SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1999
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For transition period from to
------ ------
Commission File Number 0 -10537
OLD SECOND BANCORP, INC.
(Exact name of Registrant as specified in its charter)
DELAWARE 36-3143493
- --------------------------------- ---------------------------------------
(State or other jurisdiction (I.R.S. Employer Identification Number)
of incorporation or organization)
37 SOUTH RIVER STREET, AURORA, ILLINOIS 60507
---------------------------------------------------
(Address of principal executive offices) (Zip Code)
(630) 892-0202
----------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
--- ---
Indicate the number of shares outstanding of each of the issuer's
classes of common stock as of the latest practicable date: As of August 6, 1999,
the Registrant had outstanding 6,074,362 shares of common stock, $1.00 par value
per share.
OLD SECOND BANCORP, INC.
Form 10-Q Quarterly Report
Table of Contents
PART I
Page
Number
Item 1. Financial Statements.................................................3
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations....................9
PART II
Item 1. Legal Proceedings...................................................12
Item 2. Changes in Securities...............................................12
Item 3. Defaults Upon Senior Securities.....................................12
Item 4. Submission of Matters to a Vote of Security Holders.................12
Item 5. Other Information...................................................12
Item 6. Exhibits and Reports on Form 8-K....................................12
Page 2
PART I - FINANCIAL INFORMATION
OLD SECOND BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
June 30, 1999 December 31, 1998
------------ ----------------
ASSETS
Cash and due from banks, non-interest bearing $ 34,505 $ 42,202
Interest bearing deposits with banks 575 475
Federal funds sold 39,487 49,475
---------- ----------
Total cash and cash equivalents 74,567 92,152
Available for sale securities 278,136 292,365
Loans held for sale 21,539 36,686
Loans 578,874 556,545
Less: Allowance for loan losses 8,313 7,823
---------- ----------
Loans, net 570,561 548,722
Bank premises and equipment, net 21,089 20,950
Other assets 26,306 23,417
---------- ----------
Total assets $ 992,198 $1,014,292
---------- ----------
---------- ----------
LIABILITIES
Deposits:
Demand $ 122,433 $ 119,972
Savings 379,289 360,321
Time 328,392 346,038
---------- ----------
Total deposits 830,114 826,331
Securities sold under agreements to repurchase 24,785 32,590
Other short-term borrowings 4,467 4,517
Note payable 16,729 36,189
Other liabilities 13,058 12,739
---------- ----------
Total liabilities 889,153 912,366
STOCKHOLDERS' EQUITY
Preferred stock, $1.00 par value,
300,000 shares authorized, none issued - -
Common stock, $1.00 par value, 10 million shares
authorized; 6,102,362 shares outstanding 15,875 15,875
Retained earnings 87,598 83,228
Accumulated other comprehensive
income (428) 2,823
---------- ----------
Total stockholders' equity 103,045 101,926
---------- ----------
Total liabilities and stockholders' equity $ 992,198 $1,014,292
---------- ----------
---------- ----------
See accompanying notes to consolidated financial statements.
Page 3
OLD SECOND BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
Three Months Ended Six Months Ended
June 30 June 30
---------------------------- ----------------------------
1999 1998 1999 1998
---------- ---------- ---------- ----------
INTEREST INCOME
Interest and fees on loans $ 12,167 $ 12,356 $ 24,199 $ 24,459
Interest and dividends on available-for-sale securities:
Taxable 3,324 3,049 6,712 6,060
Exempt from federal income tax 659 763 1,303 1,540
Interest on federal funds sold 355 806 826 1,558
Interest on interest bearing deposits 15 7 21 14
---------- ---------- ---------- ----------
Total interest income 16,520 16,981 33,061 33,631
INTEREST EXPENSE
Savings deposits 2,290 2,267 4,459 4,402
Time deposits 4,352 5,009 8,948 10,341
Other short-term borrowings 465 680 1,042 1,323
---------- ---------- ---------- ----------
Total interest expense 7,107 7,956 14,449 16,066
---------- ---------- ---------- ----------
Net interest income 9,413 9,025 18,612 17,565
Provision for loan losses 246 346 447 700
---------- ---------- ---------- ----------
Net interest income after provision for loan losses 9,167 8,679 18,165 16,865
---------- ---------- ---------- ----------
OTHER INCOME
Trust fees 1,103 1,025 2,330 2,134
Service charges on deposit accounts 813 816 1,562 1,540
Gain on sales of loans 1,635 2,108 3,476 4,189
Other income 1,238 979 2,389 1,783
---------- ---------- ---------- ----------
Total other income 4,789 4,928 9,757 9,646
OTHER EXPENSES
Salaries and employee benefits 5,370 5,161 10,625 10,161
Net occupancy expense 596 567 1,198 1,142
Furniture and equipment 883 1,070 1,884 2,049
FDIC insurance 24 33 48 67
Marketing 279 289 509 510
Stationery and supplies 144 225 452 451
Amortization of intangibles 223 370 425 721
Other 1,831 1,872 3,891 3,692
---------- ---------- ---------- ----------
Total other expenses 9,350 9,587 19,032 18,793
---------- ---------- ---------- ----------
Income before income taxes 4,606 4,020 8,890 7,718
Income tax expense 1,491 1,290 2,842 2,454
---------- ---------- ---------- ----------
Net income $ 3,115 $ 2,730 $ 6,048 $ 5,264
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Per share amounts:
Basic earnings per share $ 0.51 $ 0.45 $ 0.99 $ 0.86
Diluted earnings per share 0.51 0.45 0.99 0.86
Dividends declared 0.15 0.10 0.28 0.20
Average shares outstanding 6,102,362 6,098,818 6,102,362 6,098,600
See accompanying notes to consolidated financial statements.
Page 4
OLD SECOND BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
SIX MONTHS ENDED JUNE 30, 1999 AND 1998
(IN THOUSANDS)
1999 1998
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received $ 34,033 $ 34,738
Interest paid (14,869) (16,484)
Paid to suppliers and employees (16,376) (13,951)
Trust fees received 2,330 2,134
Income taxes paid (3,136) (2,528)
Service charges received on deposit accounts 1,562 1,540
Mortgage loan originations and purchases (296,626) (304,581)
Mortgage loans sold to secondary market 315,249 310,276
Other income received 2,421 1,784
--------- ---------
Net cash provided by operating activities 24,588 12,928
CASH FLOWS FROM INVESTING ACTIVITIES
Net loans (charged off) recovered 43 (147)
Net increase in loans (22,329) (10,441)
Purchases of available for sale securities (38,676) (46,329)
Proceeds from sales and maturities of available for sale securities 47,214 56,270
Capital expenditures (1,248) (2,366)
Purchases of mortgage servicing rights (1,981) (1,358)
Other, net (28) 169
--------- ---------
Net cash used in investing activities (17,005) (4,202)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits 3,783 19,415
Net increase (decrease) in other short-term borrowings (7,855) 2,332
Payments of notes payable (19,460) (2,856)
Dividends paid (1,526) (1,494)
Other, net (110) 34
--------- ---------
Net cash provided by (used in) financing activities (25,168) 17,431
--------- ---------
Net increase (decrease) in cash & cash equivalents (17,585) 26,157
Cash & cash equivalents at beginning of year 92,152 87,025
--------- ---------
Cash & cash equivalents at end of period 74,567 113,182
--------- ---------
RECONCILIATION OF NET INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES:
Net income 6,048 5,264
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 1,076 1,214
Provision for loan losses 447 700
Decrease in taxes payable (295) (74)
Net decrease in mortgage loans held for sale 15,147 1,492
Decrease in interest receivable 593 815
Decrease in interest payable (419) (417)
Premium amortization and discount accretion on investments, net 379 298
Amortization of intangibles 425 734
Increase in accrued expenses 1,087 2,731
Decrease in prepaid expenses 100 171
--------- ---------
Total adjustments 18,540 7,664
--------- ---------
Net cash provided by operating activities $ 24,588 $ 12,928
--------- ---------
--------- ---------
See accompanying notes to consolidated financial statements.
Page 5
OLD SECOND BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies followed in the preparation of interim financial
statements are consistent with those used in the preparation of annual financial
information. The interim financial statements reflect all normal and recurring
adjustments, which are necessary, in the opinion of management, for a fair
statement of results for the interim periods presented. Results for the six
months ended June 30, 1999 are not necessarily indicative of the results that
may be expected for the year ended December 31, 1999.
NOTE 2 - LOANS
Major classifications of loans are as follows:
June 30, December 31,
1999 1998
--------- ---------
Commercial & industrial $ 141,688 $ 143,047
Real estate - commercial 170,355 172,198
Real estate - construction 51,274 46,361
Real estate - residential 147,074 137,695
Consumer 68,627 57,471
--------- ---------
579,018 556,772
Unearned discount (144) (227)
--------- ---------
Total loans $ 578,874 $ 556,545
--------- ---------
--------- ---------
NOTE 3 - ALLOWANCE FOR LOAN LOSSES
Activity in the allowance loan losses is summarized as follows:
Six Months Ended
June 30
----------------------------
1999 1998
------- -------
Balance, January 1 $ 7,823 $ 6,923
Provision for loan losses 447 700
Loans charged off (165) (283)
Recoveries 208 141
------- -------
Balance, end of period $ 8,313 $ 7,481
------- -------
------- -------
NOTE 4 - EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per
share for the period presented (share data not in thousands):
Three Months Ended Six Months Ended
June 30 June 30
------------------------------ ------------------------------
1999 1998 1999 1998
---------- ---------- ---------- ----------
Basic Earnings Per Share:
Weighted average common shares outstanding 6,102,362 6,098,818 6,102,362 6,098,600
Net income available to common stockholders $ 3,115 $ 2,730 $ 6,048 $ 5,264
Basic earnings per share $ 0.51 $ 0.45 $ 0.99 $ 0.86
Diluted Earnings Per Share:
Weighted average common shares outstanding 6,102,362 6,098,818 6,102,362 6,098,600
Dilutive effect of stock options 10,831 20,861 11,452 19,999
---------- ---------- ---------- ----------
Diluted average common shares outstanding 6,113,193 6,119,679 6,113,814 6,118,599
Net income available to common stockholders $ 3,115 $ 2,730 $ 6,048 $ 5,264
Diluted earnings per share $ 0.51 $ 0.45 $ 0.99 $ 0.86
Page 6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 -STOCK DIVIDEND DECLARED
On April 13, 1999, the Board of Directors of Old Second Bancorp, Inc. declared a
2-for-1 stock split effected in the form of a stock dividend payable on May 17,
1999 to shareholders of record on May 10, 1999.
NOTE 6 - REPORTING COMPREHENSIVE INCOME
SFAS No. 130 requires unrealized gains or losses on the Company's
available-for-sale securities, which prior to adoption were reported separately
in shareholders' equity to be included in other comprehensive income. Total
comprehensive income was $710,000 during the second quarter of 1999 and
$2,227,000 during the second quarter of 1998. For the six months ended June 30,
comprehensive income was $2,797,000 and $5,228,000 in 1999 and 1998,
respectively.
NOTE 7 - SEGMENT REPORTING
In June 1997, the Financial Accounting Standards Board issued SFAS No. 131,
"Disclosures about Segments of an Enterprise and Related Information" which
addresses the reporting of financial information from operating segments in
annual and interim financial statements. The Company operates under one segment
as defined by SFAS No. 131 and additional disclosure is not required.
NOTE 8 - YEAR 2000 READINESS DISCLOSURE
The Company is currently in the process of addressing a potential problem that
faces all users of automated systems including information systems. Many
computer systems process transactions based on two digits representing the year
of transaction, rather than a full four digits. These computer systems may not
operate properly when the last two digits become "00", as will occur on January
1, 2000. The problem could effect a wide variety of automated information
systems, such as mainframe applications, personal computers, communications and
environmental systems.
The Company has identified areas of operations critical for the delivery of its
products and services. The majority of the programs and applications used in the
Company's operations are purchased from outside vendors. The vendors providing
the software are responsible for maintenance of the systems and modifications to
enable uninterrupted usage after December 31, 1999.
The Company's plan included identifying potential problems by performing an
inventory of all software applications and obtaining certification of compliance
from third parties. This phase of the plan was completed by December 31, 1998.
The vendor of the Company's core operating system has provided certification of
compliance with the year 2000 issue and testing of the core operating system was
completed in June 1999. Contingency plans and testing of other affected
applications, both internally developed and third-party provided, were completed
before June 1999, and indicate year 2000 compliance. The Company's plan also
includes reviewing any potential risks associated with the loan and investment
portfolios due to the year 2000 issue.
As noted above, the Company has not yet completed all phases of its plan to
address year 2000 issues. Since certification and testing of the core operating
system was completed during 1999, Management believes that core business
services can be delivered without interruption after December 31, 1999. In the
event that core services cannot be delivered, the Company could be subject to
litigation and the amount of potential liability cannot be reasonably estimated.
Based on currently available information, the Company believes that all
significant costs to address year 2000 issues were incurred during 1998 and were
not considered to be material. Consequently, unanticipated future costs to
address year 2000 issues should not have a materially adverse impact on the
Company's financial condition or results of operations.
Page 7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 9 - ACCOUNTING FOR DERIVATIVES
In June 1998, the Financial Accounting Standards Board issued SFAS No. 133,
"Accounting for Derivative Instruments and Hedging Activities" which is required
to be adopted by January 1, 2000. Because of the Company's minimal use of
derivatives, management does not anticipate that the adoption of the new
Statement will have a material effect on the Company's financial condition or
results of operations.
Page 8
OLD SECOND BANCORP, INC. AND SUBSIDIARIES
MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Net income for the second quarter of 1999 was $3,115,000, or diluted earnings
per share of 51 cents, a 14.1% increase in net income compared to $2,730,000, or
45 cents per share, in the second quarter of 1998. For the six months ended June
30, 1999, net income was $6,048,000, or earnings per share of $0.99, compared to
$5,264,000, or $0.86 per share during the first six months of 1998, a 14.9%
increase in net income. The increase in net income for the quarter and the year
to date was primarily a result of an increase in net interest income. Expenses
increased modestly for the year to date period and declined in the second
quarter compared to a year earlier. As a result, the return on equity increased
from 11.51% in the first half of 1998, to 12.07% in the first half of 1999.
Net interest income was $9.4 million and $9.0 million during the three months
ended June 30, 1999 and 1998, an increase of 4.3%. The Company's net interest
margin was 4.30% for the three months ended June 30, 1999, and 4.25% a year
earlier. Net interest income was $18.6 million and $17.6 million during the six
months ended June 30, 1999 and 1998, an increase of 6.0%. The Company's net
interest margin was 4.27% for the six months ended June 30, 1999, and 4.18% a
year earlier. The increase in this ratio has primarily resulted from a decline
in the average cost of funds. The average yield on earning assets declined from
7.74% in the second quarter of 1998, to 7.35% in the second quarter of 1999. At
the same time, the average cost of funds has declined from 3.62% in the second
quarter of 1998 to 3.16% in the second quarter of 1999.
Non-interest income was $4,789,000 during the second quarter of 1999 and
$4,928,000 in the second quarter of 1998, a decrease of $139,000, or 2.8%.
Non-interest income was $9,757,000 during the six months ended June 30, 1999 and
$9,646,000 during the six months ended June 30, 1998, an increase of $111,000,
or 1.2%. Trust income was $78,000 higher in the second quarter of 1999, and
$196,000 higher for the six month period. Other income was $259,000 higher for
the second quarter of 1999 and $606,000 higher for the year to date. Other
income in the accompanying financial statements includes mortgage subsidiary
income of $746,000 during the second quarter of 1999 and $1,525,000 for the six
months ended June 30, 1999. Gains on sales of mortgage loans declined to
$1,635,000 in the second quarter of 1999, and $3,476,000 in the first six months
of 1999, from $2,108,000 in the second quarter of 1998, and $4,189,000 in the
first six months of 1998.
Non-interest expenses were $9,350,000 during the second quarter of 1999, a
decline of $237,000 (2.5%) from $9,587,000 in the second quarter of 1998.
Non-interest expenses were $19,032,000 during the first six months of 1999, an
increase of $239,000 (1.3%) from $18,793,000 during the first six months of
1998. Salaries and benefits, which account for over half of non-interest
expenses in all periods presented, increased 4.1% in the second quarter and
increased 4.6% in the first half, when comparing 1999 to 1998 results.
Amortization of intangibles declined from $370,000 in the second quarter of 1998
to $223,000 in the second quarter of 1999, and declined from $721,000 in the
first half of 1998 to $425,000 in the first half of 1999. The decline in
amortization was due to a reduction in amortization of mortgage servicing
rights.
FINANCIAL CONDITION
LOANS
Total loans were $578.9 million as of June 30, 1999, an increase of $22.3
million (4.0%) for the six month period, from $556.5 million as of December 31,
1998. Loans have increased $33.2 million (6.1%) from June 30, 1998, to June 30,
1999. The largest increases in loan classifications were in residential real
estate, which increased $9.4 million, and other consumer loans, which increased
$11.2 million in the first half of 1999. These changes reflect the continuing
loan demand in the markets in which the Company operates.
Asset quality has improved, with nonperforming loans of $2.1 million down from
$2.6 million a year ago and $2.7 million at year-end 1998. Nonperforming loans
include loans in nonaccrual status, renegotiated loans, and loans past due
ninety days or more and still accruing. Net charge offs of $12,000 were down
during the second quarter of 1999
Page 9
compared to net charge-offs of $99,000 a year earlier. Net recoveries were
$43,000 during the six months ended June 30, 1999, compared to net
charge-offs of $142,000 during the six months ended June 30, 1998.
As a consequence of improved loan quality and charge-off experience, the
provision for loan losses was reduced compared to prior periods. Provisions for
loan losses were $246,000 in the second quarter of 1999 and $346,000 in the
second quarter of 1998. Provisions for loan losses were $447,000 in the six
months ended June 30, 1999 and $700,000 in the six months ended June 30, 1998.
One measure of the adequacy of the allowance for loan losses is the ratio of the
allowance to total loans. The allowance for loan losses as a percentage of total
loans was 1.44% as of June 30, 1999, up from 1.37% a year ago and 1.41% at
December 31, 1998. In management's judgment, an adequate allowance for possible
future losses has been established.
DEPOSITS AND BORROWING
Total deposits were $830.1 million as of June 30, 1999, an increase of $3.8
million from $826.3 million as of December 31, 1998, and an increase of $21.8
million from June 30, 1998. Demand accounts increased $2.5 million from December
31, 1998 to June 30, 1999. During the first half of 1999, there was a
significant movement of deposit funds from time deposits to savings deposits.
During this time, savings accounts increased $19.0 million and time deposits
declined $17.6 million. A money market savings account promoted during this
time, coupled with the inclination of consumers to seek shorter maturities,
contributed to this movement.
Securities sold under repurchase agreements, which are typically of short-term
durations, declined from $32.6 million as of December 31, 1998, to $24.8 million
as of June 30, 1999. The Company also uses notes payable, primarily as a means
of financing loans held for sale at the Maple Park Mortgage subsidiary. Notes
payable declined from $36.2 million as of December 31, 1998, to $16.7 million as
of June 30, 1999. This $19.5 million decline is primarily related to the $15.1
million decline in loans held for sale over the same period of time.
CAPITAL
The Company completed a two-for-one split of its common stock during the second
quarter of 1999. The split was in the form of a stock dividend and was payable
on May 17, 1999, to the stockholders of record at the close of business on May
10, 1999. In June 1999, the Company announced that the board of directors had
authorized the repurchase of up to 300,000 shares of the Company's common stock,
or 4.9% of the company's 6,102,362 shares outstanding.
The Company and its five subsidiary banks (the "Banks") are subject to
regulatory capital requirements administered by federal banking agencies.
Capital adequacy guidelines provide for five classifications, the highest of
which is well capitalized. The Company and the Banks were categorized as well
capitalized as of June 30, 1999. As of June 30, 1999, the Company's ratio of
total capital to risk weighted assets was 15.86%, the ratio of Tier 1 capital to
risk weighted assets was 14.62%, and the ratio of Tier 1 capital to average
assets was 10.08%.
LIQUIDITY
Liquidity measures the ability of the Company to meet maturing obligations and
its existing commitments, to withstand fluctuations in deposit levels, to fund
its operations, and to provide for customers' credit needs. The liquidity of the
Company principally depends on cash flows from operating activities, investment
in and maturity of assets, changes in balances of deposits and borrowings, and
its ability to borrow funds in the money or capital markets.
Net cash flows from operating activities were $24.6 million in the first half of
1999 and $12.9 million in the first half of 1998. Interest received net of
interest paid was a principal source of operating cash inflows in both periods
reported. Management of investing and financing activities, and market
conditions, determine the level and the stability of net interest cash flows.
Management's policy is to mitigate the impact of changes in market interest
rates to the extent possible, so that balance sheet growth is the principal
determinant of growth in net interest cash flows. Net interest received was
$19.2 million in the first half of 1999 and $18.3 million in the first half of
1998. The most significant reason for this change was a decline in interest paid
of $1.6 million, from $16.5 million in the first six months of 1998 to $14.9
million in the first six months of 1999.
Page 10
Net cash outflows from investing activities were $17.0 million in the six months
ended June 30, 1999, compared to $4.2 million a year earlier. In the first six
months of 1999, net principal disbursed on loans accounted for net outflows of
$22.3 million, and securities transactions aggregated a net inflow of $8.5
million. In the first six months of 1998, net principal disbursed on loans
accounted for a net outflow of $10.4 million, and securities transactions
resulted in net inflows of $9.9 million.
Cash inflows from financing activities in the first six months of 1999
associated with an increase in deposits were $3.8 million. This compares with a
net inflow of $19.4 million for the same period in 1998. Short-term borrowings
resulted in net cash outflows of $7.9 million in the first six months of 1999,
and inflows of $2.3 million in the first six months of 1998. Payments on notes
payable totaled $19.5 million in the first half of 1999 compared to $2.9 million
in the first half of 1998.
Page 11
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There are no material pending legal proceedings to which the Company
or its subsidiaries are a party other than ordinary routine litigation
incidental to their respective businesses.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibits
27. Financial Data Schedule
Reports on Form 8-K
None.
Page 12
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.
OLD SECOND BANCORP, INC.
(REGISTRANT)
/s/ WILLIAM B. SKOGLUND
------------------------------------------
WILLIAM B. SKOGLUND
PRESIDENT AND CHIEF EXECUTIVE OFFICER
/s/ J. DOUGLAS CHEATHAM
------------------------------------------
J. DOUGLAS CHEATHAM
VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
DATE: AUGUST 9, 1999
Page 13