Company: OSBC
Filing Date: 2025-04-23
Form Type: S-4
Source: 0001104659-25-037832
Chunk: 160

Company: OLD SECOND BANCORP INC
Filing Date: 2025-04-23
Form: S-4
Chunk 160
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, as well as other small changes in the other components of noninterest expense. Income taxes Bancorp Financial’s provision for income taxes includes both federal and state income tax expense. Income tax expense for the years ended December 31, 2024 and 2023 was $1.4 million and $1.5 million, respectively. The decrease in income tax expense is commensurate with the decrease in our pretax income. The effective tax rate was 21.3% and 20.8% for the years ended December 31, 2024 and 2023, respectively. Financial condition General Total assets were $1.45 billion at December 31, 2024, a decrease of $57.4 million, or 3.8%, from December 31, 2023. Our total cash and cash equivalents decreased $17.6 million due primarily to a decrease in interest-earning deposits with banks to reduce wholesale funding balances at year end.

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TABLE OF CONTENTS

Securities decreased by $2.7 million, or 2.1%, to $123.5 million at December 31, 2024, compared to 2023, primarily due to $6.8 million of paydowns, maturities, and calls and $12.1 million of strategic sales, partially offset by security purchases of $17.7 million. Our gross loans decreased $33.2 million, or 2.7%, to $1.2 billion at December 31, 2024 as compared to 2023, primarily due to declines in the powersport, commercial real estate and home equity portfolios, partially offset by growth in the commercial and industrial and commercial construction portfolios. Accrued interest and other assets decreased by $5.0 million, or 29.9%, to $11.8 million at December 31, 2024 compared to 2023 primarily due to gross tax receivable and a significant deposit held for digital banking. Total liabilities were $1.3 billion at December 31, 2024, a $62.2 million, or 4.6%, decrease compared to $1.4 billion at December 31, 2023. The decrease in total liabilities was primarily due to a decrease in deposits and accrued interest and other liabilities. Total deposits decreased by $57.0 million, or 4.4%, during 2024 as a result of a reduction in interest-bearing time deposits, partially offset by an increase in