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 - Securities
Note 3 - Loans and Allowance for Credit Losses on Loans
Note 4 - Other Real Estate Owned
Note 5 - Deposits
Note 6 - Borrowings
Note 7 - Junior Subordinated Debentures
Note 8 - Equity Compensation Plans
Note 9 - Earnings per Share
Note 10 - Regulatory & Capital Matters
Note 11 - Fair Value Measurements
Note 12 - Fair Values of Financial Instruments
Note 13 - 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-20210331ex311a70338.htm
EX-31.2 osbc-20210331ex312a7e65f.htm
EX-32.1 osbc-20210331ex321e4d543.htm
EX-32.2 osbc-20210331ex3228c1bbb.htm

Old Second Bancorp Earnings 2021-03-31

Balance SheetIncome StatementCash Flow

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Table of Contents

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, 2021

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 May 4, 2021, the Registrant has 28,859,521 shares of common stock outstanding at $1.00 par value per share.

Table of Contents

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;
risks related to future acquisitions, if any, including execution and integration risks;
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 CECL, 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;
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, including  changes as a result of the new presidential administration and Democratic control of Congress;
negative changes in our capital position;
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, essential utility outages, deterioration in the global economy, instability in the credit markets, 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 2020 Annual Report on Form 10-K, in this Form 10-Q, and in subsequent filings we make with the SEC.

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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)

March 31, 

December 31, 

    

2021

    

2020

Assets

Cash and due from banks

$

25,448

$

24,306

Interest earning deposits with financial institutions

415,497

305,597

Cash and cash equivalents

440,945

329,903

Securities available-for-sale, at fair value

593,280

496,178

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

9,917

9,917

Loans held-for-sale

7,842

12,611

Loans

1,959,625

2,034,851

Less: allowance for credit losses on loans

30,967

33,855

Net loans

1,928,658

2,000,996

Premises and equipment, net

45,055

45,477

Other real estate owned

2,163

2,474

Mortgage servicing rights, at fair value

5,889

4,224

Goodwill and core deposit intangible

20,661

20,781

Bank-owned life insurance ("BOLI")

63,436

63,102

Deferred tax assets, net

8,067

8,121

Other assets

40,739

47,053

Total assets

$

3,166,652

$

3,040,837

Liabilities

Deposits:

Noninterest bearing demand

$

982,664

$

909,505

Interest bearing:

Savings, NOW, and money market

1,290,937

1,202,134

Time

382,941

425,434

Total deposits

2,656,542

2,537,073

Securities sold under repurchase agreements

77,321

66,980

Junior subordinated debentures

25,773

25,773

Senior notes

44,402

44,375

Notes payable and other borrowings

22,314

23,393

Other liabilities

29,187

36,156

Total liabilities

2,855,539

2,733,750

Stockholders’ Equity

Common stock

34,957

34,957

Additional paid-in capital

120,075

122,212

Retained earnings

248,165

236,579

Accumulated other comprehensive income

13,266

14,762

Treasury stock

(105,350)

(101,423)

Total stockholders’ equity

311,113

307,087

Total liabilities and stockholders’ equity

$

3,166,652

$

3,040,837

March 31, 2021

December 31, 2020

Common

Common

Stock

    

Stock

Par value

$

1.00

$

1.00

Shares authorized

60,000,000

60,000,000

Shares issued

34,957,384

34,957,384

Shares outstanding

29,018,637

29,328,723

Treasury shares

5,938,747

5,628,661

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)

Three Months Ended March 31, 

    

2021

    

2020

    

Interest and dividend income

Loans, including fees

$

22,207

$

23,597

Loans held-for-sale

55

36

Securities:

Taxable

1,615

2,163

Tax exempt

1,307

1,455

Dividends from FHLBC and FRBC stock

115

125

Interest bearing deposits with financial institutions

92

75

Total interest and dividend income

25,391

27,451

Interest expense

Savings, NOW, and money market deposits

241

635

Time deposits

500

1,766

Securities sold under repurchase agreements

31

116

Other short-term borrowings

-

109

Junior subordinated debentures

280

1,364

Senior notes

673

673

Notes payable and other borrowings

123

130

Total interest expense

1,848

4,793

Net interest and dividend income

23,543

22,658

(Release of) provision for credit losses

(3,000)

7,984

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

26,543

14,674

Noninterest income

Wealth management

2,151

1,906

Service charges on deposits

1,195

1,726

Secondary mortgage fees

322

270

Mortgage servicing rights mark to market gain (loss)

1,113

(2,134)

Mortgage servicing income

567

468

Net gain on sales of mortgage loans

3,721

2,246

Securities losses, net

-

(24)

Change in cash surrender value of BOLI

334

(49)

Card related income

1,447

1,287

Other income

450

626

Total noninterest income

11,300

6,322

Noninterest expense

Salaries and employee benefits

13,506

12,918

Occupancy, furniture and equipment

2,467

2,301

Computer and data processing

1,298

1,335

FDIC insurance

201

57

General bank insurance

276

246

Amortization of core deposit intangible

120

128

Advertising expense

60

109

Card related expense

593

532

Legal fees

55

131

Other real estate expense, net

36

237

Other expense

3,126

3,008

Total noninterest expense

21,738

21,002

Income (loss) before income taxes

16,105

(6)

Provision (benefit) for income taxes

4,226

(281)

Net income

$

11,879

$

275

Basic earnings per share

$

0.41

$

0.01

Diluted earnings per share

0.40

0.01

Dividends declared per share

0.01

0.01

See accompanying notes to consolidated financial statements.

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Old Second Bancorp, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(In thousands)

(unaudited)

Three Months Ended March 31, 

    

2021

    

2020

    

Net Income

$

11,879

$

275

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

(4,813)

(6,376)

Related tax benefit

1,371

1,797

Holding losses after tax on available-for-sale securities

(3,442)

(4,579)

Less: Reclassification adjustment for the net losses realized during the period

Net realized losses

-

(24)

Related tax benefit

-

7

Net realized losses after tax

-

(17)

Other comprehensive loss on available-for-sale securities

(3,442)

(4,562)

Changes in fair value of derivatives used for cash flow hedges

2,703

(2,530)

Related tax (expense) benefit

(757)

711

Other comprehensive income (loss) on cash flow hedges

1,946

(1,819)

Total other comprehensive loss

(1,496)

(6,381)

Total comprehensive income

$

10,383

$

(6,106)

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, 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)

Balance, December 31, 2020

$

17,413

$

(2,651)

$

14,762

Other comprehensive (loss) income, net of tax

(3,442)

1,946

(1,496)

Balance, March 31, 2021

$

13,971

$

(705)

$

13,266

See accompanying notes to consolidated financial statements.

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Old Second Bancorp, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Three Months Ended March 31, 

2021

2020

Cash flows from operating activities

Net income

$

11,879

$

275

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

Net premium / discount from amortization on securities

534

506

Securities losses , net

-

24

(Release of) provision for credit losses

(3,000)

7,984

Originations of loans held-for-sale

(78,284)

(50,418)

Proceeds from sales of loans held-for-sale

85,914

45,706

Net gains on sales of mortgage loans

(3,721)

(2,246)

Mortgage servicing rights mark to market (gain) loss

(1,113)

2,134

Net discount from accretion on loans

(520)

(409)

Net change in cash surrender value of BOLI

(334)

49

Net gains on sale of other real estate owned

(20)

(23)

Provision for other real estate owned valuation losses

6

158

Depreciation of fixed assets and amortization of leasehold improvements

765

662

Amortization of core deposit intangibles

120

128

Change in current income taxes receivable

3,557

(1,430)

Deferred tax expense (benefit)

668

(333)

Change in accrued interest receivable and other assets

2,200

(4,081)

Change in accrued interest payable and other liabilities

(3,375)

9,607

Stock based compensation

114

729

Net cash provided by operating activities

15,390

9,022

Cash flows from investing activities

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

7,259

16,046

Proceeds from sales of securities available-for-sale

-