Company Quick10K Filing
Old Second Bancorp
Price12.36 EPS1
Shares30 P/E13
MCap376 P/FCF10
Net Debt-54 EBIT54
TEV322 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
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8-K 2018-01-02

OSBC 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation and Changes in Significant Accounting Policies
Note 2 - Acquisitions
Note 3 - Securities
Note 4 - Loans and Allowance for Credit Losses on Loans
Note 5 - Other Real Estate Owned
Note 6 - Deposits
Note 7 - Borrowings
Note 8 - Junior Subordinated Debentures
Note 9 - Equity Compensation Plans
Note 10 - Earnings per Share
Note 11 - Regulatory & Capital Matters
Note 12 - Fair Value Measurements
Note 13 - Fair Values of Financial Instruments
Note 14 - Derivatives, Hedging Activities and Financial Instruments with Off - Balance Sheet Risk
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1.A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-3.1 osbc-20200930ex312efccd4.htm
EX-31.1 osbc-20200930ex311a6c425.htm
EX-31.2 osbc-20200930ex312efb58b.htm
EX-32.1 osbc-20200930ex3217d0b34.htm
EX-32.2 osbc-20200930ex322fe73a2.htm

Old Second Bancorp Earnings 2020-09-30

Balance SheetIncome StatementCash Flow

UNITED STATES
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I

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For transition period from          to          

Commission File Number 0-10537

Graphic

(Exact name of Registrant as specified in its charter)

Delaware

36-3143493

(State or other jurisdiction

(I.R.S. Employer Identification Number)

of incorporation or organization)

37 South River Street, AuroraIllinois     60507

(Address of principal executive offices) (Zip Code)

(630) 892-0202

(Registrant’s telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes         No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ‘‘emerging growth company’’ in Rule 12b–2 of the Exchange Act.

Large accelerated filerAccelerated filer

Non-accelerated filerSmaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).

Yes         No 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

OSBC

The Nasdaq Stock Market

As of November 4, 2020, the Registrant has 29,355,022 shares of common stock outstanding at $1.00 par value per share.

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OLD SECOND BANCORP, INC.

Form 10-Q Quarterly Report

Table of Contents

Cautionary Note Regarding Forward-Looking Statements

2

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report and other publicly available documents of the Company contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, including with respect to management’s expectations regarding future plans, strategies and financial performance, including regulatory developments, industry and economic trends, and other matters.  Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company's management and on information currently available to management, can be identified by the inclusion of such qualifications as “expects,” “intends,” “believes,” “may,” “will,” “would,” “could,” “should,” “plan,” “anticipate,” “estimate,” “possible,” “likely” or other indications that the particular statements are not historical facts and refer to future periods. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and may be outside of the Company’s control. Actual events and results may differ materially from those described in such forward-looking statements due to numerous factors, including:

our ability to execute our growth strategy;
the impact of the outbreak of the novel coronavirus, or COVID-19, on our business, including the impact of the actions taken by governmental authorities to try and contain the virus or address the impact of the virus on the United States economy (including, without limitation, the Coronavirus Aid, Relief and Economic Security Act, or the CARES Act), and the resulting effect of these items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers;
negative economic conditions that adversely affect the economy, real estate values, the job market and other factors nationally and in our market area, in each case that may affect our liquidity and the performance of our loan portfolio;
impairment of goodwill, other intangible assets or deferred tax assets;
our ability to achieve anticipated results from any bank acquisition depends on the state of the economic and financial markets going forward. Specifically, we may incur more credit losses than expected, cost savings may be less than expected, anticipated strategic gains may be significantly harder or take longer to achieve than expected or may not be achieved in their entirety, and customer attrition may be greater than expected;
the financial success and viability of the borrowers of our commercial loans;
changes in U.S. monetary policy, the level and volatility of interest rates, the capital markets and other market conditions that may affect, among other things, our liquidity and the value of our assets and liabilities;
competitive pressures from other financial service businesses and from nontraditional financial technology (“FinTech”) companies;
any negative perception of our reputation or financial strength;
ability to raise additional capital on acceptable terms when needed;
ability to raise cost-effective funding to support business plans when needed:
ability to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations;
adverse effects on our information technology systems resulting from failures, human error or cyberattacks;
adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors and those vendors performing a service on the Company’s behalf;
the impact of any claims or legal actions, including any effect on our reputation;
losses incurred in connection with repurchases and indemnification payments related to mortgages;
the soundness of other financial institutions and other counter-party risk;
changes in accounting standards, rules and interpretations and the impact on our financial statements;
our ability to receive dividends from our subsidiaries;
a decrease in our regulatory capital ratios;
adverse federal or state tax assessments;
risks associated with actual or potential litigation or investigations by customers, regulatory agencies or others;
legislative or regulatory changes, particularly changes in regulation of financial services companies;
increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the current regulatory environment, including the Dodd-Frank Act;
negative changes in our capital position;
the adverse effects of events such as outbreaks of contagious disease, war or terrorist activities, or essential utility outages, including deterioration in the global economy, instability in credit markets and disruptions in our customers’ supply chains and transportation;
changes in trade policy and any related tariffs; and

3

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each of the factors and risks under the heading “Risk Factors” in our 2019 Annual Report on Form 10-K, Part II, Item 1A, Risk Factors, in our Quarterly Reports on Form 10-Q, and in subsequent filings we make with the SEC.

Because the Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain, there can be no assurances that future actual results will correspond to any forward-looking statements and you should not rely on any forward-looking statements.  Additionally, all statements in this Form 10-Q, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events, except as required by applicable law.

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Old Second Bancorp, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share data)

(unaudited)

September 30, 

December 31, 

    

2020

    

2019

Assets

Cash and due from banks

$

29,489

$

34,096

Interest earning deposits with financial institutions

283,651

16,536

Cash and cash equivalents

313,140

50,632

Securities available-for-sale, at fair value

448,421

484,648

Federal Home Loan Bank Chicago ("FHLBC") and Federal Reserve Bank Chicago ("FRBC") stock

9,917

9,917

Loans held-for-sale

10,229

3,061

Loans

2,030,327

1,930,812

Less: allowance for credit losses on loans

32,918

19,789

Net loans

1,997,409

1,911,023

Premises and equipment, net

44,914

44,354

Other real estate owned

2,686

5,004

Mortgage servicing rights, net

5,010

5,935

Goodwill and core deposit intangible

20,901

21,275

Bank-owned life insurance ("BOLI")

62,222

61,763

Deferred tax assets, net

9,626

11,459

Other assets

50,349

26,474

Total assets

$

2,974,824

$

2,635,545

Liabilities

Deposits:

Noninterest bearing demand

$

889,085

$

669,795

Interest bearing:

Savings, NOW, and money market

1,185,731

1,015,285

Time

404,427

441,669

Total deposits

2,479,243

2,126,749

Securities sold under repurchase agreements

59,268

48,693

Other short-term borrowings

6,125

48,500

Junior subordinated debentures

25,773

57,734

Senior notes

44,349

44,270

Notes payable and other borrowings

24,469

6,673

Other liabilities

39,329

25,062

Total liabilities

2,678,556

2,357,681

Stockholders’ Equity

Common stock

34,957

34,854

Additional paid-in capital

121,746

120,657

Retained earnings

228,825

213,723

Accumulated other comprehensive income

11,044

4,562

Treasury stock

(100,304)

(95,932)

Total stockholders’ equity

296,268

277,864

Total liabilities and stockholders’ equity

$

2,974,824

$

2,635,545

September 30, 2020

December 31, 2019

Common

Common

Stock

    

Stock

Par value

$

1.00

$

1.00

Shares authorized

60,000,000

60,000,000

Shares issued

34,957,384

34,853,757

Shares outstanding

29,451,585

29,931,809

Treasury shares

5,505,799

4,921,948

See accompanying notes to consolidated financial statements.

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Table of Contents

Old Second Bancorp, Inc. and Subsidiaries

Consolidated Statements of Income

(In thousands, except per share data)

(unaudited)

(unaudited)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2020

    

2019

    

2020

    

2019

    

Interest and dividend income

Loans, including fees

$

21,980

$

25,109

$

67,924

$

74,132

Loans held-for-sale

95

47

241

100

Securities:

Taxable

1,458

2,296

5,315

6,933

Tax exempt

1,327

1,719

4,178

5,958

Dividends from FHLBC and FRBC stock

118

154

366

459

Interest bearing deposits with financial institutions

68

119

185

344

Total interest and dividend income

25,046

29,444

78,209

87,926

Interest expense

Savings, NOW, and money market deposits

299

724

1,319

2,254

Time deposits

1,084

1,672

4,292

4,931

Securities sold under repurchase agreements

28

135

167

431

Other short-term borrowings

24

429

167

1,611

Junior subordinated debentures

285

933

1,932

2,791

Senior notes

673

682

2,019

2,026

Notes payable and other borrowings

144

89

439

312

Total interest expense

2,537

4,664

10,335

14,356

Net interest and dividend income

22,509

24,780

67,874

73,570

Provision for credit losses

300

550

10,413

1,450

Net interest and dividend income after provision for credit losses

22,209

24,230

57,461

72,120

Noninterest income

Trust income

1,506

1,730

4,702

4,955

Service charges on deposits

1,322

2,020

4,168

5,841

Secondary mortgage fees

492

282

1,267

621

Mortgage servicing rights mark to market loss

(160)

(946)

(2,739)

(2,902)

Mortgage servicing income

521

460

1,447

1,408

Net gain on sales of mortgage loans

5,246

2,074

12,123

3,999

Securities (losses) gains , net

(1)

3,463

(25)

4,476

Change in cash surrender value of BOLI

459

267

942

1,045

Death benefit realized on BOLI

(2)

-

57

-

Card related income

1,499

1,595

4,097

4,433

Other income

803

988

2,663

2,682

Total noninterest income

11,685

11,933

28,702

26,558

Noninterest expense

Salaries and employee benefits

12,586

12,062

36,846

35,261

Occupancy, furniture and equipment

2,003

2,235

6,239

6,149

Computer and data processing

1,226

1,490

3,808

4,346

FDIC insurance

191

(114)

403

176

General bank insurance

281

270

764

756

Amortization of core deposit intangible

122

157

374

410

Advertising expense

62

360

228

975

Card related expense

566

531

1,612

1,360

Legal fees

169

111

476

480

Other real estate expense, net

125

26

505

324

Other expense

2,935

2,826

8,909

9,037

Total noninterest expense

20,266

19,954

60,164

59,274

Income before income taxes

13,628

16,209

25,999

39,404

Provision for income taxes

3,363

4,036

6,221

9,485

Net income

$

10,265

$

12,173

$

19,778

$

29,919