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.
Old Second Bancorp reported a fourth quarter 2022 net income of $23.6 million, or $0.52 per diluted share, a significant increase from $19.5 million in Q3 2022 and a recovery from a $9.1 million loss in Q4 2021. The net interest and dividend income rose to $64.1 million, up 15.3% from Q3 2022 and 124.1% year-over-year. Adjusted net income, excluding acquisition costs, was $24.1 million. A provision for credit losses declined to $1.5 million. The dividend of $0.05 per share is payable on February 6, 2023. The company's capital ratios indicate a solid financial position and effective asset management.
Old Second Bancorp (NASDAQ: OSBC) reported a net income of $19.5 million or $0.43 per diluted share for Q3 2022, marking an increase from $12.2 million in Q2 2022 and $8.4 million in Q3 2021. The surge in net income is attributed to net interest and dividend income of $55.6 million, reflecting a year-over-year increase of 145.7%. However, the company faced a net provision for credit losses of $4.5 million due to rising loan balances. Additionally, nonperforming loans rose to $52.9 million, raising concerns for investors.
O2 Sponsor Finance, a division of Old Second National Bank, has provided senior secured credit facilities to support Prospect Partners in the recapitalization of Blackwood Solutions. Blackwood, established in 2016, offers electric utility services, including transportation and logistics management in over 20 states. With its asset-based model, Blackwood aims to deliver exceptional service to major electric utility customers. The partnership highlights O2's role in facilitating growth in the utility service sector.
Old Second Bancorp announced that its division, O2 Sponsor Finance, provided $41.5 million in senior secured credit facilities to support Borgman Capital's acquisition of Dairyfood USA. This acquisition enhances the product portfolio and customer base of Borgman's portfolio company, Gilman Cheese Corporation, which specializes in processed cheeses. Dairyfood USA is recognized for producing a variety of private label products and is the largest producer of smoked Gouda in the U.S. The collaboration aims to strengthen their market position and operational synergies.
Old Second Bancorp announced that its O2 Sponsor Finance division provided over $22.8 million in secured financing to assist Cairngorm Capital Partners and SageHome Inc. with their acquisition of New Bath Today Inc. This acquisition aims to enhance services for aging seniors by bridging healthcare and home modification. SageHome specializes in home services allowing seniors to live independently, while New Bath Today focuses on bathroom renovations, particularly for safety. The deal anticipates growth in the senior living market.
Gregory S. Pike has been appointed as Executive Vice President and Chief Credit Officer at Old Second National Bank, effective April 29, 2022. With over 20 years of experience in commercial credit, Pike will oversee the bank's credit administration, investment analysis, and risk management functions. His prior roles include Senior Vice President at First American Bank and Managing Director at BMO Harris Bank. Old Second Bancorp, the parent company, operates the bank which has been in business for 150 years and trades under the symbol OSBC on NASDAQ.
Old Second National Bank has enhanced its partnership with Jack Henry to bolster its digital growth strategy. The collaboration is expected to yield operational efficiencies and advanced banking services by utilizing Jack Henry's technology, including the Banno Digital Platform and jhaEnterprise Workflow. This expansion follows a seven-year modernization journey to upgrade Old Second's technology infrastructure. The bank aims to better serve its customers with innovative fintech solutions via Jack Henry's extensive network of partners.
Old Second Bancorp (NASDAQ:OSBC) has received an Outstanding rating from the Office of the Comptroller of the Currency (OCC) in its recent Community Reinvestment Act (CRA) Performance Evaluation for 2018-2020. This rating reflects Old Second's commitment to supporting low- and moderate-income individuals and communities. Key highlights include significant community development lending and innovative support for LMI borrowers during the COVID pandemic. The bank aims to continue its efforts in economic growth and affordable housing, with substantial investments in community enhancement.
Sylvia Balogh has been promoted to Executive Vice President of Retail Banking at Old Second National Bank, overseeing 48 branches in the Chicago Metro area. With over 25 years of banking experience, her expertise includes regional sales management and business banking. Balogh joined Old Second in 2019 and previously held senior roles at Fifth Third Bank and Byline Bank. Old Second Bancorp, headquartered in Aurora, Illinois, celebrated its 150-year anniversary in 2021. The company's stock trades under the symbol OSBC.
Old Second Bank has launched O2 Sponsor Finance in Chicago, enhancing its position in the banking sector. This new division, led by seasoned professionals, will target lower middle market companies with revenues between $10 million and $100 million, providing senior cash flow loans and secured credit facilities. As of September 30, 2021, Old Second had approximately $6.2 billion in assets. The recent merger with West Suburban Bancorp is expected to create additional value for shareholders. The team brings a strong track record, having delivered over $3 billion in commitments to private equity sponsors.