Prices and market caps: Cboe delayed data, at least 15 minutes delayed. Not real-time. Fundamentals from company filings.

FNRN — Fair Value Analysis

FIRST NORTHERN COMMUNITY BANCORP

Current: $17.26Undervalued

Fair Value Range

Bear Case (25th pct.)

$17.39

0.8% vs price

Base Case (Median)

$18.31

6.1% vs price

Bull Case (75th pct.)

$19.22

11.4% vs price

$17.39$18.31$19.22

◇ = Current price | | Bear | Base | Bull

Method Breakdown

Method	Est. Value	vs Price	Weight
PE Comparable	$16.48	-4.5%	Medium (25%)
Graham Number	$20.14	16.7%	High (80%)

Interpretation

Based on 2 out of 8 methods, FNRN appears undervalued at the current price of $17.26. The base case fair value of $18.31 implies 6.1% upside.

Bear/base/bull cases represent the 25th, 50th, and 75th percentile of available method estimates. This is not financial advice. Valuation is inherently uncertain.