Old Second Bancorp Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
January 21, 2015 at 05:15 pm EST
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Old Second Bancorp Inc. reported earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net income of $3.0 million for the fourth quarter of 2014 compared to net income of $213,000 in the fourth quarter of 2013. The company's net income available to common stockholders of $1.9 million, or $0.06 per diluted share, for the quarter, compared to a net loss available to common stockholders of $1.1 million, or $0.08 per diluted share, in the fourth quarter of 2013. Net income before taxes was increased by $4.8 million from the fourth quarter of 2013 and $116,000 from the third quarter of 2014. The increase from the fourth quarter of 2013 was driven by sharply higher gains on securities sales (a loss item in 2013), improved debit card interchange income reflecting an improving trend seen over recent quarters, and lower noninterest expense, notably legal fees and amortization expense on the core deposit intangible asset which was fully amortized in the third quarter. Net interest income was $15.1 million compared to $13.7 million in the fourth quarter of 2013.
For the full year 2014 net income available to common stockholders of $11.9 million or $0.46 per diluted share is down from $76.8 million in 2013. The full year 2013 included a tax benefit of $70.0 million in the third quarter primarily from the reversal of a significant portion of the valuation allowance against deferred tax assets.
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. 
