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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
	THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
	SECURITIES EXCHANGE ACT OF 1934

For transition period from to

Commission File Number 000-10537

(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)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	OSBC	The Nasdaq Stock Market

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 ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ‘‘emerging growth company’’ in Rule 12b–2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐

Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Exchange Act Rule 12b-2).

Yes ☐ No ☒

As of May 5, 2026, the Registrant has 51,432,372 shares of common stock outstanding at $1.00 par value per share.

Table of Contents

OLD SECOND BANCORP, INC.

Form 10-Q Quarterly Report

Table of Contents

Cautionary Note Regarding Forward-Looking Statements


	PART I
		Page Number
Item 1.	Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	42
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	61
Item 4.	Controls and Procedures	62
	PART II

Item 1.	Legal Proceedings	63
Item 1A.	Risk Factors	63
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 3.	Defaults Upon Senior Securities	63
Item 4.	Mine Safety Disclosures	64
Item 5.	Other Information	64
Item 6.	Exhibits	65

	Signatures	66

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report and other publicly available documents of Old Second Bancorp, Inc. (“Old Second” or the “Company”) contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, including, but not limited to, management’s expectations regarding future plans, strategies and financial performance, including regulatory developments, industry and economic trends and estimates and assumptions underlying accounting policies. Forward-looking statements are based on our current beliefs, expectations, assumptions, and on information currently available and may be identified by the use of words such as “expects,” “intends,” “believes,” “may,” “will,” “would,” “could,” “should,” “plan,” “anticipate,” “estimate,” “forecasts,” “possible,” “implies,” “likely” or the negative thereof as well as other similar words and expressions of the future. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict as to timing, extent, likelihood and degree of occurrence, which could cause our actual results to differ materially from those anticipated in or by such statements. Potential risks and uncertainties include, but are not limited to, the following:

●

our ability to execute our growth strategy;

●

negative economic conditions that adversely affect the economy, real estate values, the job market and other factors nationally and in our market area, in each case that may affect our liquidity and the performance of our loan portfolio;

●

risks with respect to our ability to successfully expand and integrate businesses and operations that we acquire, as well as our ability to identify and complete future mergers or acquisitions;

●

the financial success and viability of the borrowers of our commercial loans;

●

changes in U.S. monetary policy, the level and volatility of interest rates, the capital markets and other market conditions that may affect, among other things, our liquidity and the value of our assets and liabilities;

●

competitive pressures from other financial service businesses and from nontraditional financial technology (“FinTech”) companies;

●

any negative perception of our reputation or financial strength;

●

our ability to raise additional capital on acceptable terms when needed;

●

our ability to raise cost-effective funding to support business plans when needed;

●

our ability to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations;

●

adverse effects on our information technology systems resulting from system failures, human error or cyberattacks;

●

risks associated with data privacy laws and regulations;

●

risks associated with the development and use of artificial intelligence (“AI”);

●

adverse effects of cyberattacks or failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors and those vendors performing a service on our behalf;

●

the impact of any claims or legal actions, including any effect on our reputation;

●

losses incurred in connection with repurchases and indemnification payments related to mortgages;

●

the soundness of other financial institutions and other counter-party risk;

●

changes in accounting standards, rules and interpretations and the related impact on our financial statements;

●

our ability to receive dividends from our subsidiaries;

●

a decrease in our regulatory capital ratios or negative changes in our capital position;

●

adverse federal or state tax assessments, or changes in tax laws or policies;

●

risks associated with actual or potential litigation or investigations by customers, regulatory agencies or others;

●

legislative or regulatory changes, particularly changes in regulation of financial services companies;

●

increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the current regulatory environment;

●

risks associated with complex and changing regulatory environments, including, among others, with respect to data privacy, artificial intelligence, information security, climate change or other environmental, social and governance matters, and labor matters, relating to our operations;

●

changes in political and economic conditions, including potential disruptions resulting from U.S. federal government funding lapses, shutdowns, or related fiscal policy uncertainty;

●

the adverse effects of events beyond our control that may have a destabilizing effect on financial markets and the economy, such as epidemics and pandemics, war or terrorist activities, such as the war in Ukraine, the war in Iran, and the conflict between China and Taiwan, essential utility outages, deterioration in the global economy, instability in the credit markets, disruptions in our customers’ supply chains or disruption in transportation;

●

changes in trade policy and any related tariffs; and

Table of Contents

●

each of the factors and risks under the heading “Risk Factors” in our 2025 Annual Report on Form 10-K and in subsequent filings we make with the SEC.

Because our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, there can be no assurances that future actual results will correspond to any forward-looking statements, and you should not rely on any forward-looking statements. Additionally, all statements in this Form 10-Q, including forward-looking statements, speak only as of the date they are made, and we undertake no obligation to update any statement in light of new information or future events, except as required by applicable law.

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Old Second Bancorp, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share data)


		(unaudited)
		March 31,		December 31,
		2026		2025
Assets
Cash and due from banks		$	48,100	$	51,665
Interest earning deposits with financial institutions			67,627		72,360
Cash and cash equivalents			115,727		124,025
Securities available-for-sale, at fair value			1,115,443		1,090,523
Federal Home Loan Bank Chicago (“FHLBC”) and Federal Reserve Bank Chicago (“FRBC”) stock			31,350		32,025
Loans held-for-sale			4,344		3,645
Loans			5,185,237		5,252,131
Less: allowance for credit losses on loans			72,126		72,301
Net loans			5,113,111		5,179,830
Premises and equipment, net			85,634		86,645
Other real estate owned, net			632		1,427
Mortgage servicing rights, at fair value			9,579		9,459
Goodwill			129,196		129,196
Core deposit intangible ("CDI")			22,516		23,692
Bank-owned life insurance (“BOLI”)			131,563		130,481
Deferred tax assets, net			31,321		31,276
Other assets			58,805		60,451
Total assets		$	6,849,221	$	6,902,675

Liabilities
Deposits:
Noninterest bearing demand		$	1,755,548	$	1,739,117
Interest bearing:
Savings, NOW, and money market			2,795,038		2,745,540
Time			1,014,413		1,111,412
Total deposits			5,564,999		5,596,069
Securities sold under repurchase agreements			23,130		23,769
Other short-term borrowings			200,000		215,000
Junior subordinated debentures			25,774		25,774
Subordinated debentures			59,574		59,552
Notes payable and other borrowings			14,837		14,825
Other liabilities			67,610		70,918
Total liabilities			5,955,924		6,005,907

Stockholders’ Equity
Common stock			53,015		53,015
Additional paid-in capital			338,418		341,451
Retained earnings			559,129		537,231
Accumulated other comprehensive loss, net			(31,095)		(28,738)
Treasury stock			(26,170)		(6,191)
Total stockholders’ equity			893,297		896,768
Total liabilities and stockholders’ equity		$	6,849,221	$	6,902,675


	March 31, 2026		December 31, 2025
	Common		Common
	Stock		Stock
Par value	$	1.00	$	1.00
Shares authorized		120,000,000		120,000,000
Shares issued		53,015,496		53,015,496
Shares outstanding		51,665,659		52,669,224
Treasury shares		1,349,837		346,272

See accompanying notes to consolidated financial statements.

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Old Second Bancorp, Inc. and Subsidiaries

Consolidated Statements of Income

(In thousands, except per share data)


		(unaudited)
		Three Months Ended March 31,
		2026			2025
Interest and dividend income
Loans, including fees		$	87,138		$	61,595
Loans held-for-sale			43			22
Securities:
Taxable			8,949			9,227
Tax exempt			1,155			1,260
Dividends from FHLBC and FRBC stock			512			473
Interest bearing deposits with financial institutions			549			988
Total interest and dividend income			98,346			73,565
Interest expense
Savings, NOW, and money market deposits			7,147			4,913
Time deposits			7,217			4,829
Securities sold under repurchase agreements			50			68
Other short-term borrowings			1,791			17
Junior subordinated debentures			296			288
Subordinated debentures			546			546
Notes payable and other borrowings			155			-
Total interest expense			17,202			10,661
Net interest and dividend income			81,144			62,904
Provision for credit losses			9,500			2,400
Net interest and dividend income after provision for credit losses			71,644			60,504
Noninterest income
Wealth management			3,383			3,089
Service charges on deposits			3,126			2,976
Secondary mortgage fees			121			73
Mortgage servicing rights mark to market loss			(152)			(570)
Mortgage servicing income			497			480
Net gain on sales of mortgage loans			555			464
Change in cash surrender value of BOLI			1,082			498
Card related income			2,354			2,241
Other income			1,664			950
Total noninterest income			12,630			10,201
Noninterest expense
Salaries and employee benefits			29,673			26,993
Occupancy, furniture and equipment			5,371			4,548
Computer and data processing			3,375			2,348
FDIC insurance			759			628
Net teller & bill paying			716			658
General bank insurance			353			330
Amortization of core deposit intangible			1,176			1,037
Advertising and marketing expense			551			229
Card related expense			1,519			1,380
Professional fees			1,299			1,095
Consumer credit expense			1,522			25
Other real estate expense, net			(186)			1,873
Other expense			4,082			3,361
Total noninterest expense			50,210			44,505
Income before income taxes			34,064			26,200
Provision for income taxes			8,479			6,370
Net income		$	25,585		$	19,830

Basic earnings per share		$	0.49		$	0.44
Diluted earnings per share			0.48			0.43
Dividends declared per share			0.07			0.06

See accompanying notes to consolidated financial statements.

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Old Second Bancorp, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(In thousands)


		(unaudited)
		Three Months Ended March 31,
		2026		2025
Net Income		$	25,585	$	19,830

Unrealized holding (losses) gains on available-for-sale securities arising during the period			(3,287)		8,931
Related tax benefit (expense)			920		(2,501)
Holding (losses) gains, after tax, on available-for-sale securities			(2,367)		6,430

Less: Reclassification adjustment for the net gains realized during the period
Net realized gains (losses)			-		-
Related tax (expense) benefit			-		-
Net realized gains (losses) after tax			-		-
Other comprehensive (loss) income on available-for-sale securities			(2,367)		6,430

Changes in fair value of derivatives used for cash flow hedges			12		(85)
Related tax (expense) benefit			(2)		24
Other comprehensive income (loss) on cash flow hedges			10		(61)

Total other comprehensive (loss) income			(2,357)		6,369
Total comprehensive income		$	23,228	$	26,199



	Accumulated		Accumulated		Total
	Unrealized Gain		Unrealized Gain		Accumulated Other
	(Loss) on Securities		(Loss) on Derivative		Comprehensive
(unaudited)	Available-for -Sale		Instruments		Income/(Loss)
For the Three Months Ended
Balance, January 1, 2025	$	(49,412)	$	1,664	$	(47,748)
Other comprehensive income (loss), net of tax		6,430		(61)		6,369
Balance, March 31, 2025	$	(42,982)	$	1,603	$	(41,379)

Balance, January 1, 2026	$	(31,010)	$	2,272	$	(28,738)
Other comprehensive (loss) income, net of tax		(2,367)		10		(2,357)
Balance, March 31, 2026	$	(33,377)	$	2,282	$	(31,095)

See accompanying notes to consolidated financial statements.

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Old Second Bancorp, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)


	(unaudited)
	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities
Net income	$	25,585	$	19,830
Adjustments to reconcile net income to net cash provided by operating activities:
Net premium / discount amortization on securities		475		457
Provision for credit losses		9,500		2,400
Originations of loans held-for-sale		(22,950)		(14,371)
Proceeds from sales of loans held-for-sale		22,525		12,115
Net gains on sales of mortgage loans		(555)		(464)
Mortgage servicing rights mark to market loss		152		570
Net accretion of purchase accounting adjustments and other discounts on loans		(175)		(179)
Net change in cash surrender value of BOLI		(1,082)		(498)
Net (gains) losses on sale of other real estate owned		(98)		236
Provision for other real estate owned valuation losses		-		454
Depreciation of fixed assets and amortization of leasehold improvements		1,698		1,408
Change in operating lease right-of-use asset		(512)		261
Amortization of core deposit intangibles		1,176		1,037
Change in current income taxes		7,114		5,797
Deferred tax expense		871		2,935
Change in accrued interest receivable and other assets		2,187		1,171
Accretion of purchase accounting adjustment on time deposits		(25)		(274)
Change in accrued interest payable and other liabilities		(10,991)		(15,989)
Change in operating lease payable		602		(441)
Stock based compensation		1,442		1,383
Net cash provided by operating activities		36,939		17,838
Cash flows from investing activities
Proceeds from maturities and calls, including pay down of securities available-for-sale		78,204		106,329
Purchases of securities available-for-sale		(106,886)		(82,875)
Net redemptions of FHLBC/FRBC stock		675		-
Net change in loans		56,762		36,815
Proceeds from sales of other real estate owned, net of participations		1,525		18,049
Proceeds from disposition of premises and equipment		76		-
Net purchases of premises and equipment		(769)		(1,609)
Cash received from acquisition, net		-		28
Net cash provided by investing activities		29,587		76,737
Cash flows from financing activities
Net change in deposits		(31,045)		84,334
Net change in securities sold under repurchase agreements		(639)		2,007
Net change in other short-term borrowings		(15,000)		(20,000)
Dividends paid on common stock		(3,686)		(2,694)
Purchase of treasury stock		(24,454)		(1,430)
Net cash (used in) provided by financing activities		(74,824)		62,217
Net change in cash and cash equivalents		(8,298)		156,792
Cash and cash equivalents at beginning of period		124,025		99,329
Cash and cash equivalents at end of period	$	115,727	$	256,121

See accompanying notes to consolidated financial statements.

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Old Second Bancorp, Inc. and Subsidiaries

Consolidated Statements of Changes in

Stockholders’ Equity

(In thousands, except share data)


												Accumulated
		Number of				Additional						Other						Total
(unaudited)		Common Shares	Common			Paid-In			Retained			Comprehensive			Treasury			Stockholders’
		Outstanding	Stock			Capital			Earnings			(Loss) Income			Stock			Equity
For the Three Months Ended

Balance, January 1, 2025		44,873,467	$	44,908		$	205,284		$	469,165		$	(47,748)		$	(575)		$	671,034
Net income										19,830									19,830
Other comprehensive income, net of tax													6,369						6,369
Dividends declared on common stock, ($0.06 per share)										(2,695)									(2,695)
Vesting of restricted stock		252,615		186			(1,385)									1,199			-
Stock based compensation							1,383												1,383
Purchase of treasury stock from taxes withheld on stock awards		(78,931)														(1,430)			(1,430)
Balance, March 31, 2025		45,047,151	$	45,094		$	205,282		$	486,300		$	(41,379)		$	(806)		$	694,491

Balance, January 1, 2026		52,669,224	$	53,015		$	341,451		$	537,231		$	(28,738)		$	(6,191)		$	896,768
Net income										25,585									25,585
Other comprehensive loss, net of tax													(2,357)						(2,357)
Dividends declared on common stock, ($0.07 per share)										(3,687)									(3,687)
Vesting of restricted stock		239,652					(4,475)									4,475			-
Stock based compensation							1,442												1,442
Purchase of treasury stock from taxes withheld on stock awards		(67,358)														(1,368)			(1,368)
Purchase of treasury stock from stock repurchase program		(1,175,859)														(23,086)			(23,086)
Balance, March 31, 2026		51,665,659	$	53,015		$	338,418		$	559,129		$	(31,095)		$	(26,170)		$	893,297

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Old Second Bancorp, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data, unaudited)

Note 1 – Basis of Presentation and Changes in Significant Accounting Policies

The accounting policies followed in the preparation of the interim consolidated financial statements are consistent with those used in the preparation of the annual financial information. The interim consolidated financial statements reflect all normal and recurring adjustments that are necessary, in the opinion of management, for a fair statement of results for the interim period presented. Results for the period ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. These interim consolidated financial statements and accompanying notes are unaudited and should be read in conjunction with the audited financial statements and notes included in Old Second Bancorp, Inc.’s (the “Company”) annual report on Form 10-K for the year ended December 31, 2025. Unless otherwise indicated, dollar amounts in the tables contained in the notes to the consolidated financial statements are in thousands. Certain items in prior periods have been reclassified to conform to the current presentation.

The Company’s consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and follow general practices within the banking industry. Application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the consolidated financial statements. Future changes in information may affect these estimates, assumptions, and judgments, which, in turn, may affect amounts reported in the consolidated financial statements.

Recent Accounting Pronouncements

The following is a summary of recent accounting pronouncements that have impacted or could potentially affect the Company:

ASU 2023-06 – On October 9, 2023, the FASB issued ASU 2023-06 “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” The amendments in the ASU modify the disclosure or presentation requirements of a variety of topics in the codification. Certain of the amendments represent clarifications to, or technical corrections of, the current requirements. Each amendment in the ASU will only become effective if the SEC removes the related disclosure or presentation requirement from its existing regulations by June 30, 2027. The amendments in this ASU are not expected to have a material impact on the financial statements of the Company.

ASU 2024-03 – On November 4, 2024, the FASB issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU requires public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. Specifically, they will be required to: (1) Disclose the amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption. (2) Include certain amounts that are already required to be disclosed under current generally accepted accounting principles (GAAP) in the same disclosure as the other disaggregation requirements. (3) Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. (4) Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. ASU 2024-03 is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and is not expected to have a material impact on the financial statements of the Company.

ASU 2025-01 – On January 6, 2025, the FASB issued ASU 2025-01 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date.” ASU 2024-03 is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, which dates were clarified in ASU 2025-01, and is not expected to have a material impact on the financial statements of the Company.

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ASU 2025-03 – On May 12, 2025, the FASB issued ASU 2025-03 “Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity.” This ASU revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity that meets the definition of a business. The amendments require an entity to consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued (or made available for issuance). If an entity adopts ASU No. 2025-03 in an interim reporting period, it should adopt it as of the beginning of that interim reporting period or the beginning of the annual reporting period that includes that interim reporting period. An entity should apply ASU 2025-03 on a prospective basis to all business combinations that have an acquisition date that occurs on or after the date of initial application of ASU 2025-03. ASU 2025-03 is not expected to have a material impact on the financial statements of the Company.

ASU 2025-08 – On November 12, 2025, the FASB issued ASU 2025-08 “'Financial Instruments—Credit Losses (Topic 326): Purchased Loans.” This ASU expands the population of acquired financial assets accounted for using the gross-up approach. Acquired loans (excluding credit cards) are deemed purchased seasoned loans and accounted for using the gross-up approach upon acquisition if criteria established by the new guidance are met. This change aims to enhance comparability, consistency, and better reflect the economics of acquiring financial assets. ASU 2025-08 is effective for interim and annual periods in fiscal years beginning after December 15, 2026, and is applied prospectively. Early adoption is permitted.

Old Second has elected not to early adopt ASU 2025-08 at this time. When adopted, the standard will be adopted prospectively; thus, the accounting for previously completed business combinations will not be impacted. However, adopting this accounting standard is anticipated to have a material impact on the accounting for purchased loans on any business combination completed after adoption.

ASU 2025-11 – On December 8, 2025, the FASB issued ASU 2025-11 “Interim Reporting (Topic 270): Narrow-Scope Improvements”: This ASU does not change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. The amendments in this ASU: i) clarify that the guidance in Topic 270 applies to all entities that provide interim financial statements and notes in accordance with GAAP; ii) create a comprehensive list in FASB ASC Topic 270 of interim disclosures that are required in interim financial statements and notes in accordance with GAAP; iii) incorporate a disclosure principle, which is modeled after previous SEC guidance, that requires entities to disclose events and changes that occur after the end of the most recent fiscal year that have a material impact on the entity; and iv) improve guidance about information included in and the format of interim financial statements. The amendments in this ASU are effective for public business entities for interim periods within annual periods beginning after December 15, 2027. ASU 2025-11 is not expected to have a material impact on the financial statements of the Company.

ASU 2025-12 – On December 17, 2025, the FASB issued ASU 2025-12 “Codification Improvements”: The amendments in this ASU update the FASB ASC for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The amendments in the ASU, which addresses 33 issues, affect a wide variety of Topics in the Codification and apply to all reporting entities within the scope of the affected accounting guidance. The amendments in this ASU are effective for all entities for annual periods beginning after December 15, 2026, and interim periods within those annual periods. Early adoption is permitted in both interim and annual periods in which financial statements have not yet been issued or made available for issuance. ASU 2025-12 is not expected to have a material impact on the financial statements of the Company.

Changes in Significant Accounting Policies

Significant accounting policies are presented in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. These policies, along with the disclosures presented in the other financial statement notes and, in this discussion, provide information on how significant assets and liabilities are valued in the consolidated financial statements and how those values are determined. During the first quarter of 2026, the Company had no changes to significant accounting policies or estimates.

Subsequent Events

Redemption of Debt

On April 15, 2026, we redeemed $30.0 million of the total $60.0 million subordinated debt held, which was the same date this debt changed from a 3.50% fixed rate to Three-Month Term Secured Overnight Financing Rate (“SOFR”) plus 273 basis points, payable quarterly in arrears.

Dividends

On April 21, 2026, our Board of Directors declared a cash dividend of $0.07 per share of common stock payable on May 11, 2026, to stockholders of record as of May 1, 2026; dividends of $3.6 million will be paid to stockholders on May 11, 2026.

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Note 2 – Acquisition

Completed Acquisitions

Bancorp Financial

On July 1, 2025, the Company completed its acquisition of Bancorp Financial and its wholly-owned subsidiary, Evergreen Bank Group, based in Oakbrook, Illinois, with operations throughout our existing market footprint as well as a loan production office in Reno, Nevada. This acquisition brought increased scale and new markets to the Company, and provided new product offerings and line of business opportunities. At closing, the Company acquired $1.43 billion of assets, $1.20 billion of loans, $119.1 million of securities, and $1.23 billion of deposits, net of fair value adjustments. Under the terms of the merger agreement, each outstanding share of Bancorp Financial common stock was exchanged for 2.5814 shares of the Company’s common stock, plus $15.93 of cash. This resulted in merger consideration of $189.4 million, based on the closing price of the Company’s common stock on the date of acquisition, which consisted of 7.9 million shares of the Company’s common stock and $48.9 million of cash. Goodwill of $36.0 million associated with the acquisition was recorded by the Company, which was the result of expected synergies, operational efficiencies and other factors.

The acquisition of Bancorp Financial has been accounted for as a business combination. The Company recorded the estimate of fair value based on initial valuations available at July 1, 2025. The determination of estimated fair value required management to make assumptions related to discount rates, expected future cash flows, market conditions and other future events that are often subjective in nature and may require adjustments, which can be subject to adjustment for additional information received during the measurement period which cannot extend beyond July 1, 2026. None of the $36.0 million of goodwill recorded is expected to be deductible for income tax purposes.

As permitted by ASC No. 805-10-25, Business Combinations, the above estimated amounts may be adjusted up to one year after the closing date of the transaction to reflect any new information obtained about facts and circumstances existing at the acquisition date. While the Bank believes that the information available on the merger date provided a reasonable basis for estimating fair value, additional information and evidence may be provided which will be utilized to finalize all valuations and record final adjustments during the one year subsequent measurement period. These adjustments may include: (i) changes in deferred tax assets or liabilities related to fair value estimates and changes in the expected realization of items considered to be net operating loss carryforwards due to tax calculations still in process, (ii) immaterial changes in loan valuations, and (iii) changes in goodwill as a result of the net effect of any adjustments. As such, any changes in the estimated fair value of assets, including acquired loans, will be recognized in the period the adjustment is identified.

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The following table provides the purchase price allocation as of the July 1, 2025 acquisition of Bancorp Financial for the assets acquired and liabilities assumed at their estimated fair values as of the purchase date, as recorded by the Company:


Bancorp Financial Transaction Summary
As of Date of Transaction

	July 1, 2025
Assets
Cash and due from banks	$	59,385
Securities available-for-sale and held-to-maturity, at fair value		119,117
FHLBC stock		1,958
Loans, net of purchase accounting adjustments		1,195,739
Premises and equipment		2,513
Core deposit intangible		6,206
Bank-owned life insurance ("BOLI")		13,916
Deferred tax assets		13,642
Other assets		14,764
Total assets	$	1,427,240

Liabilities
Noninterest bearing demand	$	73,744
Interest bearing deposits		1,158,778
Total deposits		1,232,522
Short-term borrowings		15,500
Long-term debt		14,800
Deferred tax liabilities		-
Other liabilities		10,978
Total liabilities		1,273,800

Cash consideration paid		48,884
Stock issued for acquisition		140,520
Total consideration		189,404
Total liabilities assumed and cash consideration received for transaction	$	1,463,204
Goodwill	$	35,964

Expenses related to the Bancorp Financial acquisition totaled $349,000 and $278,000 for the quarters ended March 31, 2026 and 2025, respectively. The expenses related to the acquisition are reported within noninterest expense based on the line items impacted, which are primarily salaries and employee benefits, occupancy, furniture and equipment, computer and data processing, legal fees, and other expense in the Consolidated Statements of Income.

Purchased loans and leases that reflect a more-than-insignificant deterioration of credit from origination are considered purchased credit deteriorated (“PCD”) loans. For PCD loans, the initial estimate of expected credit losses was recognized in the allowance for credit losses (“ACL”) on the date of acquisition using the same methodology as other loans and leases held-for-investment. The following table provides a summary of loans purchased as part of the Bancorp Financial acquisition which were individually evaluated and determined to be PCD loans at acquisition.


	As of
Bancorp Financial Acquired PCD Loans	July 1, 2025
Par value of acquired loans	$	89,870
Allowance for credit losses		(17,540)
Non-credit premium		722
Purchase price of PCD loans at acquisition	$	73,052

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Note 3 – Securities

Our investment portfolio serves the liquidity needs and income objectives of the Company. While the portfolio serves as an important component of the overall liquidity management at the Bank, portions of the portfolio also serve as income producing assets. The size and composition of the portfolio reflects liquidity needs, loan demand and interest income objectives. Portfolio size and composition will be adjusted from time to time. While a significant portion of the portfolio consists of readily marketable securities to address liquidity, other parts of the portfolio may reflect funds invested pending future loan demand or to maximize interest income without undue interest rate risk.

Investments are comprised of debt securities and non-marketable equity investments. Securities available-for-sale are carried at fair value. Unrealized gains and losses, net of tax, on securities available-for-sale are reported as a separate component of equity. This balance sheet component changes as interest rates and market conditions change. Unrealized gains and losses are not included in the calculation of regulatory capital.

Federal Home Loan Bank of Chicago (“FHLBC”) and Federal Reserve Bank of Chicago (“FRBC”) stock are considered non-marketable equity investments. FHLBC stock was recorded at $10.6 million as of March 31, 2026, and $11.3 million as of December 31, 2025. FRBC stock was recorded at $20.7 million at March 31, 2026 and December 31, 2025. Our FHLBC stock is necessary to maintain access to FHLBC advances.

The following tables summarize the amortized cost and fair value of the securities portfolio at March 31, 2026, and December 31, 2025, and the corresponding amounts of gross unrealized gains and losses:


					Gross			Gross
		Amortized			Unrealized			Unrealized		Fair
March 31, 2026		Cost¹			Gains			Losses		Value
Securities available-for-sale
U.S. Treasury		$	164,232		$	754		$	-	$	164,986
U.S. government agencies			68,949			-			(324)		68,625
U.S. government agencies mortgage-backed			92,318			21			(7,129)		85,210
States and political subdivisions			211,216			269			(8,141)		203,344
Collateralized mortgage obligations			394,111			705			(31,485)		363,331
Asset-backed securities			45,318			469			(1,282)		44,505
Collateralized loan obligations			184,941			24			(254)		184,711
Equity securities			714			17			-		731
Total securities available-for-sale		$	1,161,799		$	2,259		$	(48,615)	$	1,115,443


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2025	Cost¹		Gains		Losses		Value
Securities available-for-sale
U.S. Treasury	$	164,296	$	1,564	$	-	$	165,860
U.S. government agencies		29,421		-		(245)		29,176
U.S. government agencies mortgage-backed		95,899		-		(7,119)		88,780
States and political subdivisions		213,366		450		(7,441)		206,375
Collateralized mortgage obligations		388,774		1,102		(30,571)		359,305
Asset-backed securities		46,600		423		(1,207)		45,816
Collateralized loan obligations		194,552		151		(239)		194,464
Equity securities		684		63		-		747
Total securities available-for-sale	$	1,133,592	$	3,753	$	(46,822)	$	1,090,523

¹ Excludes accrued interest receivable of $6.4 million at March 31, 2026, and $6.9 million at December 31, 2025, that is recorded in other assets on the Consolidated Balance Sheets.

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The fair value, amortized cost and weighted average yield of debt securities at March 31, 2026, by contractual maturity, are listed in the table below. Securities not due at a single maturity date are shown separately.


				Weighted
		Amortized		Average		Fair
Securities available-for-sale		Cost		Yield		Value
Due in one year or less		$	102,882	4.00	%	$	103,058
Due after one year through five years			122,963	3.91			122,569
Due after five years through ten years			142,578	3.52			138,495
Due after ten years			75,974	3.14			72,833
			444,397	3.67			436,955
Mortgage-backed and collateralized mortgage obligations			486,429	2.81			448,541
Asset-backed securities			45,318	3.64			44,505
Collateralized loan obligations			184,941	5.21			184,711
Equity securities			714	-			731
Total securities available-for-sale		$	1,161,799	3.55	%	$	1,115,443

At March 31, 2026, the Company had no securities issued from any one originator, other than the U.S. Government and its agencies, which individually amounted to over 10% of the Company’s stockholders’ equity.

Securities with unrealized losses with no corresponding allowance for credit losses at March 31, 2026, and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands except for number of securities):


	Less than 12 months					12 months or more
March 31, 2026	in an unrealized loss position					in an unrealized loss position					Total
	Number of	Unrealized		Fair		Number of	Unrealized		Fair		Number of	Unrealized		Fair
Securities available-for-sale	Securities	Losses		Value		Securities	Losses		Value		Securities	Losses		Value
U.S. government agencies	1	$	171	$	39,516	7	$	153	$	29,109	8	$	324	$	68,625
U.S. government agencies mortgage-backed	-		-		-	126		7,129		74,618	126		7,129		74,618
States and political subdivisions	19		180		52,366	19		7,961		74,514	38		8,141		126,880
Collateralized mortgage obligations	9		85		31,813	127		31,400		276,485	136		31,485		308,298
Asset-backed securities	5		168		11,090	9		1,114		22,924	14		1,282		34,014
Collateralized loan obligations	15		219		113,078	2		35		9,976	17		254		123,054
Total securities available-for-sale	49	$	823	$	247,863	290	$	47,792	$	487,626	339	$	48,615	$	735,489


	Less than 12 months					12 months or more
December 31, 2025	in an unrealized loss position					in an unrealized loss position					Total
	Number of	Unrealized			Fair	Number of	Unrealized			Fair	Number of	Unrealized			Fair
Securities available-for-sale	Securities	Losses			Value	Securities	Losses			Value	Securities	Losses			Value
U.S. government agencies	-	$	-	$	-	7	$	245	$	29,176	7	$	245	$	29,176
U.S. government agencies mortgage-backed	1		36		10,572	126		7,083		78,208	127		7,119		88,780
States and political subdivisions	1		4		5,046	29		7,437		104,483	30		7,441		109,529
Collateralized mortgage obligations	5		19		6,287	130		30,552		288,228	135		30,571		294,515
Asset-backed securities	7		139		14,927	7		1,068		20,164	14		1,207		35,091
Collateralized loan obligations	12		239		87,299	-		-		-	12		239		87,299
Total securities available-for-sale	26	$	437	$	124,131	299	$	46,385	$	520,259	325	$	46,822	$	644,390

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Each quarter, we perform an analysis to determine if any of the unrealized losses on securities available-for-sale are comprised of credit losses as compared to unrealized losses due to market interest rate adjustments. Our assessment includes a review of the unrealized loss for each security issuance held; the financial condition and near-term prospects of the issuer, including external credit ratings and recent downgrades; and our ability and intent to hold the security for a period of time sufficient for a recovery in value. We also consider the extent to which the securities are issued by the federal government or its agencies, and any guarantee of issued amounts by those agencies. The portfolio continues to consist of a mix of fixed and floating-rate, high quality securities, largely rated AA (or better), displaying an overall effective duration of approximately 3.0 years.

There were no securities sold for the three months ended March 31, 2026 or 2025, respectively.

As of March 31, 2026, securities valued at $652.7 million were pledged for borrowings and for other purposes, a decrease from $679.5 million of securities pledged at year end 2025.

Note 4 – Loans and Allowance for Credit Losses on Loans

Major classifications of loans were as follows:


		March 31, 2026			December 31, 2025
Commercial		$	845,278		$	842,130
Leases			539,116			548,256
Commercial real estate – investor			1,169,318			1,212,384
Commercial real estate – owner occupied			702,986			706,567
Construction			143,563			173,630
Residential real estate – investor			69,763			70,225
Residential real estate – owner occupied			239,711			230,432
Multifamily			357,131			339,131
HELOC			235,637			235,293
Powersport			674,116			696,959
Other ¹			208,618			197,124
Total loans			5,185,237			5,252,131
Allowance for credit losses on loans			(72,126)			(72,301)
Net loans ²		$	5,113,111		$	5,179,830

¹ The “Other” classification includes consumer loans, such as collector cars, manufactured homes, and solar loans, as well as overdrafts in this table and in subsequent tables within Note 4 – Loans and Allowance for Credit Losses on Loans.

² Excludes accrued interest receivable of $23.2 million and $23.5 million at March 31, 2026, and December 31, 2025, respectively, that is recorded in other assets on the Consolidated Balance Sheets.

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It is the policy of the Company to review each prospective credit prior to making a loan in order to determine if an adequate level of security or collateral has been obtained. The type of collateral, when required, will vary from liquid assets to real estate. The Company seeks to ensure access to collateral, in the event of borrower default, through adherence to lending laws, the Company’s lending standards and credit monitoring procedures. Although the Bank makes loans primarily within its market area, there are no significant concentrations of loans where the customers’ ability to honor loan terms is dependent upon a single economic sector. The real estate related categories listed above represent 56.3% and 56.5% of the portfolio at March 31, 2026, and December 31, 2025, respectively, and include a mix of owner occupied and non-owner occupied commercial real estate, residential, construction and multifamily loans.

The following tables represent the activity in the allowance for credit losses for loans, or the ACL, for the three months ended March 31, 2026 and 2025:



				Provision for
	Beginning			(Release of)									Ending
Allowance for credit losses	Balance			Credit Losses ¹			Charge-offs			Recoveries			Balance
Three months ended March 31, 2026
Commercial	$	11,183		$	2,754		$	1,328		$	30		$	12,639
Leases		2,370			154			312			115			2,327
Commercial real estate – investor		21,672			3,120			3,933			14			20,873
Commercial real estate – owner occupied		4,583			344			-			5			4,932
Construction		1,527			(325)			-			-			1,202
Residential real estate – investor		759			(7)			-			2			754
Residential real estate – owner occupied		1,879			67			-			7			1,953
Multifamily		1,493			115			-			-			1,608
HELOC		3,628			(17)			2			8			3,617
Powersport		17,449			3,362			4,661			767			16,917
Other		5,758			34			557			69			5,304
Total	$	72,301		$	9,601		$	10,793		$	1,017		$	72,126

¹ Amount does not include the provision for unfunded commitment liability.


				Provision for
	Beginning			(Release of)									Ending
Allowance for credit losses	Balance			Credit Losses ¹			Charge-offs			Recoveries			Balance
Three months ended March 31, 2025
Commercial	$	7,813		$	3,448		$	3,446		$	32		$	7,847
Leases		2,136			148			107			14			2,191
Commercial real estate – investor		14,528			1,094			-			14			15,636
Commercial real estate – owner occupied		10,036			(2,730)			47			8			7,267
Construction		3,581			(91)			821			-			2,669
Residential real estate – investor		553			7			-			2			562
Residential real estate – owner occupied		1,509			301			-			30			1,840
Multifamily		1,876			(23)			-			-			1,853
HELOC		1,578			88			-			12			1,678
Powersport		-			-			-			-			-
Other		9			43			108			64			8
Total	$	43,619		$	2,285		$	4,529		$	176		$	41,551

¹ Amount does not include the provision for unfunded commitment liability.

At March 31, 2026, our allowance for credit losses (“ACL”) on loans totaled $72.1 million, and our ACL on unfunded commitments, included in other liabilities, totaled $2.0 million. During the first three months of 2026, we recorded net provision for credit losses on loans and unfunded commitments of $9.5 million. The provision was mostly driven by increased commercial and commercial real estate charge offs, and a downgrade of one commercial relationship. Charge offs for the period ending March 31, 2026 were largely comprised of a $3.9 million charge off in commercial real estate-investor on a downtown Chicago office building that now cashflows after the restructuring; a commercial charge off of $1.3 million in the warehouse and distribution business; and higher than normal powersport net charge offs totaling $3.9 million due to continued softness in the consumer lending as seen in the broader economy. The ACL on loans excludes an allowance for unfunded commitments of $2.0 million as of March 31, 2026, $2.1 million as of December 31, 2025, and $2.0 million as of March 31, 2025, which is recorded within other liabilities on the Consolidated Balance Sheets.

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Generally, the Bank considers a loan to be collateral dependent when, based on current information and events, it is probable that foreclosure could be initiated. Additionally, the Bank will review all loans meeting the criteria for individual analysis, to determine if repayment or satisfaction of the loan is expected through the sale of collateral. This will generally be the case for credits with high loan-to-value ratios. Exceptions to this policy would include loans with guarantors or sponsors that have the means and willingness to support the obligation. Non-accruing loans with an outstanding balance of $500,000 or more are assessed on an individual loan level basis. When a financial asset is deemed collateral-dependent, the level of credit loss is measured by the difference between amortized cost of the financial asset and the fair value of collateral adjusted for estimated cost to sell. The Company had $64.7 million and $40.9 million of collateral dependent loans secured by real estate or business assets as of March 31, 2026, and December 31, 2025, respectively.

The following tables present the collateral dependent loans and the related ACL allocated by classification of loans as of March 31, 2026, and December 31, 2025:


			Accounts								ACL
March 31, 2026	Real Estate		Receivable		Equipment		Equity Interests		Total		Allocation
Commercial	$	-	$	12,507	$	3,402	$	16,500	$	32,409	$	5,348
Leases		-		-		-		-		-		-
Commercial real estate – investor		11,210		-		-		-		11,210		5,547
Commercial real estate – owner occupied		17,939		-		-		-		17,939		315
Construction		1,469		-		-		-		1,469		-
Residential real estate – investor		152		-		-		-		152		-
Residential real estate – owner occupied		721		-		-		-		721		-
Multifamily		783		-		-		-		783		-
HELOC		-		-		-		-		-		-
Powersport		-		-		-				-		-
Other		-		-		-		-		-		-
Total	$	32,274	$	12,507	$	3,402	$	16,500	$	64,683	$	11,210

			Accounts								ACL
December 31, 2025	Real Estate		Receivable		Equipment		Equity Interests		Total		Allocation
Commercial	$	-	$	5,960	$	2,055	$	-	$	8,015	$	762
Leases		-		-		-		-		-		-
Commercial real estate – investor		11,345		-		-		-		11,345		5,682
Commercial real estate – owner occupied		19,809		-		-		-		19,809		-
Construction		-		-		-		-		-		-
Residential real estate – investor		26		-		-		-		26		-
Residential real estate – owner occupied		844		-		-		-		844		-
Multifamily		782		-		-		-		782		-
HELOC		53		-		-		-		53		-
Powersport		-		-		-				-		-
Other		-		-		-		-		-		-
Total	$	32,859	$	5,960	$	2,055	$	-	$	40,874	$	6,444

An aged analysis of past due loans by classification of loans was as follows:


																			90 days or
							90 Days or												Greater Past
	30-59 Days			60-89 Days			Greater Past			Total Past									Due and
March 31, 2026	Past Due			Past Due			Due			Due			Current			Total Loans			Accruing
Commercial	$	6,512			-			4,053			10,565			834,713		$	845,278		$	581
Leases		1,976			391			1,910			4,277			534,839			539,116			348
Commercial real estate – investor		29,415			1,750			5,182			36,347			1,132,971			1,169,318			5,182
Commercial real estate – owner occupied		1,222			784			20,122			22,128			680,858			702,986			3,578
Construction		-			-			2,086			2,086			141,477			143,563			-
Residential real estate – investor		198			356			152			706			69,057			69,763			-
Residential real estate – owner occupied		2,359			194			617			3,170			236,541			239,711			90
Multifamily		311			-			1,072			1,383			355,748			357,131			-
HELOC		1,610			851			589			3,050			232,587			235,637			60
Powersport		11,497			3,484			2,363			17,344			656,772			674,116			2,190
Other		659			135			1,112			1,906			206,712			208,618			839
Total	$	55,759		$	7,945		$	39,258		$	102,962		$	5,082,275		$	5,185,237		$	12,868

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90 days or

90 Days or

Greater Past

30-59 Days

60-89 Days

Greater Past

Total Past

OLD SECOND BANCORP INC 10-Q