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Old Second NEWS RELEASE Old Second Reports Third Quarter Net Income of $ 8.4 million , or $ 0.29 per Diluted Share 10/20/2021 AURORA , III . , Oct. 20 , 2021 / PRNewswire / -- Old Second Bancorp , Inc. ( the " Company , " " Old Second , " " we , " " us , " and " our " ) ( NASDAQ : OSBC ) , the parent company of Old Second National Bank ( the " Bank " ) , today announced financial results for the third quarter of 2021. Our net income was $ 8.4 million , or $ 0.29 per diluted share , for the third quarter of 2021 , compared to net income of $ 8.8 million , or $ 0.30 per diluted share , for the second quarter of 2021 , and net income of $ 10.3 million , or $ 0.34 per diluted share , for the third quarter of 2020. Net income for the third quarter of 2021 reflected a $ 1.5 million pre - tax release of provision for credit losses , compared to a $ 3.5 million pre - tax release in the second quarter of 2021 , and a $ 300,000 pre - tax provision expense in the third quarter of 2020. Residential mortgage banking revenue totaled $ 2.7 million in the third quarter of 2021 , compared to $ 1.6 million in the second quarter of 2021 , and $ 6.1 million in the third quarter of 2020. Mortgage servicing rights ( " MSRs " ) experienced a mark to market loss of $ 282,000 during the third quarter of 2021 , compared to a $ 1.0 million loss in the prior quarter and a $ 160,000 loss in the third quarter of 2020. Net gain on sales of mortgage loans totaled $ 2.2 million in the third quarter of 2021 , compared to $ 1.9 million in the second quarter of 2021 , and $ 5.2 million in the third quarter of 2020 , as mortgage origination and refinancing volumes declined in the current year . Noninterest expense included $ 425,000 of merger - related expenses in the third quarter of 2021 due to the pending merger with West Suburban Bancorp , Inc. and its wholly - owned subsidiary bank , which is anticipated to close in December 2021 , subject to the satisfaction of customary closing conditions , including receipt of required approval by the stockholders of each company . Operating Results • Third quarter 2021 net income was $ 8.4 million , reflecting a decrease in earnings of $ 409,000 from the second quarter of 2021 , and a decrease of $ 1.9 million from the third quarter of 2020 . 1