Company: OSBC
Filing Date: 2025-04-23
Form Type: S-4
Source: 0001104659-25-037832
Chunk: 223

Company: OLD SECOND BANCORP INC
Filing Date: 2025-04-23
Form: S-4
Chunk 223
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 non-usage fee of 0.25% on any undrawn amounts. FHLB Advance — The Company entered into a Pledge Agreement with the Federal Home Loan Bank and began pledging loans in 2012. Under the agreement, the Company can borrow up to 76% of the book value of pledged 1-4 family real estate loans, 62% of the book value of pledged home equity loans and 98% of the current fair market value of pledged MBS agency securities. As of December 31, 2024, the Company has pledged assets with a collateral value of approximately $4,100,934 of 1-4 family real estate loans, $45,707,455 of home equity loans and lines of credit, and $50,710,651 of MBS agency securities. At December 31, 2024, the Company had four separate FHLB advances with interest rates ranging from 0.69%-4.46% and maturities ranging from January of 2025 to June of 2029. At December 31, 2023, the Company had five separate FHLB advances with interest rates ranging from 0.69%-3.87% and maturities ranging from June of 2024 to March of 2028. Note 8. Employee Benefit Plans The Company has a 401(k) defined contribution plan covering substantially all employees. Eligible employees may elect to contribute a percentage of their compensation, as defined by the plan. For the years ended December 31, 2024 and 2023, the plan provides for a 100% Safe Harbor matching contribution limited to the first 4% of employee contributions for all employees who have completed one month of service. The Company made contributions to this plan of approximately $462,000 and $471,000 during 2024 and 2023, respectively. On January 1, 2012, the Company adopted a Supplemental Executive Retirement Plan (SERP) with certain executive officers. Under this SERP, the Company agrees to provide at a prescribed retirement date, a supplemental fixed post-retirement benefit for an established number of years. This SERP is unfunded and therefore the liability for this SERP is recorded in other liabilities on the consolidated balance sheets. The present value of the estimated liability under the agreement is being accrued using a discount rate of 6% ratably over the remaining years to the date when the executive is first eligible for benefits. The Company’s