Old Second Q3 Adjusted Income of $28.5M Misses Consensus by $1.4M
OSBC sits 45% above its 52-week low of $17.11.
Summary
Old Second reported Q3 net income of $28.94M and net interest income of $84.05M, but adjusted net income of $28.5M came in below the $29.9M IBES estimate — a roughly 5% miss. The 8-K filed earlier today showed $0.56 per diluted share with nonperforming loans down 30% and classified loans down 44%, so credit cleanup is the offset to the softer bottom line. The stock sits near its 52-week high of $26.06, leaving little room for a consensus miss. Note the insider selling pattern through September and Vice Chairman Gary Collins' retirement effective October 31.
At the time of this announcement, OSBC was trading at $24.87 on NASDAQ in the Finance sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $17.11 to $26.06. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.