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. reports developments tied to its role as the bank holding company for Old Second National Bank, a community banking institution serving consumer, commercial and wealth-management customers. Recurring updates cover net interest income, noninterest income, credit-loss provision, deposit and loan trends, capital ratios, cash dividends and the integration of acquired banking operations.
Company news also includes activity from O2 Sponsor Finance, a division of Old Second National Bank that provides cash-flow-based senior secured loans to lower middle market businesses. Those announcements commonly describe sponsor-backed acquisition and recapitalization financings, alongside Old Second's broader community banking results.
Old Second Bancorp (OSBC) and West Suburban Bancorp announced a definitive merger agreement, where Old Second will acquire West Suburban in a cash and stock deal. Shareholders of West Suburban will receive 42.413 shares of Old Second stock and $271.15 in cash per share. The implied purchase price totals approximately $769.93 per share, leading to a transaction value of about $297 million. This merger is expected to create the largest community bank under $10 billion in assets in Chicago, enhancing financial strength and operational efficiency. The deal is anticipated to close in Q4 2021, subject to regulatory and shareholder approvals.
Old Second Bancorp (OSBC) reported second-quarter 2021 net income of $8.8 million, or $0.30 per diluted share, down from $11.9 million in Q1 2021. The decrease reflected a $3.5 million provision for credit losses release. Mortgage banking income fell to $1.6 million, significantly lower than previous quarters. Net interest income declined by 6.8% linked-quarter, driven by lower interest rates. Noninterest income also decreased by 29.9%. The company repurchased 310,900 shares at an average price of $13.55 and declared a $0.05 dividend, illustrating capital return to shareholders amidst ongoing uncertainties.
Old Second National Bank has been named the number one bank in Illinois for 2021 by Forbes and Statista, continuing its streak from 2020. The rankings are based on customer satisfaction and were determined by surveying approximately 25,000 U.S. customers across 5,000 banks. James Eccher, president and CEO, acknowledged the dedication of employees and customers during challenging times, particularly due to COVID-19 protocols. This recognition highlights Old Second's commitment to trust and customer service.
Old Second Bancorp (NASDAQ:OSBC) reported strong financial results for Q1 2021, achieving net income of $11.9 million ($0.40 per diluted share), up from $8.0 million in Q4 2020 and $275,000 in Q1 2020. The company reversed a $3 million provision for credit losses and increased mortgage banking income to $5.7 million. On April 20, the board approved a 400% increase in quarterly dividends to $0.05 per share, payable May 10. Total loans decreased to $2 billion, while available-for-sale securities grew to $593.3 million, reflecting a solid capital position amidst ongoing pandemic challenges.
Old Second Bancorp reported fourth quarter 2020 net income of $8.0 million ($0.27 per diluted share), a decline from $10.3 million in Q3 2020 and $9.5 million in Q4 2019. The decrease was attributed to a year-over-year drop in noninterest income, primarily from increased losses on mortgage servicing rights and reduced service charges due to COVID-19. However, net interest income rose 6.1% from Q3 2020, aided by PPP loan fees. Noninterest expenses increased by 4.9% from the previous quarter, driven by higher salaries and COVID-related costs. The company remains focused on client assistance programs and maintaining solid capital ratios.
Old Second Bancorp reported a net income of $10.3 million ($0.34 per diluted share) for Q3 2020, up from $9.2 million in Q2 2020 but down from $12.2 million in Q3 2019. Key factors influencing results included reduced net interest income due to COVID-19 and increased mortgage banking income from lower interest rates. Noninterest income rose to $11.7 million, primarily from mortgage sales. The company maintained strong capital ratios, with nonperforming loans at 1.0%. A dividend of $0.01 per share was declared for November 9, 2020.
Old Second Bancorp (NASDAQ: OSBC) has expanded its Board of Directors to 13 members, appointing Billy J. Lyons, Jr. and Jill E. York as new directors effective October 19, 2020. Lyons, a former National Bank Examiner with over 30 years of experience, will serve on the Risk and Loan Committees. York brings executive-level banking experience, having held key roles at Fifth Third Bank and MB Financial. These appointments aim to enhance Board diversity and expertise as the company focuses on growth strategies amidst evolving market conditions.