Exhibit 99.2
First Midwest Bancorp, Inc. |
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Selected Financial Information |
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(Amounts in thousands, except per share data) |
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| 2013 |
| 2012 |
| 2011 |
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| March 31 |
| March 31 |
| June 30 |
| September 30 |
| December 31 |
| Dec. 31/YTD |
| March 31 |
| June 30 |
| September 30 |
| December 31 |
| Dec. 31/YTD |
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Period-End Balance Sheet |
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Assets: |
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Cash and cash equivalents |
| $ | 553,316 |
| $ | 486,373 |
| $ | 478,162 |
| $ | 518,374 |
| $ | 716,266 |
| $ | 716,266 |
| $ | 526,460 |
| $ | 711,469 |
| $ | 1,062,333 |
| $ | 641,530 |
| $ | 641,530 |
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Securities available-for-sale, at fair value |
| 1,246,679 |
| 1,183,975 |
| 1,174,931 |
| 1,191,582 |
| 1,082,403 |
| 1,082,403 |
| 1,057,758 |
| 1,009,873 |
| 970,430 |
| 1,013,006 |
| 1,013,006 |
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Securities held-to-maturity, at amortized cost |
| 31,443 |
| 56,319 |
| 60,933 |
| 41,944 |
| 34,295 |
| 34,295 |
| 81,218 |
| 76,142 |
| 74,375 |
| 60,458 |
| 60,458 |
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FHLB and FRB stock |
| 47,232 |
| 46,750 |
| 46,750 |
| 47,232 |
| 47,232 |
| 47,232 |
| 61,338 |
| 58,187 |
| 58,187 |
| 58,187 |
| 58,187 |
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Loans held-for-sale |
| — |
| 1,500 |
| — |
| 90,011 |
| — |
| — |
| 3,800 |
| 1,595 |
| 4,620 |
| 4,200 |
| 4,200 |
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Loans: |
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Commercial and industrial |
| 1,659,872 |
| 1,496,966 |
| 1,597,427 |
| 1,610,169 |
| 1,631,474 |
| 1,631,474 |
| 1,493,465 |
| 1,518,772 |
| 1,476,034 |
| 1,458,446 |
| 1,458,446 |
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Agricultural |
| 274,991 |
| 237,686 |
| 272,742 |
| 259,787 |
| 268,618 |
| 268,618 |
| 234,898 |
| 237,518 |
| 250,436 |
| 243,776 |
| 243,776 |
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Commercial real estate: |
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Office, retail, and industrial |
| 1,344,256 |
| 1,366,899 |
| 1,391,129 |
| 1,330,331 |
| 1,333,191 |
| 1,333,191 |
| 1,205,880 |
| 1,229,100 |
| 1,263,315 |
| 1,299,082 |
| 1,299,082 |
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Multi-family |
| 298,117 |
| 301,356 |
| 308,250 |
| 309,509 |
| 285,481 |
| 285,481 |
| 344,645 |
| 336,138 |
| 317,313 |
| 288,336 |
| 288,336 |
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Residential construction |
| 54,032 |
| 99,768 |
| 88,908 |
| 61,920 |
| 61,462 |
| 61,462 |
| 151,887 |
| 129,327 |
| 116,283 |
| 105,836 |
| 105,836 |
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Commercial construction |
| 122,210 |
| 142,307 |
| 147,626 |
| 136,509 |
| 124,954 |
| 124,954 |
| 153,392 |
| 146,679 |
| 145,889 |
| 144,909 |
| 144,909 |
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Other commercial real estate |
| 743,076 |
| 829,005 |
| 817,071 |
| 780,712 |
| 773,121 |
| 773,121 |
| 850,334 |
| 852,966 |
| 877,241 |
| 888,146 |
| 888,146 |
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1-4 family mortgages |
| 263,286 |
| 217,729 |
| 237,341 |
| 292,908 |
| 282,948 |
| 282,948 |
| 178,538 |
| 185,002 |
| 189,587 |
| 201,099 |
| 201,099 |
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Consumer |
| 415,431 |
| 445,612 |
| 437,532 |
| 436,500 |
| 428,427 |
| 428,427 |
| 482,504 |
| 477,409 |
| 468,396 |
| 458,483 |
| 458,483 |
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Total loans, excluding covered loans |
| 5,175,271 |
| 5,137,328 |
| 5,298,026 |
| 5,218,345 |
| 5,189,676 |
| 5,189,676 |
| 5,095,543 |
| 5,112,911 |
| 5,104,494 |
| 5,088,113 |
| 5,088,113 |
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Covered loans |
| 186,687 |
| 251,376 |
| 230,047 |
| 216,610 |
| 197,894 |
| 197,894 |
| 349,446 |
| 314,942 |
| 289,747 |
| 260,502 |
| 260,502 |
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Allowance for loan and covered loan losses |
| (97,591 | ) | (116,264 | ) | (116,182 | ) | (102,445 | ) | (99,446 | ) | (99,446 | ) | (142,503 | ) | (137,331 | ) | (128,791 | ) | (119,462 | ) | (119,462 | ) | |||||||||||
Net loans |
| 5,264,367 |
| 5,272,440 |
| 5,411,891 |
| 5,332,510 |
| 5,288,124 |
| 5,288,124 |
| 5,302,486 |
| 5,290,522 |
| 5,265,450 |
| 5,229,153 |
| 5,229,153 |
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OREO, excluding covered OREO |
| 39,994 |
| 35,276 |
| 28,309 |
| 36,487 |
| 39,953 |
| 39,953 |
| 33,863 |
| 24,407 |
| 23,863 |
| 33,975 |
| 33,975 |
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Covered OREO |
| 14,774 |
| 16,990 |
| 9,136 |
| 8,729 |
| 13,123 |
| 13,123 |
| 21,543 |
| 14,583 |
| 21,594 |
| 23,455 |
| 23,455 |
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FDIC indemnification asset |
| 28,958 |
| 58,488 |
| 58,302 |
| 47,191 |
| 37,051 |
| 37,051 |
| 85,386 |
| 95,752 |
| 63,508 |
| 65,609 |
| 65,609 |
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Investment in bank-owned life insurance |
| 206,706 |
| 206,304 |
| 206,572 |
| 206,043 |
| 206,405 |
| 206,405 |
| 197,889 |
| 198,149 |
| 205,886 |
| 206,235 |
| 206,235 |
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Goodwill and other intangible assets |
| 280,240 |
| 282,815 |
| 281,981 |
| 281,914 |
| 281,059 |
| 281,059 |
| 285,077 |
| 284,120 |
| 283,163 |
| 283,650 |
| 283,650 |
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Other assets |
| 342,110 |
| 340,772 |
| 342,388 |
| 365,159 |
| 353,928 |
| 353,928 |
| 379,791 |
| 364,592 |
| 346,765 |
| 354,136 |
| 354,136 |
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Total assets |
| $ | 8,055,819 |
| $ | 7,988,002 |
| $ | 8,099,355 |
| $ | 8,167,176 |
| $ | 8,099,839 |
| $ | 8,099,839 |
| $ | 8,036,609 |
| $ | 8,129,391 |
| $ | 8,380,174 |
| $ | 7,973,594 |
| $ | 7,973,594 |
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Liabilities and Stockholders’ Equity: |
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Noninterest-bearing deposits |
| $ | 1,738,110 |
| $ | 1,637,593 |
| $ | 1,727,009 |
| $ | 1,773,928 |
| $ | 1,762,903 |
| $ | 1,762,903 |
| $ | 1,346,698 |
| $ | 1,494,390 |
| $ | 1,634,623 |
| $ | 1,593,773 |
| $ | 1,593,773 |
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Interest-bearing deposits |
| 4,862,685 |
| 4,848,770 |
| 4,900,734 |
| 4,975,127 |
| 4,909,352 |
| 4,909,352 |
| 5,073,196 |
| 5,001,159 |
| 4,991,985 |
| 4,885,402 |
| 4,885,402 |
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Total deposits |
| 6,600,795 |
| 6,486,363 |
| 6,627,743 |
| 6,749,055 |
| 6,672,255 |
| 6,672,255 |
| 6,419,894 |
| 6,495,549 |
| 6,626,608 |
| 6,479,175 |
| 6,479,175 |
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Borrowed funds |
| 208,854 |
| 202,155 |
| 189,524 |
| 183,691 |
| 185,984 |
| 185,984 |
| 273,342 |
| 272,024 |
| 386,429 |
| 205,371 |
| 205,371 |
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Senior and subordinated debt |
| 214,811 |
| 231,106 |
| 231,138 |
| 231,171 |
| 214,779 |
| 214,779 |
| 137,746 |
| 137,748 |
| 137,751 |
| 252,153 |
| 252,153 |
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Other liabilities |
| 77,908 |
| 95,677 |
| 72,398 |
| 69,824 |
| 85,928 |
| 85,928 |
| 81,925 |
| 82,828 |
| 77,476 |
| 74,308 |
| 74,308 |
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Stockholders’ equity |
| 953,451 |
| 972,701 |
| 978,552 |
| 933,435 |
| 940,893 |
| 940,893 |
| 1,123,702 |
| 1,141,242 |
| 1,151,910 |
| 962,587 |
| 962,587 |
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Total liabilities and stockholders’ equity |
| $ | 8,055,819 |
| $ | 7,988,002 |
| $ | 8,099,355 |
| $ | 8,167,176 |
| $ | 8,099,839 |
| $ | 8,099,839 |
| $ | 8,036,609 |
| $ | 8,129,391 |
| $ | 8,380,174 |
| $ | 7,973,594 |
| $ | 7,973,594 |
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Stockholders’ equity, excluding OCI |
| $ | 970,340 |
| $ | 983,620 |
| $ | 990,419 |
| $ | 942,683 |
| $ | 956,553 |
| $ | 956,553 |
| $ | 1,148,075 |
| $ | 1,156,581 |
| $ | 1,163,323 |
| $ | 975,863 |
| $ | 975,863 |
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Stockholders’ equity, common |
| 953,451 |
| 972,701 |
| 978,552 |
| 933,435 |
| 940,893 |
| 940,893 |
| 930,702 |
| 948,242 |
| 958,910 |
| 962,587 |
| 962,587 |
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Stockholders’ equity, common excluding OCI |
| 970,340 |
| 983,620 |
| 990,419 |
| 942,683 |
| 956,553 |
| 956,553 |
| 955,075 |
| 963,581 |
| 970,323 |
| 975,863 |
| 975,863 |
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Stockholders’ equity, preferred |
| — |
| — |
| — |
| — |
| — |
| — |
| 193,000 |
| 193,000 |
| 193,000 |
| — |
| — |
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Average Balance Sheet |
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Total assets |
| $ | 8,071,301 |
| $ | 7,957,191 |
| $ | 8,113,742 |
| $ | 8,227,113 |
| $ | 8,139,243 |
| $ | 8,109,726 |
| $ | 8,094,951 |
| $ | 8,171,095 |
| $ | 8,229,780 |
| $ | 8,142,503 |
| $ | 8,159,905 |
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Investment securities |
| 1,175,063 |
| 1,163,338 |
| 1,238,767 |
| 1,220,654 |
| 1,144,997 |
| 1,191,889 |
| 1,166,991 |
| 1,150,221 |
| 1,057,075 |
| 1,069,844 |
| 1,110,619 |
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FHLB and FRB stock |
| 47,232 |
| 52,531 |
| 46,750 |
| 47,111 |
| 47,232 |
| 48,400 |
| 61,338 |
| 59,745 |
| 58,187 |
| 58,187 |
| 59,352 |
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Total loans, excluding covered loans |
| 5,148,343 |
| 5,089,286 |
| 5,213,944 |
| 5,353,911 |
| 5,160,576 |
| 5,204,718 |
| 5,075,840 |
| 5,108,234 |
| 5,136,130 |
| 5,085,792 |
| 5,101,621 |
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Covered loans and FDIC indemnification asset |
| 223,691 |
| 318,569 |
| 297,141 |
| 276,180 |
| 248,971 |
| 285,091 |
| 444,242 |
| 420,108 |
| 387,635 |
| 343,479 |
| 398,559 |
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Other interest-earning assets |
| 598,527 |
| 464,373 |
| 448,126 |
| 450,917 |
| 631,693 |
| 502,069 |
| 483,252 |
| 582,570 |
| 758,030 |
| 732,051 |
| 639,984 |
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Total interest-earning assets |
| $ | 7,192,856 |
| $ | 7,088,097 |
| $ | 7,244,728 |
| $ | 7,348,773 |
| $ | 7,233,469 |
| $ | 7,232,167 |
| $ | 7,231,663 |
| $ | 7,320,878 |
| $ | 7,397,057 |
| $ | 7,289,353 |
| $ | 7,310,135 |
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Demand deposits |
| $ | 1,740,825 |
| $ | 1,591,198 |
| $ | 1,797,854 |
| $ | 1,852,810 |
| $ | 1,808,522 |
| $ | 1,762,968 |
| $ | 1,342,013 |
| $ | 1,465,438 |
| $ | 1,569,671 |
| $ | 1,613,221 |
| $ | 1,498,900 |
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Interest-bearing demand deposits |
| 79 |
| 386 |
| 718 |
| 514 |
| 155 |
| 443 |
| — |
| — |
| — |
| 24 |
| 6 |
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Savings deposits |
| 1,107,213 |
| 995,955 |
| 1,042,099 |
| 1,048,430 |
| 1,066,611 |
| 1,038,379 |
| 901,205 |
| 944,802 |
| 940,151 |
| 952,962 |
| 934,937 |
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NOW accounts |
| 1,145,403 |
| 1,051,484 |
| 1,063,336 |
| 1,110,898 |
| 1,133,585 |
| 1,090,003 |
| 1,044,280 |
| 1,126,913 |
| 1,129,893 |
| 1,062,993 |
| 1,091,178 |
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Money market deposits |
| 1,251,235 |
| 1,184,316 |
| 1,176,723 |
| 1,234,833 |
| 1,268,046 |
| 1,216,173 |
| 1,240,439 |
| 1,205,736 |
| 1,236,546 |
| 1,237,600 |
| 1,230,090 |
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Transactional deposits |
| 5,244,755 |
| 4,823,339 |
| 5,080,730 |
| 5,247,485 |
| 5,276,919 |
| 5,107,966 |
| 4,527,937 |
| 4,742,889 |
| 4,876,261 |
| 4,866,800 |
| 4,755,111 |
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Time deposits |
| 1,374,529 |
| 1,621,926 |
| 1,548,410 |
| 1,498,993 |
| 1,447,918 |
| 1,529,006 |
| 1,937,890 |
| 1,813,164 |
| 1,731,413 |
| 1,688,971 |
| 1,792,009 |
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Total deposits |
| 6,619,284 |
| 6,445,265 |
| 6,629,140 |
| 6,746,478 |
| 6,724,837 |
| 6,636,972 |
| 6,465,827 |
| 6,556,053 |
| 6,607,674 |
| 6,555,771 |
| 6,547,120 |
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Borrowed funds |
| 199,891 |
| 203,548 |
| 195,934 |
| 189,835 |
| 185,390 |
| 193,643 |
| 285,847 |
| 262,525 |
| 262,001 |
| 252,839 |
| 265,702 |
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Senior and subordinated debt |
| 214,796 |
| 248,232 |
| 231,123 |
| 231,156 |
| 214,764 |
| 231,273 |
| 137,745 |
| 137,747 |
| 137,749 |
| 187,488 |
| 150,285 |
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Total funding sources |
| $ | 7,033,971 |
| $ | 6,897,045 |
| $ | 7,056,197 |
| $ | 7,167,469 |
| $ | 7,124,991 |
| $ | 7,061,888 |
| $ | 6,889,419 |
| $ | 6,956,325 |
| $ | 7,007,424 |
| $ | 6,996,098 |
| $ | 6,963,107 |
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Stockholders’ equity |
| $ | 948,060 |
| $ | 970,368 |
| $ | 977,054 |
| $ | 982,582 |
| $ | 941,175 |
| $ | 967,763 |
| $ | 1,122,315 |
| $ | 1,134,770 |
| $ | 1,148,548 |
| $ | 1,072,684 |
| $ | 1,119,523 |
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Stockholders’ equity, common |
| 948,060 |
| 970,368 |
| 977,054 |
| 982,582 |
| 941,175 |
| 967,763 |
| 929,315 |
| 941,770 |
| 955,548 |
| 961,500 |
| 947,145 |
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Stockholders’ equity, preferred |
| — |
| — |
| — |
| — |
| — |
| — |
| 193,000 |
| 193,000 |
| 193,000 |
| 111,184 |
| 172,378 |
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First Midwest Bancorp, Inc.
Selected Financial Information
(Amounts in thousands, except per share data)
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| 2013 |
| 2012 |
| 2011 |
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| March 31 |
| March 31 |
| June 30 |
| September 30 |
| December 31 |
| Dec. 31/YTD |
| March 31 |
| June 30 |
| September 30 |
| December 31 |
| Dec. 31/YTD |
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Income Statement |
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Interest income |
| $ | 71,045 |
| $ | 75,268 |
| $ | 75,518 |
| $ | 75,584 |
| $ | 74,199 |
| $ | 300,569 |
| $ | 81,283 |
| $ | 81,296 |
| $ | 80,175 |
| $ | 78,757 |
| $ | 321,511 |
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Interest expense |
| 7,197 |
| 10,086 |
| 8,814 |
| 8,324 |
| 7,677 |
| 34,901 |
| 10,637 |
| 9,935 |
| 9,640 |
| 9,679 |
| 39,891 |
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Net interest income |
| 63,848 |
| 65,182 |
| 66,704 |
| 67,260 |
| 66,522 |
| 265,668 |
| 70,646 |
| 71,361 |
| 70,535 |
| 69,078 |
| 281,620 |
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Provision for loan and covered loan losses |
| 5,674 |
| 18,210 |
| 22,458 |
| 111,791 |
| 5,593 |
| 158,052 |
| 19,492 |
| 18,763 |
| 20,425 |
| 21,902 |
| 80,582 |
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Service charges on deposit accounts |
| 8,677 |
| 8,660 |
| 8,848 |
| 9,502 |
| 9,689 |
| 36,699 |
| 8,144 |
| 9,563 |
| 10,215 |
| 9,957 |
| 37,879 |
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Card-based fees |
| 5,076 |
| 5,020 |
| 5,312 |
| 5,246 |
| 5,274 |
| 20,852 |
| 4,529 |
| 5,162 |
| 4,931 |
| 4,971 |
| 19,593 |
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Wealth management fees |
| 5,839 |
| 5,392 |
| 5,394 |
| 5,415 |
| 5,590 |
| 21,791 |
| 5,053 |
| 5,237 |
| 4,982 |
| 5,052 |
| 20,324 |
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Mortgage banking income |
| 1,966 |
| — |
| — |
| 167 |
| 2,102 |
| 2,269 |
| — |
| — |
| — |
| — |
| — |
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Merchant servicing fees |
| 2,554 |
| 2,322 |
| 2,908 |
| 2,849 |
| 2,727 |
| 10,806 |
| 2,607 |
| 2,945 |
| 2,836 |
| 2,524 |
| 10,912 |
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Other service charges, commissions, and fees |
| 1,646 |
| 1,198 |
| 1,189 |
| 1,171 |
| 1,348 |
| 4,906 |
| 1,370 |
| 1,298 |
| 1,453 |
| 1,353 |
| 5,474 |
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Bank-owned life insurance income |
| 281 |
| 248 |
| 404 |
| 300 |
| 355 |
| 1,307 |
| 252 |
| 259 |
| 1,479 |
| 241 |
| 2,231 |
| |||||||||||
Other income |
| 500 |
| 1,135 |
| 406 |
| 727 |
| 460 |
| 2,728 |
| 978 |
| 501 |
| 598 |
| 652 |
| 2,729 |
| |||||||||||
Total operating revenues |
| 26,539 |
| 23,975 |
| 24,461 |
| 25,377 |
| 27,545 |
| 101,358 |
| 22,933 |
| 24,965 |
| 26,494 |
| 24,750 |
| 99,142 |
| |||||||||||
Trading gains |
| 1,036 |
| 1,401 |
| (575 | ) | 685 |
| 116 |
| 1,627 |
| 744 |
| (2 | ) | (2,352 | ) | 919 |
| (691 | ) | |||||||||||
Net securities (losses) gains |
| — |
| (943 | ) | 151 |
| (217 | ) | 88 |
| (921 | ) | 540 |
| 1,531 |
| 449 |
| (110 | ) | 2,410 |
| |||||||||||
Gains on acquisitions |
| — |
| — |
| — |
| 3,289 |
| — |
| 3,289 |
| — |
| — |
| — |
| 1,076 |
| 1,076 |
| |||||||||||
Gain on bulk loan sales |
| — |
| — |
| — |
| — |
| 5,153 |
| 5,153 |
| — |
| — |
| — |
| — |
| — |
| |||||||||||
Net gains (losses) on early extinguishment of debt |
| — |
| 256 |
| — |
| — |
| (814 | ) | (558 | ) | — |
| — |
| — |
| — |
| — |
| |||||||||||
Total noninterest income |
| 27,575 |
| 24,689 |
| 24,037 |
| 29,134 |
| 32,088 |
| 109,948 |
| 24,217 |
| 26,494 |
| 24,591 |
| 26,635 |
| 101,937 |
| |||||||||||
Salaries and wages |
| 28,963 |
| 27,257 |
| 23,852 |
| 26,881 |
| 27,241 |
| 105,231 |
| 25,665 |
| 25,493 |
| 22,957 |
| 27,588 |
| 101,703 |
| |||||||||||
Retirement and other employee benefits |
| 7,606 |
| 6,793 |
| 5,714 |
| 6,230 |
| 6,787 |
| 25,524 |
| 7,153 |
| 6,061 |
| 6,225 |
| 7,632 |
| 27,071 |
| |||||||||||
Net occupancy and equipment expense |
| 8,147 |
| 8,331 |
| 7,513 |
| 8,108 |
| 8,747 |
| 32,699 |
| 9,103 |
| 8,012 |
| 8,157 |
| 7,681 |
| 32,953 |
| |||||||||||
Technology and related costs |
| 2,483 |
| 2,858 |
| 2,851 |
| 2,906 |
| 3,231 |
| 11,846 |
| 2,623 |
| 2,697 |
| 2,709 |
| 2,876 |
| 10,905 |
| |||||||||||
Professional services |
| 5,218 |
| 5,629 |
| 6,905 |
| 6,665 |
| 10,415 |
| 29,614 |
| 5,119 |
| 5,640 |
| 7,571 |
| 8,026 |
| 26,356 |
| |||||||||||
Net OREO expense |
| 1,799 |
| 1,864 |
| 4,124 |
| 3,208 |
| 1,325 |
| 10,521 |
| 3,931 |
| 5,223 |
| 4,174 |
| 2,965 |
| 16,293 |
| |||||||||||
FDIC premiums |
| 1,742 |
| 1,719 |
| 1,659 |
| 1,785 |
| 1,763 |
| 6,926 |
| 2,725 |
| 1,708 |
| 1,799 |
| 1,758 |
| 7,990 |
| |||||||||||
Advertising and promotions |
| 1,410 |
| 870 |
| 1,032 |
| 1,427 |
| 1,744 |
| 5,073 |
| 1,079 |
| 1,378 |
| 2,502 |
| 1,239 |
| 6,198 |
| |||||||||||
Merchant card expense |
| 2,044 |
| 1,796 |
| 2,324 |
| 2,272 |
| 2,192 |
| 8,584 |
| 2,088 |
| 2,391 |
| 2,315 |
| 1,849 |
| 8,643 |
| |||||||||||
Cardholder expenses |
| 929 |
| 1,042 |
| 980 |
| 982 |
| 935 |
| 3,939 |
| 825 |
| 1,097 |
| 957 |
| 914 |
| 3,793 |
| |||||||||||
Adjusted amortization of FDIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
indemnification asset |
| 750 |
| — |
| — |
| 4,000 |
| 2,705 |
| 6,705 |
| — |
| — |
| — |
| — |
| — |
| |||||||||||
Intangibles amortization |
| 819 |
| 834 |
| 834 |
| 849 |
| 855 |
| 3,372 |
| 957 |
| 956 |
| 957 |
| 932 |
| 3,802 |
| |||||||||||
Other expenses |
| 2,904 |
| 3,620 |
| 3,369 |
| 4,810 |
| 5,667 |
| 17,466 |
| 4,150 |
| 5,063 |
| 3,853 |
| 3,131 |
| 16,197 |
| |||||||||||
Total noninterest expense |
| 64,814 |
| 62,613 |
| 61,157 |
| 70,123 |
| 73,607 |
| 267,500 |
| 65,418 |
| 65,719 |
| 64,176 |
| 66,591 |
| 261,904 |
| |||||||||||
Income (loss) before income tax |
| 20,935 |
| 9,048 |
| 7,126 |
| (85,520 | ) | 19,410 |
| (49,936 | ) | 9,953 |
| 13,373 |
| 10,525 |
| 7,220 |
| 41,071 |
| |||||||||||
Income tax |
| 6,293 |
| 1,156 |
| 761 |
| (36,993 | ) | 6,194 |
| (28,882 | ) | (91 | ) | 2,720 |
| 1,583 |
| 296 |
| 4,508 |
| |||||||||||
Net income (loss) |
| $ | 14,642 |
| $ | 7,892 |
| $ | 6,365 |
| $ | (48,527 | ) | $ | 13,216 |
| $ | (21,054 | ) | $ | 10,044 |
| $ | 10,653 |
| $ | 8,942 |
| $ | 6,924 |
| $ | 36,563 |
|
Net income (loss) applicable to common shares |
| $ | 14,430 |
| $ | 7,753 |
| $ | 6,289 |
| $ | (47,812 | ) | $ | 13,022 |
| $ | (20,748 | ) | $ | 7,326 |
| $ | 7,971 |
| $ | 6,263 |
| $ | 3,877 |
| $ | 25,437 |
|
Basic earnings (loss) per common share |
| 0.20 |
| 0.11 |
| 0.09 |
| (0.65 | ) | 0.18 |
| (0.28 | ) | 0.10 |
| 0.11 |
| 0.09 |
| 0.05 |
| 0.35 |
| |||||||||||
Diluted earnings (loss) per common share |
| 0.20 |
| 0.11 |
| 0.09 |
| (0.65 | ) | 0.18 |
| (0.28 | ) | 0.10 |
| 0.11 |
| 0.09 |
| 0.05 |
| 0.35 |
| |||||||||||
Weighted average shares outstanding |
| 73,867 |
| 73,505 |
| 73,659 |
| 73,742 |
| 73,750 |
| 73,665 |
| 73,151 |
| 73,259 |
| 73,361 |
| 73,382 |
| 73,289 |
| |||||||||||
Weighted average diluted shares outstanding |
| 73,874 |
| 73,505 |
| 73,659 |
| 73,742 |
| 73,758 |
| 73,666 |
| 73,151 |
| 73,259 |
| 73,361 |
| 73,382 |
| 73,289 |
| |||||||||||
Tax equivalent adjustment (1) |
| $ | 3,154 |
| $ | 3,292 |
| $ | 3,324 |
| $ | 3,400 |
| $ | 3,233 |
| $ | 13,249 |
| $ | 3,567 |
| $ | 3,517 |
| $ | 3,395 |
| $ | 3,339 |
| $ | 13,818 |
|
Net interest income (FTE) (1) |
| 67,002 |
| 68,474 |
| 70,028 |
| 70,660 |
| 69,755 |
| 278,917 |
| 74,213 |
| 74,878 |
| 73,930 |
| 72,417 |
| 295,438 |
| |||||||||||
Common stock and related per common share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Book value |
| $ | 12.70 |
| $ | 12.99 |
| $ | 13.07 |
| $ | 12.47 |
| $ | 12.57 |
| $ | 12.57 |
| $ | 12.49 |
| $ | 12.73 |
| $ | 12.87 |
| $ | 12.93 |
| $ | 12.93 |
|
Tangible book value |
| 8.96 |
| 9.21 |
| 9.30 |
| 8.71 |
| 8.82 |
| 8.82 |
| 8.66 |
| 8.92 |
| 9.07 |
| 9.12 |
| 9.12 |
| |||||||||||
Dividends declared per share |
| 0.01 |
| 0.01 |
| 0.01 |
| 0.01 |
| 0.01 |
| 0.04 |
| 0.01 |
| 0.01 |
| 0.01 |
| 0.01 |
| 0.04 |
| |||||||||||
Closing price at period end |
| 13.28 |
| 11.98 |
| 10.98 |
| 12.56 |
| 12.52 |
| 12.52 |
| 11.79 |
| 12.29 |
| 7.32 |
| 10.13 |
| 10.13 |
| |||||||||||
Market price - period high |
| 13.60 |
| 12.87 |
| 12.25 |
| 13.40 |
| 13.57 |
| 13.57 |
| 13.07 |
| 13.48 |
| 12.72 |
| 10.31 |
| 13.48 |
| |||||||||||
Market price - period low |
| 12.11 |
| 10.25 |
| 9.42 |
| 10.43 |
| 11.62 |
| 9.42 |
| 10.79 |
| 11.05 |
| 7.22 |
| 6.89 |
| 6.89 |
| |||||||||||
Closing price to book value |
| 1.0 |
| 0.9 |
| 0.8 |
| 1.0 |
| 1.0 |
| 1.0 |
| 0.9 |
| 1.0 |
| 0.6 |
| 0.8 |
| 0.8 |
| |||||||||||
Period end shares outstanding |
| 75,095 |
| 74,898 |
| 74,862 |
| 74,831 |
| 74,840 |
| 74,840 |
| 74,543 |
| 74,473 |
| 74,485 |
| 74,435 |
| 74,435 |
| |||||||||||
Period end treasury shares |
| 10,692 |
| 10,889 |
| 10,925 |
| 10,956 |
| 10,947 |
| 10,947 |
| 11,244 |
| 11,314 |
| 11,302 |
| 11,352 |
| 11,352 |
| |||||||||||
Common dividends |
| $ | 752 |
| $ | 749 |
| $ | 745 |
| $ | 747 |
| $ | 739 |
| $ | 2,980 |
| $ | 746 |
| $ | 743 |
| $ | 745 |
| $ | 744 |
| $ | 2,978 |
|
Preferred dividends |
| — |
| — |
| — |
| — |
| — |
| — |
| 2,413 |
| 2,412 |
| 2,413 |
| 1,420 |
| 8,658 |
| |||||||||||
Other Key Ratios/Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Return on average common equity (2) |
| 6.17 | % | 3.21 | % | 2.59 | % | -19.36 | % | 5.50 | % | -2.14 | % | 3.20 | % | 3.39 | % | 2.60 | % | 1.60 | % | 2.69 | % | |||||||||||
Return on average assets (2) |
| 0.74 | % | 0.40 | % | 0.32 | % | -2.35 | % | 0.65 | % | -0.26 | % | 0.50 | % | 0.52 | % | 0.43 | % | 0.34 | % | 0.45 | % | |||||||||||
Net interest margin (1) |
| 3.77 | % | 3.88 | % | 3.88 | % | 3.83 | % | 3.84 | % | 3.86 | % | 4.15 | % | 4.10 | % | 3.97 | % | 3.95 | % | 4.04 | % | |||||||||||
Yield on average interest-earning assets (1) |
| 4.18 | % | 4.45 | % | 4.37 | % | 4.28 | % | 4.26 | % | 4.34 | % | 4.75 | % | 4.64 | % | 4.49 | % | 4.47 | % | 4.59 | % | |||||||||||
Cost of funds |
| 0.55 | % | 0.76 | % | 0.67 | % | 0.62 | % | 0.57 | % | 0.66 | % | 0.78 | % | 0.73 | % | 0.70 | % | 0.71 | % | 0.73 | % | |||||||||||
Efficiency ratio (1) |
| 66.50 | % | 64.62 | % | 60.56 | % | 69.04 | % | 74.02 | % | 67.14 | % | 62.70 | % | 60.49 | % | 60.57 | % | 64.76 | % | 62.12 | % | |||||||||||
Net noninterest expense ratio (2) |
| 1.87 | % | 1.88 | % | 1.85 | % | 2.13 | % | 2.25 | % | 2.03 | % | 2.09 | % | 2.00 | % | 1.93 | % | 1.99 | % | 2.00 | % | |||||||||||
Effective income tax rate |
| 30.06 | % | 12.78 | % | 10.68 | % | 43.26 | % | 31.91 | % | 57.84 | % | -0.91 | % | 20.34 | % | 15.04 | % | 4.10 | % | 10.98 | % | |||||||||||
Full time equivalent employees - end of period |
| 1,693 |
| 1,757 |
| 1,758 |
| 1,768 |
| 1,731 |
| 1,731 |
| 1,845 |
| 1,846 |
| 1,833 |
| 1,791 |
| 1,791 |
| |||||||||||
Number of bank offices |
| 91 |
| 98 |
| 98 |
| 94 |
| 91 |
| 91 |
| 97 |
| 96 |
| 96 |
| 98 |
| 98 |
| |||||||||||
Number of automated teller machines |
| 126 |
| 132 |
| 132 |
| 131 |
| 130 |
| 130 |
| 136 |
| 135 |
| 133 |
| 132 |
| 132 |
|
Note: Discussion of footnotes (1) and (2) are located at the end of this document.
First Midwest Bancorp, Inc.
Selected Financial Information
(Amounts in thousands, except per share data)
|
| 2013 |
| 2012 |
| 2011 |
| |||||||||||||||||||||||||||
|
| March 31 |
| March 31 |
| June 30 |
| September 30 |
| December 31 |
| Dec. 31/YTD |
| March 31 |
| June 30 |
| September 30 |
| December 31 |
| Dec. 31/YTD |
| |||||||||||
Pre-Tax, Pre-Provision Operating Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) before income tax |
| $ | 20,935 |
| $ | 9,048 |
| $ | 7,126 |
| $ | (85,520 | ) | $ | 19,410 |
| $ | (49,936 | ) | $ | 9,953 |
| $ | 13,373 |
| $ | 10,525 |
| $ | 7,220 |
| $ | 41,071 |
|
Provision for loan and covered loan losses |
| 5,674 |
| 18,210 |
| 22,458 |
| 111,791 |
| 5,593 |
| 158,052 |
| 19,492 |
| 18,763 |
| 20,425 |
| 21,902 |
| 80,582 |
| |||||||||||
Pre-tax, pre-provision operating earnings |
| 26,609 |
| 27,258 |
| 29,584 |
| 26,271 |
| 25,003 |
| 108,116 |
| 29,445 |
| 32,136 |
| 30,950 |
| 29,122 |
| 121,653 |
| |||||||||||
Adjustments to pre-tax, pre-provision operating earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net securities (losses) gains |
| — |
| (943 | ) | 151 |
| (217 | ) | 88 |
| (921 | ) | 540 |
| 1,531 |
| 449 |
| (110 | ) | 2,410 |
| |||||||||||
Gain, less related expenses, on bulk loan sales |
| — |
| — |
| — |
| — |
| 2,639 |
| 2,639 |
| — |
| — |
| — |
| — |
| — |
| |||||||||||
Gains on acquisitions, net of integration costs |
| — |
| — |
| — |
| 3,074 |
| (588 | ) | 2,486 |
| — |
| — |
| — |
| 1,076 |
| 1,076 |
| |||||||||||
Net gains (losses) on early extinguishment of debt |
| — |
| 256 |
| — |
| — |
| (814 | ) | (558 | ) | — |
| — |
| — |
| — |
| — |
| |||||||||||
Adjusted amortization of FDIC indemnification asset |
| (750 | ) | — |
| — |
| (4,000 | ) | (2,705 | ) | (6,705 | ) | — |
| — |
| — |
| — |
| — |
| |||||||||||
Net losses on sales and valuation adjustments of OREO, excess properties, assets held-for-sale, and other |
| (781 | ) | (303 | ) | (2,527 | ) | (3,280 | ) | (1,805 | ) | (7,915 | ) | (2,537 | ) | (4,149 | ) | (2,686 | ) | (1,425 | ) | (10,797 | ) | |||||||||||
Severance-related costs |
| (980 | ) | (315 | ) | — |
| (840 | ) | (59 | ) | (1,214 | ) | — |
| (191 | ) | (78 | ) | (2,000 | ) | (2,269 | ) | |||||||||||
Total adjustments |
| (2,511 | ) | (1,305 | ) | (2,376 | ) | (5,263 | ) | (3,244 | ) | (12,188 | ) | (1,997 | ) | (2,809 | ) | (2,315 | ) | (2,459 | ) | (9,580 | ) | |||||||||||
Pre-tax, pre-provision operating earnings |
| $ | 29,120 |
| $ | 28,563 |
| $ | 31,960 |
| $ | 31,534 |
| $ | 28,247 |
| $ | 120,304 |
| $ | 31,442 |
| $ | 34,945 |
| $ | 33,265 |
| $ | 31,581 |
| $ | 131,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Risk-Based Capital Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Preferred stock |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | 191,050 |
| $ | 191,220 |
| $ | 191,393 |
| $ | — |
| $ | — |
|
Common stock |
| 858 |
| 858 |
| 858 |
| 858 |
| 858 |
| 858 |
| 858 |
| 858 |
| 858 |
| 858 |
| 858 |
| |||||||||||
Additional paid-in capital |
| 409,077 |
| 413,742 |
| 414,665 |
| 417,245 |
| 418,318 |
| 418,318 |
| 422,405 |
| 424,877 |
| 425,647 |
| 428,001 |
| 428,001 |
| |||||||||||
Retained earnings |
| 800,343 |
| 817,630 |
| 823,250 |
| 773,976 |
| 786,453 |
| 786,453 |
| 794,395 |
| 801,723 |
| 807,334 |
| 810,487 |
| 810,487 |
| |||||||||||
Treasury stock, at cost |
| (239,938 | ) | (248,610 | ) | (248,354 | ) | (249,396 | ) | (249,076 | ) | (249,076 | ) | (260,633 | ) | (262,097 | ) | (261,909 | ) | (263,483 | ) | (263,483 | ) | |||||||||||
Trust preferred securities |
| 59,965 |
| 64,265 |
| 64,265 |
| 64,265 |
| 59,965 |
| 59,965 |
| 84,730 |
| 84,730 |
| 84,730 |
| 84,730 |
| 84,730 |
| |||||||||||
Minority interest |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| |||||||||||
Unrealized loss on equity securities |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| |||||||||||
Goodwill and other intangible assets |
| (280,240 | ) | (282,815 | ) | (281,981 | ) | (281,914 | ) | (281,059 | ) | (281,059 | ) | (285,077 | ) | (284,120 | ) | (283,163 | ) | (283,650 | ) | (283,650 | ) | |||||||||||
Disallowed deferred tax assets |
| (74,615 | ) | (50,602 | ) | (54,178 | ) | (86,201 | ) | (82,979 | ) | (82,979 | ) | (43,392 | ) | (41,363 | ) | (44,858 | ) | (52,080 | ) | (52,080 | ) | |||||||||||
Tier 1 capital |
| 675,450 |
| 714,468 |
| 718,525 |
| 638,833 |
| 652,480 |
| 652,480 |
| 904,336 |
| 915,828 |
| 920,032 |
| 724,863 |
| 724,863 |
| |||||||||||
Tier 2 capital |
| 95,700 |
| 129,330 |
| 110,938 |
| 111,102 |
| 102,784 |
| 102,784 |
| 130,033 |
| 129,595 |
| 129,277 |
| 129,098 |
| 129,098 |
| |||||||||||
Total capital |
| $ | 771,150 |
| $ | 843,798 |
| $ | 829,463 |
| $ | 749,935 |
| $ | 755,264 |
| $ | 755,264 |
| $ | 1,034,369 |
| $ | 1,045,423 |
| $ | 1,049,309 |
| $ | 853,961 |
| $ | 853,961 |
|
Risk-adjusted assets |
| $ | 6,401,019 |
| $ | 6,263,673 |
| $ | 6,409,298 |
| $ | 6,437,263 |
| $ | 6,348,523 |
| $ | 6,348,523 |
| $ | 6,291,987 |
| $ | 6,261,928 |
| $ | 6,244,070 |
| $ | 6,241,191 |
| $ | 6,241,191 |
|
Tier 1 common capital |
| 615,485 |
| 650,203 |
| 654,260 |
| 574,568 |
| 592,515 |
| 592,515 |
| 626,606 |
| 638,098 |
| 642,302 |
| 640,133 |
| 640,133 |
| |||||||||||
Tangible common equity |
| 673,211 |
| 689,886 |
| 696,571 |
| 651,521 |
| 659,834 |
| 659,834 |
| 645,625 |
| 664,122 |
| 675,747 |
| 678,937 |
| 678,937 |
| |||||||||||
Tangible common equity excluding OCI |
| 690,100 |
| 700,805 |
| 708,438 |
| 660,769 |
| 675,494 |
| 675,494 |
| 669,998 |
| 679,461 |
| 687,160 |
| 692,213 |
| 692,213 |
| |||||||||||
Adjusted average assets |
| 7,717,847 |
| 7,620,777 |
| 7,772,866 |
| 7,854,202 |
| 7,768,967 |
| 7,768,967 |
| 7,795,603 |
| 7,862,447 |
| 7,909,645 |
| 7,813,637 |
| 7,813,637 |
| |||||||||||
Total capital to risk-weighted assets |
| 12.05 | % | 13.47 | % | 12.94 | % | 11.65 | % | 11.90 | % | 11.90 | % | 16.44 | % | 16.69 | % | 16.80 | % | 13.68 | % | 13.68 | % | |||||||||||
Tier 1 capital to risk-weighted assets |
| 10.55 | % | 11.41 | % | 11.21 | % | 9.92 | % | 10.28 | % | 10.28 | % | 14.37 | % | 14.63 | % | 14.73 | % | 11.61 | % | 11.61 | % | |||||||||||
Tier 1 leverage to average assets |
| 8.75 | % | 9.38 | % | 9.24 | % | 8.13 | % | 8.40 | % | 8.40 | % | 11.60 | % | 11.65 | % | 11.63 | % | 9.28 | % | 9.28 | % | |||||||||||
Tier 1 common capital to risk-weighted assets |
| 9.62 | % | 10.38 | % | 10.21 | % | 8.93 | % | 9.33 | % | 9.33 | % | 9.96 | % | 10.19 | % | 10.29 | % | 10.26 | % | 10.26 | % | |||||||||||
Tangible common equity ratio |
| 8.66 | % | 8.95 | % | 8.91 | % | 8.26 | % | 8.44 | % | 8.44 | % | 8.33 | % | 8.47 | % | 8.35 | % | 8.83 | % | 8.83 | % | |||||||||||
Tangible common equity ratio, excluding OCI |
| 8.88 | % | 9.10 | % | 9.06 | % | 8.38 | % | 8.64 | % | 8.64 | % | 8.64 | % | 8.66 | % | 8.49 | % | 9.00 | % | 9.00 | % | |||||||||||
Tangible common equity to risk-weighted assets |
| 10.52 | % | 11.01 | % | 10.87 | % | 10.12 | % | 10.39 | % | 10.39 | % | 10.26 | % | 10.61 | % | 10.82 | % | 10.88 | % | 10.88 | % |
First Midwest Bancorp, Inc.
Selected Financial Information
(Amounts in thousands, except per share data)
|
| 2013 |
| 2012 |
| 2011 |
| |||||||||||||||||||||||||||
|
| March 31 |
| March 31 |
| June 30 |
| September 30 |
| December 31 |
| Dec. 31/YTD |
| March 31 |
| June 30 |
| September 30 |
| December 31 |
| Dec. 31/YTD |
| |||||||||||
Asset Quality Performance Data: |
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|
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| |||||||||||
Non-performing loans (3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| |||||||||||
Commercial and industrial |
| $ | 29,625 |
| $ | 55,158 |
| $ | 55,358 |
| $ | 31,102 |
| $ | 25,941 |
| $ | 25,941 |
| $ | 54,561 |
| $ | 44,393 |
| $ | 30,507 |
| $ | 44,152 |
| $ | 44,152 |
|
Agricultural |
| 655 |
| 882 |
| 1,293 |
| 1,204 |
| 1,173 |
| 1,173 |
| 1,171 |
| 1,009 |
| 2,977 |
| 1,019 |
| 1,019 |
| |||||||||||
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Office, retail, and industrial |
| 26,438 |
| 34,831 |
| 46,629 |
| 22,624 |
| 23,224 |
| 23,224 |
| 16,753 |
| 16,567 |
| 24,728 |
| 30,043 |
| 30,043 |
| |||||||||||
Multi-family |
| 1,766 |
| 9,615 |
| 8,843 |
| 2,028 |
| 1,434 |
| 1,434 |
| 6,787 |
| 23,385 |
| 18,196 |
| 6,487 |
| 6,487 |
| |||||||||||
Residential construction |
| 5,552 |
| 21,104 |
| 17,500 |
| 4,750 |
| 4,612 |
| 4,612 |
| 36,326 |
| 23,576 |
| 20,911 |
| 18,076 |
| 18,076 |
| |||||||||||
Commercial construction |
| 873 |
| 20,297 |
| 21,981 |
| 4,423 |
| 873 |
| 873 |
| 20,980 |
| 21,449 |
| 15,672 |
| 23,347 |
| 23,347 |
| |||||||||||
Other commercial real estate |
| 17,532 |
| 43,137 |
| 34,192 |
| 21,284 |
| 16,214 |
| 16,214 |
| 38,732 |
| 36,984 |
| 45,727 |
| 51,447 |
| 51,447 |
| |||||||||||
1-4 family mortgages |
| 4,680 |
| 5,648 |
| 5,466 |
| 5,901 |
| 4,874 |
| 4,874 |
| 3,362 |
| 4,577 |
| 4,648 |
| 5,322 |
| 5,322 |
| |||||||||||
Consumer |
| 8,276 |
| 8,873 |
| 7,246 |
| 6,263 |
| 6,189 |
| 6,189 |
| 7,891 |
| 5,555 |
| 7,823 |
| 7,432 |
| 7,432 |
| |||||||||||
Total non-accrual loans |
| 95,397 |
| 199,545 |
| 198,508 |
| 99,579 |
| 84,534 |
| 84,534 |
| 186,563 |
| 177,495 |
| 171,189 |
| 187,325 |
| 187,325 |
| |||||||||||
90 days or more past due loans |
| 5,552 |
| 7,674 |
| 8,192 |
| 12,582 |
| 8,689 |
| 8,689 |
| 5,231 |
| 6,502 |
| 6,008 |
| 9,227 |
| 9,227 |
| |||||||||||
Total non-performing loans |
| 100,949 |
| 207,219 |
| 206,700 |
| 112,161 |
| 93,223 |
| 93,223 |
| 191,794 |
| 183,997 |
| 177,197 |
| 196,552 |
| 196,552 |
| |||||||||||
Troubled debt restructurings |
| 2,587 |
| 2,076 |
| 7,811 |
| 6,391 |
| 6,867 |
| 6,867 |
| 14,120 |
| 14,529 |
| 7,033 |
| 17,864 |
| 17,864 |
| |||||||||||
Other real estate owned |
| 39,994 |
| 35,276 |
| 28,309 |
| 36,487 |
| 39,953 |
| 39,953 |
| 33,863 |
| 24,407 |
| 23,863 |
| 33,975 |
| 33,975 |
| |||||||||||
Total non-performing assets (3) |
| $ | 143,530 |
| $ | 244,571 |
| $ | 242,820 |
| $ | 155,039 |
| $ | 140,043 |
| $ | 140,043 |
| $ | 239,777 |
| $ | 222,933 |
| $ | 208,093 |
| $ | 248,391 |
| $ | 248,391 |
|
30-89 days past due loans (3) |
| $ | 22,222 |
| $ | 21,241 |
| $ | 23,597 |
| $ | 20,088 |
| $ | 22,666 |
| $ | 22,666 |
| $ | 28,927 |
| $ | 30,424 |
| $ | 34,061 |
| $ | 27,495 |
| $ | 27,495 |
|
Allowance for credit losses: |
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|
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|
|
|
|
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|
|
|
|
|
|
|
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Allowance for loan losses |
| $ | 85,364 |
| $ | 115,271 |
| $ | 115,200 |
| $ | 93,048 |
| $ | 87,384 |
| $ | 87,384 |
| $ | 142,503 |
| $ | 137,331 |
| $ | 127,768 |
| $ | 118,473 |
| $ | 118,473 |
|
Allowance for covered loan losses |
| 12,227 |
| 993 |
| 982 |
| 9,397 |
| 12,062 |
| 12,062 |
| — |
| — |
| 1,023 |
| 989 |
| 989 |
| |||||||||||
Reserve for unfunded commitments |
| 2,866 |
| 2,500 |
| 2,500 |
| 2,500 |
| 3,366 |
| 3,366 |
| 2,500 |
| 2,500 |
| 2,500 |
| 2,500 |
| 2,500 |
| |||||||||||
Total allowance for credit losses |
| $ | 100,457 |
| $ | 118,764 |
| $ | 118,682 |
| $ | 104,945 |
| $ | 102,812 |
| $ | 102,812 |
| $ | 145,003 |
| $ | 139,831 |
| $ | 131,291 |
| $ | 121,962 |
| $ | 121,962 |
|
Provision for loan and covered loan losses |
| $ | 5,674 |
| $ | 18,210 |
| $ | 22,458 |
| $ | 111,791 |
| $ | 5,593 |
| $ | 158,052 |
| $ | 19,492 |
| $ | 18,763 |
| $ | 20,425 |
| $ | 21,902 |
| $ | 80,582 |
|
Net charge-offs by category: |
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Commercial and industrial |
| $ | 897 |
| $ | 7,524 |
| $ | 5,870 |
| $ | 41,781 |
| $ | 1,778 |
| $ | 56,953 |
| $ | 3,128 |
| $ | 5,585 |
| $ | 10,165 |
| $ | 8,910 |
| $ | 27,788 |
|
Agricultural |
| 90 |
| (50 | ) | 18 |
| 4,531 |
| (177 | ) | 4,322 |
| 9 |
| 799 |
| 177 |
| 484 |
| 1,469 |
| |||||||||||
Commercial real estate: |
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Office, retail, and industrial |
| 1,260 |
| 2,665 |
| 2,263 |
| 29,368 |
| 95 |
| 34,391 |
| 1,183 |
| 609 |
| 2,543 |
| 3,779 |
| 8,114 |
| |||||||||||
Multi-family |
| 160 |
| 9 |
| 313 |
| 2,755 |
| 9 |
| 3,086 |
| 549 |
| 6,652 |
| 2,170 |
| 4,803 |
| 14,174 |
| |||||||||||
Residential construction |
| 565 |
| 463 |
| 3,598 |
| 9,242 |
| 134 |
| 13,437 |
| 5,418 |
| 899 |
| 2,250 |
| 2,498 |
| 11,065 |
| |||||||||||
Commercial construction |
| (2 | ) | 170 |
| 2,616 |
| 11,037 |
| 100 |
| 13,923 |
| 261 |
| 133 |
| 4,115 |
| 1,673 |
| 6,182 |
| |||||||||||
Other commercial real estate |
| 1,604 |
| 8,177 |
| 2,934 |
| 23,452 |
| 1,786 |
| 36,349 |
| 5,358 |
| 2,107 |
| 4,421 |
| 3,002 |
| 14,888 |
| |||||||||||
1-4 family mortgages |
| 396 |
| 210 |
| 250 |
| 569 |
| 826 |
| 1,855 |
| 246 |
| 340 |
| 320 |
| 196 |
| 1,102 |
| |||||||||||
Consumer |
| 1,861 |
| 1,966 |
| 2,244 |
| 2,351 |
| 1,710 |
| 8,271 |
| 2,317 |
| 2,703 |
| 1,780 |
| 2,199 |
| 8,999 |
| |||||||||||
Net charge-offs, excluding covered loans |
| 6,831 |
| 21,134 |
| 20,106 |
| 125,086 |
| 6,261 |
| 172,587 |
| 18,469 |
| 19,827 |
| 27,941 |
| 27,544 |
| 93,781 |
| |||||||||||
Charge-offs on covered loans |
| 698 |
| 274 |
| 2,434 |
| 442 |
| 1,465 |
| 4,615 |
| 1,092 |
| 4,108 |
| 1,024 |
| 3,687 |
| 9,911 |
| |||||||||||
Total net charge-offs |
| $ | 7,529 |
| $ | 21,408 |
| $ | 22,540 |
| $ | 125,528 |
| $ | 7,726 |
| $ | 177,202 |
| $ | 19,561 |
| $ | 23,935 |
| $ | 28,965 |
| $ | 31,231 |
| $ | 103,692 |
|
Total recoveries included above |
| $ | 3,243 |
| $ | 1,278 |
| $ | 1,141 |
| $ | 731 |
| $ | 2,455 |
| $ | 5,605 |
| $ | 2,008 |
| $ | 3,813 |
| $ | 1,033 |
| $ | 1,030 |
| $ | 7,884 |
|
Asset Quality ratios (3): |
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Non-accrual loans to loans |
| 1.84 | % | 3.88 | % | 3.75 | % | 1.91 | % | 1.63 | % | 1.63 | % | 3.66 | % | 3.47 | % | 3.35 | % | 3.68 | % | 3.68 | % | |||||||||||
Non-performing loans to loans |
| 1.95 | % | 4.03 | % | 3.90 | % | 2.15 | % | 1.80 | % | 1.80 | % | 3.76 | % | 3.60 | % | 3.47 | % | 3.86 | % | 3.86 | % | |||||||||||
Non-performing assets to loans plus OREO |
| 2.75 | % | 4.73 | % | 4.56 | % | 2.95 | % | 2.68 | % | 2.68 | % | 4.67 | % | 4.34 | % | 4.06 | % | 4.85 | % | 4.85 | % | |||||||||||
Non-performing assets to tangible common equity plus allowance for credit losses |
| 18.55 | % | 30.24 | % | 29.78 | % | 20.50 | % | 18.36 | % | 18.36 | % | 30.33 | % | 27.73 | % | 25.78 | % | 31.01 | % | 31.01 | % | |||||||||||
Non-accrual loans to total assets |
| 1.18 | % | 2.50 | % | 2.45 | % | 1.22 | % | 1.04 | % | 1.04 | % | 2.32 | % | 2.18 | % | 2.04 | % | 2.35 | % | 2.35 | % | |||||||||||
Allowance for credit losses and net charge-off ratios, excluding covered loans: |
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Allowance for credit losses to loans |
| 1.70 | % | 2.29 | % | 2.22 | % | 1.83 | % | 1.75 | % | 1.75 | % | 2.85 | % | 2.73 | % | 2.55 | % | 2.38 | % | 2.38 | % | |||||||||||
Allowance for credit losses to non-accrual loans |
| 92.49 | % | 59.02 | % | 59.29 | % | 95.95 | % | 107.35 | % | 107.35 | % | 77.72 | % | 78.78 | % | 76.10 | % | 64.58 | % | 64.58 | % | |||||||||||
Allowance for credit losses to non-performing loans |
| 87.40 | % | 56.83 | % | 56.94 | % | 85.19 | % | 97.35 | % | 97.35 | % | 75.60 | % | 76.00 | % | 73.52 | % | 61.55 | % | 61.55 | % | |||||||||||
Net charge-offs to average net loans (2) |
| 0.54 | % | 1.67 | % | 1.55 | % | 9.29 | % | 0.48 | % | 3.32 | % | 1.48 | % | 1.56 | % | 2.16 | % | 2.15 | % | 1.84 | % | |||||||||||
Allowance for credit losses to loans, including covered loans |
| 1.87 | % | 2.20 | % | 2.15 | % | 1.93 | % | 1.91 | % | 1.91 | % | 2.66 | % | 2.58 | % | 2.43 | % | 2.28 | % | 2.28 | % |
Footnotes:
(1) Tax equivalent basis reflects federal and state tax benefits.
(2) Annualized based on the actual number of days for each period presented.
(3) Excludes covered loans and covered OREO.