Old Second Bancorp Inc - OSBC STOCK NEWS

Old Second Bancorp reported a net income of $23.0 million ($0.50 per diluted share) for Q3 2024, up from $21.9 million ($0.48 per share) in Q2 2024 but down from $24.3 million ($0.54 per share) in Q3 2023. Adjusted net income was $23.3 million ($0.51 per share) in Q3 2024, compared to $21.0 million ($0.46 per share) in Q2 2024 and $24.8 million ($0.55 per share) in Q3 2023. The increase from Q2 2024 was due to a $1.8 million decrease in provision for credit losses, a $888,000 rise in net interest and dividend income, and a $399,000 reduction in income tax provision. However, there was a $546,000 drop in noninterest income and a $1.4 million rise in noninterest expense. Year over year, net income decreased by $1.4 million, mainly due to a $2.5 million decline in net interest income driven by higher interest expenses. Nonperforming loans increased to $52.3 million. The company declared a cash dividend of $0.06 per share, payable on November 4, 2024.

Old Second Bancorp (NASDAQ:OSBC) has agreed to purchase 5 Illinois branch locations from First Merchants (NASDAQ:FRME) in the Southeast Chicago MSA. The acquisition will add approximately $304 million in deposits and $12 million in branch-related loans to Old Second's portfolio. Old Second will pay a 7.5% deposit premium, estimated at $23 million in cash consideration.

This transaction enhances Old Second's position in the Chicagoland area, improving its scale and market penetration. For First Merchants, it marks a complete exit from suburban Chicago markets. The deal is expected to close near year-end 2024, subject to regulatory approval. Upon closing, the acquired branches will be rebranded as Old Second branches.

Old Second Bancorp (NASDAQ:OSBC) reported a net income of $21.9 million, or $0.48 per diluted share, for Q2 2024, compared to $21.3 million, or $0.47 per diluted share, in Q1 2024, and $25.6 million, or $0.56 per share, in Q2 2023.

Net income increased by $579,000 from Q1 2024 due to a $626,000 rise in noninterest income and a $364,000 drop in noninterest expense. However, it dropped by $3.7 million year-over-year due to a $3.9 million decrease in net interest income and a $1.8 million rise in provision for credit losses.

Noninterest income rose by 6% sequentially to $11.1 million, and noninterest expense decreased by 1% to $37.9 million. The provision for credit losses increased to $3.8 million in Q2 2024.

Old Second's total assets stood at $5.66 billion, with total loans at $3.98 billion and total deposits at $4.52 billion. The company declared a cash dividend of $0.05 per share, payable on August 5, 2024.

O2 Sponsor Finance, a division of Old Second National Bank (NASDAQ: OSBC), has announced the provision of senior secured credit facilities to support Encore Consumer Capital in acquiring Chalet Desserts. The announcement, made on July 9, 2024, highlights Chalet Desserts as a specialty manufacturer of frozen bakery desserts based in Sacramento, CA. Chalet’s products are distributed through supermarkets, convenience stores, and foodservice markets. Nick O'Brien, Senior VP at O2 Sponsor Finance, expressed enthusiasm about supporting Chalet's growth, acknowledging its leading category position, manufacturing capabilities, and strong management team.

O2 Sponsor Finance, a division of Old Second National Bank (NASDAQ:OSBC), has announced the hiring of Sean Maher as Vice President of Underwriting. The appointment aims to leverage Maher's extensive experience to support the division's continued growth. Since its inception nearly two and a half years ago, O2 Sponsor Finance has significantly expanded its portfolio. Joe Gaffigan, President of O2 Sponsor Finance, emphasized the importance of hiring high-quality individuals like Maher to maintain client satisfaction and drive team growth.

Old Second Bancorp, Inc. reported a net income of $21.3 million, or $0.47 per diluted share for the first quarter of 2024. The company's adjusted net income increased from the previous quarter but decreased compared to the same quarter last year. Despite challenges in net interest income and noninterest expenses, the company's profitability ratios remained strong. The Board declared a cash dividend of $0.05 per share. Asset quality and earning assets showed stability with a decrease in nonperforming loans and total loans. The company continues to focus on strategic securities transactions to optimize its portfolio.

O2 Sponsor Finance provides senior secured credit facilities to support Catalina Finer Food, in their acquisition of Saugatuck Kitchens, Catalina, a Tampa-based manufacturer of Cuban and Caribbean cuisine, expands its product lines through this acquisition, gaining access to the Northeast US market and cross-sell opportunities.

O2 Sponsor Finance, a division of Old Second National Bank, provided senior secured credit facilities to support Corridor Capital in acquiring Association Headquarters, Nick O'Brien expressed excitement about the acquisition, highlighting Association HQ's strong brand and management team.

Old Second National Bank appoints Mike Daniele as Senior Vice President in the Commercial Banking group, bringing over 20 years of experience in relationship banking. Daniele has previously worked with Fifth Third Bank and First Midwest Bank, actively engages in community service, and holds a Bachelor's degree in Communications from the University of Wisconsin - Madison.