Group Market, Pricings and Financial Ratios - Stock Prices as of May 16, 2016		138
47	Valuation Analysis and Conclusions		139
48	Pro Forma Effects of Conversion Proceeds - Minimum		140
49	Pro Forma Effects of Conversion Proceeds - Midpoint		141
50	Pro Forma Effects of Conversion Proceeds - Maximum		142
51	Summary of Valuation Premium or Discount		143

CONVERSION VALUATION APPRAISAL REPORT

Prepared for:

Ottawa Bancorp, Inc.

Ottawa, Illinois

As Of:

May 16, 2016

INTRODUCTION

Keller & Company, Inc. is an independent appraisal firm for financial institutions and has prepared this Conversion Valuation Appraisal Report (“Report”) to provide the pro forma market value of the to-be-issued common stock of the new Ottawa Bancorp, Inc. (the “Corporation”), a Maryland corporation, in connection with the conversion of Ottawa Savings Bancorp, MHC from the mutual to the stock form of organization. The shares of common stock to be issued represent the majority interest in the original Ottawa Savings Bancorp, Inc., which was formed in 2005, as a mid-tier holding company, owned by Ottawa Savings Bancorp, MHC. Ottawa Savings Bank (“Ottawa Savings Bank” or the “Bank”) is a subsidiary of Ottawa Bancorp, Inc. Under the Plan of Conversion, Ottawa Savings Bancorp, MHC will cease to exist, with Ottawa Savings Bank becoming a wholly owned subsidiary of the Corporation. The existing shares of stock in Ottawa Savings Bancorp, Inc. will be exchanged for new shares of stock in the Corporation based on their current appraised value as determined in this Report.

The Application is being filed with the Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (“FRB”) and the Securities and Exchange Commission (“SEC”). In accordance with the conversion, there will be an issuance of 69.1 percent of the Corporation’s stock, representing the ownership of Ottawa Savings Bancorp, MHC, in the Corporation, along with the balance of cash held by Ottawa Savings Bancorp, MHC of $128,000, resulting in a cumulative 69.1 percent public offering based on the midpoint valuation. Such Application for Conversion has been reviewed by us, including the Prospectus and related documents, and discussed with the Bank’s management and the Bank’s conversion counsel, Kilpatrick Townsend & Stockton LLP, Washington, D.C.

This conversion appraisal was prepared based on the guidelines used by the OCC entitled “Guidelines for Appraisal Reports for the Valuation of Savings Institutions Converting from the Mutual to Stock Form of Organization,” in accordance with the OCC application requirements and the Revised Guidelines for Appraisal Reports and represents a full appraisal report. The Report provides detailed exhibits based on the Revised Guidelines and a discussion on each of the fourteen factors that need to be considered. Our valuation will be updated in accordance with the Revised Guidelines and will consider any changes in market conditions for thrift institutions.

Introduction (cont.)

We define the pro forma market value as the price at which the stock of the Corporation after conversion would change hands between a typical willing buyer and a typical willing seller when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, and with both parties having reasonable knowledge of relevant facts in an arm’s-length transaction. The appraisal assumes the Bank is a going concern and that the shares issued by the Corporation in the conversion are sold in noncontrol blocks.

As part of our appraisal procedure, we have reviewed the audited financial statements for the five fiscal years ended December 31, 2011 through 2015, and unaudited financials for the three months ended March 31, 2015 and 2016, and discussed them with Ottawa Savings Bank’s management and with Ottawa Savings Bank’s independent auditors, RSM US LLP, Chicago, Illinois. We have also discussed and reviewed with management other financial matters and have reviewed internal projections. We have reviewed the Corporation’s preliminary Form SB-2 and the Bank’s preliminary Form AC and discussed them with management and with the Bank’s conversion counsel.

To gain insight into the Bank’s local market condition, we have visited Ottawa Savings Bank’s market area of Ottawa, Marseilles and Morris, Illinois. We have studied the economic and demographic characteristics of the primary market area, and analyzed the Bank’s primary market area relative to Illinois and the United States. We have also examined the competitive market within which Ottawa Savings Bank operates, giving consideration to the area’s numerous financial institution offices, mortgage banking offices, and credit union offices and other key market area characteristics, both positive and negative.

We have given consideration to the market conditions for securities in general and for publicly traded thrift stocks in particular. We have examined the performance of selected publicly traded thrift institutions and compared the performance of Ottawa Savings Bank to those selected institutions.

Introduction (cont.)

Our valuation is not intended to represent and must not be interpreted to be a recommendation of any kind as to the desirability of purchasing the to-be-outstanding shares of common stock of the Corporation. Giving consideration to the fact that this appraisal is based on numerous factors that can change over time, we can provide no assurance that any person who purchases the stock of the Corporation in the second stage stock offering will subsequently be able to sell such shares at prices similar to the pro forma market value of the Corporation as determined in this conversion appraisal.

I.	DESCRIPTION OF OTTAWA SAVINGS BANK

GENERAL

Ottawa Savings Bank (“Ottawa Savings Bank”) was organized in 1871 as a state-chartered building and loan association with the name Ottawa Building Homestead and Savings Association. The Bank converted to a federal savings and loan association in 1935 and later converted to a federal savings bank in 1996. In 2005, the Bank formed its mutual holding company, Ottawa Savings Bancorp, MHC, and its mid-tier holding company, Ottawa Bancorp, Inc., becoming the subsidiary of the Corporation and completed a minority stock offering. The Bancorp plans to complete a stock offering equal to all the shares owned by Ottawa Savings Bancorp, MHC and resulting in its elimination.

Ottawa Savings Bank conducts its business from its main office and two branches, with its main office located in Ottawa, Illinois, and it branches located in Marseilles and Morris, Illinois. The Bank also has a loan production office in Joliet, Illinois, in Will County. The Bank’s primary retail market area is focused on Ottawa, Marseilles, and Morris, while the Bank’s lending market extends into the surrounding La Salle and Grundy Counties.

Ottawa Savings Bank’s deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation (“FDIC”) in the Bank Insurance Fund (“BIF”). The Bank is also subject to certain reserve requirements of the FRB. Ottawa Savings Bank is a member of the Federal Home Loan Bank (the “FHLB”) of Chicago and is regulated by the OCC. As of March 31, 2016, Ottawa Savings Bank had assets of $216,565,143, deposits of $180,175,523 and equity of $31,040,187.

Ottawa Savings Bank has been principally engaged in the business of serving the financial needs of the public in its local communities and throughout its primary market area as a community-oriented institution. Ottawa Savings Bank has been involved in the origination of one- to four-family mortgage loans, which represented 58.9 percent of its loan originations

General (cont.)

during the fiscal year ended December 31, 2015. One- to four-family mortgage loan originations represented 55.2 percent of loan originations during the three months ended March 31, 2016. At March 31, 2016, 59.1 percent of the Bank’s gross loans consisted of residential real estate loans on one- to four-family dwellings, excluding home equity loans, compared to a similar 60.3 percent at December 31, 2014 with the primary sources of funds being retail deposits from residents in its local communities. The Bank is also an originator of multi-family and commercial real estate loans, construction and land loans, commercial business loans, consumer loans, and home equity loans. Consumer loans include automobile, loans on deposit accounts, and other secured and unsecured personal loans.

The Bank had cash and investments of $53.8 million, or 24.8 percent of its assets, excluding FHLB stock which totaled $1,358,121 or 0.6 percent of assets at March 31, 2016. The Bank had $29.3 million of its investments in mortgage-backed and related securities representing 13.5 percent of assets. Deposits, FHLB advances, principal payments, and equity have been the primary sources of funds for the Bank’s lending and investment activities.

The total amount of stock to be sold in the second stage stock offering will be $20.7 million or 2,073,000 shares at $10 per share based on the midpoint of the appraised value of $30.0 million and representing 69.10 percent of the total appraised value. The net conversion proceeds will be $19.2 million, reflecting conversion expenses of approximately $1,473,000. The actual cash proceeds to the Bank of $9.60 million will represent 50.0 percent of the net conversion proceeds. The ESOP will represent 8.00 percent of the public shares sold or 165,840 shares at $10 per share, representing $1,658,400. The Bank’s net proceeds will be used to fund new loans and to invest in securities following their initial deployment to short term investments. The Bank may also use the proceeds to expand services, expand operations, diversify into other businesses, or for any other purposes authorized by law. The Corporation will use its proceeds to fund the ESOP, to purchase short-and intermediate-term government or federal agency securities or to invest in short-term deposits.

General (cont.)

The Bank has experienced a moderate deposit increase over the past four fiscal years with deposits increasing 10.5 percent from December 31, 2011, to December 31, 2015, or an average of 2.6 percent per year, with such trend including the Bancorp’s merger/acquisition of Twin Oaks Savings Bank in December 2014. From December 31, 2015, to March 31, 2016, deposits then increased by 1.95 percent or 7.79 percent on an annualized basis, compared to a decrease of 3.0 percent in fiscal 2015.

The Bank has focused on improving its asset quality position, on monitoring its net interest margin and earnings and on maintaining a reasonable equity to assets ratio during the past four years. Equity to assets increased from 11.16 percent of assets at December 31, 2011, to 14.37 percent at December 31, 2015, impacted by the Bancorp’s merger/acquisition transaction in 2014 and then decreased slightly to 14.33 percent at March 31, 2016.

The primary lending strategy of Ottawa Savings Bank has been to focus on the origination of adjustable-rate and fixed-rate one-to four-family mortgage loans, the origination of commercial real estate loans, consumer loans and home equity loans with less emphasis on the origination of construction loans, multi-family loans, and commercial business loans.

The Bank’s share of one- to four-family mortgage loans has decreased slightly from 60.3 percent of gross loans at December 31, 2014, to 59.1 percent as of March 31, 2016. Home equity loans decreased from 11.5 percent of loans to 10.0 percent from December 31, 2014, to March 31, 2016, and commercial real estate loans decreased from 13.7 percent at December 31, 2014, to 13.6 percent at March 31, 2016. All types of real estate loans, including home equity loans, as a group decreased slightly from 88.6 percent of gross loans at December 31, 2014, to 88.1 percent at March 31, 2016. The decrease in real estate loans was offset by the Bank’s increase in consumer loans. The Bank’s share of consumer loans witnessed an increase in their share of loans from 7.1 percent at December 31, 2014, to 7.8 percent at March 31, 2016, and the Bank’s share of commercial business loans decreased from 4.3 percent to 4.2 percent, during the same time period.

General (cont.)

Management’s internal strategy has also included continued emphasis on maintaining an adequate and appropriate level of allowance for loan losses relative to loans and nonperforming assets in recognition of the more stringent requirements within the industry to establish and maintain an adequate level of general valuation allowances and also in recognition of the Bank’s historically higher level of nonperforming assets. At December 31, 2011, Ottawa Savings Bank had $4,747,000 in its loan loss allowance or 6.53 percent of gross loans, and 54.7 percent of nonperforming loans with the loan loss allowance decreasing to $2,192,000 and representing a lower 3.41 percent of gross loans and a lower 43.7 percent of nonperforming loans at March 31, 2016.

The basis of earnings for the Bank has been interest income from loans and investments with the net interest margin being the key determinant of net earnings with a continued emphasis on strengthening noninterest income and controlling noninterest expenses. With a primary dependence on net interest margin for earnings, current management will focus on striving to strengthen the Bank’s net interest margin without undertaking excessive credit risk combined with controlling the Bank’s interest risk position and effort to decrease real estate owned expenses and total noninterest expenses.

PERFORMANCE OVERVIEW

The financial position of Ottawa Savings Bank at fiscal year end December 31, 2011, through December 31, 2015, and at March 31, 2016, is shown in Exhibits 1 and 2, and the earnings performance of Ottawa Savings Bank for the twelve months ended March 31, 2016, and for the fiscal years 2011 through 2015, is shown in Exhibits 3 and 4. Exhibit 5 provides selected financial data at December 31, 2011 through 2015, and at March 31, 2016. Ottawa Savings Bank has focused on increasing its loan portfolio and deposits, increasing its cash and investment securities, and increasing its asset base from 2011 through 2015. The most recent trend for the Bank from December 31, 2015, through March 31, 2016, was a modest increase in assets, an increase in investments, a modest increase in loans and a modest increase in deposits.

With regard to the Bank’s historical financial condition, Ottawa Savings Bank has experienced a moderate decrease in assets from December 31, 2011, through December 31, 2013, with larger decreases in deposits and loans and a modest increase in the dollar level of equity. Then from 2013 to 2015, the Bank experienced increases in assets, loans, deposits and equity, influenced by its merger/acquisition transaction in 2014.

The Bank witnessed an increase in assets of $30.6 million or 16.7 percent for the period of December 31, 2011, to December 31, 2015, representing an average annual increase of 4.2 percent. For the three months ended March 31, 2016, assets increased $3.0 million or 1.4 percent, or 5.6 percent, annualized. Over the past four fiscal periods, the Bank experienced its largest dollar increase in assets of $51.1 million in fiscal year 2014, due to its merger/acquisition transaction, with a $31.8 million increase in loans and a $36.5 million increase in deposits. The Bank had decreases in assets in 2012, 2013 and 2015. During the Bank’s most recent fiscal year of 2015, assets decreased $8.2 million or 3.7 percent.

Ottawa Savings Bank’s net loan portfolio, which includes mortgage loans and nonmortgage loans, increased from $128.0 million at December 31, 2011, to $140.1 million at December 31, 2015, and represented a total increase of $12.1 million, or 9.5 percent. The average annual increase during that period was 2.4 percent. For the three months ended March 31, 2016, net loans increased $4.6 million or 3.3 percent to $144.7 million.

Performance Overview (cont.)

Ottawa Savings Bank has obtained funds primarily through deposits, with a small level of FHLB advances at March 31, 2016. The Bank has used FHLB advances in 2014 and 2015 but not in 2011, 2012 and 2013. The Bank’s competitive rates for deposits in its local market in conjunction with its focus on service have been the sources for competing for retail deposits. Deposits increased $16.8 million or 5.0 percent from fiscal 2011 to 2015, representing an average annual rate of increase of 1.25 percent, increasing to $176.7 million at December 31, 2015. For the three months ended March 31, 2016, deposits increased by $3.4 million or 1.9 percent. The Bank’s largest fiscal year deposit increase was in 2014, when deposits increased $36.5 million or a strong 25.0 percent, due to the Bancorp’s merger/acquisition transaction.

The Bank witnessed an increase in its dollar equity level from 2011 to 2015, with increases occurring each year. Equity also increased in dollars in the three months ended March 31, 2016. At December 31, 2011, the Bank had equity of $20.4 million, representing an 11.16 percent equity to assets ratio and increased to $30.7 million at December 31, 2015, representing a higher 14.38 percent equity to assets ratio. At March 31, 2016, equity was a slightly higher $31.0 million and a slightly lower 14.33 percent of assets.

The overall increase in the equity to assets ratio from December 31, 2011, to December 31, 2015, was the result of the Bank’s positive earnings in 2012, 2013, 2014 and 2015, combined with additional equity as a result of its merger/acquisition transaction in 2014. The dollar level of equity increased 50.5 percent from December 31, 2011, to December 31, 2015, representing an average annual increase of 12.6 percent, and then increased 1.1 percent from December 31, 2015, through March 31, 2016.

INCOME AND EXPENSE

Exhibit 6 presents selected operating data for Ottawa Savings Bank. This table provides key income and expense figures in dollars for the fiscal years of 2011 through 2015, and for the three months ended March 31, 2015 and 2016.

Ottawa Savings Bank witnessed a modest decrease in its dollar level of interest income from fiscal 2011 to fiscal 2015. Interest income was $8.6 million in 2011 and a lower $8.07 million in 2015. Interest income then increased slightly in the three months ended March 31, 2016, to $2.0 million or $8.08 million, annualized, compared to $8.08 million in 2015.

The Bank’s interest expense also experienced a decrease from fiscal year 2011 to 2015. Interest expense decreased from $2,570,000 in 2011 to $907,000 in 2015, representing a decrease of $1,663,000 or 64.7 percent. Interest income decreased a lesser $513,000. Such decrease in interest income from 2011 through 2015, notwithstanding the larger decrease in interest expense, resulted in a dollar increase in annual net interest income and a modest increase in net interest margin. Interest expense then decreased in the three months ended March 31, 2016, to $207,000 or $828,000, annualized, compared to $907,000 in interest expense in fiscal 2015.

The Bank has made provisions for loan losses in each of the past five fiscal years of 2011 through 2015 and also made provisions in the three months ended March 31, 2016. The amounts of those provisions were determined in recognition of the Bank’s balance of loans, level of nonperforming assets, charge-offs and level of repossessed assets. The loan loss provisions were $5,180,000 in 2011 $1,912,000 in 2012, $875,000 in 2013, $901,000 in 2014 and $270,000 in 2015, with provisions of $120,000 in the three months ended March 31, 2016. The impact of these loan loss provisions has been to provide Ottawa Savings Bank with a general valuation allowance of $2,192,000 at March 31, 2016, or 3.41 percent of gross loans and 43.7 percent of nonperforming loans.

Income and Expense (cont.)

Total other income or noninterest income indicated an overall increase from 2011 to 2015. Noninterest income was $758,000 or 0.41 percent of assets in 2011 and a higher $1,509,000 in fiscal year 2015 or 0.71 percent of assets, including $228,000 in gains on the sale of real estate owned. In the three months ended March 31, 2016, noninterest income was $301,000, representing 0.56 percent of assets on an annualized basis. Noninterest income consists primarily of service charges, gains on the sale of loans, gains on sale of real estate owned, servicing income and other income.

The Bank’s general and administrative expenses or noninterest expenses increased from $3,770,000 for the fiscal year of 2011 to $7,393,000 for the fiscal year ended December 31, 2015, impacted by the merger in 2014, and representing an average annual increase of 24.0 percent and then decreased to $6,480,000 for the three months ended March 31, 2016, on an annualized basis, representing a decrease of 12.3 percent. On a percent of average assets basis, operating expenses increased from 2.02 percent of average assets for the fiscal year ended December 31, 2011, to 3.39 percent for the fiscal year ended December 31, 2015, and then decreased to 3.04 percent for the three months ended March 31, 2016, annualized.

The net earnings position of Ottawa Savings Bank has indicated moderate volatility from 2011 through 2015 and in the three months ended March 31, 2016. The annual net income figures for the fiscal years of 2011, 2012, 2013, 2014 and 2015 were $(1,274,000), $674,000, $804,000 and $771,000, respectively, representing returns on average assets of (0.68) percent, 0.37 percent, 0.53 percent, 0.49 percent and 0.35 percent for fiscal years 2011, 2012, 2013, 2014 and 2015, respectively. For the three months ended March 31, 2016, earnings were $258,000, representing a return on average assets of 0.12 percent or 0.48 percent annualized.

Exhibit 7 provides the Bank’s normalized earnings or core earnings for the twelve months ended March 31, 2016. The Bank’s normalized earnings eliminate any nonrecurring income and

Income and Expense (cont.)

expense items. There was one income adjustment and one expense adjustment, resulting in core income being slightly lower than net income. There was a $183,000 reduction in gains on the sale of real estate owned and a $205,000 reduction in data processing expenses.

The key performance indicators comprised of selected performance ratios, asset quality ratios and capital ratios are shown in Exhibit 8 to reflect the results of performance. The Bank’s return on assets changed from (0. 68) percent in 2011 to 0.49 percent in fiscal year 2014, and then changed to 0.35 percent in 2015, with the overall higher earnings from 2011 to 2015 due to the Bank’s lower provision for loan losses. The Bank’s return on assets was 0.48 percent, annualized, in the three months ended March 31, 2016.

The Bank’s net interest rate spread increased from 3.43 percent in 2011 to 3.68 percent in 2014, then decreased to 3.55 percent in 2015 and then increased to 3.64 percent for the three months ended March 31, 2016. The Bank’s net interest margin indicated a similar trend, increasing from 3.53 percent in 2011 to 3.75 percent in 2014, then decreased to 3.62 percent in 2015 and then increased to 3.71 percent for the three months ended March 31, 2016. Ottawa Savings Bank’s net interest rate spread increased 12 basis points from 2011 to 2015, and then increased 9 basis points in the three months ended March 31, 2016. The Bank’s net interest margin followed a similar trend, increasing 9 basis points from 2011 to 2015 and then increasing 9 basis point for the three months ended March 31, 2016.

The Bank’s return on average equity increased from 2011 to 2013. The return on average equity increased from (5.97) percent in 2011, to 2.56 percent in 2015, and then increased to 3.34 percent for the three months ended March 31, 2016.

Ottawa Savings Bank’s ratio of interest-earning assets to interest-bearing liabilities increased moderately from 106.61 percent at December 31, 2011, to 111.18 percent at December 31, 2014, and then increased to 114.85 percent at December 31, 2015, and then increased to 115.61 percent at March 31, 2016. The Bank’s moderate increase in its ratio of interest-earning assets to interest-bearing liabilities is primarily the result of the Bank’s larger increase in its interest-earning assets.

Income and Expense (cont.)

The Bank’s ratio of noninterest expenses to average assets increased from 2.02 percent in fiscal year 2011 to 2.70 percent in fiscal year 2014, then increased to 3.39 percent in fiscal year 2015 and then decreased to 3.04 percent, based on the three months ended March 31, 2016, annualized. Another key noninterest expense ratio reflecting efficiency of operation is the ratio of noninterest expenses to noninterest income plus net interest income referred to as the “efficiency ratio.” The industry norm is 60.4 percent for all thrifts and 71.61 percent for thrifts with assets of greater than $100.0 million to $1.0 billion, with the lower the ratio indicating higher efficiency. The Bank has been characterized with a modestly lower level of efficiency historically reflected in its higher efficiency ratio, which increased from 55.81 percent in 2011 to 67.56 percent in 2014, then increased to 85.17 percent in 2015 and then decreased to 76.67 percent in the three months ended March 31, 2016, due to a rise in noninterest expenses.

Earnings performance can be affected by an institution’s asset quality position. The ratio of nonperforming loans to total loans is a key indicator of asset quality. Ottawa Savings Bank witnessed a decrease in its nonperforming loans ratio from 2011 to 2015, which then decreased further in the three months ended March 31, 2016, and the ratio is currently higher than the industry norm. Nonperforming loans, by definition, consist of loans delinquent 90 days or more, troubled debt restructurings that have not been performing for at least three months, and nonaccruing loans. Ottawa Savings Bank’s nonperforming loans consisted of nonaccrual loans, with no loans 90 days or more past due and no troubled debt restructurings. The ratio of nonperforming loans to total loans was 3.41 percent at March 31, 2016, decreasing from 3.55 percent at December 31, 2015, and lower than its 6.53 percent at December 31, 2011.

Two other indicators of asset quality are the Bank’s ratios of allowance for loan losses to total loans and also to nonperforming loans. The Bank’s allowance for loan losses was 3.57 percent of loans at December 31, 2011, and decreased to 1.59 percent at December 31, 2015,

Income and Expense (cont.)

then decreased further to 1.49 percent of loans at March 31, 2016. As a percentage of nonperforming loans, Ottawa Savings Bank’s allowance for loan losses to nonperforming loans was 54.67 percent at December 31, 2011, and a lower 38.33 percent at December 31, 2015, and increased to 43.70 percent at March 31, 2016.

Exhibit 9 provides the changes in net interest income due to rate and volume changes for the fiscal year of 2014 and 2015 and for the three months ended March 31, 2016. For the year ended December 31, 2014, net interest income increased $142,000, due to a decrease in interest income of $357,000, increased by a $499,000 decrease in interest expense. The decrease in interest income was due to a decrease due to rate of $137,000, accented by a decrease due to volume of $220,000. The decrease in interest expense was due to a $349,000 decrease due to rate, accented by a $150,000 decrease, due to volume.

For the year ended December 31, 2015, net interest income increased $1,529,000, due to an increase in interest income of $ 1,485,000 accented by a $46,000 decrease in interest expense. The increase in interest income was due to an increase due to volume of $1,780,000 reduced by a decrease due to rate of $297,000. The decrease in interest expense was due to a decrease due to rate of $196,000 reduced by an increase due to volume of $150,000.

For the three months ended March 31, 2016, net interest income decreased $6,000, due to a decrease in interest income of $39,000, reduced by a $33,000 decrease in interest expense. The decrease in interest income was due to a decrease due to volume of $75,000, reduced by an increase due to rate of $36,000. The decrease in interest expense was due to an $8,000 decrease due to rate, accented by a $25,000 decrease due to volume.

YIELDS AND COSTS

The overview of yield and cost trends for the years ended December 31, 2013, 2014 and 2015, and for the three months ended March 31, 2015 and 2016, and at March 31, 2016, can be seen in Exhibit 10, which offers a summary of key yields on interest-earning assets and costs of interest-bearing liabilities.

Ottawa Savings Bank’s weighted average yield on its loan portfolio decreased 46 basis points from fiscal year 2013 to 2015, from 5.37 percent to 4.91 percent and then decreased to 4.90 percent for the three months ended March 31, 2016. The Bank’s weighted average yield on its loan portfolio then decreased 24 basis point to 4.66 percent at March 31, 2016. The yield on investment securities increased 21 basis points from 2.20 percent in 2013 to 2.41 percent in fiscal year 2015, and then increased 2 basis points to 2.43 percent for the three months ended March 31, 2016. The yield on other investments and interest-bearing deposits, which excludes Federal Home Loan Bank stock, increased 15 basis points from fiscal year 2013 to 2015, from 0.06 percent to 0.21 percent, and then increased to 0.44 percent for the three months ended March 31, 2016. The combined weighted average yield on all interest-earning assets decreased 29 basis points to 4.08 percent from fiscal year 2013 to 2015 and then increased 5 basis points to 4.13 percent for the three months ended March 31, 2016.

Ottawa Savings Bank’s weighted average cost of interest-bearing liabilities decreased 46 basis points to 0.53 percent from fiscal year 2013 to 2015, which was greater than the Bank’s 30 basis point decrease in yield, resulting in an increase in the Bank’s net interest rate spread of 17 basis points from 3.38 percent to 3.55 percent from 2013 to 2015. Then the Bank’s interest rate spread increased 9 basis points to 3.64 percent for the three months ended March 31, 2016. The Bank’s net interest margin increased from 3.45 percent in fiscal year 2013 to 3.62 percent in fiscal year 2015, representing an increase of 17 basis points, and then increased 9 basis points to 3.71 percent for the three months ended March 31, 2016.

Yields and Costs (cont.)

The Bank’s ratio of average interest-earning assets to interest-bearing liabilities increased from 108.42 percent for the year ended December 31, 2013, to 115.61 percent for the three months ended March 31, 2016.

INTEREST RATE SENSITIVITY

Ottawa Savings Bank has monitored its interest rate sensitivity position and focused on maintaining a reasonable level of interest rate risk exposure by maintaining a moderate share of adjustable-rate residential mortgage loans and adjustable-rate home equity loans, to offset its moderate share of fixed-rate residential mortgage loans. Ottawa Savings Bank recognizes the thrift industry’s historically higher interest rate risk exposure, which caused a negative impact on earnings and economic value of equity in the past as a result of significant fluctuations in interest rates, specifically rising rates in the past. Such exposure was due to the disparate rate of maturity and/or repricing of assets relative to liabilities commonly referred to as an institution’s “gap.” The larger an institution’s gap, the greater the risk (interest rate risk) of earnings loss due to a decrease in net interest margin and a decrease in economic value of equity or portfolio loss. In response to the potential impact of interest rate volatility and negative earnings impact, many institutions have taken steps to reduce their gap position. This frequently results in a decline in the institution’s net interest margin and overall earnings performance. Ottawa Savings Bank has responded to the interest rate sensitivity issue by increasing its share of adjustable-rate home equity loans and reducing its fixed-rate one- to four-family loans, multi-family loans and commercial real estate loans.

The Bank’s key measure of its interest rate risk is through the use of its net portfolio value of equity (“NPV”) of the expected cash flows from interest-earning assets and interest-bearing liabilities and any off-balance sheets contracts. The NPV for the Bank is calculated on a quarterly basis by an outside firm, showing the Bank’s NPV to asset ratio, the dollar change in NPV, and the change in the NPV ratio for the Bank under rising and falling interest rates. Such changes in NPV ratio under changing rates are reflective of the Bank’s interest rate risk exposure. The Bank also measures its interest rate risk through the use of the change in its net interest income under rising and falling interest rates.

There are numerous factors which have a measurable influence on interest rate sensitivity in addition to changing interest rates. Such key factors to consider when analyzing interest rate sensitivity include the loan payoff schedule, loan sales activity, accelerated principal payments, deposit maturities, interest rate caps on adjustable-rate mortgage loans and deposit withdrawals.

Interest Rate Sensitivity (cont.)

Exhibit 11 provides the Bank’s NPV levels and ratios as of March 31, 2016, based on the most recent calculations and reflects the changes in the Bank’s NPV levels under rising and declining interest rates.

The Bank’s change in its NPV level at March 31, 2016, based on a rise in interest rates of 100 basis points was a 1.09 percent decrease, representing a dollar decrease in equity value of $407,000. In contrast, based on a decline in interest rates of 100 basis points, the Bank’s NPV level was estimated to decrease 2.29 percent or $(857,000) at March 31, 2016. The Bank’s exposure increases to a 4.48 percent decrease under a 200 basis point rise in rates, representing a dollar decrease in equity of $1,675,000. The Bank’s exposure is not measurable based on a 200 basis point decrease in interest rates, due to the currently low level of interest rates.

The Bank’s post shock NPV ratio based on a 200 basis point rise in interest rates is 17.75 percent and indicates a 42 basis point increase from its 17.33 percent based on no change in interest rates.

The Bank is aware of its interest rate risk exposure under rapidly rising rates and falling rates. Due to Ottawa Savings Bank’s recognition of the need to control its interest rates exposure, the Bank has recognized the importance of maintaining its share of adjustable-rate mortgage loans. The Bank plans to increase its lending activity in the future. The Bank will also continue to focus on strengthening its NPV ratio, recognizing the planned second stage stock offering will strengthen the Bank’s NPV ratio, based on any change in interest rates.

LENDING ACTIVITIES

Ottawa Savings Bank has focused its lending activity on the origination of conventional mortgage loans secured by one- to four-family dwellings, commercial real estate loans, multi-family loans, home equity loans, commercial business loans, construction loans and consumer loans. Exhibit 12 provides a summary of Ottawa Savings Bank’s loan portfolio by loan type at December 31, 2014 and 2015, and at March 31, 2016.

The primary loan type for Ottawa Savings Bank has been residential loans secured by one- to four-family dwellings, representing a moderate 59.1 percent of the Bank’s gross loans as of March 31, 2016. This share of loans has seen a minimal decrease from 60.3 percent at December 31, 2014. The second largest real estate loan type as of March 31, 2016, was commercial real estate loans, which comprised a moderate 13.5 percent of gross loans, compared to 13.7 percent as of December 31, 2014, and represented the second largest real estate loan category in 2014. The third largest real estate loan category at March 31, 2016, was home equity lines of credit, which represented 10.0 percent of loans compared to a larger 11.5 percent at December 31, 2014. The fourth largest real estate loan category at March 31, 2016, was construction loans, which represented 2.8 percent of loans compared to a smaller 1.1 percent at December 31, 2014, and represented the fifth largest real estate loan category in 2014. These four real estate loan categories represented a strong 85.4 percent of gross loans at March 31, 2016, compared to a larger 86.6 percent of gross loans at December 31, 2014.

Commercial business loans represent a modest size loan category for Ottawa Savings Bank. Commercial business loans totaled $6.1 million and represented 4.2 percent of gross loans at March 31, 2016, compared to a larger $6.3 million or 4.3 percent of gross loans at December 31, 2014.

The combined automobile and consumer loan category was the final loan category at March 31, 2016, and represented a moderate 7.8 percent of gross loans compared to 7.1 percent at December 31, 2014. Automobile and consumer loans were the fourth largest overall loan type at March 31, 2016, and were also the fourth largest loan category at December 31, 2014. The

Lending Activities (cont.)

Bank’s consumer loans include automobile loans, savings account loans, and secured and unsecured personal loans. The overall mix of loans has witnessed modest changes from December 31, 2014, to March 31, 2016, with the Bank having decreased its shares of one- to four-family loans and home equity lines of credit to offset its modest increases in multi-family loans, construction loans and consumer loans.

The emphasis of Ottawa Savings Bank’s lending activity is the origination of conventional mortgage loans secured by one- to four-family residences. Such residences are located primarily in LaSalle and Grundy Counties. At March 31, 2016, 69.0 percent of Ottawa Savings Bank’s gross loans consisted of loans secured by one- to four-family residential properties, including home equity lines of credit.

The Bank offers several types of adjustable-rate mortgage loans, (“ARMs”) with adjustment periods of one year, three years and five years. The interest rates on ARMs are generally indexed to the average yield on Constant Maturity Treasury indices. ARMs have a maximum rate adjustment of 1.0 percent to 2.0 percent at each adjustment period, and generally 5.0 percent for the life of the loan. Rate adjustments are computed by adding a stated margin to the index. The Bank retains all ARMs which it originates. The majority of ARMs have terms of up to 30 years, the maximum term offered, with some having terms of 15 and 20 years.

The Bank’s one- to four-family mortgage loans remain outstanding for shorter periods than their contractual terms, because borrowers have the right to refinance or prepay. These mortgage loans contain “due on sale” clauses which permit the Bank to accelerate the indebtedness of the loan upon transfer of ownership of the mortgage property.

The Bank’s other key mortgage loan product is a fixed-rate mortgage loan with Ottawa Savings Bank’s fixed-rate mortgage loans having terms of 15 years, 20 years and 30 years. These loans are primarily sold by Ottawa Savings Bank. Fixed-rate mortgage loans have a maximum term of 30 years. The Bank’s adjustable-rate and fixed-rate mortgage loans normally conform to FHLMC underwriting standards.

Lending Activities (cont.)

The normal loan-to-value ratio for conventional mortgage loans to purchase or refinance one-to four-family dwellings generally does not normally exceed 80 percent at Ottawa Savings Bank. Ottawa Savings Bank requires private mortgage insurance for the amount in excess of the 80.0 percent loan-to-value ratio for fixed-rate loans and adjustable-rate loans. Mortgage loans originated by the Bank include due-on-sale clauses enabling the Bank to adjust rates on fixed-rate loans in the event the borrower transfers ownership.

Ottawa Savings Bank has also been an originator of commercial real estate loans and multi-family loans in the past and will continue to make multi-family and commercial real estate loans. The Bank had a total of $19.9 million in commercial real estate and $4.0 million in multi- family loans at March 31, 2016, or a combined 16.2 percent of gross loans, compared to a larger $20.0 million and $2.9 million respectively or 15.7 percent of gross loans at December 31, 2014.

The major portion of commercial real estate are secured by small retail establishments, office buildings and other owner-occupied properties used for business. Multi-family loans are secured by apartment buildings in the Bank’s local market. Multi-family and commercial real estate loans have terms of up to 25 years. The maximum loan-to-value ratio is normally 80.0 percent.

The Bank is an originator of commercial business loans, which totaled $6.1 million at March 31, 2016, and represented 4.2 percent of gross loans. Commercial business loans include secured and unsecured loans to professionals, small businesses and sole proprietorships. Commercial business loans have terms of five years or less.

Lending Activities (cont.)

The Bank also originates home equity loans and lines of credit. The Bank had $14.6 million or 10.0 percent of gross loans in home equity lines of credit at March 31, 2016. Home equity lines to credit normally have a term of up to 25 years with an adjustable interest rate for the term of the loan and a loan-to-value ratio of no more than 80.0 percent, including the first mortgage loan. The Bank’s home equity lines of credit provide for interest only payments during the term of the loan with the principal amount due at the end of the loan term.

Ottawa Savings Bank is also an originator of consumer loans, with these loans totaling $11.5 million at March 31, 2016, and representing 7.8 percent of gross loans. Consumer loans primarily include automobile loans, share loans and secured and unsecured personal loans.

Exhibit 13 provides a loan maturity schedule and breakdown and summary of Ottawa Savings Bank’s fixed- and adjustable-rate loans, indicating a majority of fixed-rate loans. At March 31, 2016, 50.8 percent of the Bank’s loans due after March 31, 2017, were adjustable-rate and 49.2 percent were fixed-rate. At March 31, 2016 the Bank had a moderate 8.0 percent of its loans due on or before March 31, 2017, or in one year or less, with 10.7 percent due by March 31, 2021, or in one to five years. The Bank had an additional 27.5 percent of its loans with a maturity of more than 20 years.

As indicated in Exhibit 14, Ottawa Savings Bank experienced a moderate increase in its total loan originations from fiscal year 2011 to 2015, which then decreased slightly based on the three months ended March 31, 2016, annualized. Total loan originations in fiscal year 2011 were $13.1 million compared to a larger $31.2 million in fiscal year 2015, reflective of a higher level of one- to four-family loans originated, increasing from $5.7 million to $18.4 million. The increase in one- to four-family loan originations from 2011 to 2015 of $12.7 million represented 70.2 percent of the $18.1 million aggregate increase in total loan originations from 2011 to 2015, with home equity lines of credit increasing $4.7 million. Commercial real estate loans decreased $2.6 million, and construction loans decreased $225,000 from 2011 to 2015.

Lending Activities (cont.)

In the three months ended March 31, 2016, total loan originations were $7.7 million, indicating a decrease of $1.6 million from the $9.3 million in loan originations in the three months ended March 31, 2015. One- to four-family loan originations indicated a decrease in originations of $736,000 in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, and home equity lines of credit decreased $3.6 million during this period.

Loan purchases decreased $1.1 million from 2011 to 2015, based on total purchases of $3.1 million in 2011 and a lesser $2.0 million in 2015. The Bank’s only category of loan purchases in 2011 was consumer loans, which totaled $3.1 million. Loan purchases in 2015 included $2.0 million in one- to four-family mortgage loans. In the three months ended March 31, 2016, loan purchases totaled $5.0 million and consisted entirely of consumer loans.

Overall, loan originations and purchases fell short of principal payments, charge-offs, loan sales, loan repayments and other deductions in 2011, 2012, 2013 and 2015 and in the three months ended March 31, 2016, exceeded deductions. In fiscal 2011, loan originations and purchases fell short of reductions by $7.6 million and fell short of reductions by $2.4 million in 2015, and then exceeded reductions by $4.6 million in the three months ended March 31, 2016.

NONPERFORMING ASSETS

Ottawa Savings Bank understands asset quality risk and the direct relationship of such risk to delinquent loans and nonperforming assets, including real estate owned. The quality of assets has been a key concern to financial institutions throughout many regions of the country. A number of financial institutions have been confronted with rapid increases in their levels of nonperforming assets in the past few years and were forced to recognize significant losses, setting aside major valuation allowances and being subject to much higher provision for loan losses than in 2014, 2015 and year-to-date 2016.

A sharp increase in nonperforming assets has often been related to specific regions of the country and has frequently been associated with higher risk loans, including commercial real estate loans, multi-family loans and nonowner-occupied one- to four-family loans. Ottawa Savings Bank has been faced with a modestly higher level of nonperforming assets in 2015, with nonperforming assets decreasing modestly at March 31, 2016. The Bank has also been faced with a consistently higher share of nonperforming assets.

Exhibit 15 provides a summary of Ottawa Savings Bank’s delinquent loans at December 31, 2014 and 2015, and at March 31, 2016, indicating an overall moderate decrease in delinquent loans from December 31, 2014, to March 31, 2016. The Bank had $ 1,085,000 in loans delinquent 60 to 89 days at March 31, 2016. Loans delinquent 90 days or more totaled $514,000 at March 31, 2016, with these two categories representing 1.09 percent of gross loans with almost all of them one- to four-family real estate loans. At December 31, 2014, delinquent loans of 60 to 89 days totaled $730,000 or 0.50 percent of gross loans and loans delinquent 90 days or more totaled $2,124,000 or 1.46 percent of gross loans for a combined total of $2,854,000 and a 1.96 percent share of gross loans, compared to a lower $1,599,000 and a lower 1.09 percent of gross loans at March 31, 2016.

Nonperforming Assets (cont.)

It is a normal procedure for Ottawa Savings Bank to contact a borrower when the borrower fails to make a loan payment. When a loan is delinquent 10 days, the Bank sends a letter to the borrower, followed by a phone call after 30 days delinquency and another letter is sent. The Bank then initiates both written and oral communication with the borrower if the loan remains delinquent and sends an additional letter or notice during the period of 30 to 60 days delinquent. Under certain circumstances, the Bank may arrange for an alternative payment structure through a workout agreement. A decision as to whether and when to initiate foreclosure proceeding is based on such factors as the amount of the outstanding loan, the extent of the delinquency and the borrower’s ability and willingness to cooperate in curing the delinquency. The Bank generally initiates foreclosure when a loan has been delinquent 120 days and no workout agreement has been reached.

Exhibit 16 provides a summary of Ottawa Savings Bank’s nonperforming assets at December 31, 2011 through 2015, and at March 31, 2016. Nonperforming assets, by definition, include loans 90 days or more past due, nonaccruing loans, troubled debt restructurings that have not performed, and repossessed assets. The Bank carried a higher level of nonperforming assets at December 31, 2011, relative to December 31, 2015 and March 31, 2016. Ottawa Savings Bank’s level of nonperforming assets was $9,265,000 at December 31, 2011, and a lower $5,385,000 at December 31, 2015, which represented 5.06 percent of assets in 2011 and 2.52 percent in 2015. The Bank’s nonperforming assets included $8,647,000 in nonaccrual loans, no loans 90 days or more past due, and $582,000 in repossessed assets and real estate owned for a total of $9,265,000 in 2011, with $330,000 in real estate owned and repossessed assets, no loans 90 days or more past due, no troubled debt restructurings, and $5,055,000 in nonaccrual loans at December 31, 2015, for a total of $5,385,000. At March 31, 2016, nonperforming assets were a modestly lower $5,338,000 or 2.46 percent of assets and included no loans 90 days or more past due, $5,016,000 in nonaccrual loans, no troubled debt restructurings, and $322,000 in real estate owned and repossessed assets.

Nonperforming Assets (cont.)

Ottawa Savings Bank’s levels of nonperforming assets were higher than its levels of classified assets at December 31, 2015, and at March 31, 2016. The Bank’s ratios of classified assets to assets, excluding special mention assets, were 5.95 percent of assets at December 31, 2011, 2.48 percent at December 31, 2015, and 2.42 percent at March 31, 2016 (reference Exhibit 17). The Bank’s classified assets consisted of $5,264,000 in substandard assets, $304,000 classified as doubtful, with no assets classified as loss at March 31, 2016, resulting in $5,568,000 in classified assets. The Bank had no assets classified as loss or doubtful at December 31, 2011, and $10,885,000 classified as substandard.

Exhibit 18 shows Ottawa Savings Bank’s allowance for loan losses at December 31, 2011 through 2015, and at March 31, 2015 and 2016, indicating the activity and the resultant balances. Ottawa Savings Bank has witnessed a moderate decrease in its balance of allowance for loan losses from $4,747,000 at December 31, 2011, to $2,192,000 at March 31, 2016, in response to its decrease in nonperforming loans. The Bank had provisions for loan losses of $5,180,000 in fiscal 2011, $1,912,000 in 2012, $875,000 in 2013, $901,000 in 2014 and $270,000 in 2015, and $165,000 in the three months ended March 31, 2015, and $120,000 in the three months ended March 31, 2016.

The Bank had total charge-offs of $5,183,000 in 2011 and $3,336,000 in 2012, $1,519,000 in 2013, $1,611,000 in 2014 and $486,000 in 2015, with total recoveries of $47,000 in 2011, $58,000 in 2012, $173,000 in 2013, $115,000 in 2014 and $125,000 in 2015. The Bank had charge-offs in the three months ended March 31, 2016, of $195,000 and recoveries of $46,000. The Bank’s ratio of allowance for loan losses to loans was 3.57 percent at December 31, 2011, and a lower 1.49 percent at March 31, 2016, due to lower charge-offs. Allowance for loan losses to nonperforming loans was 54.67 percent at December 31, 2011, and a smaller 43.70 percent at March 31, 2016.

INVESTMENTS

The investment and securities portfolio, excluding interest-bearing deposits, has been comprised of municipal obligations, and mortgage-backed securities. Exhibit 19 provides a summary of Ottawa Savings Bank’s investment portfolio at December 31, 2013, 2014 and 2015, and at March 31, 2016, excluding FHLB stock. The exhibit also includes the Bank’s mortgage-backed securities at December 31, 2013, 2014, 2015, and at March 31, 2016. Investment securities totaled $48.4 million at March 31, 2016, based on fair value, compared to $34.5 million at December 31, 2013. The Bank had $8.4 million in municipal securities at December 31, 2013, and a larger $19.2 million at March 31, 2016, which are included in total investments.

The primary component of investment securities at March 31, 2016, was mortgage-backed securities, representing 60.5 percent of total investments, excluding FHLB stock, compared to a larger 75.6 percent at December 31, 2013. The Bank also had cash and interest-bearing deposits totaling $5.4 million at March 31, 2016, and a larger $10.2 million at December 31, 2013. The Bank had $1,358,121 in FHLB stock at March 31, 2016. The weighted average yield on investment securities was 2.43 percent for the three months ended March 31, 2016, with a 0.65 percent yield on other interest-earning assets for the three months ended March 31, 2016.

DEPOSIT ACTIVITIES

The mix of deposits by amount at December 31, 2013, 2014 and 2015, and at March 31, 2016, is provided in Exhibit 20. There has been a moderate change in total deposits due to the merger/acquisition in 2014 and a modest change in the deposit mix during this period. Total deposits have increased from $145.8 million in December 31, 2014, to $180.2 million at March 31, 2016, representing an increase of $34.4 million or 23.6 percent. Certificates of deposit have decreased from $87.4 million at December 31, 2014, to $86.2 million at March 31, 2016, representing a decrease of $1.3 million or 1.4 percent, while interest and noninterest checking accounts, savings accounts, and MMDA accounts have increased $35.7 million from $58.2 million at December 31, 2014, to $94,0 million at March 31, 2016, or 61.1 percent, due to the merger/acquisition completion at the end of 2014.

Exhibit 21 provides a breakdown of certificates of deposits by rate as of December 31, 2014 and 2015, and at March 31, 2016. The largest category of these certificates at December 31, 2013, based on rate was certificates with a rate of less than 1.0 percent, representing 47.8 percent of certificates of deposit. At March 31, 2016, the largest category of certificates of deposit by rate was certificates with a rate of 1.00 percent to 1.99 percent, representing 54.8 percent of certificates of deposit followed by certificates with a rate of less than 1.0 percent, representing 43.6 percent of certificates of deposit.

Exhibit 22 provides deposit activity for the years ended December 31, 2013, through December 31, 2015, and for the three months ended March 31, 2015 and 2016. In 2013, Ottawa Savings Bank experienced a net decrease in deposits of $10.3 million or 5.8 percent compared to a net decrease of $5.5 million or 3.0 percent in 2015. In the three months ended March 31, 2016, Ottawa Savings Bank experienced a net increase in deposits of $3.4 million or 1.9 percent from December 31, 2015.

BORROWINGS

Ottawa Savings Bank has not made use of FHLB advances in any of the years ended December 31, 2014 and 2015, or in the three months ended March 31, 2015 and 2016. The Bank had total FHLB advances of $1.1 million at March 31, 2016, and has not had year end balances prior to December 31, 2014.

SUBSIDIARIES

Ottawa Savings Bank had no subsidiaries at March 31, 2016.

OFFICE PROPERTIES

Ottawa Savings Bank had three offices at March 31, 2016, with its home office located in Ottawa and branches in Marseilles and Morris, Illinois (reference Exhibit 23). Ottawa Savings Bank owns the three offices. Ottawa Savings Bank also leases a loan production office in Joliet, Illinois. At March 31, 2016, the Bank’s net investment in offices, based on depreciated cost, was $6,728,000 or 3.11 percent of assets.

MANAGEMENT

Executive Officers

MANAGEMENT (cont.)

Executive Officers (cont.)

Ottawa Savings Bank, Mr. Kingry served as senior vice president and controller of Centrue Bank since 2004. From 2002 to 2004, Mr. Kingry was the Divisional Controller at Union Financial Services & Trust Co., a subsidiary of Centrue Bank. Prior to that, Mr. Kingry worked at KPMG, LLP and at Deloitte & Touche, LLP. Mr. Craig Hepner began his banking career in 1991 and became part of the Ottawa Savings Bank team in January 2015 as a result of the merger with Twin Oaks Savings Bank. Prior to the merger, Mr. Hepner served as president and CEO of Twin Oaks as well as a member of its board of directors, positions he held since 2001. In addition to his seat on the board of directors, Mr. Hepner serves as executive vice president and chief operating officer of the Bank and Corporation.

Board of Directors

The Corporation has a nine member board of directors. Two of the nine directors are salaried officers. The insert below provides a summary of the composition of the Corporation’s board as of March 31, 2016.

II.

DESCRIPTION OF PRIMARY MARKET AREA

The Bank’s market area includes all of LaSalle and Grundy Counties. The Bank’s main office is located in Ottawa with a branch in Marseilles, both in LaSalle County, with another branch in Morris in Grundy County. Exhibit 25 provides economic and demographic summaries for Grundy and LaSalle Counties, Illinois and the United States.

Exhibit 25 shows the trends in population, households and income for Grundy and LaSalle Counties, Illinois and the United States. The trend for population from 2000 to 2010 indicates a strong increase in population in Grundy County of 33.4 percent and a modest increase in population in LaSalle County of 2.2 percent, while Illinois and the United States increased at rates of 3.3 percent and 9.7 percent, respectively. Grundy County is projected to increase in population through the year 2019 by 7.2 percent and LaSalle County is projected to decrease in population through the year 2017 by 0.7 percent, while Illinois and the United States are projected to increase in population at rates of 2.3 percent and 6.6 percent, respectively.

More important is the trend in households. Grundy County experienced a strong 29.8 percent increase in households from 2000 to 2010, and LaSalle County experienced a modest 4.4 percent increase in households from 2000 through 2010, compared to increases of 5.3 percent in Illinois and 10.7 percent in the United States. La Salle County is projected to decrease in households by 0.8 percent, but all other areas are projected to have increases in households from 2010 through 2019, with Grundy County increasing its number of households by a 6.7 percent and Illinois and the United States projected to have increases in households through 2019 of 2.5 percent and 6.6 percent, respectively.

LaSalle County had a 2000 per capita income level lower than both Illinois and the United States and Grundy County’s was higher than the national level but lower than the state level. Grundy County, LaSalle County, Illinois and the United States had 2000 per capita income levels of $22,591, $19,185, $23,104 and $21,587, respectively. All areas increased in per capita income from 2000 to 2010, with Grundy County increasing at a rate of 20.7 percent and LaSalle County increasing at a rate of 25.9 percent. By 2010, per capita income was $27,276, $24,156,

Description of Primary Market Area (cont.)

$28,424 and $26,059 for LaSalle County, Illinois and the United States, respectively. In 2000, median household income in LaSalle County was $40,308, lower than both Illinois and the United States which had 2000 median household income levels of $46,590 and $41,994, respectively, by Grundy County’s median house income level was $51,719, higher than all other areas. Median household income increased from 2000 to 2010 by 20.7 percent, 24.6 percent, 18.1 percent and 19.2 percent to $62,436, $50,206, $55,010 and $50,046 in Grundy and LaSalle Counties, Illinois and the United States, respectively. All areas are also projected to increase in median household income from 2010 through 2019. Grundy and LaSalle Counties are projected to increase by 6.9 percent and 11.8 percent, respectively, while Illinois and the United States are projected to increase by 16.6 percent and 22.9 percent, respectively, to median household income levels of $66,718, $56,152, $64,135 and $61,485, respectively, from 2010 to the year 2019.

Exhibit 26 provides a summary of key housing data for the retail market area counties, Illinois and the United States. In 2000, the market area had a combined rate of owner-occupancy of 72.8 percent, Grundy County had a rate of owner-occupancy of 72.4 percent, slightly lower than LaSalle County at 73.2 percent, with Illinois and the United States at 67.3 percent and 66.2 percent, respectively. As a result, Grundy County supported a higher rate of renter-occupied housing of 27.6 percent, compared to 26.8 in LaSalle County, 32.7 percent in Illinois and 33.8 percent in the United States. In 2010, owner-occupied housing increased slightly in all the areas except the United States to 75.1 percent, 75.0 percent and 67.5 percent in Grundy County, LaSalle County and Illinois, respectively, with the United States decreasing in owner-occupied housing to 65.4 percent. Conversely, the renter-occupied rates decreased slightly in all but the United States to levels of 24.9 percent, 25.0 percent, and 32.5 percent in Grundy and LaSalle Counties and Illinois, respectively, with the United States increasing in renter-occupied housing to 34.6 percent in 2010.

The market area counties’ 2000 median housing values were: Grundy County at $128,600, LaSalle County at 87,000, Illinois at $130,800 and the United States at $119,600. The 2000 median rent value were $602 in Grundy County, which was higher than LaSalle County’s $474

Description of Primary Market Area (cont.)

median rent, with Illinois’ median rent at $605 and the United States’ median rent at $602. In 2010, median housing values had increased in the market area counties, Illinois and the United States. The Grundy County had a 2010 median housing value of $178,800, higher than LaSalle County at $123,400, Illinois at $198,500 and the United States at $186,200. The 2010 median rent levels were $941, $688, $860 and $871 in Grundy and LaSalle Counties, Illinois and the United States, respectively.

In 2000, the major source of employment for Grundy County by industry group, based on share of employment, was the services industry at 38.5 percent. The services industry was also responsible for the majority of employment in LaSalle County, Illinois and the United States with 39.3 percent of jobs LaSalle County, 45.5 percent of jobs in Illinois and 46.7 percent in the United States (reference Exhibit 27). The manufacturing industry was the second major employer in Grundy County, LaSalle County and in Illinois at 17.7 percent, 19.2 percent and 16.0 percent, respectively, with the wholesale/retail industry the second largest employer in the United States at 15.3 percent of employment. The wholesale/retail trade group was the third major overall employer in market area, Grundy County, LaSalle County and Illinois at 13.4 percent, 17.1 percent, and 14.8 percent, respectively. The manufacturing group was the third major employer in the United States with 14.1 percent of employment. The agriculture/mining group, construction group, transportation/utilities, information and finance/insurance/real estate group combined to provide 30.4 percent of employment in Grundy County, 24.4 percent of employment in LaSalle County, 23.7 percent of employment in Illinois and 23.9 percent in the United States.

In 2010, the services industry, wholesale/retail trade industry and manufacturing industry provided the first, second and third highest levels of employment, respectively, for Grundy County, LaSalle County and Illinois, but in the United States, the services industry, manufacturing industries and wholesale/retail trade industry provided the first, second and third highest levels of employment. The services industry accounted for 46.7 percent, 46.1 percent, 51.7 percent and 51.2 percent in Grundy County, LaSalle County, Illinois and the United States,

Description of Primary Market Area (cont.)

respectively. The wholesale/retail trade industry provided for 15.1 percent, 17.4 percent, 14.2 percent and 14.8 percent in Grundy and LaSalle Counties, Illinois and the United States, respectively. The manufacturing group provided 12.1 percent, 14.2 percent, 12.7 percent and 15.0 percent of employment in Grundy and LaSalle Counties, Illinois and the United States, respectively.

Some of the largest employers in the area are listed below.


Employer	Employees	Product/Service

OSF St. Elizabeth Med. Cntr.	730	Health Care Services
PetSmart	500	Pet Supply Distribution
Clover Technology Group	450	Imaging
HR Imaging	425	School Supplies
Office Max	375	Call Center
SABIC Innovative Plastics	275	Plastics
Kohl’s	270	Retail
Seattle Sutton Healthy Eating	170	Food Processing
Mitsuboshi Belting	168	Mfg. Industrial Belts
Pilkington Industries	157	Glass Mfg.

The unemployment rate is another key economic indicator. Exhibit 28 shows the unemployment rates in LaSalle County, Grundy County, Illinois and the United States in 2012 through March of 2016. The unemployment rates in both LaSalle and Grundy Counties have been consistently higher than both state and national levels. In 2012, unemployment rates were 11.4 percent, 10.0 percent, 8.9 percent and 8.1 percent in Grundy and LaSalle Counties, Illinois and the United States, respectively. Through 2013, the unemployment rates in Grundy and LaSalle Counties and Illinois increased slightly, to 11.6 percent, 10.4 percent and 9.2 percent, respectively, while the unemployment rate in the United States decreased to 7.4 percent. The 2014 unemployment rates for Grundy County, LaSalle County, Illinois and the United States all decreased to 8.7 percent 8.1 percent, 7.1 percent and 6.2 percent, respectively. Through 2015, unemployment again decreased to 6.8 percent, 7.0 percent, 5.9 percent and 5.3 percent in Grundy County, La Salle County, Illinois and the United States, respectively. Through March of 2016,

Description of Primary Market Area (cont.)

unemployment rates in Grundy and LaSalle Counties increased to an identical 8.3 percent, while Illinois’ unemployment remained at 5.9 percent and that of the United States decreased to 5.1 percent.

Exhibit 29 provides deposit data for banks and thrifts in Grundy and LaSalle Counties. Ottawa Savings Bank’s deposit base approximately $181.4 million or a 18.1 percent share of the $1.0 billion total thrift deposits and a small 5.0 percent share of the total deposits, which were approximately $3.6 billion as of June 30, 2015. It is evident from the size of the thrift deposits and bank deposits that the market area has a strong deposit base, with Ottawa Savings Bank having a smaller level of market penetration for both thrift deposits and total deposits.

Exhibit 30 provides interest rate data for each quarter for the years 2012 through 2015 and for the three months ended March 31, 2016. The interest rates tracked are the Prime Rate, as well as 90-Day, One-Year and Thirty-Year Treasury Bills. Short term interest rates experienced a declining trend in 2009, 2010 and 2011, a slightly rising trend in 2012, and stable in 2013, with the Thirty-Year Treasury rate rising moderately in 2013, decreasing in 2014, rising in 2015 and decreasing in the first quarter of 2016.

SUMMARY

In summary, population increased by a strong 33.4 percent in Grundy County but increased by only 2.2 percent in LaSalle County from 2000 to 2010, and the number of households increased at a strong 29.8 percent but increased by only 4.4 percent in LaSalle County. The 2010 median household income in Grundy County was higher than LaSalle County’s and state and national levels. Also, Grundy and LaSalle Counties’ unemployment rates have generally been higher than both state and national rates. According to the 2010 Census, median housing values were 178,800, $123,400, $198,500, and $186,200 for Grundy County, LaSalle County, Illinois and the United States, respectively.

Description of Primary Market Area (cont.)

The Corporation holds deposits of approximately 18.1 percent of all thrift deposits in the two-county market area as of June 30, 2015, representing a 5.0 percent share of the total deposit base of $3.6 billion.

III.

COMPARABLE GROUP SELECTION

Introduction

Integral to the valuation of the Corporation is the selection of an appropriate group of publicly traded thrift institutions, hereinafter referred to as the “comparable group.” This section identifies the comparable group and describes each parameter used in the selection of each institution in the group, resulting in a comparable group based on such specific and detailed parameters, current financials and recent trading prices. The various characteristics of the selected comparable group provide the primary basis for making the necessary adjustments to the Corporation’s pro forma value relative to the comparable group. There is also a recognition and consideration of financial comparisons with all publicly traded, FDIC-insured thrifts in the United States and all publicly traded, FDIC-insured thrifts in the Midwest region and in Illinois.

Exhibits 31 and 32 present Share Data and Pricing Ratios and Key Financial Data and Ratios, respectively, both individually and in aggregate, for the universe of 164 publicly traded, FDIC-insured thrifts in the United States (“all thrifts”), excluding mutual holding companies, used in the selection of the comparable group and other financial comparisons. Exhibits 31 and 32 also subclassify all thrifts by region, including the 52 publicly traded Midwest thrifts (“Midwest thrifts”) and the 14 publicly traded thrifts in Illinois (“Illinois thrifts”), and by trading exchange. Exhibit 31 presents prices, pricing ratios and price trends for all publicly traded FDIC-insured thrifts.

The selection of the comparable group was based on the establishment of both general and specific parameters using financial, operating and asset quality characteristics of the Corporation as determinants for defining those parameters. The determination of parameters was also based on the uniqueness of each parameter as a normal indicator of a thrift institution’s operating philosophy and perspective. The parameters established and defined are considered to be both reasonable and reflective of the Corporation’s basic operation.

Introduction (cont.)

Inasmuch as the comparable group must consist of at least ten institutions, the parameters relating to asset size and geographic location have been expanded as necessary in order to fulfill this requirement.

GENERAL PARAMETERS

Merger/Acquisition

The comparable group will not include any institution that is in the process of a merger or acquisition as a target at May 16, 2016, due to the price impact of such a pending transaction. The following thrift institutions were potential comparable group candidates but had to be eliminated due to their involvement in a merger/acquisition.


Institution		State

La Porte Bancorp		Indiana

First Fed of Northern Michigan		Michigan

There are no pending merger/acquisition transactions involving thrift institutions that were potential comparable group candidates in the Corporation’s city, county or market area as indicated in Exhibit 34.

Mutual Holding Companies

The comparable group will not include any mutual holding companies. The percentage of public ownership of individual mutual holding companies indicates a wide range from minimal to 49.0 percent, the largest permissible percentage, causing them to demonstrate certain

Mutual Holding Companies (cont.)

varying individual characteristics different among themselves and from conventional, publicly-traded companies. A further reason for the elimination of mutual holding companies as potential comparable group candidates relates to the presence of a mid-tier, publicly traded holding company in some, but not all, mutual holding company structures. The presence of mid-tier holding companies can also result in inconsistent and unreliable comparisons among the relatively small universe of publicly traded mutual holding companies. As a result of the foregoing and other factors, mutual holding companies typically demonstrate higher pricing ratios that relate to their minority ownership structure and are inconsistent in their derivation with those calculated for conventionally structured, publicly traded institutions. In our opinion, it is appropriate to limit individual comparisons to institutions that are 100 percent publicly owned.

Trading

Exchange

It is necessary that each institution in the comparable group be listed on one of the major stock exchanges, the New York Stock Exchange or the National Association of Securities Dealers Automated Quotation System (NASDAQ). Such a listing indicates that an institution’s stock has demonstrated trading activity and is responsive to normal market conditions, which are requirements for listing. Of the 164 publicly traded, FDIC-insured savings institutions, excluding mutual holding companies, 3 are traded on the New York Stock Exchange and 84 are traded on NASDAQ. There were an additional 31 are traded over the counter and 46 institutions listed in the Pink Sheets, but they were not considered for the comparable group selection.

IPO

Date

Another general parameter for the selection of the comparable group is the initial public offering (“IPO”) date, which must be at least four quarterly periods prior to March 31, 2016, in order to insure at least four consecutive quarters of reported data as a publicly traded institution. The resulting parameter is a required IPO date prior to March 31, 2015.

Geographic Location

The geographic location of an institution is a key parameter due to the impact of various economic and thrift industry conditions on the performance and trading prices of thrift institution stocks. Although geographic location and asset size are the two parameters that have been developed incrementally to fulfill the comparable group requirements, the geographic location parameter has nevertheless eliminated regions of the United States distant to the Corporation, including the Southwest, Southeast and West regions.

The geographic location parameter consists of the Midwest, North Central and Northeast for a total of fifteen states. To extend the geographic parameter beyond those states could result in the selection of similar thrift institutions with regard to financial conditions and operating characteristics, but with different pricing ratios due to their geographic regions. The result could then be an unrepresentative comparable group with regard to price relative to the parameters and, therefore, an inaccurate value.

Asset Size

Asset size was another key parameter used in the selection of the comparable group. The total asset size for any potential comparable group institution was $800 million or less, due to the general similarity of asset mix and operating strategies of institutions within this asset range, compared to the Corporation, with assets of approximately $217 million. Such an asset size parameter was necessary to obtain an appropriate comparable group of at least ten institutions.

Asset Size (cont.)

In connection with asset size, we did not consider the number of offices or branches in selecting or eliminating candidates, since that characteristic is directly related to operating expenses, which are recognized as an operating performance parameter.

SUMMARY

Exhibits 35 and 36 show the 26 institutions considered as comparable group candidates after applying the general parameters, with the outlined institutions being those ultimately selected for the comparable group using the balance sheet, performance and asset quality parameters established in this section.

BALANCE

SHEET PARAMETERS

Introduction

The balance sheet parameters focused on seven balance sheet ratios as determinants for selecting a comparable group, as presented in Exhibit 35. The balance sheet ratios consist of the following:

Cash and investments to assets

Mortgage-backed securities to assets

One- to four-family loans to assets

Total net loans to assets

Total net loans and mortgage-backed securities to assets

Borrowed funds to assets

Equity to assets

Introduction (cont.)

The parameters enable the identification and elimination of thrift institutions that are distinctly and functionally different from the Corporation with regard to asset mix. The balance sheet parameters also distinguish institutions with a significantly different capital position from the Corporation. The ratio of deposits to assets was not used as a parameter as it is directly related to and affected by an institution’s equity and borrowed funds ratios, which are separate parameters.

Cash and Investments to Assets

The Bank’s ratio of cash and investments to asset, excluding mortgage-backed securities, was 11.95 percent at March 31, 2016, and reflects the Corporation’s share of cash and investments lower than the national and regional averages of 14.4 percent and 16.7 percent, respectively. The Bank’s investments have consisted entirely of municipal securities. For its three most recent fiscal years ended December 31, 2015, the Corporation’s average ratio of cash and investments to assets was a higher 12.9 percent, ranging from a high of 13.9 percent in 2014 to a low of 11.4 percent in 2013. It should be noted that, for the purposes of comparable group selection, the Corporation’s $1,358,121 balance of Federal Home Loan Bank stock at March 31, 2016, is included in the other assets category, rather than in cash and investments, in order to be consistent with reporting requirements and sources of statistical and comparative analysis related to the universe of comparable group candidates and the final comparable group.

The parameter range for cash and investments is has been defined as 25.0 percent or less of assets, with a midpoint of 12.5 percent.

Mortgage-Backed Securities to Assets

At March 31, 2016, the Corporation’s ratio of mortgage-backed securities to assets was a higher 13.92 percent, higher than the national average of 8.12 percent and the regional average of 8.13 percent for publicly traded thrifts. The Bank’s three most recent fiscal year average is a higher 14.40 percent, also higher than industry averages, with a slightly decreasing trend.

Inasmuch as many institutions purchase mortgage-backed securities as an alternative to both lending, relative to cyclical loan demand and prevailing interest rates, and other investment vehicles, this parameter is also fairly broad at 25.0 percent or less of assets and a midpoint of 12.5 percent.

One- to Four-Family Loans to Assets

The Corporation’s lending activity is focused on the origination of residential mortgage loans secured by one- to four-family dwellings. One- to four-family loans, including construction loans and excluding home equity lines of credit, represented 41.99 percent of the Corporation’s assets at March 31, 2016, which is lower than its ratio of 42.42 percent at December 31, 2015, and higher than its 39.87 percent at December 31, 2014. The parameter for this characteristic is 55.0 percent of assets or less in one- to four-family loans with a midpoint of 27.5 percent.

Total Net Loans to Assets

At March 31, 2016, the Corporation had a 66.84 percent ratio of total net loans to assets and a slightly lower three fiscal year average of 64.92 percent, both being lower than the national average of 70.3 percent and the regional average of 67.3 percent for publicly traded thrifts. The Corporation’s ratio of total net loans to assets changed from 64.9 percent of total assets in fiscal year 2013 to 64.3 percent in 2014, and then to 65.6 percent in fiscal year 2015.

Total Net Loans to Assets (cont.)

The parameter for the selection of the comparable group is from 50.0 percent to 90.0 percent with a midpoint of 70.0 percent. The lower end of the parameter range relates to the fact that, as the referenced national and regional averages indicate, many institutions hold greater volumes of investment securities and/or mortgage-backed securities as cyclical alternatives to lending, but may otherwise be similar to the Corporation.

Total Net Loans and Mortgage-Backed Securities to Assets

As discussed previously, the Corporation’s shares of mortgage-backed securities to assets and total net loans to assets were 13.5 percent and 66.9 percent, respectively, for a combined share of 80.4 percent. Recognizing the industry and regional ratios of 78.4 percent and 75.5 percent, respectively, the parameter range for the comparable group in this category is 60.0 percent to 90.0 percent, with a midpoint of 75.0 percent.

Borrowed Funds to Assets

The Corporation had $1.1 million in borrowed funds or 0.53 percent of assets at March 31, 2016, which is below the current industry average of 10.5 percent. The Corporation had $2.1 million in borrowed funds at December 31, 2015, $5.5 million at December 31, 2014, and none at December 31, 2013.

The use of borrowed funds by some institutions indicates an alternative to retail deposits and may provide a source of longer term funds. The federal insurance premium on deposits has

Borrowed Funds to Assets (cont.)

also increased the attractiveness of borrowed funds. The institutional demand for borrowed funds has decreased in recent years, due to much lower rates paid on deposits. Additionally, many thrifts are not aggressively seeking deposits, since quality lending opportunities have diminished in the current economic environment.

The parameter range of borrowed funds to assets is 20.0 percent or less with a midpoint of 10.0 percent.

Equity to Assets

The Corporation’s equity to assets ratio was 14.33 percent at March 31, 2016, 14.38 percent at December 31, 2015, 13.40 percent at December 31, 2014, and 12.59 percent at December 31, 2013, averaging 13.5 percent for the three fiscal years ended December 31, 2015. The Bank’s retained earnings increased in each of the past four fiscal years and increased at March 31, 2016, for a total 20.9 percent increase from December 31, 2011, to March 31, 2016. After conversion, based on the midpoint value of $30.0 million and a public offering of $20.7 million, with 50.0 percent of the net proceeds of the public offering going to the Bank, its equity is projected to increase within the range of 18 percent to 20 percent of assets, with the Corporation within the range of 19 percent to 21 percent of assets.

Based on those equity ratios, we have defined the equity ratio parameter to be 8.0 percent to 20.0 percent with a midpoint ratio of 14.0 percent.

PERFORMANCE PARAMETERS

Introduction

Exhibit 36 presents five parameters identified as key indicators of the Corporation’s earnings performance and the basis for such performance both historically and during the four quarters ended March 31, 2016. The primary performance indicator is the Corporation’s core return on average assets (ROAA). The second performance indicator is the Corporation’s core return on average equity (ROAE). To measure the Corporation’s ability to generate net interest income, we have used net interest margin. The supplemental source of income for the Corporation is noninterest income, and the parameter used to measure this factor is the ratio of noninterest income to average assets. The final performance indicator is the Corporation’s ratio of operating expenses or noninterest expenses to average assets, a key factor in distinguishing different types of operations, particularly institutions that are aggressive in secondary market activities, which often results in much higher operating costs and overhead ratios.

Return on Average Assets

The key performance parameter is core ROAA. For the twelve months ended March 31, 2016, the Corporation’s core ROAA was 0.38 percent based on core earnings after taxes of $827,000, as detailed in Item I of this report. The Corporation’s ROAAs in its most recent three fiscal years of 2013 to 2015, were 0.53 percent, 0.49 percent, and 0.35 percent, respectively, with a three fiscal year average ROAA of 0.46 percent.

Considering the historical and current earnings performance of the Corporation, the range for the ROAA parameter based on core income has been defined as 1.00 percent or less with a midpoint of 0.50 percent.

Return on Average Equity

The ROAE has been used as a secondary parameter to eliminate any institutions with an unusually high or low ROAE that is inconsistent with the Corporation’s position. This parameter does not provide as much meaning for a newly converted thrift institution as it does for established stock institutions, due to the unseasoned nature of the capital structure of the newly converted thrift and the inability to accurately reflect a mature ROAE for the newly converted thrift relative to other stock institutions.

The Corporation’s core ROAE for the twelve months ended March 31, 2016, was 2.71 percent based on core income. In its most recent three fiscal years, the Corporation’s average ROAE was 3.52 percent, from a low of 2.56 percent in 2015 to a high of 4.38 percent in 2013.

The parameter range for ROAE for the comparable group, based on core income, is 9.0 percent or less with a midpoint of 4.5 percent.

Net Interest Margin

The Corporation had a net interest margin of 3.57 percent for the twelve months ended March 31, 2016, representing net interest income as a percentage of average interest-earning assets. The Corporation’s net interest margin levels in its three fiscal years of 2013 through 2015 were 3.45 percent, 3.72 percent and 3.61 percent, respectively, averaging 3.59 percent.

The parameter range for the selection of the comparable group is from a low of 2.75 percent to a high of 4.75 percent with a midpoint of 3.75 percent.

Operating Expenses to Assets

For the twelve months ended March 31, 2016, the Corporation had a 3.20 percent ratio of operating expense to average assets. In its three most recent fiscal years of 2013 to 2015, the Corporation’s expense ratio averaged 2.65 percent, from a low of 2.17 percent in fiscal year 2013 to a high of 3.23 percent in fiscal year 2015.

The operating expense to assets parameter for the selection of the comparable group is from a low of 1.75 percent to a high of 4.50 percent with a midpoint of 3.13 percent.

Noninterest Income to Assets

Compared to publicly traded thrifts, the Corporation has experienced a lower than average level of noninterest income as a source of additional income. The Corporation’s ratio of noninterest income to average assets was 0.59 percent for the twelve months ended March 31, 2016. For its most recent three fiscal years ended December 31, 2013, through 2015, the Corporation’s ratio of noninterest income to average assets was 0.38 percent, 0.34 percent and 0.54 percent, respectively, for an average of 0.42 percent.

The range for this parameter for the selection of the comparable group is 1.10 percent of average assets or less, with a midpoint of 0.55 percent.

ASSET QUALITY PARAMETERS

Introduction

The final set of financial parameters used in the selection of the comparable group are asset quality parameters, also shown in Exhibit 36. The purpose of these parameters is to insure

Introduction (cont.)

that any thrift institution in the comparable group has an asset quality position similar to that of the Corporation. The three defined asset quality parameters are the ratios of nonperforming assets to total assets, repossessed assets to total assets and loan loss reserves to total assets at the end of the most recent period.

Nonperforming Assets to Total Assets

The Corporation’s ratio of nonperforming assets to assets was 2.46 percent at March 31, 2016, which was higher than the national average of 1.09 percent for publicly traded thrifts and the average of 1.22 percent for Midwest thrifts. The Corporation’s ratio of nonperforming assets to total assets averaged 3.06 for its most recent three fiscal years ended December 31, 2015, from a high of 3.80 percent in fiscal year 2013 to a low of 2.52 percent in fiscal year 2015.

The comparable group parameter for nonperforming assets is 3.00 percent or less of total assets, with a midpoint of 1.50 percent.

Repossessed Assets to Assets

The Corporation had repossessed assets of $319,000 at March 31, 2016, representing a ratio to total assets of 0.15 percent, following ratios of repossessed assets to total assets of 0.15 percent and 0.11 percent at December 31, 2015, and December 31, 2014, respectively. National and regional averages were 0.25 percent and 0.32 percent, respectively, for publicly traded thrift institutions.

The range for the repossessed assets to total assets parameter is 0.50 percent of assets or less with a midpoint of 0.25 percent.

Loans Loss Reserves to Assets

The Corporation had an allowance for loan losses of $2,192,000, representing a loan loss allowance to total assets ratio of 1.01 percent at March 31, 2016, which was lower than its 1.04 percent ratio at December 31, 2015, and its 1.04 percent ratio at December 31, 2014.

The loan loss allowance to assets parameter range used for the selection of the comparable group required a minimum ratio of 0.50 percent of assets.

THE COMPARABLE GROUP

With the application of the parameters previously identified and applied, the final comparable group represents ten institutions identified in Exhibits 39, 40 and 41. The comparable group institutions range in size from $222.5 million to $761.9 million with an average asset size of $482.1 million and have an average of 10.0 offices per institution. Two of the comparable group institutions are in Ohio and two in Maryland with one each in Indiana, Kentucky, Michigan, Minnesota, Nebraska and New York, and all ten are traded on NASDAQ.

The comparable group institutions as a unit have a ratio of equity to assets of 12.04 percent, which is 2.0 percent higher than all publicly traded thrift institutions in the United States; and for the most recent four quarters indicated a core return on average assets of 0.63 percent, lower than all publicly traded thrifts at 0.87 percent and higher than the publicly traded Illinois thrifts at 0.42 percent.

IV.

ANALYSIS OF FINANCIAL PERFORMANCE

This section reviews and compares the financial performance of the Corporation to all publicly traded thrifts, to publicly traded thrifts in the Midwest region and to Illinois thrifts, as well as to the ten institutions constituting the Corporation’s comparable group, as selected and described in the previous section. The comparative analysis focuses on financial condition, earning performance and pertinent ratios as presented in Exhibits 40 through 45.

As presented in Exhibits 40 and 41, at March 31, 2016, the Corporation’s total equity of 14.33 percent of assets was higher than the comparable group at 12.04 percent, all thrifts at 12.01 percent, Midwest thrifts at 11.81 percent and Illinois thrifts at 11.11 percent. The Corporation had a 66.84 percent share of net loans in its asset mix, lower than the comparable group at 74.62 percent, all thrifts at 70.27 percent, Midwest thrifts at 67.39 percent and higher than Illinois thrifts at 64.39 percent. The Corporation’s lower share of net loans and 11.95 percent share of cash and investments, lower than industry averages, resulted in its higher 13.52 percent share of mortgage-backed securities. The comparable group had a higher 13.60 percent share of cash and investments and a lower 5.81 percent share of mortgage-backed securities. All thrifts had 8.12 percent of assets in mortgage-backed securities and 14.41 percent in cash and investments. The Corporation’s 83.20 percent share of deposits was higher than the comparable group, all thrifts, Midwest thrifts and similar to Illinois thrifts, reflecting the Corporation’s lower 0.53 percent of borrowed funds. As ratios to assets, the comparable group had 79.81 percent of deposits and 7.55 percent of borrowed funds. All thrifts averaged a 76.27 percent share of deposits and 10.48 percent of borrowed funds, while Midwest thrifts had a 78.45 percent share of deposits and an 8.93 percent share of borrowed funds. Illinois thrifts averaged an 83.55 percent share of deposits and a 4.65 percent share of borrowed funds. The Corporation had 0.50 percent of goodwill and intangible assets, compared to 0.58 percent for the comparable group, 0.58 percent for all thrifts, 0.53 percent for Midwest thrifts and 0.30 percent for Illinois thrifts.

Operating performance indicators are summarized in Exhibits 44, 45 and 46 and provide a synopsis of key sources of income and key expense items for the Corporation in comparison to the comparable group, all thrifts, and regional thrifts for the trailing four quarters.

Analysis of Financial Performance (cont.)

As shown in Exhibit 46, for the twelve months ended March 31, 2016, the Corporation had a yield on average interest-earning assets lower than the comparable group and all thrifts and higher than Midwest thrifts and Illinois thrifts. The Corporation’s yield on interest-earning assets was 4.01 percent compared to the comparable group at 4.13 percent, all thrifts at 4.03 percent, Midwest thrifts at 3.91 percent and Illinois thrifts at 3.68 percent.

The Corporation’s cost of funds for the twelve months ended March 31, 2016, was lower than the comparable group, all thrifts, Midwest thrifts and Illinois thrifts. The Corporation had an average cost of interest-bearing liabilities of 0.50 percent compared to 0.82 percent for the comparable group, 0.73 percent for all thrifts, 0.66 percent for Midwest thrifts and 0.58 percent for Illinois thrifts. The Corporation’s lower yield on interest-earning assets and lower interest cost resulted in a net interest spread of 3.50 percent, which was higher than the comparable group at 3.31 percent and higher than all thrifts at 3.30 percent, Midwest thrifts at 3.24 percent and Illinois thrifts at 3.09 percent. The Corporation generated a net interest margin of 3.57 percent for the twelve months ended March 31, 2016, based on its ratio of net interest income to average interest-earning assets, which was slightly higher than the comparable group ratio of 3.46 percent. All thrifts averaged a lower 3.43 percent net interest margin for the trailing four quarters, as did Midwest thrifts at 3.35 percent; and Illinois thrifts averaged 3.17 percent.

The Corporation’s major source of earnings is interest income, as indicated by the operations ratios presented in Exhibit 45. The Corporation had $225,000 in provision for loan losses during the twelve months ended March 31, 2016, representing 0.10 percent of average assets. The average provision for loan losses for the comparable group was 0.07 percent, with all thrifts at 0.05 percent, Midwest thrifts at 0.03 percent and Illinois thrifts at 0.02 percent.

The Corporation’s total noninterest income was $1,287,000 or 0.59 percent of average assets for the twelve months ended March 31, 2016. Such a ratio of noninterest income to average assets was lower than the comparable group at 0.74 percent, and lower than all thrifts at 0.88 percent, Midwest thrifts at 0.97 percent and Illinois thrifts at 0.86 percent. For the twelve

Analysis of Financial Performance (cont.)

months ended March 31, 2016, the Corporation’s operating expense ratio was 3.20 percent of average assets, higher than the comparable group at 3.08 percent, all thrifts at 3.04 percent, Midwest thrifts at 3.08 percent, and higher than Illinois thrifts at 3.18 percent.

The overall impact of the Corporation’s income and expense ratios is reflected in its net income and return on assets. For the twelve months ended March 31, 2016, the Corporation had a net ROAA of 0.41 percent and a lower core ROAA of 0.38 percent. For its most recent four quarters, the comparable group had a higher net ROAA of 0.67 percent and a higher core ROAA of 0.68 percent. All publicly traded thrifts averaged a higher net ROAA of 0.89 percent and 0.87 percent core ROAA, with Midwest thrifts a 0.71 percent net ROAA and a 0.72 percent core ROAA. The twelve month net ROAA for the 14 Illinois thrifts was 0.47 percent, with a core ROAA of 0.42 percent.

V.	MARKET VALUE ADJUSTMENTS

This is a conclusive section where adjustments are made to determine the pro forma market value or appraised value of the Corporation based on a comparison of Ottawa Savings Bank with the comparable group. These adjustments will take into consideration such key items as earnings performance, primary market area, financial condition, asset and deposit growth, dividend payments, subscription interest, liquidity of the stock to be issued, management, and market conditions or marketing of the issue. It must be noted that all of the institutions in the comparable group have their differences among themselves and relative to the Bank, and, as a result, such adjustments become necessary.

EARNINGS PERFORMANCE

In analyzing earnings performance, consideration was given to net interest income, the amount and volatility of interest income and interest expense relative to changes in market area conditions and to changes in overall interest rates, the quality of assets as it relates to the presence of problem assets which may result in adjustments to earnings, due to provisions for loan losses, the balance of current and historical nonperforming assets and real estate owned, the balance of valuation allowances to support any problem assets or nonperforming assets, the amount and volatility of noninterest income, and the amount and ratio of noninterest expenses to assets. The earnings performance analysis was based on the Bank’s respective net and core earnings for the twelve months ended March 31, 2016, with comparisons to the core earnings of the comparable group, all thrifts and other geographical subdivisions.

As discussed earlier, the Bank has experienced decreases in its assets, loans and deposits, from 2011 to 2013, with a large increase in 2014, due to its merger/acquisition of Twin Oaks Savings Bank, and then experienced modest decreases in 2015, followed by modest increases in the three months ended March 31, 2016. The Bank has focused on reducing its real estate owned, maintaining a competitive net interest margin, reducing its balance of nonperforming

Earnings Performance (cont.)

assets; monitoring and strengthening its ratio of interest sensitive assets relative to interest sensitive liabilities, thereby maintaining its overall interest rate risk; and maintaining adequate allowances for loan losses to reduce the impact of any charge-offs. Historically, the Bank has closely monitored its yields and costs, resulting in a net interest margin, which has been generally higher than industry averages, and its 3.57 percent net interest margin for the twelve months ended March 31, 2016, was higher than the industry average of 3.43 percent and higher than the comparable group average of 3.46 percent. During its past three fiscal years, Ottawa Savings Bank’s ratio of interest expense to interest-bearing liabilities has decreased modestly from 0.97 percent in fiscal year 2013 to 0.52 percent in fiscal year 2015, which was below the industry average. The Bank’s ratio of 0.50 percent for the twelve months ended March 31, 2016, was lower than the average of 0.82 percent for the comparable group and lower than the average of 0.73 percent for all thrifts. Following the second stage offering, the Bank will strive to reduce its operating expenses, maintain its net interest margin, maintain its noninterest income, increase its net income, increase its loan portfolio, increase its return on assets, continue to reduce its balance of nonperforming and classified assets, and closely monitor its interest rate risk.

The Bank has experienced an increase in loan origination activity in mortgage and nonmortgage loans in fiscal year 2015 and with a modest decrease in the three months ended March 31, 2016, relative to the three months ended March 31, 2015. Total loan originations in fiscal year 2015 were above originations for fiscal year 2014, and the net loan change in 2014 was an increase of $31.8 million due to the merger/acquisition, compared to a decrease of $2.4 million in 2015, due primarily to higher loan sales. Gross loan originations were noticeably higher in fiscal year 2015 compared to 2014, related to higher residential, multi-family and home equity lines of credit originations with $2.0 million in loan purchases. Originations totaled $31.2 million in 2015, compared to $16.4 million in 2014, with an additional $2.0 in loan purchases in 2015, compared to $33.8 million in 2014, including $29.8 million in merger loans. For the three months ended March 31, 2016, the Bank’s loan originations were $7.7 million or $30.8 million, annualized, similar to its fiscal year 2015 and its annualized combined loan repayments, loan credits, loan sales and other items were lower than in fiscal year 2015, resulting in a net loan

Earnings Performance (cont.)

increase of $18.5 million, annualized, including $5.0 million in loan purchases, compared to a decrease of $2.4 million in fiscal year 2015. Ottawa Savings Bank’s volume of loan originations was $16.4 million in fiscal year 2014, and $31.2 million in fiscal year 2015, plus $2.0 million in loan purchases in 2015 and $33.8 million in 2014. During the three months ended March 31, 2016, loan originations were $7.7 million or $30.8 million, annualized, with loan purchases totaling $5.0 million during the period or $20.0 million, annualized. In all periods, the predominant component of the Bank’s loan originations was one- to four-family residential mortgage loans.

From December 31, 2014, to March 31, 2016, all categories of loans had decreases in their balances, except multi-family loans, construction loans and consumer loans. One- to four- family loans indicated a dollar decrease of $929,000 or 1.1 percent, decreasing from $87.8 million to $86.9 million. Commercial real estate loans decreased by $89,000 or 0.4 percent from December 31, 2014, to March 31, 2016. Other key changes were home equity lines of credit, which decreased $2.1 million or 12.6 percent, while construction loans increased $2.5 million or 161.9 percent. Overall, the Bank’s lending activities resulted in a total loan increase of $1.4 million or 1.0 percent and a net loan increase of $2.2 million or 1.6 percent from December 31, 2014, to March 31, 2016. Loan change of a $4.5 million increase or 3.2 percent during the three months ended March 31, 2016, represents an annualized increase of $18.0 million or 12.8 percent.

For the three months ended March 31, 2016, mortgage loans represented 79.5 percent of loan originations. In comparison, during fiscal year 2015, mortgage loans represented 90.1 percent of total loan originations.

The impact of Ottawa Savings Bank’s primary lending efforts has been to generate a yield on average interest-earning assets of 4.01 percent for the twelve months ended March 31, 2016, compared to a higher 4.13 percent for the comparable group, 4.03 percent for all thrifts and 3.91

Earnings Performance (cont.)

percent for Midwest thrifts. The Bank’s ratio of interest income to average assets was 3.67 percent for the twelve months ended March 31, 2016, lower than the comparable group at 3.89 percent, all thrifts at 3.174 percent and Midwest thrifts at 3.62 percent, reflecting the Bank’s larger share of mortgage-backed securities.

Ottawa Savings Bank’s 0.50 percent cost of interest-bearing liabilities for the twelve months ended March 31, 2016, was lower than the comparable group at 0.82 percent, all thrifts at 0.73 percent, Midwest thrifts at 0.66 percent and Illinois thrifts at 0.58 percent. The Bank’s resulting net interest spread of 3.50 percent for the twelve months ended March 31, 2016, was higher than the comparable group at 3.31 percent and higher than all thrifts at 3.30 percent, Midwest thrifts at 3.24 percent and Illinois thrifts at 3.09 percent. The Bank’s net interest margin of 3.57 percent, based on average interest-earning assets for the twelve months ended March 31, 2016, was slightly higher than the comparable group at 3.46 percent and higher than all thrifts at 3.43 percent, Midwest thrifts at 3.35 percent and Illinois thrifts at 3.17 percent.

The Bank’s ratio of noninterest income to average assets was 0.59 percent for the twelve months ended March 31, 2016, which was moderately lower than the comparable group at 0.74 percent, lower than all thrifts at 0.88 percent and Midwest thrifts at 0.97 percent.

The Bank’s operating expenses were higher than the comparable group, all thrifts and Midwest thrifts. For the twelve months ended March 31, 2016, Ottawa Savings Bank had an operating expenses to assets ratio of 3.20 percent compared to 3.08 percent for the comparable group, 3.04 percent for all thrifts and 3.08 percent for Midwest thrifts. Ottawa Savings Bank had a higher 82.8 percent efficiency ratio for the twelve months ended March 31, 2016, compared to the comparable group with an efficiency ratio of 77.4 percent. The efficiency ratio for all publicly traded thrifts was 69.1 percent for the twelve months ended March 31, 2016.

For the twelve months ended March 31, 2016, Ottawa Savings Bank generated a lower ratio of noninterest income, a higher ratio of noninterest expenses and higher net interest margin

Earnings Performance (cont.)

relative to its comparable group. The Bank had a 0.10 percent provision for loan losses during the twelve months ended March 31, 2016, compared to the comparable group at 0.07 percent of assets, all thrifts at 0.05 percent and Midwest thrifts at 0.03 percent. The Bank’s allowance for loan losses to total loans of 1.49 percent was similar to the comparable group and higher than all thrifts. The Bank’s 41.1 percent ratio of reserves to nonperforming assets was lower than the comparable group at 105.6 percent and lower than all thrifts at 114.0 percent.

The Bank’s net and core income for the twelve months ended March 31, 2016, were lower than the comparable group. Based on net earnings, the Bank had a return on average assets of 0.41 percent for the twelve months ended March 31, 2016, and a return on average assets of 0.35 percent and 0.49 percent in fiscal years 2015 and 2014, respectively. The Bank’s core ROAA was a lower 0.38 percent. For their most recent four quarters, the comparable group had a moderately higher net ROAA of 0.67 percent and a higher core ROAA of 0.68 percent, while all thrifts indicated a higher net ROAA and higher core ROAA of 0.89 percent and 0.87 percent, respectively. Midwest thrifts indicated a net ROAA of 0.71 percent and a core ROAA of 0.72 percent.

Following its second stage conversion, Ottawa Savings Bank’s earnings will continue to be dependent on a combination of the overall trends in interest rates, the consistency, reliability and variation of its noninterest income and overhead expenses and its asset quality and its future reduced needs for provisions for loan losses.

In recognition of the foregoing earnings related factors, considering Ottawa Savings Bank’s historical and current performance measures, as well as Business Plan projections, a downward adjustment has been made to the Corporation’s pro forma market value for earnings performance.

MARKET AREA

Ottawa Savings Bank’s primary market are for retail deposits and loans consists of Grundy and LaSalle Counties, Illinois. As discussed in Section II, population increased by a strong 33.4 percent in Grundy County but increased by only 2.2 percent in LaSalle County from 2000 to 2010, and the number of households increased at a strong 29.8 percent but increased by only 4.4 percent in LaSalle County. The 2010 median household income in Grundy County was higher than LaSalle County’s and state and national levels. Also, Grundy and LaSalle Counties’ unemployment rates have generally been higher than both state and national rates. According to the 2010 Census, median housing values were 178,800, $123,400, $198,500, and $186,200 for Grundy County, LaSalle County, Illinois and the United States, respectively.

In recognition of the foregoing factors, including deposit potential in a modestly growing deposit base, we believe that a modest upward adjustment is warranted for the Bank’s market area.

FINANCIAL CONDITION

The financial condition of Ottawa Savings Bank is discussed in Section I and shown in Exhibits 1, 2, 5, and 12 through 23, and is compared to the comparable group in Exhibits 39, 40 and 41. The Bank’s ratio of total equity to total assets was 14.30 percent at March 31, 2016, which was modestly higher than the comparable group at 12.04 percent, all thrifts at 12.01 percent and Midwest thrifts at 11.81 percent. Based on the second stage offering completed at the midpoint of the valuation range, the Corporation’s pro forma equity to assets ratio will increase to 20.51 percent and the Bank’s pro forma equity to assets ratio will increase to 19.50 percent.

Financial Condition (cont.)

The Bank’s mix of assets and liabilities indicates both similarities to and variations from its comparable group. Ottawa Savings Bank had a modestly lower 66.8 percent ratio of net loans to total assets at March 31, 2016, compared to the comparable group at 74.6 percent. All thrifts indicated a higher 70.3 percent, as did Midwest thrifts at 67.4 percent. The Bank’s 12.0 percent share of cash and investments was lower than the comparable group at 13.6 percent, while all thrifts were at 14.4 percent and Midwest thrifts were at 16.7 percent. Ottawa Savings Bank’s 13.52 percent ratio of mortgage-backed securities to total assets was significantly higher than the comparable group at 5.81 percent and higher than all thrifts at 8.12 percent and Midwest thrifts at 8.13 percent.

The Bank’s 83.2 percent ratio of deposits to total assets was modestly higher than the comparable group at 79.8 percent, higher than all thrifts at 76.3 percent and higher than Midwest thrifts at 78.5 percent. Ottawa Savings Bank’s higher ratio of deposits was due to its lower 0.5 percent of borrowed funds and higher share of equity of 14.3 percent, compared to the comparable group at 12.04 percent of equity to total assets, with all thrifts at 12.01 percent and Midwest thrifts at 11.81 percent. Ottawa Savings Bank had 0.5 percent of borrowed funds at March 31, 2016, lower than the comparable group at 7.6 percent, and lower than all thrifts at 10.5 percent and Midwest thrifts at 8.9 percent. In fiscal year 2015, total deposits decreased by $5.5 million or 3.0 percent, due to conservative pricing of certificates of deposit. During fiscal year 2014, Ottawa Savings Bank’s deposits increased by $36.4 million or 25.0 percent from $145.8 million to $182.2 million due to its merger/acquisition transaction.

Ottawa Savings Bank had 0.50 percent of assets in goodwill or intangible assets and had a lower share of repossessed real estate at March 31, 2016. The Bank had repossessed real estate of $319,000 or 0.15 percent of assets at March 31, 2016. This compares to ratios of 0.58 percent for goodwill and intangible assets and 0.19 percent for real estate owned, for the comparable group. All thrifts had a goodwill and intangible assets ratio of 0.58 percent and a real estate owned ratio of 0.25 percent.

Financial Condition (cont.)

The financial condition of Ottawa Savings Bank is impacted by its historically higher than average balance of nonperforming assets of $5.3 million or 2.46 percent of total assets at March 31, 2016, compared to a lower 1.19 percent for the comparable group, 1.09 percent for all thrifts, 1.22 percent for Midwest thrifts and 1.42 percent for Illinois thrifts. The Bank’s ratio of nonperforming assets to total assets was 5.06 percent at December 31, 2011, and 2.52 percent at December 31, 2015.

At March 31, 2016, Ottawa Savings Bank had $2,192,000 of allowances for loan losses, which represented 1.01 percent of assets and 1.49 percent of total loans. The comparable group indicated higher allowances relative to assets and similar to loans equal to 1.14 percent of assets and 1.48 percent of total loans, while all thrifts had allowances relative to assets and loans that averaged a lower 0.84 percent of assets and a lower 1.17 percent of total loans. Also of major importance is an institution’s ratio of allowances for loan losses to nonperforming assets, since a portion of nonperforming assets might eventually be charged off. Ottawa Savings Bank’s $2,192,000 of allowances for loan losses, represented a lower 41.1 percent of nonperforming assets at March 31, 2016, compared to the comparable group’s 105.6 percent, with all thrifts at a higher 114.0 percent, Midwest thrifts at a higher 95.6 percent and Illinois thrifts at a higher 92.3 percent. Ottawa Savings Bank’s ratio of net charge-offs to average total loans was 0.36 percent for the twelve months ended March 31, 2016, compared to a lower (0.06) percent for the comparable group, 0.04 percent for all thrifts and 0.05 percent for Midwest thrifts.

Ottawa Savings Bank has a modest level of interest rate risk. The change in the Bank’s NPV at March 31, 2016, reflecting the most current information available, based on a rise in interest rates of 100 basis points was a 1.1 percent decrease, representing a dollar decrease in equity value of $407,000. The Bank’s exposure increases to a 4.5 percent decrease in its NPV under a 200 basis point rise in rates, representing a dollar decrease in equity of $1,675,000. The Bank’s NPV ratio at March 31, 2016, assuming a 200 basis point rise in interest rates was 17.75 percent and indicated a 42 basis point increase from its 17.33 percent based on no change in interest rates.

Financial Condition (cont.)

Compared to the comparable group, with particular attention to the Bank’s asset quality position, equity level, asset and liability mix and interest rate risk, we believe that, a minimal downward adjustment is warranted for Ottawa Savings Bank’s current financial condition, due to the Bank’s currently lower asset quality position.

ASSET, LOAN AND DEPOSIT GROWTH

During its most recent two fiscal years and the three months ended March 31, 2016, Ottawa Savings Bank has been characterized by increases in assets, loans and deposits relative to its comparable group. The Bank’s average annual asset change from December 31, 2013, to December 31, 2015, was an increase of 12.6 percent. This growth rate compares to a positive 2.8 percent for the comparable group, a lower 4.0 percent for all thrifts, and a lower 3.2 percent for Midwest thrifts. The Bank’s growth in assets is reflective primarily of its growth of 30.0 percent in 2014, due to its merger/acquisition transaction, reduced by a shrinkage of 3.7 percent in 2015. Ottawa Savings Bank’s loan portfolio indicates an average annual increase of 13.3 percent from December 31, 2013, to December 31, 2015, compared to average growth rates of 2.0 percent for the comparable group, 2.2 percent for all thrifts and 1.5 percent for Midwest thrifts. Such rising trends reversed for loans and deposits and continued for assets in the three months ended March 31, 2016.

Ottawa Savings Bank’s deposits indicate an average annual increase of 10.6 percent from 2013 to 2015. Annual deposit change was a 25.0 percent increase in 2014 and a negative 3.0 percent in 2015, compared to average growth rates of 2.2 percent for the comparable group, 1.5 percent for all thrifts and 1.4 percent for Midwest thrifts. During the three months ended March 31, 2016, the Bank’s total deposits decreased $2.1 million or 1.1 percent. It should be further noted that certificates of deposit, a key component of deposits, decreased by $1.3 million or 1.5 percent from December 31, 2013, to March 31, 2016. The Bank had only 0.5 percent of borrowed funds at March 31, 2016, compared to the comparable group at 7.6 percent and also had lower borrowed funds at December 31, 2013 and 2014, and none prior to December 31, 2013.

Asset, Loan and Deposit Growth (cont.)

In spite of its deposit shrinkage historically, considering the demographics, competition and deposit base trends in its market area, the Bank’s ability to increase its asset, loan and deposit bases in the future is primarily dependent on its being able to increase its market share by competitively pricing its loan and savings products, maintaining a high quality of service to its customers and strengthening its loan origination activity. Ottawa Savings Bank’s primary market area experienced a modest increase in population and households in LaSalle County and large increases in population and households in Grundy County between 2000 and 2010. The Bank’s primary market area also indicates 2010 per capita income slightly below Illinois’ and also lower than that of the United States, and median household income level in LaSalle County was below the state level but above the national level, while the Grundy County 2010 median household income level was higher than both Illinois’ and the United States’ levels. In 2010, average median housing values in LaSalle and Grundy Counties were lower than those of Illinois and the United States, as were median rents, due to lower levels in LaSalle County.

Notwithstanding the proceeds of the planned second stage offering, the Bank’s primary focus of its operations in LaSalle and Grundy Counties will limit the Bank’s potential to modest growth in assets, loans and deposits. The total deposit base in LaSalle County grew by just 0.10 percent from June 30, 2014, to March 31, 2015, and increased by 1.60 percent in Grundy County; and during that period, the number of financial institution offices increased by one office in LaSalle County and remained the same in Grundy County. From June 30, 2014, to June 30, 2015, Ottawa Savings Bank’s deposit market share in LaSalle County increased from 5.6 percent of total deposits to 6.5 percent of total deposits.

Based on the foregoing factors, we have concluded that no adjustment to the Corporation’s pro forma value is warranted.

DIVIDEND PAYMENTS

The Corporation paid no dividends in 2014 and 2015. The payment of cash dividends will depend upon such factors as earnings performance, financial condition, capital position, growth, and asset quality. Five of the ten institutions in the comparable group paid cash dividends during the most recent twelve months for an average dividend yield of 1.52 percent and an average payout ratio of 24.34 percent. During that twelve month period, the average dividend yield was 2.56 percent and the average payout ratio was 61.98 for the 14 Illinois thrifts; and the average dividend was 2.25 percent and the average payout ratio was 47.51 percent for all thrifts.

In our opinion, no adjustment to the pro forma market value of the Corporation is warranted related to dividend payments, recognizing that the Corporation has not paid dividends in the past but may initiate dividends in the future.

SUBSCRIPTION INTEREST

In 2015, investors’ interest in new issues has improved but is still not strong. Such interest is possibly related to the improved performance of financial institutions overall, which could be challenged in the future due to the low interest rate environment and the compression of net interest margin. The selective and conservative reaction of IPO investors appears generally to be related to a number of analytical, economic and market-related factors, including the financial performance and condition of the converting thrift institution, the strength of the local economy, housing market conditions, general market conditions for financial institution stocks and stocks overall, aftermarket price trends and the expectation of continued stronger merger/acquisition activity in the thrift industry.

Ottawa Savings Bank will direct its offering initially to depositors and residents in its market area. The board of directors and officers anticipate purchasing approximately $281,000

Subscription Interest (cont.)

or 1.4 percent of the stock offered to the public based on the appraised midpoint valuation. The Bank will form an ESOP, which plans to purchase 8.0 percent of the total shares sold in the second stage offering.

The Bank has secured the services of Sandler O’Neill + Partners, L.P., to assist in the marketing and sale of the conversion stock, including a possible syndicated offering.

Based on the smaller size of the offering, recent banking conditions, current market conditions, historical local market interest, the terms of the offering and recent subscription levels for second stage offerings, we believe that no adjustment is warranted for the Bank’s anticipated subscription interest.

LIQUIDITY OF THE STOCK

The Corporation will offer its shares through a subscription and community offering and, if required, a subsequent syndicated offering with the assistance of Sandler O’Neill + Partners, L.P. The stock of the Corporation will be traded on the OTC Pink Sheets.

The Bank’s total public offering is smaller in size than the average market value of the comparable group. The comparable group has an average market value of $48.5 million for the stock outstanding compared to a midpoint public offering of $30.0 million for the Corporation, less the ESOP and the estimated 28,100 shares to be purchased by officers and directors. Of the ten institutions in the comparable group, all trade on Nasdaq with those ten institutions indicating an average daily trading volume of over 3,900 shares during the last four quarters.

The comparable group has an average of 4,004,294 shares outstanding compared to 3,000,000 shares outstanding for the Corporation.

Liquidity of the Stock (cont.)

Based on the average market capitalization, shares outstanding and daily trading volume of the comparable group, we have concluded that a downward adjustment to the Corporation’s pro forma market value is warranted relative to the liquidity of its stock.

MANAGEMENT

Mr. Jon Kranov is president and chief executive officer of Ottawa Savings Bank and has served as president of the Bank since 2010. Mr. Kranov previously served as the senior vice president and chief financial officer of Ottawa since 1996. He has a degree in accounting from Western Illinois University and an MBA from Lewis University. He has been employed with Ottawa since 1978. Mr. Marc Kingry serves the Bank as chief financial officer. Prior to joining Ottawa Savings Bank, Mr. Kingry served as senior vice president and controller of Centrue Bank since 2004. From 2002 to 2004, Mr. Kingry was the Divisional Controller at Union Financial Services & Trust Co., a subsidiary of Centrue Bank. Prior to that, Mr. Kingry worked at KPMG, LLP and at Deloitte & Touche, LLP. Mr. Craig Hepner began his banking career in 1991 and became part of the Ottawa Savings Bank team in January 2015 as a result of the merger with Twin Oaks Savings Bank. Prior to the merger, Mr. Hepner served as president and CEO of Twin Oaks as well as a member of its board of directors, positions he held since 2001. In addition to his seat on the board of directors, Mr. Hepner serves as executive vice president and chief operating officer of the Bank and Corporation.

During its five most recent fiscal years, Ottawa Savings Bank has been able to maintain a competitive net interest margin, reduce its nonperforming assets and real estate owned. The Bank experienced decreases in loans, deposits and assets from 2011 to 2013, then increased noticeably in 2014 as a result of its merger/acquisition transaction and then decreased in each category in 2015 and indicated positive earnings in each year, resulting in an increase in its equity level and ratio. Ottawa Savings Bank’s interest rate risk is modest, primarily as a result of its higher share of mortgage-backed securities. The Bank’s earnings and return on assets

Management (cont.)

decreased in 2015 and again decreased in the three months ended March 31, 2016, while its net interest margin has been above industry averages, and management is confident that the Bank is now positioned for modest loan growth and stable earnings following its second stage offering.

Overall, we believe the Bank to be professionally and knowledgeably managed, as are the comparable group institutions. It is our opinion that no adjustment to the pro forma market value of the Corporation is warranted for management.

MARKETING OF THE ISSUE

The necessity to build a new issue discount into the stock price of a second stage offering continues to be a closely examined issue in recognition of uncertainty among investors as a result of the thrift industry’s problems with delinquent loans, dependence on interest rate trends, volatility in the stock market and recent legislation related to the regulation of financial institutions and their ability to generate selected income.

We believe that a new issue discount applied to the price to book valuation approach is appropriate and necessary in this offering. In our opinion, the volatility in recent market trends cause us to conclude that a modest new issue discount is warranted in the case of this second stage offering. Consequently, at this time we have made a small downward adjustment to the Corporation’s pro forma market value related to a new issue discount.

VI.

VALUATION METHODS

Introduction

Historically, the most frequently used method for determining the pro forma market value of common stock for thrift institutions by this firm has been the price to book value ratio method, due to the volatility of earnings in the thrift industry. As earnings in the thrift industry decreased from 2008 to 2012, more emphasis was placed on the price to book method, particularly considering decreases in stock prices during those years. During the past two years, however, as provision for loan losses decreased significantly resulting in renewed earnings in the industry, the price to earnings method has again become pertinent and meaningful in the objective of discerning commonality and comparability among institutions. In determining the pro forma market value of this Corporation, primary emphasis has been placed on the price to book value method, with additional analytical and correlative attention to the price to earnings method and the price to assets method.

In recognition of the volatility and variance in earnings, the continued differences in asset and liability repricing and the frequent disparity in value between the price to book approach and the price to earnings approach, a third valuation method, the price to net assets method, has also been used. The price to assets method is used less often for valuing ongoing institutions, but becomes more useful in valuing converting institutions when the equity position and earnings performance of the institutions under consideration are different.

In addition to the pro forma market value, we have defined a valuation range with the minimum of the range being 85.0 percent of the pro forma market value and the maximum of the range being 115.0 percent of the pro forma market value. The pro forma market value or appraised value will also be referred to as the “midpoint value.”

In applying each of the valuation methods, consideration was given to the adjustments to the Bank’s pro forma market value discussed in Section V. Downward adjustments were made for the Bank’s financial condition, earnings, liquidity of the stock and marketing of the issue.

Introduction (cont.)

No adjustments were made for the Bank’s asset, loan and deposit growth, dividend payments, subscription interest and management. A modest upward adjustment was made for market area.

PRICE TO BOOK VALUE METHOD

In the valuation of thrift institutions, the price to book value method focuses on an institution’s financial condition, and does not give as much consideration to the institution’s long term performance and value as measured by earnings. Due to the earnings volatility of many thrift stocks, the price to book value method is frequently used by investors who rely on an institution’s financial condition rather than earnings performance. Although this method is, under certain circumstances, considered somewhat less meaningful for institutions that provide a consistent earnings trend, it remains significant and reliable when an institution’s performance or general economic conditions are experiencing volatile or uncustomary trends related to internal or external factors, and serves as a complementary and correlative analysis to the price to earnings and price to assets approaches.

Exhibit 47 shows the average and median price to book value ratios for the comparable group which were 86.04 percent and 90.45 percent, respectively. The full comparable group indicated a moderate pricing range, from a low of 56.36 percent (Central Federal Corp.) to a high of 108.91 percent (United Community Bancorp). The comparable group had higher average and median price to tangible book value ratios of 91.78 percent and 94.80 percent, respectively, with a range of 56.60 percent to 115.36 percent. Excluding the low and the high in the group, the comparable group’s price to book value range narrowed to a low of 67.33 percent and a high of 100.96 percent, and the comparable group’s price to tangible book value range also narrowed moderately from a low of 68.12 percent to a higher of 104.84 percent.

Considering the foregoing factors in conjunction with the adjustments made in Section V, we have determined a fully converted pro forma price to book value ratio of 62.5 8 percent and

Price to Book Value Method (cont.)

a price to tangible book value ratio of 64.02 percent at the midpoint. The price to book value ratio increases from 56.37 percent at the minimum to 68.12 percent at the maximum, while the price to tangible book value ratio increases from 57.74 percent at the minimum to 69.59 percent at the maximum.

The Corporation’s pro forma price to book value and price to tangible book value ratios of 62.58 percent and 64.02 percent, respectively, as calculated using the prescribed formulary computation indicated in Exhibit 46, are influenced by the Bank’s capitalization, asset quality position, earnings performance, local market and public ownership, as well as subscription interest in thrift stocks and overall market and economic conditions. The Corporation’s ratio of equity to assets after conversion at the midpoint of the valuation range will be approximately 20.60 percent compared to 12.04 percent for the comparable group. Based on the price to book value ratio and the Bank’s total equity of $31,040,187 at March 31, 2016, the indicated pro forma market value of the Corporation using this approach is $30,000,000 at the midpoint (reference Exhibit 46).

PRICE TO CORE EARNINGS METHOD

The foundation of the price to core earnings method is the determination of the core earnings based to be used, followed by the calculation of an appropriate price to core earnings multiple. The Corporation’s after tax core earnings for the twelve months ended March 31, 2016, was $827,000 (reference Exhibit 7) and its net earnings was $886,000 for that period. To opine the pro forma market value of the Corporation using the price to core earnings method, we applied the core earnings base of $827,000.

In determining the fully converted price to core earnings multiple, we reviewed the ranges of the price to core earnings and the price to net earnings multiples for the comparable group and all publicly traded thrifts. As indicated in Exhibit 46, the average price to core earnings multiple

Price to Core Earnings Method (cont.)

for the comparable group was 16.64, while the median was a higher 17.39. The average price to net earnings multiple was 16.90, and the median multiple was 17.46. The range of the price to core earnings multiple for the comparable group was from a low of 6.85 (Central Federal Corp.) to a high of 27.58 (Bay Bancorp). The range in the price to core earnings multiple for the comparable group, excluding the high and the low ranges, was from a low multiple of 12.23 to a high of 19.67 times earnings for eight of the ten institutions in the group, indicating a moderate narrowing of the range.

Consideration was given to the adjustments to the Corporation’s pro forma market value discussed in Section V. In recognition of those adjustments, we have determined a fully converted price to core earnings multiple of 43.31 at the midpoint, based on the Corporation’s core earnings of $827,000 for the twelve months ended March 31, 2016. The Corporation’s fully converted core earnings multiple of 43.31 is higher than its net earnings multiple, which was 39.74 times earnings.

PRICE TO ASSETS METHOD

The final valuation method is the price to assets method. This method is not frequently used, since the calculation incorporates neither an institution’s equity position nor its earnings base. Additionally, the prescribed formulary computation of value using the pro forma price to net assets method does not recognize the runoff of deposits concurrently allocated to the purchase of conversion stock, returning a pro forma price to net assets ratio below its true level following conversion.

Exhibit 46 indicates that the average price to assets ratio for the comparable group was 10.41 percent and the median was 10.07 percent. The range in the price to assets ratios for the comparable group varied from a low of 6.13 percent (Central Federal Corp.) to a high of 14.31 percent (Poage Bankshares). The range narrows slightly with the elimination of the two extremes in the group to a low of 7.64 percent and a high of 13.46 percent.

Price to Assets Method (cont.)

Consistent with the previously noted adjustments, it is our opinion that an appropriate price to assets ratio for the Corporation is 12.84 percent at the midpoint, which ranges from a low of 11.05 percent at the minimum to 14.60 percent at the maximum. Based on the Bank’s March 31, 2016, asset base of $216,565,000, the indicated pro forma market value of the Corporation using the price to assets method is $30,000,000 at the midpoint (reference Exhibit 47).

VALUATION CONCLUSION

Exhibit 52 provides a summary of the valuation premium or discount for each of the valuation ranges when compared to the comparable group based on each of the fully converted valuation approaches. At the midpoint value, the price to book value ratio of 62.58 percent for the Corporation represents a discount of 27.27 percent relative to the comparable group and decreases to a discount of 20.83 percent at the maximum. The price to assets ratio of 12.84 percent at the midpoint represents a premium of 23.34 percent, increasing to 40.25 percent at the maximum.

It is our opinion that as of May 16, 2016, the pro forma market value of the Corporation is $30,000,000 at the midpoint, representing 3,000,000 shares at $10.00 per share. The pro forma valuation range of the Corporation is from a minimum of $25,500,000 or 2,500,000 shares at $10.00 per share to a maximum of $34,500,000 or 3,450,000 shares at $10.00 per share, with such range being defined as 15 percent below the appraised value to 15 percent above the appraised value.

Valuation Conclusion (cont.)

Our valuation assumptions, process and conclusions recognize that minority public shareholders collectively own 30.90 percent of the Bank’s outstanding shares, and that the current offering contemplates the sale of the 60.10 percent of the outstanding shares currently owned by Ottawa Savings Bancorp, MHC, combined with the $128,000 in cash held by Ottawa Savings Bancorp, MHC. At the conclusion of the stock offering, the Corporation will own all the common stock of Ottawa Savings Bank in conjunction with the completion of the second stage offering. As indicated in Exhibit 48, in the second stage conversion, each minority share will be exchanged for 1.0366 shares of the Corporation at the midpoint of the offering range, with that exchange ratio being 0.8811 shares and 1.1921 shares at the minimum and the maximum of the offering range, respectively.

The appraised value of Ottawa Bancorp, Inc. as of May 16, 2016, is $30,000,000 at the midpoint.

EXHIBITS

NUMERICAL

EXHIBITS

EXHIBIT 1

OTTAWA BANCORP, INC. & SUBSIDIARY

Ottawa, Illinois

Consolidated Balance Sheet

At March 31, 2016 and December 31, 2015


	March 31, 2016			December 31, 2015
ASSETS
Cash and due from banks	$	2,524,974		$	2,096,966
Interest-bearing deposits		1,635,668			5,038,753

Total cash and cash equivalents		4,160,642			7,135,719
Time deposits		250,000			250,000
Federal funds sold		949,000			1,604,000
Securities available-for-sale		48,444,907			46,984,907
Nonmarketable equity securities		1,358,121			1,358,121
Loans, net of allowance for loan losses of $2,191,844 and $2,224,006 at March 31, 2016 and December 31, 2015, respectively		144,743,430			140,110,201
Loans held-for-sale		100,000			—
Premises and equipment, net		7,005,512			7,058,047
Accrued interest receivable		801,846			775,641
Foreclosed real estate		318,670			313,368
Deferred tax asset		2,552,190			2,725,354
Cash value of life insurance		2,207,596			2,195,424
Goodwill		649,869			649,869
Core deposit intangible		428,000			451,000
Other assets		2,595,360			1,951,700


Total assets	$	216,565,143		$	213,563,351


LIABILITIES AND STOCKHOLDERS’ EQUITY

LIABILITIES
Deposits
Noninterest-bearing	$	11,084,694		$	10,325,832
Interest-bearing		169,090,829			166,409,076

Total deposits		180,175,523			176,734,908
Accrued interest payable		1,902			394
FHLB advances		1,138,422			2,139,117
Other liabilities		3,786,854			3,600,655

Total liabilities		185,102,701			182,475,074

Redeemable common stock in ESOP plan		422,255			376,543


STOCKHOLDERS’ EQUITY
Common stock, $0.1 par value, 12,000,000 shares authorized; 3,001,055 shares issued		30,010			30,010
Additional paid-in-capital		15,847,200			15,845,341
Retained earnings		16,453,280			16,194,374
Unallocated ESOP shares		(190,785	)		(203,504	)
Unearned management recognition plan shares		(2,649	)		(3,751	)
Accumulated other comprehensive (loss)		537,504			437,925

		32,674,560			32,300,395
Less: Treasury shares at cost, 106,932 shares		(1,212,118	)		(1,212,118	)
Maximum cash obligation related to ESOP shares		(422,255	)		(376,543	)

Total stockholders’ equity		31,040,187			30,711,734


Total liabilities and stockholders’ equity	$	216,565,143		$	213,563,351

Source: Ottawa Bancorp, Inc. & Subsidiary’s unaudited and audited financial statements

EXHIBIT 2

OTTAWA BANCORP, INC. & SUBSIDIARY

Ottawa, Illinois

Consolidated Balance Sheets

December 31, 2011, 2012, 2013 and 2014


	At December 31,
	2014			2013			2012			2011
ASSETS

Cash and due from banks	$	2,053,117		$	2,174,979		$	1,439,637		$	1,664,957
Interest-bearing demand deposits		3,140,118			4,430,861			9,348,352			1,280,508

Total cash and cash equivalents		5,193,235			6,605,840			10,787,989			2,945,465
Time deposits		854,861			—			—			—
Federal funds sold		1,662,000			3,630,000			1,666,000			1,627,000
Securities held-to-maturity (fair value of $12 and $16 at December 31, 2012 and 2011, respectively)		—			—			12			15
Securities available-for-sale		52,772,108			34,547,080			28,863,603			33,006,945
Nonmarketable equity securities		1,780,674			1,233,536			1,334,436			2,534,952
Loans, net of allowance for loan losses of $2,314,607, $2,910,580, $3,381,441 and $4,747,412 at December 31, 2014, 2013, 2012 and 2011, respectively		142,501,513			110,672,618			121,994,851			127,971,762
Loans held-for-sale		—			—			171,095			—
Premises and equipment, net		7,040,228			6,451,409			6,629,794			6,801,376
Accrued interest receivable		881,612			652,693			696,638			691,367
Foreclosed real estate		232,650			584,786			1,297,214			542,160
Deferred tax asset		3,055,068			2,450,072			2,243,663			2,690,622
Cash value of life insurance		2,148,043			2,096,181			1,587,436			1,557,106
Prepaid FDIC premiums					—			163,999			394,797
Income tax refunds receivable		(48,000	)		—			166,590			738,658
Goodwill		649,869			—			—			—
Core deposit intangible		567,000			—			—			—
Other assets		2,434,030			1,686,107			1,442,841			1,447,980

Total assets	$	221,724,891		$	170,610,322		$	179,046,161		$	182,950,205


LIABILITIES AND STOCKHOLDERS EQUITY
LIABILITIES
Deposits:
Noninterest-bearing	$	8,198,356		$	5,219,028		$	4,313,635		$	4,038,837
Interest-bearing		174,034,663			140,549,623			150,761,010			155,909,613

Total deposits		182,233,019			145,768,651			155,074,645			159,948,450
Accrued interest payable		369			582			806			1,908
FHLB advances		5,483,036			—			—			—
Other liabilities		3,876,053			3,035,707			2,686,620			2,477,372

Total liabilities		191,592,477			148,804,940			157,762,071			162,427,730

Redeemable common stock held by ESOP plan		424,730			319,090			237,712			109,818


STOCKHOLDERS’ EQUITY
Common stock, $.01 par value 12,000,000 shares authorized; 2,224,911 shares issued		30,010			22,249			22,249			22,249
Additional paid-in capital		15,830,623			8,706,921			8,705,547			8,715,905
Retained earnings		15,423,412			14,619,095			13,689,967			13,015,777
Unallocated ESOP shares		(254,380	)		(305,256	)		(356,132	)		(407,008	)
Unearned MRP shares		(12,388	)		(21,024	)		(33,977	)		(41,119	)
Accumulated other comprehensive income (loss)		327,255			(4,485	)		468,554			428,789

		31,344,532			23,017,500			22,496,208			21,734,593
Less:
Treasury shares at cost, 106,932 shares		(1,212,118	)		(1,212,118	)		(1,212,118	)		(1,212,118	)
Maximum cash obligation related to ESOP shares		(424,730	)		(319,090	)		(237,712	)		(109,818	)


Total stockholders’ equity		29,707,684			21,486,292			21,046,378			20,412,657

Total liabilities and stockholders’ equity	$	221,724,891		$	170,610,322		$	179,046,161		$	182,950,205

Source: Ottawa Bancorp, Inc. & Subsidiary’s audited financial statements

EXHIBIT 3

OTTAWA BANCORP, INC. & SUBSIDIARY

Ottawa, Illinois

Consolidated Statements of Operations

For the Twelve Months Ended March 31, 2016 and the Year Ended December 31, 2015


	Twelve Months Ended March 31, 2016		Year Ended December 31, 2015
Interest and dividend income:
Interest and fees on loans	$	6,816,812	$	6,857,098
Securities:
Residential mortgage-backed and related securities		625,458		630,654
State and municipal securities		560,515		567,562
Dividends on nonmarketable equity securities		9,250		8,436
Interest-bearing deposits		16,486		14,494

Total interest and dividend income		8,028,521		8,078,244

Interest expense:
Deposits		843,030		864,815
Borrowings		30,988		42,236

Total interest expense		874,018		907,051

Net interest income		7,154,503		7,171,193

Provision for loan losses		225,178		270,178


Net interest income after provision for loan losses		6,929,325		6,901,015


Other income:
Gain on sale of securities		15,941		37,475
Gain on sale of loans		227,659		227,337
Gain on sale of OREO		287,613		227,907
Gain on sale of repossessed assets		11,282		10,650
Loan origination and servicing income		58,622		324,000
Origination of mortgage servicing rights, net of amortization		16,238		14,108
Customer service fees		452,437		448,963
Income on bank-owned life insurance		47,369		47,381
Other		169,870		171,470

Total other income		1,287,031		1,509,291


Other expenses:
Salaries and employee benefits		3,198,772		3,082,430
Directors fees		166,016		163,016
Occupancy		654,873		656,560
Deposit insurance premium		178,733		179,417
Legal and professional services		337,119		353,651
Data processing		1,183,213		1,423,119
Loss on sale of securities		31,110		33,149
Valuation adjustments and expenses on foreclosed real estate		188,154		171,739
Loss on sale of OREO		23,176		23,176
Loss on sale of repossessed assets		5,931		15,814
Other		1,018,579		1,291,468

Total other expenses	$	6,985,676	$	7,393,539


Income before income tax expense		1,230,680		1,016,767

Income tax expense		344,476		245,805


Net income	$	886,204	$	770,962

Source: Ottawa Bancorp, Inc.’s unaudited and audited financial statements

EXHIBIT 4

OTTAWA BANCORP, INC. & SUBSIDIARY

Ottawa, Illinois

Consolidated Statements of Operations

Years Ended December 31, 2011, 2012, 2013 and 2014


	Year Ended December 31,
	2014		2013		2012			2011
Interest and dividend income:
Interest and fees on loans	$	5,734,079	$	6,205,611	$	7,028,299		$	7,503,210
Securities
Residential mortgage-backed and related securities		526,915		—		—			—
Mortgage-backed and related securities		—		469,265		633,118			903,674
U.S. agency securities		—		—		38,297			84,166
State and municipal securities		286,878		266,135		210,311			69,472
Dividends on nonmarketable equity securities		6,590		5,751		5,418			2,914
Interest-bearing deposits		2,624		5,460		3,792			3,495

Total interest and dividend income		6,557,086		6,952,222		7,919,235			8,566,931

Interest expense:
Deposits		951,320		1,451,959		2,169,642			2,569,586
Borrowings		1,259		—		1			272

Total interest expense		952,579		1,451,959		2,169,643			2,569,858

Net interest income		5,604,507		5,500,263		5,749,592			5,997,073

Provision for loan loss		901,000		875,000		1,912,000			5,180,040


Net interest income after provision for loan loss		4,703,507		4,625,263		3,837,592			817,033


Other income:
Gain (loss) on sale of securities		42,054		—		13,948			276,474
Gain on sale of loans		55,837		66,229		109,059			9,345
Gain (loss) on sale of OREO		84,208		—		86,984			15,802
Gain on sale of repossessed assets		17,379		—		—			—
Origination of mortgage servicing rights, net of amortization		—		—		(1,307	)		(29,184	)
Customer service fees		304,117		299,148		289,815			297,055
Income on bank-owned life insurance		51,862		8,745		30,330			33,416
Other		115,108		285,044		113,532			154,614

Total other income		670,565		659,166		642,361			757,522

Other expenses:
Salaries and employee benefits		1,853,740		1,629,301		1,501,839			1,543,652
Directors fees		100,800		100,800		87,150			84,000
Occupancy		506,778		454,966		447,804			485,945
Deposit insurance premium		136,379		189,111		241,514			274,362
Legal and professional services		541,860		274,506		219,985			236,274
Data processing		328,097		289,599		320,034			303,619
Loss on sale of securities		17,234		—		—			—
Valuation adjustments and expenses on foreclosed real estate		55,119		335,208		152,088			223,932
Loss on sale of OREO		26,228		—		—			—
Loss on sale of repossessed assets		2,920		—		18,908			13,736
Loss on consumer loans		—		—		41,514			81,895
Other		653,321		541,818		504,725			522,302

Total other expenses		4,222,476		3,815,309		3,535,561			3,769,717

Income before income tax		1,151,596		1,469,120		944,392			(2,195,162	)

Income tax expense (benefit)		347,279		539,992		270,202			(921,204	)


Net income (loss)	$	804,317	$	929,128	$	674,190		$	(1,273,958	)

Source: Ottawa Bancorp, Inc.’s audited financial statements

EXHIBIT 5

Selected Financial Information

At March 31, 2016 and for the Years Ended December 31, 2011, 2012, 2013, 2014 and 2015

(In thousands)


	March 31, 2016		At December 31,
	March 31, 2016		2015		2014		2013		2012		2011
	(unaudited)
Financial Condition Data:

Total assets	$	216,565	$	213,563	$	221,725	$	170,610	$	179,046	$	182,950
Loans, net⁽¹⁾		144,743		140,110		142,502		110,673		121,995		127,972
Securities available-for-sale		48,445		46,985		52,772		34,547		28,864		33,007
Deposits		180,176		176,735		182,233		145,769		155,075		159,948
Stockholders’ equity		31,040		30,712		29,708		21,486		21,046		20,413

Source: Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 6

Income and Expense Trends

For the Three Months Ended March 31, 2015 and 2016, and

For the Years Ended December 31, 2011 through 2015

(In thousands)


	For the Three Months Ended March 31,				For the Years Ended December 31,
	2016		2015		2015		2014		2013		2012		2011
	(Unaudited)

Operations Data:
Total interest and dividend income	$	2,020	$	2,059	$	8,078	$	6,595	$	6,952	$	7,919	$	8,567
Total interest expense		207		240		907		953		1,452		2,169		2,570

Net interest income		1,813		1,819		7,171		5,642		5,500		5,750		5,997
Provision for loan losses		120		165		270		901		875		1,912		5,180
Other income		301		246		1,509		878		761		642		758
Other expense		1,620		1,740		7,393		4,467		3,917		3,536		3,770
Income tax expense (benefit)		115		16		246		348		540		270		(921	)

Net income (loss)		259		144		771		804		929		674		(1,274	)

Source: Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 7

Normalized or Core Earnings

Twelve Months Ended March 31, 2016

(In thousands)


	Total			Twelve Months Ended March 31, 2016

Net income before taxes	$	1,231		$	1,231

Taxes @ 24.2%		345			345


Net income		886			886

CORE
Net income before taxes	$	1,231

Data processing expenses		205

Real estate owned gains		(183	)

Net income before taxes		1,253

Tax @ 34.00%		426


Core income	$	827

Source: Ottawa Bancorp, Inc.’s audited and unaudited financial statements

EXHIBIT 8

Performance Indicators

At or for the Three Months Ended March 31, 2015 and 2016, and

At or for the Years Ended December 31, 2011 through 2015


	At or For The Three Months Ended March 31,						Years Ended December 31,
	2016			2015			2015			2014			2013			2012			2011
	(unaudited)
Performance Ratios:
Return on assets		0.48	%		0.27	%		0.35	%		0.49	%		0.53	%		0.37	%		(0.68	)%
Return on average stockholders’ equity		3.34	%		1.92	%		2.56	%		3.62	%		4.38	%		3.23	%		(5.97	)%
Average stockholders’ equity to average assets		14.50	%		13.92	%		13.83	%		13.41	%		12.06	%		11.39	%		11.45	%
Stockholders’ equity to total assets at end of period		14.33	%		14.38	%		14.38	%		13.40	%		12.59	%		11.75	%		11.16	%
Net interest rate spread ⁽¹⁾		3.64	%		3.48	%		3.55	%		3.68	%		3.38	%		3.36	%		3.43	%
Net interest margin ⁽²⁾		3.71	%		3.56	%		3.62	%		3.75	%		3.45	%		3.45	%		3.53	%
Average interest-earning assets to average interest-bearing liabilities		115.61	%		117.57	%		114.85	%		111.18	%		108.42	%		107.01	%		106.61	%
Other expense to average assets		3.04	%		3.24	%		3.39	%		2.70	%		2.23	%		1.93	%		2.02	%
Efficiency ratio ⁽³⁾		76.67	%		84.30	%		85.17	%		68.51	%		62.56	%		55.31	%		55.81	%
Dividend payout ratio		—			—			—			—			—			—			—

Regulatory Capital Ratios ⁽⁴⁾:
Total risk-based capital (to risk-weighted assets)		21.63	%		22.01	%		22.36	%		20.28	%		20.79	%		18.19	%		16.76	%
Tier 1 core capital (to risk-weighted assets)		20.38	%		20.74	%		21.10	%		19.03	%		19.52	%		10.30	%		9.38	%
Common equity Tier 1 (to risk-weighted assets)		20.38	%		20.74	%		21.10	%		N/A			N/A			N/A			N/A
Tier 1 leverage (to adjusted total assets)		13.37	%		12.87	%		13.18	%		11.59	%		11.32	%		10.30	%		9.38	%

Asset Quality Ratios:
Net charge-offs (recoveries) to average gross loans outstanding		(0.11	)%		—			0.25	%		1.30	%		1.12	%		2.56	%		3.79	%
Allowance for loan losses to gross loans outstanding		1.49	%		1.72	%		1.56	%		1.59	%		2.52	%		2.69	%		3.57	%
Nonperforming loans to gross loans ⁽⁵⁾		3.41	%		4.08	%		3.55	%		4.17	%		5.18	%		5.04	%		6.53	%
Nonperforming assets to total assets ⁽⁵⁾		2.46	%		2.94	%		2.52	%		2.86	%		3.80	%		4.26	%		5.06	%

⁽¹⁾	Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost on average interest-bearing liabilities.

⁽²⁾	Represents net interest income as a percent of average interest-earning assets.

⁽³⁾	Represents other noninterest expenses divided by the sum of net interest income and noninterest income.

⁽⁴⁾	Ratios are for Ottawa Savings Bank.

⁽⁵⁾	Nonperforming loans and assets include accruing loans past due 90 days or more.

Source: Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 9

Volume/Rate Analysis

For the Three Months Ended March 31, 2016, and

For the Years Ended December 31, 2014 and December 31, 2015


	For the Three Months Ended March 31, 2016 vs. 2015									Yeas Ended December 31, 2015 vs. 2014								Yeas Ended December 31, 2014 vs. 2013
	Increase (Decrease) Due to									Increase (Decrease) Due to								Increase (Decrease) Due to
	Volume			Rate			Total			Volume		Rate			Total			Volume			Rate			Total
	(Dollars in thousands)									(Dollars in thousands)								(Dollars in thousands)
Interest earned on
Securities, net	$	(64	)	$	34		$	(30	)	$	388		(3	)	$	385		$	4			75		$	79
Loans receivable, net		(8	)		(4	)		(12	)		1,387		(300	)		1,087			(221	)		(214	)		(435	)
Nonmarketable equity securities		(1	)		2			1			1		—			1			—			1			1
Other investments		(2	)		4			2			5		6			11			(3	)		1			(2	)

Total interest-earnings assets	$	(75	)	$	36		$	(39	)	$	1,781	$	(297	)	$	1,484		$	(2201	)	$	(137	)	$	(357	)


Interest expense on
Money market accounts	$	2		$	—		$	2		$	19	$	(5	)	$	14		$	(3	)	$	(2	)	$	(5	)
Passbook savings accounts		—			—			—			3		—			3			1			(2	)		(1	)
Certificates of deposit		(20	)		(4	)		(24	)		89		(198	)		(109	)		(149	)		(345	)		(494	)
Checking accounts		—			—			—			5		—			5			1			—			1
Borrowed funds		(7	)		(4	)		(11	)		34		7			41			—			—			—

Total interest-bearing liabilities		(25	)		(8	)		(33	)		150		(196	)		(46	)		(150	)		(349	)		(499	)


Change in net interest income	$	(50	)	$	44		$	(6	)	$	1,631	$	(101	)	$	1,530		$	(70	)	$	212		$	142

Source: Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 10

Yield and Cost Trends

At March 31, 2016

For the Three Months Ended March 31, 2015 and 2016, and

For the Years Ended December 31, 2013, 2014 and 2015


	At March 31, 2016			Three Months Ended March 31,						Years Ended December 31,
	At March 31, 2016			2016			2015			2015			2014			2013
	Yield/ Rate			Yield/ Rate			Yield/ Rate			Yield/ Rate			Yield/ Rate			Yield/ Rate
Interest-earning assets:
Loans receivable, net ⁽¹⁾		4.66	%		4.90	%		4.81	%		2.41	%		2.42	%		2.20	%
Securities, net⁽²⁾		3.01	%		2.43	%		2.46	%		4.91	%		5.18	%		5.37	%
Nonmarketable equity securities		0.65	%		0.59	%		0.22	%		0.53	%		0.57	%		0.47	%
Interest-bearing deposits		0.28	%		0.44	%		0.24	%		0.21	%		0.07	%		0.06	%
Total interest-earning assets		—			4.13	%		4.03	%		4.08	%		4.38	%		4.37	%

Interest-bearing liabilities:
Money market accounts		0.21	%		0.21	%		0.20	%		0.21	%		0.23	%		0.24	%
Savings accounts		0.06	%		0.07	%		0.07	%		0.07	%		0.07	%		0.08	%
Certificates of deposit accounts		0.93	%		0.83	%		0.84	%		0.84	%		1.08	%		1.44	%
Checking accounts		0.04	%		0.04	%		0.05	%		0.05	%		0.05	%		0.04	%
Advances and borrowed funds		1.81	%		1.76	%		2.39	%		1.60	%		0.20	%		0.00	%
Total interest-earning liabilities		—			0.49	%		0.55	%		0.53	%		0.70	%		0.99	%

Net interest rate spread ⁽³⁾		—			3.64	%		3.48	%		3.55	%		3.68	%		3.38	%

Net interest margin ⁽⁴⁾		—			3.71	%		3.56	%		3.62	%		3.75	%		3.45	%

Ratio of average interest-earning assets to average interest-bearing liabilities		—			115.61	%		117.57	%		114.85	%		111.18	%		108.42	%

⁽¹⁾	Includes unamortized discounts and premiums.

⁽²⁾	Amount is net of deferred loan origination (costs) fees, undisbursed loan funds, unamortized discounts and allowance for loan losses and includes nonperforming loans. Loan fees included in interest income were $126,000, $129,000, and $135,000 for 2015, 2014 and 2013, respectively.

⁽³⁾	Net interest rate spread represents the difference between the yield on average interest-earning assets and the average cost of interest-bearing liabilities.

⁽⁴⁾	Net interest margin represents net interest income divided by average interest-earning assets.

Source: Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 11

Net Portfolio Value

At March 31, 2016


Change in Interest Rates		Net Portfolio Value								NPV as % of Assets
(Basis Points)		Est. NPV		$ Change			% Change			NPV Ratio			Change⁽¹⁾
		(Dollars in thousands)

	+300	$	34,186	$	(3,226	)		(8.62	)%		17.60	%		27
	+200		35,737		(1,675	)		(4.48	)%		17.75	%		42
	+100		37,005		(407	)		(1.09	)%		17.74	%		41
	—		37,412		—			—			17.33	%		—
	-100		36,555		(857	)		(2.29	)%		16.48	%		(85	)

⁽¹⁾	Expressed in basis points.

Source: Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 12

Loan Portfolio Composition

at March 31, 2016, and

At December 31, 2014 and 2015


	At March 31,						At December 31,
	2016						2015						2014
	Amount			Percent			Amount			Percent			Amount			Percent
	(Dollars in thousands)

One-to four-family residential	$	86,871			59.08	%	$	90,037			63.17	%	$	87,800			60.28	%
Multi-family		3,960			2.69	%		3,760			2.64	%		2,869			1.97	%
Lines of credit		14,635			9.95	%		18,511			12.99	%		16,753			11.50	%
Nonresidential real estate		19,927			13.55	%		19,162			13.44	%		20,016			13.74	%
Commercial		6,106			4.15	%		3,440			2.41	%		6,261			4.30	%
Construction		4,085			2.78	%		757			0.53	%		1,560			1.08	%
Consumer		11,464			7.80	%		6,863			4.82	%		10,389			7.13	%

Total loans, gross		147,048			100.00	%		142,530			100.00	%		145,648			100.00	%
Undisbursed portion of loan funds		(7	)					(94	)					(756	)
Allowance for loan losses		(2,192	)					(2,224	)					(2,315	)
Deferred loan costs (fees), net		(106	)					(102	)					(76	)


Total loans, net	$	144,743					$	140,110					$	142,501

Source:

Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 13

Loan Maturity Schedule

At March 31, 2016 and at December 31, 2105


	At March 31, 2016
	One- to Four-Family Real Estate		Multi-family		Lines of Credit		Nonresidential Real Estate		Commercial		Construction		Consumer		Total
	(Dollars in thousands)

Amounts due one year or less	$	1,079	$	—	$	3,568	$	2,699	$	108	$	4,085	$	243	$	11,782

After one year:
More than one year to three years		791		—		1,255		482		697		—		1,891		5,116
More than three years to five years		857		—		2,060		205		3,549		—		4,015		10,686
More than five years to ten years		12,270		1,525		2,544		5,008		1,480		—		5,053		27,880
More than ten years to twenty years		34,325		2,127		5,208		8,974		272		—		262		51,168
More than twenty years		37,549		308		—		2,559		—		—		—		40,416

	$	85,792	$	3,960	$	11,067	$	17,228	$	5,998	$	0	$	11,221	$	135,266

Gross loans receivable	$	86.871	$	3,960	$	14,635	$	19,927	$	6,106	$	4,085	$	11,464	$	147,048

Less:
Undisbursed portion of loan funds																(7	)
Allowance for loan losses																(2,192	)
Deferred loan costs (fees), net																(106	)

Total loans, net															$	144,743


	At December 31, 2015
	One- to Four-Family Real Estate		Multi-family		Lines of Credit		Nonresidential Real Estate		Commercial		Construction		Consumer		Total
	(Dollars in thousands)

Amounts due one year or less	$	2,247	$	—	$	6,726	$	2,747	$	135	$	757	$	215	$	12,827

After one year:
More than one year to three years		1,250		—		1,139		395		653		—		1,948		5,385
More than three years to five years		2,928		—		2,043		238		1,240		—		3,568		10,017
More than five years to ten years		8,187		1,546		2,894		3,708		1,033		—		867		18,235
More than ten years to twenty years		33,668		1,904		5,709		8,294		379		—		265		50,219
More than twenty years		41,757		310		—		3,780		—		—		—		45,847

	$	87,799	$	3,760	$	11,785	$	16,415	$	3,305	$	—	$	6,648	$	129,703

Gross loans receivable	$	90,037	$	3,760	$	18,511	$	19,162	$	3,440	$	757	$	6,863	$	142,530

Less:
Undisbursed portion of loan funds																(94	)
Allowance for loan losses																(2,224	)
Deferred loan costs (fees), net																(102	)

Total loans, net															$	140,110

Source:

Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 13 (continued)

Loan Maturity Schedule

At March 31, 2016 and at December 31, 2015

Fixed and Adjustable-Rate Loan Schedule


	Due After March 31, 2017
	Fixed		Adjustable		Total
At March 31, 2016	(In thousands)

One- to four-family	$	41,910	$	43,882	$	85,792
Multi-family		927		3,033		3,960
Lines of credit		1,856		9,211		11,067
Nonresidential real estate		5,050		12,178		17,228
Commercial business loans		5,645		353		5,998
Consumer		11,221		—		11,221

Total loans	$	66,609	$	68,657	$	135,266


	Due After December 31, 2016
	Fixed		Adjustable		Total
At December 31, 2015	(In thousands)

One- to four-family	$	44,830	$	42,960	$	87,790
Multi-family		961		2,799		3,760
Lines of credit		1,883		9,902		11,785
Nonresidential real estate		3,972		12,443		16,415
Commercial business loans		2,941		364		3,305
Consumer		6,648		—		6,648

Total loans	$	61,235	$	68,468	$	129,703

Source:

Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 14

Loan Originations, Purchases and Sold

For the Three Months Ended March 31, 2015 and 2016, and

For the Years Ended December 31, 2011 through 2015


	For the Three Months Ended March 31,						Years Ended December 31,
	2016			2015			2015			2014			2013			2012			2011
	(In thousands)

Beginning balance, net	$	140,110		$	142,501		$	142,501		$	110,673		$	121,995		$	127,972		$	135,351

Loans originated:
One- to four-family		4,277			5,013			18,371			8,725			9,686			12,924			5,666
Multi-family		256			—			2,148			—			19			77			129
Lines of credit		128			3,696			6,513			470			987			381			1,799
Nonresidential real estate		1,500			—			1,403			2,775			3,182			3,888			4,015
Commercial business loans		984			277			1,173			3,513			458			285			335
Construction		—			198			757			412			2,111			105			982
Consumer		602			142			842			505			248			265			190

Total loans originated		7,747			9,326			31,207			16,400			16,691			17,925			13,116

Loans acquired in Twin Oaks Savings Bank merger		—			—			—		$	29,796			—			—			—
Loans purchased:
One- to four-family	$	—		$	—		$	2,000		$	—		$	—		$	—		$	—
Multi-family		—			—			—			—			—			—			—
Nonresidential real estate		—			—			—			—			—			—			—
Commercial business loans		—			—			—			—			—			—			—
Consumer		5,007			—			—			4,038			4,048			5,847			3,050

Total loans purchased		5,007			—			2,000			4,038			4,048			5,847			3,050
Loan sales⁽¹⁾		(1,347	)		(916	)		(7,652	)		(3,057	)		(5,592	)		(8,333	)		(598	)
Principal payments		(6,889	)		(8,716	)		(28,673	)		(16,873	)		(25,322	)		(22,890	)		(22,927	)
Change in allowance for loan losses		32			(172	)		91			595			471			1,366			(44	)
Change in undisbursed loan losses		87			315			662			940			(1,640	)		115			7
Change in deferred loan costs (fees), net		(4	)		(2	)		(26	)		(11	)		22			(7	)		17

Ending balance, net	$	144,743		$	142,336		$	140,110		$	142,501		$	110,673		$	121,995		$	127,972

Source:

Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 15

Loan Delinquencies

At March 31, 2016 and at December 31, 2014 and 2015


	60-89 Days				90 Days or More				Total
	Number		Principal Balance		Number		Principal Balance		Number		Amount
	(Dollars in thousands)
At March 31, 2016
One- to four-family		4	$	1,004		7	$	514		11	$	1,518
Multi-family		—		—		—		—		—		—
Lines of credit		1		81		—		—		1		81
Nonresidential real estate		—		—		—		—		—		—
Construction		—		—		1		—		—		—
Consumer		—		—		—		—		—		—


Total loans		5	$	1,085		7	$	514		12	$	1,599


At December 31, 2015
One- to four-family		5	$	753		9	$	701		14	$	1,454
Multi-family		—		—		—		—		—		—
Lines of credit		—		—		1		36		1		36
Nonresidential real estate		1		113		1		18		2		131
Construction		—		—		—		—		—		—
Consumer		—		—		1		3		1		3


Total loans		6	$	866		12	$	758		18	$	1,624


At December 31, 2014
One- to four-family		4	$	310		37	$	1,741		41	$	2,051
Multi-family		—		—		2		257		2		257
Lines of credit		—		—		—		—		—		—
Nonresidential real estate		1		420		3		115		4		535
Construction		—		—		—		—		—		—
Consumer		—		—		1		11		1		11


Total loans		5	$	730		43	$	2,124		48	$	2,854

Source:

Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 16

Nonperforming Assets

At March 31, 2016 and at December 31, 2011 through 2015


	At March 31,			At December 31,
	2016			2015			2014			2013			2012			2011
	(Dollars in thousands)
Nonaccrual loans:
One- to four-family	$	2,988		$	2,982		$	3,733		$	3,549		$	3,067		$	6,755
Multi-family		—			—			257			—			—			305
Nonresidential real estate		2,028			2,070			2,039			2,332			2,986			1,566
Commercial		—			—			—			—			—			7
Consumer		—			3			11			—			—			14

Total nonaccrual loans		5,016			5,055			6,040			5,881			6,053			8,647

Past due greater than 90 days and still accruing:
One- to four-family		—			—			—			—			92			36
Lines of credit		—			—			—			—			15			—
Nonresidential real estate		—			—			—			—			164			—

Total nonperforming loans		5,016			5,055			6,040			5,881			6,324			8,683
Foreclosed real estate		319			313			233			585			1,297			542
Other repossessed assets		3			17			63			13			9			40

Total nonperforming assets	$	5,338		$	5,385		$	6,336		$	6,479		$	7,630		$	9,265


Allowance for loan losses as a percent of gross loans receivable		1.49	%		1.56	%		1.59	%		2.56	%		2.69	%		3.57	%

Allowance for loan losses as a percent of total nonperforming loans		43.70	%		44.00	%		38.33	%		49.48	%		53.46	%		54.67	%

Nonperforming loans as a percent of gross loans receivable		3.41	%		3.55	%		4.17	%		5.18	%		5.04	%		6.53	%

Nonperforming loans as a percent of total assets		2.32	%		2.37	%		2.72	%		3.45	%		3.53	%		4.75	%

Nonperforming assets as a percent of total assets		2.46	%		2.52	%		2.86	%		3.80	%		4.26	%		5.06	%

Source:

Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 17

Classified Assets

At March 31, 2016, and at December 31, 2011 through 2015


	At March 31,		At December 31,
	2016		2015		2014		2013		2012		2011
	(In thousands)

Substandard assets	$	5,244	$	5,291	$	6,248	$	6,385	$	6,925	$	10,885
Doubtful assets		—		—		—		—		—		—

Total classified assets	$	5,244	$	5,291	$	6,248	$	6,385	$	6,925	$	10,885


Special mention assets	$	1,140	$	717	$	2,083	$	3,361	$	4,409	$	4,892

Source:

Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 18

Allowance for Loan Losses

At or for the Three Months Ended March 31, 2015 and 2016, and

For the Years Ended December 31, 2011 through 2015


	Three Months Ended March 31,						Years Ended December 31,
	2016			2015			2015			2014			2013			2012			2011
	(Dollars in thousands)

Allowance at beginning of period	$	2,224		$	2,315		$	2,315		$	2,910		$	3,381		$	4,747		$	4,703


Charge-offs:
One to four-family		190			—			296			976			1,136			2,352			1,666
Multi-family		—			4			34			183			282			133			250
Non-residential real estate		—			—			18			336			84			772			3,224
Commercial		—			—			—			—			—			52			—
Consumer		8			45			138			116			17			27			43

Total charge-offs		198			49			486			1,611			1,519			3,336			5,183


Recoveries:
One to four-family		39			48			95			81			14			49			1
Multi-family		4			4			16			24			15			—			—
Non-residential real estate		—			—			—			—			136			—			35
Consumer		3			4			14			10			8			9			11

Total recoveries		46			56			125			115			173			58			47


Net charge-offs (recoveries)		152			(7	)		361			1,496			1,346			3,278			5,136


Additions charged to operations		120			165			270			901			875			1,912			5,180


Allowance at end of period	$	2,192		$	2,487		$	2,224		$	2,315		$	2,910		$	3,181		$	4,747


Ratios:
Allowance as a percent of total nonperforming loans		43.70	%		41.99	%		44.00	%		38.33	%		49.48	%		53.46	%		54.67	%

Allowance as a percent of gross loans		1.49	%		1.72	%		1.56	%		1.59	%		2.56	%		2.69	%		3.57	%

Net charge-offs (recoveries) to average loans outstanding		0.11	%		0.00	%		0.25	%		1.30	%		1.12	%		2.52	%		3.79	%

Source:

Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 19

Investment Portfolio Composition

At March 31, 2016, and

At December 31, 2013, 2014 and 2015


	At March 31,				At December 31,
	2016				2015				2014				2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)

Securities available-for-sale:

State and municipal securities	$	19,155	$	19,155	$	19,237	$	19,237	$	20,225	$	20,225	$	8,444	$	8,444

Residential mortgage-backed securities		29,290		29,290		27,748		27,748		32,547		32,547		26,103		26,103


Total available-for-sale	$	48,445	$	48,445	$	46,985	$	46,985	$	52,772	$	52,772	$	34,547	$	34,547

Source:

Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 20

Mix of Deposits

At March 31, 2016, and at December 31, 2013, 2015 and 2015


	At March 31,					At December 31,
	2016					2015					2014					2013
	(Dollars in thousands)
	Amount		Percent of Total			Amount		Percent of Total			Amount		Percent of Total			Amount		Percent of Total

Noninterest-bearing checking	$	11,085		6.15	%	$	10,326		5.84	%	$	8,198		4.50	%	$	5,219		3.58	%
Interest-bearing checking		27,486		15.26	%		26,390		14.93	%		22,847		12.54	%		14,382		9.87	%
Money market accounts		30,909		17.15	%		29,580		16.74	%		29,278		16.07	%		21,795		14.95	%
Savings accounts		24,518		13.61	%		22,740		12.87	%		22,765		12.49	%		16,941		11.62	%
Certificates of deposit accounts		86,178		47.83	%		87,699		49.62	%		99,145		54.41	%		87,432		59.98	%


Total deposit accounts	$	180,176		100.00	%	$	176,735		100.00	%	$	182,233		100.00	%	$	145,769		100.00	%

Source:

Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 21

Certificates of Deposit By Rate

At March 31, 2016, and at December 31, 2013, 2014 and 2016


	At		At December 31,
	March 31, 2016		2015		2014		2013
	(In thousands)
Certificate accounts, by rate
Less than 1.00%	$	37,564	$	41,155	$	54,000	$	41,752
1.00% to 1.99%		47,227		44,643		35,840		28,584
2.00% to 2.99%		1,386		1,900		6,223		13,565
3.00% to 3.99%		1		1		3,072		3,531
4.00% to 4.99%		—		—		10		—
5.00% to 5.99%		—		—		—		—

Total certificate accounts	$	86,178	$	87,699	$	99,145	$	87,432

Source:

Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 22

Deposit Activity

At or for the Three Months Ended March 31, 2015 and 2016, and

At or for the Years Ended December 31, 2013, 2014 and 2015


	For the Three Months Ended March 31,						Year Ended December 31,
	2016			2015			2015			2014			2013
	(In thousands)

Beginning of period	$	176,735		$	182,233		$	182,233		$	145,769		$	155,075
Deposits acquired in Twin Oaks Savings Bank merger		—			—			—			49,610			—
Net deposits (withdrawals)		3,248			(14,050	)		(6,317	)		(14,050	)		(10,672	)
Interest credited on deposit accounts		193			214			819			904			366

End of period	$	180,176		$	183,323		$	176,735		$	182,233		$	145,769

Percent change		1.95	%		0.60	%		(3.02	)%		25.01	%		(6.00	)%

Source:

Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 23

OFFICES OF OTTAWA SAVINGS BANK

OTTAWA, ILLINOIS

As of March 31, 2016


Location	Owned or Leased	Year Acquired or Leased	Net Book Value as of March 31, 2016
			($000)
*Main Office* 925 LaSalle Street Ottawa, Illinois 61350	Owned	1958	$	6,078

*Branch Offices* 125 West Bluff Street Marseilles, Illinois 61341	Owned	2014		291

1508 Creek Drive Morris, Illinois 60450	Owned	2014		359

350 Houbolt Road, Suite 205 Joliet, Illinois 60431 ⁽¹⁾	Leased ⁽²⁾	—

⁽¹⁾	Denotes loan production office.

⁽²⁾	Lease expires in January 2017

Source: Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 24

DIRECTORS AND MANAGEMENT OF THE BANK

At March 31, 2016


Name	Position(s) Held with the Bank	Age	Director Since	Term Expires

John M. Armstrong	Director	59	2012	2017
Jon Kranov	Director/Chairman/President/CEO	61	2010	2017
William J. Kuiper	Director	64	2014	2017
Thomas M. Adler	Director	56	2014	2018
Arthur C. Mueller	Director	62	1987	2018
Daniel J. Reynolds	Director	69	2003	2018
James A. Ferrero	Director	66	2000	2019
Craig M. Hepner	Director/EVP Chief Operating Officer	50	2014	2019
Keith F. Johnson	Director	63	2001	2019

Executive Officers Who Are Not Directors:

Marc N. Kingry	Vice President/Chief Financial Officer	53	—	—

Mark Stoudt	Vice President/Chief Lending Officer	47	—	—

Source: Ottawa Bancorp, Inc.’s Prospectus

EXHIBIT 25

Key Demographic Data and Trends

Grundy and LaSalle Counties, Illinois and the United States

2000, 2010 and 2019


	2000		2010		% Change			2019		% Change
Population
Grundy County		37,535		50,063		33.4	%		53,671		7.2	%
LaSalle County		111,509		113,924		2.2	%		113,091		(0.7	)%
Illinois		12,419,293		12,830,632		3.3	%		13,128,059		2.3	%
United States		281,421,906		308,745,538		9.7	%		329,086,991		6.6	%

Households
Grundy County		14,293		18,546		29.8	%		19,782		6.7	%
LaSalle County		43,417		45,347		4.4	%		44,991		(0.8	)%
Illinois		4,591,779		4,836,972		5.3	%		4,957,841		2.5	%
United States		105,480,101		116,716,292		10.7	%		124,379,842		6.6	%

Per Capita Income
Grundy County	$	22,591	$	27,276		20.7	%		—		—
LaSalle County		19,185		24,156		25.9	%		—		—
Illinois		23,104		28,424		23.0	%		—		—
United States		21,587		26,059		20.7	%		—		—

Median Household Income
Grundy County	$	51,719	$	62,436		20.7	%	$	66,718		6.9	%
LaSalle County		40,308		50,206		24.6	%		56,152		11.8	%
Illinois		46,590		55,010		18.1	%		64,135		16.6	%
United States		41,994		50,046		19.2	%		61,485		22.9	%

Source: U.S. Census and ESRI

EXHIBIT 26

Key Housing Data

Market Area, Grundy and LaSalle Counties, Illinois and the United States

2000 & 2010


Occupied Housing Units	2000			2010
Grundy County		14,293			18,546
LaSalle County		43,417			45,347
Illinois		4,591,779			4,836,972
United States		105,480,101			116,716,292

Occupancy Rate
Grundy County
Owner-Occupied		72.4	%		75.1	%
Renter-Occupied		27.6	%		24.9	%
LaSalle County
Owner-Occupied		73.2	%		75.0	%
Renter-Occupied		26.8	%		25.0	%
Illinois
Owner-Occupied		67.3	%		67.5	%
Renter-Occupied		32.7	%		32.5	%
United States
Owner-Occupied		66.2	%		65.4	%
Renter-Occupied		33.8	%		34.6	%

Median Housing Values
Grundy County	$	128,600		$	178,800
LaSalle County		87,000			123,400
Illinois		130,800			198,500
United States		119,600			186,200

Median Rent
Grundy County	$	602		$	941
LaSalle County		474			688
Illinois		605			860
United States		602			871

Source: U.S. Census Bureau

100

EXHIBIT 27

Major Sources of Employment by Industry Group

Grundy and LaSalle Counties, Illinois and the United States

2000 and 2010


	2000
Industry Group	Grundy County			LaSalle County			Illinois			United States

Agriculture/Mining		2.2	%		3.2	%		1.1	%		1.9	%
Construction		10.2	%		7.4	%		5.7	%		6.8	%
Manufacturing		17.7	%		19.2	%		16.0	%		14.1	%
Wholesale/Retail		13.4	%		17.1	%		14.8	%		15.3	%
Transportation/Utilities		10.5	%		7.1	%		6.0	%		5.2	%
Information		2.7	%		2.2	%		3.0	%		3.1	%
Finance, Insurance & Real Estate		4.8	%		4.5	%		7.9	%		6.9	%
Services		38.5	%		39.3	%		45.5	%		46.7	%


	2010
	Grundy County			LaSalle County			Illinois			United States

Agriculture/Mining		1.6	%		3.5	%		1.1	%		0.9	%
Construction		8.5	%		6.1	%		5.1	%		5.1	%
Manufacturing		12.1	%		14.2	%		12.7	%		15.0	%
Wholesale/Retail		15.1	%		17.4	%		14.2	%		14.8	%
Transportation/Utilities		9.7	%		6.8	%		5.8	%		4.8	%
Information		1.3	%		1.3	%		2.0	%		1.8	%
Finance, Insurance & Real Estate		5.0	%		4.6	%		7.4	%		6.4	%
Services		46.7	%		46.1	%		51.7	%		51.2	%

Source: Bureau of the Census

101

EXHIBIT 28

Unemployment Rates

Grundy and LaSalle Counties, Illinois and the United States

For the Years 2012 through 2015 and through March 2016


Location	2012			2013			2014			2015			March 2016

Grundy County		11.4	%		11.6	%		8.7	%		6.8	%		8.3	%

LaSalle County		10.0	%		10.4	%		8.1	%		7.0	%		8.3	%

Illinois		8.9	%		9.2	%		7.1	%		5.9	%		5.9	%

United States		8.1	%		7.4	%		6.2	%		5.3	%		5.1	%

Source: Local Area Unemployment Statistics - U.S. Bureau of Labor

102

EXHIBIT 29

Market Share of Deposits

Grundy and LaSalle Counties

June 30, 2015


	Grundy County Deposits ($000)		Ottawa’s Deposits ($000)		Ottawa’s Share (%)

Banks	$	1,009,222		—		—
Thrifts		76,470	$	16,097		21.1	%

Total	$	1,085,692	$	16,097		1.5	%

	LaSalle County Deposits ($000)		Ottawa’s Deposits ($000)		Ottawa’s Share (%)

Banks	$	1,597,585		—		—
Thrifts		925,832	$	165,269		17.9	%

Total	$	2,523,417	$	165,269		6.5	%

	Total Deposits ($000)		Ottawa’s Deposits ($000)		Ottawa’s Share (%)

Banks	$	2,606,807		—		—
Thrifts		1,002,302	$	181,366		18.1	%

Total	$	3,609,109	$	181,366		5.0	%

Source: FDIC

103

EXHIBIT 30

National Interest Rates by Quarter

2012 - 1st Quarter 2016


	1st Qtr. 2012			2nd Qtr. 2012			3rd Qtr. 2012			4th Qtr. 2012

Prime Rate		3.25	%		3.25	%		3.25	%		3.25	%
90-Day Treasury Bills		0.10	%		0.10	%		0.10	%		0.11	%
1-Year Treasury Bills		0.19	%		0.19	%		0.17	%		0.15	%
30-Year Treasury Notes		3.35	%		2.76	%		2.82	%		2.95	%

	1st Qtr. 2013			2nd Qtr. 2013			3rd Qtr. 2013			4th Qtr. 2013

Prime Rate		3.25	%		3.25	%		3.25	%		3.25	%
90-Day Treasury Bills		0.06	%		0.04	%		0.04	%		0.05	%
1-Year Treasury Bills		0.11	%		0.11	%		0.09	%		0.10	%
30-Year Treasury Notes		3.14	%		3.70	%		3.69	%		3.96	%

	1st Qtr. 2014			2nd Qtr. 2014			3rd Qtr. 2014			4th Qtr. 2014

Prime Rate		3.25	%		3.25	%		3.25	%		3.25	%
90-Day Treasury Bills		0.05	%		0.04	%		0.13	%		0.07	%
1-Year Treasury Bills		0.13	%		0.11	%		0.14	%		0.13	%
30-Year Treasury Notes		3.56	%		3.34	%		3.07	%		2.75	%

	1st Qtr. 2015			2nd Qtr. 2015			3rd Qtr. 2015			4th Qtr. 2015

Prime Rate		3.25	%		3.25	%		3.25	%		3.50	%
90-Day Treasury Bills		0.03	%		0.01	%		0.01	%		0.16	%
1-Year Treasury Bills		0.26	%		0.28	%		0.32	%		0.62	%
30-Year Treasury Notes		2.54	%		3.20	%		2.87	%		3.01	%

	1st Qtr. 2016

Prime Rate		3.50	%
90-Day Treasury Bills		0.24	%
1-Year Treasury Bills		0.53	%
30-Year Treasury Notes		2.61	%

Source: The Wall Street Journal

104

EXHIBIT 31

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 1

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF MARCH 31, 2016

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS


				PER SHARE												PRICING RATIOS
		State	Exchange	Price ($)		52 Week Change (%)			Earnings (EPS) ($)			Assets ($)		12 Month Div. ($)		Price/Net Earnings (X)			Price/Core Earnings (X)			Price/ Book Value (X)		Price/Tang. Book Value (X)		Price/ Assets (%)

SCBS	SOUTHERN COMMUNITY BANCSHARES	AL	OTC PINK		8.50		10.4			0.27			128.11		0.00		31.48			29.31			64.94		64.94		6.63
SZBI	SOUTHFIRST BANCSHARES, INC	AL	OTC PINK		3.30		(21.4	)		0.40			127.34		0.29		8.25			6.11			24.02		24.02		2.59
BOFI	BOFI HOLDING, INC	CA	NASDAQ		21.34		(77.1	)		1.57			105.65		0.00		13.59			13.59			219.32		220.68		20.20
BYFC	BROADWAY FINANCIAL CORP	CA	NASDAQ		1.93		54.4			0.33			13.86		0.00		5.85			5.68			113.53		113.53		13.92
FUBP	FIRST ULB CORP	CA	OTC PINK		15.30		8.9			1.44			277.27		0.13		10.63			10.63			59.19		60.96		5.52
MLGF	MALAGA FINANCIAL CORP	CA	OTC BB		22.26		12.0			2.09			168.53		0.86		10.65			10.65			97.89		97.89		13.21
PROV	PROVIDENT FINANCIAL HOLDINGS, INC	CA	NASDAQ		17.05		6.6			0.78			107.27		0.37		21.86			23.04			134.25		134.89		15.89
FBNK	FIRST CONNECTICUT BANCORP, INC	CT	NASDAQ		15.96		3.8			0.80			172.13		0.21		19.95			22.48			102.24		104.11		9.27
SIFI	SI FINANCIAL GROUP INC	CT	NASDAQ		13.93		14.7			0.36			121.16		0.16		38.69			39.80			110.29		125.84		11.50
UBNK	UNITED FINANCIAL BANCORP, INC	CT	NASDAQ		12.59		1.3			0.99			125.31		0.45		12.72			12.85			100.56		126.92		10.05
WSFS	WSFS FINANCIAL CORP	DE	NASDAQ		32.52		(57.0	)		1.80			188.17		0.20		18.07			18.07			166.34		199.02		17.28
ACFC	ATLANTIC COAST FINANCIAL CORP	FL	NASDAQ		6.04		45.5			0.32			55.21		0.00		18.88			17.26			121.04		122.02		10.94
EVER	EVERBANK FINANCIAL CORP	FL	NYSE		15.09		(16.3	)		1.04			212.39		0.20		14.51			14.37			101.14		127.34		7.10
FFHD	FIRSTATLANTIC BANK	FL	OTC BB		9.67		13.1			0.62			70.09		0.41		15.60			15.85			108.04		114.03		13.80
SSNF	SUNSHINE BANK	FL	OTC PINK		19.20		4.3			(1.39	)		491.67		18.23		(13.81	)		(13.06	)		35.23		42.94		3.91
CHFN	CHARTER FINANCIAL CORP	GA	NASDAQ		13.50		31.8			0.57			67.07		0.21		23.68			24.11			102.20		104.81		20.13
TBNK	TERRITORIAL BANCORP INC	HI	NASDAQ		26.06		9.7			1.53			188.53		0.73		17.03			17.61			114.60		114.85		13.82
AJSB	AJS BANCORP, INC	IL	OTC BB		15.00		9.1			0.08			96.21		0.00		187.50			166.67			110.05		110.05		15.59
AFBA	ALLIED FIRST BANCORP, INC	IL	OTC BB		0.89		790.0			1.62			223.46		0.00		0.55			0.54			6.04		6.04		0.40
BFIN	BANKFINANCIAL CORP	IL	NASDAQ		11.82		(10.0	)		0.44			75.85		0.21		26.86			26.27			110.99		112.04		15.58
BFFI	BEN FRANKLIN FINANCIAL, INC	IL	OTC PINK		11.25		11.9			(0.48	)		43.11		0.00		(23.44	)		(20.09	)		255.68		255.68		26.10
FIRT	FIRST BANCTRUST CORP	IL	OTC PINK		17.10		4.9			1.62			215.60		0.77		10.56			10.75			79.09		80.81		7.93
GTPS	GREAT AMERICAN BANCORP, INC	IL	OTC BB		22.68		(9.6	)		1.48			405.16		1.65		15.32			16.93			61.10		65.15		5.60
HARI	HARVARD BANCSHARES, INC	IL	OTC BB		14.30		24.9			1.35			262.16		0.94		10.59			8.31			49.38		55.71		5.45
IROQ	IF BANCORP, INC	IL	NASDAQ		18.52		10.6			0.68			116.37		0.00		27.24			28.49			130.51		131.53		15.91
JXSB	JACKSONVILLE BANCORP, INC	IL	NASDAQ		26.00		8.3			1.81			172.21		1.12		14.36			15.57			109.80		119.16		15.10
MCPH	MIDLAND CAPITAL HOLDINGS CORP	IL	OTC PINK		16.80		43.6			0.05			320.83		0.00		336.00			(280.00	)		56.28		56.28		5.24
OTTW	OTTAWA SAVINGS BANCORP, INC	IL	OTC BB		10.90		NM			0.29			73.79		0.00		37.59			40.37			103.42		108.35		14.77

105

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 2

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF MARCH 31, 2016

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS


				PER SHARE												PRICING RATIOS
		State	Exchange	Price ($)		52 Week Change (%)			Earnings (EPS) ($)			Assets ($)		12 Month Div. ($)		Price/Net Earnings (X)			Price/Core Earnings (X)			Price/ Book Value (X)		Price/Tang. Book Value (X)		Price/ Assets (%)

PFED	PARK BANCORP, INC	IL	OTC PINK		0.13		(62.9	)		(1.81	)		119.80		0.00		(0.07	)		(0.07	)		4.92		4.92		0.11
RYFL	ROYAL FINANCIAL, INC	IL	OTC BB		11.30		40.4			2.56			80.68		0.58		4.41			4.91			80.89		81.59		14.01
SUGR	SUGAR CREEK FINANCIAL CORP	IL	OTC BB		11.50		9.5			0.10			102.89		0.64		115.00			115.00			98.80		98.80		11.18
AMFC	AMB FINANCIAL CORP	IN	OTC BB		12.50		18.5			1.51			193.31		1.51		8.28			8.39			67.86		68.83		6.47
DSFN	DSA FINANCIAL CORP	IN	OTC BB		10.01		0.1			0.51			69.62		1.19		19.63			19.63			101.83		103.52		14.38
FFWC	FFW CORP	IN	OTC PINK		25.50		13.3			2.99			288.11		2.25		8.53			8.53			84.94		89.41		8.85
FDLB	FIDELITY FEDERAL BANCORP	IN	OTC PINK		25.00		273.1			7.88			413.28		2.18		3.17			3.38			52.65		53.21		6.05
FBPI	FIRST BANCORP OF INDIANA, INC	IN	OTC BB		15.75		4.9			1.08			229.29		0.66		14.58			14.06			66.65		81.27		6.87
FCAP	FIRST CAPITAL, INC	IN	NASDAQ		27.50		13.8			1.55			213.58		0.81		17.74			17.52			128.15		143.98		12.88
FSFG	FIRST SAVINGS FINANCIAL GROUP, INC	IN	NASDAQ		33.98		25.7			3.00			313.15		1.70		11.33			11.33			104.52		119.10		10.85
LPSB	LAPORTE BANCORP, INC	IN	NASDAQ		15.76		21.1			0.68			95.78		0.27		23.18			23.88			114.95		130.14		16.45
LOGN	LOGANSPORT FINANCIAL CORP	IN	OTC PINK		34.52		6.3			2.41			219.52		0.61		14.32			14.21			124.26		125.44		15.73
NWIN	NORTHWEST INDIANA BANCORP	IN	OTC BB		30.00		(5.6	)		2.75			302.76		1.06		10.91			11.58			105.78		110.21		9.91
TDCB	THIRD CENTURY BANCORP	IN	OTC BB		8.08		(9.2	)		0.42			89.33		1.07		19.24			14.43			78.60		79.37		9.05
UCBA	UNITED COMMUNITY BANCORP	IN	NASDAQ		13.64		6.3			0.70			109.54		1.55		19.49			18.19			103.02		109.12		12.45
WEIN	WEST END INDIANA BANCSHARES, INC	IN	OTC BB		23.00		13.9			1.83			244.67		1.95		12.57			12.78			94.92		97.29		9.40
CFFN	CAPITOL FEDERAL FINANCIAL, INC	KS	NASDAQ		13.26		6.1			0.57			66.09		0.82		23.26			23.68			131.94		132.07		20.06
PBSK	POAGE BANKSHARES, INC	KY	NASDAQ		16.59		8.1			0.83			110.08		0.76		19.99			19.75			96.51		100.91		15.07
CTUY	CENTURY NEXT FINANCIAL CORP	LA	OTC BB		19.25		14.7			1.54			199.88		0.00		12.50			12.50			97.96		97.96		9.63
FPBF	FPB FINANCIAL CORP	LA	OTC PINK		14.00		27.3			1.89			150.49		0.63		7.41			7.53			88.11		88.11		9.30
HIBE	HIBERNIA BANCORP, INC	LA	OTC BB		20.48		12.2			0.23			128.39		0.00		89.04			93.09			90.82		90.82		15.95
HFBL	HOME FED BANCORP, INC OF LOUISIANA	LA	NASDAQ		22.50		16.9			1.22			125.63		0.70		18.44			18.44			146.29		147.16		17.91
MDNB	MINDEN BANCORP, INC	LA	OTC BB		22.10		150.0			1.81			136.72		0.00		12.21			12.21			108.02		108.02		16.16
BHBK	BLUE HILLS BANCORP	MA	NASDAQ		13.67		3.4			0.26			75.57		0.04		52.58			65.10			95.93		98.91		18.09
BRKL	BROOKLINE BANCORP, INC	MA	NASDAQ		11.01		9.6			0.71			86.10		0.35		15.51			14.68			115.05		147.59		12.79
BLMT	BSB BANCORP INC	MA	NASDAQ		22.47		30.3			0.76			199.42		0.00		29.57			29.57			139.74		140.17		11.27
CBNK	CHICOPEE BANCORP, INC	MA	NASDAQ		17.64		4.7			0.61			129.69		0.00		28.92			28.45			116.67		116.98		13.60
GTWN	GEORGETOWN BANCORP, INC	MA	NASDAQ		20.00		11.4			0.85			161.06		0.00		23.53			24.10			125.47		127.71		12.42

106

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 3

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF MARCH 31, 2016

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS


				PER SHARE												PRICING RATIOS
		State	Exchange	Price ($)		52 Week Change (%)			Earnings (EPS) ($)			Assets ($)		12 Month Div. ($)		Price/Net Earnings (X)			Price/Core Earnings (X)			Price/ Book Value (X)		Price/Tang. Book Value (X)		Price/ Assets (%)

HIFS	HINGHAM INSTITUTION FOR SAVINGS	MA	NASDAQ		119.11		20.3			9.11			832.66		1.46		13.07			13.15			183.30		183.30		14.30
MTGB	MEETINGHOUSE BANCORP INC	MA	OTC BB		16.50		228.6			0.53			183.01		0.00		31.13			31.13			117.86		122.04		9.02
EBSB	MERIDIAN BANCORP, INC	MA	NASDAQ		13.92		5.7			0.46			65.40		0.06		30.26			32.37			127.59		130.70		21.28
PLRM	PILGRIM BANCSHARES, INC	MA	OTC BB		12.99		16.5			0.32			96.06		0.00		40.59			41.90			128.87		128.87		13.52
PVBC	PROVIDENT BANCORP, INC	MA	NASDAQ		13.23		NM			0.40			78.29		0.00		33.08			27.56			129.33		129.33		16.90
WEBK	WELLESLEY BANCORP INC	MA	NASDAQ		19.20		2.4			1.36			252.02		0.00		14.12			14.22			82.83		83.04		7.62
WFD	WESTFIELD FINANCIAL INC	MA	NASDAQ		8.43		9.1			0.31			73.35		0.11		27.19			33.72			110.48		110.48		11.49
BYBK	BAY BANCORP, INC	MD	NASDAQ		4.82		(7.5	)		0.19			44.39		0.00		25.37			26.78			78.63		81.69		10.86
IFSB	COLOMBO BANK	MD	OTC PINK		0.35		6.1			0.01			130.57		0.00		35.00			(1.40	)		2.72		2.72		0.27
FRTR	FRATERNITY COMMUNITY BANCORP, INC	MD	OTC BB		19.10		23.5			(0.35	)		116.66		0.00		(54.57	)		(63.67	)		113.08		113.08		16.37
HBK	HAMILTON BANCORP, INC	MD	NASDAQ		13.31		(2.7	)		0.19			106.03		2.93		70.05			88.73			89.93		104.64		12.55
MBCQ	MADISON BANK OF MARYLAND	MD	OTC PINK		12.60		4.7			(0.44	)		67.18		0.00		(28.64	)		(27.39	)		100.80		100.80		18.76
SVBI	SEVERN BANCORP, INC	MD	NASDAQ		5.05		2.0			0.45			75.52		0.00		11.22			10.74			58.93		59.62		6.69
EGDW	EDGEWATER BANCORP, INC	MI	OTC BB		13.50		29.8			0.55			202.66		0.00		24.55			24.55			71.47		73.85		6.66
FFNM	FIRST FED OF NO MICHIGAN BANCORP	MI	NASDAQ		7.16		20.3			0.98			90.08		0.20		7.31			5.38			82.39		86.68		7.95
FBC	FLAGSTAR BANCORP, INC	MI	NYSE		21.46		47.9			2.79			242.49		0.00		7.69			7.50			79.42		98.53		8.85
STBI	STURGIS BANCORP, INC	MI	OTC BB		10.58		0.8			1.28			177.33		0.42		8.27			8.53			62.35		79.19		5.97
WBKC	WOLVERINE BANCORP, INC	MI	NASDAQ		25.50		4.1			1.54			194.10		2.09		16.56			16.56			91.43		91.56		13.14
HMNF	HMN FINANCIAL, INC	MN	NASDAQ		11.26		(6.9	)		0.81			143.19		0.67		13.90			13.40			67.71		69.46		7.86
REDW	REDWOOD FINANCIAL, INC	MN	OTC PINK		35.34		17.8			5.98			558.63		2.68		5.91			6.25			51.95		60.34		6.33
WEFP	WELLS FINANCIAL CORP	MN	OTC PINK		32.00		14.2			6.31			345.83		2.01		5.07			4.91			87.84		94.90		9.25
CCFC	CCSB FINANCIAL CORP	MO	OTC PINK		10.50		40.0			0.14			100.55		0.00		75.00			(525.00	)		94.17		94.34		10.44
FBSI	FIRST BANCSHARES, INC	MO	OTC PINK		9.01		24.3			1.82			137.42		0.06		4.95			4.79			78.21		78.21		6.56
LXMO	LEXINGTON B & L FINANCIAL CORP	MO	OTC PINK		29.00		52.6			0.86			194.63		0.00		33.72			31.18			119.24		125.92		14.90
LBCP	LIBERTY BANCORP, INC	MO	OTC BB		16.15		20.3			1.25			121.07		5.76		12.92			11.96			118.66		127.17		13.34
NASB	NASB FINANCIAL, INC	MO	OTC BB		32.00		4.2			2.93			203.23		2.65		10.92			11.15			125.34		131.09		15.75
PULB	PULASKI FINANCIAL CORP	MO	NASDAQ		16.15		30.6			1.18			137.44		0.38		13.69			13.69			155.89		161.18		11.75
QRRY	QUARRY CITY S&L ASSOC	MO	OTC BB		12.10		(6.1	)		0.52			125.15		0.00		23.27			23.27			60.02		62.37		9.67

107

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 4

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF MARCH 31, 2016

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS


				PER SHARE												PRICING RATIOS
		State	Exchange	Price ($)		52 Week Change (%)			Earnings (EPS) ($)			Assets ($)		12 Month Div. ($)		Price/Net Earnings (X)			Price/Core Earnings (X)			Price/ Book Value (X)		Price/Tang. Book Value (X)		Price/ Assets (%)

ASBB	ASB BANCORP, INC	NC	NASDAQ		24.24		18.2			0.98			196.15		2.13		24.73			27.24			114.83		114.83		12.36
ENFC	ENTEGRA FINANCIAL CORP	NC	NASDAQ		17.37		12.0			3.67			158.71		0.00		4.73			4.95			85.86		88.31		10.94
KSBI	KS BANCORP, INC	NC	OTC BB		11.81		(9.2	)		1.25			259.37		0.28		9.45			10.27			46.83		46.83		4.55
LSFG	LIFESTORE FINANCIAL GROUP	NC	OTC PINK		15.95		48.1			1.32			253.39		0.00		12.08			13.52			61.44		63.52		6.29
LTLB	LITTLE BANK, SSB	NC	OTC PINK		12.50		16.7			0.95			110.80		0.15		13.16			13.16			117.92		117.92		11.28
EQFN	EQUITABLE FINANCIAL CORP	NE	NASDAQ		8.25		10.0			0.47			70.11		0.00		17.55			17.55			98.68		102.48		11.77
MCBK	MADISON COUNTY FINANCIAL, INC	NE	NASDAQ		19.81		NM			1.28			121.45		0.25		15.48			16.11			94.15		99.20		16.31
GUAA	GUARANTY BANCORP, INC	NH	OTC PINK		18.50		28.8			0.11			19.14		0.04		168.18			185.00			1,069.36		1,075.58		96.66
LFGP	LEDYARD FINANCIAL GROUP, INC	NH	OTC PINK		46.20		(4.7	)		4.08			433.42		2.33		11.32			11.44			115.67		115.67		10.66
LSBG	NEW HAMPSHIRE THRIFT BANCSHARES	NH	NASDAQ		13.98		16.1			1.08			181.15		0.54		12.94			13.19			85.71		143.09		7.72
CBNJ	CAPE BANCORP, INC	NJ	NASDAQ		13.44		40.6			0.90			118.32		0.30		14.93			13.58			108.13		127.03		11.36
CSBK	CLIFTON BANCORP INC	NJ	NASDAQ		15.12		7.2			0.31			45.21		0.29		48.77			58.15			116.94		116.94		33.44
DLNO	DELANCO BANCORP, INC	NJ	OTC PINK		9.05		18.3			(0.22	)		137.54		0.00		(41.14	)		50.28			67.04		67.04		6.58
KRNY	KEARNY FINANCIAL CORP	NJ	NASDAQ		12.35		(9.1	)		0.11			65.81		0.05		112.27			102.92			70.85		78.21		18.77
MSBF	MSB FINANCIAL CORP	NJ	NASDAQ		12.85		(2.2	)		0.09			63.11		0.00		142.78			321.25			141.21		141.21		20.36
NFBK	NORTHFIELD BANCORP, INC	NJ	NASDAQ		16.44		(71.0	)		0.40			66.32		0.25		41.10			41.10			141.85		146.00		24.79
OSHC	OCEAN SHORE HOLDING COMPANY	NJ	NASDAQ		17.52		7.5			1.07			162.73		0.24		16.37			16.37			100.46		105.29		10.77
OCFC	OCEANFIRST FINANCIAL CORP	NJ	NASDAQ		17.68		(59.6	)		1.18			150.27		0.50		14.98			15.11			128.21		129.71		11.77
ORIT	ORITANI FINANCIAL CORP	NJ	NASDAQ		16.97		(0.8	)		1.21			77.73		1.10		14.02			27.37			147.95		147.95		21.83
PFS	PROVIDENT FINANCIAL SERVICES, INC	NJ	NYSE		20.19		8.3			1.27			135.45		0.00		15.90			16.02			111.06		172.56		14.91
AF	ASTORIA FINANCIAL CORP	NY	NYSE		15.84		NM			0.87			148.67		0.16		18.21			18.42			96.59		109.47		10.65
CARV	CARVER BANCORP, INC	NY	NASDAQ		5.22		12.5			0.09			204.26		0.00		58.00			(29.00	)		35.03		35.18		2.56
DCOM	DIME COMMUNITY BANCSHARES, INC	NY	NASDAQ		17.62		9.4			1.20			134.67		0.54		14.68			14.93			133.28		150.34		13.08
ESBK	ELMIRA SAVINGS BANK	NY	NASDAQ		18.01		(11.7	)		1.56			212.36		0.95		11.54			12.17			86.92		117.33		8.48
GOVB	GOUVERNEUR BANCORP, INC	NY	OTC PINK		13.52		(1.7	)		0.53			58.95		0.13		25.51			25.04			110.64		110.64		22.93
PFDB	PATRIOT FEDERAL BANK	NY	OTC PINK		7.00		25.0			0.37			135.09		0.00		18.92			20.00			55.69		56.54		5.18
SCAY	SENECA-CAYUGA BANCORP, INC	NY	OTC PINK		10.82		(5.9	)		0.50			117.98		0.55		21.64			40.07			105.46		107.02		9.17
SNNY	SUNNYSIDE BANCORP INC	NY	OTC BB		11.50		13.9			(0.11	)		115.67		0.00		(104.55	)		(50.00	)		80.53		80.53		9.94

108

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 5

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF MARCH 31, 2016

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS


				PER SHARE												PRICING RATIOS
		State	Exchange	Price ($)		52 Week Change (%)			Earnings (EPS) ($)			Assets ($)		12 Month Div. ($)		Price/Net Earnings (X)			Price/Core Earnings (X)			Price/ Book Value (X)		Price/Tang. Book Value (X)		Price/ Assets (%)

TRST	TRUSTCO BANK CORP NY	NY	NASDAQ		6.06		(11.9	)		0.44			49.65		0.26		13.77			13.77			139.95		139.95		12.21
ASBN	ASB FINANCIAL CORP	OH	OTC PINK		12.50		(3.8	)		1.00			129.73		0.00		12.50			12.50			87.90		98.43		9.64
CFBK	CENTRAL FEDERAL CORP	OH	NASDAQ		1.35		(3.6	)		0.19			21.70		0.00		7.11			7.11			57.20		57.45		6.22
CHEV	CHEVIOT FINANCIAL CORP	OH	NASDAQ		14.69		(4.3	)		0.23			84.05		0.20		63.87			58.76			112.74		130.23		17.48
CIBN	COMMUNITY INVESTORS BANCORP, INC	OH	OTC PINK		12.90		22.9			2.08			267.66		0.36		6.20			6.23			56.63		59.01		4.82
FDEF	FIRST DEFIANCE FINANCIAL CORP	OH	NASDAQ		38.41		17.0			2.96			257.08		0.80		12.98			12.80			122.52		165.63		14.94
FNFI	FIRST NILES FINANCIAL, INC	OH	OTC PINK		8.15		(4.1	)		0.25			86.23		0.26		32.60			116.43			77.55		77.55		9.45
HCFL	HOME CITY FINANCIAL CORP	OH	OTC PINK		18.13		0.7			1.73			190.68		0.00		10.48			10.13			88.48		88.48		9.51
HLFN	HOME LOAN FINANCIAL CORP	OH	OTC BB		20.78		3.9			2.21			140.94		1.43		9.40			9.49			133.89		134.94		14.74
PPSF	PEOPLES-SIDNEY FINANCIAL CORP	OH	OTC PINK		8.25		0.0			0.41			91.41		0.45		20.12			19.64			68.92		68.92		9.03
PFOH	PERPETUAL FEDERAL SAVINGS BANK	OH	OTC PINK		20.00		(2.4	)		2.03			146.89		0.78		9.85			9.90			76.05		76.05		13.62
UCFC	UNITED COMMUNITY FINANCIAL CORP	OH	NASDAQ		5.87		7.5			0.34			41.79		0.07		17.26			16.77			114.42		117.17		14.05
VERF	VERSAILLES FINANCIAL CORP	OH	OTC BB		17.00		(1.4	)		0.64			140.25		0.00		26.56			26.56			65.41		65.41		12.12
MWBC	WATCH HILL BANK	OH	OTC PINK		14.79		27.0			0.28			136.19		0.00		52.82			52.82			91.98		92.21		10.86
WAYN	WAYNE SAVINGS BANCSHARES, INC	OH	NASDAQ		12.35		(7.8	)		0.64			156.02		0.45		19.30			18.16			88.21		93.21		7.92
BNCL	BENEFICIAL BANCORP, INC	PA	NASDAQ		13.69		21.3			0.30			64.04		0.00		45.63			44.16			92.56		104.50		21.38
ESSA	ESSA BANCORP, INC	PA	NASDAQ		13.49		5.2			0.80			154.51		0.33		16.86			18.23			90.54		100.90		8.73
FXCB	FOX CHASE BANCORP, INC	PA	NASDAQ		19.32		21.7			0.81			95.66		0.65		23.85			23.56			128.54		128.54		20.20
HARL	HARLEYSVILLE SAVINGS FIN CORP	PA	OTC PINK		19.00		3.5			1.49			206.76		1.00		12.75			13.19			110.47		110.47		9.19
MLVF	MALVERN BANCORP, INC	PA	NASDAQ		16.02		9.9			0.73			109.91		0.00		21.95			25.43			151.85		152.72		14.58
NWBI	NORTHWEST BANCSHARES INC	PA	NASDAQ		13.51		9.5			0.59			88.50		0.52		22.90			22.52			118.20		154.40		15.27
PBCP	POLONIA BANCORP, INC	PA	OTC BB		10.70		(18.6	)		(0.01	)		87.22		0.00		(1,070.00	)		(97.27	)		109.86		110.31		12.27
PBIP	PRUDENTIAL BANCORP, INC	PA	NASDAQ		14.32		12.8			0.29			60.62		0.00		49.38			286.40			128.09		128.09		23.62
QNTO	QUAINT OAK BANCORP INC	PA	OTC PINK		12.00		(40.9	)		0.72			98.53		0.00		16.67			16.22			126.45		126.72		12.18
STND	STANDARD FINANCIAL CORP	PA	NASDAQ		24.30		15.7			1.12			136.71		0.59		21.70			22.09			115.00		131.21		17.77
UASB	UNITED-AMERICAN SAVINGS BANK	PA	OTC BB		42.50		107.3			2.30			301.47		0.34		18.48			18.24			159.18		159.18		14.10
WVFC	WVS FINANCIAL CORP	PA	NASDAQ		11.35		(2.2	)		0.70			160.04		0.62		16.21			16.45			76.84		76.84		7.09
CWAY	COASTWAY BANCORP, INC	RI	NASDAQ		12.53		13.0			0.34			115.60		0.00		36.85			29.83			112.48		112.98		10.84

109

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 6

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF MARCH 31, 2016

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS


				PER SHARE												PRICING RATIOS
		State	Exchange	Price ($)		52 Week Change (%)			Earnings (EPS) ($)			Assets ($)		12 Month Div. ($)		Price/Net Earnings (X)			Price/Core Earnings (X)			Price/ Book Value (X)		Price/Tang. Book Value (X)		Price/ Assets (%)

FCPB	FIRST CAPITAL BANCSHARES, INC	SC	OTC PINK		5.93		13.0			0.62			91.94		0.00		9.56			8.85			42.82		42.82		6.45
FSGB	FIRST FEDERAL OF SOUTH CAROLINA	SC	OTC PINK		3.00		0.0			0.15			72.94		0.00		20.00			17.65			68.34		72.64		4.11
HFFC	HF FINANCIAL CORP	SD	NASDAQ		18.00		21.9			1.14			166.41		0.45		15.79			15.25			117.80		137.30		10.82
CASH	META FINANCIAL GROUP, INC	SD	NASDAQ		45.60		14.8			2.67			426.03		0.54		17.08			16.83			109.40		143.85		10.70
AFCB	ATHENS BANCSHARES CORP	TN	NASDAQ		25.98		21.7			1.72			178.88		0.00		15.10			14.85			118.85		119.01		14.52
FABK	FIRST ADVANTAGE BANCORP	TN	NASDAQ		16.45		16.7			0.87			125.00		0.38		18.91			19.58			102.68		102.68		13.16
SFBK	SFB BANCORP, INC	TN	OTC PINK		35.00		9.4			1.23			109.53		0.37		28.46			29.66			146.02		147.49		31.95
UNTN	UNITED TENNESSEE BANKSHARES	TN	OTC PINK		22.00		33.3			2.01			234.39		0.72		10.95			11.17			91.25		91.25		9.39
BAFI	BANCAFFILIATED, INC	TX	OTC PINK		75.00		27.9			30.49			2,065.52		14.37		2.46			2.52			38.42		40.24		3.63
TBK	TRIUMPH BANCORP, INC	TX	NASDAQ		15.83		15.9			1.62			93.87		0.00		9.77			9.71			106.38		118.75		16.86
ANCB	ANCHOR BANCORP, INC	WA	NASDAQ		24.28		7.9			0.56			162.32		2.26		43.36			28.23			103.67		104.12		14.96
FFNW	FIRST FINANCIAL NORTHWEST, INC	WA	NASDAQ		13.17		6.6			0.67			72.17		0.24		19.66			20.58			104.77		104.77		18.25
FSBW	FS BANCORP, INC	WA	NASDAQ		25.19		30.1			2.82			215.13		0.00		8.93			9.00			100.76		108.77		11.71
HMST	HOMESTREET, INC	WA	NASDAQ		20.81		13.9			1.68			199.36		0.00		12.39			12.85			109.82		186.30		10.44
RVSB	RIVERVIEW BANCORP, INC	WA	NASDAQ		4.20		(6.7	)		0.30			39.26		0.00		14.00			13.13			75.95		95.89		10.70
SFBC	SOUND FINANCIAL BANCORP, INC	WA	NASDAQ		22.90		16.5			1.98			217.69		0.58		11.57			11.23			106.26		114.21		10.52
TSBK	TIMBERLAND BANCORP, INC	WA	NASDAQ		12.64		18.8			1.29			118.72		0.31		9.80			9.50			97.91		106.22		10.65
ABCW	ANCHOR BANCORP WISCONSIN, INC	WI	NASDAQ		45.06		29.7			6.48			105.82		0.00		6.95			7.57			261.07		275.43		42.58
BKMU	BANK MUTUAL CORP	WI	NASDAQ		7.57		41.8			0.31			54.90		0.19		24.42			24.42			123.49		126.80		13.79
HWIS	HOME BANCORP WISCONSIN, INC	WI	OTC PINK		9.35		21.4			(0.51	)		154.97		0.00		(18.33	)		(31.17	)		75.16		75.16		6.03
WSBF	WATERSTONE FINANCIAL, INC	WI	NASDAQ		13.68		6.5			0.57			60.46		0.20		24.00			24.00			101.71		102.24		22.63
WBB	WESTBURY BANCORP, INC	WI	NASDAQ		19.00		8.6			1.03			158.06		0.61		18.45			8.41			114.67		116.56		12.02
CRZY	CRAZY WOMAN CREEK BANCORP	WY	OTC PINK		11.90		8.7			1.15			168.24		0.43		10.35			10.26			67.69		68.51		7.07

110

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 7

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF MARCH 31, 2016

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS


	PER SHARE												PRICING RATIOS
	Price ($)		52 Week Change (%)			Earnings (EPS) ($)			Assets ($)		12 Month Div. (S)		Price/Net Earnings (X)			Price/Core Earnings (X)			Price/ Book Value (X)		Price/Tang. Book Value (X)		Price/ Assets (%)

ALL INSTITUTIONS
AVERAGE		17.41		18.16			1.33			167.11		0.68		16.40			18.19			106.12		112.31		12.76
HIGH		119.11		790.00			30.49			2,065.52		18.23		336.00			321.25			1,069.36		1,075.58		96.66
LOW		0.13		(77.10	)		(1.81	)		13.86		0.00		(1,070.00	)		(525.00	)		2.72		2.72		0.11

AVERAGE FOR STATE
IL		13.44		66.98			0.70			164.87		0.42		54.46			9.55			89.78		91.87		10.93

AVERAGE BY REGION
MID-ATLANTIC		17.07		7.88			1.30			146.71		0.42		14.98			14.00			107.54		116.54		12.63
MIDWEST		16.50		29.87			1.31			164.07		0.61		26.66			15.47			93.97		99.01		11.57
NORTH CENTRAL		20.56		17.41			1.86			194.48		1.09		19.23			(21.00	)		100.73		107.99		11.70
NORTHEAST		22.20		23.06			1.23			178.98		0.30		33.69			35.29			166.81		174.91		16.79
SOUTHEAST		14.75		13.74			0.92			163.50		1.30		14.76			14.71			86.30		89.30		10.56
SOUTHWEST		27.02		37.84			5.54			414.36		2.24		21.69			22.29			96.57		98.72		12.78
WEST		15.27		3.79			0.80			125.89		0.35		(1.15	)		26.63			105.80		113.77		13.55

AVERAGE BY EXCHANGE
NYSE		18.15		13.30			1.49			184.75		0.09		14.08			14.08			97.05		126.98		10.38
NASDAQ		17.82		7.62			1.10			134.59		0.43		24.32			28.45			113.18		121.84		14.27
OTC-BB		16.47		48.46			1.10			167.09		0.73		(13.04	)		18.25			91.29		94.06		10.93
OTC PINK		17.23		16.76			1.92			229.02		1.20		23.05			(1.51	)		104.22		105.90		11.40

111

EXHIBIT 32


KELLER & COMPANY		Page 1
Dublin, Ohio
614-766-1426

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

MOST RECENT FOUR QUARTERS


			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
		State	Total Assets ($000)		Total Equity ($000)		Total Tang. Equity ($000)		ROAA (%)			Core ROAA (%)			ROAE (%)			Core ROAE (%)			Exchange	Number of Shares Outstg.		Mkt. Value of Shares ($000)

SCBS	SOUTHERN COMMUNITY BANCSHARES	AL		81,869		8,364		8,364		0.22			0.23			2.04			2.22		OTC PINK		639,077		5,432
SZBI	SOUTHFIRST BANCSHARES, INC	AL		89,329		9,638		9,638		0.31			0.42			2.93			3.98		OTC PINK		701,526		2,315
BOFI	BOFI HOLDING, INC	CA		6,662,215		613,330		609,855		1.67			1.67			16.16			18.61		NASDAQ		63,060,732		1,345,716
BYFC	BROADWAY FINANCIAL CORP	CA		402,902		49,480		49,439		2.57			2.63			19.61			NM		NASDAQ		29,076,708		56,118
FUBP	FIRST ULB CORP	CA		390,928		36,451		35,392		0.54			0.54			5.58			5.70		OTC PINK		1,409,938		21,572
MLGF	MALAGA FINANCIAL CORP	CA		983,556		132,731		132,731		1.27			1.27			9.21			9.47		OTC BB		5,836,000		129,909
PROV	PROVIDENT FINANCIAL HOLDINGS, INC	CA		1,164,542		137,865		137,218		0.75			0.71			6.17			5.73		NASDAQ		10,856,027		185,095
FBNK	FIRST CONNECTICUT BANCORP, INC	CT		2,708,885		245,721		241,315		0.48			0.43			5.12			4.64		NASDAQ		15,737,863		251,176
SIFI	SI FINANCIAL GROUP INC	CT		1,480,240		154,330		135,281		0.31			0.30			2.82			2.72		NASDAQ		12,217,088		170,184
UBNK	UNITED FINANCIAL BANCORP, INC	CT		6,261,832		625,521		495,660		0.85			0.83			7.94			7.96		NASDAQ		49,969,878		629,121
WSFS	WSFS FINANCIAL CORP	DE		5,585,962		580,471		485,176		1.03			1.02			9.22			9.98		NASDAQ		29,686,400		965,402
ACFC	ATLANTIC COAST FINANCIAL CORP	FL		856,211		77,334		76,714		0.64			0.69			6.51			7.26		NASDAQ		15,509,061		93,675
EVER	EVERBANK FINANCIAL CORP	FL		26,601,026		1,868,321		1,484,409		0.54			0.55			6.99			7.29		NYSE		125,247,143		1,889,979
FFHD	FIRSTATLANTIC BANK	FL		420,163		53,664		50,843		0.92			0.91			6.92			6.90		OTC BB		5,995,000		57,972
SSNF	SUNSHINE BANK	FL		506,913		56,193		46,092		(0.39	)		(0.41	)		(2.55	)		(3.10	)	OTC PINK		1,031,000		19,795
CHFN	CHARTER FINANCIAL CORP	GA		1,007,398		198,367		193,484		0.86			0.84			4.29			4.07		NASDAQ		15,020,869		202,782
TBNK	TERRITORIAL BANCORP INC	HI		1,821,117		219,641		219,215		0.84			0.82			6.71			6.57		NASDAQ		9,659,685		251,731
AJSB	AJS BANCORP, INC	IL		208,493		29,538		29,534		0.08			0.09			0.57			0.62		OTC BB		2,167,040		32,506
AFBA	ALLIED FIRST BANCORP, INC	IL		114,257		7,530		7,530		0.72			0.74			11.00			11.88		OTC BB		511,300		455
BFIN	BANKFINANCIAL CORP	IL		1,512,443		212,364		210,351		0.58			0.60			4.08			4.19		NASDAQ		19,939,500		235,685
BFFI	BEN FRANKLIN FINANCIAL, INC	IL		84,057		8,586		8,586		(1.08	)		(1.25	)		(10.92	)		(13.26	)	OTC PINK		1,949,956		21,937
FIRT	FIRST BANCTRUST CORP	IL		449,541		45,090		44,129		0.77			0.75			7.51			7.49		OTC PINK		2,085,116		35,655
GTPS	GREAT AMERICAN BANCORP, INC	IL		182,009		16,674		15,636		0.37			0.33			3.99			3.69		OTC BB		449,227		10,188
HARI	HARVARD BANCSHARES, INC	IL		213,943		23,630		20,945		0.51			0.65			4.66			5.96		OTC BB		816,076		11,670
IROQ	IF BANCORP, INC	IL		559,884		68,263		67,754		0.59			0.56			4.81			4.66		NASDAQ		4,811,255		89,104
JXSB	JACKSONVILLE BANCORP, INC	IL		308,611		42,429		39,104		1.04			0.97			7.63			7.18		NASDAQ		1,792,013		46,592
MCPH	MIDLAND CAPITAL HOLDINGS CORP	IL		119,541		11,122		11,122		0.01			(0.02	)		0.15			(0.21	)	OTC PINK		372,600		6,260
OTTW	OTTAWA SAVINGS BANCORP, INC	IL		213,563		30,495		29,108		0.38			0.36			2.72			2.62		OTC BB		2,894,123		31,546
PFED	PARK BANCORP, INC	IL		142,559		3,140		3,140		(1.44	)		(1.46	)		NM			NM		OTC PINK		1,190,000		155

112

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 2

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

MOST RECENT FOUR QUARTERS


			ASSETS AND EQUITY						PROFITABILITY								CAPITAL ISSUES
		State	Total Assets ($000)		Total Equity ($000)		Total Tang. Equity ($000)		ROAA (%)		Core ROAA (%)		ROAE (%)		Core ROAE (%)		Exchange	Number of Shares Outstg.		Mkt. Value of Shares ($000)

RYFL	ROYAL FINANCIAL, INC	IL		202,282		35,020		34,724		3.91		3.51		18.32		19.57	OTC BB		2,507,112		28,330
SUGR	SUGAR CREEK FINANCIAL CORP	IL		96,690		10,936		10,936		0.10		0.10		0.85		0.84	OTC BB		939,730		10,807
AMFC	AMB FINANCIAL CORP	IN		189,757		18,082		17,825		0.79		0.78		8.18		8.08	OTC BB		981,638		12,270
DSFN	DSA FINANCIAL CORP	IN		116,268		16,417		16,144		0.72		0.72		5.14		4.96	OTC BB		1,670,000		16,717
FFWC	FFW CORP	IN		332,498		34,641		32,909		1.02		1.02		9.95		10.05	OTC PINK		1,154,084		29,429
FDLB	FIDELITY FEDERAL BANCORP	IN		378,839		43,525		43,064		2.33		2.19		16.60		19.75	OTC PINK		916,656		22,916
FBPI	FIRST BANCORP OF INDIANA, INC	IN		401,058		41,332		33,894		0.48		0.49		4.56		4.75	OTC BB		1,749,165		27,549
FCAP	FIRST CAPITAL, INC	IN		713,067		71,657		63,779		0.87		0.89		7.22		8.26	NASDAQ		3,338,603		91,812
FSFG	FIRST SAVINGS FINANCIAL GROUP, INC	IN		738,899		76,706		67,318		0.97		0.97		9.23		9.40	NASDAQ		2,359,581		80,179
LPSB	LAPORTE BANCORP, INC	IN		534,447		76,506		67,588		0.73		0.70		4.96		4.90	NASDAQ		5,580,115		87,943
LOGN	LOGANSPORT FINANCIAL CORP	IN		172,544		21,833		21,630		1.14		1.15		8.69		8.91	OTC PINK		786,000		27,133
NWIN	NORTHWEST INDIANA BANCORP	IN		864,893		81,004		77,766		0.96		0.90		9.69		9.41	OTC BB		2,856,657		85,700
TDCB	THIRD CENTURY BANCORP	IN		126,852		14,596		14,454		0.48		0.64		4.11		5.28	OTC BB		1,420,000		11,474
UCBA	UNITED COMMUNITY BANCORP	IN		507,670		61,368		57,929		0.64		0.68		5.28		5.46	NASDAQ		4,634,608		63,216
WEIN	WEST END INDIANA BANCSHARES, INC	IN		270,726		26,808		26,162		0.77		0.75		7.57		7.43	OTC BB		1,106,476		25,449
CFFN	CAPITOL FEDERAL FINANCIAL, INC	KS		9,148,091		1,390,833		1,390,313		0.86		0.86		5.63		5.46	NASDAQ		138,421,120		1,835,464
PBSK	POAGE BANKSHARES, INC	KY		434,606		67,865		64,895		0.77		0.78		4.83		5.00	NASDAQ		3,948,244		65,501
CTUY	CENTURY NEXT FINANCIAL CORP	LA		211,027		20,749		20,749		0.85		0.85		7.83		8.22	OTC BB		1,055,760		20,323
FPBF	FPB FINANCIAL CORP	LA		240,326		25,370		25,370		1.30		1.28		11.91		12.22	OTC PINK		1,597,000		22,358
HIBE	HIBERNIA BANCORP, INC	LA		112,858		19,817		19,817		0.18		0.18		1.00		0.99	OTC BB		878,994		18,002
HFBL	HOME FED BANCORP, INC OF LOUISIANA	LA		361,448		44,250		43,987		0.99		0.99		7.93		8.05	NASDAQ		2,877,032		64,733
MDNB	MINDEN BANCORP, INC	LA		321,557		48,115		48,115		1.35		1.35		8.86		9.24	OTC BB		2,352,000		51,979
BHBK	BLUE HILLS BANCORP	MA		2,115,087		398,830		386,890		0.38		0.30		1.81		1.44	NASDAQ		27,990,192		382,626
BRKL	BROOKLINE BANCORP, INC	MA		6,060,940		673,486		524,963		0.84		0.89		7.39		8.02	NASDAQ		70,396,856		775,069
BLMT	BSB BANCORP INC	MA		1,812,927		146,203		145,724		0.43		0.43		4.73		4.89	NASDAQ		9,091,090		204,277
CBNK	CHICOPEE BANCORP, INC	MA		677,303		78,951		78,759		0.49		0.49		4.05		4.20	NASDAQ		5,222,339		92,122
GTWN	GEORGETOWN BANCORP, INC	MA		296,502		29,339		28,821		0.55		0.54		5.35		5.40	NASDAQ		1,840,920		36,818
HIFS	HINGHAM INSTITUTION FOR SAVINGS	MA		1,768,566		138,015		138,015		1.17		1.16		14.02		14.84	NASDAQ		2,124,000		252,990
MTGB	MEETINGHOUSE BANCORP INC	MA		122,416		9,364		9,044		0.30		0.30		3.80		4.08	OTC BB		668,919		11,037

113

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 3

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

MOST RECENT FOUR QUARTERS


			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
		State	Total Assets ($000)		Total Equity ($000)		Total Tang. Equity ($000)		ROAA (%)			Core ROAA (%)			ROAE (%)			Core ROAE (%)			Exchange	Number of Shares Outstg.		Mkt. Value of Shares ($000)

EBSB	MERIDIAN BANCORP, INC	MA		3,524,708		588,126		574,100		0.72			0.68			4.18			3.95		NASDAQ		53,896,720		750,242
PLRM	PILGRIM BANCSHARES, INC	MA		210,320		22,078		22,078		0.35			0.34			3.18			3.15		OTC BB		2,189,489		28,441
PVBC	PROVIDENT BANCORP, INC	MA		743,651		97,128		97,128		0.54			0.65			3.89			5.31		NASDAQ		9,498,722		125,668
WEBK	WELLESLEY BANCORP INC	MA		619,593		56,998		56,837		0.58			0.58			5.87			6.55		NASDAQ		2,458,553		47,204
WFD	WESTFIELD FINANCIAL INC	MA		1,339,930		139,466		139,466		0.43			0.35			4.10			3.27		NASDAQ		18,267,747		153,997
BYBK	BAY BANCORP, INC	MD		491,129		67,859		65,235		0.43			0.42			3.05			3.02		NASDAQ		11,062,932		53,323
IFSB	COLOMBO BANK	MD		202,639		19,968		19,968		0.01			(0.19	)		0.08			(1.90	)	OTC PINK		1,552,000		543
FRTR	FRATERNITY COMMUNITY BANCORP, INC	MD		161,119		23,320		23,320		(0.30	)		(0.26	)		(2.06	)		(1.79	)	OTC BB		1,381,082		26,379
HBK	HAMILTON BANCORP, INC	MD		362,439		50,587		43,466		0.21			0.15			1.31			1.02		NASDAQ		3,418,113		45,495
MBCQ	MADISON BANK OF MARYLAND	MD		134,288		24,982		24,982		(0.62	)		(0.65	)		(3.52	)		(3.63	)	OTC PINK		1,999,000		25,187
SVBI	SEVERN BANCORP, INC	MD		761,935		86,456		85,499		0.59			0.62			5.25			5.59		NASDAQ		10,088,879		50,949
EGDW	EDGEWATER BANCORP, INC	MI		135,353		12,615		12,206		0.28			0.28			2.89			2.94		OTC BB		667,898		9,017
FFNM	FIRST FED OF NO MICHIGAN BANCORP	MI		335,740		32,398		30,776		1.11			1.51			11.32			16.02		NASDAQ		3,727,014		26,685
FBC	FLAGSTAR BANCORP, INC	MI		13,714,830		1,528,043		1,231,926		1.34			1.37			10.34			11.14		NYSE		56,557,895		1,213,732
STBI	STURGIS BANCORP, INC	MI		368,464		35,260		27,756		0.78			0.75			7.56			7.48		OTC BB		2,077,791		21,983
WBKC	WOLVERINE BANCORP, INC	MI		417,766		60,021		59,953		0.88			0.88			5.53			5.51		NASDAQ		2,152,334		54,885
HMNF	HMN FINANCIAL, INC	MN		641,901		74,565		72,673		0.60			0.62			4.87			5.07		NASDAQ		4,482,893		50,477
REDW	REDWOOD FINANCIAL, INC	MN		249,697		30,408		26,181		1.11			1.05			8.79			8.50		OTC PINK		446,980		15,796
WEFP	WELLS FINANCIAL CORP	MN		274,675		28,931		26,783		1.90			1.97			17.32			18.97		OTC PINK		794,253		25,416
CCFC	CCSB FINANCIAL CORP	MO		92,208		10,224		10,203		0.14			(0.02	)		1.25			(0.21	)	OTC PINK		917,000		9,629
FBSI	FIRST BANCSHARES, INC	MO		213,111		17,867		17,867		1.38			1.42			15.79			17.74		OTC PINK		1,550,815		13,973
LXMO	LEXINGTON B & L FINANCIAL CORP	MO		118,724		14,837		14,048		0.44			0.47			3.53			3.86		OTC PINK		610,000		17,690
LBCP	LIBERTY BANCORP, INC	MO		435,841		49,008		45,735		1.01			1.09			9.20			8.53		OTC BB		3,600,000		58,140
NASB	NASB FINANCIAL, INC	MO		1,598,898		200,898		192,047		1.59			1.56			11.48			11.24		OTC BB		7,867,614		251,764
PULB	PULASKI FINANCIAL CORP	MO		1,645,736		124,002		120,028		0.92			0.92			11.41			11.86		NASDAQ		11,974,158		193,383
QRRY	QUARRY CITY S&L ASSOC	MO		51,021		8,218		7,911		0.42			0.42			2.58			2.61		OTC BB		407,691		4,933
ASBB	ASB BANCORP, INC	NC		781,735		84,122		84,122		0.51			0.46			4.63			4.12		NASDAQ		3,985,475		96,608
ENFC	ENTEGRA FINANCIAL CORP	NC		1,031,416		131,469		127,824		2.46			2.36			18.12			19.11		NASDAQ		6,498,698		112,882
KSBI	KS BANCORP, INC	NC		337,186		32,788		32,788		0.50			0.46			4.95			4.63		OTC BB		1,300,000		15,353

114

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 4

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

MOST RECENT FOUR QUARTERS


			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
		State	Total Assets ($000)		Total Equity ($000)		Total Tang. Equity ($000)		ROAA (%)			Core ROAA (%)			ROAE (%)			Core ROAE (%)			Exchange	Number of Shares Outstg.		Mkt. Value of Shares ($000)

LSFG	LIFESTORE FINANCIAL GROUP	NC		266,267		27,277		26,390		0.53			0.47			5.08			4.64		OTC PINK		1,050,800		16,760
LTLB	LITTLE BANK, SSB	NC		362,331		34,655		34,655		0.89			0.88			9.01			9.23		OTC PINK		3,270,000		40,875
EQFN	EQUITABLE FINANCIAL CORP	NE		222,509		26,518		25,549		0.71			0.72			5.63			6.60		NASDAQ		3,173,523		26,182
MCBK	MADISON COUNTY FINANCIAL, INC	NE		360,353		62,437		59,242		1.12			1.08			6.06			6.25		NASDAQ		2,966,982		58,776
GUAA	GUARANTY BANCORP, INC	NH		436,704		39,460		39,317		0.60			0.52			6.47			5.50		OTC PINK		22,812,293		422,027
LFGP	LEDYARD FINANCIAL GROUP, INC	NH		445,890		41,086		41,086		0.95			0.95			10.22			10.30		OTC PINK		1,028,780		47,530
LSBG	NEW HAMPSHIRE THRIFT BANCSHARES	NH		1,518,317		136,708		81,869		0.60			0.59			6.60			6.43		NASDAQ		8,381,419		117,172
CBNJ	CAPE BANCORP, INC	NJ		1,603,275		168,381		143,396		0.91			1.00			7.22			8.71		NASDAQ		13,549,983		182,112
CSBK	CLIFTON BANCORP INC	NJ		1,167,935		333,956		333,956		0.68			0.56			2.41			1.92		NASDAQ		25,831,756		390,576
DLNO	DELANCO BANCORP, INC	NJ		130,030		12,760		12,760		(0.16	)		0.13			(1.60	)		1.33		OTC PINK		945,425		8,556
KRNY	KEARNY FINANCIAL CORP	NJ		4,405,046		1,166,476		1,057,160		0.33			0.35			0.63			1.33		NASDAQ		66,936,040		826,660
MSBF	MSB FINANCIAL CORP	NJ		375,742		54,183		54,183		0.16			0.06			1.04			0.47		NASDAQ		5,953,834		76,507
NFBK	NORTHFIELD BANCORP, INC	NJ		3,202,482		559,886		543,548		0.63			0.62			3.49			3.35		NASDAQ		48,287,468		793,846
OSHC	OCEAN SHORE HOLDING COMPANY	NJ		1,043,379		111,789		106,719		0.66			0.66			6.14			6.31		NASDAQ		6,411,678		112,333
OCFC	OCEANFIRST FINANCIAL CORP	NJ		2,598,879		238,446		235,778		0.82			0.81			8.52			8.82		NASDAQ		17,294,735		305,771
ORIT	ORITANI FINANCIAL CORP	NJ		3,513,119		518,419		518,419		1.62			0.82			10.56			5.42		NASDAQ		45,198,765		767,023
PFS	PROVIDENT FINANCIAL SERVICES, INC	NJ		8,911,657		1,196,219		769,942		0.96			0.95			7.00			7.08		NYSE		65,794,731		1,328,396
AF	ASTORIA FINANCIAL CORP	NY		15,076,211		1,663,448		1,467,283		0.57			0.57			5.29			5.40		NYSE		101,404,957		1,606,255
CARV	CARVER BANCORP, INC	NY		754,966		55,068		54,863		0.05			(0.09	)		0.59			(1.18	)	NASDAQ		3,696,087		19,294
DCOM	DIME COMMUNITY BANCSHARES, INC	NY		5,032,872		493,947		438,070		0.94			0.92			9.06			9.22		NASDAQ		37,371,992		658,494
ESBK	ELMIRA SAVINGS BANK	NY		561,485		54,772		40,590		0.74			0.71			7.53			7.11		NASDAQ		2,644,000		47,618
GOVB	GOUVERNEUR BANCORP, INC	NY		140,310		29,083		29,083		0.89			0.91			4.32			4.50		OTC PINK		2,380,000		32,178
PFDB	PATRIOT FEDERAL BANK	NY		129,343		12,034		11,853		0.28			0.26			2.94			2.81		OTC PINK		957,440		6,702
SCAY	SENECA-CAYUGA BANCORP, INC	NY		280,791		24,417		24,054		0.43			0.23			4.87			2.52		OTC PINK		2,380,000		25,752
SNNY	SUNNYSIDE BANCORP INC	NY		91,784		11,332		11,332		(0.10	)		(0.20	)		(0.80	)		(1.58	)	OTC BB		793,500		9,125
TRST	TRUSTCO BANK CORP NY	NY		4,734,675		413,310		412,757		0.90			0.89			10.22			10.37		NASDAQ		95,368,575		577,934
ASBN	ASB FINANCIAL CORP	OH		256,743		28,138		25,135		0.78			0.79			7.03			7.31		OTC PINK		1,979,034		24,738
CFBK	CENTRAL FEDERAL CORP	OH		347,664		37,745		37,734		0.94			0.94			8.21			8.60		NASDAQ		16,024,210		21,633
CHEV	CHEVIOT FINANCIAL CORP	OH		571,795		88,650		76,761		0.27			0.29			1.76			1.90		NASDAQ		6,802,944		99,935

115

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 5

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

MOST RECENT FOUR QUARTERS


			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
		State	Total Assets ($000)		Total Equity ($000)		Total Tang. Equity ($000)		ROAA (%)			Core ROAA (%)			ROAE (%)			Core ROAE (%)			Exchange	Number of Shares Outstg.		Mkt. Value of Shares ($000)

CIBN	COMMUNITY INVESTORS BANCORP, INC	OH		140,522		11,959		11,474		0.80			0.80			9.11			9.45		OTC PINK		525,000		6,773
FDEF	FIRST DEFIANCE FINANCIAL CORP	OH		2,297,966		280,197		207,280		1.18			1.20			9.43			9.57		NASDAQ		8,938,777		343,338
FNFI	FIRST NILES FINANCIAL, INC	OH		98,306		11,978		11,978		0.29			0.09			2.36			0.69		OTC PINK		1,140,000		9,291
HCFL	HOME CITY FINANCIAL CORP	OH		153,014		16,439		16,439		0.91			0.94			8.47			9.10		OTC PINK		802,466		14,549
HLFN	HOME LOAN FINANCIAL CORP	OH		196,819		21,680		21,508		1.65			1.63			14.23			14.47		OTC BB		1,396,506		29,019
PPSF	PEOPLES-SIDNEY FINANCIAL CORP	OH		113,843		14,908		14,908		0.45			0.46			3.44			3.47		OTC PINK		1,245,410		10,275
PFOH	PERPETUAL FEDERAL SAVINGS BANK	OH		362,813		64,958		64,958		1.41			1.40			7.70			7.87		OTC PINK		2,470,000		49,400
UCFC	UNITED COMMUNITY FINANCIAL CORP	OH		1,990,875		244,245		238,568		0.85			0.86			6.67			6.80		NASDAQ		47,634,899		279,617
VERF	VERSAILLES FINANCIAL CORP	OH		54,985		10,190		10,190		0.47			0.47			2.46			2.46		OTC BB		392,044		6,665
MWBC	WATCH HILL BANK	OH		119,324		14,085		14,050		0.23			0.23			1.75			2.16		OTC PINK		876,160		12,958
WAYN	WAYNE SAVINGS BANCSHARES, INC	OH		434,010		38,952		36,864		0.42			0.44			4.60			4.84		NASDAQ		2,781,839		34,356
BNCL	BENEFICIAL BANCORP, INC	PA		4,830,265		1,115,546		987,835		0.95			0.96			2.05			4.17		NASDAQ		75,426,531		1,032,589
ESSA	ESSA BANCORP, INC	PA		1,763,414		170,028		152,576		0.55			0.51			5.38			4.98		NASDAQ		11,412,821		153,959
FXCB	FOX CHASE BANCORP, INC	PA		1,125,646		176,914		176,810		0.86			0.87			5.40			5.47		NASDAQ		11,767,590		227,350
HARL	HARLEYSVILLE SAVINGS FIN CORP	PA		774,722		64,451		64,451		0.72			0.69			8.66			8.49		OTC PINK		3,747,031		71,194
MLVF	MALVERN BANCORP, INC	PA		721,087		69,221		68,833		0.73			0.62			6.94			6.15		NASDAQ		6,560,713		105,103
NWBI	NORTHWEST BANCSHARES INC	PA		9,006,768		1,163,163		890,774		0.72			0.73			5.20			5.51		NASDAQ		101,775,187		1,374,983
PBCP	POLONIA BANCORP, INC	PA		292,071		32,621		32,475		(0.01	)		(0.12	)		(0.06	)		(1.11	)	OTC BB		3,348,827		35,832
PBIP	PRUDENTIAL BANCORP, INC	PA		522,101		96,280		96,280		0.48			0.08			2.59			0.42		NASDAQ		8,612,938		123,337
QNTO	QUAINT OAK BANCORP INC	PA		182,786		17,612		17,567		0.79			0.82			7.55			8.15		OTC PINK		1,855,223		22,263
STND	STANDARD FINANCIAL CORP	PA		466,245		72,058		63,149		0.84			0.83			5.32			5.26		NASDAQ		3,410,573		82,877
UASB	UNITED-AMERICAN SAVINGS BANK	PA		89,839		7,958		7,958		0.76			0.77			8.61			9.09		OTC BB		298,000		12,665
WVFC	WVS FINANCIAL CORP	PA		329,341		30,402		30,402		0.46			0.46			4.71			4.68		NASDAQ		2,057,930		23,358
CWAY	COASTWAY BANCORP, INC	RI		554,776		53,470		53,234		0.32			0.40			3.05			3.87		NASDAQ		4,799,179		60,134
FCPB	FIRST CAPITAL BANCSHARES, INC	SC		51,831		7,806		7,806		0.67			0.73			4.51			4.98		OTC PINK		563,720		3,343
FSGB	FIRST FEDERAL OF SOUTH CAROLINA	SC		73,869		4,447		4,183		0.21			0.24			3.40			3.99		OTC PINK		1,012,755		3,038
HFFC	HF FINANCIAL CORP	SD		1,171,885		107,601		92,342		0.66			0.68			7.45			7.95		NASDAQ		7,042,296		126,761
CASH	META FINANCIAL GROUP, INC	SD		2,960,239		289,577		220,231		0.73			0.74			6.40			7.96		NASDAQ		6,948,391		316,847
AFCB	ATHENS BANCSHARES CORP	TN		323,518		39,527		39,484		1.00			1.01			7.89			8.40		NASDAQ		1,808,575		46,987

116

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 6

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

MOST RECENT FOUR QUARTERS


			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
		State	Total Assets ($000)		Total Equity ($000)		Total Tang. Equity ($000)		ROAA (%)			Core ROAA (%)			ROAE (%)			Core ROAE (%)			Exchange	Number of Shares Outstg.		Mkt. Value of Shares ($000)

FABK	FIRST ADVANTAGE BANCORP	TN		487,591		62,476		62,476		0.73			0.70			5.40			5.30		NASDAQ		3,900,660		64,166
SFBK	SFB BANCORP, INC	TN		62,492		13,678		13,541		1.17			1.12			5.13			5.01		OTC PINK		570,522		19,968
UNTN	UNITED TENNESSEE BANKSHARES	TN		196,608		20,223		20,223		0.87			0.85			8.34			8.36		OTC PINK		838,809		18,454
BAFI	BANCAFFILIATED, INC	TX		575,144		54,353		51,894		1.58			1.54			15.62			15.94		OTC PINK		278,450		20,884
TBK	TRIUMPH BANCORP, INC	TX		1,691,313		268,038		240,184		1.86			1.87			10.87			11.59		NASDAQ		18,018,089		285,226
ANCB	ANCHOR BANCORP, INC	WA		398,920		57,555		57,313		0.35			0.54			2.39			3.55		NASDAQ		2,457,633		59,671
FFNW	FIRST FINANCIAL NORTHWEST, INC	WA		979,913		170,673		170,673		0.96			0.91			5.37			4.95		NASDAQ		13,578,600		178,830
FSBW	FS BANCORP, INC	WA		677,524		78,740		72,929		1.51			1.50			11.28			13.12		NASDAQ		3,149,396		79,333
HMST	HOMESTREET, INC	WA		4,894,380		465,275		274,178		0.98			0.94			8.88			10.36		NASDAQ		24,550,297		510,892
RVSB	RIVERVIEW BANCORP, INC	WA		883,640		124,515		98,557		0.80			0.85			5.48			5.92		NASDAQ		22,507,890		94,533
SFBC	SOUND FINANCIAL BANCORP, INC	WA		540,175		53,483		49,748		0.95			0.98			9.17			9.84		NASDAQ		2,481,389		56,824
TSBK	TIMBERLAND BANCORP, INC	WA		837,379		91,051		83,926		1.15			1.18			9.99			10.68		NASDAQ		7,053,636		89,158
ABCW	ANCHOR BANCORP WISCONSIN, INC	WI		2,248,498		366,641		347,699		NM			NM			NM			NM		NASDAQ		21,247,725		957,422
BKMU	BANK MUTUAL CORP	WI		2,502,297		279,394		272,189		0.59			0.59			5.07			5.09		NASDAQ		45,575,567		345,007
HWIS	HOME BANCORP WISCONSIN, INC	WI		139,348		11,185		11,185		(0.35	)		(0.21	)		(4.07	)		(2.38	)	OTC PINK		899,190		8,407
WSBF	WATERSTONE FINANCIAL, INC	WI		1,761,716		391,930		389,907		0.94			0.94			4.23			3.94		NASDAQ		29,137,029		398,595
WBB	WESTBURY BANCORP, INC	WI		668,453		70,087		68,951		0.70			1.53			6.22			13.79		NASDAQ		4,229,061		80,352
CRZY	CRAZY WOMAN CREEK BANCORP	WY		106,394		11,115		10,983		0.68			0.69			6.53			6.74		OTC PINK		632,385		7,525

117

KELLER & COMPANY

Dublin, Ohio

614-766-1426

Page 7

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

MOST RECENT FOUR QUARTERS


	ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
	Total Assets ($000)		Total Equity ($000)		Total Tang. Equity ($000)		ROAA (%)			Core ROAA (%)			ROAE (%)			Core ROAE (%)			Exchange	Number of Shares Outstg.		Mkt. Value of Shares ($000)

ALL INSTITUTIONS
AVERAGE		1,416,303		168,220		149,490		0.72			0.71			6.06			6.18				12,815,813		192,016
MEDIAN		435,841		54,183		50,843		0.72			0.71			5.48			5.51				3,149,396		51,979
HIGH		26,601,026		1,868,321		1,484,409		3.91			3.51			19.61			19.75				138,421,120		1,889,979
LOW		51,021		3,140		3,140		(1.44	)		(1.46	)		(10.92	)		(13.26	)			278,450		155

AVERAGE FOR STATE
IL		314,848		38,916		38,043		0.06			103.33			0.00			0.59				3,030,361		40,064

AVERAGE BY REGION
MID-ATLANTIC		2,146,257		289,153		252,697		0.54			0.49			4.35			4.14				21,912,177		321,261
MIDWEST		761,945		93,632		84,199		0.71			0.72			5.95			6.38				6,427,071		101,285
NORTH CENTRAL		1,278,993		162,395		154,744		0.91			0.91			7.83			8.16				12,746,914		200,349
NORTHEAST		1,720,978		193,383		173,136		0.57			0.56			5.50			5.61				16,768,002		239,886
SOUTHEAST		1,863,209		151,686		129,058		0.70			0.70			5.76			5.91				10,496,872		150,577
SOUTHWEST		501,953		501,953		64,302		1.16			1.15			9.15			9.46				3,865,332		69,072
WEST		1,481,685		160,136		143,011		1.07			1.09			8.75			8.56				14,022,165		219,065

AVERAGE BY EXCHANGE
NYSE		16,075,931		1,564,008		1,238,390		0.85			0.86			7.41			7.73				87,251,182		1,509,591
NASDAQ		1,753,380		226,429		206,436		0.80			0.79			6.39			6.53				19,064,681		272,981
OTC BB		293,627		34,515		33,227		0.70			0.69			5.73			5.82				1,955,489		34,475
OTC PINK		229,621		24,169		23,475		0.57			0.56			5.52			5.65				1,766,602		28,526

118

KELLER & COMPANY

Dublin, Ohio

614-766-1426

EXHIBIT 33

RECENT SECOND STAGE CONVERSIONS

JANUARY 1, 2015, THROUGH MAY 16, 2016

PRICE CHANGES FROM IPO DATE


						Percentage Price Change From Initial Trading Date
Company Name	Ticker	Conversion Date		Exchange		One Day			One Week			One Month			Through 5/16/16

Beneficial Bancorp	BNCL		1/13/2015		NASDAQ		9.50	%		8.20	%		15.10	%		36.90	%
Equitable Financial Corp.	EQFN		7.9/2015		Pink Sheet		7.25			5.63			2.34			8.80
Kerany Financial Corp.	KRNY		5/19/2015		NASDAQ		8.00			9.02			14.10			0.18
MSB Financial Corp	MSFB		7.17/2015		NASDAQ		19.00			16.40			16.00			34.72

AVERAGE							10.94	%		9.81	%		11.88	%		20.15	%
MEDIAN							8.75	%		8.61	%		14.60	%		21.76	%

119

EXHIBIT 34

KELLER & COMPANY

Dublin, Ohio

614-766-1426

RECENT ACQUISITIONS AND PENDING ACQUISITIONS

COUNTY, CITY OR MARKET AREA OF OTTAWA SAVINGS BANK

NONE

(that were potential comparable group candidates)

120

EXHIBIT 35

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

BALANCE SHEET PARAMETERS

Most Recent Quarter


General Parameters:
	Regions: Mid-Atlantic, Midwest and North Central
	Asset Size: < $800 Million
	No Recent Acquisition Activity

			Total Assets ($000)		Cash & Securities/ Assets (%)		MBS/ Assets (%)		1-4 Fam. Loans/ Assets (%)		Total Net Loans/ Assets (%)		Total Net Loans & MBS/ Assets (%)		Borrowed Funds/ Assets (%)		Equity/ Assets (%)

	OTTAWA BANCORP, INC.	IL		216,565		11.95		13.52		41.99		66.84		80.36		0.53		14.33

	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 800,000		< 25.00		<25.00		<55.00		50.00 - 90.00		60.00 - 90.00		< 20.00		8.00 - 20.00

AJSB	AJS BANCORP	IL		208,493		19.43		19.06		48.05		54.88		73.94		2.89		14.17
AFBA	ALLIED FIRST BANCORP	IL		114,257		24.85		9.77		26.84		52.23		62.00		0.88		6.59
BFFI	BEN FRANKLIN FINANCIAL	IL		84,057		28.36		0.65		36.11		68.45		69.10		0.75		10.21
FIRT	FIRST BANCTRUST CORP	IL		449,541		6.91		9.20		17.77		77.54		86.74		8.45		10.03
GTPS	GREAT AMERICAN BANCORP	IL		182,009		40.29		0.14		29.68		54.21		54.35		2.20		9.16
HARI	HARVARD BANCSHARES	IL		213,943		18.43		19.76		22.05		54.89		74.65		0.00		11.04
IROQ	IF BANCORP	IL		559,884		16.91		4.97		26.70		73.90		78.87		12.56		12.19
JXSB	JACKSONVILLE BANCORP	IL		308,611		23.05		7.51		18.26		62.55		70.06		4.97		13.75
MCPH	MIDLAND CAPITAL HOLDINGS CORP	IL		119,541		43.43		3.08		42.52		48.80		51.88		0.00		9.30
OTTW	OTTAWA SAVINGS BANCORP	IL		213,563		13.22		12.99		42.42		65.61		78.60		1.13		14.28
PFED	PARK BANCORP	IL		142,559		20.84		9.78		39.12		52.53		62.31		18.24		2.20
RYFL	ROYAL FINANCIAL	IL		202,282		18.03		0.00		22.37		74.25		74.25		0.00		17.31
SUGR	SUGAR CREEK FINANCIAL CORP	IL		96,690		16.55		0.00		73.28		80.08		80.08		5.64		11.31
AMFC	AMB FINANCIAL CORP.	IN		189,757		7.12		2.98		39.57		80.81		83.79		0.40		9.53
DSFN	DSA FINANCIAL CORP	IN		116,268		18.40		0.01		51.23		74.25		74.26		4.30		14.12
FFWC	FFW CORP	IN		332,498		18.42		8.43		29.54		66.37		74.80		2.18		10.42
FDLB	FIDELITY FEDERAL BANCORP	IN		378,839		21.37		36.86		10.81		27.72		64.58		8.60		11.49
FBPI	FIRST BANCORP OF INDIANA	IN		401,058		17.55		12.21		18.99		60.65		72.86		24.44		10.31
FCAP	FIRST CAPITAL	IN		713,067		36.36		7.20		19.82		50.37		57.57		0.01		10.05
FSFG	FIRST SAVINGS FINANCIAL GROUP	IN		738,899		18.59		9.55		26.05		62.31		71.86		13.60		10.38

121

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

BALANCE SHEET PARAMETERS

Most Recent Quarter


General Parameters:
	Regions: Mid-Atlantic, Midwest and North Central Asset Size: < $800 Million No Recent Acquisition Activity

			Total Assets ($000)		Cash & Securities/ Assets (%)		MBS/ Assets (%)		1-4 Fam. Loans/ Assets (%)		Total Net Loans/ Assets (%)		Total Net Loans & MBS/ Assets (%)		Borrowed Funds/ Assets (%)		Equity/ Assets (%)

	OTTAWA BANCORP, INC.	IL		216,565		11.95		13.52		41.99		66.84		80.36		0.53		14.33

	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 800,000		< 25.00		<25.00		<55.00		50.00 - 90.00		60.00 - 90.00		< 20.00		8.00 - 20.00

LPSB	LAPORTE BANCORP	IN		534,447		18.53		8.66		11.28		63.91		72.57		10.85		14.31
LOGN	LOGANSPORT FINANCIAL CORP.	IN		172,544		21.51		9.02		20.52		65.56		74.58		4.64		12.65
TDCB	THIRD CENTURY BANCORP	IN		126,852		13.16		3.35		37.22		77.54		80.89		12.61		11.51
UCBA	UNITED COMMUNITY BANCORP	IN		507,670		20.76		20.28		28.09		51.87		72.15		2.90		12.09
WEIN	WEST END INDIANA BANCSHARES	IN		270,726		5.89		6.99		23.32		80.96		87.95		9.97		9.90
PBSK	POAGE BANKSHARES	KY		434,606		13.54		7.13		44.20		72.28		79.41		4.16		15.62
BYBK	BAY BANCORP	MD		491,129		10.80		3.31		28.75		79.71		83.02		10.59		13.82
IFSB	COLOMBO BANK	MD		202,639		11.90		5.89		46.16		79.65		85.54		17.28		9.85
FRTR	FRATERNITY COMMUNITY BANCORP	MD		161,119		17.51		6.33		57.87		69.88		76.21		12.41		14.47
HBK	HAMILTON BANCORP	MD		362,439		13.14		16.06		31.40		62.26		78.32		5.32		13.96
MBCQ	MADISON BANK OF MARYLAND	MD		134,288		20.86		4.23		57.17		69.35		73.58		10.11		18.60
SVBI	SEVERN BANCORP	MD		761,935		11.09		4.60		45.06		77.41		82.01		15.55		11.35
EGDW	EDGEWATER BANCORP	Ml		135,353		14.33		2.39		35.17		79.02		81.41		5.91		9.32
FFNM	FIRST FED OF NO MICHIGAN BANCORP	Ml		335,740		24.20		19.33		23.69		50.05		69.38		9.81		9.65
STBI	STURGIS BANCORP	Ml		368,464		18.48		3.11		30.30		68.89		72.00		12.21		9.57
WBKC	WOLVERINE BANCORP	Ml		417,766		22.11		0.00		17.76		75.31		75.31		17.00		14.37
HMNF	HMN FINANCIAL	MN		641,901		23.29		0.36		19.44		72.13		72.49		0.00		11.62
REDW	REDWOOD FINANCIAL	MN		249,697		15.71		4.18		18.81		70.94		75.12		5.25		12.18
WEFP	WELLS FINANCIAL CORP.	MN		274,675		16.75		6.93		26.31		71.94		78.87		0.00		10.53
CCFC	CCSB FINANCIAL CORP.	MO		92,208		23.70		0.00		38.25		66.21		66.21		4.34		11.09

122

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

BALANCE SHEET PARAMETERS

Most Recent Quarter


General Parameters:
	Regions: Mid-Atlantic, Midwest and North Central Asset Size: < $800 Million No Recent Acquisition Activity

			Total Assets ($000)		Cash & Securities/ Assets (%)		MBS/ Assets (%)		1-4 Fam. Loans/ Assets (%)		Total Net Loans/ Assets (%)		Total Net Loans & MBS/ Assets (%)		Borrowed Funds/ Assets (%)		Equity/ Assets (%)

	OTTAWA BANCORP, INC.	IL		216,565		11.95		13.52		41.99		66.84		80.36		0.53		14.33

	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 800,000		< 25.00		<25.00		<55.00		50.00 - 90.00		60.00 - 90.00		< 20.00		8.00 - 20.00

FBSI	FIRST BANCSHARES	MO		213,111		16.71		18.40		25.64		58.43		76.83		8.04		8.38
LXMO	LEXINGTON B & L FINANCIAL CORP.	MO		118,724		15.61		18.62		36.89		60.08		78.70		0.72		12.50
LBCP	LIBERTY BANCORP	MO		435,841		7.09		2.51		19.89		78.92		81.43		6.07		11.24
QRRY	QUARRY CITY SAVINGS & LOAN ASSN	MO		51,021		21.47		0.00		45.63		74.01		74.01		0.00		16.11
EQFN	EQUITABLE FINANCIAL CORP	NE		222,509		9.61		0.44		23.68		84.79		85.23		0.72		11.92
MCBK	MADISON COUNTY FINANCIAL	NE		360,353		16.87		0.00		12.54		76.47		76.47		11.85		17.33
DLNO	DELANCO BANCORP	NJ		130,030		26.02		0.70		53.00		64.34		65.04		2.31		9.81
MSBF	MSB FINANCIAL CORP	NJ		375,742		17.25		7.04		45.09		69.85		76.89		9.30		14.42
CARV	CARVER BANCORP	NY		754,966		12.64		4.70		19.53		79.04		83.74		9.93		7.29
ESBK	ELMIRA SAVINGS BANK	NY		561,485		6.31		3.87		54.73		79.67		83.54		10.60		9.75
GOVB	GOUVERNEUR BANCORP	NY		140,310		15.85		0.42		61.10		74.78		75.20		15.86		20.73
PFDB	PATRIOT FEDERAL BANK	NY		129,343		12.77		7.63		41.00		75.64		83.27		8.66		9.30
SCAY	SENECA-CAYUGA BANCORP	NY		280,791		12.18		2.83		35.59		71.92		74.75		17.98		8.70
SNNY	SUNNYSIDE BANCORP INC	NY		91,784		16.91		25.70		35.97		51.31		77.01		0.55		12.35
ASBN	ASB FINANCIAL CORP	OH		256,743		7.41		5.01		50.63		79.18		84.19		10.71		10.96
CFBK	CENTRAL FEDERAL CORP	OH		347,664		9.82		0.24		18.91		85.45		85.69		4.17		10.86
CHEV	CHEVIOT FINANCIAL CORP	OH		571,795		23.47		1.31		35.33		65.23		66.54		2.42		15.50
CIBN	COMMUNITY INVESTORS BANCORP	OH		140,522		14.96		1.16		55.86		74.83		75.99		27.54		8.51
FNFI	FIRST NILES FINANCIAL	OH		98,306		42.89		24.61		18.95		26.29		50.90		26.96		12.18
HCFL	HOME CITY FINANCIAL CORP	OH		153,014		4.42		4.62		56.43		83.47		88.09		15.73		10.74

123

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

BALANCE SHEET PARAMETERS

Most Recent Quarter

General Parameters:

Regions: Mid-Atlantic, Midwest and North Central

Asset Size: < $800 Million

No Recent Acquisition Activity


			Total Assets ($000)		Cash & Securities/ Assets (%)		MBS/ Assets (%)		1-4 Fam. Loans/ Assets (%)		Total Net Loans/ Assets (%)		Total Net Loans & MBS/ Assets (%)		Borrowed Funds/ Assets (%)		Equity/ Assets (%)

	OTTAWA BANCORP, INC.	IL		216,565		11.95		13.52		41.99		66.84		80.36		0.53		14.33

	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 800,000		< 25.00		<25.00		<55.00		50.00 - 90.00		60.00 - 90.00		< 20.00		8.00 - 20.00

HLFN	HOME LOAN FINANCIAL CORP	OH		196,819		7.80		0.00		45.00		86.41		86.41		14.65		11.02
PPSF	PEOPLES-SIDNEY FINANCIAL CORP	OH		113,843		26.36		0.00		48.94		70.36		70.36		1.33		13.10
PFOH	PERPETUAL FEDERAL SAVINGS BANK	OH		362,813		10.91		0.00		43.68		87.54		87.54		3.58		17.90
VERF	VERSAILLES FINANCIAL CORP	OH		54,985		19.67		0.44		55.51		75.09		75.53		11.39		18.53
MWBC	WATCH HILL BANK	OH		119,324		9.54		3.44		58.79		77.26		80.70		19.91		11.80
WAYN	WAYNE SAVINGS BANCSHARES	OH		434,010		8.64		17.84		38.22		67.59		85.43		6.23		8.97
HARL	HARLEYSVILLE SAVINGS FIN CORP	PA		774,722		7.97		18.78		42.21		68.39		87.17		24.12		8.32
MLVF	MALVERN BANCORP	PA		721,087		25.73		5.13		36.63		64.00		69.13		14.53		9.60
PBCP	POLONIA BANCORP	PA		292,071		22.22		12.65		53.09		58.95		71.60		19.17		11.17
PBIP	PRUDENTIAL BANCORP	PA		522,101		15.20		19.24		49.94		61.65		80.89		7.17		18.44
QNTO	QUAINT OAK BANCORP INC	PA		182,786		12.76		1.64		44.24		78.40		80.04		7.39		9.64
STND	STANDARD FINANCIAL CORP	PA		466,245		11.38		5.37		53.81		75.88		81.25		13.62		15.45
UASB	UNITED-AMERICAN SAVINGS BANK	PA		89,839		15.06		8.43		58.48		72.86		81.29		8.17		8.86
WVFC	WVS FINANCIAL CORP	PA		329,341		32.20		46.16		13.72		17.55		63.71		46.44		9.23
HWIS	HOME BANCORP WISCONSIN	Wl		139,348		7.40		3.82		38.66		80.73		84.55		10.15		8.03
WBB	WESTBURY BANCORP	Wl		668,453		10.39		8.48		23.09		74.28		82.76		5.10		10.48

124

EXHIBIT 36

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

OPERATING PERFORMANCE AND ASSET QUALITY RATIOS

Most Recent Four Quarters


General Parameters:
		Regions: Mid-Atlantic, Midwest and North Central
		Asset Size: < $800 Million
		No Recent Acquisition Activity


					OPERATING PERFORMANCE												ASSET QUALITY
			Total Assets ($000)		Core ROAA (%)			Core ROAE (%)			Net Interest Margin ⁽²⁾ (%)		Operating Expenses/ Assets (%)		Noninterest Income/ Assets (%)		NPA/ Assets (%)		REO/ Assets (%)		Reserves/ Assets (%)

	OTTAWA BANCORP, INC.	IL		216,565		0.38			2.71			3.57		3.20		0.59		2.46		0.15		1.01

	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 800,000		< 1.00			< 9.00			2.75- 4.75		1.75- 4.50		< 1.10		< 3.00		< 0.50		> 0.30

AJSB	AJS BANCORP	IL		208,493		0.09			0.62			2.29		2.35		0.27		0.78		0.15		0.47
AFBA	ALLIED FIRST BANCORP	IL		114,257		0.74			11.88			2.88		27.68		26.18		2.59		0.82		0.82
BFFI	BEN FRANKLIN FINANCIAL	IL		84,057		(1.25	)		(13.26	)		3.12		4.65		0.38		1.87		0.57		1.18
FIRT	FIRST BANCTRUST CORP	IL		449,541		0.75			7.49			3.60		2.70		0.66		0.48		0.05		1.01
GTPS	GREAT AMERICAN BANCORP	IL		182,009		0.33			3.69			2.91		3.89		1.86		1.37		0.84		0.57
HARI	HARVARD BANCSHARES	IL		213,943		0.65			5.96			3.67		3.15		0.47		0.73		0.23		0.60
IROQ	IF BANCORP	IL		559,884		0.56			4.66			3.04		2.45		0.62		0.65		0.03		0.90
JXSB	JACKSONVILLE BANCORP	IL		308,611		0.97			7.18			3.58		3.25		1.27		0.76		0.11		0.95
MCPH	MIDLAND CAPITAL HOLDINGS CORP	IL		119,541		(0.02	)		(0.21	)		2.82		3.01		0.30		1.93		0.55		0.36
OTTW	OTTAWA SAVINGS BANCORP	IL		213,563		0.36			2.62			3.52		3.13		0.48		2.51		0.15		1.04
PFED	PARK BANCORP	IL		142,559		(1.46	)		NM			2.96		5.02		0.59		4.59		2.18		1.81
RYFL	ROYAL FINANCIAL	IL		202,282		3.51			19.57			3.74		2.22		3.01		0.22		0.05		0.69
SUGR	SUGAR CREEK FINANCIAL CORP	IL		96,690		0.10			0.84			2.82		2.53		0.13		0.65		0.41		0.21
AMFC	AMB FINANCIAL CORP.	IN		189,757		0.78			8.08			4.04		2.80		0.50		0.61		0.07		1.00
DSFN	DSA FINANCIAL CORP	IN		116,268		0.72			4.96			3.21		2.30		0.32		0.40		0.00		0.73
FFWC	FFW CORP	IN		332,498		1.02			10.05			3.75		3.08		1.05		1.88		0.58		1.05
FDLB	FIDELITY FEDERAL BANCORP	IN		378,839		2.19			19.75			3.78		3.08		3.45		2.93		2.10		0.43
FBPI	FIRST BANCORP OF INDIANA	IN		401,058		0.49			4.75			3.04		2.94		0.83		1.46		0.60		0.59
FCAP	FIRST CAPITAL	IN		713,067		0.89			8.26			3.20		2.15		0.73		1.55		0.69		0.48
FSFG	FIRST SAVINGS FINANCIAL GROUP	IN		738,899		0.97			9.40			3.73		2.79		0.79		0.75		0.09		0.90

125

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

OPERATING PERFORMANCE AND ASSET QUALITY RATIOS

Most Recent Four Quarters


General Parameters:
		Regions: Mid-Atlantic, Midwest and North Central
		Asset Size: < $800 Million
		No Recent Acquisition Activity


					OPERATING PERFORMANCE												ASSET QUALITY
			Total Assets ($000)		Core ROAA (%)			Core ROAE (%)			Net Interest Margin ⁽²⁾ (%)		Operating Expenses/ Assets (%)		Noninterest Income/ Assets (%)		NPA/ Assets (%)		REO/ Assets (%)		Reserves/ Assets (%)

	OTTAWA BANCORP, INC.	IL		216,565		0.38			2.71			3.57		3.20		0.59		2.46		0.15		1.01

	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 800,000		< 1.00			< 9.00			2.75- 4.75		1.75- 4.50		< 1.10		< 3.00		< 0.50		> 0.30

LPSB	LAPORTE BANCORP	IN		534,447		0.70			4.90			3.35		2.58		0.53		0.85		0.41		0.68
LOGN	LOGANSPORT FINANCIAL CORP.	IN		172,544		1.15			8.91			3.91		2.29		0.31		0.62		0.02		1.00
TDCB	THIRD CENTURY BANCORP	IN		126,852		0.64			5.28			3.50		3.27		0.38		0.66		0.60		0.98
UCBA	UNITED COMMUNITY BANCORP	IN		507,670		0.68			5.46			2.81		2.67		0.81		1.09		0.04		0.94
WEIN	WEST END INDIANA BANCSHARES	IN		270,726		0.75			7.43			4.49		3.03		0.59		1.79		0.30		0.81
PBSK	POAGE BANKSHARES	KY		434,606		0.78			5.00			4.30		3.36		0.66		1.34		0.30		0.43
BYBK	BAY BANCORP	MD		491,129		0.42			3.02			4.72		4.50		0.99		1.97		0.30		0.36
IFSB	COLOMBO BANK	MD		202,639		(0.19	)		(1.90	)		3.29		3.91		0.39		1.94		0.23		1.66
FRTR	FRATERNITY COMMUNITY BANCORP	MD		161,119		(0.26	)		(1.79	)		2.67		2.62		0.14		0.79		0.00		0.96
HBK	HAMILTON BANCORP	MD		362,439		0.15			1.02			2.98		2.42		0.28		1.55		0.12		0.56
MBCQ	MADISON BANK OF MARYLAND	MD		134,288		(0.65	)		(3.63	)		2.62		3.17		0.16		1.38		0.00		1.16
SVBI	SEVERN BANCORP	MD		761,935		0.62			5.59			3.12		3.15		0.81		1.37		0.23		1.15
EGDW	EDGEWATER BANCORP	Ml		135,353		0.28			2.94			3.51		3.52		0.66		1.17		0.19		0.79
FFNM	FIRST FED OF NO MICHIGAN BANCORP	Ml		335,740		1.51			16.02			3.05		2.93		0.56		0.76		0.11		0.46
STBI	STURGIS BANCORP	Ml		368,464		0.75			7.48			3.64		3.77		1.61		1.22		0.22		0.87
WBKC	WOLVERINE BANCORP	Ml		417,766		0.88			5.51			3.38		1.79		0.25		1.59		0.03		2.41
HMNF	HMN FINANCIAL	MN		641,901		0.62			5.07			3.48		3.38		1.05		1.08		0.32		1.51
REDW	REDWOOD FINANCIAL	MN		249,697		1.05			8.50			4.55		3.20		1.03		0.50		0.04		1.13
WEFP	WELLS FINANCIAL CORP.	MN		274,675		1.97			18.97			3.70		3.25		2.26		1.35		0.59		0.72
CCFC	CCSB FINANCIAL CORP.	MO		92,208		(0.02	)		(0.21	)		3.51		3.68		0.75		0.07		0.07		1.66

126

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

OPERATING PERFORMANCE AND ASSET QUALITY RATIOS

Most Recent Four Quarters


General Parameters:
	Regions: Mid-Atlantic, Midwest and North Central
	Asset Size: < $800 Million
	No Recent Acquisition Activity

					OPERATING PERFORMANCE													ASSET QUALITY
			Total Assets ($000)		Core ROAA (%)			Core ROAE (%)			Net Interest Margin ⁽²⁾ (%)		Operating Expenses/ Assets (%)		Noninterest Income/ Assets (%)			NPA/ Assets (%)		REO/ Assets (%)		Reserves/ Assets (%)

	OTTAWA BANCORP, INC.	IL		216,565		0.38			2.71			3.57		3.20		0.59			2.46		0.15		1.01

	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 800,000		< 1.00			< 9.00			2.75- 4.75		1.75- 4.50		< 1.10			< 3.00		< 0.50		> 0.30

FBSI	FIRST BANCSHARES	MO		213,111		1.42			17.74			2.92		2.64		0.38			0.05		0.00		0.80
LXMO	LEXINGTON B & L FINANCIAL CORP.	MO		118,724		0.47			3.86			2.91		2.70		0.42			1.32		0.08		1.26
LBCP	LIBERTY BANCORP	MO		435,841		1.09			8.53			4.50		3.41		0.90			1.96		1.87		1.25
QRRY	QUARRY CITY SAVINGS & LOAN ASSN	MO		51,021		0.42			2.61			3.77		3.43		0.56			0.55		0.00		0.95
EQFN	EQUITABLE FINANCIAL CORP	NE		222,509		0.72			6.60			3.43		3.25		0.99			1.15		0.15		1.27
MCBK	MADISON COUNTY FINANCIAL	NE		360,353		1.08			6.25			3.75		2.11		0.60			0.14		0.00		2.43
DLNO	DELANCO BANCORP	NJ		130,030		0.13			1.33			3.18		2.98		(0.07	)		3.54		1.66		0.90
MSBF	MSB FINANCIAL CORP	NJ		375,742		0.06			0.47			2.99		2.62		0.19			1.65		0.00		0.96
CARV	CARVER BANCORP	NY		754,966		(0.09	)		(1.18	)		3.18		3.47		0.86			1.78		0.13		0.69
ESBK	ELMIRA SAVINGS BANK	NY		561,485		0.71			7.11			3.13		2.60		0.91			0.88		0.03		0.74
GOVB	GOUVERNEUR BANCORP	NY		140,310		0.91			4.50			4.38		3.18		0.50			1.94		0.33		0.73
PFDB	PATRIOT FEDERAL BANK	NY		129,343		0.26			2.81			3.59		3.02		0.41			0.75		0.10		1.20
SCAY	SENECA-CAYUGA BANCORP	NY		280,791		0.23			2.52			3.91		3.52		0.81			1.50		0.18		0.79
SNNY	SUNNYSIDE BANCORP INC	NY		91,784		(0.20	)		(1.58	)		2.75		3.00		0.21			0.32		0.00		0.50
ASBN	ASB FINANCIAL CORP	OH		256,743		0.79			7.31			3.71		3.52		1.22			0.89		0.17		0.60
CFBK	CENTRAL FEDERAL CORP	OH		347,664		0.94			8.60			3.12		2.67		0.37			0.93		0.47		1.90
CHEV	CHEVIOT FINANCIAL CORP	OH		571,795		0.29			1.90			2.86		2.35		0.48			0.78		0.29		0.62
CIBN	COMMUNITY INVESTORS BANCORP	OH		140,522		0.80			9.45			4.21		4.82		2.59			1.92		0.06		1.07
FNFI	FIRST NILES FINANCIAL	OH		98,306		0.09			0.69			2.03		1.90		0.13			1.37		0.40		0.26
HCFL	HOME CITY FINANCIAL CORP	OH		153,014		0.94			9.10			3.63		2.34		0.31			0.59		0.12		1.71

127

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

OPERATING PERFORMANCE AND ASSET QUALITY RATIOS

Most Recent Four Quarters


General Parameters:
	Regions: Mid-Atlantic, Midwest and North Central
	Asset Size: < $800 Million
	No Recent Acquisition Activity

					OPERATING PERFORMANCE												ASSET QUALITY
			Total Assets ($000)		Core ROAA (%)			Core ROAE (%)			Net Interest Margin ⁽²⁾ (%)		Operating Expenses/ Assets (%)		Noninterest Income/ Assets (%)		NPA/ Assets (%)		REO/ Assets (%)		Reserves/ Assets (%)

	OTTAWA BANCORP, INC.	IL		216,565		0.38			2.71			3.57		3.20		0.59		2.46		0.15		1.01

	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 800,000		< 1.00			< 9.00			2.75- 4.75		1.75- 4.50		< 1.10		< 3.00		< 0.50		> 0.30

HLFN	HOME LOAN FINANCIAL CORP	OH		196,819		1.63			14.47			4.62		2.30		0.49		0.38		0.00		1.09
PPSF	PEOPLES-SIDNEY FINANCIAL CORP	OH		113,843		0.46			3.47			3.77		2.92		0.11		2.37		0.00		0.97
PFOH	PERPETUAL FEDERAL SAVINGS BANK	OH		362,813		1.40			7.87			3.15		0.94		0.02		1.67		0.01		1.16
VERF	VERSAILLES FINANCIAL CORP	OH		54,985		0.47			2.46			3.37		2.33		0.02		0.00		0.00		0.46
MWBC	WATCH HILL BANK	OH		119,324		0.23			2.16			2.59		2.16		0.15		0.95		0.09		1.36
WAYN	WAYNE SAVINGS BANCSHARES	OH		434,010		0.44			4.84			3.14		2.49		0.39		0.45		0.00		0.65
HARL	HARLEYSVILLE SAVINGS FIN CORP	PA		774,722		0.69			8.49			2.79		1.76		0.24		1.29		0.09		0.48
MLVF	MALVERN BANCORP	PA		721,087		0.62			6.15			2.54		1.85		0.26		0.27		0.16		0.63
PBCP	POLONIA BANCORP	PA		292,071		(0.12	)		(1.11	)		2.52		3.67		1.12		0.79		0.06		0.44
PBIP	PRUDENTIAL BANCORP	PA		522,101		0.08			0.42			2.56		2.43		0.61		2.88		0.00		0.56
QNTO	QUAINT OAK BANCORP INC	PA		182,786		0.82			8.15			4.01		3.25		1.04		1.24		0.77		0.72
STND	STANDARD FINANCIAL CORP	PA		466,245		0.83			5.26			3.00		2.13		0.56		0.21		0.07		0.83
UASB	UNITED-AMERICAN SAVINGS BANK	PA		89,839		0.77			9.09			3.41		2.54		0.43		0.56		0.00		0.41
WVFC	WVS FINANCIAL CORP	PA		329,341		0.46			4.68			1.79		1.08		0.17		0.08		0.00		0.11
HWIS	HOME BANCORP WISCONSIN	WI		139,348		(0.21	)		(2.38	)		3.32		3.37		0.27		0.14		0.00		1.06
WBB	WESTBURY BANCORP	WI		668,453		1.53			13.79			3.38		3.24		0.94		0.11		0.03		0.71

128

EXHIBIT 37

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

FINAL COMPARABLE GROUP

BALANCE SHEET RATIOS

Most Recent Quarter


			Total Assets ($000)		Cash & Securities/ Assets (%)		MBS/ Assets (%)		1-4 Fam. Loans/ Assets (%)		Total Net Loans/ Assets (%)		Total Net Loans & MBS/ Assets (%)		Borrowed Funds/ Assets (%)		Equity/ Assets (%)

	OTTAWA BANCORP, INC.	IL		216,565		11.95		13.52		41.99		66.84		80.36		0.53		14.33

	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 800,000		< 25.00		<25.00		<55.00		50.00 - 90.00		60.00 - 90.00		< 20.00		8.00 - 20.00

EQFN	EQUITABLE FINANCIAL CORP	NE		222,509		9.61		0.44		23.68		84.79		85.23		0.72		11.92
CFBK	CENTRAL FEDERAL CORP	OH		347,664		9.82		0.24		18.91		85.45		85.69		4.17		10.86
WBKC	WOLVERINE BANCORP	MI		417,766		22.11		0.00		17.76		75.31		75.31		17.00		14.37
WAYN	WAYNE SAVINGS BANCSHARES	OH		434,010		8.64		17.84		38.22		67.59		85.43		6.23		8.97
PBSK	POAGE BANKSHARES	KY		434,606		13.54		7.13		44.20		72.28		79.41		4.16		15.62
BYBK	BAY BANCORP	MD		491,129		10.80		3.31		28.75		79.71		83.02		10.59		13.82
UCBA	UNITED COMMUNITY BANCORP	IN		507,670		20.76		20.28		28.09		51.87		72.15		2.90		12.09
ESBK	ELMIRA SAVINGS BANK	NY		561,485		6.31		3.87		54.73		79.67		83.54		10.60		9.75
HMNF	HMN FINANCIAL	MN		641,901		23.29		0.36		19.44		72.13		72.49		0.00		11.62
SVBI	SEVERN BANCORP	MD		761,935		11.09		4.60		45.06		77.41		82.01		15.55		11.35

		AVERAGE		482,068		13.60		5.81		31.88		74.62		80.43		7.19		12.04
		MEDIAN		462,868		10.94		3.59		28.42		76.36		82.52		5.20		11.77
		HIGH		761,935		23.29		20.28		54.73		85.45		85.69		17.00		15.62
		LOW		222,509		6.31		0.00		17.76		51.87		72.15		0.00		8.97

129

EXHIBIT 38

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

FINAL COMPARABLE GROUP

OPERATING PERFORMANCE AND ASSET QUALITY RATIOS

Most Recent Four Quarters


					OPERATING PERFORMANCE										ASSET QUALITY
			Total Assets ($000)		Core ROAA (%)		Core ROAE (%)		Net Interest Margin (%)		Operating Expenses/ Assets (%)		Noninterest Income/ Assets (%)		NPA/ Assets (%)		REO/ Assets (%)		Reserves/ Assets (%)

	OTTAWA BANCORP, INC.	IL		216,565		0.38		2.71		3.57		3.20		0.59		2.46		0.15		1.01

	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 800,000		< 1.00		< 9.00		2.75- 4.75		1.75- 4.50		< 1.10		< 3.00		< 0.50		> 0.30

EQFN	EQUITABLE FINANCIAL CORP	NE		222,509		0.72		6.60		3.43		3.25		0.99		1.15		0.15		1.27
CFBK	CENTRAL FEDERAL CORP	OH		347,664		0.94		8.60		3.12		2.67		0.37		0.93		0.47		1.90
WBKC	WOLVERINE BANCORP	MI		417,766		0.88		5.51		3.38		1.79		0.25		1.59		0.03		2.41
WAYN	WAYNE SAVINGS BANCSHARES	OH		434,010		0.44		4.84		3.14		2.49		0.39		0.45		0.00		0.65
PBSK	POAGE BANKSHARES	KY		434,606		0.78		5.00		4.30		3.36		0.66		1.34		0.30		0.43
BYBK	BAY BANCORP	MD		491,129		0.42		3.02		4.72		4.50		0.99		1.97		0.30		0.36
UCBA	UNITED COMMUNITY BANCORP	IN		507,670		0.68		5.46		2.81		2.67		0.81		1.09		0.04		0.94
ESBK	ELMIRA SAVINGS BANK	NY		561,485		0.71		7.11		3.13		2.60		0.91		0.88		0.03		0.74
HMNF	HMN FINANCIAL	MN		641,901		0.62		5.07		3.48		3.38		1.05		1.08		0.32		1.51
SVBI	SEVERN BANCORP	MD		761,935		0.62		5.59		3.12		3.15		0.81		1.37		0.23		1.15

		AVERAGE		482,068		0.68		5.68		3.46		2.99		0.72		1.19		0.19		1.14
		MEDIAN		462,868		0.70		5.49		3.26		2.91		0.81		1.12		0.19		1.05
		HIGH		761,935		0.94		8.60		4.72		4.50		1.05		1.97		0.47		2.41
		LOW		222,509		0.42		3.02		2.81		1.79		0.25		0.45		0.00		0.36

130

EXHIBIT 39

KELLER & COMPANY

Dublin, Ohio

614-766-1426

COMPARABLE GROUP CHARACTERISTICS AND BALANCE SHEET TOTALS


						Most Recent Quarter
				Number of Offices	Exchange	Total Assets ($000)		Int. Earning Assets ($000)		Total Net Loans ($000)		Goodwill and Intang. ($000)		Total Deposits ($000)		Total Equity ($000)

SUBJECT

OTTAWA BANCORP, INC.		OTTAWA	IL	4	OTC PINK		216,565		199,673		144,743		1,078		180,176		31,040

COMPARABLE GROUP
BYBK	BAY BANCORP	COLUMBIA	MD	13	NASDAQ		491,129		459,327		391,468		2,624		367,509		67,859
CFBK	CENTRAL FEDERAL CORP	FAIRLAWN	OH	4	NASDAQ		347,664		337,246		297,071		11		293,606		37,745
ESBK	ELMIRA SAVINGS BANK	ELMIRA	NY	13	NASDAQ		561,485		508,238		447,359		14,182		441,849		54,772
EQFN	EQUITABLE FINANCIAL CORP	GRAND ISLAND	NE	6	NASDAQ		222,509		211,610		188,658		969		193,582		26,518
HMNF	HMN FINANCIAL	ROCHESTER	MN	13	NASDAQ		641,901		624,965		462,973		1,892		563,792		74,565
PBSK	POAGE BANKSHARES	ASHLAND	KY	10	NASDAQ		434,606		404,105		314,143		2,970		345,547		67,865
SVBI	SEVERN BANCORP	ANNAPOLIS	MD	0	NASDAQ		761,935		703,102		611,743		957		525,090		86,456
UCBA	UNITED COMMUNITY BANCORP	LAWRENCEBURG	IN	8	NASDAQ		507,670		474,832		263,343		3,439		429,302		61,368
WAYN	WAYNE SAVINGS BANCSHARES	WOOSTER	OH	11	NASDAQ		434,010		408,492		293,358		2,088		364,759		38,952
WBKC	WOLVERINE BANCORP	MIDLAND	Ml	3	NASDAQ		417,766		399,849		314,613		68		285,079		60,021

	Average			8			482,068		453,177		358,473		2,920		381,012		57,612
	Median			9			462,868		433,910		314,378		1,990		366,134		60,695
	High			13			761,935		703,102		611,743		14,182		563,792		86,456
	Low			0			222,509		211,610		188,658		11		193,582		26,518

131

EXHIBIT 40

KELLER & COMPANY

Dublin, Ohio

614-766-1426

BALANCE SHEET

ASSET COMPOSITION - MOST RECENT QUARTER


				As a Percent of Total Assets
		Total Assets ($000)		Cash & Invest. (%)		MBS (%)		Net Loans (%)		Loan Loss Reserves (%)		Repo- sessed Assets (%)		Goodwill & Intang. (%)		Non-Perf. Assets (%)		Interest Earning Assets (%)		Interest Bearing Liabilities (%)		Capitalized Loan Servicing (%)

SUBJECT
OTTAWA BANCORP, INC.			216,565		11.95		13.52		66.84		1.01		0.15		0.50		2.46		92.20		98.72		0.13

COMPARABLE GROUP
EQFN	EQUITABLE FINANCIAL CORP		222,509		9.62		0.44		84.79		1.27		0.15		0.44		1.15		95.10		75.44		0.30
CFBK	CENTRAL FEDERAL CORP		347,664		9.81		0.24		85.45		1.90		0.47		0.00		0.93		97.00		75.03		0.00
WBKC	WOLVERINE BANCORP		417,766		22.11		0.00		75.31		2.41		0.03		0.02		1.59		95.71		78.73		0.02
WAYN	WAYNE SAVINGS BANCSHARES		434,010		8.64		17.84		67.59		0.65		0.00		0.48		0.45		94.12		80.45		0.09
PBSK	POAGE BANKSHARES		434,606		13.55		7.13		72.28		0.43		0.30		0.68		1.34		92.98		71.78		0.08
BYBK	BAY BANCORP		491,129		10.79		3.31		79.71		0.36		0.30		0.53		1.97		93.52		64.68		0.00
UCBA	UNITED COMMUNITY BANCORP		507,670		20.76		20.28		51.87		0.94		0.04		0.68		1.09		93.53		79.95		0.11
ESBK	ELMIRA SAVINGS BANK		561,485		6.31		3.87		79.67		0.74		0.03		2.53		0.88		90.52		77.27		0.32
HMNF	HMN FINANCIAL		641,901		23.28		0.36		72.13		1.51		0.32		0.29		1.08		97.36		63.51		0.23
SVBI	SEVERN BANCORP		761,935		11.09		4.60		77.41		1.15		0.23		0.13		1.37		92.28		82.86		0.08

	Average		482,068		13.60		5.81		74.62		1.14		0.19		0.58		1.19		94.21		74.97		0.12
	Median		462,868		10.94		3.59		76.36		1.05		0.19		0.46		1.12		93.83		76.36		0.09
	High		761,935		23.28		20.28		85.45		2.41		0.47		2.53		1.97		97.36		82.86		0.32
	Low		222,509		6.31		0.00		51.87		0.36		0.00		0.00		0.45		90.52		63.51		0.00

ALL THRIFTS (164)
	Average		1,410,758		14.41		8.12		70.27		0.84		0.25		0.58		1.09		92.85		76.00		0.13

MIDWEST THRIFTS (52)
	Average		761,945		16.72		8.13		67.39		0.89		0.32		0.53		1.22		92.70		77.20		0.17

ILLINOIS THRIFTS (14)
	Average		314,848		21.43		7.05		64.39		0.80		0.47		0.30		1.42		92.46		77.59		0.07

132

EXHIBIT 41

KELLER & COMPANY

Dublin, Ohio

614-766-1426

BALANCE SHEET COMPARISON

LIABILITIES AND EQUITY - MOST RECENT QUARTER


						As a Percent of Assets
		Total Liabilities ($000)		Total Equity ($000)		Total Deposits (%)		Total Borrowings (%)		Other Liabilities (%)		Preferred Equity (%)		Common Equity (%)		Acc. Other Compr. Income (%)			Retained Earnings (%)			Total Equity (%)		Tier 1 Capital (%)		Total Risk-Based Capital (%)

SUBJECT

OTTAWA BANCORP, INC.			185,525		31,040		83.20		0.53		1.94		0.00		14.33		0.25			7.60			14.33		13.37		21.63

COMPARABLE GROUP
EQFN	EQUITABLE FINANCIAL CORP		195,991		26,518		87.00		0.72		0.36		0.00		11.92		(0.00	)		5.55			11.92		11.71		14.78
CFBK	CENTRAL FEDERAL CORP		309,918		37,745		84.45		4.17		0.52		0.00		10.86		(0.00	)		(4.80	)		10.86		11.12		13.67
WBKC	WOLVERINE BANCORP		357,745		60,021		68.24		17.00		0.40		0.00		14.37		0.00			10.99			14.37		16.09		20.83
WAYN	WAYNE SAVINGS BANCSHARES		395,058		38,952		84.04		7.52		0.75		0.00		8.97		(0.07	)		3.27			8.97		8.78		14.36
PBSK	POAGE BANKSHARES		366,741		67,865		79.51		4.16		0.72		0.00		15.62		0.09			7.70			15.62		15.31		24.36
BYBK	BAY BANCORP		423,270		67,859		74.83		10.59		0.77		0.00		13.82		0.12			2.80			13.82		13.75		16.58
UCBA	UNITED COMMUNITY BANCORP		446,302		61,368		84.56		2.90		0.45		0.00		12.09		(0.04	)		6.13			12.09		11.40		22.68
ESBK	ELMIRA SAVINGS BANK		506,713		54,772		78.69		12.92		0.95		1.73		8.03		0.07			0.62			9.75		8.05		13.55
HMNF	HMN FINANCIAL		567,336		74,565		87.83		0.00		0.55		0.00		11.62		(0.03	)		2.99			11.62		11.46		15.35
SVBI	SEVERN BANCORP		675,479		86,456		68.92		15.55		1.48		3.50		7.85		0.00			1.31			11.35		14.83		20.83

	Average		424,455		57,612		79.81		7.55		0.70		0.52		11.51		0.01			3.66			12.04		12.25		17.70
	Median		409,164		60,695		81.78		5.85		0.64		0.00		11.77		(0.00	)		3.13			11.77		11.59		15.97
	High		675,479		86,456		87.83		17.00		1.48		3.50		15.62		0.12			10.99			15.62		16.09		24.36
	Low		195,991		26,518		68.24		0.00		0.36		0.00		7.85		(0.07	)		(4.80	)		8.97		8.05		13.55

ALL THRIFTS (164)
	Average		1,243,221		167,537		76.27		10.48		0.83		0.11		11.90		(0.07	)		5.74			12.01		11.39		18.33

MIDWEST THRIFTS (52)
	Average		668,313		93,632		78.45		8.93		0.88		0.04		11.77		(0.01	)		5.50			11.81		11.33		18.97

ILLINOIS THRIFTS (14)
	Average		275,933		38,916		83.55		4.65		0.91		0.00		11.11		0.06			4.14			11.11		10.34		19.38

133

EXHIBIT 42

KELLER & COMPANY

Dublin, Ohio

614-766-1426

INCOME AND EXPENSE COMPARISON

TRAILING FOUR QUARTERS

($000)


		Interest Income		Interest Expense		Net Interest Income		Provision for Loss			Gain (Loss) on Sale			Total Non-lnt. Income		Total Non-lnt. Expense		Net Income Before Taxes		Income Taxes			Net Income		Core Income

SUBJECT

OTTAWA BANCORP, INC.			8,029		874		7,155		225			15,941			1,287		6,986		1,231		344			886		827

COMPARABLE GROUP
EQFN	EQUITABLE FINANCIAL CORP		7,965		1,169		6,796		(547	)		0			2,204		7,222		2,325		833			1,492		1,501
CFBK	CENTRAL FEDERAL CORP		12,414		2,430		9,984		250			(12	)		1,273		9,293		1,702		(1,396	)		3,098		3,110
WBKC	WOLVERINE BANCORP		15,821		3,450		12,371		800			0			1,045		7,493		5,123		1,804			3,319		3,319
WAYN	WAYNE SAVINGS BANCSHARES		14,570		1,999		12,571		1,175			0			1,689		10,805		2,280		488			1,792		1,881
PBSK	POAGE BANKSHARES		19,103		2,133		16,970		514			14			2,873		14,609		4,734		1,454			3,280		3,323
BYBK	BAY BANCORP		23,210		1,827		21,383		1,143			290			4,865		22,114		3,281		1,208			2,073		2,034
UCBA	UNITED COMMUNITY BANCORP		15,613		2,347		13,266		(303	)		(319	)		4,126		13,542		3,834		594			3,240		3,455
ESBK	ELMIRA SAVINGS BANK		20,734		5,100		15,634		630			284			5,118		14,604		5,802		1,675			4,122		3,917
HMNF	HMN FINANCIAL		21,511		937		20,574		(164	)		6			6,749		21,716		5,777		2,148			3,629		3,763
SVBI	SEVERN BANCORP		31,153		8,992		22,161		(280	)		0			6,154		23,971		4,624		89			4,535		4,761

	Average		18,209		3,038		15,171		322			26			3,610		14,537		3,948		890			3,058		3,106
	Median		17,462		2,240		14,450		382			0			3,500		14,073		4,229		1,021			3,260		3,321
	High		31,153		8,992		22,161		1,175			290			6,749		23,971		5,802		2,148			4,535		4,761
	Low		7,965		937		6,796		(547	)		(319	)		1,045		7,222		1,702		(1,396	)		1,492		1,501

ALL THRIFTS (164)
	Average		47,232		8,538		38,694		595			181			14,294		36,611		15,964		4,349			11,589		11,339

MIDWEST THRIFTS (52)
	Average		23,921		3,654		20,266		(756	)		83			15,319		25,981		10,443		1,236			9,208		9,173

ILLINOIS THRIFTS (14)
	Average		10,650		1,222		9,428		(72	)		72			4,319		11,181		2,709		879			1,829		1,770

134

EXHIBIT 43

KELLER & COMPANY

Dublin, Ohio

614-766-1426

INCOME AND EXPENSE COMPARISON

AS A PERCENTAGE OF AVERAGE ASSETS


		Interest Income		Interest Expense		Net Interest Income		Provision for Loss			Gain (Loss) on Sale			Total Non-lnt. Income		Total Non-lnt. Expense		Net Income Before Taxes		Income Taxes			Net Income		Core Income

SUBJECT

OTTAWA BANCORP, INC.			3.67		0.40		3.27		0.10			7.29			0.59		3.20		0.56		0.16			0.41		0.38

COMPARABLE GROUP
EQFN	EQUITABLE FINANCIAL CORP		3.80		0.56		3.24		(0.26	)		0.00			1.05		3.44		1.11		0.40			0.71		0.72
CFBK	CENTRAL FEDERAL CORP		3.76		0.74		3.02		0.08			(0.00	)		0.39		2.81		0.52		(0.42	)		0.94		0.94
WBKC	WOLVERINE BANCORP		4.19		0.91		3.28		0.21			0.00			0.28		1.99		1.36		0.48			0.88		0.88
WAYN	WAYNE SAVINGS BANCSHARES		3.42		0.47		2.95		0.28			0.00			0.40		2.54		0.54		0.11			0.42		0.44
PBSK	POAGE BANKSHARES		4.50		0.50		4.00		0.12			0.00			0.68		3.44		1.12		0.34			0.77		0.78
BYBK	BAY BANCORP		4.78		0.38		4.40		0.24			0.06			1.00		4.55		0.68		0.25			0.43		0.42
UCBA	UNITED COMMUNITY BANCORP		3.08		0.46		2.61		(0.06	)		(0.06	)		0.81		2.67		0.76		0.12			0.64		0.68
ESBK	ELMIRA SAVINGS BANK		3.74		0.92		2.82		0.11			0.05			0.92		2.64		1.05		0.30			0.74		0.71
HMNF	HMN FINANCIAL		3.53		0.15		3.38		(0.03	)		0.00			1.11		3.57		0.95		0.35			0.60		0.62
SVBI	SEVERN BANCORP		4.05		1.17		2.88		(0.04	)		0.00			0.80		3.12		0.60		0.01			0.59		0.62

	Average		3.89		0.63		3.26		0.07			0.00			0.74		3.08		0.87		0.19			0.67		0.68
	Median		3.78		0.53		3.13		0.09			0.00			0.81		2.96		0.85		0.28			0.68		0.70
	High		4.78		1.17		4.40		0.28			0.06			1.11		4.55		1.36		0.48			0.94		0.94
	Low		3.08		0.15		2.61		(0.26	)		(0.06	)		0.28		1.99		0.52		(0.42	)		0.42		0.42

ALL THRIFTS (164)
	Average		3.74		0.56		3.17		0.05			0.02			0.88		3.04		0.99		0.24			0.89		0.87

MIDWEST THRIFTS (52)
	Average		3.62		0.52		3.10		0.03			0.01			0.97		3.08		0.99		0.17			0.71		0.72

ILLINOIS THRIFTS (14)
	Average		3.39		0.47		2.92		0.02			0.02			0.86		3.18		0.67		0.20			0.47		0.42

135

EXHIBIT 44

KELLER & COMPANY

Dublin, Ohio

614-766-1426

YIELDS, COSTS AND EARNINGS RATIOS

TRAILING FOUR QUARTERS


		Yield on		Cost of		Net		Net
		Int. Earning		Int. Bearing		Interest		Interest						Core		Core
		Assets		Liabilities		Spread		Margin *		ROAA		ROAE		ROAA		ROAE
		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)

SUBJECT
OTTAWA BANCORP, INC.			4.01		0.50		3.50		3.57		0.41		2.91		0.38		2.71

COMPARABLE GROUP
EQFN	EQUITABLE FINANCIAL CORP		4.03		0.73		3.29		3.43		0.71		5.63		0.72		6.60
CFBK	CENTRAL FEDERAL CORP		3.88		0.98		2.89		3.12		0.94		8.21		0.94		8.60
WBKC	WOLVERINE BANCORP		4.33		1.19		3.14		3.38		0.88		5.53		0.88		5.51
WAYN	WAYNE SAVINGS BANCSHARES		3.64		0.58		3.06		3.14		0.42		4.60		0.44		4.84
PBSK	POAGE BANKSHARES		4.84		0.70		4.14		4.30		0.77		4.83		0.78		5.00
BYBK	BAY BANCORP		5.12		0.57		4.55		4.72		0.43		3.05		0.42		3.02
UCBA	UNITED COMMUNITY BANCORP		3.30		0.58		2.72		2.81		0.64		5.28		0.68		5.46
ESBK	ELMIRA SAVINGS BANK		4.14		1.19		2.95		3.13		0.74		7.53		0.71		7.11
HMNF	HMN FINANCIAL		3.64		0.24		3.40		3.48		0.60		4.87		0.62		5.07
SVBI	SEVERN BANCORP		4.38		1.40		2.99		3.12		0.59		5.25		0.62		5.59

	Average		4.13		0.82		3.31		3.46		0.67		5.48		0.68		5.68
	Median		4.08		0.72		3.10		3.26		0.68		5.27		0.70		5.49
	High		5.12		1.40		4.55		4.72		0.94		8.21		0.94		8.60
	Low		3.30		0.24		2.72		2.81		0.42		3.05		0.42		3.02

ALL THRIFTS (164)
	Average		4.03		0.73		3.30		3.43		0.89		7.43		0.87		7.27

MIDWEST THRIFTS (52)
	Average		3.91		0.66		3.24		3.35		0.71		5.95		0.72		6.38

ILLINOIS THRIFTS (14)
	Average		3.68		0.58		3.09		3.17		0.47		4.26		0.42		4.25

*	Based on average interest-earning assets.

136

EXHIBIT 45

KELLER & COMPANY

Dublin, Ohio

614-766-1426

RESERVES AND SUPPLEMENTAL DATA


		RESERVES AND SUPPLEMENTAL DATA
						Net
		Reserves/		Reserves/		Chargeoffs/			Provisions/
		Gross		NPA		Average			Net			Effective
		Loans				Loans			Chargeoffs			Tax Rate
		(%)		(%)		(%)			(%)			(%)

SUBJECT

OTTAWA BANCORP, INC.			1.49		41.09		0.36			43.30			27.99

COMPARABLE GROUP
EQFN	EQUITABLE FINANCIAL CORP		1.45		110.04		(0.10	)		NM			35.83
CFBK	CENTRAL FEDERAL CORP		2.17		204.45		(0.07	)		NM			NM
WBKC	WOLVERINE BANCORP		3.09		151.05		(0.52	)		(35.05	)		35.21
WAYN	WAYNE SAVINGS BANCSHARES		0.96		145.12		0.02			611.76			21.40
PBSK	POAGE BANKSHARES		0.59		31.99		0.23			15.76			30.71
BYBK	BAY BANCORP		0.44		18.28		0.11			236.61			36.82
UCBA	UNITED COMMUNITY BANCORP		1.79		86.90		0.60			11.25			15.49
ESBK	ELMIRA SAVINGS BANK		0.90		83.92		0.18			132.35			28.87
HMNF	HMN FINANCIAL		2.02		140.08		(0.73	)		(8.84	)		37.18
SVBI	SEVERN BANCORP		1.40		83.95		(0.36	)		87.59			1.92

	Average		1.48		105.58		(0.06	)		131.43			27.05
	Median		1.43		98.47		(0.03	)		51.68			30.71
	High		3.09		204.45		0.60			611.76			37.18
	Low		0.44		18.28		(0.73	)		(35.05	)		1.92

ALL THRIFTS (164)
	Average		1.17		114.03		0.04			425.41			29.71

MIDWEST THRIFTS (52)
	Average		1.27		95.57		0.05			357.21			27.35

ILLINOIS THRIFTS (14)
	Average		1.26		92.25		0.01			275.25			28.85

137

EXHIBIT 46

KELLER & COMPANY

Dublin, Ohio

614-766-1426

COMPARABLE GROUP MARKET, PRICING AND FINANCIAL RATIOS

STOCK PRICES AS OF MAY 16, 2016

FINANCIAL DATA/ALL RATIOS MOST RECENT FOUR QUARTERS


		Market Data								Pricing Ratios										Dividends						Financial Ratios
		Market Value ($M)		Price/ Share ($)		12 Mo. EPS ($)		Bk. Value /Share ($)		Price/ Earnings (X)		Price/ Book Value (%)		Price/ Assets (%)		Price/ Tang. Bk. Val. (%)		Price/ Core Earnings (X)		12 Mo. Div./ Share ($)		Dividend Yield (%)		Payout Ratio (%)		Equity/ Assets (%)		Core ROAA (%)		Core ROAE (%)

OTTAWA BANCORP, INC.
	Appraised value - midpoint		30,000		10.00		0.25		16.04		39.74		62.58		12.84		64.02		43.31		0.00		0.00		0.00		20.60		0.28		1.37

	Minimum		25,500		10.00		0.31		17.78		32.75		56.37		11.05		57.74		35.59		0.00		0.00		0.00		19.64		0.29		1.50
	Maximum		34,500		10.00		0.21		14.71		47.29		68.12		14.60		69.59		51.69		0.00		0.00		0.00		21.48		0.27		1.25

ALL THRIFTS (163)
	Average		192,016		17.41		1.33		18.40		16.40		106.12		12.76		112.31		18.19		0.66		2.25		47.51		12.02		0.71		6.18
	Median		51,979		15.09		0.81		14.90		15.79		102.20		11.50		108.02		15.25		0.21		1.34		39.54		11.04		0.71		5.51

ILLINOIS THRIFTS (14)
	Average		40,064		13.44		0.70		16.97		54.46		89.78		10.93		91.87		9.55		0.44		2.56		61.98		11.11		0.42		4.25
	Median		25,134		13.06		0.56		14.08		14.84		89.85		12.60		90.20		13.16		0.10		0.88		58.40		11.18		0.46		4.19

COMPARABLE GROUP (10)
	Average		48,492		12.11		0.74		13.51		16.90		86.04		10.41		91.78		16.64		0.28		1.52		24.34		12.04		0.68		5.68
	Median		55,838		12.85		0.67		13.62		17.46		90.45		10.07		94.80		17.39		0.12		0.72		14.46		11.77		0.70		5.49

COMPARABLE GROUP
BYBK	BAY BANCORP		56,089		5.07		0.19		6.13		26.68		82.71		11.42		85.93		27.58		0.00		0.00		0.00		13.82		0.42		3.02
CFBK	CENTRAL FEDERAL CORP		21,312		1.33		0.19		2.36		7.00		56.36		6.13		56.60		6.85		0.00		0.00		0.00		10.86		0.94		8.60
ESBK	ELMIRA SAVINGS BANK		48,914		18.50		1.56		20.72		11.86		89.29		8.71		120.52		12.49		0.92		5.11		58.97		9.75		0.71		7.11
EQFN	EQUITABLE FINANCIAL CORPORATION		26,182		8.44		0.47		8.36		17.96		100.96		12.04		104.84		17.84		0.00		0.00		0.00		11.92		0.72		6.60
HMNF	HMN FINANCIAL		55,588		12.40		0.81		16.63		15.31		74.56		8.66		76.50		14.77		0.00		0.00		0.00		11.62		0.62		5.07
PBSK	POAGE BANKSHARES		62,185		15.75		0.83		17.19		18.98		91.62		14.31		95.80		18.71		0.24		1.45		28.92		15.62		0.78		5.00
SVBI	SEVERN BANCORP		58,213		5.77		0.45		8.57		12.82		67.33		7.64		68.12		12.23		0.00		0.00		0.00		11.35		0.62		5.59
UCBA	UNITED COMMUNITY BANCORP		63,216		14.42		0.70		13.24		20.60		108.91		13.16		115.36		19.34		0.24		1.76		34.29		12.09		0.68		5.46
WAYN	WAYNE SVNGS BANCSHARES		36,998		13.30		0.64		14.00		20.78		95.00		8.52		100.38		19.67		0.36		2.91		56.25		8.97		0.44		4.84
WBKC	WOLVERINE BANCORP		56,219		26.12		1.54		27.89		16.96		93.65		13.46		93.79		16.94		1.00		3.92		64.94		14.37		0.88		5.51

138

EXHIBIT 47


KELLER & COMPANY
Columbus, Ohio
614-766-1426

VALUATION ANALYSIS AND CALCULATION - FULL CONVERSION

OTTAWA BANCORP, INC.

Pricing ratios and parameters:


			Midpoint			Comparable Group				All Thrifts
Pro Forma	Symbol		Ratios			Average		Median		Average		Median
Price to earnings	P/E			39.74			16.90		17.46		16.40		15.79
Price to core earnings	P/CE			43.31			16.64		17.39		18.19		15.25
Price to book value	P/B	%		62.58			86.04		90.45		106.12		102.20
Price to tangible book value	P/TB	%		64.02			91.78		94.80		112.31		108.02
Price to assets	P/A	%		12.84			10.41		10.07		12.76		11.50

Pre conversion earnings	(Y)	$		886,000			For the twelve months ended March 31, 2016
Pre conversion core earnings	(CY)	$		827,000			For the twelve months ended March 31, 2016
Pre conversion book value	(B)	$		31,040,187			At March 31, 2016
Pre conversion tang. book value	(TB)	$		29,962,318			At March 31, 2016
Pre conversion assets	(A)	$		216,565,000			At March 31, 2016

Conversion expense	(X)			7.11	%		Percent sold				(PCT)		69.10	%
ESOP stock purchase	(E)			8.00	%		Option % granted				(OP)		10.00	%
ESOP cost of borrowings, net	(S)			0.00	%		Est. option value				(OV)		30.50	%
ESOP term (yrs.)	(T)			15			Option maturity				(OM)		5
RRP amount	(M)			4.00	%		Option % taxable				(OT)		25.00	%
RRP term (yrs.)	(N)			5			Price per share				(P)	$	10.00
Tax rate	(TAX)			34.00	%
Investment rate of return, pretax				1.20	%
Investment rate of return, net	(RR)			0.79	%

Formulae to indicate value after conversion:



1. P/CE method: Value =	P/CE*CY	=	$30,000,000
((1-P/CE(PCT)((1-X-E-M)(RR(1-TAX))-((1-TAX)E/T)-((1-TAX)M/N)-((1-TAX)OT)(OP*OV)/OM)))

2. P/B method: Value =	P/B*(B)	=	$30,000,000
	(1-PB(PCT)(1-X-E-M))

3. P/A method: Value =	P/A*(A)	=	$30,000,000
	(1-PA(PCT)(1-X-E-M))

VALUATION CORRELATION AND CONCLUSIONS:


	Exchange Shares Issued		Public Shares Issued		Gross Proceeds of Public Offering		Exchange Ratio		Total Shares Issued		TOTAL VALUE

Midpoint		927,000		2,073,000	$	20,730,000		1.0366		3,000,000	$	30,000,000

Minimum		787,950		1,762,050	$	17,620,500		0.8811		2,550,000	$	25,500,000
Maximum		1,066,050		2,383,950	$	23,839,500		1.1921		3,450,000	$	34,500,000

139


KELLER & COMPANY		EXHIBIT 48
Columbus, Ohio
614-766-1426

PROJECTED EFFECT OF CONVERSION PROCEEDS

OTTAWA BANCORP, INC.

At the MINIMUM


1. Gross Offering Proceeds
Offering proceeds ⁽¹⁾	$	17,620,500
Less: Estimated offering expenses		1,417,000

Net offering proceeds	$	16,203,500

2. Generation of Additional Income
Net offering proceeds	$	16,203,500
Less: Stock-based benefit plans ⁽²⁾		2,114,460
Plus: MHC assets reinvested		128,000

Net offering proceeds invested	$	14,217,040

Investment rate, after taxes		0.79	%

Earnings increase - return on proceeds invested	$	112,599
Less: Amortization of prior ESOP borrowings, net of taxes		6,265
Less: Amortization of ESOP borrowings, net of taxes		62,024
Less: Stock-based incentive plan expense, net of taxes		93,036
Less: Option expense, net of applicable taxes		98,349

Net earnings increase (decrease)	$	(147,075	)

3. Comparative Pro Forma Earnings

	Net			Core

Before conversion - twelve months ended 3/31/16	$	886,000		$	827,000
Net earnings increase (decrease)		(147,075	)		(147,075	)

After conversion	$	738,925		$	679,925

4. Comparative Pro Forma Net Worth ⁽³⁾

	Total			Tangible

Before conversion - 3/31/16	$	31,040,187		$	29,962,318
Net cash conversion proceeds		14,217,040			14,217,040
Plus: MHC assets reinvested		128,000			128,000

After conversion	$	45,385,227		$	44,307,358

5. Comparative Pro Forma Assets

Before conversion - 3/31/16	$	216,565,000
Net cash conversion proceeds		14,217,040
Plus: MHC assets reinvested		128,000

After conversion	$	230,910,040

(1)	Represents gross proceeds of public offering.

(2)	Represents ESOP and stock-based incentive plans.

(3)	ESOP and RRP are omitted from net worth.

140


KELLER & COMPANY		EXHIBIT 49
Columbus, Ohio
614-766-1426

PROJECTED EFFECT OF CONVERSION PROCEEDS

OTTAWA BANCORP, INC.

At the MIDPOINT


1. Gross Offering Proceeds
Offering proceeds ⁽¹⁾	$	20,730,000
Less: Estimated offering expenses		1,473,000

Net offering proceeds	$	19,257,000

2. Generation of Additional Income
Net offering proceeds	$	19,257,000
Less: Stock-based benefit plans ⁽²⁾		2,487,600
Plus: MHC assets reinvested		128,000

Net offering proceeds invested	$	16,897,400

Investment rate, after taxes		0.79	%

Earnings increase - return on proceeds invested	$	133,827
Less: Amortization of prior ESOP borrowings, net of taxes		6,265
Less: Amortization of ESOP borrowings, net of taxes		72,970
Less: Stock-based incentive plan expense, net of taxes		109,454
Less: Option expense, net of applicable taxes		115,704

Net earnings increase (decrease)	$	(170,566	)

3. Comparative Pro Forma Earnings

	Regular			Core

Before conversion - twelve months ended 3/31/16	$	886,000		$	827,000
Net earnings increase		(170,566	)		(170,566	)

After conversion	$	715,434		$	656,434

4. Comparative Pro Forma Net Worth ⁽³⁾

	Total			Tangible

Before conversion - 3/31/16	$	31,040,187		$	29,962,318
Net cash conversion proceeds		16,897,400			16,897,400
Plus: MHC assets reinvested		128,000			128,000

After conversion	$	48,065,587		$	46,987,718

5. Comparative Pro Forma Assets

Before conversion - 3/31/16	$	216,565,000
Net cash conversion proceeds		16,897,400
Plus: MHC assets reinvested		128,000

After conversion	$	233,590,400

(1)	Represents gross proceeds of public offering.

(2)	Represents ESOP and stock-based incentive plans.

(3)	ESOP and RRP are omitted from net worth.

141


KELLER & COMPANY		EXHIBIT 50
Columbus, Ohio
614-766-1426

PROJECTED EFFECT OF CONVERSION PROCEEDS

OTTAWA BANCORP, INC.

At the MAXIMUM


1. Gross Offering Proceeds
Offering proceeds ⁽¹⁾	$	23,839,500
Less: Estimated offering expenses		1,529,000

Net offering proceeds	$	22,310,500

2. Generation of Additional Income
Net offering proceeds	$	22,310,500
Less: Stock-based benefit plans⁽²⁾		2,860,740
Plus: MHC assets reinvested		128,000

Net offering proceeds invested	$	19,577,760

Investment rate, after taxes		0.79	%

Earnings increase - return on proceeds invested	$	155,056
Less: Amortization of prior ESOP borrowings, net of taxes		6,265
Less: Amortization of ESOP borrowings, net of taxes		83,915
Less: Stock-based incentive plan expense, net of taxes		125,873
Less: Option expense, net of applicable taxes		133,060

Net earnings increase (decrease)	$	(194,057	)

3. Comparative Pro Forma Earnings

	Regular			Core

Before conversion - twelve months ended 3/31/16	$	886,000		$	827,000
Net earnings increase		(194,057	)		(194,057	)

After conversion	$	691,943		$	632,943

4. Comparative Pro Forma Net Worth ⁽³⁾

	Total			Tangible

Before conversion - 3/31/16	$	31,040,187		$	29,962,318
Net cash conversion proceeds		19,577,760			19,577,760
Plus: MHC assets reinvested		128,000			128,000

After conversion	$	50,745,947		$	49,668,078

5. Comparative Pro Forma Assets

Before conversion - 3/31/16	$	216,565,000
Net cash conversion proceeds		19,577,760
Plus: MHC assets reinvested		128,000

After conversion	$	236,270,760

(1)	Represents gross proceeds of public offering.

(2)	Represents ESOP and stock-based incentive plans

(3)	ESOP and RRP are omitted from net worth.

142


KELLER & COMPANY		EXHIBIT 51

Columbus, Ohio

614-766-1426

SUMMARY OF VALUATION PREMIUM OR DISCOUNT

OTTAWA BANCORP, INC.


				Premium or (discount) from comparable group.
	Ottawa Bancorp, Inc.			Average			Median

Midpoint:
Price/earnings		39.74 x			135.15	%		127.61	%
Price/book value		62.58	% *		-27.27	%		-30.81	%
Price/assets		12.84	%		23.34	%		27.51	%
Price/tangible book value		64.02	%		-30.25	%		-32.47	%
Price/core earnings		43.31 x			160.28	%		149.05	%

Minimum of range:
Price/earnings		32.75 x			93.79	%		87.57	%
Price/book value		56.37	% *		-34.48	%		-37.68	%
Price/assets		11.05	%		6.15	%		9.73	%
Price/tangible book value		57.74	%		-37.09	%		-39.09	%
Price/core earnings		35.59 x			113.88	%		104.66	%

Maximum of range:
Price/earnings		47.29 x			179.82	%		170.85	%
Price/book value		68.12	% *		-20.83	%		-24.69	%
Price/assets		14.60	%		40.25	%		44.99	%
Price/tangible book value		65.59	%		-28.54	%		-30.81	%
Price/core earnings		51.69 x			210.64	%		197.24	%

*	Represents pricing ratio associated with primary valuation method.

143

ALPHABETICAL

EXHIBITS

EXHIBIT A

KELLER & COMPANY, INC.

Financial Institution Consultants


555 Metro Place North		614-766-1426
Dublin, Ohio 43017		(fax) 614-766-1459

PROFILE OF THE FIRM

KELLER & COMPANY, INC. is a national consulting firm to financial institutions, serving clients throughout the United States from its office in Dublin, Ohio. Since our inception in 1985, we have provided a wide range of consulting services to over 250 financial institutions including banks, thrifts, mortgage companies, insurance companies and holding companies from Oregon to Maine.

Services offered by Keller & Company include the preparation of stock and ESOP valuations, fairness opinions, business and strategic plans, capital plans, financial models and projections, market studies, de novo charter and deposit insurance applications, incentive compensation plans, compliance policies, lending, underwriting and investment criteria, and responses to regulatory comments. Keller & Company also serves as advisor in merger/acquisition, deregistration, going private, secondary offering and branch purchase/sale transactions. Keller & Company is additionally active in loan review, director and management review, product analysis and development, performance analysis, compensation review, policy development, charter conversion, data processing, information technology systems, and conference planning and facilitation.

Keller & Company is one of the leading thrift conversion appraisal firms in the United States. We have on-line access to current and historical financial, organizational and demographic data for every financial institution and financial institution holding company in the United States and daily pricing data and ratios for all publicly traded financial institutions.

Keller & Company is an approved appraiser for filing with the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and numerous state government agencies, and is also approved by the Internal Revenue Service as an expert in financial institution stock valuations. We are an affiliate member of numerous trade organizations including the American Bankers Association and America’s Community Bankers.

Each of the firm’s senior consultants has over thirty years of front line experience and accomplishment in various areas of the financial institution, regulatory and real estate sectors, offering clients distinct and diverse areas of expertise. It is the goal of Keller & Company to provide specific and ongoing relationship-based services that are pertinent, focused and responsive to the needs of the individual client institution within the changing industry environment, and to offer those services at reasonable fees on a timely basis. In recent years, Keller & Company has become one of the leading and most recognized financial institution consulting firms in the nation.

144

CONSULTANTS IN THE FIRM

MICHAEL R. KELLER has over thirty years experience as a consultant to the financial institution industry. Immediately following his graduation from college, Mr. Keller took a position as an examiner of financial institutions in northeastern Ohio with a focus on Cleveland area institutions. After working two years as an examiner, Mr. Keller entered Ohio State University full time to obtain his M.B.A. in Finance.

Mr. Keller then worked as an associate for a management consulting firm specializing in services to financial institutions immediately after receiving his M.B.A. During his eight years with the firm, he specialized in mergers and acquisitions, branch acquisitions and sales, branch feasibility studies, stock valuations, charter applications, and site selection analyses. By the time of his departure, he had attained the position of vice president, with experience in almost all facets of banking operations.

Prior to forming Keller & Company, Mr. Keller also worked as a senior consultant in a larger consulting firm. In that position, he broadened his activities and experience, becoming more involved with institutional operations, business and strategic planning, regulatory policies and procedures, performance analysis, conversion appraisals, and fairness opinions. Mr. Keller established Keller & Company in November 1985 to better serve the needs of the financial institution industry.

Mr. Keller graduated from the College of Wooster with a B.A. in Economics in 1972, and later received an M.B.A. in Finance in 1976 from the Ohio State University where he took numerous courses in corporate stock valuations.

145

Consultants in the Firm (cont.)

SUSAN H. O’DONNELL has twenty years of experience in the finance and accounting areas of the banking industry.

At the start of her career, Ms. O’Donnell worked in public accounting for Coopers & Lybrand in Cincinnati and earned her CPA. Her clients consisted primarily of financial institutions and health care companies.

Ms. O’Donnell then joined Empire Bank of America in Buffalo, New York. During her five years with Empire, Ms. O’Donnell progressed to the level of Vice President and was responsible for SEC, FHLB and internal financial reporting. She also coordinated the offering circular for its initial offering of common stock.

Ms. O’Donnell later joined Banc One Corporation where she worked for eleven years. She began her career at Banc One in the Corporate Accounting Department where she was responsible for SEC, Federal Reserve and investor relations reporting and coordinated the offering documents for stock and debt offerings. She also performed acquisition work including regulatory applications and due diligence and established accounting policies and procedures for all affiliates. Ms. O’Donnell later moved within Banc One to the position of chief financial officer of the Personal Trust business responsible for $225 million in revenue. She then provided leadership as the Director of Personal Trust Integration responsible for various savings and revenue enhancements related to the Bank One/First Chicago merger.

Ms. O’Donnell graduated from Miami University with a B.S. in Business. She also completed the Leading Strategic Change Program at The Darden School of Business and the Banc One Leadership Development Program.

146

Consultants in the Firm (cont.)

JOHN A. SHAFFER has over thirty years experience in banking, finance, real estate lending, and development.

Following his university studies, Mr. Shaffer served as a lending officer for a large real estate investment trust, specializing in construction and development loans. Having gained experience in loan underwriting, management and workout, he later joined Chemical Bank of New York and was appointed Vice President for Loan Administration of Chemical Mortgage Company in Columbus, Ohio. At Chemical, he managed all commercial and residential loan servicing, administering a portfolio in excess of $2 billion. His responsibilities also included the analysis, management and workout of problem commercial real estate loans and equity holdings, and the structuring, negotiation, acquisition and sale of loan servicing, mortgage and equity securities and real estate projects. Mr. Shaffer later formed and managed an independent real estate and financial consulting firm, serving corporate and institutional clients, and also investing in and developing real estate.

Mr. Shaffer’s primary activities and responsibilities have included financial analysis, projection and modeling, asset and liability management, real estate finance and development, loan management and workout, organizational and financial administration, budgeting, cash flow management and project design.

Mr. Shaffer graduated from Syracuse University with a B.S. in Business Administration, later receiving an M.B.A. in Finance and a Ph.D. in Economics from New York University.

147

EXHIBIT B

RB 20

CERTIFICATION

I hereby certify that I have not been the subject of any criminal, civil or administrative judgments, consents, undertakings or orders, or any past administrative proceedings (excluding routine or customary audits, inspections and investigation) issued by any federal or state court, any department, agency, or commission of the U.S. Government, any state or municipality, any self-regulatory trade or professional organization, or any foreign government or governmental entity, which involve:

(i)

commission of a felony, fraud, moral turpitude, dishonesty or breach of trust;

(ii)

violation of securities or commodities laws or regulations;

(iii)

violation of depository institution laws or regulations;

(iv)

violation of housing authority laws or regulations;

(v)

violation of the rules, regulations, codes or conduct or ethics of a self-regulatory trade or professional organization;

(vi)

adjudication of bankruptcy or insolvency or appointment of a receiver, conservator, trustee, referee, or guardian.

I hereby certify that the statements I have made herein are true, complete and correct to the best of my knowledge and belief.


				Conversion Appraiser
May 23, 2016
Date				Michael R. Keller

148

EXHIBIT C

AFFIDAVIT OF INDEPENDENCE

STATE OF OHIO,

COUNTY OF FRANKLIN, ss:

I, Michael R. Keller, being first duly sworn hereby depose and say that:

The fee which I received directly from the applicant, Ottawa Savings Bank, in the amount of $35,000 for the performance of my appraisal was not related to the value determined in the appraisal and that the undersigned appraiser is independent and has fully disclosed any relationships which may have a material bearing upon the question of my independence; and that any indemnity agreement with the applicant has been fully disclosed.

Further, affiant sayeth naught.

MICHAEL R. KELLER

Sworn to before me and subscribed in my presence this 23^rd day of May 2016.



				NOTARY PUBLIC

149

ALPHABETICAL EXHIBITS

Backgroundand Qualifications

RB 20 Certification

Affidavitof Independence