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Old Second Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net income of $22.951 million for the third quarter of 2024, a decrease from $24.335 million in the same quarter of the previous year. The earnings per diluted share were $0.50, down from $0.54 in the previous year.
Net interest income for the quarter was $60.578 million, compared to $63.030 million in the previous year. The decrease was attributed to higher deposit costs and a reduction in loan yields.
Noninterest income increased to $10.581 million from $9.877 million in the previous year, driven by higher wealth management fees and lower securities losses.
Noninterest expense rose to $39.308 million from $37.423 million, primarily due to increased salaries and employee benefits.
The provision for credit losses was $2.0 million for the quarter, down from $3.0 million in the previous year.
Total assets at the end of the quarter were $5.672 billion, a decrease from $5.723 billion at the end of 2023, primarily due to a reduction in total loans.
Total loans were $3.991 billion, a decrease from $4.043 billion at the end of 2023, with declines in commercial real estate and residential real estate loans.
Total deposits decreased to $4.465 billion from $4.571 billion at the end of 2023.
Nonperforming loans decreased to $52.280 million from $68.779 million at the end of 2023, with nonperforming loans as a percentage of total loans at 1.3%.
The company reported an allowance for credit losses of $44.422 million, representing 1.1% of total loans.
Old Second Bancorp, Inc. announced a pending acquisition of five Illinois branches from First Merchants Bank (FRME), expected to close in the fourth quarter of 2024.
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. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.