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
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-03-07
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-03-13
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-03-13
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-11
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-12
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-08-13
10-Q 2014-03-31 Filed 2014-05-13
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-15
10-K 2012-12-31 Filed 2013-03-20
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-16
8-K 2020-04-28
8-K 2020-04-22
8-K 2020-04-01
8-K 2020-01-28
8-K 2020-01-22
8-K 2020-01-21
8-K 2020-01-02
8-K 2019-10-23
8-K 2019-10-15
8-K 2019-10-01
8-K 2019-09-23
8-K 2019-08-21
8-K 2019-07-24
8-K 2019-07-16
8-K 2019-07-01
8-K 2019-06-05
8-K 2019-05-29
8-K 2019-05-22
8-K 2019-05-21
8-K 2019-04-24
8-K 2019-04-16
8-K 2019-04-01
8-K 2019-01-23
8-K 2019-01-15
8-K 2019-01-02
8-K 2018-10-24
8-K 2018-10-16
8-K 2018-10-01
8-K 2018-07-31
8-K 2018-07-25
8-K 2018-07-17
8-K 2018-07-02
8-K 2018-05-16
8-K 2018-05-15
8-K 2018-05-09
8-K 2018-04-25
8-K 2018-04-18
8-K 2018-04-02
8-K 2018-02-23
8-K 2018-01-24
8-K 2018-01-17
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-31.1 osbc-20200331ex311a6b0ab.htm
EX-31.2 osbc-20200331ex312a99e16.htm
EX-32.1 osbc-20200331ex3210b4283.htm
EX-32.2 osbc-20200331ex322c16c4c.htm

Old Second Bancorp Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 osbc-20200331x10q.htm 10-Q osbc-Current Folio_10Q

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 March 31, 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

 

Picture 2

(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, Aurora, Illinois     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 May 5, 2020, the Registrant has 29,684,419 shares of common stock outstanding at $1.00 par value per share.

 

 

 

 

 

2

 

 

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, including realizing the benefits from our recent strategic hires;

·

the impact of the recent 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;

·

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

·

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 this Form 10-Q, and in subsequent filings we make with the SEC.

 

3

 

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.

4

 

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

 

Old Second Bancorp, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share data)

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

March 31, 

 

December 31, 

 

    

2020

    

2019

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

27,627

 

$

34,096

Interest earning deposits with financial institutions

 

 

45,511

 

 

16,536

Cash and cash equivalents

 

 

73,138

 

 

50,632

Securities available-for-sale, at fair value

 

 

449,694

 

 

484,648

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

 

 

9,917

 

 

9,917

Loans held-for-sale

 

 

10,049

 

 

3,061

Loans

 

 

1,957,204

 

 

1,930,812

Less: allowance for credit losses on loans

 

 

30,045

 

 

19,789

Net loans

 

 

1,927,159

 

 

1,911,023

Premises and equipment, net

 

 

44,579

 

 

44,354

Other real estate owned

 

 

5,049

 

 

5,004

Mortgage servicing rights, net

 

 

4,108

 

 

5,935

Goodwill and core deposit intangible

 

 

21,147

 

 

21,275

Bank-owned life insurance ("BOLI")

 

 

61,714

 

 

61,763

Deferred tax assets, net

 

 

14,292

 

 

11,459

Other assets

 

 

35,964

 

 

26,474

Total assets

 

$

2,656,810

 

$

2,635,545

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest bearing demand

 

$

702,598

 

$

669,795

Interest bearing:

 

 

 

 

 

 

Savings, NOW, and money market

 

 

1,043,572

 

 

1,015,285

Time

 

 

449,472

 

 

441,669

Total deposits

 

 

2,195,642

 

 

2,126,749

Securities sold under repurchase agreements

 

 

51,236

 

 

48,693

Other short-term borrowings

 

 

6,375

 

 

48,500

Junior subordinated debentures

 

 

25,773

 

 

57,734

Senior notes

 

 

44,297

 

 

44,270

Notes payable and other borrowings

 

 

26,609

 

 

6,673

Other liabilities

 

 

41,101

 

 

25,062

Total liabilities

 

 

2,391,033

 

 

2,357,681

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

Common stock

 

 

34,957

 

 

34,854

Additional paid-in capital

 

 

121,081

 

 

120,657

Retained earnings

 

 

209,915

 

 

213,723

Accumulated other comprehensive (loss) income

 

 

(1,819)

 

 

4,562

Treasury stock

 

 

(98,357)

 

 

(95,932)

Total stockholders’ equity

 

 

265,777

 

 

277,864

Total liabilities and stockholders’ equity

 

$

2,656,810

 

$

2,635,545

 

 

 

 

 

 

 

 

 

March 31, 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

 

29,706,390

 

 

29,931,809

Treasury shares

 

5,250,994

 

 

4,921,948

 

See accompanying notes to consolidated financial statements.

5

 

Old Second Bancorp, Inc. and Subsidiaries

Consolidated Statements of Income

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

Three Months Ended  March 31, 

 

 

    

2020

    

2019

    

Interest and dividend income

 

 

 

 

 

 

 

Loans, including fees

 

$

23,597

 

$

24,099

 

Loans held-for-sale

 

 

36

 

 

22

 

Securities:

 

 

 

 

 

 

 

Taxable

 

 

2,163

 

 

2,414

 

Tax exempt

 

 

1,455

 

 

2,098

 

Dividends from FHLBC and FRBC stock

 

 

125

 

 

149

 

Interest bearing deposits with financial institutions

 

 

75

 

 

114

 

Total interest and dividend income

 

 

27,451

 

 

28,896

 

Interest expense

 

 

 

 

 

 

 

Savings, NOW, and money market deposits

 

 

635

 

 

771

 

Time deposits

 

 

1,766

 

 

1,618

 

Securities sold under repurchase agreements

 

 

116

 

 

149

 

Other short-term borrowings

 

 

109

 

 

607

 

Junior subordinated debentures

 

 

1,364

 

 

927

 

Senior notes

 

 

673

 

 

672

 

Notes payable and other borrowings

 

 

130

 

 

116

 

Total interest expense

 

 

4,793

 

 

4,860

 

Net interest and dividend income

 

 

22,658

 

 

24,036

 

Provision for credit losses

 

 

7,984

 

 

450

 

Net interest and dividend income after provision for credit losses

 

 

14,674

 

 

23,586

 

Noninterest income

 

 

 

 

 

 

 

Trust income

 

 

1,532

 

 

1,486

 

Service charges on deposits

 

 

1,726

 

 

1,862

 

Secondary mortgage fees

 

 

270

 

 

136

 

Mortgage servicing rights mark to market loss

 

 

(2,134)

 

 

(819)

 

Mortgage servicing income

 

 

468

 

 

457

 

Net gain on sales of mortgage loans

 

 

2,246

 

 

762

 

Securities (losses) gains, net

 

 

(24)

 

 

27

 

Change in cash surrender value of BOLI

 

 

(49)

 

 

458

 

Card related income

 

 

1,287

 

 

1,285

 

Other income

 

 

1,000

 

 

828

 

Total noninterest income

 

 

6,322

 

 

6,482

 

Noninterest expense

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

12,918

 

 

11,612

 

Occupancy, furniture and equipment

 

 

2,301

 

 

1,989

 

Computer and data processing

 

 

1,335

 

 

1,332

 

FDIC insurance

 

 

57

 

 

174

 

General bank insurance

 

 

246

 

 

250

 

Amortization of core deposit intangible

 

 

128

 

 

132

 

Advertising expense

 

 

109

 

 

234

 

Card related expense

 

 

532

 

 

355

 

Legal fees

 

 

131

 

 

126

 

Other real estate expense, net

 

 

237

 

 

50

 

Other expense

 

 

3,008

 

 

2,940

 

Total noninterest expense

 

 

21,002

 

 

19,194

 

(Loss) income before income taxes

 

 

(6)

 

 

10,874

 

(Benefit from) provision for income taxes

 

 

(281)

 

 

2,406

 

Net income

 

$

275

 

$

8,468

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.01

 

$

0.28

 

Diluted earnings per share

 

 

0.01

 

 

0.28

 

Dividends declared per share

 

 

0.01

 

 

0.01

 

 

See accompanying notes to consolidated financial statements.

6

 

Old Second Bancorp, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

Three Months Ended  March 31, 

 

 

    

2020

    

2019

    

Net Income

 

$

275

 

$

8,468

 

 

 

 

 

 

 

 

 

Unrealized holding (losses) gains on available-for-sale securities arising during the period

 

 

(6,376)

 

 

9,192

 

Related tax benefit (expense)

 

 

1,797

 

 

(2,587)

 

Holding (losses) gains after tax on available-for-sale securities

 

 

(4,579)

 

 

6,605

 

 

 

 

 

 

 

 

 

Less: Reclassification adjustment for the net (losses) gains realized during the period

 

 

 

 

 

 

 

Net realized (losses) gains

 

 

(24)

 

 

27

 

Related tax benefit (expense)

 

 

 7

 

 

(8)

 

Net realized (losses) gains after tax

 

 

(17)

 

 

19

 

Other comprehensive (loss) income on available-for-sale securities

 

 

(4,562)

 

 

6,586

 

 

 

 

 

 

 

 

 

Changes in fair value of derivatives used for cash flow hedges

 

 

(2,530)

 

 

(1,073)

 

Related tax benefit

 

 

711

 

 

302

 

Other comprehensive loss on cash flow hedges

 

 

(1,819)

 

 

(771)

 

 

 

 

 

 

 

 

 

Total other comprehensive (loss) income

 

 

(6,381)

 

 

5,815

 

Total comprehensive (loss) income

 

$

(6,106)

 

$

14,283

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

Accumulated

 

Total

 

 

Unrealized Gain

 

Unrealized Gain

 

Accumulated Other

 

 

(Loss) on Securities

 

(Loss) on Derivative

 

Comprehensive

 

 

Available-for -Sale

 

Instruments

 

Income/(Loss)

For the Three Months Ended

 

 

 

 

 

 

 

 

 

Balance, December 31, 2018

 

$

(4,038)

 

$

(41)

 

$

(4,079)

Other comprehensive income (loss), net of tax

 

 

6,586

 

 

(771)

 

 

5,815

Balance, March 31, 2019

 

$

2,548

 

$

(812)

 

$

1,736

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2019

 

$

6,827

 

$

(2,265)

 

$

4,562

Other comprehensive loss, net of tax

 

 

(4,562)

 

 

(1,819)

 

 

(6,381)

Balance, March 31, 2020

 

$

2,265

 

$

(4,084)

 

$

(1,819)

 

 

See accompanying notes to consolidated financial statements.

 

7

 

Old Second Bancorp, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

Three Months Ended  March 31, 

 

 

2020

 

2019

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

275

 

$

8,468

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Net premium / discount from amortization on securities

 

 

506

 

 

723

Securities losses (gains), net

 

 

24

 

 

(27)

Provision for credit losses

 

 

7,984

 

 

450

Originations of loans held-for-sale

 

 

(50,418)

 

 

(25,815)

Proceeds from sales of loans held-for-sale

 

 

45,706

 

 

27,224

Net gains on sales of mortgage loans

 

 

(2,246)

 

 

(762)

Mortgage servicing rights mark to market loss

 

 

2,134

 

 

819

Net discount from accretion on loans

 

 

(409)

 

 

(110)

Net change in cash surrender value of BOLI

 

 

49

 

 

(458)

Net gains on sale of other real estate owned

 

 

(23)

 

 

(73)

Provision for other real estate owned valuation losses

 

 

158

 

 

 -

Depreciation of fixed assets and amortization of leasehold improvements

 

 

662

 

 

638

Amortization of core deposit intangibles

 

 

128

 

 

132

Change in current income taxes (payable) / receivable

 

 

(1,430)

 

 

673

(Benefit from) / Provision for deferred tax expense

 

 

(333)

 

 

1,732

Change in accrued interest receivable and other assets

 

 

(4,081)

 

 

136

Amortization of purchase accounting adjustment on notes payable and other borrowings

 

 

12

 

 

27

Amortization of junior subordinated debentures issuance costs

 

 

643

 

 

12

Amortization of senior notes issuance costs

 

 

27

 

 

25

Change in accrued interest payable and other liabilities

 

 

8,925

 

 

(1,889)

Stock based compensation

 

 

729

 

 

573

Net cash provided by operating activities

 

 

9,022

 

 

12,498

Cash flows from investing activities

 

 

 

 

 

 

Proceeds from maturities and calls, including pay down of securities available-for-sale

 

 

16,046

 

 

5,279

Proceeds from sales of securities available-for-sale

 

 

18,126

 

 

81,524

Purchases of securities available-for-sale

 

 

(6,100)

 

 

(46,176)

Net proceeds from sales of FHLBC stock

 

 

 -

 

 

2,254

Net change in loans

 

 

(27,716)

 

 

(6,140)

Proceeds from sales of other real estate owned, net of participation purchase

 

 

311

 

 

874

Net purchases of premises and equipment

 

 

(887)

 

 

(224)

Net cash (used in) provided by investing activities

 

 

(220)

 

 

37,391

Cash flows from financing activities

 

 

 

 

 

 

Net change in deposits

 

 

68,893

 

 

6,864

Net change in securities sold under repurchase agreements

 

 

2,543

 

 

(4,271)

Net change in other short-term borrowings

 

 

(42,125)

 

 

(64,500)

Redemption of junior subordinated debentures

 

 

(32,604)

 

 

 -

Issuance of term note

 

 

20,000

 

 

 -

Net change in notes payable and other borrowings, excluding term note issuance

 

 

(76)

 

 

(2,199)

Proceeds from exercise of stock options

 

 

 -

 

 

32

Dividends paid on common stock

 

 

(300)

 

 

(297)

Purchase of treasury stock

 

 

(2,627)

 

 

(417)

Net cash provided by (used in) financing activities

 

 

13,704

 

 

(64,788)

Net change in cash and cash equivalents

 

 

22,506

 

 

(14,899)

Cash and cash equivalents at beginning of period

 

 

50,632

 

 

55,235

Cash and cash equivalents at end of period

 

$

73,138

 

$

40,336

 

See accompanying notes to consolidated financial statements.  

8

 

 

 

Old Second Bancorp, Inc. and Subsidiaries

Consolidated Statements of Changes in

Stockholders’ Equity

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Other

 

 

 

 

Total

(unaudited)

Common

 

Paid-In

 

Retained

 

Comprehensive

 

Treasury

 

Stockholders’

 

    

Stock

    

Capital

    

Earnings

    

Income (Loss)

    

Stock

    

Equity

For the Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2018

 

$

34,720

 

$

119,081

 

$

175,463

 

$

(4,079)

 

$

(96,104)

 

$

229,081

Net income

 

 

 

 

 

 

 

 

8,468

 

 

 

 

 

 

 

 

8,468

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

5,815

 

 

 

 

 

5,815

Dividends declared and paid, ($0.01 per share)

 

 

 

 

 

 

 

 

(297)

 

 

 

 

 

 

 

 

(297)

Vesting of restricted stock

 

 

103

 

 

(222)

 

 

 

 

 

 

 

 

119

 

 

 -

Stock option exercised

 

 

 2

 

 

 7

 

 

 

 

 

 

 

 

23

 

 

32

Stock warrants exercised

 

 

 

 

 

(313)

 

 

 

 

 

 

 

 

313

 

 

 -

Stock based compensation

 

 

 

 

 

573

 

 

 

 

 

 

 

 

 

 

 

573

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(417)

 

 

(417)

Balance, March 31, 2019

 

$

34,825

 

$

119,126

 

$

183,634

 

$

1,736

 

$

(96,066)

 

$

243,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2019

 

$

34,854

 

$

120,657

 

$

213,723

 

$

4,562

 

$

(95,932)

 

$

277,864

Net income

 

 

 

 

 

 

 

 

275

 

 

 

 

 

 

 

 

275

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

(6,381)

 

 

 

 

 

(6,381)

Adoption of ASU 2016-13

 

 

 

 

 

 

 

 

(3,783)

 

 

 

 

 

 

 

 

(3,783)

Dividends declared and paid, ($0.01 per share)

 

 

 

 

 

 

 

 

(300)

 

 

 

 

 

 

 

 

(300)

Vesting of restricted stock

 

 

103

 

 

(305)

 

 

 

 

 

 

 

 

202

 

 

 -

Stock option exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 -

Stock based compensation

 

 

 

 

 

729