Last10K.com

Old Second Bancorp Inc (OSBC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Old Second Bancorp Inc

CIK: 357173 Ticker: OSBC

Picture 1

 

 

 

 

 

 

 

 

 

(NASDAQ:OSBC)

Exhibit 99.1

 

 

 

Contact:

Bradley S. Adams

For Immediate Release

 

Chief Financial Officer

January 23, 2019

 

(630) 906-5484

 

 

 

Old Second Reports Fourth Quarter 2018 Net Income of $8.6 million

AURORA, IL, January 23, 2019 – Old Second Bancorp, Inc. (the “Company” or “Old Second”) (NASDAQ: OSBC), the parent company of Old Second National Bank (the “Bank”), today announced financial results for the fourth quarter of 2018.  The Company’s net income was $8.6 million, or $0.28 per diluted share, for the fourth quarter of 2018, compared to net income of $9.6 million, or $0.32 per diluted share, in the third quarter of 2018, and net loss of $2.5 million, or $0.08 per diluted share, for the fourth quarter of 2017.

Operating Results

·

Fourth quarter 2018 net income was $8.6 million, reflecting a decrease in earnings of $1.0 million from the third quarter of 2018, and an increase in earnings of $11.1 million from the fourth quarter of 2017.   Fourth quarter 2018 financial results were negatively impacted by $683,000 pretax of mortgage servicing rights valuation adjustment related solely to movements in interest rates, as well as $119,000 pretax of merger related expenses.

·

Adjusted net income, a non-GAAP financial measure, was $8.7 million, or $0.29 per diluted share, compared to net income of $9.6 million, or $0.32 per diluted share, for the third quarter of 2018, and net income of $7.0 million, or $0.23 per diluted share, for the fourth quarter of 2017.  

o

Fourth quarter 2017 adjusted net income excluded a $9.5 million tax expense stemming from the late December 2017 enactment of the “Tax Cuts and Jobs Act,”  which lowered the Federal corporate income tax rate and caused the company to record a valuation allowance with respect to its deferred tax asset.

See the discussion entitled “Non-GAAP Presentations” below and the table on page 15 that provides a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

·

Net interest and dividend income was $24.3 million for the fourth quarter of 2018, an increase of $600,000, or 2.5%, from the $23.7 million recorded for the third quarter of 2018, and an increase of $5.0 million, or 25.6%, over the fourth quarter of 2017.  Net interest income in the fourth quarter of 2018 was favorably impacted by the rising interest rate environment, as well as $662,000 of purchase accounting accretion, compared to $722,000 of purchase accounting accretion in the third quarter of 2018, and $213,000 in the fourth quarter of 2017.   Purchase accounting accretion income realized prior to the second quarter of 2018 was due to the Company’s purchase of the Chicago branch of Talmer Bank and Trust in late 2016.  Beginning in the second quarter of 2018, purchase accounting accretion income also included the impact of the ABC Bank purchase on April 20, 2018.    

·

Noninterest income was $6.5 million for the fourth quarter of 2018, compared to $7.8 million for the third quarter of 2018 and $8.2 million for the fourth quarter of 2017.  The decrease in noninterest income in the fourth quarter of 2018 compared to the third quarter of 2018 was driven primarily by reductions in total residential mortgage banking revenue of $1.3 million. The decrease in noninterest income for the fourth quarter of 2018 compared to the fourth quarter of 2017 was driven primarily by reductions in total residential mortgage banking revenue of $1.4 million, as well as a $639,000 reduction in security gains, net. These reductions were partially offset by increases in service charges on deposits of $279,000 and other income of $332,000 in the fourth quarter of 2018 over the fourth quarter of 2017.  

·

Noninterest expense was $18.8 million for the fourth quarter of 2018, reflecting  an increase of $66,000, or 0.4%, compared to the third quarter of 2018, and an increase of $2.6 million, or 16.0%, from the fourth quarter of 2017.  The increase in noninterest expense in the fourth quarter of 2018 compared to the fourth 

1


The following information was filed by Old Second Bancorp Inc (OSBC) on Wednesday, January 23, 2019 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.

View differences made from one year to another to evaluate Old Second Bancorp Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Old Second Bancorp Inc.

Continue

Assess how Old Second Bancorp Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Old Second Bancorp Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
M & A
Revenue
Legal
Other
Filter Subcategory:
All
Earnings
Expense
Cash Flow
Shares
Product
Income
Dividend
Geography
Other
Inside Old Second Bancorp Inc's 10-K Annual Report:

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
Consolidated Statements Of Income
Acquisition Of Loans (Details)
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 - Effect Of Fair Value (Details)
Financial Instruments With Off-Balance Sheet Risk And Derivative Transactions - Fair Value Of 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)
Loans
Loans (Tables)
Loans - Accretable Discount On Purchased Loans (Details)
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 &Amp; Capital Matters
Regulatory &Amp; Capital Matters (Details)
Regulatory &Amp; Capital Matters (Tables)
Regulatory &Amp; Capital Matters - Capital Levels And Industry Defined Regulatory Minimums (Details)
Regulatory &Amp; Capital Matters - Dividend Restrictions And Deferrals (Details)
Securities
Securities (Tables)
Securities - Amortized Cost And Fair Value (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 - Accounting Pronouncements (Details)
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: 0000357173-19-000012
Submitted to the SEC: Thu Mar 07 2019 10:23:52 AM EST
Accepted by the SEC: Thu Mar 07 2019
Period: Monday, December 31, 2018
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/osbc/0000357173-19-000012.htm