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 2011. The Company reported net income of $1.0 million, compared to a net loss of $23.4 million in the second quarter of 2010. The Company’s pretax income of $1.0 million for the second quarter of 2011 compared to a $39.2 million pretax loss for the second quarter of 2010. The Company’s net loss available to common shareholders of $162,000, or $0.01 per share, for the second quarter of 2011, compared to a net loss available to common shareholders of $24.5 million, or $1.75 per diluted share, in the second quarter of 2010.

The Company’s $500,000 provision for loan losses for the second quarter of 2011 compared favorably to the $44.6 million provision in the second quarter of 2010 and the $4.0 million provision in the first quarter of 2011. The allowance for loan losses was 36.81% of nonperforming loans as of June 30, 2011, compared to 33.33% a year earlier and 37.89% as of March 31, 2011.

“We are very pleased to announce that the capital ratio objectives that we agreed to with the OCC have been exceeded” the Company’s Chairman and CEO, Bill Skoglund said. “As of June 30, 2011, the Bank’s leverage ratio was 9.10%, up 100 basis points from December 31, 2010, and 35 basis points above the objective the Bank had agreed with the OCC to maintain of 8.75%. The Bank’s total capital ratio was 12.61%, up 98 basis points from December 31, 2010, and 136 basis points above the objective of 11.25%.”

Mr. Skoglund continued, “Consecutive quarterly declines in nonperforming assets are encouraging. 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.”

2011 Financial Highlights

Earnings
  • Second quarter net income before taxes of $1.0 million compared to a loss of $39.2 million in the same quarter of 2010.
  • Second quarter net loss to common stockholders of $162,000 compared to a loss of $24.5 million in the same quarter of 2010.
  • The tax-equivalent net interest margin was 3.59% during the second quarter of 2011 compared to 3.61% in the same quarter of 2010, but reflected an increase of 17 basis points compared to the first quarter of 2011.
  • Noninterest income of $18.3 million was $777,000 lower in the first half of 2011 than in the first half of 2010 reflecting lower securities gains, mortgage sale revenues and deposit service charges revenues.
  • Noninterest expenses of $49.0 million were $1.3 million lower in the first half of 2011 than in the first half of 2010.

Capital
  • Bank leverage capital ratio increased from 8.10% to 9.10% in the first half of 2011.
  • Bank total capital ratio increased from 11.63% to 12.61% in the first half of 2011.
  • Company leverage ratio increased from 4.74% to 5.10% in the first half of 2011.
  • Company total capital ratio increased from 11.46% to 12.13% in the first half of 2011.
  • Company tangible common equity to tangible assets increased from 0.22% in the first quarter of 2011 to 0.28% in the second quarter of 2011, although this was still a decline from 0.40% at year end 2010.

Asset Quality
  • Nonperforming loans declined $49.5 million during the first six months of 2011 to $179.4 million as of June 30, 2011 from $228.9 million as of December 31, 2010.
  • The provision for loan loss expense decreased to $500,000 for the second quarter ended June 30, 2011, compared to $44.6 million in the same period in 2010 and $4.0 million in the first quarter of 2011.
  • Loans that were classified as performing but 30 to 89 days past due and still accruing interest decreased to $8.4 million at June 30, 2011 from $12.2 million at March 31, 2011, $13.9 million at December 31, 2010 and $35.9 million at June 30, 2010.
       
Financial Highlights (unaudited)
In thousands, except share data As of and for the As of and for the
Three Months Ended Six Months Ended
June 30, June 30,
2011 2010 2011 2010
Summary Statements of Operations:
Net interest and dividend income $ 16,474 $ 20,015 $ 33,011 $ 40,996
Provision for loan losses 500 44,623 4,500 63,843
Noninterest income 9,397 10,848 18,338 19,115
Noninterest expense 24,358 25,479 48,956 50,228
Benefit for income taxes - (15,856 ) - (22,023 )
Net income (loss) 1,013 (23,383 ) (2,107 ) (31,937 )
Net loss available to common stockholders (162 ) (24,514 ) (4,441 ) (34,196 )
 
Key Ratios (annualized):
Return on average assets 0.20 % (3.75 %) (0.20 %) (2.56 %)
Return to common stockholders on average assets

(0.03

%)
(3.93 %) (0.43 %) (2.74 %)
Return on average equity 5.13 % (50.80 %) (5.29 %) (33.69 %)
Return on average common equity (7.05 %) (85.32 %) (50.68 %) (56.56 %)
Net interest margin (non-GAAP tax equivalent) 1 3.59 % 3.61 % 3.54 % 3.70 %
Efficiency ratio (non-GAAP tax equivalent) 1 72.67 % 62.97 % 74.15 % 62.01 %
Tangible common equity to tangible assets 2 0.28 % 3.58 % 0.28 % 3.58 %
Tier 1 common equity to risk weighted assets 2

0.36

%
1.53 % 0.36 % 1.53 %
Company total capital to risk weighted assets 3 12.13 % 11.43 % 12.13 % 11.43 %
Company tier 1 capital to risk weighted assets 3 6.35 % 7.80 % 6.35 % 7.80 %
Company tier 1 capital to average assets 5.10 % 6.37 % 5.10 % 6.37 %
Bank total capital to risk weighted assets 3 12.61 % 10.73 % 12.61 % 10.73 %
Bank tier 1 capital to risk weighted assets 3 11.33 % 9.45 % 11.33 % 9.45 %
Bank tier 1 capital to average assets 9.10 % 7.76 % 9.10 % 7.76 %
 
Per Share Data:
Basic loss per share ($0.01 ) ($1.74 ) ($0.31 ) ($2.43 )
Diluted loss per share ($0.01 ) ($1.75 ) ($0.31 ) ($2.43 )
Dividends declared per share $ 0.00 $ 0.01 $ 0.00 $ 0.02
Common book value per share $ 0.75 $ 6.76 $ 0.75 $ 6.76
Tangible common book value per share $ 0.39 $ 6.32 $ 0.39 $ 6.32
Ending number of shares outstanding 14,034,991 13,911,692 14,034,991 13,911,692
Average number of shares outstanding 14,034,991 13,933,497 14,004,599 13,925,120
Diluted average shares outstanding 14,236,220 13,989,096 14,225,022 14,084,927
 
End of Period Balances:
Loans $ 1,530,406 $ 1,899,030 $ 1,530,406 $ 1,899,030
Deposits 1,769,060 2,151,019 1,769,060 2,151,019
Stockholders' equity 80,974 163,526 80,974 163,526
Total earning assets 1,767,038 2,225,742 1,767,038 2,225,742
Total assets 1,981,409 2,462,760 1,981,409 2,462,760
 
Average Balances:
Loans $ 1,575,062 $ 1,940,082 $ 1,613,294 $ 1,981,101
Deposits 1,839,091 2,164,273 1,875,644 2,172,570
Stockholders' equity 79,254 184,608 80,393 191,182
Total earning assets 1,852,442 2,265,463 1,889,985 2,280,831
Total assets 2,048,779 2,498,954 2,085,324 2,514,363

1 Tabular disclosures of the tax equivalent calculation including the net interest margin and efficiency ratio for the quarters ending June 30, 2011 and 2010, respectively, are presented on page 19.

2 The information to reconcile GAAP measures and the ratios of Tier 1 capital, total capital, tangible common equity or Tier 1 common equity, as applicable, to average total assets, risk-weighted assets or tangible assets, as applicable, are presented on page 20.

3 The Company and the Bank are subject to regulatory capital requirements administered by federal banking agencies. Those agencies define the basis for these calculations including the prescribed methodology for the calculation of the amount of risk-weighted assets.
       
Financial Highlights, continued (unaudited)
In thousands, except share data
 
Three Months Ended Six Months Ended
June 30, June 30,
2011 2010 2011 2010
 
Asset Quality
Charge-offs $ 10,992 $ 31,233 $ 20,079 $ 49,899
Recoveries   3,382     756     5,289     2,475  
Net charge-offs $ 7,610   $ 30,477   $ 14,790   $ 47,424  
Provision for loan losses 500 44,623 4,500 63,843
Allowance for loan losses to loans 4.31 % 4.26 % 4.31 % 4.26 %
 
As of (audited)
June 30, December 31,
2011 2010 2010
Nonaccrual loans 1 $ 160,425 $ 230,238 $ 212,225
Restructured loans 18,649 11,927 15,637
Loans past due 90 days   298     753     1,013  
Nonperforming loans 179,372 242,918 228,875
Other real estate 82,611 47,128 75,613
Receivable from swap terminations   -     2,169     3,520  
Nonperforming assets $ 261,983   $ 292,215   $ 308,008  
 

1 Includes $30.4 million and $28.0 million in nonaccrual restructured loans at June 30, 2011

and 2010, respectively.
 
Major Classifications of Loans As of (audited)
June 30, December 31,
2011 2010 2010
Commercial and industrial $ 120,945 $ 187,283 $ 149,552
Real estate - commercial 765,599 895,618 821,101
Real estate - construction 94,529 187,683 129,601
Real estate - residential 519,907 602,829 557,635
Installment 4,361 5,418 4,949
Overdraft 1,462 700 739
Lease financing receivables 2,260 3,269 2,774
Other   21,733     17,274     24,487  
1,530,796 1,900,074 1,690,838
Unearned origination fees, net   (390 )   (1,044 )   (709 )
$ 1,530,406   $ 1,899,030   $ 1,690,129  
 
 
Major Classifications of Deposits As of (audited)
June 30, December 31,
2011 2010 2010
Noninterest bearing $ 343,789 $ 327,599 $ 330,846
Savings 194,623 196,070 180,127
NOW accounts 254,543 425,801 304,287
Money market accounts 288,861 369,254 297,702
Certificates of deposits of less than $100,000 436,114 499,581 491,234
Certificates of deposits of $100,000 or more   251,130     332,714     304,332  
$ 1,769,060   $ 2,151,019   $ 1,908,528  
 
Old Second Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands)
   
(unaudited) (audited)
June 30, December 31,
2011 2010
Assets
Cash and due from banks $ 36,088 $ 28,584
Interest bearing deposits with financial institutions 69,696 69,492
Federal funds sold   -     682  
Cash and cash equivalents 105,784 98,758
Securities available-for-sale 145,613 148,647
Federal Home Loan Bank and Federal Reserve Bank stock 14,050 13,691
Loans held-for-sale 7,273 10,655
Loans 1,530,406 1,690,129
Less: allowance for loan losses   66,018     76,308  
Net loans 1,464,388 1,613,821
Premises and equipment, net 52,692 54,640
Other real estate owned, net 82,611 75,613
Mortgage servicing rights, net 4,018 3,897
Core deposit and other intangible asset, net 5,090 5,525
Bank-owned life insurance (BOLI) 51,863 50,966
Other assets   48,027     47,708  
Total assets $ 1,981,409   $ 2,123,921  
 
Liabilities
Deposits:
Noninterest bearing demand $ 343,789 $ 330,846
Interest bearing:
Savings, NOW, and money market 738,027 782,116
Time   687,244     795,566  
Total deposits 1,769,060 1,908,528
Securities sold under repurchase agreements 1,331 2,018
Other short-term borrowings 4,133 4,141
Junior subordinated debentures 58,378 58,378
Subordinated debt 45,000 45,000
Notes payable and other borrowings 500 500
Other liabilities   22,033     21,398  
Total liabilities 1,900,435 2,039,963
 
Stockholders' Equity
Preferred stock 70,385 69,921
Common stock 18,628 18,467
Additional paid-in capital 65,539 65,209
Retained earnings 23,894 28,335
Accumulated other comprehensive loss (2,579 ) (3,130 )
Treasury stock   (94,893 )   (94,844 )
Total stockholders' equity   80,974     83,958  
Total liabilities and stockholders' equity $ 1,981,409   $ 2,123,921  
 
Old Second Bancorp, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except share data)
       
(unaudited) (unaudited)
Three Months Ended Year to Date
June 30, June 30,
2011 2010 2011 2010
Interest and Dividend Income
Loans, including fees $ 20,749 $ 25,138 $ 41,965 $ 51,770
Loans held-for-sale 75 108 126 180
Securities, taxable 885 1,215 1,763 2,453
Securities, tax exempt 127 689 269 1,434
Dividends from Federal Reserve Bank and Federal Home Loan Bank stock 74 62 143 118
Federal funds sold 1 1 1 1
Interest bearing deposits with financial institutions   69     44     139     60  
Total interest and dividend income 21,980 27,257 44,406 56,016
Interest Expense
Savings, NOW, and money market deposits 372 1,200 948 2,585
Time deposits 3,791 4,750 7,784 9,847
Securities sold under repurchase agreements - 13 - 23
Other short-term borrowings - - - 18
Junior subordinated debentures 1,133 1,072 2,246 2,144
Subordinated debt 206 203 409 398
Notes payable and other borrowings   4     4     8     5  
Total interest expense   5,506     7,242     11,395     15,020  
Net interest and dividend income 16,474 20,015 33,011 40,996
Provision for loan losses   500     44,623     4,500     63,843  
Net interest and dividend income (expense) after provision for loan losses 15,974 (24,608 ) 28,511 (22,847 )
Noninterest Income
Trust income 1,715 1,852 3,499 3,509
Service charges on deposits 2,047 2,286 3,864 4,304
Secondary mortgage fees 236 338 463 561
Mortgage servicing (loss) income, net of changes in fair value (263 ) (642 ) 107 (554 )
Net gain on sales of mortgage loans 1,117 2,156 2,353 3,388
Securities gains, net 512 1,756 651 1,754
Increase in cash surrender value of bank-owned life insurance 434 262 897 691
Debit card interchange income 784 724 1,484 1,387
Lease revenue from other real estate owned 957 442 1,477 960
Net gain on sales of other real estate owned 402 347 636 498
Other income   1,456     1,327     2,907     2,617  
Total noninterest income 9,397 10,848 18,338 19,115
Noninterest Expense
Salaries and employee benefits 8,580 8,918 17,509 17,943
Occupancy expense, net 1,310 1,237 2,655 2,762
Furniture and equipment expense 1,475 1,544 2,935 3,183
FDIC insurance 1,113 1,527 2,852 2,955
General bank insurance 826 133 1,651 273
Amortization of core deposit and other intangible asset 206 283 435 565
Advertising expense 187 439 420 695
Debit card interchange expense 324 337 697 647
Legal fees 1,040 666 1,983 1,225
Other real estate expense 5,951 6,845 11,265 13,273
Other expense   3,346     3,550     6,554     6,707  
Total noninterest expense   24,358     25,479     48,956     50,228  
Income (Loss) before income taxes 1,013 (39,239 ) (2,107 ) (53,960 )
Benefit for income taxes   -     (15,856 )   -     (22,023 )
Net income (loss) $ 1,013 $ (23,383 ) $ (2,107 ) $ (31,937 )
Preferred stock dividends and accretion   1,175     1,131     2,334     2,259  
Net loss available to common stockholders $ (162 ) $ (24,514 ) $ (4,441 ) $ (34,196 )
 
Basic loss per share $ (0.01 ) $ (1.74 ) $ (0.31 ) $ (2.43 )
Diluted loss per share (0.01 ) (1.75 ) (0.31 ) (2.43 )
Dividends declared per share - 0.01 - 0.02
 
ANALYSIS OF AVERAGE BALANCES,
TAX EQUIVALENT INTEREST AND RATES
Three Months ended June 30, 2011 and 2010
(Dollar amounts in thousands - unaudited)
           
2011 2010
Average

 
Average

 
Balance Interest Rate Balance Interest Rate
Assets
Interest bearing deposits $ 112,817 $ 69 0.24 % $ 75,028 $ 44 0.23 %
Federal funds sold 689 1 0.57 2,030 1 0.19
Securities:
Taxable 130,853 885 2.71 157,117 1,215 3.09
Non-taxable (tax equivalent)   12,974     195 6.01   69,297     1,060 6.12
Total securities 143,827 1,080 3.00 226,414 2,275 4.02
Dividends from FRB and FHLB stock 14,050 74 2.11 13,435 62 1.85
Loans and loans held-for-sale 1   1,581,059     20,845 5.22   1,948,556     25,259 5.13
Total interest earning assets 1,852,442 22,069 4.72 2,265,463 27,641 4.83
Cash and due from banks 34,953 - - 37,948 - -
Allowance for loan losses (75,276 ) - - (72,378 ) - -
Other noninterest bearing assets   236,660     - -   267,921     - -
Total assets $ 2,048,779   $ 2,498,954  
 
Liabilities and Stockholders' Equity
NOW accounts $ 263,919 $ 113 0.17 % $ 419,033 $ 348 0.33 %
Money market accounts 298,090 187 0.25 387,709 651 0.67
Savings accounts 195,547 72 0.15 196,747 201 0.41
Time deposits   724,453     3,791 2.10   841,523     4,750 2.26
Interest bearing deposits 1,482,009 4,163 1.13 1,845,012 5,950 1.29

Securities sold under repurchase agreements

2,046

-

-

22,692

13

0.23
Other short-term borrowings 2,802 - - 3,454 - -
Junior subordinated debentures 58,378 1,133 7.76 58,378 1,072

7.35
Subordinated debt 45,000 206 1.81 45,000 203 1.78
Notes payable and other borrowings   500     4 3.16   500     4 3.16
Total interest bearing liabilities 1,590,735 5,506 1.39 1,975,036 7,242 1.47
Noninterest bearing deposits 357,082 - - 319,261 - -
Other liabilities 21,708 - - 20,049 - -
Stockholders' equity   79,254     - -   184,608     - -
Total liabilities and stockholders' equity $ 2,048,779   $ 2,498,954  
Net interest income (tax equivalent) $ 16,563 $ 20,399

Net interest income (tax equivalent) to total earning assets
3.59 % 3.61 %
Interest bearing liabilities to earning assets   85.87 %   87.18 %

1. Interest income from loans is shown on a tax equivalent basis as discussed in the table on page 19 and includes fees of $705,000 and $622,000 for the second quarter of 2011 and 2010, respectively. Nonaccrual loans are included in the above stated average balances.

Note: Tax equivalent basis is calculated using a marginal tax rate of 35%.

 
ANALYSIS OF AVERAGE BALANCES,
TAX EQUIVALENT INTEREST AND RATES
Six Months ended June 30, 2011 and 2010
(Dollar amounts in thousands - unaudited)
           
2011 2010
Average

 
Average

 
Balance Interest Rate Balance Interest Rate
Assets
Interest bearing deposits $ 112,958 $ 139 0.24 % $ 52,912 $ 60 0.23 %
Federal funds sold 1,075 1 0.19 1,737 1 0.11
Securities:
Taxable 129,521 1,763 2.72 152,469 2,453 3.22
Non-taxable (tax equivalent)   13,970     414 5.93   72,255     2,206 6.11
Total securities 143,491 2,177 3.03 224,724 4,659 4.15
Dividends from FRB and FHLB stock 13,875 143 2.06 13,240 118 1.78
Loans and loans held-for-sale 1   1,618,586     42,125 5.18   1,988,218     52,003 5.20
Total interest earning assets 1,889,985 44,585 4.69 2,280,831 56,841 4.96
Cash and due from banks 34,917 - - 37,411 - -
Allowance for loan losses (77,034 ) - - (69,955 ) - -
Other noninterest bearing assets   237,456     - -   266,076     - -
Total assets $ 2,085,324   $ 2,514,363  
 
Liabilities and Stockholders' Equity
NOW accounts $ 267,983 $ 252 0.19 % $ 414,584 $ 694 0.34 %
Money market accounts 303,647 506 0.34 390,251 1,467 0.76
Savings accounts 190,234 190 0.20 190,076 424 0.45
Time deposits   755,025     7,784 2.08   863,537     9,847 2.30
Interest bearing deposits 1,516,889 8,732 1.16 1,858,448 12,432 1.35

Securities sold under repurchase agreements
1,901 - - 21,222 23

0.22
Other short-term borrowings 2,918 - - 6,962 18 0.51

Junior subordinated debentures
58,378 2,246 7.69 58,378 2,144

7.35
Subordinated debt 45,000 409 1.81 45,000 398 1.76
Notes payable and other borrowings   500     8 3.18   500     5 1.99
Total interest bearing liabilities 1,625,586 11,395 1.41 1,990,510 15,020 1.52
Noninterest bearing deposits 358,755 - - 314,122 - -
Other liabilities 20,590 - - 18,549 - -
Stockholders' equity   80,393     - -   191,182     - -
Total liabilities and stockholders' equity $ 2,085,324   $ 2,514,363  
Net interest income (tax equivalent) $ 33,190 $ 41,821

Net interest income (tax equivalent) to total earning assets
3.54 % 3.70 %
Interest bearing liabilities to earning assets   86.01 %   87.27 %

1. Interest income from loans is shown on a tax equivalent basis as discussed in the table on page 19 and includes fees of $1.2 million and $1.3 million for the first six months of 2011 and 2010, respectively. Nonaccrual loans are included in the above stated average balances.

Note: Tax equivalent basis is calculated using a marginal tax rate of 35%.

The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent. (Dollar amounts in thousands- unaudited)
   
Three Months Ended Year to Date
June 30, June 30,
2011   2010 2011   2010
Net Interest Margin

 

 

 

 
Interest income (GAAP) $ 21,980 $ 27,257 $ 44,406 $ 56,016
Taxable equivalent adjustment:
Loans 21 13 34 53
Securities   68     371     145     772  
Interest income (TE) 22,069 27,641 44,585 56,841
Interest expense (GAAP)   5,506     7,242     11,395     15,020  
Net interest income (TE) $ 16,563   $ 20,399   $ 33,190   $ 41,821  
Net interest income (GAAP) $ 16,474   $ 20,015   $ 33,011   $ 40,996  
Average interest earning assets $ 1,852,442 $ 2,265,463 $ 1,889,985 $ 2,280,831
Net interest margin (GAAP) 3.57 % 3.54 % 3.52 % 3.62 %
Net interest margin (TE) 3.59 % 3.61 % 3.54 % 3.70 %
 
 
Efficiency Ratio
Noninterest expense $ 24,358 $ 25,479 $ 48,956 $ 50,228

Less amortization of core depositand other intangible asset
206 283 435 565
Less other real estate expense   5,951     6,845     11,265     13,273  
Adjusted noninterest expense 18,201 18,351 37,256 36,390
Net interest income (GAAP) 16,474 20,015 33,011 40,996
Taxable-equivalent adjustment:
Loans 21 13 34 53
Securities   68     371     145     772  
Net interest income (TE) 16,563 20,399 33,190 41,821
Noninterest income 9,397 10,848 18,338 19,115
Less securities gain (loss), net 512 1,756 651 1,754
Less gain on sale of OREO   402     347     636     498  
Adjusted noninterest income, plus

net interest income (TE)
25,046 29,144 50,241 58,684
Efficiency ratio 72.67 % 62.97 % 74.15 % 62.01 %
     
(unaudited) (unaudited)
As of June 30, December 31,
2011 2010 2010
(dollars in thousands)
Tier 1 capital
Total stockholders' equity $ 80,974 $ 163,526 $ 83,958
Tier 1 adjustments:
Trust preferred securities 27,851 55,141 29,029
Cumulative other comprehensive loss 2,579 1,898 3,130
Disallowed intangible assets (5,090 ) (6,089 ) (5,525 )
Disallowed deferred tax assets (1,805 ) (59,351 ) (2,064 )
Other   (402 )   (234 )   (390 )
Tier 1 capital $ 104,107   $ 154,891   $ 108,138  
 
Total capital
Tier 1 capital $ 104,107 $ 154,891 $ 108,138
Tier 2 additions:
Allowable portion of allowance for loan losses 21,059 25,508 22,875

Additional trust preferred securities disallowed for tier 1 capital
28,774 - 27,596
Subordinated debt 45,000 45,000 45,000
Other Tier 2 capital components   (7 )   1,476     (7 )
Total capital $ 198,933   $ 226,875   $ 203,602  
 
Tangible common equity
Total stockholders' equity $ 80,974 $ 163,526 $ 83,958
Less: Preferred equity 70,385 69,473 69,921
Intangible assets   5,090     6,089     5,525  
Tangible common equity $ 5,499   $ 87,964   $ 8,512  
 
Tier 1 common equity
Tangible common equity $ 5,499 $ 87,964 $ 8,512
Tier 1 adjustments:
Cumulative other comprehensive loss 2,579 1,898 3,130
Other   (2,207 )   (59,585 )   (2,454 )
Tier 1 common equity $ 5,871   $ 30,277   $ 9,188  
 
Tangible assets
Total assets $ 1,981,409 $ 2,462,760 $ 2,123,921
Less:
Intangible assets   5,090     6,089     5,525  
Tangible assets $ 1,976,319   $ 2,456,671   $ 2,118,396  
 
Total risk-weighted assets
On balance sheet $ 1,590,575 $ 1,906,293 $ 1,723,519
Off balance sheet   49,219     78,889     53,051  
Total risk-weighted assets $ 1,639,794   $ 1,985,182   $ 1,776,570  
 
Average assets
Total quarterly average assets $ 2,041,482 $ 2,433,280 $ 2,281,579

Copyright Business Wire 2010

If you liked this article you might like

Insider Trading Alert - PYDS, OSBC And KS Traded By Insiders

Insider Trading Alert - PYDS, OSBC And KS Traded By Insiders

Insider Trading Alert - PYDS, OSBC And KS Traded By Insiders

Insider Trading Alert - PYDS, OSBC And KS Traded By Insiders

Old Second Bancorp (OSBC) Upgraded From Sell to Hold

Old Second Bancorp (OSBC) Upgraded From Sell to Hold

Suttmeier: Trading Buy Rated Community Banks

Suttmeier: Trading Buy Rated Community Banks

Old Second Bancorp Inc. Stock Upgraded (OSBC)

Old Second Bancorp Inc. Stock Upgraded (OSBC)