Business
Old Second Reports Fourth Quarter 2019 Net Income of $9.5 million
AURORA, IL / ACCESSWIRE / January 22, 2020 / Old Second Bancorp, Inc. (the "Company," "we," "us," and "our") (NASDAQ:OSBC), the parent company of Old Second
About this update from Old Second Bancorp, Inc.
[{"type":"text","content":"AURORA, IL / ACCESSWIRE / January 22, 2020 / Old Second Bancorp, Inc. (the \"Company,\" \"we,\" \"us,\" and \"our\") (NASDAQ:OSBC), the parent company of Old Second National Bank (the \"Bank\"), today announced financial results for the fourth quarter of 2019. Our net income was $9.5 million, or $0.31 per diluted share, for the fourth quarter of 2019, compared to net income of $12.2 million, or $0.40 per diluted share, in the third quarter of 2019, and net income of $8.6 million, or $0.28 per diluted share, for the fourth quarter of 2018.Operating ResultsFourth quarter 2019 net income was $9.5 million, reflecting a decrease in earnings of $2.6 million from the third quarter of 2019, and an increase in earnings of $916,000 from the fourth quarter of 2018. Fourth quarter 2019 financial results were negatively impacted by net interest margin compression compared to the third quarter of 2019 and the fourth quarter of 2018. Also contributing to the linked quarter decrease in net income was a $3.4 million decrease in securities gains, net, in the fourth quarter of 2019, compared to the third quarter of 2019. Partially offsetting these negative variances was the addition of a death benefit realized on BOLI in the fourth quarter of 2019 and mark to market gains on mortgage servicing rights (\"MSRs\"), compared to mark to market losses on MSRs in the third quarter of 2019 and the fourth quarter of 2018.Net interest and dividend income was $23.2 million for the fourth quarter of 2019, a decrease of $1.6 million, or 6.4%, from $24.8 million for the third quarter of 2019, and a decrease of $1.2 million, or 4.7%, from the fourth quarter of 2018. Net interest and dividend income in the fourth quarter of 2019 was negatively impacted by interest rate reductions over the past year, which more than offset increases in interest income due to loan growth in the year over year period.Noninterest income was $9.2 million for the fourth quarter of 2019, a decrease of $2.7 million, or 22.6%, compared to $11.9 million for the third quarter of 2019, and an increase of $2.7 million, or 42.1%, compared to $6.5 million for the fourth quarter of 2018. The linked quarter decrease was primarily due to a $3.4 million decrease in securities gains, net. These decreases were partially offset by the addition of a $872,000 death benefit realized on BOLI in the fourth...