Old Second Bancorp, Inc. (NASDAQ: OSBC) (“Old Second” or “the company”) is the holding company for main subsidiary, Old Second National Bank (“the bank”), which operates a relatively dense retail branch network (48 total), mostly located in suburbs west and south of Chicago. A durable retail and large deposit base, reinforced by strong deposit market shares in its home footprint (second largest deposit market share in the Chicago MSA among locally headquartered banks <$50 billion in assets), funds a diverse and relatively granular loan book, which targets small and lower-tier middle market businesses throughout Greater Chicago.
Given its commercial focus, C&I represents the largest portion of the loan book at 50% (including owner-occupied CRE), followed by ICRE at 36% (including multifamily). Areas of emphasis in recent years have been healthcare, sponsor finance, and equipment leasing segments.
The company has closed two opportunistic…
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