Company: OSBC
Filing Date: 2025-02-26
Form Type: 425
Source: 0000357173-25-000023
Chunk: 7

Company: OLD SECOND BANCORP INC
Filing Date: 2025-02-26
Form: 425
Chunk 7
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 going forward.

James Eccher - Chairman and CEO of Old Second Bancorp, Inc. & Old Second National Bank

Terry, all I would add is, look, in the last nine years, we've done five transactions. This is our first asset generation play since we acquired Talmer 2016. The three in between were pure deposit plays for us. So, we hear you, and we will address the funding side as we progress through the process.

Q:Perfect. And then just a couple of modeling questions. Just so I'm clear, the $10 million of fully phased-in cost savings, do you expect to hit that run rate by January 1, '26 or by the end of '26?

Bradley Adams - EVP, Chief Operating & Chief Financial Officer, Old Second Bancorp, Inc.

$12 million, I thought, and I would.

Q:I'm looking at Page 12 here.

Bradley Adams - EVP, Chief Operating & Chief Financial Officer, Old Second Bancorp, Inc.

So, we've got $12 million in cost saves identified, and I'm looking at Page 12, right there.

Q:Okay. So, 10 in 2026.

Bradley Adams - EVP, Chief Operating & Chief Financial Officer, Old Second Bancorp, Inc.

So, I would say that the conversion date is as said, would be in 2025. So, we would see the bulk of the cost saves fully realized in '26. There may be a couple of million here that bleed there. And there may be opportunities beyond that, but we should be largely there within the first quarter of '26.

Q:And then just one last question. It's on the last page, 21, where you're calculating the TBV dilution. You have the after-tax merger cost of $3.5 million earlier in the presentation, I believe it was $17.6 million. So, the remaining onetime deal-related costs would those be incurred after the deal closes, core conversion, et cetera.

Bradley Adams - EVP, Chief Operating & Chief Financial Officer, Old Second Bancorp, Inc.

Yes, probably. I mean the exact timing is a little up in the air right now, but that would seem to make sense.

Q:Okay, thanks for taking my questions.

Bradley Adams - EVP, Chief Operating & Chief Financial Officer, Old Second Bancorp, Inc.

Thanks, Terry.

Operator

Thank you. Our next question is coming from