Old Second Bancorp Inc (OSBC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Exhibit 99.1

Old Second Bancorp, Inc. Announces Fourth Quarter Results

Fourth Quarter Net Income to Common Shareholders $253 thousand or $0.02 per share.  Up from $4.2 million Net Loss or $0.30 per share in Fourth Quarter 2011.

Full Year 2012 Net Loss to Common Shareholders $5.1 million or $0.36 per share.  An improvement from $11.2 million Net Loss or $0.79 per share for Full Year 2011.

AURORA, IL, January 23, 2013 — Old Second Bancorp, Inc. (the “Company” or “Old Second”) (NASDAQ: OSBC), the parent company of Old Second National Bank (the “Bank”), today announced results of operations for the fourth quarter of 2012.  The Company reported net income of $1.5 million, compared to a net loss of $3.0 million in the fourth quarter of 2011.

Old Second also announced that its principle banking subsidiary, Old Second National Bank, recorded net income of $3.2 million in the fourth quarter and net income of $6.6 million for the year ended December 31, 2012.

The Company did not record a provision for loan losses for the fourth quarter of 2012 compared to a $1.4 million provision in the fourth quarter of 2011.  The allowance for loan losses was 43.33% of nonperforming loans as of December 31, 2012, an increase from 38.05% as of September 30, 2012, and 37.42% as of December 31, 2011.

“Fourth quarter and full year results reflect ongoing progress on both improved credit quality and overall sustainable profitability,” said Bill Skoglund, Chairman and CEO.  “Our problem loan remediation work resulted in nonaccrual loans declining by 39% since December 31, 2011 (down 16% since September 30, 2012).  Net charge offs continued at levels consistent with the improved results seen in third quarter and are much improved from results seen in 2011.”

“We had some unusual items in fourth quarter earnings, including sizable gains on sales of OREO properties and loan prepayment fee income.  For the second consecutive quarter, a provision for loan loss was not taken as our credit quality continued to show improvements. Further, I am confident that our restored loan pipeline will benefit future core earnings and lead to cross sell opportunities enabling us to expand our services to current and prospective customers in our chosen markets.  While that business develops, we have increased our portfolio of investment securities 89% or $272 million since December 31, 2011.  Growing franchise value and sustained core profitability remain our main objectives.”

2012 Financial Highlights/Overview

Earnings

·                  Fourth quarter net income before taxes of $1.5 million compared to a net loss of $3.0 million in the same quarter of 2011.

·                  Fourth quarter net income to common stockholders of $253,000 compared to a net loss to common stockholders of $4.2 million in the same quarter of 2011.

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