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 second quarter of 2012. The Company reported a net income of $1.3 million, compared to $1.0 million in the second quarter of 2011. The Company’s net income available to common shareholders of $14,000, or $0.00 per diluted share, for the quarter compared to a net loss available to common shareholders of $162,000, or $0.01 per diluted share, in the second quarter of 2011.
The Company’s $200,000 provision for loan losses for the second quarter of 2012 compared to a $500,000 provision in the second quarter of 2011 and a $6.1 million provision in the first quarter of 2012. The allowance for loan losses was 35.79% of nonperforming loans as of June 30, 2012 a decline from 37.95% as of March 31, 2012 and 36.81% a year earlier.
“Performance in second quarter reflects solid progress on a number of our corporate goals,” said Bill Skoglund, Chairman and CEO. “Quarterly operating earnings returned to profitability on targeted management of our loan and investment asset portfolios combined with our noninterest expense management regimen. While total loans decreased in the quarter, we successfully worked with long term loan clients to maintain and improve relationships during this stressed economic environment of the past few years. Total noninterest expense increased only 1.1% in second quarter 2012 from the same period in 2011 and actually decreased 3.8% for the first half 2012 compared to first half 2011. We expect to improve earnings and shareholder value by continuing outstanding service to our customers as they look to expand their business and personal investments in our targeted markets.”
“We are greatly encouraged to see nonperforming assets decrease to levels not seen at any quarter end since December 2009. Total nonperforming assets decreased to $202.2 million from $232.2 million at December 31, 2011 reflecting great work by our people, commitment to our organization from loyal customers and improved market conditions for distressed asset dispositions.”
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