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Old Second Bancorp, Inc. - OSBC STOCK NEWS

Welcome to our dedicated page for Old Second Bancorp news (Ticker: OSBC), a resource for investors and traders seeking the latest updates and insights on Old Second Bancorp stock.

Old Second Bancorp Inc. (NASDAQ: OSBC) is a bank holding company headquartered in Aurora, Illinois. Operating since 1871, it remains one of the oldest financial institutions in the region. Through its primary subsidiary, Old Second National Bank, the company offers a comprehensive suite of consumer and commercial banking products and services. These include demand, money market, savings, time deposit, and individual retirement accounts, alongside various lending products such as commercial, industrial, consumer, and real estate loans.

Old Second Bancorp has a significant presence in the Chicago metropolitan area, tracing its heritage to supporting the growth and evolution of the local economy. The bank's operations span across Kane, Kendall, DeKalb, DuPage, Cook, LaSalle, and Will counties, reflecting its deep-rooted commitment to community development.

The bank’s core services encompass installment loans, student loans, agricultural loans, lines of credit, overdraft checking, safe deposit operations, trust services, and wealth management. This broad array of financial offerings caters to the varied needs of individuals, small to medium enterprises (SMEs), and larger corporate clients.

Old Second Bancorp’s consistent financial performance is underscored by its recent achievements. As of the second quarter of 2023, the company reported a net income of $25.6 million, marking an increase from the previous quarters. The financial results of subsequent quarters reflect a robust revenue stream primarily driven by interest, commissions, payments, and other income. The company's strong balance sheet and credit rating are testament to its prudent fiscal management and strategic investments.

In addition to its traditional banking services, Old Second Bancorp has a specialized division known as O2 Sponsor Finance. This division provides cash flow-based loans to lower middle-market businesses, supporting private equity sponsors, independent sponsors, and family offices in their acquisitions or recapitalizations.

Old Second Bancorp remains focused on optimizing its operations and reducing sensitivity to market fluctuations. The management's strategic vision involves maintaining a strong capital position and delivering sustainable growth while navigating the complexities of the financial environment.

Overall, Old Second Bancorp Inc. stands out for its rich heritage, commitment to community banking, and resilient financial performance, making it a trusted banking partner in the Chicago region and beyond.

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Old Second Bancorp (NASDAQ:OSBC) reported a net income of $21.9 million, or $0.48 per diluted share, for Q2 2024, compared to $21.3 million, or $0.47 per diluted share, in Q1 2024, and $25.6 million, or $0.56 per share, in Q2 2023.

Net income increased by $579,000 from Q1 2024 due to a $626,000 rise in noninterest income and a $364,000 drop in noninterest expense. However, it dropped by $3.7 million year-over-year due to a $3.9 million decrease in net interest income and a $1.8 million rise in provision for credit losses.

Noninterest income rose by 6% sequentially to $11.1 million, and noninterest expense decreased by 1% to $37.9 million. The provision for credit losses increased to $3.8 million in Q2 2024.

Old Second's total assets stood at $5.66 billion, with total loans at $3.98 billion and total deposits at $4.52 billion. The company declared a cash dividend of $0.05 per share, payable on August 5, 2024.

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O2 Sponsor Finance, a division of Old Second National Bank (NASDAQ: OSBC), has announced the provision of senior secured credit facilities to support Encore Consumer Capital in acquiring Chalet Desserts. The announcement, made on July 9, 2024, highlights Chalet Desserts as a specialty manufacturer of frozen bakery desserts based in Sacramento, CA. Chalet’s products are distributed through supermarkets, convenience stores, and foodservice markets. Nick O'Brien, Senior VP at O2 Sponsor Finance, expressed enthusiasm about supporting Chalet's growth, acknowledging its leading category position, manufacturing capabilities, and strong management team.

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O2 Sponsor Finance, a division of Old Second National Bank (NASDAQ:OSBC), has announced the hiring of Sean Maher as Vice President of Underwriting. The appointment aims to leverage Maher's extensive experience to support the division's continued growth. Since its inception nearly two and a half years ago, O2 Sponsor Finance has significantly expanded its portfolio. Joe Gaffigan, President of O2 Sponsor Finance, emphasized the importance of hiring high-quality individuals like Maher to maintain client satisfaction and drive team growth.

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Old Second Bancorp, Inc. reported a net income of $21.3 million, or $0.47 per diluted share for the first quarter of 2024. The company's adjusted net income increased from the previous quarter but decreased compared to the same quarter last year. Despite challenges in net interest income and noninterest expenses, the company's profitability ratios remained strong. The Board declared a cash dividend of $0.05 per share. Asset quality and earning assets showed stability with a decrease in nonperforming loans and total loans. The company continues to focus on strategic securities transactions to optimize its portfolio.
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O2 Sponsor Finance provides senior secured credit facilities to support Catalina Finer Food, in their acquisition of Saugatuck Kitchens, Catalina, a Tampa-based manufacturer of Cuban and Caribbean cuisine, expands its product lines through this acquisition, gaining access to the Northeast US market and cross-sell opportunities.
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O2 Sponsor Finance, a division of Old Second National Bank, provided senior secured credit facilities to support Corridor Capital in acquiring Association Headquarters, Nick O'Brien expressed excitement about the acquisition, highlighting Association HQ's strong brand and management team.
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Old Second National Bank appoints Mike Daniele as Senior Vice President in the Commercial Banking group, bringing over 20 years of experience in relationship banking. Daniele has previously worked with Fifth Third Bank and First Midwest Bank, actively engages in community service, and holds a Bachelor's degree in Communications from the University of Wisconsin - Madison.
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Old Second National Bank (OSBC) appoints Steve Rankins as Senior Vice President, bringing 30 years of commercial banking experience to the Commercial Banking Group.
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O2 Sponsor Finance, a division of Old Second National Bank (NASDAQ:OSBC), has promoted Nick O'Brien to Senior Vice President. Nick's role in originating new business and strengthening sponsor relationships is crucial for the portfolio's growth. President Joe Gaffigan expresses excitement for Nick's leadership in 2024.
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Old Second Bancorp, Inc. announced financial results for Q4 2023, reporting a net income of $18.2 million, a decrease from previous quarters. The company's total assets were $5.72 billion, with a net interest income of $61.2 million. Nonperforming loans increased, impacting the overall asset quality. The Board declared a cash dividend of $0.05 per share. The company's financial performance showed a decrease in net income, net interest income, and noninterest income, while the provision for credit losses increased. The effective tax rate also saw a slight increase.
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FAQ

What services does Old Second Bancorp Inc. offer?

Old Second Bancorp Inc. offers consumer and commercial banking products such as demand, money market, savings, time deposit, individual retirement accounts, and various lending products including commercial, industrial, consumer, and real estate loans.

Where is Old Second Bancorp Inc. headquartered?

Old Second Bancorp Inc. is headquartered in Aurora, Illinois.

What is O2 Sponsor Finance?

O2 Sponsor Finance is a division of Old Second Bancorp Inc. that provides cash flow-based loans to lower middle-market businesses, supporting private equity sponsors, independent sponsors, and family offices in their acquisitions or recapitalizations.

How long has Old Second Bancorp Inc. been in operation?

Old Second Bancorp Inc. has been in operation since 1871.

What areas does Old Second Bancorp Inc. serve?

Old Second Bancorp Inc. serves the Chicago metropolitan area, including Kane, Kendall, DeKalb, DuPage, Cook, LaSalle, and Will counties.

What were the financial results for Old Second Bancorp Inc. in the second quarter of 2023?

In the second quarter of 2023, Old Second Bancorp Inc. reported a net income of $25.6 million.

What are the key financial offerings of Old Second Bancorp Inc.?

Key financial offerings include installment loans, student loans, agricultural loans, lines of credit, overdraft checking, safe deposit operations, trust services, and wealth management.

What is the significance of Old Second Bancorp’s heritage?

Old Second Bancorp’s heritage reflects its long-standing commitment to community banking and the economic growth of the Chicago metropolitan area since its founding in 1871.

What is Old Second Bancorp Inc.’s approach to financial management?

Old Second Bancorp Inc. focuses on maintaining a strong balance sheet, prudent fiscal management, strategic investments, and reducing market sensitivity to ensure sustainable growth.

How does Old Second Bancorp Inc. support private equity sponsors?

Through its O2 Sponsor Finance division, Old Second Bancorp Inc. supports private equity sponsors by providing cash flow-based loans for acquisitions or recapitalizations of lower middle-market companies.

Old Second Bancorp, Inc.

Nasdaq:OSBC

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733.74M
44.85M
4.78%
69.59%
1.64%
Commercial Banking
Finance and Insurance
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United States of America
AURORA