UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF |
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For the quarterly period ended June 30, 2004 |
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OR |
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
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For transition period from to |
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OLD SECOND BANCORP, INC.
(Exact name of Registrant as specified in its charter)
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Delaware |
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36-3143493 |
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(State or other jurisdiction |
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(I.R.S. Employer Identification Number) |
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37 South River Street, Aurora, Illinois 60507 |
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(Address of principal executive offices) (Zip Code) |
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(630) 892-0202 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: As of July 15, 2004, the Registrant had outstanding 6,708,840 shares of common stock, $1.00 par value per share. On June 16, 2004, the Company declared a 2-for-1 common stock split effected in the form of a one hundred percent stock dividend payable on July 28, 2004, to stockholders of record on July 16, 2004.
OLD SECOND BANCORP, INC.
Form 10-Q Quarterly Report
Table of Contents
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
Quantitative and Qualitative Disclosures about Market Risk |
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Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities |
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2
PART I - FINANCIAL INFORMATION
Old Second Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share data)
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(Unaudited) |
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June 30, |
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December 31, |
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Assets |
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Cash and due from banks |
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$ |
49,513 |
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$ |
54,999 |
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Interest bearing balances with banks |
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555 |
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169 |
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Federal funds sold |
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31,500 |
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— |
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Cash and cash equivalents |
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81,568 |
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55,168 |
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Securities available for sale |
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418,093 |
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411,035 |
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Loans held for sale |
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15,283 |
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14,756 |
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Loans |
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1,425,361 |
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1,319,538 |
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Allowance for loan losses |
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18,314 |
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18,301 |
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Net loans |
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1,407,047 |
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1,301,237 |
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Premises and equipment, net |
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33,468 |
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33,033 |
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Other real estate owned |
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— |
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663 |
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Goodwill, net |
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2,130 |
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2,130 |
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Core deposit intangible assets, net |
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888 |
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1,066 |
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Accrued interest and other assets |
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42,594 |
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19,756 |
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Total assets |
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$ |
2,001,071 |
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$ |
1,838,844 |
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Liabilities |
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Deposits: |
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Demand |
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$ |
230,274 |
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$ |
214,439 |
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Savings |
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804,114 |
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737,838 |
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Time |
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674,807 |
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572,357 |
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Total deposits |
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1,709,195 |
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1,524,634 |
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Securities sold under repurchase agreements |
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42,868 |
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47,848 |
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Other short-term borrowings |
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80,877 |
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106,046 |
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Trust preferred debentures |
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30,243 |
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30,216 |
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Notes payable |
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500 |
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500 |
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Accrued interest and other liabilities |
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14,903 |
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12,606 |
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Total liabilities |
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1,878,586 |
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1,721,850 |
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Stockholders’ Equity |
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Preferred stock, no par value; authorized 300,000 shares; none issued |
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— |
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— |
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Common stock, $1.00 par value; authorized 20,000,000 shares; issued 8,244,954 in 2004 and 8,229,854 in 2003; outstanding 6,708,840 in 2004 and 6,693,740 in 2003 |
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8,245 |
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8,230 |
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Additional paid-in capital |
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12,373 |
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11,940 |
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Retained earnings |
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152,795 |
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144,157 |
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Accumulated other comprehensive income |
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(590 |
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3,005 |
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Treasury stock, at cost, 1,536,114 shares in 2004 and 2003 |
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(50,338 |
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(50,338 |
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Total stockholders’ equity |
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122,485 |
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116,994 |
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Total liabilities and stockholders’ equity |
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$ |
2,001,071 |
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1,838,844 |
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See accompanying notes to consolidated financial statements.
3
Old Second Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except share data)
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(Unaudited) |
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(Unaudited) |
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Three months ended |
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Six months ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Interest income |
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Loans, including fees |
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$ |
20,028 |
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$ |
17,948 |
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$ |
39,624 |
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$ |
34,878 |
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Loans held for sale |
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249 |
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646 |
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363 |
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1,152 |
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Securities: |
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Taxable |
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2,555 |
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2,659 |
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5,380 |
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5,635 |
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Tax-exempt |
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763 |
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611 |
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1,481 |
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1,198 |
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Federal funds sold |
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6 |
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10 |
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7 |
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70 |
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Interest bearing deposits |
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1 |
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— |
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1 |
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