Old Second Bancorp Inc【OSBC】株式ニュース

OSBC made some money! Heck of a deal.
Perhaps they should invest in the MJ sector
and get this bad boy pumped up to $23 PPS!

http://www.otcmarkets.com/stock/OSBC/news

Old Second Reports First Quarter Net Income of $2.2 million.

Successful capital raise (over 15 million common shares) completed in April.Loans increased $10.0 million at March 31, 2014, from December 31, 2013. Increased commercial and commercial real estate loans. Decreased residential real estate loans.Ongoing improvements in asset quality substantiate $1.0 million loan loss reserve release.Other Real Estate Owned (OREO) declines $1.3 million from year end 2013 to $40.2 million at March 31, 2014.

AURORA, Ill., April 23, 2014 /PRNewswire via COMTEX/ -- Old Second Bancorp, Inc. (the "Company" or "Old Second") (NASDAQ: OSBC), parent company of Old Second National Bank (the "Bank"), today announced financial results for the first quarter of 2014. The Company reported net income of $2.2 million for the first quarter 2014, compared to a net income of $5.5 million in the first quarter of 2013. The Company's net income available to common stockholders of $630,000 or $0.04 per diluted share, for the quarter, compared to a net income available to common stockholders of $4.2 million, or $0.30 per diluted share, in the first quarter of 2013.

Chairman Bill Skoglund remarked "First quarter results reflect further measured progress on several key improvement objectives. Importantly, our loan portfolio shows a second consecutive quarterly increase while nonperforming assets declined since year end. Over the past year, OREO dropped sharply from $65.7 million at March 31, 2013, to $40.2 million at March 31, 2014. Over the same period, nonaccrual loans declined from $64.9 million to $36.7 million. Core profitability shows continued strength in an economy that continues to be uneven in its recovery. Capital ratios remain strong and in excess of goals established by our Board of Directors. Our community banking approach has been skillfully executed by our staff. Our loyal customers and the communities we serve have recognized and realized benefit from our services."

Mr. Skoglund continued "The Board and I are proud of Old Second and the great employees who do things every day to serve our customers and communities. We completed our public offering of common stock earlier this month and expect the proceeds will position Old Second for greater growth. The economy will continue to be challenging and our competitors are skillful but with additional capital, we are excited for 2014. We will continue to work hard to reduce problem assets. As business leader confidence grows with the recovery, we will also strive to grow loan earning assets with additional improvement in core profitability."

The public offering was registered with the Securities and Exchange Commission. The Company's board of directors determined on April 3, 2014, that it was in the best interests of Company shareholders to sell common stock in the offering at $4.40 per share. Old Second completed the sale of 15,525,000 shares at this price. Net proceeds from the offering of over $64.0 million will be used to pay the accrued but unpaid interest on trust preferred securities, the accumulated but unpaid dividends on preferred stock and to repurchase certain shares of preferred stock. Remaining proceeds will be used for general corporate purposes.

On April 21, 2014, the Company paid the accumulated unpaid interest on trust preferred securities and terminated the deferral period. The interest will not be immediately paid by the indenture trustees to the holders of such trust preferred securities. Instead, the indenture trustees will hold the interest payments in irrevocable deposit accounts. The interest will be paid by the trustees on the next applicable payment dates under the indentures to the holders of the securities on the record dates set forth in the appropriate indenture.

On April 15, 2014, the Company declared a dividend of approximately $15.8 million on its Series B Fixed Rate Cumulative Perpetual Preferred Stock (the "Series B Stock") payable to Series B Stockholders of record on May 1, 2014, the dividend will be paid on May 15, 2014.

The Company is currently in the process of repurchasing some of the Series B Stock from certain holders under privately negotiated agreements. As previously disclosed, the repurchase price for such Series B Stock equals 94.75% of the liquidation value of the Series B Stock, or $947.50 per share, provided that the holders of shares enter into agreements to forbear payment of dividends due and to waive any rights to such dividend upon repurchase. The Company is also repurchasing all shares of Series B Stock held by officers and directors of the Company on the same terms. The Company will not pay any holder of the Series B Stock whose shares are being repurchased by the Company such holder's pro rata share of the declared dividend on the Series B Stock.

Financial Highlights/Overview

First quarter net income before taxes of $3.4 million compared to income before taxes of $5.5 million in the same quarter of 2013.

-- Year over year net income before tax declined on reduced net interest income, a smaller loan loss reserve release, a decline in securities sales gain and sharply lower residential mortgage banking revenue. Reduced noninterest expense year over year in FDIC deposit insurance, general banking insurance and OREO valuation expenses provided benefit in 2014 compared to 2013. First quarter income before taxes improved from the $32,000 loss in the fourth quarter of 2013. Fourth quarter results reflect management action in December, 2013 after Volcker rule release leading to a $4.1 million loss on collateralized debt obligation ("CDO") sales.

-- The tax-equivalent net interest margin was 3.13% during the first quarter of 2014 compared to 3.18% in the same quarter of 2013. The first quarter of 2014 margin was unchanged from the fourth quarter of 2013.

-- Noninterest income of $6.3 million was $3.7 million lower for the quarter ended March 31, 2014, compared to first quarter 2013. Operating categories were flat or down year over year, most notably residential mortgage banking revenue. First quarter 2013 results incorporate benefit from the clawback of restricted stock and securities sales gains not matched in any manner in first quarter 2014. On a linked quarter basis and excluding the loss on CDO sales recorded in 2013 fourth quarter, first quarter 2014 core noninterest income was lower than fourth quarter of 2013.

-- Noninterest expenses of $17.5 million were 16.3% lower for the quarter ended March 31, 2014, compared to 2013, reflecting overall expense control and reduced expenses in most categories. Occupancy expense increased $202,000 or 15.8% compared to first quarter 2013 on winter related expenses while advertising expenses are up $137,000 or 82.5%. Notable reductions are found in FDIC insurance expense, OREO expenses (primarily from sharply reduced valuation expense) and general bank insurance. All categories flat or down on a linked quarter comparison except occupancy expense on weather related expenses.

Capital Ratios Increased period end risk-based assets on higher loans, securities and changes in loan / securities portfolios composition toward higher risk weight instruments impact risk-based ratios.

March 31, December 31, March 31,
2014 2013 2013
The Bank's leverage capital ratio 11.12% 10.97% 9.94%
The Bank's total risk-based capital ratio 17.83% 18.04% 15.79%
The Company's leverage capital ratio 7.29% 6.96% 5.11%
The Company's total risk-based capital ratio 15.87% 15.88% 14.33%
The Company's tangible common equity to tangible assets 3.68% 3.67% 0.05%

Asset Quality & Earning Assets

-- Nonperforming loans declined by $1.2 million during the first quarter of 2014 to $38.6 million at March 31, 2014, from $39.8 million at December 31, 2013. Nonperforming loan activity continued to reflect successful negotiations with guarantors, loan upgrades to accruing status and movement of selected credits to OREO.

-- OREO declined from $41.5 million at December 31, 2013, to $40.2 million at March 31, 2014. OREO dispositions totaling $5.6 million in the first quarter 2014 were somewhat offset by new OREO of $4.7 million.

-- Loans increased $10.0 million in the same period on continued realization of opportunities previously identified in the commercial lending pipeline development. Period end commercial loans and real estate commercial loans outstanding each grew in excess of 3% during the quarter.

-- Securities held-to-maturity at amortized cost of $264.3 million at March 31, 2014, reflected one purchase in the quarter. The end of first quarter total compares to $256.6 million held-to-maturity at year end 2013. First quarter available-for-sale purchases included local school district tax anticipation warrants, corporate bonds and asset-backed investments backed by student loan obligations largely guaranteed by the U.S. Department of Education. The first quarter purchase made in the held-to-maturity portfolio was a collateralized mortgage obligation. First quarter sales were made from available-for-sale corporate bonds, asset-backed investments largely guaranteed by the U.S. Department of Education and collateralized mortgage obligations. Securities available-for-sale at fair value increased $28.0 million reflecting net purchase activity during the first quarter of 2014.

Non-GAAP Presentations: Management has traditionally disclosed certain non-GAAP ratios to evaluate and measure the Company's performance, including a net interest margin calculation. The net interest margin is calculated by dividing net interest income on a tax equivalent basis by average earning assets for the period. Management believes this measure provides investors with information regarding balance sheet profitability. Management also presents an efficiency ratio that is non-GAAP. The efficiency ratio is calculated by dividing adjusted noninterest expense by the sum of net interest income on a tax equivalent basis and adjusted noninterest income. Management believes this measure provides investors with information regarding the Company's operating efficiency and how management evaluates performance internally. Consistent with industry practice, management also disclosed the tangible common equity to tangible assets and the Tier 1 common equity to risk weighted assets in the discussion immediately above and in the following tables. The tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.

Forward Looking Statements: This report may contain forward-looking statements. Forward looking statements are identifiable by the inclusion of such qualifications as expects, intends, believes, may, likely or other indications that the particular statements are not based upon facts but are rather based upon the Company's beliefs as of the date of this release. Actual events and results may differ significantly from those described in such forward-looking statements, due to changes in the economy, interest rates or other factors. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. For additional information concerning the Company and its business, including other factors that could materially affect the Company's financial results or cause actual results to differ substantially from those discussed or implied in forward looking statements contained in this release, please review our filings with the Securities and Exchange Commission.

SOURCE Old Second Bancorp, Inc.

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press release

July 27, 2011, 5:30 p.m. EDT
Old Second Bancorp, Inc. Announces Second Quarter 2011 Results
Capital Requirement Exceeded and Asset Quality Improvement Continued

AURORA, Ill., Jul 27, 2011 (BUSINESS WIRE) -- Old Second Bancorp, Inc. (the "Company" or "Old Second") OSBC +26.21% , parent company of Old Second National Bank (the "Bank"), today announced results of operations for the second quarter of 2011. The Company reported net income of $1.0 million, compared to a net loss of $23.4 million in the second quarter of 2010. The Company's pretax income of $1.0 million for the second quarter of 2011 compared to a $39.2 million pretax loss for the second quarter of 2010. The Company's net loss available to common shareholders of $162,000, or $0.01 per share, for the second quarter of 2011, compared to a net loss available to common shareholders of $24.5 million, or $1.75 per diluted share, in the second quarter of 2010.

The Company's $500,000 provision for loan losses for the second quarter of 2011 compared favorably to the $44.6 million provision in the second quarter of 2010 and the $4.0 million provision in the first quarter of 2011. The allowance for loan losses was 36.81% of nonperforming loans as of June 30, 2011, compared to 33.33% a year earlier and 37.89% as of March 31, 2011.

"We are very pleased to announce that the capital ratio objectives that we agreed to with the OCC have been exceeded" the Company's Chairman and CEO, Bill Skoglund said. "As of June 30, 2011, the Bank's leverage ratio was 9.10%, up 100 basis points from December 31, 2010, and 35 basis points above the objective the Bank had agreed with the OCC to maintain of 8.75%. The Bank's total capital ratio was 12.61%, up 98 basis points from December 31, 2010, and 136 basis points above the objective of 11.25%."

Mr. Skoglund continued, "Consecutive quarterly declines in nonperforming assets are encouraging. While uncertainty remains in the broader economy, we have seen signs of stabilization in commercial real estate values in our market area, which we believe will be a key to our continuing improvement."

2011 Financial Highlights

Earnings

-- Second quarter net income before taxes of $1.0 million compared to a loss of $39.2 million in the same quarter of 2010.

-- Second quarter net loss to common stockholders of $162,000 compared to a loss of $24.5 million in the same quarter of 2010.

-- The tax-equivalent net interest margin was 3.59% during the second quarter of 2011 compared to 3.61% in the same quarter of 2010, but reflected an increase of 17 basis points compared to the first quarter of 2011.

-- Noninterest income of $18.3 million was $777,000 lower in the first half of 2011 than in the first half of 2010 reflecting lower securities gains, mortgage sale revenues and deposit service charges revenues.

-- Noninterest expenses of $49.0 million were $1.3 million lower in the first half of 2011 than in the first half of 2010.

Capital

-- Bank leverage capital ratio increased from 8.10% to 9.10% in the first half of 2011.

-- Bank total capital ratio increased from 11.63% to 12.61% in the first half of 2011.

-- Company leverage ratio increased from 4.74% to 5.10% in the first half of 2011.

-- Company total capital ratio increased from 11.46% to 12.13% in the first half of 2011.

-- Company tangible common equity to tangible assets increased from 0.22% in the first quarter of 2011 to 0.28% in the second quarter of 2011, although this was still a decline from 0.40% at year end 2010.

Asset Quality

-- Nonperforming loans declined $49.5 million during the first six months of 2011 to $179.4 million as of June 30, 2011 from $228.9 million as of December 31, 2010.

-- The provision for loan loss expense decreased to $500,000 for the second quarter ended June 30, 2011, compared to $44.6 million in the same period in 2010 and $4.0 million in the first quarter of 2011.

-- Loans that were classified as performing but 30 to 89 days past due and still accruing interest decreased to $8.4 million at June 30, 2011 from $12.2 million at March 31, 2011, $13.9 million at December 31, 2010 and $35.9 million at June 30, 2010.

Financial Highlights (unaudited)
In thousands, except share data As of and for the As of and for the
Three Months Ended Six Months Ended
June 30, June 30,
----------------------------------- -----------------------------------
2011 2010 2011 2010
Summary Statements of Operations:
Net interest and dividend income $ 16,474 $ 20,015 $ 33,011 $ 40,996
Provision for loan losses 500 44,623 4,500 63,843
Noninterest income 9,397 10,848 18,338 19,115
Noninterest expense 24,358 25,479 48,956 50,228
Benefit for income taxes - (15,856) - (22,023)
Net income (loss) 1,013 (23,383) (2,107) (31,937)
Net loss available to common stockholders (162) (24,514) (4,441) (34,196)
Key Ratios (annualized):
Return on average assets 0.20 % (3.75 %) (0.20 %) (2.56 %)
Return to common stockholders on average assets (0.03 %) (3.93 %) (0.43 %) (2.74 %)
Return on average equity 5.13 % (50.80 %) (5.29 %) (33.69 %)
Return on average common equity (7.05 %) (85.32 %) (50.68 %) (56.56 %)
Net interest margin (non-GAAP tax equivalent)(1) 3.59 % 3.61 % 3.54 % 3.70 %
Efficiency ratio (non-GAAP tax equivalent)(1) 72.67 % 62.97 % 74.15 % 62.01 %
Tangible common equity to tangible assets(2) 0.28 % 3.58 % 0.28 % 3.58 %
Tier 1 common equity to risk weighted assets(2) 0.36 % 1.53 % 0.36 % 1.53 %
Company total capital to risk weighted assets (3) 12.13 % 11.43 % 12.13 % 11.43 %
Company tier 1 capital to risk weighted assets (3) 6.35 % 7.80 % 6.35 % 7.80 %
Company tier 1 capital to average assets 5.10 % 6.37 % 5.10 % 6.37 %
Bank total capital to risk weighted assets (3) 12.61 % 10.73 % 12.61 % 10.73 %
Bank tier 1 capital to risk weighted assets (3) 11.33 % 9.45 % 11.33 % 9.45 %
Bank tier 1 capital to average assets 9.10 % 7.76 % 9.10 % 7.76 %
Per Share Data:
Basic loss per share ($0.01) ($1.74) ($0.31) ($2.43)
Diluted loss per share ($0.01) ($1.75) ($0.31) ($2.43)
Dividends declared per share $ 0.00 $ 0.01 $ 0.00 $ 0.02
Common book value per share $ 0.75 $ 6.76 $ 0.75 $ 6.76
Tangible common book value per share $ 0.39 $ 6.32 $ 0.39 $ 6.32
Ending number of shares outstanding 14,034,991 13,911,692 14,034,991 13,911,692
Average number of shares outstanding 14,034,991 13,933,497 14,004,599 13,925,120
Diluted average shares outstanding 14,236,220 13,989,096 14,225,022 14,084,927
End of Period Balances:
Loans $ 1,530,406 $ 1,899,030 $ 1,530,406 $ 1,899,030
Deposits 1,769,060 2,151,019 1,769,060 2,151,019
Stockholders' equity 80,974 163,526 80,974 163,526
Total earning assets 1,767,038 2,225,742 1,767,038 2,225,742
Total assets 1,981,409 2,462,760 1,981,409 2,462,760
Average Balances:
Loans $ 1,575,062 $ 1,940,082 $ 1,613,294 $ 1,981,101
Deposits 1,839,091 2,164,273 1,875,644 2,172,570
Stockholders' equity 79,254 184,608 80,393 191,182
Total earning assets 1,852,442 2,265,463 1,889,985 2,280,831
Total assets 2,048,779 2,498,954 2,085,324 2,514,363

(1) Tabular disclosures of the tax equivalent calculation including the net interest margin and efficiency ratio for the quarters ending June 30, 2011 and 2010, respectively, are presented on page 19.

(2) The information to reconcile GAAP measures and the ratios of Tier 1 capital, total capital, tangible common equity or Tier 1 common equity, as applicable, to average total assets, risk-weighted assets or tangible assets, as applicable, are presented on page 20.

(3) The Company and the Bank are subject to regulatory capital requirements administered by federal banking agencies. Those agencies define the basis for these calculations including the prescribed methodology for the calculation of the amount of risk-weighted assets.

Financial Highlights, continued (unaudited)
In thousands, except share data
Three Months Ended Six Months Ended
June 30, June 30,
------------------------------------- ----------------------------------
2011 2010 2011 2010
------------------ ------------------ -------------------- -------------
Asset Quality
Charge-offs $ 10,992 $ 31,233 $ 20,079 $ 49,899
Recoveries 3,382 756 5,289 2,475
--------- --------- --------- ------
Net charge-offs $ 7,610 $ 30,477 $ 14,790 $ 47,424
=== ========= === ========= ==== ========= == ======
Provision for loan losses 500 44,623 4,500 63,843
Allowance for loan losses to loans 4.31 % 4.26 % 4.31 % 4.26 %
As of (audited)
June 30, December 31,
------------------------------------- --------------------
2011 2010 2010
------------------ ------------------ --------------------
Nonaccrual loans(1) $ 160,425 $ 230,238 $ 212,225
Restructured loans 18,649 11,927 15,637
Loans past due 90 days 298 753 1,013
--------- --------- ---------
Nonperforming loans 179,372 242,918 228,875
Other real estate 82,611 47,128 75,613
Receivable from swap terminations - 2,169 3,520
--------- --------- ---------
Nonperforming assets $ 261,983 $ 292,215 $ 308,008
=== ========= === ========= ==== =========
(1) Includes $30.4 million and $28.0 million in
nonaccrual restructured loans at June 30, 2011
and 2010, respectively.
Major Classifications of Loans As of (audited)
June 30, December 31,
------------------------------------- --------------------
2011 2010 2010
------------------ ------------------ --------------------
Commercial and industrial $ 120,945 $ 187,283 $ 149,552
Real estate - commercial 765,599 895,618 821,101
Real estate - construction 94,529 187,683 129,601
Real estate - residential 519,907 602,829 557,635
Installment 4,361 5,418 4,949
Overdraft 1,462 700 739
Lease financing receivables 2,260 3,269 2,774
Other 21,733 17,274 24,487
--------- --------- ---------
1,530,796 1,900,074 1,690,838
Unearned origination fees, net (390) (1,044) (709)
--------- --- --------- --- --------- ----
$ 1,530,406 $ 1,899,030 $ 1,690,129
=== ========= === ========= ==== =========
Major Classifications of Deposits As of (audited)
June 30, December 31,
------------------------------------- --------------------
2011 2010 2010
------------------ ------------------ --------------------
Noninterest bearing $ 343,789 $ 327,599 $ 330,846
Savings 194,623 196,070 180,127
NOW accounts 254,543 425,801 304,287
Money market accounts 288,861 369,254 297,702
Certificates of deposits of less than $100,000 436,114 499,581 491,234
Certificates of deposits of $100,000 or more 251,130 332,714 304,332
--------- --------- ---------
$ 1,769,060 $ 2,151,019 $ 1,908,528
=== ========= === ========= ==== =========

Old Second Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands)
(unaudited) (audited)
June 30, December 31,
2011 2010
-------------------- --------------------
Assets
Cash and due from banks $ 36,088 $ 28,584
Interest bearing deposits with financial institutions 69,696 69,492
Federal funds sold - 682
--------- ---------
Cash and cash equivalents 105,784 98,758
Securities available-for-sale 145,613 148,647
Federal Home Loan Bank and Federal Reserve Bank stock 14,050 13,691
Loans held-for-sale 7,273 10,655
Loans 1,530,406 1,690,129
Less: allowance for loan losses 66,018 76,308
--------- ---------
Net loans 1,464,388 1,613,821
Premises and equipment, net 52,692 54,640
Other real estate owned, net 82,611 75,613
Mortgage servicing rights, net 4,018 3,897
Core deposit and other intangible asset, net 5,090 5,525
Bank-owned life insurance (BOLI) 51,863 50,966
Other assets 48,027 47,708
--------- ---------
Total assets $ 1,981,409 $ 2,123,921
==== ========= ==== =========
Liabilities
Deposits:
Noninterest bearing demand $ 343,789 $ 330,846
Interest bearing:
Savings, NOW, and money market 738,027 782,116
Time 687,244 795,566
--------- ---------
Total deposits 1,769,060 1,908,528
Securities sold under repurchase agreements 1,331 2,018
Other short-term borrowings 4,133 4,141
Junior subordinated debentures 58,378 58,378
Subordinated debt 45,000 45,000
Notes payable and other borrowings 500 500
Other liabilities 22,033 21,398
--------- ---------
Total liabilities 1,900,435 2,039,963
Stockholders' Equity
Preferred stock 70,385 69,921
Common stock 18,628 18,467
Additional paid-in capital 65,539 65,209
Retained earnings 23,894 28,335
Accumulated other comprehensive loss (2,579) (3,130)
Treasury stock (94,893) (94,844)
--------- ---- --------- ----
Total stockholders' equity 80,974 83,958
--------- ---------
Total liabilities and stockholders' equity $ 1,981,409 $ 2,123,921
==== ========= ==== =========

Old Second Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except share data)
(unaudited) (unaudited)
Three Months Ended Year to Date
June 30, June 30,
---------------------------- ----------------------------
2011 2010 2011 2010
------------- -------------- ------------- --------------
Interest and Dividend Income
Loans, including fees $ 20,749 $ 25,138 $ 41,965 $ 51,770
Loans held-for-sale 75 108 126 180
Securities, taxable 885 1,215 1,763 2,453
Securities, tax exempt 127 689 269 1,434
Dividends from Federal Reserve Bank and Federal Home Loan Bank stock 74 62 143 118
Federal funds sold 1 1 1 1
Interest bearing deposits with financial institutions 69 44 139 60
------ ------- ------ -------
Total interest and dividend income 21,980 27,257 44,406 56,016
Interest Expense
Savings, NOW, and money market deposits 372 1,200 948 2,585
Time deposits 3,791 4,750 7,784 9,847
Securities sold under repurchase agreements - 13 - 23
Other short-term borrowings - - - 18
Junior subordinated debentures 1,133 1,072 2,246 2,144
Subordinated debt 206 203 409 398
Notes payable and other borrowings 4 4 8 5
------ ------- ------ -------
Total interest expense 5,506 7,242 11,395 15,020
------ ------- ------ -------
Net interest and dividend income 16,474 20,015 33,011 40,996
Provision for loan losses 500 44,623 4,500 63,843
------ ------- ------ -------
Net interest and dividend income (expense) after provision for loan 15,974 (24,608) 28,511 (22,847)
losses
Noninterest Income
Trust income 1,715 1,852 3,499 3,509
Service charges on deposits 2,047 2,286 3,864 4,304
Secondary mortgage fees 236 338 463 561
Mortgage servicing (loss) income, net of changes in fair value (263) (642) 107 (554)
Net gain on sales of mortgage loans 1,117 2,156 2,353 3,388
Securities gains, net 512 1,756 651 1,754
Increase in cash surrender value of bank-owned life insurance 434 262 897 691
Debit card interchange income 784 724 1,484 1,387
Lease revenue from other real estate owned 957 442 1,477 960
Net gain on sales of other real estate owned 402 347 636 498
Other income 1,456 1,327 2,907 2,617
------ ------- ------ -------
Total noninterest income 9,397 10,848 18,338 19,115
Noninterest Expense
Salaries and employee benefits 8,580 8,918 17,509 17,943
Occupancy expense, net 1,310 1,237 2,655 2,762
Furniture and equipment expense 1,475 1,544 2,935 3,183
FDIC insurance 1,113 1,527 2,852 2,955
General bank insurance 826 133 1,651 273
Amortization of core deposit and other intangible asset 206 283 435 565
Advertising expense 187 439 420 695
Debit card interchange expense 324 337 697 647
Legal fees 1,040 666 1,983 1,225
Other real estate expense 5,951 6,845 11,265 13,273
Other expense 3,346 3,550 6,554 6,707
------ ------- ------ -------
Total noninterest expense 24,358 25,479 48,956 50,228
------ ------- ------ -------
Income (Loss) before income taxes 1,013 (39,239) (2,107) (53,960)
Benefit for income taxes - (15,856) - (22,023)
------ ------- -- ------ ------- --
Net income (loss) $ 1,013 $ (23,383) $ (2,107) $ (31,937)
Preferred stock dividends and accretion 1,175 1,131 2,334 2,259
------ ------- ------ -------
Net loss available to common stockholders $ (162) $ (24,514) $ (4,441) $ (34,196)
== ====== == == ======= == == ====== == == ======= ==
Basic loss per share $ (0.01) $ (1.74) $ (0.31) $ (2.43)
Diluted loss per share (0.01) (1.75) (0.31) (2.43)
Dividends declared per share - 0.01 - 0.02

ANALYSIS OF AVERAGE BALANCES,
TAX EQUIVALENT INTEREST AND RATES
Three Months ended June 30, 2011 and 2010
(Dollar amounts in thousands - unaudited)
2011 2010
-------------------------------------- --------------------------------------
Average Average
Balance Interest Rate Balance Interest Rate
---------------- ------------ -------- ---------------- ------------ --------
Assets
Interest bearing deposits $ 112,817 $ 69 0.24 % $ 75,028 $ 44 0.23 %
Federal funds sold 689 1 0.57 2,030 1 0.19
Securities:
Taxable 130,853 885 2.71 157,117 1,215 3.09
Non-taxable (tax equivalent) 12,974 195 6.01 69,297 1,060 6.12
--------- ------ --------- ------
Total securities 143,827 1,080 3.00 226,414 2,275 4.02
Dividends from FRB and FHLB stock 14,050 74 2.11 13,435 62 1.85
Loans and loans held-for-sale (1) 1,581,059 20,845 5.22 1,948,556 25,259 5.13
--------- ------ --------- ------
Total interest earning assets 1,852,442 22,069 4.72 2,265,463 27,641 4.83
Cash and due from banks 34,953 - - 37,948 - -
Allowance for loan losses (75,276) - - (72,378) - -
Other noninterest bearing assets 236,660 - - 267,921 - -
--------- ------ --------- ------
Total assets $ 2,048,779 $ 2,498,954
== ========= == =========
Liabilities and Stockholders' Equity
NOW accounts $ 263,919 $ 113 0.17 % $ 419,033 $ 348 0.33 %
Money market accounts 298,090 187 0.25 387,709 651 0.67
Savings accounts 195,547 72 0.15 196,747 201 0.41
Time deposits 724,453 3,791 2.10 841,523 4,750 2.26
--------- ------ --------- ------
Interest bearing deposits 1,482,009 4,163 1.13 1,845,012 5,950 1.29
Securities sold under repurchase agreements 2,046 - - 22,692 13 0.23
Other short-term borrowings 2,802 - - 3,454 - -
Junior subordinated debentures 58,378 1,133 7.76 58,378 1,072 7.35
Subordinated debt 45,000 206 1.81 45,000 203 1.78
Notes payable and other borrowings 500 4 3.16 500 4 3.16
--------- ------ --------- ------
Total interest bearing liabilities 1,590,735 5,506 1.39 1,975,036 7,242 1.47
Noninterest bearing deposits 357,082 - - 319,261 - -
Other liabilities 21,708 - - 20,049 - -
Stockholders' equity 79,254 - - 184,608 - -
--------- ------ --------- ------
Total liabilities and stockholders' equity $ 2,048,779 $ 2,498,954
== ========= == =========
Net interest income (tax equivalent) $ 16,563 $ 20,399
==== ====== ==== ======
Net interest income (tax equivalent) to total earning assets 3.59 % 3.61 %
==== == ==== ==
Interest bearing liabilities to earning assets 85.87 % 87.18 %
========= == ========= ==

1. Interest income from loans is shown on a tax equivalent basis as discussed in the table on page 19 and includes fees of $705,000 and $622,000 for the second quarter of 2011 and 2010, respectively. Nonaccrual loans are included in the above stated average balances.

Note: Tax equivalent basis is calculated using a marginal tax rate of 35%.

ANALYSIS OF AVERAGE BALANCES,
TAX EQUIVALENT INTEREST AND RATES
Six Months ended June 30, 2011 and 2010
(Dollar amounts in thousands - unaudited)
2011 2010
-------------------------------------- --------------------------------------
Average Average
Balance Interest Rate Balance Interest Rate
---------------- ------------ -------- ---------------- ------------ --------
Assets
Interest bearing deposits $ 112,958 $ 139 0.24 % $ 52,912 $ 60 0.23 %
Federal funds sold 1,075 1 0.19 1,737 1 0.11
Securities:
Taxable 129,521 1,763 2.72 152,469 2,453 3.22
Non-taxable (tax equivalent) 13,970 414 5.93 72,255 2,206 6.11
--------- ------ --------- ------
Total securities 143,491 2,177 3.03 224,724 4,659 4.15
Dividends from FRB and FHLB stock 13,875 143 2.06 13,240 118 1.78
Loans and loans held-for-sale (1) 1,618,586 42,125 5.18 1,988,218 52,003 5.20
--------- ------ --------- ------
Total interest earning assets 1,889,985 44,585 4.69 2,280,831 56,841 4.96
Cash and due from banks 34,917 - - 37,411 - -
Allowance for loan losses (77,034) - - (69,955) - -
Other noninterest bearing assets 237,456 - - 266,076 - -
--------- ------ --------- ------
Total assets $ 2,085,324 $ 2,514,363
== ========= == =========
Liabilities and Stockholders' Equity
NOW accounts $ 267,983 $ 252 0.19 % $ 414,584 $ 694 0.34 %
Money market accounts 303,647 506 0.34 390,251 1,467 0.76
Savings accounts 190,234 190 0.20 190,076 424 0.45
Time deposits 755,025 7,784 2.08 863,537 9,847 2.30
--------- ------ --------- ------
Interest bearing deposits 1,516,889 8,732 1.16 1,858,448 12,432 1.35
Securities sold under repurchase agreements 1,901 - - 21,222 23 0.22
Other short-term borrowings 2,918 - - 6,962 18 0.51
Junior subordinated debentures 58,378 2,246 7.69 58,378 2,144 7.35
Subordinated debt 45,000 409 1.81 45,000 398 1.76
Notes payable and other borrowings 500 8 3.18 500 5 1.99
--------- ------ --------- ------
Total interest bearing liabilities 1,625,586 11,395 1.41 1,990,510 15,020 1.52
Noninterest bearing deposits 358,755 - - 314,122 - -
Other liabilities 20,590 - - 18,549 - -
Stockholders' equity 80,393 - - 191,182 - -
--------- ------ --------- ------
Total liabilities and stockholders' equity $ 2,085,324 $ 2,514,363
== ========= == =========
Net interest income (tax equivalent) $ 33,190 $ 41,821
==== ====== ==== ======
Net interest income (tax equivalent) to total earning assets 3.54 % 3.70 %
==== == ==== ==
Interest bearing liabilities to earning assets 86.01 % 87.27 %
========= == ========= ==

1. Interest income from loans is shown on a tax equivalent basis as discussed in the table on page 19 and includes fees of $1.2 million and $1.3 million for the first six months of 2011 and 2010, respectively. Nonaccrual loans are included in the above stated average balances.

Note: Tax equivalent basis is calculated using a marginal tax rate of 35%.

The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. (Dollar amounts in thousands- unaudited)

Three Months Ended Year to Date
June 30, June 30,
--------------------------------- -----------------------------
2011 2010 2011 2010
---------------- ---------------- -------------- --------------
Net Interest Margin
Interest income (GAAP) $ 21,980 $ 27,257 $ 44,406 $ 56,016
Taxable equivalent adjustment:
Loans 21 13 34 53
Securities 68 371 145 772
--------- --------- --------- ---------
Interest income (TE) 22,069 27,641 44,585 56,841
Interest expense (GAAP) 5,506 7,242 11,395 15,020
--------- --------- --------- ---------
Net interest income (TE) $ 16,563 $ 20,399 $ 33,190 $ 41,821
== ========= == ========= = ========= = =========
Net interest income (GAAP) $ 16,474 $ 20,015 $ 33,011 $ 40,996
== ========= == ========= = ========= = =========
Average interest earning assets $ 1,852,442 $ 2,265,463 $ 1,889,985 $ 2,280,831
Net interest margin (GAAP) 3.57 % 3.54 % 3.52 % 3.62 %
Net interest margin (TE) 3.59 % 3.61 % 3.54 % 3.70 %
Efficiency Ratio
Noninterest expense $ 24,358 $ 25,479 $ 48,956 $ 50,228
206 283 435 565
Less amortization of core deposit
and other intangible asset
Less other real estate expense 5,951 6,845 11,265 13,273
--------- --------- --------- ---------
Adjusted noninterest expense 18,201 18,351 37,256 36,390
Net interest income (GAAP) 16,474 20,015 33,011 40,996
Taxable-equivalent adjustment:
Loans 21 13 34 53
Securities 68 371 145 772
--------- --------- --------- ---------
Net interest income (TE) 16,563 20,399 33,190 41,821
Noninterest income 9,397 10,848 18,338 19,115
Less securities gain (loss), net 512 1,756 651 1,754
Less gain on sale of OREO 402 347 636 498
--------- --------- --------- ---------
Adjusted noninterest income, plus 25,046 29,144 50,241 58,684
net interest income (TE)
Efficiency ratio 72.67 % 62.97 % 74.15 % 62.01 %

(unaudited) (unaudited)
As of June 30, December 31,
--------------------------------- --------------------
2011 2010 2010
---------------- ---------------- --------------------
(dollars in thousands)
Tier 1 capital
Total stockholders' equity $ 80,974 $ 163,526 $ 83,958
Tier 1 adjustments:
Trust preferred securities 27,851 55,141 29,029
Cumulative other comprehensive loss 2,579 1,898 3,130
Disallowed intangible assets (5,090) (6,089) (5,525)
Disallowed deferred tax assets (1,805) (59,351) (2,064)
Other (402) (234) (390)
--------- -- --------- -- --------- ----
Tier 1 capital $ 104,107 $ 154,891 $ 108,138
-- --------- -- --------- ---- ---------
Total capital
Tier 1 capital $ 104,107 $ 154,891 $ 108,138
Tier 2 additions:
Allowable portion of allowance for loan losses 21,059 25,508 22,875
28,774 - 27,596
Additional trust preferred securities disallowed for tier 1 capital
Subordinated debt 45,000 45,000 45,000
Other Tier 2 capital components (7) 1,476 (7)
--------- -- --------- --------- ----
Total capital $ 198,933 $ 226,875 $ 203,602
-- --------- -- --------- ---- ---------
Tangible common equity
Total stockholders' equity $ 80,974 $ 163,526 $ 83,958
Less: Preferred equity 70,385 69,473 69,921
Intangible assets 5,090 6,089 5,525
--------- --------- ---------
Tangible common equity $ 5,499 $ 87,964 $ 8,512
-- --------- -- --------- ---- ---------
Tier 1 common equity
Tangible common equity $ 5,499 $ 87,964 $ 8,512
Tier 1 adjustments:
Cumulative other comprehensive loss 2,579 1,898 3,130
Other (2,207) (59,585) (2,454)
--------- -- --------- -- --------- ----
Tier 1 common equity $ 5,871 $ 30,277 $ 9,188
-- --------- -- --------- ---- ---------
Tangible assets
Total assets $ 1,981,409 $ 2,462,760 $ 2,123,921
Less:
Intangible assets 5,090 6,089 5,525
--------- --------- ---------
Tangible assets $ 1,976,319 $ 2,456,671 $ 2,118,396
-- --------- -- --------- ---- ---------
Total risk-weighted assets
On balance sheet $ 1,590,575 $ 1,906,293 $ 1,723,519
Off balance sheet 49,219 78,889 53,051
--------- --------- ---------
Total risk-weighted assets $ 1,639,794 $ 1,985,182 $ 1,776,570
-- --------- -- --------- ---- ---------
Average assets
Total quarterly average assets $ 2,041,482 $ 2,433,280 $ 2,281,579

SOURCE: Old Second Bancorp, Inc.

Old Second Bancorp, Inc.
J. Douglas Cheatham
Chief Financial Officer
(630) 906-5484

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