Stock News Summary: Old Second Bancorp, Inc. (NASDAQ: OSBC)
On 25 Oct 2019, Old Second Bancorp, Inc. (NASDAQ: OSBC) spotted trading -16.12% off 52-week high price. On the other end, the stock has been noted 12.01% away from the low price over the last 52-weeks. The stock changed 1.29% to recent value of $12.59. The stock transacted 34568 shares during most recent day however it has an average volume of 66.48K shares. The company has 29.97M of outstanding shares and 28.38M shares were floated in the market.
Old Second Bancorp, Inc. (OSBC) recently reported financial results for the third quarter of 2019. Our net income was $12.2M, or $0.40 per diluted share, for the third quarter of 2019, contrast to net income of $9.3M, or $0.31 per diluted share, in the second quarter of 2019, and net income of $9.6M, or $0.32 per diluted share, for the third quarter of 2018.
Operating Results
- Third quarter 2019 net income was $12.2M, reflecting a raise in earnings of $2.9M from the second quarter of 2019, and a raise in earnings of $2.5M from the third quarter of 2018. Third quarter 2019 financial results were positively influenced by pretax securities gains, net, of $3.5M contrast to $986,000 in the second quarter of 2019 and $13,000 in the third quarter of 2018. Securities gains, net, were partially offset by mark to market losses on mortgage servicing rights (“MSRs”) in each of the periods presented.
- Net interest and dividend income was $24.8M for the third quarter of 2019, a raise of $26,000, or 0.1%, from $24.8M for the second quarter of 2019, and a raise of $1.0M, or 4.4%, from the third quarter of 2018. Net interest and dividend income in the third quarter of 2019 was favorably influenced by loan growth over the past year.
- Non-interest income was $11.9M for the third quarter of 2019, a raise of $3.8M, or 46.5%, contrast to $8.1M for the second quarter of 2019, and a raise of $4.1M, or 52.7%, contrast to $7.8M for the third quarter of 2018. Non-interest income for the third quarter of 2019 was positively influenced by a raise in securities gains, net, of $2.5M, as well as growth in net gain on sales of mortgage loans of $911,000, contrast to the second quarter of 2019. Non-interest income for the third quarter of 2019 increased $3.5MBecause of securities gains, net, as well as growth in net gain on sales of mortgage loans of $1.1M, contrast to the third quarter of 2018.
- Non-interest expense was $20.0M for the third quarter of 2019, a decrease of $172,000, or 0.9%, contrast to $20.1M for the second quarter of 2019, and a raise of $1.2M, or 6.6%, from $18.7M for the third quarter of 2018. The decrease in non-interest expense in the third quarter of 2019, contrast to the second quarter of 2019, was primarily attributable to decreases in FDIC insurance, other real estate expense, net, and other expense, which was partially offset by increases in salaries and employee benefits and occupancy, furniture and equipment expense. The increase in non-interest expense in the third quarter of 2019, contrast to the third quarter of 2018, was primarily attributable to higher salaries and employee benefits expense, occupancy, furniture and equipment expense and computer and data processing expense.
- The provision for income taxes totaled $4.0M for the third quarter of 2019, contrast to $3.0M for the second quarter of 2019 and $3.2M for the third quarter of 2018. The linked quarter increase of $993,000 was primarily Because of a raise of $3.9M in pretax income in the third quarter of 2019, contrast to the second quarter of 2019. The $835,000 increase in provision for income taxes for the year over year quarter was primarily Because of the $3.4M increase in pretax income in the second quarter of 2019 contrast to the third quarter of 2018.
- On October 15, 2019, our Board of Directors reported a cash dividend of $0.01 per share payable on November 4, 2019, to stockholders of record as of October 25, 2019.
Its earnings per share (EPS) expected to touch remained 37.00% for this year while earning per share for the next 5-years is expected to reach at 7.00%. OSBC has an operating margin of 82.50% while its profit margin remained 31.10% for the last 12 months. The price moved ahead of 4.22% from the mean of 20 days, 3.78% from mean of 50 days SMA and performed -2.63% from mean of 200 days price. Company’s performance for the week was 4.14%, 1.86% for month and YTD performance remained -3.15%.
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