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Old Second Bancorp Inc (OSBC) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Old Second Bancorp Inc

CIK: 357173 Ticker: OSBC

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(NASDAQ:OSBC)

Exhibit 99.1

 

 

 

Contact:

J. Douglas Cheatham

For Immediate Release

 

Chief Financial Officer

January 25, 2017

 

(630) 906-5484

 

 

 

 

 

 

 

Old Second Reports Fourth Quarter 2016 Net Income of $5.0 million

 

 

AURORA, IL, January 25, 2017  – 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 2016 and the year ended December 31, 2016.  The Company reported net income of $5.0 million for the fourth quarter of 2016, compared to net income of $3.8 million in the fourth quarter of 2015.  The Company’s net income available to common stockholders was $5.0 million, or $0.17 per diluted share, for the fourth quarter of 2016,  as compared to $3.8 million, or $0.13 per diluted share, in the fourth quarter of 2015.  For the year ended December 31, 2016, net income available to common stockholders was $15.7 million, or $0.53 per diluted share, as compared to $13.5 million, or $0.46 per diluted share for the year ended December 31, 2015.

 

Operating Results

·

On January 17, 2017, the Company’s Board of Directors declared a cash dividend of 1 cent per share payable on February 6, 2017, to stockholders of record as of January 27, 2017.

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Fourth quarter 2016 net income available to common stockholders was $5.0 million, reflecting an increase of $1.2 million, or 30.9%, from the fourth quarter of 2015 and an increase of $1.5 million, or 43.4%, from the third quarter of 2016.

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Net interest and dividend income totaled $17.5 million for the fourth quarter of 2016 and reflects an increase of $2.8 million, or 18.7%, over the fourth quarter of 2015.  Net interest and dividend income for the fourth quarter of 2016 reflected an increase of $2.2 million, or 14.1%, from the $15.3 million recorded in the third quarter of 2016.  Net interest income was favorably impacted in the fourth quarter of 2016 primarily due to the Company’s acquisition of the Chicago branch of Talmer Bank and Trust, which closed on October 28, 2016.  The Talmer branch purchase resulted in an increase to the loan portfolio of approximately $221.0 million, and purchase accounting accretion income realized in the fourth quarter totaled $604,000.

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Provision for loan and lease losses expense of $750,000 was recorded in the fourth quarter of 2016; no  provision or release of loan loss reserves was recorded in the fourth quarter of 2015 or the third quarter of 2016.  This fourth quarter provision was the only provision recorded in 2016, and compares to a provision release of $4.4 million during 2015.

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Noninterest income was $8.4 million for the fourth quarter of 2016, which reflects growth of $1.0 million, or 13.8%, over the fourth quarter of 2015 primarily due to increases in residential mortgage banking income.  Noninterest income for the fourth quarter of 2016 was $1.8 million, or 27.8%, in excess of the third quarter of 2016, primarily due to net losses on security sales incurred in the third quarter in anticipation of the funding requirements for the Company’s acquisition of the Talmer branch.

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Noninterest expense of $17.2 million for the fourth quarter of 2016 increased $1.1 million, or 6.9%, from the fourth quarter of 2015, driven by the costs incurred related to the Talmer branch acquisition, such as increases

 

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The following information was filed by Old Second Bancorp Inc (OSBC) on Wednesday, January 25, 2017 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
Acquisitions
Acquisitions (details)
Acquisitions (tables)
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)
Equity Compensation Plans - Summary Of Stock Option Activity (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 - Repossessed Assets (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)
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)-10k
Summary Of Significant Accounting Policies - Dividend (details)
Summary Of Significant Accounting Policies - Premises And Equipment (details)
Ticker: OSBC
CIK: 357173
Form Type: 10-K Annual Report
Accession Number: 0000357173-17-000012
Submitted to the SEC: Mon Mar 13 2017 5:18:52 PM EST
Accepted by the SEC: Mon Mar 13 2017
Period: Saturday, December 31, 2016
Industry: State Commercial Banks

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