Old Second Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 25, 2017 at 04:08 pm EST
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Old Second Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net income available to common stockholders was $5,018,000, or $0.17 per basic and diluted share compared to $3,833,000 or $0.13 per basic and diluted share a year ago. Total interest and dividend income was $20,196,000 compared to $17,056,000 a year ago. Income before income taxes was $7,973,000 compared to $6,062,000 a year ago. Net interest and dividend income totaled $17.5 million for the fourth quarter of 2016 and reflects an increase of $2.8 million, or 18.7%, over the fourth quarter of 2015. Net interest and dividend income for the fourth quarter of 2016 reflected an increase of $2.2 million, or 14.1%, from the $15.3 million recorded in the third quarter of 2016. Net interest income was favorably impacted in the fourth quarter of 2016 primarily due to the company's acquisition of the Chicago branch of Talmer Bank and Trust, which closed on October 28, 2016.
For the year, the company reported net income available to common stockholders was $15,684,000, or $0.53 per basic and diluted share compared to $13,512,000 or $0.46 per basic and diluted share a year ago. Total interest and dividend income was $73,379,000 compared to $68,164,000 a year ago. Net interest and dividend income was $63,441,000 compared to $59,088,000 a year ago. Income before income taxes was $24,504,000 compared to $24,361,000 a year ago.
Old Second Bancorp, Inc. serves as the bank holding company for its wholly owned subsidiary bank, Old Second National Bank (the Bank). The Bank is a full-service banking business offering a range of deposit products, trust and wealth management services, lending services, and deposit services, including demand, NOW, money market, savings, time deposit and individual retirement accounts. It also offers commercial, industrial, consumer and real estate lending, including installment loans, agricultural loans, lines of credit, lease financing receivables and overdraft checking, and safe deposit operations. It provides variety of additional services to the needs of individual customers, such as the money orders, cashiersâ checks and foreign currency, direct deposit, discount brokerage, debit cards, credit cards, and other special services. It also provides complement of electronic banking services such as online and mobile banking and corporate cash management products.
OLD SECOND BANCORP, INC. 
