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Old Second Bancorp Inc (OSBC) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Old Second Bancorp Inc

CIK: 357173 Ticker: OSBC

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(NASDAQ:OSBC)

Exhibit 99.1

Contact:

Bradley S. Adams

For Immediate Release

Chief Financial Officer

April 21, 2021

(630) 906-5484

Old Second Reports First Quarter Net Income of $11.9 million, or $0.40 per Diluted Share, Increases Quarterly Dividend to $0.05 per Share

AURORA, IL, April 21, 2021 – Old Second Bancorp, Inc. (the “Company,” “we,” “us,” and “our”) (NASDAQ: OSBC), the parent company of Old Second National Bank (the “Bank”), today announced financial results for the first quarter of 2021.  Our net income was $11.9 million, or $0.40 per diluted share, for the first quarter of 2021, compared to net income of $8.0 million, or $0.27 per diluted share, for the fourth quarter of 2020, and net income of $275,000, or $0.01 per diluted share, for the first quarter of 2020. Net income for the first quarter of 2021 reflects a reversal of provision for credit losses of $3.0 million pre-tax, compared to no provision expense recorded in the fourth quarter of 2020, and an $8.0 million pre-tax provision recorded in the first quarter of 2020.  Mortgage banking income totaled $5.7 million in the first quarter of 2021, which reflected a $2.7 million increase from the fourth quarter of 2020, and a $4.9 million increase from the first quarter of 2020, primarily due to mark to market gains on mortgage servicing rights (“MSRs”) of $1.1 million in the first quarter of 2021, compared to mark to market losses of $1.3 million and $2.1 million in the fourth quarter of 2020 and the first quarter of 2020, respectively.  

On April 20, 2021, our board of directors approved a 400% increase to the quarterly dividend, from $0.01 per common share to $0.05 per common share, to be paid to stockholders of record on April 30, 2021, payable May 10, 2021.

Operating Results

First quarter 2021 net income was $11.9 million, reflecting an increase in earnings of $3.8 million from the fourth quarter of 2020, and an increase of $11.6 million from the first quarter of 2020.  
Net interest and dividend income was $23.5 million for the first quarter of 2021, a decrease of $334,000, or 1.4%, from the fourth quarter of 2020, but an increase of $885,000, or 3.9%, from first quarter of 2020.  
Interest and dividend income for the first quarter of 2021 was $25.4 million, or $615,000 less than the fourth quarter of 2020 and $2.1 million less than the first quarter of 2020, primarily due to a decrease in market interest rates over the past year.  Interest and dividend income was favorably impacted by loan fees earned on forgiven Paycheck Protection Program (“PPP”) loans during the first quarter of 2021.  We originated 746 PPP loans totaling $136.7 million in 2020, and as of March 31, 2021, $46.3 million on 134 PPP loans originated during the first round of the PPP loan program remained outstanding. During the first quarter of 2021, we originated $58.3 million, or 481 loans, under the second round of the PPP loan program.  Net loan interest and fee income recorded in 2021 year to date on all PPP loans totaled $741,000, and approximately $2.3 million of net PPP loan fees remain unearned as of March 31, 2021.
Interest expense for the first quarter of 2021 totaled $1.8 million, compared to $2.1 million for the fourth quarter of 2020, and $4.8 million for the first quarter of 2020.  The reduction in interest expense was primarily due to a decrease in market interest rates in the year over year period.  In addition, in March 2020 we redeemed our 7.8% cumulative trust preferred securities issued by Old Second Capital Trust I  and related debentures, which totaled $32.6 million.  Upon redemption, we recognized the remaining unamortized debt issuance costs of $635,000, which increased first quarter 2020 interest expense.
We recorded a $3.0 million reversal of provision for credit losses in the first quarter of 2021, compared to no provision for credit losses in the fourth quarter of 2020, and an $8.0 million provision for credit losses in the first quarter of 2020, due both to our adoption of the current expected credit losses accounting standard

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The following information was filed by Old Second Bancorp Inc (OSBC) on Wednesday, April 21, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Old Second Bancorp Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly 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
Basis Of Presentation And Changes In Significant Accounting Policies
Basis Of Presentation And Changes In Significant Accounting Policies (Policies)
Basis Of Presentation And Changes In Significant Accounting Policies - Risks And Uncertainties (Details)
Basis Of Presentation And Changes In Significant Accounting Policies - Subsequent Events (Details)
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Borrowings - Additional Information (Details)
Borrowings - Summary (Details)
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Deposits - Classifications Of Deposits (Details)
Derivatives, Hedging Activities And Financial Instruments With Off-Balance Sheet Risk
Derivatives, Hedging Activities And Financial Instruments With Off-Balance Sheet Risk (Tables)
Derivatives, Hedging Activities And Financial Instruments With Off-Balance Sheet Risk - Commitments (Details)
Derivatives, Hedging Activities And Financial Instruments With Off-Balance Sheet Risk - Effect Of Fair Value (Details)
Derivatives, Hedging Activities And Financial Instruments With Off-Balance Sheet Risk - Fair Value Of Derivatives (Details)
Earnings Per Share
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Earnings Per Share - Reconciliation (Details)
Equity Compensation Plans
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Fair Value Measurements
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Fair Value Measurements - Changes In Level 3 (Details)
Fair Value Measurements - Nonrecurring (Details)
Fair Value Measurements - Quantitative And Qualitative Information (Details)
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Fair Values Of Financial Instruments
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Fair Values Of Financial Instruments (Tables)
Junior Subordinated Debentures
Junior Subordinated Debentures - Issuance (Details)
Loans And Allowance For Credit Losses On Loans
Loans And Allowance For Credit Losses On Loans (Details)
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Loans And Allowance For Credit Losses On Loans - Aging Analysis (Details)
Loans And Allowance For Credit Losses On Loans - Collateral Dependent Loans (Details)
Loans And Allowance For Credit Losses On Loans - Credit Quality (Details)
Loans And Allowance For Credit Losses On Loans - Loans In Active Deferral (Details)
Loans And Allowance For Credit Losses On Loans - Major Classifications (Details)
Loans And Allowance For Credit Losses On Loans - Major Classifications - Loan Concentrations (Details)
Loans And Allowance For Credit Losses On Loans - Nonaccruals (Details)
Loans And Allowance For Credit Losses On Loans - Tdr (Details)
Other Real Estate Owned
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Other Real Estate Owned (Tables)
Regulatory &Amp; Capital Matters
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Regulatory &Amp; Capital Matters - Dividend Restrictions And Deferrals (Details)
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Securities - Amortized Cost And Fair Value (Details)
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Securities - Realized Gain (Loss) (Details)
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Material Contracts, Statements, Certifications & more

Old Second Bancorp Inc provided additional information to their SEC Filing as exhibits

Ticker: OSBC
CIK: 357173
Form Type: 10-Q Quarterly Report
Accession Number: 0000357173-21-000034
Submitted to the SEC: Fri May 07 2021 2:30:00 PM EST
Accepted by the SEC: Fri May 07 2021
Period: Wednesday, March 31, 2021
Industry: State Commercial Banks

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