AURORA, IL / ACCESSWIRE / January 23, 2019 / Old Second Bancorp, Inc. (the "Company" or "Old Second") (NASDAQ: OSBC), the parent company of Old Second National Bank (the "Bank"), today announced financial results for the fourth quarter of 2018. The Company's net income was $8.6 million, or $0.28 per diluted share, for the fourth quarter of 2018, compared to net income of $9.6 million, or $0.32 per diluted share, in the third quarter of 2018, and net loss of $2.5 million, or $0.08 per diluted share, for the fourth quarter of 2017.
Operating Results
Capital Ratios
|
|
|
| December 31, |
| September 30, |
| December 31, | |||
| Well-Capitalized 1 |
| 2018 |
| 2018 |
| 2017 | ||||
The Company |
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital ratio | N/A |
|
| 9.29 | % |
| 9.12 | % |
| 9.25 | % |
Total risk-based capital ratio | N/A |
|
| 12.63 | % |
| 12.57 | % |
| 12.93 | % |
Tier 1 risk-based capital ratio | N/A |
|
| 11.78 | % |
| 11.67 | % |
| 12.03 | % |
Tier 1 leverage ratio | N/A |
|
| 10.11 | % |
| 9.72 | % |
| 10.08 | % |
|
|
|
|
|
|
|
|
|
|
|
|
The Bank |
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital ratio | 6.50 | % |
| 13.29 | % |
| 13.26 | % |
| 12.88 | % |
Total risk-based capital ratio | 10.00 | % |
| 14.14 | % |
| 14.16 | % |
| 13.78 | % |
Tier 1 risk-based capital ratio | 8.00 | % |
| 13.29 | % |
| 13.26 | % |
| 12.88 | % |
Tier 1 leverage ratio | 5.00 | % |
| 11.40 | % |
| 11.05 | % |
| 10.79 | % |
1 Represents ratios required to be considered well capitalized under prompt corrective action provisions. The prompt corrective action provisions are only applicable at the bank level.
Asset Quality & Earning Assets
Non-GAAP Presentations: Management has disclosed in this earnings release certain non-GAAP financial measures to evaluate and measure the Company's performance, including adjusted net income, adjusted earnings per share, the presentation of net interest income and net interest margin on a fully taxable equivalent basis, and efficiency ratio calculations. Management believes the adjusted earnings per share data is more informative for the user if the per share impact of certain activity is excluded for quarterly comparative purposes. The net interest margin is calculated by dividing net interest income on a tax equivalent basis by average earning assets for the period. Management believes this measure provides investors with information regarding balance sheet profitability.
Forward-Looking Statements: This earnings release contains forward-looking statements. Forward looking statements can be identified by words such as "anticipated," "expects," "intends," "believes," "may," "likely," "will" or other that indicate future periods. Such forward-looking statements are subject to risks, uncertainties, and other factors, including a downturn in the economy, particularly in the Company's markets, volatile credit and financial markets both domestic and foreign, potential deterioration in real estate values, regulatory changes and excessive loan losses, as well as additional risks and uncertainties contained in the "Risk Factors" and forward-looking statements disclosure contained in the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, any or all of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that future events, plans, or expectations contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Conference Call
The Company will host an earnings call on Thursday, January 24, 2018, at 11:00 a.m. Eastern Time (10:00 a.m. Central Time). Investors may listen to the Company's earnings call via telephone by dialing 877-407-8035. Investors should call into the dial-in number set forth above at least 10 minutes prior to the scheduled start of the call.
A replay of the earnings call will be available until 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on January 31, 2019, by dialing 877-481-4010, using Conference ID: 41677.
Contact:
Bradley S. Adams
Chief Financial Officer
(630) 906-5484
SOURCE: Old Second Bancorp, Inc.