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Old Second Bancorp Inc (OSBC) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Old Second Bancorp Inc

CIK: 357173 Ticker: OSBC

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 99.1

 

 

 

Old Second Bancorp, Inc.

For Immediate Release

(NASDAQ:OSBC)

January 21, 2015

 

 

 

Contact:

J. Douglas Cheatham

 

 

Chief Financial Officer

 

 

(630) 906-5484

 

 

 

 

 

Old Second Reports Fourth Quarter Net Income of $3.0 million.

 

Net interest income increased on a linked quarter basis continuing the trend seen throughout 2014.  Net interest income increased 3.3% year over year.

 

Improved credit quality reflected in a $1.3 million loan loss reserve release in the quarter.

 

Year over year noninterest expense decreased $9.5 million across several categories most notably legal fees, general bank insurance and reduced expense on other real estate owned (OREO) properties.

 

Loans increased $18.5 million in the 4th quarter while OREO assets declined $8.9 million.  Loans increased 5.3% from year end 2013.

 

 

AURORA, IL, January 21, 2015  – Old Second Bancorp, Inc. (the “Company” or “Old Second”) (NASDAQ: OSBC), parent company of Old Second National Bank (the “Bank”), today announced financial results for the fourth quarter of 2014 and the year ended December 31, 2014.  The Company reported net income of $3.0 million for the fourth quarter of 2014, compared to net income of $213,000 in the fourth quarter of 2013.  The Company’s net income available to common stockholders of $1.9 million, or $0.06 per diluted share, for the quarter, compared to a net loss available to common stockholders of $1.1 million, or $0.08 per diluted share, in the fourth quarter of 2013.  The full year 2014 net income available to common stockholders of $11.9 million is down from $76.8 million in 2013.  The full year 2013 included a tax benefit of $70.0 million in the third quarter primarily from the reversal of a significant portion of the valuation allowance against deferred tax assets.

 

Financial Highlights/Overview

·

Fourth quarter 2014 net income before taxes increased by $4.8 million from the fourth quarter of 2013 and $116,000 from the third quarter of 2014.  The increase from the fourth quarter of 2013 was driven by sharply higher gains on securities sales (a loss item in 2013), improved debit card interchange income reflecting an improving trend seen over recent quarters, and lower noninterest expense, notably legal fees and amortization expense on the core deposit intangible asset which was fully amortized in the third quarter.  The small linked quarter increase reflects improved net interest income and the 4th quarter 2014 loan loss reserve release offset by reduced levels in many noninterest income categories most notably net gains on securities sales.

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Fourth quarter 2014 net income available to common stockholders was $1.9 million compared to a net loss of $1.1 million for the fourth quarter 2013.    On a linked quarter basis, fourth quarter net income available to common stockholders is essentially unchanged from the 2014 third quarter of 2014.

 

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The following information was filed by Old Second Bancorp Inc (OSBC) on Wednesday, January 21, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Allowance For Loan Losses
Allowance For Loan Losses (details)
Allowance For Loan Losses (tables)
Borrowings
Borrowings (details)
Borrowings (tables)
Borrowings - Maturities And Weighted Average Rates (details)
Cash And Due From Banks
Cash And Due From Banks (details)
Commitments
Commitments (tables)
Commitments - Lease Commitments And Legal Proceedings (details)
Commitments - Summary Of Financial Instrument Commitments (details)
Deposits
Deposits (tables)
Deposits - Components And Maturities (details)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Preferred Stock (details)
Earnings Per Share - Reconciliation (details)
Employee Benefit Plans
Employee Benefit Plans (details)
Equity Compensation Plans
Equity Compensation Plans (details)
Equity Compensation Plans (tables)
Fair Value Measurements
Fair Value Measurements - Changes In Level 3 (details)
Fair Value Measurements - Nonrecurring (details)
Fair Value Measurements - Quantitative And Qualitative Information (details)
Fair Value Measurements - Recurring (details)
Fair Value Option And Fair Value Measurements (tables)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (details)
Fair Values Of Financial Instruments (tables)
Financial Instruments With Off-balance Sheet Risk And Derivative Transactions
Financial Instruments With Off-balance Sheet Risk And Derivative Transactions (tables)
Financial Instruments With Off-balance Sheet Risk And Derivative Transactions - Interest Rate Derivatives (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Carryforwards (details)
Income Taxes - Components (details)
Income Taxes - Components Of Deferred Income Tax Provision (details)
Junior Subordinated Debentures
Junior Subordinated Debentures - Issuance (details)
Junior Subordinated Debentures - Payments And Other Disclosures (details)
Loans
Loans (tables)
Loans - Aging Analysis (details)
Loans - Credit Quality (details)
Loans - Impaired Loans - Average Recorded Investment And Interest Income Recognized (details)
Loans - Impaired Loans - Recorded Investment, Unpaid Principal Balance And Related Allowance (details)
Loans - Inclusion (details)
Loans - Major Classifications (details)
Loans - Related Parties (details)
Loans - Tdr (details)
Mortgage Banking Derivatives
Mortgage Banking Derivatives (details)
Mortgage Banking Derivatives (tables)
Other Real Estate Owned
Other Real Estate Owned (details)
Other Real Estate Owned (tables)
Parent Company Condensed Financial Information
Parent Company Condensed Financial Information (tables)
Parent Company Condensed Financial Information - Condensed Balance Sheets (details)
Parent Company Condensed Financial Information - Condensed Statements Of Operations (details)
Parent Company Condensed Financial Information -condensed Statements Of Cash Flows (details)
Preferred Stock
Preferred Stock (details)
Preferred Stock - Dividends And Redemptions (details)
Premises And Equipment
Premises And Equipment (details)
Premises And Equipment (tables)
Regulatory & Capital Matters
Regulatory & Capital Matters (details)
Regulatory & Capital Matters (tables)
Securities
Securities (tables)
Securities - Amortized Cost And Fair Value (details)
Securities - Asset-backed Securities (details)
Securities - Contractural Maturities (details)
Securities - Investment Portfolio (details)
Securities - Realized Gain (loss) (details)
Securities - Unrealized Loss Positions (details)
Stockholders' Rights Plan
Stockholders' Rights Plan (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Intangible Assets (details)
Summary Of Significant Accounting Policies - Premises And Equipment (details)
Summary Of Significant Accounting Policies - Securities, Receivables, And Servicing Assets (details)
Ticker: OSBC
CIK: 357173
Form Type: 10-K Annual Report
Accession Number: 0000357173-15-000010
Submitted to the SEC: Thu Mar 12 2015 10:09:47 AM EST
Accepted by the SEC: Thu Mar 12 2015
Period: Wednesday, December 31, 2014
Industry: State Commercial Banks

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