Old Second Bancorp Inc. (OSBC) reports earnings
Old Second Bancorp Inc. (OSBC) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in total assets to $5.65 billion at year-end 2024 from $5.72 billion at the end of 2023. This decline was primarily due to a decrease in loans and cash equivalents.
Net income for 2024 was $85.3 million, or $1.87 per diluted share, compared to $91.7 million, or $2.02 per diluted share, in 2023. The decrease in net income is attributed to higher interest expenses and costs related to the acquisition of five branches from First Merchants Bank.
Net interest income decreased by 4.1% to $241.6 million in 2024, primarily due to increased interest expenses on deposits and borrowings. The net interest margin was 4.61%, slightly down from 4.64% in 2023.
The provision for credit losses was $12.8 million in 2024, down from $16.5 million in 2023, reflecting improved asset quality and economic factors.
Noninterest income increased by 28.2% to $43.8 million, driven by higher wealth management fees and gains on mortgage banking activities.
Noninterest expense rose by 10.0% to $159.7 million, primarily due to increased salaries, benefits, and costs associated with branch acquisitions.
Total deposits increased by 4.3% to $4.77 billion, influenced by the branch acquisition. The loan portfolio decreased by 1.5% to $3.98 billion, with declines in commercial and multifamily loans.
The allowance for credit losses on loans was $43.6 million at year-end 2024, consistent with the prior year, reflecting a focus on maintaining credit quality.
Old Second Bancorp's capital ratios remained strong, with total stockholders' equity at $671.0 million, up from $577.3 million in 2023, supported by retained earnings and improved securities valuations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Old Second Bancorp Inc. annual 10-K report dated March 6, 2025. To report an error, please email [email protected].