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Old Second Bancorp, Inc. Reports Third Quarter 2024 Net Income of $23.0 Million, or $0.50 per Diluted Share

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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 ha riportato un reddito netto di 23,0 milioni di dollari (0,50 dollari per azione diluita) per il terzo trimestre del 2024, in aumento rispetto ai 21,9 milioni di dollari (0,48 dollari per azione) del secondo trimestre 2024, ma in calo rispetto ai 24,3 milioni di dollari (0,54 dollari per azione) del terzo trimestre 2023. Il reddito netto rettificato è stato di 23,3 milioni di dollari (0,51 dollari per azione) nel terzo trimestre 2024, rispetto ai 21,0 milioni di dollari (0,46 dollari per azione) del secondo trimestre 2024 e ai 24,8 milioni di dollari (0,55 dollari per azione) del terzo trimestre 2023. L'aumento rispetto al secondo trimestre 2024 è stato dovuto a una diminuzione di 1,8 milioni di dollari nel fondo per perdite su crediti, un aumento di 888.000 dollari nel reddito netto da interessi e dividendi, e una riduzione di 399.000 dollari nel fondo per le imposte sul reddito. Tuttavia, c'è stato un calo di 546.000 dollari nei ricavi non da interessi e un aumento di 1,4 milioni di dollari nelle spese non da interessi. Rispetto all'anno scorso, il reddito netto è diminuito di 1,4 milioni di dollari, principalmente a causa di un calo di 2,5 milioni di dollari nel reddito netto da interessi, spinto da spese per interessi più elevate. I prestiti inadempienti sono aumentati a 52,3 milioni di dollari. L'azienda ha dichiarato un dividendo in contante di 0,06 dollari per azione, pagabile il 4 novembre 2024.

Old Second Bancorp reportó un ingreso neto de 23,0 millones de dólares (0,50 dólares por acción diluida) para el tercer trimestre de 2024, un aumento desde los 21,9 millones de dólares (0,48 dólares por acción) en el segundo trimestre de 2024, pero por debajo de los 24,3 millones de dólares (0,54 dólares por acción) en el tercer trimestre de 2023. El ingreso neto ajustado fue de 23,3 millones de dólares (0,51 dólares por acción) en el tercer trimestre de 2024, en comparación con los 21,0 millones de dólares (0,46 dólares por acción) en el segundo trimestre de 2024 y los 24,8 millones de dólares (0,55 dólares por acción) en el tercer trimestre de 2023. El aumento con respecto al segundo trimestre de 2024 se debió a una disminución de 1,8 millones de dólares en la provisión para pérdidas crediticias, un aumento de 888,000 dólares en los ingresos netos por intereses y dividendos, y una reducción de 399,000 dólares en la provisión por impuestos sobre la renta. Sin embargo, hubo una caída de 546,000 dólares en los ingresos no por intereses y un aumento de 1,4 millones de dólares en los gastos no por intereses. Año tras año, el ingreso neto disminuyó en 1,4 millones de dólares, principalmente debido a una disminución de 2,5 millones de dólares en los ingresos netos por intereses impulsada por mayores gastos por intereses. Los préstamos incobrables aumentaron a 52,3 millones de dólares. La compañía declaró un dividendo en efectivo de 0,06 dólares por acción, pagadero el 4 de noviembre de 2024.

Old Second Bancorp는 2024년 3분기에 2300만 달러의 순이익 (희석 주당 0.50달러)를 보고했으며, 이는 2024년 2분기의 2190만 달러 (주당 0.48달러)보다 증가했지만, 2023년 3분기의 2430만 달러 (주당 0.54달러)보다는 감소했습니다. 조정된 순이익은 2024년 3분기에 2330만 달러 (주당 0.51달러)로, 2024년 2분기의 2100만 달러 (주당 0.46달러)와 2023년 3분기의 2480만 달러 (주당 0.55달러)와 비교되었습니다. 2024년 2분기 대비 증가의 원인은 신용 손실에 대한 준비금이 180만 달러 감소하고, 순이자 및 배당 소득이 88만8000달러 증가하며, 소득세 준비금이 39만9000달러 줄어든 데 있습니다. 그러나 비이자 소득이 54만6000달러 감소하고 비이자 비용이 140만 달러 증가했습니다. 전년 대비 순이익은 140만 달러 감소했으며, 이는 주로 증가한 이자 비용으로 인해 순이자 소득이 250만 달러 감소했기 때문입니다. 부실대출은 5230만 달러로 증가했습니다. 회사는 2024년 11월 4일 지급 예정인 주당 0.06달러의 현금 배당금을 선언했습니다.

Old Second Bancorp a annoncé un revenu net de 23,0 millions de dollars (0,50 dollar par action diluée) pour le troisième trimestre de 2024, en hausse par rapport à 21,9 millions de dollars (0,48 dollar par action) au deuxième trimestre 2024, mais en baisse par rapport à 24,3 millions de dollars (0,54 dollar par action) au troisième trimestre 2023. Le revenu net ajusté s'est élevé à 23,3 millions de dollars (0,51 dollar par action) au troisième trimestre 2024, comparé à 21,0 millions de dollars (0,46 dollar par action) au deuxième trimestre 2024 et 24,8 millions de dollars (0,55 dollar par action) au troisième trimestre 2023. L'augmentation par rapport au deuxième trimestre 2024 est due à une diminution de 1,8 million de dollars des provisions pour pertes sur crédits, une hausse de 888 000 dollars des revenus nets d'intérêts et de dividendes, et une réduction de 399 000 dollars des provisions pour impôts sur le revenu. Cependant, on a observé une baisse de 546 000 dollars des revenus non liés aux intérêts et une augmentation de 1,4 million de dollars des dépenses non liées aux intérêts. D'une année sur l'autre, le revenu net a diminué de 1,4 million de dollars, principalement en raison d'une baisse de 2,5 millions de dollars des revenus nets d'intérêts en raison de coûts d'intérêts plus élevés. Les prêts non performants ont augmenté à 52,3 millions de dollars. La société a déclaré un dividende en espèces de 0,06 dollar par action, payable le 4 novembre 2024.

Old Second Bancorp berichtete über ein Nettoeinkommen von 23,0 Millionen Dollar (0,50 Dollar pro verwässerter Aktie) für das 3. Quartal 2024, im Vergleich zu 21,9 Millionen Dollar (0,48 Dollar pro Aktie) im 2. Quartal 2024, jedoch unterhalb von 24,3 Millionen Dollar (0,54 Dollar pro Aktie) im 3. Quartal 2023. Bereinigtes Nettoergebnis betrug 23,3 Millionen Dollar (0,51 Dollar pro Aktie) im 3. Quartal 2024, verglichen mit 21,0 Millionen Dollar (0,46 Dollar pro Aktie) im 2. Quartal 2024 und 24,8 Millionen Dollar (0,55 Dollar pro Aktie) im 3. Quartal 2023. Der Anstieg im Vergleich zum 2. Quartal 2024 war auf einen Rückgang der Rückstellungen für Kreditausfälle um 1,8 Millionen Dollar, einen Anstieg der Nettozins- und Dividendeinkünfte um 888.000 Dollar und einen Rückgang der Ertragsteueraufwendungen um 399.000 Dollar zurückzuführen. Allerdings gab es einen Rückgang der Nebeneinkünfte um 546.000 Dollar und einen Anstieg der Nebenausgaben um 1,4 Millionen Dollar. Im Jahresvergleich sank das Nettoergebnis um 1,4 Millionen Dollar, hauptsächlich aufgrund eines Rückgangs der Nettozinseinkünfte um 2,5 Millionen Dollar, bedingt durch höhere Zinsaufwendungen. Problemkredite stiegen auf 52,3 Millionen Dollar. Das Unternehmen erklärte eine Bardividende von 0,06 Dollar pro Aktie, die am 4. November 2024 zahlbar ist.

Positive
  • Net income increased by $1.1 million from Q2 2024.
  • Adjusted net income increased by $2.3 million from Q2 2024.
  • Provision for credit losses decreased by $1.8 million from Q2 2024.
  • Net interest and dividend income increased by $888,000.
  • Effective tax rate reduced to 23.1% from 25.0% in Q2 2024.
  • Tangible book value per share increased by more than 30% year over year.
Negative
  • Net income decreased by $1.4 million year over year.
  • Net interest income decreased by $2.5 million year over year.
  • Noninterest income decreased by $546,000 from Q2 2024.
  • Noninterest expense increased by $1.4 million from Q2 2024.
  • Nonperforming loans increased to $52.3 million.

Insights

Old Second Bancorp reported solid Q3 2024 results, with net income of $23.0 million ($0.50 per diluted share), up from $21.9 million in Q2 2024 but down from $24.3 million in Q3 2023. Key highlights:

  • Net interest margin held steady at 4.64%, demonstrating resilience in a challenging rate environment
  • Credit quality improved with net recoveries of $155,000 vs. net charge-offs of $5.8 million in Q2
  • Tangible book value per share increased 30% year-over-year to $12.61
  • Strong capital position with CET1 ratio of 12.86%
  • Efficiency ratio of 53.38% indicates good expense management

The bank's performance remains robust with peer-leading profitability metrics. The 20% dividend increase signals management's confidence in sustainable earnings. While nonperforming loans ticked up slightly, overall asset quality trends appear positive. The strong balance sheet and consistent earnings provide a solid foundation for potential growth opportunities.

Old Second's Q3 results demonstrate resilience in a challenging banking environment. The stable net interest margin of 4.64% is particularly impressive given industry-wide pressure from rising deposit costs. The bank's ability to maintain this margin while growing deposits suggests effective balance sheet management.

The improvement in credit quality, with net recoveries this quarter, is a positive sign. However, the slight uptick in nonperforming loans to 1.3% of total loans bears watching, especially the $13.8 million commercial relationship that drove the increase.

The bank's strong capital position, with a tangible common equity ratio of 10.14%, provides a buffer against potential economic headwinds and flexibility for strategic initiatives. The 20% dividend increase reflects management's confidence in the bank's earnings trajectory and capital generation capacity.

Overall, Old Second appears well-positioned in the current banking landscape, with above-peer profitability and a solid balance sheet. The bank's focus on efficiency and capital management should serve it well as it navigates ongoing industry challenges and pursues growth opportunities.

AURORA, IL / ACCESSWIRE / October 16, 2024 / Old Second Bancorp, Inc. (the "Company," "Old Second," "we," "us," and "our") (NASDAQ:OSBC), the parent company of Old Second National Bank (the "Bank"), today announced financial results for the third quarter of 2024. Our net income was $23.0 million, or $0.50 per diluted share, for the third quarter of 2024, compared to net income of $21.9 million, or $0.48 per diluted share, for the second quarter of 2024, and net income of $24.3 million, or $0.54 per diluted share, for the third quarter of 2023. Adjusted net income, a non-GAAP financial measure that excludes certain nonrecurring items, as applicable, was $23.3 million, or $0.51 per diluted share, for the third quarter of 2024, compared to $21.0 million, or $0.46 per diluted share, for the second quarter of 2024, and $24.8 million, or $0.55 per share, for the third quarter of 2023. Adjusting items impacting the third quarter of 2024 included $471,000 of transaction-related expenses due to the pending purchase of five branches from First Merchants Bank ("FRME"), which is expected to close near year-end 2024. The adjusting item impacting the second quarter of 2024 was an $893,000 death benefit related to BOLI; the adjusting item impacting the third quarter of 2023 results included $629,000 of deconversion and liquidation costs from the 2022 sale of our Visa credit card portfolio. See the discussion entitled "Non-GAAP Presentations" below and in the tables in the full earnings release found at www.oldsecond.com, under the investor relations tab, that provide a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

Net income increased $1.1 million in the third quarter of 2024 compared to the second quarter of 2024. The increase was primarily due to a $1.8 million decrease in provision for credit losses. Credit quality stabilized this quarter and we recorded net recoveries of $155,000, compared to net charge-offs of $5.8 million in the second quarter of 2024, and $6.6 million in the prior year like quarter. In addition, net interest and dividend income increased $888,000 in the third quarter of 2024, compared to the prior linked quarter, and a $399,000 decrease in provision for income taxes was recorded, partially offset by a $546,000 decrease in noninterest income and a $1.4 million increase in noninterest expense. Net income decreased $1.4 million in the third quarter of 2024 compared to the third quarter of 2023, primarily due to a decrease in net interest income of $2.5 million year over year driven by a $4.3 million increase to interest expense as a result of higher interest rates offered on deposits, partially offset by a $1.8 million increase in interest and dividend income.

Operating Results

  • Third quarter 2024 net income was $23.0 million, reflecting a $1.1 million increase from the second quarter of 2024, and a decrease of $1.4 million from the third quarter of 2023. Adjusted net income, as defined above, was $23.3 million for the third quarter of 2024, an increase of $2.3 million from adjusted net income for the second quarter of 2024, and a decrease of $1.5 million from adjusted net income for the third quarter of 2023.

  • Net interest and dividend income was $60.6 million for the third quarter of 2024, reflecting an increase of $888,000, or 1.5%, from the second quarter of 2024, and a decrease of $2.5 million, or 3.9%, from the third quarter of 2023.

  • We recorded a net provision for credit losses of $2.0 million in the third quarter of 2024 compared to a net provision for credit losses of $3.8 million in the second quarter of 2024, and a net provision for credit losses of $3.0 million in the third quarter of 2023.

  • Noninterest income was $10.6 million for the third quarter of 2024, a decrease of $546,000, or 4.9%, compared to $11.1 million for the second quarter of 2024, and an increase of $704,000, or 7.1%, compared to $9.9 million for the third quarter of 2023. A $12,000 adjustment to the death benefit on a BOLI contract was recorded in the third quarter of 2024; the majority of these proceeds were received in the second quarter of 2024. Also, a $1,000 loss on the call of a security was recorded in the third quarter of 2024, compared to $924,000 of securities losses, net, recorded in the third quarter of 2023.

  • Noninterest expense was $39.3 million for the third quarter of 2024, an increase of $1.4 million, or 3.8%, compared to $37.9 million for the second quarter of 2024, and an increase of $1.9 million, or 5.0%, compared to $37.4 million for the third quarter of 2023.

  • We had a provision for income tax of $6.9 million for the third quarter of 2024, compared to a provision for income tax of $7.3 million for the second quarter of 2024 and a provision of $8.1 million for the third quarter of 2023. The effective tax rate for each of the periods presented was 23.1%, 25.0%, and 25.1%, respectively. The reduction in the effective tax rate in the third quarter of 2024 reflects the new state ruling regarding tax rate apportionment factors related to income generated from securities or loans originated in other states.

  • On October 15, 2024, our Board of Directors declared a cash dividend of $0.06 per share of common stock, payable on November 4, 2024, to stockholders of record as of October 25, 2024.

Financial Highlights

Quarters Ended

(Dollars in thousands)

September 30,

June 30,

September 30,

2024

2024

2023

Balance sheet summary

Total assets

$

5,671,760

$

5,662,700

$

5,758,156

Total securities available-for-sale

1,190,854

1,173,661

1,229,618

Total loans

3,991,078

3,976,595

4,029,543

Total deposits

4,465,424

4,521,728

4,614,320

Total liabilities

5,010,370

5,043,365

5,225,598

Total equity

661,390

619,335

532,558

Total tangible assets

$

5,575,789

$

5,566,159

$

5,659,858

Total tangible equity

565,419

522,794

434,260

Income statement summary

Net interest income

$

60,578

$

59,690

$

63,030

Provision for credit losses

2,000

3,750

3,000

Noninterest income

10,581

11,127

9,877

Noninterest expense

39,308

37,877

37,423

Net income

22,951

21,891

24,335

Effective tax rate

23.11

%

25.01

%

25.09

%

Profitability ratios

Return on average assets (ROAA)

1.63

%

1.57

%

1.67

%

Return on average equity (ROAE)

14.29

14.55

18.21

Net interest margin (tax-equivalent)

4.64

4.63

4.66

Efficiency ratio

53.38

53.29

50.08

Return on average tangible common equity (ROATCE) 1

17.14

17.66

22.80

Tangible common equity to tangible assets (TCE/TA)

10.14

9.39

7.67

Per share data

Diluted earnings per share

$

0.50

$

0.48

$

0.54

Tangible book value per share

12.61

11.66

9.72

Company capital ratios 2

Common equity tier 1 capital ratio

12.86

%

12.41

%

11.00

%

Tier 1 risk-based capital ratio

13.39

12.94

11.52

Total risk-based capital ratio

15.62

15.12

13.84

Tier 1 leverage ratio

11.38

10.96

9.62

Bank capital ratios 2, 3

Common equity tier 1 capital ratio

13.49

%

13.50

%

12.49

%

Tier 1 risk-based capital ratio

13.49

13.50

12.49

Total risk-based capital ratio

14.45

14.42

13.57

Tier 1 leverage ratio

11.46

11.43

10.43

1 See the discussion entitled "Non-GAAP Presentations" below and the table on page 18 that provides a reconciliation of this non-GAAP financial measure to the most comparable GAAP equivalent.

2 Both the Company and the Bank ratios are inclusive of a capital conservation buffer of 2.50%, and both are subject to the minimum capital adequacy guidelines of 7.00%, 8.50%, 10.50%, and 4.00% for the Common equity tier 1, Tier 1 risk-based, Total risk-based and Tier 1 leverage ratios, respectively.

3 The prompt corrective action provisions are applicable only at the Bank level, and are 6.50%, 8.00%, 10.00%, and 5.00% for the Common equity tier 1, Tier 1 risk-based, Total risk-based and Tier 1 leverage ratios, respectively.

Chairman, President and Chief Executive Officer Jim Eccher said "Old Second reported strong results in the third quarter of 2024 with exceptional profitability and positive trends in a number of verticals. Tangible book value per share increased by more than thirty percent on both a year over year and linked quarter annualized basis. Problem loan levels are continuing to trend in the right direction and we remain pleased with the progress thus far in resolving a number of loans identified in prior periods despite ongoing stress in a number of real estate focused lending verticals. On an overall basis, Old Second continues to perform exceptionally well with peer-leading performance in our net interest margin and profitability. Third quarter return on average assets and return on average tangible common equity were 1.63% and 17.14%, respectively, the net interest margin was stable at 4.64% and the efficiency ratio is a very healthy 53.38%. This strong bottom-line performance and a well-positioned balance sheet drove an increase in the tangible common equity capital ratio to 10.14% from 9.39% last quarter. In light of the strength of the balance sheet and resilient income statement trends, Old Second elected in the fourth quarter of 2024 to increase the common dividend by 20%, and we will strive to continue to regularly deliver dividend growth commensurate with the strength and growth of the bank. In summary, we are proud of the sustainability of our performance this year and believe we are well positioned to capitalize on growth opportunities that may come our way in the near future."

Asset Quality & Earning Assets

  • Nonperforming loans, comprised of nonaccrual loans plus loans past due 90 days or more and still accruing, totaled $52.3 million at September 30, 2024, $46.9 million at June 30, 2024, and $63.3 million at September 30, 2023. Nonperforming loans, as a percent of total loans, were 1.3% at September 30, 2024, 1.2% at June 30, 2024, and 1.6% at September 30, 2023. The increase in the third quarter of 2024 is driven by inflows of $18.7 million, $13.8 million of which was from one commercial relationship. These inflows were partially offset by $13.3 million of outflows. Nonaccrual loans had $8.5 million of outflows, which consists of $6.2 million paid off, $1.3 million transferred to OREO, $912,000 of partial principal reductions from payments, and $99,000 was charged-off. Outflows for loans past due 90 days or more and still accruing were $4.8 million, due to a loan which paid off.

  • Total loans were $3.99 billion at September 30, 2024, reflecting an increase of $14.5 million compared to June 30, 2024, and a decrease of $38.5 million compared to September 30, 2023. The decrease year over year was largely driven by the declines in commercial, commercial real estate-investor and residential real estate-owner occupied portfolios. Average loans (including loans held-for-sale) for the third quarter of 2024 totaled $3.97 billion, reflecting an increase of $8.2 million from the second quarter of 2024 and a decrease of $44.1 million from the third quarter of 2023.

  • Available-for-sale securities totaled $1.19 billion at September 30, 2024, compared to $1.17 billion at June 30, 2024 and $1.23 billion at September 30, 2023. The unrealized mark to market loss on securities totaled $56.2 million as of September 30, 2024, compared to $82.6 million as of June 30, 2024, and $120.5 million as of September 30, 2023, due to market interest rate fluctuations as well as changes year over year in the composition of the securities portfolio. During the quarter ended September 30, 2024, we had security purchases of $22.7 million, and security calls and paydowns of $31.3 million, compared to security purchases of $142.2 million, security maturities of $95.0 million, and paydowns of $44.0 million during the quarter ended June 30, 2024. During the quarter ended September 30, 2023, we had no security purchases, $30.5 million of security paydowns, calls and maturities, and security sales of $65.6 million, which resulted in net realized losses of $924,000. We may continue to buy and sell strategically identified securities as opportunities arise.

Non-GAAP Presentations

Management has disclosed in this earnings release certain non-GAAP financial measures to evaluate and measure our performance, including the presentation of adjusted net income, net interest income and net interest margin on a fully taxable equivalent basis, and our efficiency ratio calculations on a taxable equivalent basis. The net interest margin fully taxable equivalent is calculated by dividing net interest income on a tax equivalent basis by average earning assets for the period. Consistent with industry practice, management has disclosed the efficiency ratio including and excluding certain items, which is discussed in the noninterest expense presentation on page 7 of the full earnings release found at www.oldsecond.com, under the investor relations tab.

We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe these measures provide investors with information regarding balance sheet profitability, and we believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing, and comparing past, present and future periods.

These non-GAAP financial measures should not be considered as a substitute for GAAP financial measures, and we strongly encourage investors to review the GAAP financial measures included in this earnings release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this earnings release with other companies' non-GAAP financial measures having the same or similar names. The tables beginning on page 17 in the full earnings release, as found at www.oldsecond.com, under the investor relations tab, provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP equivalent.

Cautionary Note Regarding Forward-Looking Statements

This earnings release and statements by our management may contain forward-looking statements within the Private Securities Litigation Reform Act of 1995. Forward looking statements can be identified by words such as "should," "anticipate," "expect," "estimate," "intend," "believe," "may," "likely," "will," "forecast," "project," "looking forward," "optimistic," "hopeful," "potential," "progress," "prospect," "remain," "deliver," "continue," "trend," "momentum," "remainder," "beyond," "and "near" or other statements that indicate future periods. Examples of forward-looking statements include, but are not limited to, statements regarding the economic outlook, loan growth, deposit trends and funding, asset-quality trends, balance sheet growth, and building capital. Such forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements, (1) the strength of the United States economy in general and the strength of the local economies in which we conduct our operations may be different than expected; (2) the rate of delinquencies and amounts of charge-offs, the level of allowance for credit loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (3) changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action; (4) risks related to pending or future acquisitions, if any, including execution and integration risks; (5) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could have a negative impact on us; (6) changes in interest rates, which has and may continue to affect our deposit and funding costs, net income, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of our assets, including our investment securities; (7) elevated inflation which causes adverse risk to the overall economy, and could indirectly pose challenges to our clients and to our business; and (8) 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, 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, and disruptions caused from widespread cybersecurity incidents. Additional risks and uncertainties are contained in the "Risk Factors" and forward-looking statements disclosure in our most recent Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q. The inclusion of this forward-looking information should not be construed as a representation by us or any person that future events, plans, or expectations contemplated by us will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Conference Call

We will host a call on Thursday, October 17, 2024, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) to discuss our third quarter 2024 financial results. Investors may listen to our call via telephone by dialing 888-506-0062, using Entry Code: 232873. Investors should call into the dial-in number set forth above at least 10 minutes prior to the scheduled start of the call.

A replay of the call will be available until 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on October 24, 2024, by dialing 877-481-4010, using Conference ID: 51325.

Contact:
Bradley S. Adams
Chief Financial Officer
(630) 906-5484

SOURCE: Old Second Bancorp Inc.



View the original press release on accesswire.com

FAQ

What was Old Second Bancorp's net income for Q3 2024?

Old Second Bancorp reported a net income of $23.0 million for Q3 2024.

How did Old Second Bancorp's net income for Q3 2024 compare to Q2 2024?

Net income increased to $23.0 million in Q3 2024 from $21.9 million in Q2 2024.

What was Old Second Bancorp's adjusted net income for Q3 2024?

Adjusted net income for Q3 2024 was $23.3 million.

How did Old Second Bancorp's net interest income change in Q3 2024?

Net interest income increased by $888,000 in Q3 2024 compared to Q2 2024.

What was the provision for credit losses for Old Second Bancorp in Q3 2024?

The provision for credit losses was $2.0 million in Q3 2024.

What was Old Second Bancorp's noninterest income for Q3 2024?

Noninterest income was $10.6 million for Q3 2024.

What was the effective tax rate for Old Second Bancorp in Q3 2024?

The effective tax rate was 23.1% for Q3 2024.

What dividend did Old Second Bancorp declare for Q3 2024?

Old Second Bancorp declared a cash dividend of $0.06 per share for Q3 2024.

Old Second Bancorp Inc

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