Old Second Bancorp Inc. (NASDAQ:OSBC), a state commercial bank headquartered in Aurora, Illinois, has announced it will release its financial results for the second quarter of 2024 after the market closes on July 17, 2024. This disclosure was made in a form 8-K filed with the Securities and Exchange Commission today.
In addition to the earnings release, Old Second Bancorp will host an earnings call the following day, Thursday, July 18, 2024, at 10:00 a.m. Eastern Time, which is 9:00 a.m. Central Time. Interested investors and participants can access the call by dialing 888-506-0062 and entering the Entry Code 230168. The company advises participants to join the call at least ten minutes before it starts.
For those unable to attend the live call, a replay will be available until 10:00 a.m. Eastern Time on July 25, 2024. The replay can be accessed by dialing 877-481-4010 and using the Replay PIN 50796.
The 8-K filing did not provide any additional details regarding the content of the upcoming financial results or any forward-looking statements. The information contained in this article is based on the press release statement provided by Old Second Bancorp.
In other recent news, Old Second Bancorp reported mixed Q1 results. The company posted a net income of $21.3 million, or $0.47 per diluted share, despite a $3.5 million provision for credit losses.
Old Second Bancorp's balance sheet remained resilient, with a tangible common equity ratio of 9.04% and a common equity Tier 1 ratio surpassing 12%. However, the bank experienced a $1.5 million decrease in net interest income and a slight compression in net interest margin due to increased funding costs.
In terms of future expectations, Old Second Bancorp is planning to optimize its balance sheet and build capital, with a focus on incorporating more fixed-rate products into its portfolio.
The bank also anticipates a relatively flat net interest income performance for the year. Despite a decrease in total loans attributed to seasonal factors and payoffs of large credits, the company remains optimistic about deposit funding and stable net interest margin trends.
These recent developments highlight Old Second Bancorp's strategic maneuvers in a fluctuating market environment. The bank's commitment to balance sheet optimization and capital building, coupled with disciplined expense management, positions it for potential growth despite challenges in the loan sector.
InvestingPro Insights
As Old Second Bancorp Inc. (NASDAQ:OSBC) gears up to share its financial results for the second quarter of 2024, investors are keenly anticipating the bank's performance metrics.
According to real-time data from InvestingPro, Old Second Bancorp presents an interesting profile with a market capitalization of $659.68 million and a compelling P/E ratio of 7.4, indicating that the stock may be undervalued relative to its near-term earnings growth. This is reinforced by a PEG ratio of 0.56 for the last twelve months as of Q1 2024, suggesting potential for earnings growth to outpace its P/E ratio.
Investors will be pleased to note that Old Second Bancorp has maintained dividend payments for 9 consecutive years, with a dividend yield of 1.35% as of mid-2024. This consistency in returning value to shareholders is a positive sign, particularly for income-focused investors.
For those looking for further insights and comprehensive analysis, InvestingPro offers additional tips on Old Second Bancorp, including detailed earnings revisions and profit margin assessments. With the upcoming earnings call, these InvestingPro Tips could provide valuable context.
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