Old Second Bancorp Files Q3 2024 10-Q

Ticker: OSBC · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z

Sentiment: neutral

Topics: financials, 10-Q, equity

TL;DR

**OSBC Q3 10-Q filed. Equity details updated.**

AI Summary

Old Second Bancorp Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial position, including common stock, retained earnings, and accumulated other comprehensive income as of September 30, 2024, June 30, 2024, and December 31, 2023. Specific dollar amounts for these accounts are not provided in this excerpt.

Why It Matters

This filing provides a snapshot of Old Second Bancorp's financial health and equity structure as of the end of the third quarter of 2024, crucial for investors assessing its stability.

Risk Assessment

Risk Level: low — The provided excerpt is a standard financial filing and does not contain information indicating elevated risk.

Key Numbers

Key Players & Entities

FAQ

What is the total equity of Old Second Bancorp as of September 30, 2024?

The provided excerpt does not contain specific dollar amounts for total equity or its components as of September 30, 2024.

What were the changes in Retained Earnings between December 31, 2023, and September 30, 2024?

The excerpt lists Retained Earnings for both dates but does not provide the specific values or calculate the change.

Did Old Second Bancorp engage in any stock buybacks during the reported period?

The excerpt mentions 'us-gaap:TreasuryStockCommonMember' for multiple dates, indicating treasury stock activity, but does not specify the timing or volume of buybacks.

What is the state of incorporation for Old Second Bancorp?

Old Second Bancorp Inc. is incorporated in Delaware (DE).

What is the primary business of Old Second Bancorp?

Old Second Bancorp Inc. operates in the State Commercial Banks sector, SIC code 6022.

Filing Stats: 4,438 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-11-07 13:30:48

Key Financial Figures

Filing Documents

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 41 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 65 Item 4.

Controls and Procedures

Controls and Procedures 66 PART II Item 1.

Legal Proceedings

Legal Proceedings 67 Item 1.A.

Risk Factors

Risk Factors 67 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 67 Item 3. Defaults Upon Senior Securities 67 Item 4. Mine Safety Disclosure 68 Item 5. Other Information 68 Item 6. Exhibits 69

Signatures

Signatures 70 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) September 30, December 31, 2024 2023 Assets Cash and due from banks $ 63,298 $ 55,534 Interest earning deposits with financial institutions 52,469 44,611 Cash and cash equivalents 115,767 100,145 Securities available-for-sale, at fair value 1,190,854 1,192,829 Federal Home Loan Bank Chicago ("FHLBC") and Federal Reserve Bank Chicago ("FRBC") stock 30,205 33,355 Loans held-for-sale 2,447 1,322 Loans 3,991,078 4,042,953 Less: allowance for credit losses on loans 44,422 44,264 Net loans 3,946,656 3,998,689 Premises and equipment, net 82,768 79,310 Other real estate owned 8,202 5,123 Mortgage servicing rights, at fair value 9,726 10,344 Goodwill 86,478 86,478 Core deposit intangible 9,493 11,217 Bank-owned life insurance ("BOLI") 111,394 109,318 Deferred tax assets, net 22,032 31,077 Other assets 55,738 63,592 Total assets $ 5,671,760 $ 5,722,799 Liabilities Deposits: Noninterest bearing demand $ 1,669,000 $ 1,834,891 Interest bearing: Savings, NOW, and money market 2,125,696 2,207,949 Time 670,728 527,906 Total deposits 4,465,424 4,570,746 Securities sold under repurchase agreements 53,866 26,470 Other short-term borrowings 335,000 405,000 Junior subordinated debentures 25,773 25,773 Subordinated debentures 59,446 59,382 Other liabilities 70,861 58,147 Total liabilities 5,010,370 5,145,518 Stockholders' Equity Common stock 44,908 44,705 Additional paid-in capital 204,969 202,223 Retained earnings 452,745 393,311 Accumulated other comprehensive loss ( 40,400 ) ( 62,781 ) Treasury stock ( 832 ) ( 177 ) Total stockholders' equity 661,390 577,281 Total liabilities and stockholders' equity $ 5,671,760 $ 5,722,799 September 30, 202

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 September 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 Pronouncement

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Dollar amounts in thousands, except per share data, unaudited) ASU 2023-09 – On December 14, 2023, the FASB issued ASU 2023-09 " Income Taxes (Topic 740): Improvements to Income Tax Disclosures" . The amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation, and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis the following information about income taxes paid: (1) The amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, and (2) The amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amendments also require that all entities disclose the following information: (1) Income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (2) Income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company will adopt this ASU for the reporting period beginning January 1, 2025, and does not expect the amendments to have a material impact to the financial statements of the

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