Old Second Bancorp Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 22, 2014 at 10:58 pm
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Old Second Bancorp announced earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net income of $213,000 compared to net income of $1.5 million in the fourth quarter of 2012. Fourth quarter loss before taxes was $32,000 compared to income before taxes of $1.5 million in the fourth quarter of 2012. The decline was primarily due to the loss incurred on the sale of the CDOs in December 2013.
The company reported net income of $82.1 million for the year ended December 31, 2013, compared to a net loss of $72,000 in the year of 2012. The company's net income available to common stockholders of $76.8 million or $5.45 per diluted share, for the year ended December 31, 2013, compared to a net loss available to common stockholders of $5.1 million or $0.36 per diluted share, for the year ended December 31, 2012.
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. 
