Old Second Bancorp Inc. (NASDAQ:OSBC), a state commercial bank based in Aurora, Illinois, has announced its plans to release the financial results for the third quarter of 2024 after market close on October 16, 2024. The company also stated that it will host an earnings call the following day, Thursday, October 17, 2024, at 10:00 a.m. Eastern Time to discuss the quarterly financial performance.
Investors interested in joining the earnings call can do so by dialing the provided telephone number and entering the specified entry code. Old Second Bancorp has advised participants to dial in at least ten minutes before the call is scheduled to begin.
For those unable to attend the live call, a replay will be available until October 24, 2024. Access to the replay can be obtained using a separate dial-in number and replay PIN.
This information is based on a press release statement and is intended to provide shareholders and the investment community with details on the upcoming financial disclosures and the opportunity for direct communication with the company's executives.
Old Second Bancorp, incorporated in Delaware with its executive offices located in Aurora, Illinois, is listed on The Nasdaq Stock Market under the ticker symbol OSBC. The company remains committed to transparency and regular communication with its investors, as evidenced by this scheduled release and earnings call.
The announcement was made through an 8-K filing with the Securities and Exchange Commission on Tuesday, October 1, 2024, by Bradley S. Adams, the company's Executive Vice President, Chief Operating Officer, and Chief Financial Officer.
In other recent news, Old Second Bancorp's Q2 2024 financial results indicate steady growth, with a net income of $21.9 million or $0.48 per diluted share. The company's return on assets was reported at 1.57%, and the return on average tangible common equity stood at 17.66%. Loan growth in commercial, lease, and construction portfolios totaled $7.2 million, despite a decrease in average and total deposits and aggressive deposit pricing in its markets.
Analyst firm DA Davidson recently downgraded Old Second Bancorp from "Buy" to "Neutral," adjusting its price target to $17 from the previous $19. The downgrade was influenced by the bank's less favorable asset-sensitive balance sheet position and increased net interest margin (NIM) pressure, a result of the Federal Reserve's aggressive rate cut path.
These recent developments indicate that Old Second Bancorp is experiencing a shift in market expectations. Despite these challenges, the company remains optimistic about future loan growth and investment opportunities, maintaining a focus on managing liquidity, building capital, and optimizing the balance sheet. The possibility of mergers and acquisitions activity is also being considered, provided the pricing is disciplined.
InvestingPro Insights
As Old Second Bancorp Inc. (NASDAQ:OSBC) prepares to release its third-quarter 2024 financial results, investors may find additional context from recent financial metrics and analyst insights. According to InvestingPro data, OSBC's market capitalization stands at $682.61 million, with a price-to-earnings ratio of 7.87, suggesting a potentially undervalued stock relative to earnings.
InvestingPro Tips highlight that OSBC has maintained dividend payments for 9 consecutive years, which may appeal to income-focused investors ahead of the earnings call. Additionally, analysts predict the company will remain profitable this year, aligning with its reported profitability over the last twelve months.
However, it is worth noting that 2 analysts have revised their earnings downwards for the upcoming period, which could be a topic of interest during the October 17 earnings call. Investors may want to pay close attention to management's commentary on these revisions and the company's strategy to address potential challenges.
For those seeking a deeper dive into OSBC's financial health and prospects, InvestingPro offers 6 additional tips and a comprehensive set of financial metrics, providing valuable context for the upcoming earnings release and call.
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