Exhibit 99.4

PRO FORMA VALUATION UPDATE REPORT STANDARD CONVERSION Hoyne Bancorp, Inc. │Chicago, Illinois HOLDING COMPANY FOR: Hoyne Savings Bank │Chicago, Illinois Dated as of July 21, 2025 1311-A Dolley Madison Boulevard Suite 2A McLean, Virginia 22101 703.528.1700 rpfinancial.com

July 21, 2025

Boards of Directors

Hoyne Savings, MHC

Hoyne Financial Corporation

Hoyne Bancorp, Inc.

Hoyne Savings Bank

810 S. Oak Park Avenue

Oak Park, Illinois 60304

Members of the Boards of Directors

We have completed and hereby provide an updated appraisal of the estimated pro forma market value of the common stock which is to be issued in connection with the mutual-to-stock conversion described below.

This updated appraisal is furnished pursuant to the requirements stipulated in the Code of Federal Regulations and has been prepared in accordance with the “Guidelines for Appraisal Reports for the Valuation of Savings and Loan Associations Converting from Mutual to Stock Form of Organization” (the “Valuation Guidelines”) of the Office of Thrift Supervision (“OTS”) and accepted by the Federal Reserve Board (“FRB”), the Office of the Comptroller of the Currency (“OCC”), the Federal Deposit Insurance Corporation (“FDIC”) and the Illinois Department of Financial and Professional Regulation (the “Department”), and applicable regulatory interpretations thereof. Our original appraisal report, dated May 5, 2025 (the "Original Appraisal"), is incorporated herein by reference. As in the preparation of our Original Appraisal, we believe the data and information used herein is reliable; however, we cannot guarantee the accuracy and completeness of such information.

On May 16, 2025, the Board of Directors of Hoyne Savings, MHC (the “MHC”), Hoyne Financial Corporation (“Hoyne Financial”) and Hoyne Savings Bank (the “Bank”) adopted the plan of conversion whereby the MHC will convert to stock form. As a result of the conversion, Hoyne Financial, which is a wholly-owned subsidiary of the MHC and currently owns all of the issued and outstanding common stock of the Bank, will be succeeded by a new Delaware corporation with the name of Hoyne Bancorp, Inc. (“Hoyne Bancorp” or the “Company”). Following the conversion, the MHC will no longer exist. For purposes of this document, the existing consolidated entity will hereinafter be referred to as Hoyne Bancorp or the Company.

Hoyne Bancorp will offer its common stock in a subscription offering to Eligible Account Holders, Tax-Qualified Plans including Hoyne Savings Bank’s employee stock ownership plan (the “ESOP”), Supplemental Eligible Account Holders and Other Members, as such terms are defined in the Company’s prospectus for purposes of applicable federal regulatory guidelines governing mutual-to-stock conversions. To the extent shares remain available for purchase after satisfaction of all subscriptions received in the subscription offering, the shares may be offering for sale to members of the general public in a community offering and a syndicatedcommunity offering. A portion of the net proceeds received from the sale of the common stock will be used to purchase all of the then to be issued and outstanding capital stock of Hoyne Savings Bank and the balance of the net proceeds will be retained by the Company.

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July 21, 2025

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At this time, no other activities are contemplated for the Company other than the ownership of the Bank, a loan to the newly-formed ESOP and reinvestment of the proceeds that are retained by the Company. In the future, Hoyne Bancorp may acquire or organize other operating subsidiaries, diversify into other banking-related activities, pay dividends or repurchase its stock, although there are no specific plans to undertake such activities at the present time.

The plan of conversion provides for the establishment of a new charitable foundation (the “Foundation”). The Foundation contribution will be funded with Hoyne Bancorp common stock in an amount equal to 2.0% of the Company’s outstanding shares of common stock sold in the offering (including shares contributed to the Foundation) and $250,000 in cash. The purpose of the Foundation is to provide financial support to charitable organizations in the communities in which Hoyne Savings Bank operates and to enable those communities to share in the Bank’s long-term growth. The Foundation will be dedicated completely to community activities and the promotion of charitable causes.

This updated appraisal reflects the following noteworthy items: (1) a review of Hoyne Bancorp’s financial condition, including financial data through June 30, 2025; (2) an updated comparison of Hoyne Bancorp’s financial condition and operating results versus the Peer Group companies identified in the Original Appraisal; and (3) a review of stock market conditions since the date of the Original Appraisal.

The estimated pro forma market value is defined as the price at which Hoyne Bancorp’s common stock, immediately upon completion of the public stock offering, would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.

Our valuation is not intended, and must not be construed, as a recommendation of any kind as to the advisability of purchasing shares of the common stock. Moreover, because such valuation is necessarily based upon estimates and projections of a number of matters, all of which are subject to change from time to time, no assurance can be given that persons who purchase shares of common stock in the conversion will thereafter be able to buy or sell such shares at prices related to the foregoing valuation of the pro forma market value thereof. RP Financial is not a seller of securities within the meaning of any federal and state securities laws and any report prepared by RP Financial shall not be used as an offer or solicitation with respect to the purchase or sale of any securities. RP Financial maintains a policy which prohibits the company, its principals or employees from purchasing stock of its client institutions.

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July 21, 2025

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Discussion of Relevant Considerations

1.             Financial Results

Table 1 presents summary balance sheet and income statement details for the year ended December 31, 2024, as restated, and updated financial information through June 30, 2025. Hoyne Bancorp’s assets increased by $3.9 million or 0.87% from December 31, 2024 to June 30, 2025. Loans receivable and cash and cash equivalents accounted for most of the increase in assets during the six months ended June 30, 2025, which were partially offset by decreases in investment securities and bank-owned life insurance (“BOLI”). Overall, cash and investments (inclusive of FHLB/Bankers Bank stock) increased from $169.4 million or 37.69% of assets at December 31, 2024 to $169.8 million or 37.44% of assets at June 30, 2025. Net loans receivable increased from $240.9 million or 53.60% of assets at December 31, 2024 to $247.5 million or 54.59% of assets at June 30, 2025. The respective balances for BOLI and goodwill/other intangibles decreased during the six months ended June 30, 2025 to equal $14.6 million or 3.22% of assets and $230,000 or 0.05% of assets at June 30, 2025.

Updated credit quality measures for the Company were slightly more favorable, as the balance of non-performing assets decreased during the six months ended June 30, 2025. Hoyne Bancorp’s non-performing assets decreased from $1.7 million or 0.37% of assets at December 31, 2024 to $736,000 or 0.16% of assets at June 30, 2025. A decrease in non-accruing 1-4 family loans accounted for most of the decrease in the non-performing assets balance.

The Company’s updated funding composition showed a nominal decrease in deposits and borrowings remained at a zero balance. Deposits decreased from $357.3 million or 79.48% of assets at December 31, 2024 to $357.2 million or 78.78% of assets at June 30, 2025. The slight decrease in deposits was due to a decrease in certificates of deposit (“CDs”), which was substantially offset by an increase in transaction and savings account deposits. Hoyne Bancorp’s tangible equity increased from $85.5 million to $88.7 million during the six months ended June 30, 2025, which combined with asset growth provided for an increase in the Company’s tangible equity-to-assets ratio from 19.02% at December 31, 2024 to 19.55% at June 30, 2025.

Hoyne Bancorp’s operating results for the twelve months ended December 31, 2024 and June 30, 2025 are also set forth in Table 1. The Company’s reported earnings showed a reduction in the net loss from $2.0 million or 0.44% of average assets for the twelve months ended December 31, 2024 to $648,000 or 0.15% of average assets for the twelve months ended June 30, 2025. The reduction in the net loss was mostly due to an increase in net interest income. An increase in non-interest operating income also contributed to the increase in the Company’s updated earnings. Increases in operating expenses and credit loss provisions, as well as elimination of the gain on real estate owned (“REO”), partially offset the increase in the Company’s updated earnings.

Hoyne Bancorp’s net interest income was higher during the most recent twelve month period, which was primarily driven by an increase in interest income and, to a lesser extent, a decrease in interest expense. The increase in interest income was facilitated by an increase in the average yield earned on interest-earning assets and the decrease in interest expense was facilitated by a decrease in the average rate paid on interest-bearing liabilities. Overall, the Company’s interest rate spread increased from 1.89% during the six months ended June 30, 2024 to 2.83% during the six months ended June 30, 2025.

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July 21, 2025

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Table 1

Hoyne Bancorp, Inc.

Recent Financial Data

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July 21, 2025

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Operating expenses increased from $13.3 million or 3.01% of average assets during the twelve months ended December 31, 2024 to $13.4 million or 2.99% of average assets during the twelve months ended June 30, 2025. Overall, Hoyne Bancorp’s updated ratios for net interest income and operating expenses provided for a higher expense coverage ratio (net interest income divided by operating expenses). Hoyne Bancorp’s expense coverage ratio increased from 0.73x for the twelve months ended December 31, 2024 to 0.88x for the twelve months ended June 30, 2025.

Non-interest operating income increased from $961,000 or 0.22% of average assets during the twelve months ended December 31, 2024 to $1.0 million or 0.22% of average assets during the twelve months ended June 30, 2025. Overall, when factoring non-interest operating income into core earnings, the Company’s updated efficiency ratio of 105.28% (operating expenses as a percent of net interest income and non-interest operating income) was lower than the 124.90% efficiency ratio recorded for the twelve months ended December 31, 2024.

Credit loss provisions were slightly higher during the most recent twelve month period, increasing from $468,000 or 0.10% of average assets during the twelve months ended December 31, 2024 to $504,000 or 0.11% of average assets during the twelve months ended June 30, 2025. Loan growth largely accounted for the increase in credit loss provisions established during the most recent twelve month period. The Company maintained an allowance for credit losses of $2.4 million at June 30, 2025, equal to 0.94% of total loans and 327.72% of non-accruing loans.

Non-operating income, consisting of a gain on REO, decreased from $119,000 or 0.03% of average assets during the twelve months ended December 31, 2024 to zero during the twelve months ended June 30, 2025.

The Company’s updated earnings showed a lower income tax benefit of $506,000 or 0.09% of average assets for the twelve months ended June 30, 2025, versus an income tax benefit of $1.035 million or 0.23% of average assets for the twelve months ended December 31, 2024. A lower pre-tax loss largely accounted for the reduction in the income tax benefit recorded during the most recent twelve month period.

2.             Peer Group Financial Comparisons

Tables 2 and 3 present the financial characteristics and operating results for Hoyne Bancorp, the Peer Group and all publicly-traded thrifts. The Company’s and the Peer Group’s ratios are based on financial results through June 30, 2025 and March 31, 2025, respectively. PB Bankshares, Inc. of Pennsylvania, which was one of the companies selected for the Peer Group in the Original Appraisal, is the target of a pending acquisition to sell control and, therefore, has been eliminated from the Peer Group.

In general, the comparative balance sheet ratios for the Company and the Peer Group did not vary significantly from the ratios exhibited in the Original Appraisal. Consistent with the Original Appraisal, the Company’s updated interest-earning asset composition reflected a lower concentration of loans and a higher concentration of cash and investments. Overall, the Company’s and the Peer Group’s updated interest-earning assets-to-assets ratios equaled 92.03% and 93.94%, respectively.

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July 21, 2025

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Table 2

Balance Sheet Composition and Growth Rates

Comparable Institution Analysis

As of March 31, 2025

(1)  Includes loans held for sale.

(2)  As of December 31, 2024.

Copyright (c) 2025 by RP^® Financial, LC.

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July 21, 2025

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Table 3  

Income as Percent of Average Assets and Yields, Costs, Spreads  

Comparable Institution Analysis  

For the 12 Months Ended March 31, 2025 or the Most Recent 12 Months Available  

(1)  Net gains/losses includes gain/loss on sale of securities and nonrecurring income and expense.

(2)  For the twelve months ended December 31, 2024.  

Copyright (c) 2025 by RP^® Financial, LC.

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Consistent with the Original Appraisal, Hoyne Bancorp’s funding composition showed a similar concentration of deposits and a lower concentration of borrowings relative to the comparable Peer Group measures. Updated interest-bearing liabilities-to-assets ratios equaled 78.78% and 83.41% for the Company and the Peer Group, respectively. Hoyne Bancorp’s updated tangible equity-to-assets ratio equaled 19.55%, which remained above the comparable Peer Group ratio of 14.80%. Overall, Hoyne Bancorp’s updated interest-earning assets-to-interest-bearing liabilities ("IEA/IBL") ratio equaled 116.82%, which remained above the comparable Peer Group ratio of 112.62%. As discussed in the Original Appraisal, the additional capital realized from stock proceeds should serve to increase Hoyne Bancorp’s IEA/IBL ratio, as the level of interest-bearing liabilities funding assets will be lower due to the increase in capital realized from the offering and the net proceeds realized from the offering will be primarily deployed into interest-earning assets.

Updated growth rates for Hoyne Bancorp are based on annualized growth rates for the 18 months ended June 30, 2025 and the Peer Group’s growth rates are based on growth for the twelve months ended March 31, 2025. Hoyne Bancorp recorded a 1.09% increase in assets, versus a 1.69% increase in assets for the Peer Group. Asset growth by the Company was primarily realized through an 18.75% increase in loans, which was largely funded by a 16.46% reduction in cash and investments. Comparatively, the Peer Group’s asset growth was driven by a 6.38% increase in loans, which was partially offset by a 4.64% decrease in cash and investments.

The Company’s asset growth was funded by a 0.81% increase in deposits. Comparatively, asset growth for the Peer Group was funded by a 3.90% increase in deposits, which also funded a 16.42% reduction in borrowings. Updated tangible net worth growth rates equaled increases of 1.07% and 2.68% for the Company and the Peer Group, respectively.

Table 3 displays comparative operating results for Hoyne Bancorp and the Peer Group, based on earnings for the twelve months ended June 30, 2025 and March 31, 2025, respectively. Hoyne Bancorp recorded a net loss equal to 0.15% of average assets, versus net income equal to 0.64% of average assets for the Peer Group. Higher ratios for net interest income and non-interest operating income, and lower ratios for operating expenses and credit loss provisions continued to represent earnings advantages for the Peer Group. Non-operating income and effective tax rate remained as earnings advantages for the Company.

In terms of core earnings strength, updated expense coverage ratios posted by Hoyne Bancorp and the Peer Group equaled 0.88x and 1.21x, respectively. The Peer Group’s higher expense coverage continued to be supported by both a higher net interest income ratio and a lower operating expense ratio. The Peer Group’s higher net interest income ratio was realized through a higher interest income ratio, which was partially offset by the Company’s lower interest expense ratio.

Non-interest operating income remained a larger contributor to the Peer Group’s earnings, as such income amounted to 0.22% and 0.42% of the Company’s and the Peer Group’s average assets, respectively. Accordingly, taking non-interest operating income into account in assessing Hoyne Bancorp’s core earnings strength relative to the Peer Group's, the Company’s updated efficiency ratio of 105.28% remained higher (less favorable) than the Peer Group’s efficiency ratio of 72.68%.

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Credit loss provisions remained a slightly larger factor in the Company’s updated earnings, with credit loss provisions established by the Company and the Peer Group equaling 0.11% and 0.04% of average assets, respectively.

Non-operating income was not a factor in the Company’s updated earnings, versus a non-operating loss equal to 0.06% of average assets for the Peer Group. As set forth in the Original Appraisal, typically, such gains and losses are discounted in valuation analyses as they tend to have a relatively high degree of volatility, and, thus, are not considered part of core operations. Extraordinary items remained a non-factor in the Company’s and the Peer Group's updated earnings.

Updated effective tax rates equaled a tax benefit of 43.85% for the Company and a tax expense of 31.57% for the Peer Group.

The Company’s updated credit quality measures continued to imply a similar degree of credit risk exposure relative to the comparable Peer Group measures. As shown in Table 4, the Company’s non-performing assets/assets and non-performing loans/loans ratios of 0.20% and 0.35%, respectively, were slightly lower than the comparable Peer Group ratios of 0.41% and 0.47%. The Company’s updated reserve coverage ratios indicated a higher level of reserves as a percent of non-performing loans (268.90% versus 201.22% for the Peer Group) and a lower level of reserves as a percent of loans (0.94% versus 1.12% for the Peer Group). Net loan charge-offs were a more significant factor for the Peer Group, with net loan charge-offs as a percent of loans equal to 0.05% for the Peer Group versus a net recovery equal to 0.01% for the Company.

3.             Stock Market Conditions

Since the date of the Original Appraisal, the performance of the broader stock market has generally been positive. A de-escalation in the U.S.-China trade war powered a stock market surge heading into mid-May 2025, as the U.S. and China agreed to slash tariffs for 90 days pending more negotiations. Stocks gyrated in the second half of May, based on varied reports regarding the progress of U.S. tariff negotiations with China and Europe. For the month of May overall, the broader stock market posted its best month since late-2023, with major U.S. stock indexes closing slightly above where they were at the beginning of 2025. Employment data showing better-than-expected job growth in May and signs of progress in the trade talks between the U.S. and China spurred a positive trend for stocks during the first third of June. The outbreak of attacks between Israel and Iran provided for a choppy market in mid-June, based on day-to-day fluctuations in investor sentiment on how quickly the conflict would de-escalate. Heading into the close of the second quarter, oil prices retreated and stocks rallied after Iran’s retaliation against the U.S. avoided striking critical infrastructure and a cease-fire between Israel and Iran appeared to take hold. Fueled by robust corporate earnings and solid economic data, a volatile second quarter ended with the S&P 500 and NASDAQ closing at fresh highs.

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Table 4  

Credit Risk Measures and Related Information  

Comparable Institution Analysis  

As of March 31, 2025  

(1)  NPAs are defined as nonaccrual loans, accruing loans 90 days or more past due, performing TDRs, and OREO.      

(2)  NPLs are defined as nonaccrual loans, accruing loans 90 days or more past due and performing TDRs.        

(3)  Net loan chargeoffs are shown on a last twelve month basis.                

(4)  As of December 31, 2024.                      

Copyright (c) 2025 by RP^® Financial, LC.                      

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Stocks traded unevenly at the start of the third quarter of 2025, as trade tensions moved to the forefront with President Trump setting an August 1 deadline for targeted nations to avoid the U.S. imposing reciprocal tariffs. NASDAQ closed at a record high in the second week of July, which was facilitated by Nividia becoming the first company to reach a market value of $4 trillion. New tariff threats and June’s CPI showing an acceleration of inflation pressured stocks lower in mid-July. The S&P 500 and the NASDAQ closed at record highs going into the second half of July, as upbeat earnings reports from some major companies lifted investors’ optimism that corporate earnings could weather uncertainty in the market regarding U.S. tariff negotiations. On July 21, 2025, the Dow Jones Industrial Average (“DJIA”) closed at 44323.07 or 7.53% higher since the date of the Original Appraisal and the NASDAQ closed at 20974.17 or 17.54% higher since the date of the Original Appraisal. The S&P 500 closed at 6305.60 on July 21, 2025, an increase of 11.60% since the date of the Original Appraisal.

The overall market for thrift stocks has been up since the date of the Original Appraisal. Positive developments in the U.S-China trade war translated into bank stocks advancing along with the broader stock market heading into mid-May 2025. The mid-May rally was followed by a pullback in interest rate sensitive issues, as a weak auction for 20-year Treasury bonds exacerbated worries about the rising U.S. debt. For the balance of May and into-early June, banks shares edged higher and continued to advance going into the second week of June as investors considered May’s employment report showing favorable job growth and signs that the U.S. and China were making progress in their trade negotiations. The escalating conflict between Israel and Iran translated into bank shares retreating slightly in mid-June, which was followed by bank shares rebounding in late-June as markets were calmed by the cease-fire between Israel and Iran.

The positive trend in bank shares continued at the start of the third quarter of 2025, which was followed by a slight pullback in bank shares ahead of the start of the second quarter earnings season on news that inflation accelerated in June. Bank shares edged higher going into the second half of July, as second quarter earnings posted by some of the big banks were viewed as generally favorable. On July 21, 2025, the S&P U.S. BMI Banks Index closed at 228.5, an increase of 14.82% since May 5, 2025.

Since the date of the Original Appraisal, the updated pricing measures for the Peer Group reflected increases that were less than the increase recorded in the market cap weighted S&P U.S. BMI Banks Index. Comparatively, the updated pricing measures for all publicly-traded thrifts also showed smaller increases relative to the S&P U.S. Banks Index, while generally outperforming the updated pricing measures for the Peer Group. The less significant increases in the Peer Group’s updated pricing measures imply that that smaller cap institutions, such as the Peer Group companies, underperformed the larger cap banks since the date of the Original Appraisal. Since the date of the Original Appraisal, the stock prices of eight out of the nine remaining Peer Group companies were higher as of July 21, 2025. A comparative pricing analysis of the Peer Group and all publicly-traded thrifts is shown in the following table, based on closing stock market prices as of May 5, 2025 and July 21, 2025.

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Average Pricing Characteristics

As set forth in the Original Appraisal, the "new issue" market is separate and distinct from the market for seasoned issues like the Peer Group companies in that the pricing ratios for converting issues are computed on a pro forma basis, specifically: (1) the numerator and denominator are both impacted by the conversion offering amount, unlike existing stock issues in which price change affects only the numerator; and (2) the pro forma pricing ratio incorporates assumptions regarding source and use of proceeds, effective tax rates, stock plan purchases, etc. which impact pro forma financials, whereas pricing for existing issues are based on reported financials. The distinction between the pricing of converting and existing issues is perhaps most evident in the case of the price/book ("P/B") ratio in that the P/B ratio of a converting thrift will typically result in a discount to book value, whereas in the current market for existing thrifts the P/B ratio may reflect a premium to book value. Therefore, it is appropriate to also consider the market for new issues, both at the time of the conversion and in the aftermarket.

As shown in Table 5, there have been five standard conversion offerings completed during the past twelve months. The average closing pro forma price/tangible book ratio of the five recent standard conversion offerings equaled 47.70%. On average, the five standard conversion offerings reflected price appreciation of 14.8% after the first week of trading. As of July 21, 2025, the five recent standard conversion offerings reflected an average stock price increase of 23.3% from their IPO prices.

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Table 5

Pricing Characteristics and After-Market Trends

Conversions Completed Twelve Months Ended July 21, 2025