-
Old Second National (OSBC) in Aurora, Ill., has been released from a 2011 consent order issued by the Office of the Comptroller of the Currency.
October 18 -
The Treasury Department plans to auction its remaining stakes in 16 banks as it continues to unwind its holdings from the Troubled Asset Relief Program.
May 30 -
Old Second Bank in Aurora, Ill., aims to prove that it and other Tarp banks that burned through all their common equity can survive.
March 7
Old Second Bancorp (OSBC) in Aurora, Ill., joined the growing list of banks benefiting from the recapture of its deferred-tax asset valuation allowance.
The $2 billion-asset company earned $73 million in the third quarter, including a $70 million benefit tied to its deferred-tax asset. Including the cost of preferred stock dividends, the company earned $2.2 million in the second quarter and lost $1.1 million a year earlier.
Old Second's net interest income fell 2% from a year earlier, to $14.3 million. Loan growth was restrained by competition from other lenders and low demand from small-business customers, Chairman Bill Skoglund said in a
Noninterest income fell 21% from a year earlier, to $7.8 million. Old Second's residential mortgage business was stung by higher market interest rates, Skoglund said.
Noninterest expenses fell 16% from a year earlier, to $20.9 million. Lower foreclosure-related costs contributed to the decline.
The company added $1.8 million to its earnings by reversing its loan-loss provision. It did not have a loan-loss provision a year earlier.
Old Second was
The company reported a 10.07% Tier 1 capital ratio at Sept. 30.
