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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 first quarter of 2012. The Company reported a net loss of $3.0 million, compared to a net loss of $3.1 million in the first quarter of 2011. The Company’s net loss available to common shareholders of $4.2 million, or $0.30 per diluted share, for the quarter compared to a net loss available to common shareholders of $4.3 million, also $0.30 per diluted share, in the first quarter of 2011.
The Company’s $6.1 million provision for loan losses for the first quarter of 2012 compared to a $4.0 million provision in the first quarter of 2011. The allowance for loan losses was 37.95% of nonperforming loans as of March 31, 2012 an improvement from 37.42% as of December 31, 2011 and compared to 37.89% a year earlier.
“We continue to improve against our established goals and to exceed the capital ratio objectives in our OCC agreement for both our leverage and total capital ratio,” said Bill Skoglund, Chairman and CEO.
“As of March 31, 2012, the Bank’s leverage ratio was 9.22%, down 12 basis points from December 31, 2011, and 47 basis points above the 8.75% objective in our OCC agreement. The Bank’s total capital ratio was 12.88%, down 9 basis points from December 31, 2011, and 163 basis points above the objective of 11.25% in our OCC agreement.”
“Another quarter over quarter decline in nonperforming assets continues a trend found in 2011 and reflects our ongoing hard work and progress,” continued Skoglund. “Local and national economies continue to improve slowly and in an uncertain manner, but we will find more and better opportunities to provide outstanding service to our customers and to return our organization to profitability as our local markets stabilize,” he said.