<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
[ ] For the quarterly period ended September 30, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For transition period from __________ to __________
Commission File Number 0-10537
OLD SECOND BANCORP, INC.
(Exact name of Registrant as specified in its charter)
DELAWARE 36-3143493
(State or other jurisdiction (I.R.S. Employer Identification Number)
of incorporation or organization)
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 X No
--- ---
Indicate the number of shares outstanding of each of the issuer's
classes of common stock as of the latest practicable date: As of October 6,
1999, the Registrant had outstanding 6,059,362 shares of common stock, $1.00 par
value per share.
<PAGE>
OLD SECOND BANCORP, INC.
Form 10-Q Quarterly Report
Table of Contents
PART I
<TABLE>
<CAPTION>
Page
Number
<S> <C>
Item 1. Financial Statements................................................................................3
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations...................................................8
PART II
Item 1. Legal Proceedings..............................................................................11
Item 2. Changes in Securities..........................................................................11
Item 3. Defaults Upon Senior Securities................................................................11
Item 4. Submission of Matters to a Vote of Security Holders............................................11
Item 5. Other Information..............................................................................11
Item 6. Exhibits and Reports on Form 8-K...............................................................11
</TABLE>
Page 2
<PAGE>
PART I - FINANCIAL INFORMATION
OLD SECOND BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
<TABLE>
<CAPTION>
September 30,1999 December 31,1998
----------------- ----------------
<S> <C> <C>
ASSETS
Cash and due from banks, non-interest bearing $ 31,922 $ 42,202
Interest bearing deposits with banks 575 475
Federal funds sold 16,000 49,475
------------- --------------
Total cash and cash equivalents 48,497 92,152
Available for sale securities 276,222 292,365
Loans held for sale 17,517 36,686
Loans 606,081 556,545
Less: Allowance for loan losses 8,275 7,823
------------- --------------
Loans, net 597,806 548,722
Bank premises and equipment, net 20,701 20,950
Other assets 27,781 23,417
------------- --------------
Total assets $ 988,524 $ 1,014,292
============= ==============
LIABILITIES
Deposits:
Demand $ 115,613 $ 119,972
Savings 380,678 360,321
Time 336,832 346,038
------------- --------------
Total deposits 833,123 826,331
Securities sold under agreements to repurchase 20,512 32,590
Other short-term borrowings 4,449 4,517
Note payable 16,719 36,189
Other liabilities 10,671 12,739
------------- --------------
Total liabilities 885,474 912,366
STOCKHOLDERS' EQUITY
Preferred stock, $1.00 par value,
300,000 shares authorized, none issued
Common stock, $1.00 par value, 10 million shares
authorized; 6,059,362 shares outstanding at September 30, 1999; 15,875 15,875
6,102,362 shares outstanding at December 31, 1998
Retained earnings 89,783 83,228
Accumulated other comprehensive income (1,390) 2,823
Treasury Stock, 43,000 shares at September 30, 1999; (1,218) 0
Zero shares at December 31, 1998
------------- --------------
Total stockholders' equity 103,050 101,926
------------- --------------
Total liabilities and stockholders' equity $ 988,524 $1,014,292
============= ==============
</TABLE>
See accompanying notes to consolidated financial statements.
Page 3
<PAGE>
OLD SECOND BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans $ 12,387 $ 12,611 $ 36,586 $ 37,070
Interest and dividends on available-for-sale securities:
Taxable 3,413 3,043 10,125 9,103
Exempt from federal income tax 674 747 1,978 2,287
Interest on federal funds sold 217 921 1,043 2,479
Interest on interest bearing deposits 7 7 28 21
----------- ----------- ----------- -----------
Total interest income 16,698 17,329 49,760 50,960
INTEREST EXPENSE
Savings deposits 2,509 2,406 6,968 6,808
Time deposits 4,248 5,033 13,196 15,374
Other short-term borrowings 459 724 1,501 2,047
----------- ----------- ----------- -----------
Total interest expense 7,216 8,163 21,665 24,229
----------- ----------- ----------- -----------
Net interest income 9,482 9,166 28,095 26,731
Provision for loan losses 264 307 711 1,007
----------- ----------- ----------- -----------
Net interest income after provision for loan losses 9,218 8,859 27,384 25,724
----------- ----------- ----------- -----------
OTHER INCOME
Trust fees 1,050 1,005 3,379 3,139
Service charges on deposit accounts 858 798 2,420 2,338
Gain on sales of loans 1,269 2,409 4,745 6,598
Other income 1,433 1,026 3,822 2,809
----------- ----------- ----------- -----------
Total other income 4,610 5,238 14,366 14,884
OTHER EXPENSES
Salaries and employee benefits 4,902 5,029 15,526 15,190
Net occupancy expense 642 607 1,840 1,749
Furniture and equipment 882 1,010 2,766 3,059
FDIC insurance 23 23 71 90
Marketing 341 236 850 746
Stationery and supplies 237 253 689 704
Amortization of intangibles 462 952 888 1,673
Other 1,806 1,815 5,697 5,507
----------- ----------- ----------- -----------
Total other expenses 9,295 9,925 28,327 28,718
----------- ----------- ----------- -----------
Income before income taxes 4,533 4,172 13,423 11,890
Income tax expense 1,440 1,370 4,281 3,824
----------- ----------- ----------- -----------
Net income $ 3,093 $ 2,802 $ 9,142 $ 8,066
=========== =========== =========== ===========
Per share amounts:
Basic earnings per share $0.51 $0.46 $1.50 $1.32
Diluted earnings per share 0.51 0.46 1.50 1.32
Dividends declared 0.15 0.13 0.43 0.33
Average shares outstanding 6,078,112 6,100,112 6,094,190 6,099,110
</TABLE>
See accompanying notes to consolidated financial statements.
Page 4
<PAGE>
OLD SECOND BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
(IN THOUSANDS)
<TABLE>
<CAPTION>
1999 1998
------------ -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME $ 9,142 $ 8,066
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 1,599 (1,774)
Amortization of mortgage servicing rights (1,977) (2,262)
Provision for loan losses 711 1,007
Net change in mortgage loans held for sale 19,169 (10,389)
Change in net income taxes payable 3,268 (610)
Change in accrued interest and other assets (3,237) 617
Change in accrued interest and other liabilities (2,775) 2,732
Premium amortization and discount accretion on securities 551 484
Amortization of goodwill 331 331
Amortization of core deposit intangible assets 267 266
------------ -----------
Net cash provided by operating activities 27,049 2,016
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of securities available for sale 55,757 78,879
Purchases of securities available for sale (47,085) (71,439)
Net principal disbursed on loans (49,795) (12,092)
Proceeds from sales of other real estate 252 304
Property and equipment expenditures (1,350) (1,754)
------------ -----------
Net cash used in investing activities (42,221) (6,102)
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in deposits 6,792 17,872
Net change in fed funds purchased and repurchase agreements (12,078) 6,236
Short term borrowing (68) (5,319)
Payments on notes payable (19,470) 8,705
Proceeds from exercise of stock options 0 31
Dividends paid, net of dividend reinvestments (3,659) (2,134)
------------ -----------
Net cash (used) provided by financing activities (28,483) 25,391
------------ -----------
Net change in cash & cash equivalents (43,655) 21,305
Cash & cash equivalents at beginning of period 92,152 87,025
------------ -----------
Cash & cash equivalents at end of period $ 48,497 $ 108,330
------------ -----------
</TABLE>
See accompanying notes to consolidated financial statements.
Page 5
<PAGE>
OLD SECOND BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies followed in the preparation of interim financial
statements are consistent with those used in the preparation of annual
financial information. The interim financial statements reflect all normal
and recurring adjustments, which are necessary, in the opinion of management,
for a fair statement of results for the interim periods presented. Results
for the nine months ended September 30, 1999 are not necessarily indicative
of the results that may be expected for the year ended December 31, 1999.
NOTE 2 - LOANS
Major classifications of loans are as follows:
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
--------------- -------------
<S> <C> <C>
Commercial & industrial $ 149,685 $ 143,047
Real estate - commercial 173,121 172,198
Real estate - construction 59,170 46,361
Real estate - residential 151,676 137,695
Consumer 72,536 57,471
--------------- -------------
606,188 556,772
Unearned discount (107) (227)
--------------- -------------
Total loans $ 606,081 $ 556,545
=============== =============
</TABLE>
NOTE 3 - ALLOWANCE FOR LOAN LOSSES
Activity in the allowance loan losses is summarized as follows:
<TABLE>
<CAPTION>
Nine Months Ended
September 30
---------------------------
1999 1998
----------- ------------
<S> <C> <C>
Balance, January 1 $ 7,823 $ 6,923
Provision for loan losses 711 1,007
Loans charged off (484) (384)
Recoveries 225 188
----------- ------------
Balance, end of period $ 8,275 $ 7,734
=========== ===========
</TABLE>
NOTE 4 - EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per
share for the period presented (share data not in thousands):
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Basic Earnings Per Share:
Weighted average common shares outstanding 6,078,112 6,100,112 6,094,190 6,099,110
Net income available to common stockholders $ 3,093 $ 2,802 $ 9,142 $ 8,066
Basic earnings per share $ 0.51 $ 0.46 $ 1.50 $ 1.33
Diluted Earnings Per Share:
Weighted average common shares outstanding 6,078,112 6,100,112 6,094,190 6,199,110
Dilutive effect of stock options 10,826 8,076 8,593 9,398
----------- ----------- ----------- -----------
Diluted average common shares outstanding 6,088,938 6,108,188 6,086,705 6,109,510
Net income available to common stockholders $ 3,093 $ 2,802 $ 9,142 $ 8,066
Diluted earnings per share $ 0.51 $ 0.46 $ 1.50 $ 1.32
</TABLE>
Page 6
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 -STOCK DIVIDEND DECLARED
On April 13, 1999, the Board of Directors of Old Second Bancorp, Inc.
declared a 2-for-1 stock split effected in the form of a stock dividend
payable on May 17, 1999 to shareholders of record on May 10, 1999.
NOTE 6 - REPORTING COMPREHENSIVE INCOME
SFAS No. 130 requires unrealized gains or losses on the Company's
available-for-sale securities to be included in other comprehensive income.
Total comprehensive income was $4,286,500 during the third quarter of 1999
and $3,521,100 during the third quarter of 1998. For the nine months ended
September 30, comprehensive income was $9,514,300 and $6,318,700 in 1999 and
1998, respectively.
NOTE 7 - SEGMENT REPORTING
In June 1997, the Financial Accounting Standards Board issued SFAS No. 131,
"Disclosures about Segments of an Enterprise and Related Information" which
addresses the reporting of financial information from operating segments in
annual and interim financial statements. The Company operates under one
segment as defined by SFAS No. 131 and additional disclosure is not required.
NOTE 8 - YEAR 2000 READINESS DISCLOSURE
The Company is currently in the process of addressing a potential problem
that faces all users of automated systems including information systems. Many
computer systems process transactions based on two digits representing the
year of transaction, rather than a full four digits. These computer systems
may not operate properly when the last two digits become "00", as will occur
on January 1, 2000. The problem could effect a wide variety of automated
information systems, such as mainframe applications, personal computers,
communications and environmental systems.
The Company has identified areas of operations critical for the delivery of
its products and services. The majority of the programs and applications used
in the Company's operations are purchased from outside vendors. The vendors
providing the software are responsible for maintenance of the systems and
modifications to enable uninterrupted usage after December 31, 1999.
The Company's plan included identifying potential problems by performing an
inventory of all software applications and obtaining certification of
compliance from third parties. This phase of the plan was completed by
December 31, 1998. The vendor of the Company's core operating system has
provided certification of compliance with the year 2000 issue and testing of
the core operating system was completed in June 1999. Contingency plans and
testing of other affected applications, both internally developed and
third-party provided, were completed before June 1999, and indicate year 2000
compliance. The Company's plan also includes reviewing any potential risks
associated with the loan and investment portfolios due to the year 2000 issue.
Based on currently available information, the Company believes that all
significant costs to address year 2000 issues were incurred during 1998 and
were not considered to be material. Consequently, unanticipated future costs
to address year 2000 issues should not have a materially adverse impact on
the Company's financial condition or results of operations.
NOTE 9 - ACCOUNTING FOR DERIVATIVES
In June 1998, the Financial Accounting Standards Board issued SFAS No. 133,
"Accounting for Derivative Instruments and Hedging Activities" which is
required to be adopted by January 1, 2001. Because of the Company's minimal
use of derivatives, management does not anticipate that the adoption of the
new Statement will have a material effect on the Company's financial
condition or results of operations.
Page 7
<PAGE>
OLD SECOND BANCORP, INC. AND SUBSIDIARIES
MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Net income for the third quarter of 1999 was $3,093,000, or diluted earnings
per share of 51 cents, a 10.4% increase in net income compared to $2,802,000,
or 46 cents per share, in the third quarter of 1998. For the nine months
ended September 30, 1999, net income was $9,142,000, or $1.50 per share,
compared to $8,066,000, or $1.32 per share during the first nine months of
1998, a 13.3% increase in net income. The increase in net income for the
quarter and the year to date was primarily a result of an increase in net
interest income. Expenses decreased for the year to date period and declined
in the third quarter compared to a year earlier. As a result, the return on
equity increased from 11.36% in the third quarter of 1998, to 11.90% in the
same period of 1999.
Net interest income was $9.5 million and $9.2 million during the three months
ended September 30, 1999 and 1998, an increase of 3.3%. The Company's net
interest margin was 4.28% for the three months ended September 30, 1999, and
4.17% a year earlier. Net interest income was $28.1 million and $26.7 million
during the nine months ended September 30, 1999 and 1998, an increase of
5.2%. The Company's net interest margin was 4.26% for the nine months ended
September 30, 1999, and 4.17% a year earlier. The increase in this ratio has
primarily resulted from a decline in the average cost of funds. The average
yield on earning assets declined from 7.77% in the third quarter of 1998, to
7.45% in the third quarter of 1999. At the same time, the average cost of
funds has declined from 3.60% in the third quarter of 1998 to 3.16% in the
third quarter of 1999.
Non-interest income was $4,610,000 during the third quarter of 1999 and
$5,238,000 in the third quarter of 1998, a decrease of $628,000, or 11.99%.
Non-interest income was $14,366,000 during the nine months ended September
30, 1999 and $14,884,000 during the nine months ended September 30, 1998, a
decrease of $518,000, or 3.48%. This decrease was primarily due to the
increase in interest rates and the corresponding decrease in residential
mortgage originations. Gains on sales of mortgage loans declined to
$1,269,000 in the third quarter of 1999, and $4,745,000 in the nine months
ended of 1999, from $2,409,000 in the third quarter of 1998, and $6,598,000
in the same period of 1998.
Trust income was $45,000 higher in the third quarter of 1999, and $240,000
higher for the nine month period. Other income was $407,000 higher for the
third quarter of 1999 and $1,013,000 higher for the year to date. Other
income in the accompanying financial statements includes mortgage subsidiary
income of $652,000 during the third quarter of 1999 and $2,178,000 for the
nine months ended September 30, 1999. This compares with other income of the
mortgage subsidiary of $646,000 during the third quarter of 1998 and
$1,791,000 for the nine months ended September 30, 1998.
Non-interest expenses were $9,295,000 during the third quarter of 1999, a
decline of $630,000 (6.35%) from $9,925,000 in the third quarter of 1998.
Non-interest expenses were $28,327,000 during the first nine months of 1999,
a decrease of $391,000 (1.36%) from $28,718,000 during the same period of
1998. The decrease in non-interest expenses is primarily the result of a
decrease in the amortization of mortgage servicing rights as a result of the
increase in interest rates. Salaries and benefits, which account for over
half of non-interest expenses in all periods presented, decreased 2.53% in
the third quarter and increased 2.21% in the nine month period, when
comparing 1999 to 1998 results. Amortization of intangibles declined from
$952,000 in the third quarter of 1998 to $462,000 in the third quarter of
1999, and declined from $1,673,000 in the nine month period of 1998 to
$888,000 in the same period of 1999.
FINANCIAL CONDITION
LOANS
Total loans were $606.1 million as of September 30, 1999, an increase of
$49.5 million (8.90%) for the nine month period, from $556.5 million as of
December 31, 1998. Loans have increased $60.28 million (11.03%) from
September 30, 1998, to September 30, 1999. The largest increases in loan
classifications were in residential real estate, which increased $31.5
million, and other consumer loans, which increased $15.1 million in the third
quarter of 1999. These changes reflect the continuing loan demand in the
markets in which the Company operates.
Asset quality has improved, with nonperforming loans of $2.05 million down
from $2.08 million a year ago and $2.68 million at year-end 1998.
Nonperforming loans include loans in nonaccrual status, renegotiated loans,
and loans past
Page 8
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due ninety days or more and still accruing. Net charge offs of $301,000 were
up during the third quarter of 1999 compared to net charge-offs of $54,000 a
year earlier. Net charge-offs were $258,000 during the nine months ended
September 30, 1999, compared to net charge-offs of $196,000 during the nine
months ended September 30, 1998.
As a consequence of improved loan quality and charge-off experience, the
provision for loan losses was reduced compared to prior periods. Provisions
for loan losses were $264,000 in the third quarter of 1999 and $307,000 in
the third quarter of 1998. Provisions for loan losses were $711,000 in the
nine months ended September 30, 1999 and $1,007,000 in the nine months ended
September 30, 1998. One measure of the adequacy of the allowance for loan
losses is the ratio of the allowance to total loans. The allowance for loan
losses as a percentage of total loans was 1.37% as of September 30, 1999,
down from 1.42% a year ago and 1.41% at December 31, 1998. In management's
judgment, an adequate allowance for possible future losses has been
established.
DEPOSITS AND BORROWING
Total deposits were $833.1 million as of September 30, 1999, an increase of
$6.8 million from $826.3 million as of December 31, 1998, and an increase of
$26.3 million from September 30, 1998. Savings accounts increased $20.4
million from December 31, 1998 to September 30, 1999. During the nine months
of 1999, there was a significant movement of deposit funds from time deposits
to savings deposits. During this time, demand accounts decreased $4.4 million
and time deposits declined $9.2 million. The promotion of a money market
savings account during this time, coupled with the inclination of consumers
to seek shorter maturities, contributed to this movement.
Securities sold under repurchase agreements, which are typically of
short-term durations, declined from $32.6 million as of December 31, 1998, to
$20.5 million as of September 30, 1999. The Company also uses notes payable,
primarily as a means of financing loans held for sale at the Maple Park
Mortgage subsidiary. Notes payable declined from $36.2 million as of December
31, 1998, to $16.7 million as of September 30, 1999. This $19.5 million
decline is primarily related to the $19.2 million decline in loans held for
sale over the same period of time.
CAPITAL
The Company completed a two-for-one split of its common stock during the
second quarter of 1999. The split was in the form of a stock dividend and was
payable on May 17, 1999, to the stockholders of record at the close of
business on May 10, 1999. In June 1999, the Company announced that the board
of directors had authorized the repurchase of up to 300,000 shares of the
Company's common stock, or 4.9% of the company's 6,102,362 shares outstanding.
The Company and its five subsidiary banks (the "Banks") are subject to
regulatory capital requirements administered by federal banking agencies.
Capital adequacy guidelines provide for five classifications, the highest of
which is well capitalized. The Company and the Banks were categorized as well
capitalized as of September 30, 1999. As of September 30, 1999, the Company's
ratio of total capital to risk weighted assets was 15.47%, the ratio of Tier
1 capital to risk weighted assets was 14.27%, and the ratio of Tier 1 capital
to average assets was 10.11%.
LIQUIDITY
Liquidity measures the ability of the Company to meet maturing obligations
and its existing commitments, to withstand fluctuations in deposit levels, to
fund its operations, and to provide for customers' credit needs. The
liquidity of the Company principally depends on cash flows from operating
activities, investment in and maturity of assets, changes in balances of
deposits and borrowings, and its ability to borrow funds in the money or
capital markets.
Net cash flows from operating activities were $27 million in the first nine
months of 1999 and $2 million in the first nine months of 1998. Interest
received net of interest paid was the principal source of operating cash
inflows in both periods reported. Management of investing and financing
activities, and market conditions, determine the level and the stability of
net interest cash flows. Management's policy is to mitigate the impact of
changes in market interest rates to the extent possible, so that balance
sheet growth is the principal determinant of growth in net interest cash
flows.
Net cash outflows from investing activities were $42.2 mllion in the nine
months ended September 30, 1999, compared to $6.1 million a year earlier. In
the first nine months of 1999, net principal disbursed on loans accounted for
net outflows of $49.8 million, and securities transactions aggregated a net
inflow of $8.7 million. In the first nine months of 1998, net principal
disbursed on loans accounted for a net outflow of $12.1 million, and
securities transactions resulted in net inflows of $7.4 million.
Page 9
<PAGE>
Cash inflows from financing activities included an increase in deposits of $6.8
million in the first nine months of 1999. This compares with a net inflow
associated with deposits of $17.9 million for the same period in 1998.
Short-term borrowing resulted in net cash outflows of $68,000 in the nine months
of 1999, and outflows of $5.3 million in the nine months of 1998. Payments on
notes payable totaled $19.5 million in the first nine months of 1999 compared to
inflows of $8.7 million in the first nine months of 1998.
Page 10
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There are no material pending legal proceedings to which the Company or
its subsidiaries are a party other than ordinary routine litigation
incidental to their respective businesses.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibits
27. Financial Data Schedule
Reports on Form 8-K
None.
Page 11
<PAGE>
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.
OLD SECOND BANCORP, INC.
(REGISTRANT)
/S/ WILLIAM B. SKOGLUND
----------------------------------------
WILLIAM B. SKOGLUND
PRESIDENT AND CHIEF EXECUTIVE OFFICER
/S/ J. DOUGLAS CHEATHAM
----------------------------------------
J. DOUGLAS CHEATHAM
VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
DATE: NOVEMBER 12, 1999
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> SEP-30-1999
<CASH> 31,922
<INT-BEARING-DEPOSITS> 575
<FED-FUNDS-SOLD> 16,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 276,222
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 623,598
<ALLOWANCE> 8,275
<TOTAL-ASSETS> 988,524
<DEPOSITS> 833,123
<SHORT-TERM> 41,680
<LIABILITIES-OTHER> 10,671
<LONG-TERM> 0
0
0
<COMMON> 15,875
<OTHER-SE> 87,174
<TOTAL-LIABILITIES-AND-EQUITY> 988,524
<INTEREST-LOAN> 36,586
<INTEREST-INVEST> 12,103
<INTEREST-OTHER> 1,071
<INTEREST-TOTAL> 49,760
<INTEREST-DEPOSIT> 20,164
<INTEREST-EXPENSE> 21,665
<INTEREST-INCOME-NET> 28,095
<LOAN-LOSSES> 711
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 28,327
<INCOME-PRETAX> 13,423
<INCOME-PRE-EXTRAORDINARY> 9,142
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,142
<EPS-BASIC> 1.50
<EPS-DILUTED> 1.50
<YIELD-ACTUAL> 0
<LOANS-NON> 0
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 0
<CHARGE-OFFS> 0
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 0
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
