Old Second Bancorp Q2 2024 Financials Filed

TL;DR

**OLD SECOND BANCORP (OSBC) FILED ITS 10-Q SHOWING EQUITY DETAILS FOR Q2 2024. LOOKS SOLID.**

AI Summary

Old Second Bancorp Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial position, including common stock, retained earnings, and accumulated other comprehensive income as of June 30, 2024, and comparative periods. Specific dollar amounts for these equity components are provided, reflecting the company's financial health and capital structure.

Why It Matters

This filing provides investors with a detailed look at Old Second Bancorp's equity structure, crucial for understanding its financial stability and capacity for future growth or dividends.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) that provides standard financial disclosures without immediate, significant new risks.

Key Numbers

• N/A — Total Assets (Specific asset figures are not detailed in the provided snippet.)
• N/A — Total Liabilities (Specific liability figures are not detailed in the provided snippet.)
• N/A — Total Equity (While components like Common Stock and Retained Earnings are listed, the total equity figure is not explicitly provided in the snippet.)

Key Players & Entities

• OLD SECOND BANCORP INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Date of filing

FAQ

Key Financial Figures

• $1.00 — 1 shares of common stock outstanding at $1.00 par value per share. Table of Contents

Filing Documents

• tmb-20240630x10q.htm (10-Q) — 7644KB
• tmb-20240630xex31d1.htm (EX-31.1) — 17KB
• tmb-20240630xex31d2.htm (EX-31.2) — 17KB
• tmb-20240630xex32d1.htm (EX-32.1) — 10KB
• tmb-20240630xex32d2.htm (EX-32.2) — 9KB
• tmb-20240630x10q001.jpg (GRAPHIC) — 16KB
• 0000357173-24-000059.txt ( ) — 29068KB
• tmb-20240630.xsd (EX-101.SCH) — 85KB
• tmb-20240630_cal.xml (EX-101.CAL) — 102KB
• tmb-20240630_def.xml (EX-101.DEF) — 427KB
• tmb-20240630_lab.xml (EX-101.LAB) — 789KB
• tmb-20240630_pre.xml (EX-101.PRE) — 603KB
• tmb-20240630x10q_htm.xml (XML) — 8666KB

Financial Statements

Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 63 Item 4.

Controls and Procedures

Controls and Procedures 64 PART II Item 1.

Legal Proceedings

Legal Proceedings 65 Item 1.A.

Risk Factors

Risk Factors 65 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 65 Item 3. Defaults Upon Senior Securities 65 Item 4. Mine Safety Disclosure 66 Item 5. Other Information 66 Item 6. Exhibits 67

Signatures

Signatures 68 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, 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," "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; 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 with respect to our ability to successfully expand and integrate businesses and operations that we acquire, 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

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Old Second Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (In thousands, except share data) (unaudited) June 30, December 31, 2024 2023 Assets Cash and due from banks $ 54,888 $ 55,534 Interest earning deposits with financial institutions 66,004 44,611 Cash and cash equivalents 120,892 100,145 Securities available-for-sale, at fair value 1,173,661 1,192,829 Federal Home Loan Bank Chicago ("FHLBC") and Federal Reserve Bank Chicago ("FRBC") stock 32,005 33,355 Loans held-for-sale 2,291 1,322 Loans 3,976,595 4,042,953 Less: allowance for credit losses on loans 42,269 44,264 Net loans 3,934,326 3,998,689 Premises and equipment, net 82,871 79,310 Other real estate owned 6,920 5,123 Mortgage servicing rights, at fair value 10,488 10,344 Goodwill 86,478 86,478 Core deposit intangible 10,063 11,217 Bank-owned life insurance ("BOLI") 110,535 109,318 Deferred tax assets, net 28,710 31,077 Other assets 63,460 63,592 Total assets $ 5,662,700 $ 5,722,799 Liabilities Deposits: Noninterest bearing demand $ 1,728,487 $ 1,834,891 Interest bearing: Savings, NOW, and money market 2,161,426 2,207,949 Time 631,815 527,906 Total deposits 4,521,728 4,570,746 Securities sold under repurchase agreements 46,542 26,470 Other short-term borrowings 330,000 405,000 Junior subordinated debentures 25,773 25,773 Subordinated debentures 59,425 59,382 Other liabilities 59,897 58,147 Total liabilities 5,043,365 5,145,518 Stockholders' Equity Common stock 44,908 44,705 Additional paid-in capital 204,012 202,223 Retained earnings 432,037 393,311 Accumulated other comprehensive loss ( 60,769 ) ( 62,781 ) Treasury stock ( 853 ) ( 177 ) Total stockholders' equity 619,335 577,281 Total liabilities and stockholders' equity $ 5,662,700 $ 5,722,799 June 30, 2024 Dece

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Dollar amounts in thousands, except per share data, unaudited) Note 1 – Basis of Presentation and Changes in Significant Accounting Policies The accounting policies followed in the preparation of the interim consolidated financial statements are consistent with those used in the preparation of the annual financial information. The interim consolidated financial statements reflect all normal and recurring adjustments that are necessary, in the opinion of management, for a fair statement of results for the interim period presented. Results for the period ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These interim consolidated financial statements and accompanying notes are unaudited and should be read in conjunction with the audited financial statements and notes included in Old Second Bancorp, Inc.'s (the "Company") annual report on Form 10-K for the year ended December 31, 2023. Unless otherwise indicated, dollar amounts in the tables contained in the notes to the consolidated financial statements are in thousands. Certain items in prior periods have been reclassified to conform to the current presentation. The Company's consolidated financial statements are prepared in accordance with United States generally accepted accounting principles ("GAAP") and follow general practices within the banking industry. Application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the consolidated financial statements. Future changes in information may affect these estimates, assumptions, and judgments, which, in turn, may affect amounts reported in the consolidated financial statements. Recent Accounting Pronouncements T

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Dollar amounts in thousands, except per share data, unaudited) ASU 2024-02 – On March 29, 2024, the FASB issued ASU 2024-02 " Codification Improvements – Amendments to Remove References to the Concepts Statements " amends the codification to remove references to various concept statements and impacts a variety of topics in the codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective January 1, 2025, and is not expected to have a material impact the financial statements of the Company. Change in Significant Accounting Policies Significant accounting policies are presented in Note 1 to the consolidated financial statements included in the Company's Annual