Old Second Bancorp reports Q2 EPS 56c, consensus 53c

Reports Q2 tangible book value per share 9.29 vs. $7.80 last year. President and CEO, Jim Eccher said “Old Second reported strong results in the Q2 as we earned $25.6M in net income, ROAA of 1.73% and ROATCE of 25.30%. Adjusting for merger related items, our earnings per share increased by 81% over the Q2 of 2022. Our performance over the last year has been driven by the strength of the core deposit franchise we have built here at Old Second. Stable funding costs combined with quality loan growth have resulted in 146 basis points of expansion in our tax equivalent net interest margin over the same quarter last year. The efficiency ratio in the Q2 of 2023 was 46.8% on a GAAP basis and reflects strong balance sheet management, expense discipline in an inflationary environment and successful investments in lending teams and sales people over the last eighteen months.”