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

Old Second Bancorp Inc

CIK: 357173 Ticker: OSBC

Exhibit 99.1

 

Old Second Bancorp, Inc.

For Immediate Release

(NASDAQ: OSBC)

January 23, 2013

 

Contact:

J. Douglas Cheatham

 

Chief Financial Officer

 

(630) 906-5484

 

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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The following information was filed by Old Second Bancorp Inc (OSBC) on Wednesday, January 23, 2013 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 Changes In Stockholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Allowance For Loan Losses
Allowance For Loan Losses (details)
Allowance For Loan Losses (tables)
Borrowings
Borrowings (details 2)
Borrowings (details)
Borrowings (tables)
Cash And Due From Banks
Cash And Due From Banks (details)
Commitments
Commitments (details 2)
Commitments (details)
Commitments (tables)
Deposits
Deposits (details)
Deposits (tables)
Employee Benefit Plans
Employee Benefit Plans (details)
Fair Value Measurements
Fair Value Measurements (details 2)
Fair Value Measurements (details 3)
Fair Value Measurements (details 4)
Fair Value Measurements (details)
Fair Value Measurements (tables)
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 (details)
Financial Instruments With Off-balance Sheet Risk And Derivative Transactions (tables)
Income Taxes
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details)
Income Taxes (tables)
Junior Subordinated Debentures
Junior Subordinated Debentures (details 2)
Junior Subordinated Debentures (details)
Loans
Loans (details 2)
Loans (details 3)
Loans (details 4)
Loans (details 5)
Loans (details 6)
Loans (details)
Loans (tables)
Long-term Incentive Plan
Long-term Incentive Plan (details)
Long-term Incentive Plan (tables)
Loss Per Share
Loss Per Share (details)
Loss Per Share (tables)
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 (details 2)
Parent Company Condensed Financial Information (details 3)
Parent Company Condensed Financial Information (details)
Parent Company Condensed Financial Information (tables)
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)
Securities
Securities (details 2)
Securities (details 3)
Securities (details)
Securities (tables)
Stockholders' Rights Plan
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details 2)
Summary Of Significant Accounting Policies (details 3)
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Ticker: OSBC
CIK: 357173
Form Type: 10-K Annual Report
Accession Number: 0001104659-13-022536
Submitted to the SEC: Wed Mar 20 2013 2:14:34 PM EST
Accepted by the SEC: Wed Mar 20 2013
Period: Monday, December 31, 2012
Industry: State Commercial Banks

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