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Old Second Bancorp Inc (OSBC) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 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

July 21, 2021

(630) 906-5484

Old Second Reports Second Quarter Net Income of $8.8 million, or $0.30 per Diluted Share

AURORA, IL, July 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 second quarter of 2021.  Our net income was $8.8 million, or $0.30 per diluted share, for the second quarter of 2021, compared to net income of $11.9 million, or $0.40 per diluted share, for the first quarter of 2021, and net income of $9.2 million, or $0.31 per diluted share, for the second quarter of 2020. Net income for the second quarter of 2021 reflected a $3.5 million pre-tax release of provision for credit losses, compared to a $3.0 million pre-tax release in the first quarter of 2021, and a $2.1 million pre-tax provision expense in the second quarter of 2020.  Mortgage banking income totaled $1.6 million in the second quarter of 2021, compared to $5.7 million in the first quarter of 2021, and $5.1 million in the second quarter of 2020. Mortgage servicing rights experienced a mark to market loss of $1.0 million during the second quarter of 2021, compared to a $1.1 million gain in the prior quarter and a $445,000 loss in the second quarter of 2020.   Net gain on sales of mortgage loans totaled $1.9 million in the second quarter of 2021, compared to $3.7 million in the first quarter of 2021, and $4.6 million in the second quarter of 2020, as mortgage origination and refinancing volumes declined in the current period.  

Operating Results

Second quarter 2021 net income was $8.8 million, reflecting a decrease in earnings of $3.1 million from the first quarter of 2021, and a decrease of $418,000 from the second quarter of 2020.  
Net interest and dividend income was $22.0 million for the second quarter of 2021, a decrease of $1.6 million, or 6.8%, from the first quarter of 2021, and a decrease of $754,000, or 3.3%, from second quarter of 2020.  
Interest and dividend income for the second quarter of 2021 was $24.2 million, or $1.2 million less than the first quarter of 2021, and $1.5 million less than the second 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 and second quarters of 2021.  We originated 746 PPP loans totaling $136.7 million in 2020, and as of June 30, 2021, $11.6 million on 35 PPP loans originated during the first round of the PPP loan program remained outstanding. During the first and second quarters of 2021, we originated $62.3 million, or 574 loans, under the second round of the PPP loan program, of which $58.6 million, or 483 loans, remain outstanding as of June 30, 2021.  Net loan interest and fee income recorded in 2021 year to date on all PPP loans totaled $1.6 million, and approximately $2.3 million of net PPP loan fees remain unearned as of June 30, 2021.
Interest expense for the second quarter of 2021 totaled $2.2 million, compared to $1.8 million for the first quarter of 2021, and $3.0 million for the second quarter of 2020.  The $393,000 increase in interest expense in the second quarter of 2021, compared to the first quarter of 2021, was primarily due to the April 6, 2021, issuance of $60.0 million of 3.50% Fixed-to-Floating Rate Subordinated Notes due April 15, 2031, which bear interest at a fixed annual rate of 3.50% until April 14, 2026.  The reduction in interest expense in the year over year period was due to a decrease in market interest rates, which impacted all interest bearing deposit categories.  
We recorded a $3.5 million release of provision expense in the second quarter of 2021, compared to a $3.0 million release of provision expense in the first quarter of 2021, and a $2.1 million provision for credit losses in the second quarter of 2020, as the projected impact of the COVID-19 pandemic on future credit losses is currently anticipated to be less than prior projections.  Our allowance for credit losses (“ACL”) on loans in the second quarter of 2021 consisted of a release of the ACL on loans of $2.3 million, as well as $65,000 of net

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The following information was filed by Old Second Bancorp Inc (OSBC) on Wednesday, July 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 - Subsequent Events (Details)
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Borrowings (Tables)
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Deposits (Tables)
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
Earnings Per Share (Tables)
Earnings Per Share - Reconciliation (Details)
Equity Compensation Plans
Equity Compensation Plans (Details)
Equity Compensation Plans (Tables)
Equity Compensation Plans - Restricted Stock And Rsus (Details)
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)
Fair Value Measurements - Recurring (Details)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (Details)
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)
Loans And Allowance For Credit Losses On Loans (Tables)
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
Other Real Estate Owned (Details)
Other Real Estate Owned (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 - Contractual Maturities (Details)
Securities - Investment Portfolio (Details)
Securities - Realized Gain (Loss) (Details)
Securities - Unrealized Loss Positions (Details)

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: 0000357173-21-000061
Submitted to the SEC: Fri Aug 06 2021 3:57:44 PM EST
Accepted by the SEC: Fri Aug 06 2021
Period: Wednesday, June 30, 2021
Industry: State Commercial Banks

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