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 THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended March 31, 2005 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For transition period from to
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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of incorporation or organization) |
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37 South River Street, Aurora, Illinois 60507
(Address of principal executive offices) (Zip Code)
(630) 892-0202
(Registrant’s telephone number, including area code)
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 May 1, 2005, the Registrant had outstanding 16,568,339 shares of common stock, $1.00 par value per share.
OLD SECOND BANCORP, INC.
Form 10-Q Quarterly Report
Table of Contents
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
Quantitative and Qualitative Disclosures about Market Risk |
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2
PART I - FINANCIAL INFORMATION
Old Second Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share data)
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(Unaudited) |
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March 31, |
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December 31, |
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2005 |
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2004 |
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Assets |
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Cash and due from banks |
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$ |
47,171 |
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$ |
58,600 |
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Interest bearing balances with banks |
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56 |
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62 |
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Cash and cash equivalents |
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47,227 |
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58,662 |
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Securities available for sale |
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479,290 |
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452,942 |
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Loans held for sale |
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11,930 |
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16,597 |
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Loans |
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1,590,038 |
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1,509,076 |
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Allowance for loan losses |
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15,414 |
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15,495 |
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Net loans |
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1,574,624 |
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1,493,581 |
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Premises and equipment, net |
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37,651 |
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36,208 |
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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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622 |
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711 |
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Bank owned life insurance |
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20,889 |
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20,670 |
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Accrued interest and other assets |
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27,232 |
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22,160 |
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Total assets |
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$ |
2,201,595 |
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$ |
2,103,661 |
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Liabilities |
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Deposits: |
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Demand |
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$ |
243,760 |
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$ |
250,328 |
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Savings |
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791,671 |
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763,637 |
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Time |
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801,148 |
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784,884 |
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Total deposits |
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1,836,579 |
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1,798,849 |
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Securities sold under repurchase agreements |
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37,857 |
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45,242 |
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Other short-term borrowings |
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136,611 |
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75,786 |
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Junior subordinated debentures |
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31,625 |
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31,625 |
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Notes payable |
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2,700 |
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2,700 |
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Accrued interest and other liabilities |
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18,435 |
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14,471 |
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Total liabilities |
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2,063,807 |
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1,968,673 |
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Stockholders’ Equity |
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Preferred stock, no par value; |
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— |
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— |
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Common stock, $1.00 par value; authorized
20,000,000 shares; |
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16,568 |
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16,497 |
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Additional paid-in capital |
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13,698 |
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12,480 |
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Retained earnings |
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160,595 |
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156,025 |
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Accumulated other comprehensive income (loss) |
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(2,735 |
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324 |
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Treasury stock, at cost, 3,072,228 shares in 2005 and 2004 |
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(50,338 |
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(50,338 |
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Total stockholders’ equity |
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137,788 |
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134,988 |
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Total liabilities and stockholders’ equity |
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$ |
2,201,595 |
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$ |
2,103,661 |
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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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Three months ended |
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March 31, |
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2005 |
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2004 |
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Interest income |
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Loans, including fees |
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$ |
23,014 |
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$ |
19,596 |
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Loans held for sale |
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173 |
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114 |
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Securities: |
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Taxable |
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2,750 |
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2,825 |
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Tax-exempt |
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1,124 |
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718 |
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Federal funds sold |
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1 |
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Total interest income |
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27,061 |
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23,254 |
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Interest expense |
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Savings deposits |
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2,279 |
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1,314 |
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Time deposits |
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5,690 |
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4,011 |
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Repurchase agreements |
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211 |
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94 |
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Other short-term borrowings |
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609 |
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371 |
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Junior subordinated debentures |
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617 |
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617 |
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Notes payable |
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23 |
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5 |
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Total interest expense |
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