Date Metrics at Announcement Deal Value Pricing Multiples: Announced Assets ($MM) LTM ROAA NPAs/Assets Branches Consideration ($MM) P/TBV P/E LTM Buyer: MidWestOne Financial Grp Inc. (Iowa City, IA) 6,521 0.67% 0.22% 58 Seller: Denver Bankshares Inc. (Denver) 274 0.53% 0.00% 3 Buyer: Grinnell Bancshares Inc. (Grinnell, IA) 448 0.97% 0.22% 4 Seller: Colorado B&TC of La Junta (La Junta) 177 1.62% 0.15% 2 Buyer: Security Bancshares Inc. (Scott City, KS) 916 NA NA 5 Seller: Bank of Burlington (Burlington) 75 0.91% 0.00% 2 Buyer: Freedom Financial Services (Colorado Springs) NA NA NA NA Seller: First American State Bank (Greenwood Village) 266 1.07% 0.31% 1 Buyer: InBankshares Corp (Greenwood Village) 708 0.34% 0.72% 8 Seller: Legacy Bank (Wiley) 497 1.77% 2.04% 11 Buyer: Platte Valley Finl Svc Cos. (Scottsbluff, NE) 1,778 NA NA 5 Seller: Cache Bank & Trust (Greeley) 115 (1.14%) 0.00% 2 Buyer: OakStar Bancshares Inc. (Springfield, MO) 1,663 1.11% 0.75% 19 Seller: First Colorado National Bank (Paonia) 89 (1.55%) 0.08% 2 Buyer: BayCom Corp (Walnut Creek, CA) 1,771 0.98% 0.28% 31 Seller: Grand Mountain Bancshares Inc. (Granby) 122 NA NA 4 Buyer: BayCom Corp (Walnut Creek, CA) 1,482 1.11% 0.19% 25 Seller: TIG Bancorp (Durango) 230 1.12% 0.89% 7 Buyer: Capitol Bancorp. Inc. (Britton, SD) 1,015 2.64% 1.46% 14 Seller: Advantage Bank (Loveland) 307 2.12% 0.33% 3 Median 39.4 1.48x 14.2x 7/1/2019 Cash 39.4 1.48x 17.6x 5/17/2019 NA 71.1 1.81x 10.8x 5/1/2021 NA Pricing Not Disclosed 11/4/2019 Cash 13.9 1.26x NA 11/30/2021 Cash 56.0 1.33x 8.8x 8/27/2021 NA Pricing Not Disclosed 8/23/2022 NA Pricing Not Disclosed 1/7/2022 NA Pricing Not Disclosed 9/27/2023 Cash 32.6 1.73x 22.2x 3/28/2023 NA Pricing Not Disclosed M&A Activity Last 10 Colorado Whole-Bank M&A Transactions Source: S&P Global. Note: Reflects announced whole-bank M&A transactions; excludes FDIC-assisted transactions. Pricing metrics based on transactions in which pricing data is publicly-disclosed. Colorado Bank M&A Briefing First Quarter 2024 Transaction in which Olsen Palmer served as adviser Pricing not disclosed Pricing not disclosed Pricing not disclosed Pricing not disclosed Pricing not disclosed INDEPENDENT REPORT | 27
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