Old Second Bancorp, Inc. (OSBC) reported $1M net income for the second quarter of 2011 compared to net loss of $23.4 million in the second quarter last year.
With ~$.29 earnings/share OSBC stock should trade well over $3 based on conservative multiplier of 12.
OSCB has only 11.36M shares in float with 24.3% of the short ratio (2.66M shares short).
Old Second Bancorp, Inc. Announces Second Quarter 2011 Results
AURORA, Ill.–(BUSINESS WIRE)– Old Second Bancorp, Inc. (the “Company” or “Old Second”) (NASDAQ:OSBC), parent company of Old Second National Bank (the “Bank”), today announced results of operations for the second quarter of 2011. The Company reported net income of $1.0 million, compared to a net loss of $23.4 million in the second quarter of 2010. The Company’s pretax income of $1.0 million for the second quarter of 2011 compared to a $39.2 million pretax loss for the second quarter of 2010. The Company’s net loss available to common shareholders of $162,000, or $0.01 per share, for the second quarter of 2011, compared to a net loss available to common shareholders of $24.5 million, or $1.75 per diluted share, in the second quarter of 2010.
Old Second Bancorp Inc.
37 South River Street
Aurora, IL 60507
Old Second Bancorp, Inc., a bank holding company, provides full service banking businesses which include the customary consumer and commercial products and services that banks provide including demand, NOW, money market, savings, time deposit, individual retirement and Keogh deposit accounts; commercial, industrial, consumer and real estate lending, including installment loans, student loans, agricultural loans, lines of credit and overdraft checking; safe deposit operations; trust services; wealth management services, and an extensive variety of additional services tailored to the needs of individual customers, such as the acquisition of U.S. Treasury notes and bonds, the sale of traveler’s checks, money orders, cashier’s checks and foreign currency, direct deposit, discount brokerage, debit cards, credit cards, and other special services.