Welcome to our dedicated page for Old Second Bancorp Ill news (Ticker: OSBC), a resource for investors and traders seeking the latest updates and insights on Old Second Bancorp Ill stock.
Old Second Bancorp, Inc. (NASDAQ: OSBC) is a bank holding company headquartered in Aurora, Illinois, and the parent of Old Second National Bank. The OSBC news feed highlights company announcements, financial results, acquisition activity and specialty lending transactions that shape the institution’s community banking and sponsor finance profile.
Investors and observers can use this page to follow Old Second’s periodic earnings releases, which present net income, net interest and dividend income, provision for credit losses, noninterest income, noninterest expense, capital ratios and other key metrics. These releases often include management commentary on balance sheet trends, asset quality, capital levels and non-GAAP measures such as adjusted net income, net interest margin on a fully taxable equivalent basis and efficiency ratios.
The OSBC news stream also features updates on corporate actions and strategic transactions. Recent items include the completion of Old Second’s merger with Bancorp Financial, Inc. and the subsequent integration of Evergreen Bank Group into Old Second National Bank. Related news covers branch conversions, expanded access for former Evergreen customers and the resulting footprint across the Chicagoland market.
Another recurring theme in Old Second’s news is the activity of O2 Sponsor Finance, a division of Old Second National Bank. Press releases describe senior secured credit facilities and other cash flow-based financing provided to support private equity sponsors, independent sponsors and family offices in acquisitions or recapitalizations of lower middle market companies. These announcements illustrate Old Second’s role in sponsor finance alongside its traditional community banking operations.
By reviewing the OSBC news page, readers can track developments in Old Second’s earnings performance, capital management, acquisition integration and national sponsor finance activities, all based on company-issued press releases and related disclosures.
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Old Second Bancorp (NASDAQ: OSBC) reported first quarter 2023 net income of $23.6 million, or $0.52 per diluted share, unchanged from the previous quarter but a notable increase from $12.0 million, or $0.27 per diluted share, a year earlier.
Adjusted net income was $23.4 million, a slight decrease from the prior quarter. The increase in annual net income is attributed to a $22.9 million rise in net interest and dividend income, despite a $1.6 million drop in noninterest income. The company declared a cash dividend of $0.05 per share, payable on May 8, 2023. Key metrics include a net provision for credit losses of $3.5 million and nonperforming loans totaling 1.6% of total loans.
O2 Sponsor Finance, part of Old Second National Bank, announced on April 13, 2023, the provision of senior secured credit facilities to facilitate Hastings Equity Partners' acquisition of TERRA Staffing Group. TERRA, a staffing services provider based in Everett, Washington, operates 18 offices across five states, specializing in industrial, administrative, and technical staffing. In 2022, TERRA received the Best of Staffing award for client and talent satisfaction. The financial backing includes subordinated debt financing and equity co-investment from NorthCoast Mezzanine. O2 Sponsor Finance focuses on supporting lower middle-market businesses and enhancing operations through strategic partnerships.
Old Second Bancorp announced that its division O2 Sponsor Finance arranged over $44 million in senior secured credit facilities to support Soundcore Capital Partners in their acquisitions of ACI Asphalt & Concrete, LLC and ACS Asphalt Concrete Solutions. This financing positions the combined entity as a market leader in the Minneapolis area for asphalt and concrete services. The acquisitions are part of Soundcore’s growth strategy, with ACI and ACS servicing large commercial clients and homeowner associations. Co-lender financing was provided by Old National Bank, with Northstar Capital offering subordinated debt.