Old Second Bancorp Inc Ill - OSBC STOCK NEWS

Old Second Bancorp and West Suburban Bancorp have received shareholder approval for their merger, announced on July 25, 2021, which will close on December 1, 2021, pending customary conditions. The pro forma combined company will hold approximately $6.2 billion in assets, $5.3 billion in deposits, and $3.4 billion in loans, establishing it as one of the largest community banks under $10 billion in assets in the Chicago area. Both banks aim to enhance their market reach and overall value for shareholders.

Old Second Bancorp (OSBC) reported a third quarter 2021 net income of $8.4 million, down from $8.8 million in Q2 2021 and $10.3 million in Q3 2020. This included a $1.5 million release of provision for credit losses. Residential mortgage banking revenue rose to $2.7 million but fell short of $6.1 million a year earlier. Noninterest income increased to $9.3 million from $7.9 million in Q2 2021. Total noninterest expense rose to $22.1 million, partly due to merger-related costs of $425,000. The company announced a $0.05 dividend per share, payable on November 8, 2021.

Old Second Bancorp, Inc. (OSBC) has received regulatory approvals for its merger with West Suburban Bancorp, Inc., paving the way for the transaction to close in early December 2021. Following stockholder approvals and customary conditions, this merger is anticipated to enhance Old Second's financial strength and competitive position in the Chicago metropolitan market. The combined institutions will operate 64 full-service banking branches across several counties, aiming to deliver improved services to customers and create growth opportunities for shareholders.

Old Second Bancorp (NASDAQ: OSBC) announced a board expansion to 14 members with the appointment of Dennis Klaeser, effective August 17, 2021. Klaeser, former CFO of TCF Financial Corporation, brings significant banking industry experience. Chairman William Skoglund expressed confidence in Klaeser's ability to enhance value for shareholders. Klaeser will serve a Class II director role until the 2024 annual meeting and will join the Audit and Risk Committees. Old Second has over $3.2 billion in assets and operates across northern Illinois.

Old Second Bancorp (OSBC) and West Suburban Bancorp announced a definitive merger agreement, where Old Second will acquire West Suburban in a cash and stock deal. Shareholders of West Suburban will receive 42.413 shares of Old Second stock and $271.15 in cash per share. The implied purchase price totals approximately $769.93 per share, leading to a transaction value of about $297 million. This merger is expected to create the largest community bank under $10 billion in assets in Chicago, enhancing financial strength and operational efficiency. The deal is anticipated to close in Q4 2021, subject to regulatory and shareholder approvals.

Old Second Bancorp (OSBC) reported second-quarter 2021 net income of $8.8 million, or $0.30 per diluted share, down from $11.9 million in Q1 2021. The decrease reflected a $3.5 million provision for credit losses release. Mortgage banking income fell to $1.6 million, significantly lower than previous quarters. Net interest income declined by 6.8% linked-quarter, driven by lower interest rates. Noninterest income also decreased by 29.9%. The company repurchased 310,900 shares at an average price of $13.55 and declared a $0.05 dividend, illustrating capital return to shareholders amidst ongoing uncertainties.

Old Second National Bank has been named the number one bank in Illinois for 2021 by Forbes and Statista, continuing its streak from 2020. The rankings are based on customer satisfaction and were determined by surveying approximately 25,000 U.S. customers across 5,000 banks. James Eccher, president and CEO, acknowledged the dedication of employees and customers during challenging times, particularly due to COVID-19 protocols. This recognition highlights Old Second's commitment to trust and customer service.

Old Second Bancorp (NASDAQ:OSBC) reported strong financial results for Q1 2021, achieving net income of $11.9 million ($0.40 per diluted share), up from $8.0 million in Q4 2020 and $275,000 in Q1 2020. The company reversed a $3 million provision for credit losses and increased mortgage banking income to $5.7 million. On April 20, the board approved a 400% increase in quarterly dividends to $0.05 per share, payable May 10. Total loans decreased to $2 billion, while available-for-sale securities grew to $593.3 million, reflecting a solid capital position amidst ongoing pandemic challenges.

Old Second Bancorp reported fourth quarter 2020 net income of $8.0 million ($0.27 per diluted share), a decline from $10.3 million in Q3 2020 and $9.5 million in Q4 2019. The decrease was attributed to a year-over-year drop in noninterest income, primarily from increased losses on mortgage servicing rights and reduced service charges due to COVID-19. However, net interest income rose 6.1% from Q3 2020, aided by PPP loan fees. Noninterest expenses increased by 4.9% from the previous quarter, driven by higher salaries and COVID-related costs. The company remains focused on client assistance programs and maintaining solid capital ratios.