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Table of Contents

I

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For transition period from          to          

Commission File Number 000-10537

Graphic

(Exact name of Registrant as specified in its charter)

Delaware

36-3143493

(State or other jurisdiction

(I.R.S. Employer Identification Number)

of incorporation or organization)

37 South River Street, AuroraIllinois     60507

(Address of principal executive offices) (Zip Code)

(630) 892-0202

(Registrant’s telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes         No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ‘‘emerging growth company’’ in Rule 12b–2 of the Exchange Act.

Large accelerated filerAccelerated filer

Non-accelerated filerSmaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).

Yes         No 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

OSBC

The Nasdaq Stock Market

As of August 4, 2022, the Registrant has 44,563,376 shares of common stock outstanding at $1.00 par value per share.

Table of Contents

OLD SECOND BANCORP, INC.

Form 10-Q Quarterly Report

Table of Contents

Cautionary Note Regarding Forward-Looking Statements

PART I

Page Number

Item 1.

Financial Statements

4

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

39

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

62

Item 4.

Controls and Procedures

63

PART II

Item 1.

Legal Proceedings

64

Item 1.A.

Risk Factors

64

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

Item 3.

Defaults Upon Senior Securities

64

Item 4.

Mine Safety Disclosure

64

Item 5.

Other Information

64

Item 6.

Exhibits

65

Signatures

66

2

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report and other publicly available documents of the Company contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, including, but not limited to, management’s expectations regarding future plans, strategies and financial performance, including regulatory developments, industry and economic trends and estimates and assumptions underlying accounting policies.  Forward-looking statements are based on our current beliefs, expectations and assumptions and on information currently available and, can be identified by the use of words such as “expects,” “seeks to,” “intends,” “believes,” “may,” “will,” “would,” “could,” “should,” “plan,” “anticipate,” “estimate,” “possible,” “likely” or the negative thereof as well as other similar words and expressions of the future. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict as to timing, extent, likelihood and degree of occurrence, which could cause our actual results to differ materially from those anticipated in or by such statements. Potential risks and uncertainties include, but are not limited to, the following:

our ability to execute our growth strategy;
the continuing impact of COVID-19 and its variants on our business, including the impact of the actions taken by governmental authorities to try and contain the virus or address the impact of the virus on the United States economy and the resulting effect of these items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers;
negative economic conditions, including inflation, that may adversely affect the economy, real estate values, the job market and other factors nationally and in our market area, in each case that may affect our liquidity and the performance of our loan portfolio;
risks with respect to our ability to successfully expand and integrate businesses and operations that we acquire, such as the recent acquisition of West Suburban Bancorp, Inc., as well our ability to identify and complete future mergers or acquisitions;
the financial success and viability of the borrowers of our commercial loans;
changes in U.S. monetary policy, the level and volatility of interest rates, the capital markets and other market conditions that may affect, among other things, our liquidity and the value of our assets and liabilities;
the transition away from LIBOR to an alternative reference rate;
competitive pressures from other financial service businesses and from nontraditional financial technology (“FinTech”) companies;
any negative perception of our reputation or financial strength;
our ability to raise additional capital on acceptable terms when needed;
our ability to raise cost-effective funding to support business plans when needed;
our ability to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations;
adverse effects on our information technology systems resulting from system failures, human error or cyberattacks;
adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors and those vendors performing a service on the Company’s behalf;
the impact of any claims or legal actions, including any effect on our reputation;
losses incurred in connection with repurchases and indemnification payments related to mortgages;
the soundness of other financial institutions and other counter-party risk;
changes in accounting standards, rules and interpretations and the related impact on our financial statements, including assumptions surrounding the ongoing impact of our adoption of the Current Expected Credit Losses (“ CECL”) model, which are subject to change based on a number of factors including changes in our macroeconomic forecasts, credit quality, loan composition and other factors;
our ability to receive dividends from our subsidiaries;
a decrease in our regulatory capital ratios or negative changes in our capital position;
adverse federal or state tax assessments, or changes in tax laws or policies;
risks associated with actual or potential litigation or investigations by customers, regulatory agencies or others;
legislative or regulatory changes, particularly changes in regulation of financial services companies;
increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the current regulatory environment;
the adverse effects of events beyond our control that may have a destabilizing effect on financial markets and the economy, such as epidemics and pandemics (including COVID-19), war or terrorist activities, such as the war in Ukraine, essential utility outages, deterioration in the global economy, instability in the credit markets, disruptions in our customers’ supply chains or disruption in transportation;
changes in trade policy and any related tariffs; and
each of the factors and risks under the heading “Risk Factors” in our 2021 Annual Report on Form 10-K and in subsequent filings we make with the SEC.

Because the Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain, there can be no assurances that future actual results will correspond to any forward-looking statements and you should not rely on any forward-looking statements.  Additionally, all statements in this Form 10-Q, 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, except as required by applicable law.

3

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Old Second Bancorp, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share data)

(unaudited)

June 30, 

December 31, 

    

2022

    

2021

Assets

Cash and due from banks

$

53,295

$

38,565

Interest earning deposits with financial institutions

228,040

713,542

Cash and cash equivalents

281,335

752,107

Securities available-for-sale, at fair value

1,734,416

1,693,632

Federal Home Loan Bank Chicago ("FHLBC") and Federal Reserve Bank Chicago ("FRBC") stock

20,413

13,257

Loans held-for-sale

1,707

4,737

Loans

3,625,070

3,420,804

Less: allowance for credit losses on loans

45,388

44,281

Net loans

3,579,682

3,376,523

Premises and equipment, net

81,901

88,005

Other real estate owned

1,624

2,356

Mortgage servicing rights, at fair value

10,722

7,097

Goodwill

86,332

86,332

Core deposit intangible

14,980

16,304

Bank-owned life insurance ("BOLI")

105,496

105,300

Deferred tax assets, net

32,481

6,100

Other assets

54,454

60,439

Total assets

$

6,005,543

$

6,212,189

Liabilities

Deposits:

Noninterest bearing demand

$

2,078,272

$

2,093,494

Interest bearing:

Savings, NOW, and money market

2,803,201

2,868,928

Time

461,382

503,810

Total deposits

5,342,855

5,466,232

Securities sold under repurchase agreements

37,599

50,337

Junior subordinated debentures

25,773

25,773

Subordinated debentures

59,254

59,212

Senior notes

44,533

44,480

Notes payable and other borrowings

11,000

19,074

Other liabilities

35,625

45,054

Total liabilities

5,556,639

5,710,162

Stockholders’ Equity

Common stock

44,705

44,705

Additional paid-in capital

201,282

202,443

Retained earnings

271,831

252,011

Accumulated other comprehensive (loss) income

(65,244)

8,768

Treasury stock

(3,670)

(5,900)

Total stockholders’ equity

448,904

502,027

Total liabilities and stockholders’ equity

$

6,005,543

$

6,212,189

June 30, 2022

December 31, 2021

Common

Common

Stock

    

Stock

Par value

$

1.00

$

1.00

Shares authorized

60,000,000

60,000,000

Shares issued

44,705,150

44,705,150

Shares outstanding

44,562,068

44,461,045

Treasury shares

143,082

244,105

See accompanying notes to consolidated financial statements.

4

Table of Contents

Old Second Bancorp, Inc. and Subsidiaries

Consolidated Statements of Income

(In thousands, except per share data)

(unaudited)

(unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2022

    

2021

    

2022

    

2021

    

Interest and dividend income

Loans, including fees

$

38,229

$

20,815

$

74,595

$

43,022

Loans held-for-sale

32

38

89

93

Securities:

Taxable

6,670

1,832

11,723

3,447

Tax exempt

1,413

1,259

2,846

2,566

Dividends from FHLBC and FRBC stock

263

113

416

228

Interest bearing deposits with financial institutions

782

137

1,051

229

Total interest and dividend income

47,389

24,194

90,720

49,585

Interest expense

Savings, NOW, and money market deposits

347

217

744

458

Time deposits

265

409

542

909

Securities sold under repurchase agreements

9

21

20

52

Junior subordinated debentures

284

284

564

564

Subordinated debentures

547

517

1,093

517

Senior notes

578

673

1,063

1,346

Notes payable and other borrowings

95

119

198

242

Total interest expense

2,125

2,240

4,224

4,088

Net interest and dividend income

45,264

21,954

86,496

45,497

Provision for (release of) credit losses

550

(3,500)

550

(6,500)

Net interest and dividend income after provision for (release of) credit losses

44,714

25,454

85,946

51,997

Noninterest income

Wealth management

2,506

2,389

5,204

4,540

Service charges on deposits

2,328

1,221

4,402

2,416

Secondary mortgage fees

50

272

189

594

Mortgage servicing rights mark to market gain (loss)

82

(1,033)

3,060

80

Mortgage servicing income

579

507

1,098

1,074

Net (loss) gain on sales of mortgage loans

(262)

1,895

1,233

5,616

Securities (losses) gains, net

(33)

2

(33)

2

Change in cash surrender value of BOLI

72

423

196

757

Card related income

2,965

1,666

5,532

3,113

Other income

924

577

1,793

1,027

Total noninterest income

9,211

7,919

22,674

19,219

Noninterest expense

Salaries and employee benefits

21,332

12,896

41,299

26,402

Occupancy, furniture and equipment

3,046

2,303

6,745

4,770

Computer and data processing

4,006

1,304

10,274

2,602

FDIC insurance

702

192

1,112

393

General bank insurance

351

277

666

553

Amortization of core deposit intangible

659

115

1,324

235

Advertising expense

194

95

376

155

Card related expense

1,057

626

1,591

1,219

Legal fees

179

135

436

190

Consulting & management fees

523

250

1,139

667

Other real estate expense, net

87

77

75

113

Other expense

5,113

3,131

10,464

5,840

Total noninterest expense

37,249

21,401

75,501

43,139

Income before income taxes

16,676

11,972

33,119

28,077

Provision for income taxes

4,429

3,152

8,852

7,378

Net income

$

12,247

$

8,820

$

24,267

$

20,699

Basic earnings per share

$

0.28

$

0.30

$

0.55

$

0.71

Diluted earnings per share

0.27

0.30

0.54

0.70

Dividends declared per share

0.05

0.05

0.10

0.06

See accompanying notes to consolidated financial statements.

5

Table of Contents

Old Second Bancorp, Inc. and Subsidiaries

Consolidated Statements of Comprehensive (Loss) Income

(In thousands)

(unaudited)

(unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2022

    

2021

    

2022

    

2021

Net Income

$

12,247

$

8,820

$

24,267

$

20,699

Unrealized holding (losses) gains on available-for-sale securities arising during the period

(40,485)

3,337

(105,314)

(1,476)

Related tax benefit (expense)

11,335

(935)

29,488

436

Holding (losses) gains, after tax, on available-for-sale securities

(29,150)

2,402

(75,826)

(1,040)

Less: Reclassification adjustment for the net (losses) gains realized during the period

Net realized (losses) gains

(33)

2

(33)

2

Related tax benefit (expense)

9

(1)

9

(1)

Net realized (losses) gains after tax

(24)

1

(24)

1

Other comprehensive (loss) income on available-for-sale securities

(29,126)

2,401

(75,802)

(1,041)

Changes in fair value of derivatives used for cash flow hedges

1,898

(1,714)

2,487

989

Related tax (expense) benefit

(532)

480

(697)

(277)

Other comprehensive income (loss) on cash flow hedges

1,366

(1,234)

1,790

712

Total other comprehensive (loss) income

(27,760)

1,167

(74,012)

(329)

Total comprehensive (loss) income

$

(15,513)

$

9,987

$

(49,745)

$

20,370

Accumulated

Accumulated

Total

Unrealized Gain

Unrealized Gain

Accumulated Other

(Loss) on Securities

(Loss) on Derivative

Comprehensive

(unaudited)

Available-for -Sale

Instruments

Income/(Loss)

For the Three Months Ended

Balance, March 31, 2021

$

13,971

$

(705)

$

13,266

Other comprehensive income (loss), net of tax

2,401

(1,234)

1,167

Balance, June 30, 2021

$

16,372

$

(1,939)

$

14,433

Balance, March 31, 2022

$

(35,537)

$

(1,947)

$

(37,484)

Other comprehensive (loss) income, net of tax

(29,126)

1,366

(27,760)

Balance, June 30, 2022

$

(64,663)

$

(581)

$

(65,244)

For the Six Months Ended

Balance, December 31, 2020

$

17,413

$

(2,651)

$

14,762

Other comprehensive (loss) income, net of tax

(1,041)

712

(329)

Balance, June 30, 2021

$

16,372

$

(1,939)

$

14,433

Balance, December 31, 2021

$

11,139

$

(2,371)

$

8,768

Other comprehensive (loss) income, net of tax

(75,802)