Old Second Bancorp, Inc. (the “Company” or “Old Second”) (NASDAQ: OSBC), parent company of Old Second National Bank (the “Bank”), today announced results of operations for the third quarter of 2011. The Company reported a net loss of $1.4 million, compared to a net loss of $88,000 in the third quarter of 2010. The Company’s pretax loss of $1.4 million for the third quarter of 2011 compared to a $1.2 million pretax loss for the third quarter of 2010. The Company’s net loss available to common shareholders of $2.6 million, or $0.18 per diluted share, for the third quarter of 2011, compared to a net loss available to common shareholders of $1.2 million, or $0.09 per diluted share, in the third quarter of 2010.
The Company’s $3.0 million provision for loan losses for the third quarter of 2011 compared favorably to the $11.8 million provision in the third quarter of 2010. The allowance for loan losses was 42.95% of nonperforming loans as of September 30, 2011, compared to 29.84% a year earlier and 36.81% as of June 30, 2011.
“We are very pleased to announce that we continue to exceed the capital ratio objectives that we agreed to with the OCC,” said Bill Skoglund, Chairman and CEO. “As of September 30, 2011, the Bank’s leverage ratio was 9.52%, up 142 basis points from December 31, 2010, and 77 basis points above the objective the Bank had agreed with the OCC to maintain of 8.75%. The Bank’s total capital ratio was 12.98%, up 135 basis points from December 31, 2010, and 173 basis points above the objective of 11.25%.”
“Consecutive quarterly declines in nonperforming assets are encouraging,” continued Skoglund. “While uncertainty remains in the broader economy, we have seen signs of stabilization in commercial real estate values in our market area, which we believe will be a key to our continuing improvement. Also, our long standing and valued customers continue to allow us to work with them to achieve their long term financial objectives.”
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