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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, 2022

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 000-10537

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)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

OSBC

The Nasdaq Stock Market

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 

As of November 4, 2022, the Registrant has 44,573,958 shares of common stock outstanding at $1.00 par value per share.

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, but not limited to, management’s expectations regarding future plans, strategies and financial performance, including regulatory developments, industry and economic trends and estimates and assumptions underlying accounting policies.  Forward-looking statements are based on our current beliefs, expectations and assumptions and on information currently available and, can be identified by the use of words such as “expects,” “seeks to,” “intends,” “believes,” “may,” “will,” “would,” “could,” “should,” “plan,” “anticipate,” “estimate,” “possible,” “likely” or the negative thereof as well as other similar words and expressions of the future. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict as to timing, extent, likelihood and degree of occurrence, which could cause our actual results to differ materially from those anticipated in or by such statements. Potential risks and uncertainties include, but are not limited to, the following:

our ability to execute our growth strategy;
the continuing impact of COVID-19 and its variants on our business, our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers;
negative economic conditions, including inflation, that may 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;
risks with respect to our ability to successfully expand and integrate businesses and operations that we acquire, such as our acquisition of West Suburban Bancorp, Inc., as well our ability to identify and complete future mergers or acquisitions;
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;
the transition away from LIBOR to an alternative reference rate;
competitive pressures from other financial service businesses and from nontraditional financial technology (“FinTech”) companies;
any negative perception of our reputation or financial strength;
our ability to raise additional capital on acceptable terms when needed;
our ability to raise cost-effective funding to support business plans when needed;
our 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 system 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 related impact on our financial statements, including assumptions surrounding the ongoing impact of our adoption of the Current Expected Credit Losses (“ CECL”) model, which are subject to change based on a number of factors including changes in our macroeconomic forecasts, credit quality, loan composition and other factors;
our ability to receive dividends from our subsidiaries;
a decrease in our regulatory capital ratios or negative changes in our capital position;
adverse federal or state tax assessments, or changes in tax laws or policies;
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;
the adverse effects of events beyond our control that may have a destabilizing effect on financial markets and the economy, such as epidemics and pandemics (including COVID-19), war or terrorist activities, such as the war in Ukraine, essential utility outages, deterioration in the global economy, instability in the credit markets, labor shortages, disruptions in our customers’ supply chains or disruption in transportation;
changes in trade policy and any related tariffs; and
each of the factors and risks under the heading “Risk Factors” in our 2021 Annual Report on Form 10-K 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.

3

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, 

    

2022

    

2021

Assets

Cash and due from banks

$

64,903

$

38,565

Interest earning deposits with financial institutions

51,251

713,542

Cash and cash equivalents

116,154

752,107

Securities available-for-sale, at fair value

1,609,759

1,693,632

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

19,413

13,257

Loans held-for-sale

1,297

4,737

Loans

3,869,334

3,420,804

Less: allowance for credit losses on loans

48,847

44,281

Net loans

3,820,487

3,376,523

Premises and equipment, net

77,301

88,005

Other real estate owned

1,561

2,356

Mortgage servicing rights, at fair value

11,461

7,097

Goodwill

86,478

86,332

Core deposit intangible

14,323

16,304

Bank-owned life insurance ("BOLI")

105,642

105,300

Deferred tax assets, net

49,620

6,100

Other assets

54,209

60,439

Total assets

$

5,967,705

$

6,212,189

Liabilities

Deposits:

Noninterest bearing demand

$

2,098,144

$

2,093,494

Interest bearing:

Savings, NOW, and money market

2,726,596

2,868,928

Time

456,619

503,810

Total deposits

5,281,359

5,466,232

Securities sold under repurchase agreements

35,497

50,337

Other short-term borrowings

25,000

-

Junior subordinated debentures

25,773

25,773

Subordinated debentures

59,275

59,212

Senior notes

44,559

44,480

Notes payable and other borrowings

10,000

19,074

Other liabilities

52,528

45,054

Total liabilities

5,533,991

5,710,162

Stockholders’ Equity

Common stock

44,705

44,705

Additional paid-in capital

201,700

202,443

Retained earnings

289,126

252,011

Accumulated other comprehensive (loss) income

(98,389)

8,768

Treasury stock

(3,428)

(5,900)

Total stockholders’ equity

433,714

502,027

Total liabilities and stockholders’ equity

$

5,967,705

$

6,212,189

September 30, 2022

December 31, 2021

Common

Common

Stock

    

Stock

Par value

$

1.00

$

1.00

Shares authorized

60,000,000

60,000,000

Shares issued

44,705,150

44,705,150

Shares outstanding

44,572,544

44,461,045

Treasury shares

132,606

244,105

See accompanying notes to consolidated financial statements.

4

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, 

    

2022

    

2021

    

2022

    

2021

    

Interest and dividend income

Loans, including fees

$

46,614

$

21,315

$

121,209

$

64,337

Loans held-for-sale

22

39

111

132

Securities:

Taxable

9,116

1,854

21,071

5,301

Tax exempt

1,332

1,266

3,946

3,832

Dividends from FHLBC and FRBC stock

261

114

677

342

Interest bearing deposits with financial institutions

663

203

1,714

432

Total interest and dividend income

58,008

24,791

148,728

74,376

Interest expense

Savings, NOW, and money market deposits

380

209

1,124

667

Time deposits

335

330

877

1,239

Securities sold under repurchase agreements

10

15

30

67

Other short-term borrowings

44

-

44

-

Junior subordinated debentures

285

286

849

850

Subordinated debentures

546

547

1,639

1,064

Senior notes

728

673

1,791

2,019

Notes payable and other borrowings

111

113

309

355

Total interest expense

2,439

2,173

6,663

6,261

Net interest and dividend income

55,569

22,618

142,065

68,115

Provision for (release of) credit losses

4,500

(1,500)

5,050

(8,000)

Net interest and dividend income after provision for (release of) credit losses

51,069

24,118

137,015

76,115

Noninterest income

Wealth management

2,280

2,372

7,484

6,912

Service charges on deposits

2,661

1,368

7,063

3,784

Secondary mortgage fees

81

240

270

834

Mortgage servicing rights mark to market gain (loss)

548

(282)

3,608

(202)

Mortgage servicing income

514

572

1,612

1,646

Net gain on sales of mortgage loans

449

2,186

1,682

7,802

Securities (losses) gains, net

(1)

244

(34)

246

Change in cash surrender value of BOLI

146

406

342

1,163

Card related income

2,653

1,624

8,194

4,737

Other income

2,165

610

3,949

1,637

Total noninterest income

11,496

9,340

34,170

28,559

Noninterest expense

Salaries and employee benefits

21,011

12,964

62,310

39,366

Occupancy, furniture and equipment

4,119

2,418

10,864

7,188

Computer and data processing

2,543

1,477

12,817

4,079

FDIC insurance

659

211

1,771

604

General bank insurance

257

301

923

854

Amortization of core deposit intangible

657

113

1,981

348

Advertising expense

83

107

459

262

Card related expense

1,453

662

3,044

1,881

Legal fees

212

455

648

645

Consulting & management fees

607

248

1,746

914

Other real estate expense, net

22

25

97

138

Other expense

4,365

3,148

14,829

8,989

Total noninterest expense

35,988

22,129

111,489

65,268

Income before income taxes

26,577

11,329

59,696

39,406

Provision for income taxes

7,054

2,917

15,906

10,295

Net income

$

19,523

$

8,412

$

43,790

$

29,111

Basic earnings per share

$

0.43

$

0.30

$

0.98

$

1.01

Diluted earnings per share

0.43

0.29

0.97

0.99

Dividends declared per share

0.05

0.05

0.15

0.11

See accompanying notes to consolidated financial statements.

5

Old Second Bancorp, Inc. and Subsidiaries

Consolidated Statements of Comprehensive (Loss) Income

(In thousands)

(unaudited)

(unaudited)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2022

    

2021

    

2022

    

2021

Net Income

$

19,523

$

8,412

$

43,790

$

29,111

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

(41,163)

(3,007)

(146,477)

(4,483)

Related tax benefit

11,526

841

41,014

1,277

Holding losses, after tax, on available-for-sale securities

(29,637)

(2,166)

(105,463)

(3,206)

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

Net realized (losses) gains

(1)

244

(34)

246

Related tax benefit (expense)

1

(69)

10

(70)

Net realized gains (losses) after tax

-

175

(24)

176

Other comprehensive loss on available-for-sale securities

(29,637)

(2,341)

(105,439)

(3,382)

Changes in fair value of derivatives used for cash flow hedges

(4,868)

218

(2,381)

1,207

Related tax benefit (expense)

1,360

(62)

663

(338)

Other comprehensive (loss) income on cash flow hedges

(3,508)

156

(1,718)

869

Total other comprehensive loss

(33,145)

(2,185)

(107,157)

(2,513)

Total comprehensive (loss) income

$

(13,622)

$

6,227

$

(63,367)

$

26,598

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