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Old Second Bancorp Inc (OSBC) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Old Second Bancorp Inc

CIK: 357173 Ticker: OSBC

Picture 1

 

 

 

 

 

 

 

 

 

(NASDAQ:OSBC)

Exhibit 99.1

 

 

 

Contact:

J. Douglas Cheatham

For Immediate Release

 

Chief Financial Officer

January 20, 2016

 

(630) 906-5484

 

 

 

 

 

 

Old Second Reports Fourth Quarter 2015 Net Income of $3.8 million

 

 

AURORA, IL, January 20, 2016  – 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 2015 and the year ended December 31, 2015.  The Company reported net income of $3.8 million for the fourth quarter of 2015, compared to net income of $3.0 million in  the fourth quarter of 2014 and $3.9 million in the third quarter of 2015.  The Company’s net income available to common stockholders of $3.8 million, or $0.13 per diluted share for the fourth quarter of 2015, compared to $1.9 million, or $0.06 per diluted share, in the fourth quarter of 20142014 per share information reflects dividends on the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series B (the “Series B Stock”).  In 2015 the Company completed redemption of all remaining Series B Stock.  The full year 2015 net income available to common stockholders of $13.5 million or $0.46 per diluted share compared to $11.9 million or $0.46 per diluted share in 2014.

 

Operating Results

·

Fourth quarter 2015 net income before taxes increased by $1.3 million, or 27.2%, from the fourth quarter of 2014 but decreased approximately 4.0% from the third quarter of 2015.  When compared to the fourth quarter of 2014, the quarter reflects slightly reduced net interest income, improved residential mortgage banking income, meaningfully lower compensation costs and other real estate owned (“OREO”) valuation expense, and no loan loss reserve release.   The net income before tax decrease from the third quarter of 2015 reflects improved residential mortgage banking operating revenue and reduced OREO valuation expense, with these improvements offset by no loan loss reserve release recorded in the fourth quarter.  Third quarter 2015 noninterest income does include a $1.1 million writedown on the now closed branch in Batavia, Illinois.  Fourth quarter 2015 net income available to common stockholders of $3.8 million compares to $3.6 million for the third quarter of 2015 where the third quarter reflects $339,000 of dividends paid in the quarter on the now fully redeemed Series B stock.

·

Noninterest expense of $16.1 million for the fourth quarter of 2015 was 14.2% lower than the results in the fourth quarter of 2014OREO expense, net for the fourth quarter of 2015 declined 79.0% from the fourth quarter of 2014.

 

Capital Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 

 

September 30, 

 

June 30, 

 

March 31, 

 

2015

 

2015

 

2015

 

2015

The Bank's common equity tier 1 capital ratio

14.10

%

 

15.94

%

 

17.49

%

 

16.88

%

The Company's common equity tier 1 capital ratio

10.55

%

 

10.26

%

 

9.82

%

 

9.44

%

The Bank's total capital ratio

15.23

%

 

17.10

%

 

18.75

%

 

18.14

%

The Company's total capital ratio

15.56

%

 

15.36

%

 

17.10

%

 

17.28

%

The Company's tier 1 leverage capital ratio

8.69

%

 

8.46

%

 

10.02

%

 

9.82

%

 

 

1


The following information was filed by Old Second Bancorp Inc (OSBC) on Wednesday, January 20, 2016 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 Comprehensive Income
Consolidated Statements Of Income
Allowance For Loan Losses
Allowance For Loan Losses (details)
Allowance For Loan Losses (tables)
Borrowings
Borrowings (tables)
Borrowings - Additional Information (details)
Borrowings - Maturities And Weighted Average Rates (details)
Borrowings - Summary (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)
Deposits - Scheduled Maturities (details)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Reconciliation (details)
Employee Benefit Plans
Employee Benefit Plans (details)
Equity Compensation Plans
Equity Compensation Plans (tables)
Equity Compensation Plans - Options (details)
Equity Compensation Plans - Restricted Stock And Rsus (details)
Fair Value Measurements
Fair Value Measurements (tables)
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 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 - Major Classifications - Loan Concentrations (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 Income (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)
Regulatory & Capital Matters - Capital Levels And Industry Defined Regulatory Minimums (details)
Regulatory & Capital Matters - Dividend Restrictions And Deferrals (details)
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)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
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: 0000357173-16-000077
Submitted to the SEC: Fri Mar 11 2016 11:11:44 AM EST
Accepted by the SEC: Fri Mar 11 2016
Period: Thursday, December 31, 2015
Industry: State Commercial Banks

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