This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Old Second Bancorp, Inc. Announces Fourth Quarter 2011 Results

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 fourth quarter of 2011. The Company reported a net loss of $3.0 million, compared to a net loss of $76.6 million ($11.6 million pretax loss before deferred tax asset valuation allowance adjustment) in the fourth quarter of 2010. The Company’s net loss available to common shareholders of $4.2 million, or $0.30 per diluted share, for the fourth quarter of 2011 and a loss of $0.79 per diluted share for the year, compared to a net loss available to common shareholders of $77.8 million, or $5.48 per diluted share, in the fourth quarter of 2010 and a loss of $8.03 in 2010.

The Company’s $1.4 million provision for loan losses for the fourth quarter of 2011 compared favorably to the $14.0 million provision in the fourth quarter of 2010. The allowance for loan losses was 37.42% of nonperforming loans as of December 31, 2011, compared to 33.34% a year earlier and 42.95% as of September 30, 2011.

“We continue to exceed the capital ratio objectives that we agreed to with the OCC,” said Bill Skoglund, Chairman and CEO. “As of December 31, 2011, the Bank’s leverage ratio was 9.34%, up 124 basis points from December 31, 2010, and 59 basis points above the 8.75% objective in our OCC agreement. The Bank’s total capital ratio was 12.97%, up 134 basis points from December 31, 2010, and 172 basis points above the objective of 11.25% in our OCC agreement.”

“Consecutive quarterly declines in nonperforming assets over the course of 2011 reflect our hard work and progress,” added Skoglund. “While uncertainty remains in the broader economy, we have seen recurring signs of stabilization in our key markets, which we believe will be an important contributor to our continuing improvement. Further, we are pleased to provide outstanding service to our valued customers and to work with them to achieve their long-term financial objectives.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs