Exhibit 99.2
First Midwest Bancorp, Inc.
Selected Financial Information
(Amounts in thousands, except per share data)
2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||
June 30/YTD | 2nd Quarter | 1st Quarter | Dec. 31/YTD | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | Dec. 31/YTD | 4th Quarter | 3rd Quarter | Dec. 31/YTD | |||||||||||||||||||||||||
Period-End Balance Sheet | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,805,089 | $ | 7,805,089 | $ | 7,592,907 | $ | 7,710,672 | $ | 7,710,672 | $ | 7,678,434 | $ | 7,767,312 | $ | 8,252,576 | $ | 8,528,341 | $ | 8,528,341 | $ | 8,246,655 | $ | 8,091,518 | ||||||||||||
Securities HTM - amortized cost | 87,843 | 87,843 | 90,449 | 84,182 | 84,182 | 83,860 | 86,245 | 81,566 | 84,306 | 84,306 | 85,982 | 97,671 | ||||||||||||||||||||||||
Securities AFS - fair market value | 1,090,109 | 1,090,109 | 1,152,039 | 1,266,760 | 1,266,760 | 1,349,669 | 1,450,082 | 1,901,919 | 2,216,186 | 2,216,186 | 2,024,881 | 2,080,046 | ||||||||||||||||||||||||
FHLB and FRB stock | 59,864 | 59,864 | 59,428 | 56,428 | 56,428 | 54,768 | 54,768 | 54,768 | 54,767 | 54,767 | 54,767 | 54,767 | ||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,494,119 | 1,494,119 | 1,454,714 | 1,438,063 | 1,438,063 | 1,484,601 | 1,457,413 | 1,508,175 | 1,490,101 | 1,490,101 | 1,485,541 | 1,347,481 | ||||||||||||||||||||||||
Agricultural | 199,597 | 199,597 | 200,527 | 209,945 | 209,945 | 200,955 | 210,675 | 219,178 | 216,814 | 216,814 | 234,755 | 235,498 | ||||||||||||||||||||||||
Real estate - office, retail, and industrial | 1,220,191 | 1,220,191 | 1,239,583 | 1,212,965 | 1,212,965 | 1,151,276 | 1,117,748 | 1,086,987 | 1,025,241 | 1,025,241 | 999,319 | 824,078 | ||||||||||||||||||||||||
Real estate - residential construction | 241,094 | 241,094 | 276,322 | 313,919 | 313,919 | 400,502 | 458,913 | 466,195 | 509,059 | 509,059 | 509,974 | 505,194 | ||||||||||||||||||||||||
Real estate - commercial construction | 107,572 | 107,572 | 138,994 | 134,680 | 134,680 | 196,198 | 204,042 | 232,675 | 258,253 | 258,253 | 229,492 | 244,904 | ||||||||||||||||||||||||
Real estate - commercial land | 94,469 | 94,469 | 94,668 | 96,838 | 96,838 | 105,264 | 121,383 | 107,540 | 98,322 | 98,322 | 92,658 | 143,289 | ||||||||||||||||||||||||
Real estate - multifamily | 369,281 | 369,281 | 348,178 | 333,961 | 333,961 | 342,807 | 305,976 | 311,865 | 286,963 | 286,963 | 237,506 | 217,266 | ||||||||||||||||||||||||
Real estate - other commercial | 831,723 | 831,723 | 790,502 | 798,983 | 798,983 | 753,429 | 759,132 | 725,311 | 729,329 | 729,329 | 683,446 | 661,480 | ||||||||||||||||||||||||
Real estate - 1-4 family | 145,457 | 145,457 | 139,840 | 139,983 | 139,983 | 138,862 | 171,186 | 185,486 | 198,197 | 198,197 | 205,851 | 220,741 | ||||||||||||||||||||||||
Consumer | 504,844 | 504,844 | 512,546 | 523,909 | 523,909 | 532,174 | 534,303 | 543,716 | 547,784 | 547,784 | 545,040 | 563,741 | ||||||||||||||||||||||||
Total loans | 5,208,347 | 5,208,347 | 5,195,874 | 5,203,246 | 5,203,246 | 5,306,068 | 5,340,771 | 5,387,128 | 5,360,063 | 5,360,063 | 5,223,582 | 4,963,672 | ||||||||||||||||||||||||
Other Assets: | ||||||||||||||||||||||||||||||||||||
Covered assets | 251,572 | 251,572 | 207,609 | 223,245 | 223,245 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Bank owned life insurance | 198,399 | 198,399 | 198,201 | 197,962 | 197,962 | 197,681 | 197,564 | 199,070 | 198,533 | 198,533 | 207,390 | 203,535 | ||||||||||||||||||||||||
Goodwill and other intangibles | 281,255 | 281,255 | 280,477 | 281,479 | 281,479 | 281,614 | 282,592 | 283,570 | 284,548 | 284,548 | 285,643 | 288,235 | ||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 1,188,356 | 1,188,356 | 1,129,777 | 1,133,756 | 1,133,756 | 1,069,870 | 1,058,553 | 1,046,660 | 1,040,763 | 1,040,763 | 1,056,905 | 1,064,684 | ||||||||||||||||||||||||
Interest bearing deposits | 4,935,209 | 4,935,209 | 4,734,327 | 4,751,523 | 4,751,523 | 4,679,283 | 4,708,103 | 4,461,722 | 4,544,991 | 4,544,991 | 4,601,379 | 4,714,177 | ||||||||||||||||||||||||
Total deposits | 6,123,565 | 6,123,565 | 5,864,104 | 5,885,279 | 5,885,279 | 5,749,153 | 5,766,656 | 5,508,382 | 5,585,754 | 5,585,754 | 5,658,284 | 5,778,861 | ||||||||||||||||||||||||
Fed funds purchased and repurchase agreements | 191,036 | 191,036 | 194,355 | 238,390 | 238,390 | 265,917 | 566,794 | 685,016 | 737,598 | 737,598 | 928,966 | 665,164 | ||||||||||||||||||||||||
Other borrowed funds | 137,434 | 137,434 | 147,808 | 452,786 | 452,786 | 450,382 | 225,382 | 850,736 | 960,736 | 960,736 | 625,737 | 599,064 | ||||||||||||||||||||||||
Subordinated debt | 137,739 | 137,739 | 137,737 | 137,735 | 137,735 | 157,717 | 232,342 | 232,375 | 232,409 | 232,409 | 232,442 | 230,082 | ||||||||||||||||||||||||
Stockholders’ equity | 1,155,512 | 1,155,512 | 1,143,768 | 941,521 | 941,521 | 983,579 | 892,053 | 903,612 | 908,279 | 908,279 | 718,909 | 723,975 | ||||||||||||||||||||||||
Stockholders’ equity, excluding OCI | 1,168,315 | 1,168,315 | 1,162,646 | 960,187 | 960,187 | 999,796 | 941,535 | 941,082 | 926,321 | 926,321 | 770,716 | 735,702 | ||||||||||||||||||||||||
Stockholders’ equity, common | 962,512 | 962,512 | 950,768 | 748,521 | 748,521 | 790,579 | 699,053 | 710,612 | 715,949 | 715,949 | 718,909 | 723,975 | ||||||||||||||||||||||||
Stockholders’ equity, common excluding OCI | 975,315 | 975,315 | 969,646 | 767,187 | 767,187 | 806,796 | 748,535 | 748,082 | 733,991 | 733,991 | 770,716 | 735,702 | ||||||||||||||||||||||||
Stockholders’ equity, preferred | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 192,330 | 192,330 | — | — | ||||||||||||||||||||||||
Average Balance Sheet | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,786,235 | $ | 7,905,364 | $ | 7,665,781 | $ | 8,064,109 | $ | 7,764,163 | $ | 7,877,055 | $ | 8,195,690 | $ | 8,428,879 | $ | 8,225,440 | $ | 8,365,535 | $ | 8,275,818 | $ | 8,091,333 | ||||||||||||
Securities - HTM taxable | 11,422 | 14,736 | 8,072 | 8,520 | 11,625 | 7,396 | 7,454 | 7,571 | 7,670 | 7,575 | 7,647 | 9,450 | ||||||||||||||||||||||||
Securities - HTM tax-exempt | 77,655 | 77,490 | 77,821 | 77,464 | 77,834 | 77,470 | 79,129 | 75,398 | 84,718 | 78,089 | 82,213 | 88,099 | ||||||||||||||||||||||||
Securities - AFS taxable | 534,337 | 494,373 | 574,746 | 890,848 | 652,354 | 711,552 | 990,358 | 1,217,308 | 1,171,264 | 1,195,909 | 1,192,899 | 1,268,389 | ||||||||||||||||||||||||
Securities - AFS tax-exempt | 632,494 | 626,856 | 638,193 | 770,380 | 660,076 | 721,872 | 810,485 | 892,169 | 936,933 | 917,418 | 931,565 | 906,905 | ||||||||||||||||||||||||
FHLB and FRB stock | 59,130 | 59,758 | 58,495 | 55,081 | 56,013 | 54,768 | 54,768 | 54,768 | 54,767 | 54,767 | 54,767 | 54,774 | ||||||||||||||||||||||||
Total loans | 5,201,052 | 5,204,566 | 5,197,499 | 5,348,979 | 5,304,690 | 5,346,769 | 5,366,393 | 5,378,905 | 5,149,879 | 5,275,981 | 5,205,188 | 4,943,479 | ||||||||||||||||||||||||
Covered loans | 221,355 | 233,907 | 208,663 | 28,049 | 111,281 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other earning assets | 185,594 | 314,480 | 55,275 | 102,801 | 52,324 | 210,667 | 129,716 | 16,921 | 35,310 | 58,231 | 24,868 | 30,507 | ||||||||||||||||||||||||
Total earning assets | 6,923,039 | 7,026,166 | 6,818,764 | 7,282,122 | 6,926,197 | 7,130,494 | 7,438,303 | 7,643,040 | 7,440,541 | 7,587,970 | 7,499,147 | 7,301,603 | ||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 1,152,865 | 1,181,097 | 1,124,320 | 1,061,208 | 1,115,096 | 1,056,188 | 1,044,033 | 1,028,617 | 1,043,972 | 1,043,596 | 1,053,530 | 1,055,251 | ||||||||||||||||||||||||
Savings deposits | 781,690 | 803,353 | 759,786 | 751,386 | 744,876 | 749,995 | 762,375 | 748,350 | 792,524 | 748,065 | 784,646 | 754,009 | ||||||||||||||||||||||||
NOW accounts | 1,040,362 | 1,157,246 | 922,179 | 984,529 | 953,772 | 1,062,708 | 1,026,432 | 893,687 | 935,429 | 923,643 | 983,364 | 900,956 | ||||||||||||||||||||||||
Money market deposits | 1,133,329 | 1,155,889 | 1,110,519 | 937,766 | 1,079,943 | 995,132 | 903,728 | 768,202 | 787,218 | 737,658 | 770,967 | 859,864 | ||||||||||||||||||||||||
Core transactional deposits | 4,108,246 | 4,297,585 | 3,916,804 | 3,734,889 | 3,893,687 | 3,864,023 | 3,736,568 | 3,438,856 | 3,559,143 | 3,452,962 | 3,592,507 | 3,570,080 | ||||||||||||||||||||||||
Time deposits > $100,000 | 647,601 | 645,624 | 649,600 | 703,487 | 677,171 | 697,421 | 741,356 | 698,301 | 802,500 | 738,486 | 839,495 | 827,907 | ||||||||||||||||||||||||
Time deposits < $100,000 | 1,288,718 | 1,270,492 | 1,307,145 | 1,297,720 | 1,331,556 | 1,241,024 | 1,247,992 | 1,371,370 | 1,369,879 | 1,444,120 | 1,330,535 | 1,491,995 | ||||||||||||||||||||||||
Total time deposits | 1,936,319 | 1,916,116 | 1,956,745 | 2,001,207 | 2,008,727 | 1,938,445 | 1,989,348 | 2,069,671 | 2,172,379 | 2,182,606 | 2,170,030 | 2,319,902 | ||||||||||||||||||||||||
Total deposits | 6,044,565 | 6,213,701 | 5,873,549 | 5,736,096 | 5,902,414 | 5,802,468 | 5,725,916 | 5,508,527 | 5,731,522 | 5,635,568 | 5,762,537 | 5,889,982 | ||||||||||||||||||||||||
FFP, repos, other borrowed funds | 409,694 | 342,808 | 477,323 | 1,118,792 | 661,976 | 870,397 | 1,261,949 | 1,694,928 | 1,438,908 | 1,638,037 | 1,476,403 | 1,131,700 | ||||||||||||||||||||||||
Subordinated debt | 137,737 | 137,738 | 137,736 | 208,621 | 143,816 | 226,693 | 232,358 | 232,391 | 231,961 | 232,425 | 232,458 | 227,756 | ||||||||||||||||||||||||
Total funding sources | 6,591,996 | 6,694,247 | 6,488,608 | 7,063,509 | 6,708,206 | 6,899,558 | 7,220,223 | 7,435,846 | 7,402,391 | 7,506,030 | 7,471,398 | 7,249,438 | ||||||||||||||||||||||||
Stockholders’ equity | 1,136,220 | 1,152,394 | 1,119,866 | 927,673 | 983,595 | 905,347 | 907,421 | 913,809 | 764,731 | 845,755 | 735,022 | 750,111 | ||||||||||||||||||||||||
Stockholders’ equity, common | 943,220 | 959,394 | 926,866 | 734,673 | 790,595 | 712,347 | 714,421 | 720,809 | 750,497 | 789,128 | 735,022 | 750,111 | ||||||||||||||||||||||||
Stockholders’ equity, preferred | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 14,234 | 56,627 | — | — |
First Midwest Bancorp, Inc.
Selected Financial Information
(Amounts in thousands, except per share data)
2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||||||||
June 30/YTD | 2nd Quarter | 1st Quarter | Dec. 31/YTD | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | Dec. 31/YTD | 4th Quarter | 3rd Quarter | Dec. 31/YTD | |||||||||||||||||||||||||||||||||||||
Income Statement | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 164,053 | $ | 82,274 | $ | 81,779 | $ | 341,751 | $ | 82,370 | $ | 82,762 | $ | 85,139 | $ | 91,480 | $ | 409,207 | $ | 97,933 | $ | 101,486 | $ | 476,961 | ||||||||||||||||||||||||
Interest expense | 26,496 | 12,655 | 13,841 | 90,219 | 16,429 | 21,781 | 24,748 | 27,261 | 162,610 | 32,920 | 38,728 | 236,832 | ||||||||||||||||||||||||||||||||||||
Net interest income | 137,557 | 69,619 | 67,938 | 251,532 | 65,941 | 60,981 | 60,391 | 64,219 | 246,597 | 65,013 | 62,758 | 240,129 | ||||||||||||||||||||||||||||||||||||
Loan loss provision | 39,876 | 21,526 | 18,350 | 215,672 | 93,000 | 38,000 | 36,262 | 48,410 | 70,254 | 42,385 | 13,029 | 7,233 | ||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 17,433 | 9,052 | 8,381 | 38,754 | 9,977 | 10,046 | 9,687 | 9,044 | 44,987 | 11,206 | 11,974 | 45,015 | ||||||||||||||||||||||||||||||||||||
Trust and investment management fees | 7,295 | 3,702 | 3,593 | 14,059 | 3,704 | 3,555 | 3,471 | 3,329 | 15,130 | 3,420 | 3,818 | 15,701 | ||||||||||||||||||||||||||||||||||||
Other service charges, commissions, and fees | 8,800 | 4,628 | 4,172 | 16,529 | 4,280 | 4,222 | 4,021 | 4,006 | 18,846 | 4,554 | 4,834 | 22,183 | ||||||||||||||||||||||||||||||||||||
Card-based fees | 8,390 | 4,497 | 3,893 | 15,826 | 4,000 | 4,023 | 4,048 | 3,755 | 16,143 | 3,868 | 4,141 | 15,925 | ||||||||||||||||||||||||||||||||||||
Subtotal, total fee-based revenue | 41,918 | 21,879 | 20,039 | 85,168 | 21,961 | 21,846 | 21,227 | 20,134 | 95,106 | 23,048 | 24,767 | 98,824 | ||||||||||||||||||||||||||||||||||||
Bank owned life insurance income | 597 | 349 | 248 | 2,263 | 281 | 282 | 1,159 | 541 | (2,369 | ) | (8,858 | ) | 1,882 | 8,033 | ||||||||||||||||||||||||||||||||||
Security (losses) gains, net | 4,178 | 1,121 | 3,057 | 2,110 | (5,772 | ) | (6,975 | ) | 6,635 | 8,222 | (35,611 | ) | (34,215 | ) | (1,746 | ) | (50,801 | ) | ||||||||||||||||||||||||||||||
Gain on FDIC-assisted transaction | 4,303 | 4,303 | — | 13,071 | 13,071 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Gains on early extinguishment of debt | — | — | — | 15,258 | 1,267 | 13,991 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other income | 635 | (342 | ) | 977 | 5,132 | 939 | 1,946 | 2,373 | (126 | ) | (3,119 | ) | (2,104 | ) | (1,209 | ) | 4,197 | |||||||||||||||||||||||||||||||
Total noninterest income | 51,631 | 27,310 | 24,321 | 123,002 | 31,747 | 31,090 | 31,394 | 28,771 | 54,007 | (22,129 | ) | 23,694 | 60,253 | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 53,424 | 26,540 | 26,884 | 106,548 | 27,592 | 27,416 | 28,229 | 23,311 | 99,910 | 20,356 | 26,996 | 111,598 | ||||||||||||||||||||||||||||||||||||
Occupancy and equipment expense | 15,976 | 7,808 | 8,168 | 31,724 | 7,661 | 7,837 | 7,389 | 8,837 | 33,334 | 8,421 | 8,216 | 32,594 | ||||||||||||||||||||||||||||||||||||
FDIC insurance | 5,078 | 2,546 | 2,532 | 13,673 | 2,720 | 2,558 | 6,034 | 2,361 | 1,065 | 301 | 261 | 747 | ||||||||||||||||||||||||||||||||||||
Other real estate expense, net | 22,637 | 11,850 | 10,787 | 23,459 | 15,693 | 3,461 | 3,301 | 1,004 | 3,409 | 1,289 | 637 | 972 | ||||||||||||||||||||||||||||||||||||
Other intangibles amortization | 2,032 | 1,029 | 1,003 | 3,929 | 994 | 979 | 978 | 978 | 4,378 | 1,095 | 1,094 | 4,423 | ||||||||||||||||||||||||||||||||||||
Acquisition and restructure charges | — | — | — | — | — | — | — | — | — | — | — | 36 | ||||||||||||||||||||||||||||||||||||
Other expenses | 33,781 | 17,682 | 16,099 | 55,455 | 15,861 | 14,389 | 13,302 | 11,903 | 52,209 | 15,119 | 11,232 | 48,767 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | 132,928 | 67,455 | 65,473 | 234,788 | 70,521 | 56,640 | 59,233 | 48,394 | 194,305 | 46,581 | 48,436 | 199,137 | ||||||||||||||||||||||||||||||||||||
Pre-tax earnings | 16,384 | 7,948 | 8,436 | (75,926 | ) | (65,833 | ) | (2,569 | ) | (3,710 | ) | (3,814 | ) | 36,045 | (46,082 | ) | 24,987 | 94,012 | ||||||||||||||||||||||||||||||
Income taxes | 494 | 139 | 355 | (50,176 | ) | (28,342 | ) | (5,920 | ) | (6,373 | ) | (9,541 | ) | (13,291 | ) | (19,192 | ) | 796 | 13,853 | |||||||||||||||||||||||||||||
Net income | $ | 15,890 | $ | 7,809 | $ | 8,081 | $ | (25,750 | ) | $ | (37,491 | ) | $ | 3,351 | $ | 2,663 | $ | 5,727 | $ | 49,336 | $ | (26,890 | ) | $ | 24,191 | $ | 80,159 | |||||||||||||||||||||
Net income applicable to common shares | $ | 10,599 | $ | 5,171 | $ | 5,428 | $ | (35,551 | ) | $ | (39,542 | ) | $ | 773 | $ | 63 | $ | 3,155 | $ | 48,482 | $ | (27,568 | ) | $ | 24,149 | $ | 80,094 | |||||||||||||||||||||
Basic earnings per common share | $ | 0.15 | $ | 0.07 | $ | 0.08 | $ | (0.71 | ) | $ | (0.73 | ) | $ | 0.02 | $ | 0.00 | $ | 0.07 | $ | 1.00 | $ | (0.57 | ) | $ | 0.50 | $ | 1.62 | |||||||||||||||||||||
Diluted earnings per common share | $ | 0.15 | $ | 0.07 | $ | 0.08 | $ | (0.71 | ) | $ | (0.73 | ) | $ | 0.02 | $ | 0.00 | $ | 0.07 | $ | 1.00 | $ | (0.57 | ) | $ | 0.50 | $ | 1.62 | |||||||||||||||||||||
Weighted average shares outstanding | 71,756 | 73,028 | 70,469 | 50,034 | 54,152 | 48,942 | 48,501 | 48,493 | 48,462 | 48,487 | 48,470 | 49,295 | ||||||||||||||||||||||||||||||||||||
Weighted average diluted shares outstanding | 71,756 | 73,028 | 70,469 | 50,034 | 54,152 | 48,942 | 48,501 | 48,493 | 48,515 | 48,508 | 48,499 | 49,586 | ||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment(1) | $ | 8,517 | $ | 4,265 | $ | 4,252 | $ | 19,658 | $ | 4,448 | $ | 4,691 | $ | 5,091 | $ | 5,428 | $ | 22,225 | $ | 5,496 | $ | 5,572 | $ | 20,906 | ||||||||||||||||||||||||
Net interest income (FTE)(1) | $ | 146,074 | $ | 73,884 | $ | 72,190 | $ | 271,190 | $ | 70,389 | $ | 65,672 | $ | 65,482 | $ | 69,647 | $ | 268,822 | $ | 70,509 | $ | 68,330 | $ | 261,035 | ||||||||||||||||||||||||
Common stock and related per common share data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Book value | $ | 13.00 | $ | 13.00 | $ | 12.84 | $ | 13.66 | $ | 13.66 | $ | 14.43 | $ | 14.22 | $ | 14.61 | $ | 14.72 | $ | 14.72 | $ | 14.80 | $ | 14.94 | ||||||||||||||||||||||||
Tangible book value | 9.20 | 9.20 | 9.05 | 8.52 | 8.52 | 9.29 | 8.47 | 8.78 | 8.87 | 8.87 | 8.92 | 8.99 | ||||||||||||||||||||||||||||||||||||
Dividends declared per share | 0.020 | 0.010 | 0.010 | 0.040 | 0.010 | 0.010 | 0.010 | 0.010 | 1.155 | 0.225 | 0.310 | 1.195 | ||||||||||||||||||||||||||||||||||||
Market price - period high | 17.95 | 17.95 | 14.43 | 20.25 | 11.50 | 11.64 | 12.00 | 20.25 | 40.09 | 28.97 | 40.09 | 39.31 | ||||||||||||||||||||||||||||||||||||
Market price - period low | 10.37 | 12.10 | 10.37 | 5.94 | 9.09 | 6.19 | 5.94 | 5.96 | 13.56 | 13.65 | 13.56 | 29.67 | ||||||||||||||||||||||||||||||||||||
Closing price at period end | $ | 12.16 | $ | 12.16 | $ | 13.55 | $ | 10.89 | $ | 10.89 | $ | 11.27 | $ | 7.31 | $ | 8.59 | $ | 19.97 | $ | 19.97 | $ | 24.24 | $ | 30.60 | ||||||||||||||||||||||||
Closing price to book value | 0.9 | 0.9 | 1.1 | 0.8 | 0.8 | 0.8 | 0.5 | 0.6 | 1.4 | 1.4 | 1.6 | 2.0 | ||||||||||||||||||||||||||||||||||||
Period end shares outstanding | 74,049 | 74,049 | 74,046 | 54,793 | 54,793 | 54,800 | 49,161 | 48,628 | 48,630 | 48,630 | 48,590 | 48,453 | ||||||||||||||||||||||||||||||||||||
Period end treasury shares | 11,738 | 11,738 | 11,741 | 12,176 | 12,176 | 12,169 | 12,165 | 12,698 | 12,696 | 12,696 | 12,736 | 12,873 | ||||||||||||||||||||||||||||||||||||
Number of shares repurchased | — | — | — | — | — | — | — | — | 5 | — | — | 1,767 | ||||||||||||||||||||||||||||||||||||
Common dividends | $ | 1,481 | $ | 741 | $ | 740 | $ | 2,020 | $ | 492 | $ | 556 | $ | 486 | $ | 486 | $ | 56,206 | $ | 10,955 | $ | 15,088 | $ | 58,765 | ||||||||||||||||||||||||
Preferred dividends | $ | 4,825 | $ | 2,412 | $ | 2,413 | $ | 9,650 | $ | 2,413 | $ | 2,412 | $ | 2,413 | $ | 2,412 | $ | 670 | $ | 670 | $ | — | $ | — | ||||||||||||||||||||||||
Other Key Ratios/Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Return on average common equity(2) | 2.27 | % | 2.16 | % | 2.38 | % | -4.84 | % | -19.84 | % | 0.43 | % | 0.04 | % | 1.78 | % | 6.46 | % | -13.90 | % | 13.07 | % | 10.68 | % | ||||||||||||||||||||||||
Return on average assets(2) | 0.41 | % | 0.40 | % | 0.43 | % | -0.32 | % | -1.92 | % | 0.17 | % | 0.13 | % | 0.28 | % | 0.60 | % | -1.28 | % | 1.16 | % | 0.99 | % | ||||||||||||||||||||||||
Net interest margin(1) | 4.25 | % | 4.21 | % | 4.28 | % | 3.72 | % | 4.04 | % | 3.66 | % | 3.53 | % | 3.67 | % | 3.61 | % | 3.71 | % | 3.63 | % | 3.58 | % | ||||||||||||||||||||||||
Yield on average earning assets(1) | 5.02 | % | 4.94 | % | 5.10 | % | 4.96 | % | 4.98 | % | 4.88 | % | 4.86 | % | 5.12 | % | 5.80 | % | 5.43 | % | 5.69 | % | 6.82 | % | ||||||||||||||||||||||||
Cost of funds | 0.98 | % | 0.92 | % | 1.05 | % | 1.50 | % | 1.17 | % | 1.48 | % | 1.61 | % | 1.73 | % | 2.56 | % | 2.03 | % | 2.40 | % | 3.82 | % | ||||||||||||||||||||||||
Efficiency ratio(1) | 58.16 | % | 57.92 | % | 58.41 | % | 57.86 | % | 58.48 | % | 59.13 | % | 61.45 | % | 52.33 | % | 53.49 | % | 59.06 | % | 50.30 | % | 52.50 | % | ||||||||||||||||||||||||
Net noninterest expense ratio(2) | 2.21 | % | 2.31 | % | 2.34 | % | 1.76 | % | 2.42 | % | 1.64 | % | 1.69 | % | 1.34 | % | 1.27 | % | 1.64 | % | 1.11 | % | 1.09 | % | ||||||||||||||||||||||||
Effective income tax rate | 3.0 | % | 1.7 | % | 4.2 | % | 66.1 | % | 43.1 | % | 230.4 | % | 171.8 | % | 250.2 | % | -36.9 | % | 41.6 | % | 3.2 | % | 14.7 | % | ||||||||||||||||||||||||
Full time equivalent employees - end of period | 1,762 | 1,762 | 1,729 | 1,739 | 1,739 | 1,751 | 1,766 | 1,767 | 1,809 | 1,809 | 1,792 | 1,856 | ||||||||||||||||||||||||||||||||||||
Number of bank offices | 95 | 95 | 94 | 94 | 94 | 94 | 94 | 97 | 97 | 97 | 98 | 99 | ||||||||||||||||||||||||||||||||||||
Number of automated teller machines | 131 | 131 | 129 | 127 | 127 | 127 | 128 | 130 | 129 | 129 | 130 | 131 |
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)
2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||||||||
June 30/YTD | 2nd Quarter | 1st Quarter | Dec. 31/YTD | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | Dec. 31/YTD | 4th Quarter | 3rd Quarter | Dec. 31/YTD | |||||||||||||||||||||||||||||||||||||
Parent Company Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Parent investment in subsidiaries - end of period | $ | 1,204,551 | $ | 1,204,551 | $ | 1,188,859 | $ | 1,008,836 | $ | 1,008,836 | $ | 947,040 | $ | 915,129 | $ | 921,904 | $ | 921,548 | $ | 921,548 | $ | 910,987 | $ | 861,841 | ||||||||||||||||||||||||
Risk-Based Capital Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | $ | 190,553 | $ | 190,553 | $ | 190,392 | $ | 190,233 | $ | 190,233 | $ | 190,076 | $ | 189,921 | $ | 189,768 | $ | 189,617 | $ | 189,617 | $ | — | $ | — | ||||||||||||||||||||||||
Common stock | 858 | 858 | 858 | 670 | 670 | 670 | 613 | 613 | 613 | 613 | 613 | 613 | ||||||||||||||||||||||||||||||||||||
Accumulated paid in capital | 435,605 | 435,605 | 434,704 | 252,322 | 252,322 | 251,423 | 193,623 | 211,325 | 210,698 | 210,698 | 207,503 | 207,851 | ||||||||||||||||||||||||||||||||||||
Retained earnings | 819,890 | 819,890 | 815,395 | 810,626 | 810,626 | 851,178 | 850,950 | 851,339 | 837,390 | 837,390 | 875,947 | 844,972 | ||||||||||||||||||||||||||||||||||||
Treasury stock | (278,591 | ) | (278,591 | ) | (278,703 | ) | (293,664 | ) | (293,664 | ) | (293,551 | ) | (293,572 | ) | (311,963 | ) | (311,997 | ) | (311,997 | ) | (313,347 | ) | (317,734 | ) | ||||||||||||||||||||||||
Trust preferred securities | 84,730 | 84,730 | 84,730 | 84,730 | 84,730 | 84,730 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | ||||||||||||||||||||||||||||||||||||
Minority interest | 1 | 1 | 3 | 5 | 5 | 111 | 111 | 111 | 111 | 111 | 111 | 111 | ||||||||||||||||||||||||||||||||||||
Unrealized loss on equity securities | — | — | — | — | — | — | (46 | ) | (238 | ) | (126 | ) | (126 | ) | (136 | ) | (25 | ) | ||||||||||||||||||||||||||||||
Intangible assets | (281,255 | ) | (281,255 | ) | (280,477 | ) | (281,479 | ) | (281,479 | ) | (281,614 | ) | (282,592 | ) | (283,570 | ) | (284,548 | ) | (284,548 | ) | (285,643 | ) | (288,235 | ) | ||||||||||||||||||||||||
Disallowed deferred tax assets | (1,761 | ) | (1,761 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Tier 1 capital | 970,030 | 970,030 | 966,902 | 763,443 | 763,443 | 803,023 | 784,008 | 782,385 | 766,758 | 766,758 | 610,048 | 572,553 | ||||||||||||||||||||||||||||||||||||
Tier 2 capital | 130,957 | 130,957 | 131,114 | 131,836 | 131,836 | 149,073 | 179,709 | 182,844 | 182,675 | 182,675 | 169,727 | 161,708 | ||||||||||||||||||||||||||||||||||||
Total capital | $ | 1,100,987 | $ | 1,100,987 | $ | 1,098,016 | $ | 895,279 | $ | 895,279 | $ | 952,096 | $ | 963,717 | $ | 965,229 | $ | 949,433 | $ | 949,433 | $ | 779,775 | $ | 734,261 | ||||||||||||||||||||||||
Risk-adjusted assets | $ | 6,362,015 | $ | 6,362,015 | $ | 6,372,521 | $ | 6,424,597 | $ | 6,424,597 | $ | 6,234,283 | $ | 6,335,010 | $ | 6,600,684 | $ | 6,609,359 | $ | 6,609,359 | $ | 6,475,903 | $ | 6,340,614 | ||||||||||||||||||||||||
Tangible common equity | 681,257 | 681,257 | 670,291 | 467,042 | 467,042 | 508,965 | 416,461 | 427,042 | 431,401 | 431,401 | 433,266 | 435,740 | ||||||||||||||||||||||||||||||||||||
Tangible common equity excluding OCI | 694,060 | 694,060 | 689,169 | 485,708 | 485,708 | 525,182 | 465,943 | 464,512 | 449,443 | 449,443 | 485,073 | 447,467 | ||||||||||||||||||||||||||||||||||||
Adjusted average assets | 7,641,829 | 7,641,829 | 7,404,963 | 7,496,478 | 7,496,478 | 7,636,913 | 7,945,014 | 8,151,469 | 8,146,655 | 8,146,655 | 8,040,248 | 7,671,104 | ||||||||||||||||||||||||||||||||||||
Tier 1 capital / risk-based assets | 15.25 | % | 15.25 | % | 15.17 | % | 11.88 | % | 11.88 | % | 12.88 | % | 12.38 | % | 11.85 | % | 11.60 | % | 11.60 | % | 9.42 | % | 9.03 | % | ||||||||||||||||||||||||
Tier 1 common capital / risk-based assets | 10.88 | % | 10.88 | % | 10.81 | % | 7.56 | % | 7.56 | % | 8.43 | % | 7.36 | % | 7.04 | % | 6.79 | % | 6.79 | % | 7.49 | % | 7.06 | % | ||||||||||||||||||||||||
Total capital / risk-based assets | 17.31 | % | 17.31 | % | 17.23 | % | 13.94 | % | 13.94 | % | 15.27 | % | 15.21 | % | 14.62 | % | 14.36 | % | 14.36 | % | 12.04 | % | 11.58 | % | ||||||||||||||||||||||||
Leverage ratio | 12.69 | % | 12.69 | % | 13.06 | % | 10.18 | % | 10.18 | % | 10.52 | % | 9.87 | % | 9.60 | % | 9.41 | % | 9.41 | % | 7.59 | % | 7.46 | % | ||||||||||||||||||||||||
Tangible common equity ratio | 9.05 | % | 9.05 | % | 9.17 | % | 6.29 | % | 6.29 | % | 6.88 | % | 5.56 | % | 5.36 | % | 5.23 | % | 5.23 | % | 5.44 | % | 5.58 | % | ||||||||||||||||||||||||
Tangible common equity ratio, excluding OCI | 9.22 | % | 9.22 | % | 9.42 | % | 6.54 | % | 6.54 | % | 7.10 | % | 6.23 | % | 5.83 | % | 5.45 | % | 5.45 | % | 6.09 | % | 5.73 | % | ||||||||||||||||||||||||
Tangible common equity / risk-based assets | 10.71 | % | 10.71 | % | 10.52 | % | 7.27 | % | 7.27 | % | 8.16 | % | 6.57 | % | 6.47 | % | 6.53 | % | 6.53 | % | 6.69 | % | 6.87 | % |
First Midwest Bancorp, Inc.
Selected Financial Information
(Amounts in thousands, except per share data)
2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||||||||
June 30/YTD | 2nd Quarter | 1st Quarter | Dec. 31/YTD | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | Dec. 31/YTD | 4th Quarter | 3rd Quarter | Dec. 31/YTD | |||||||||||||||||||||||||||||||||||||
Asset Quality Performance Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 39,942 | $ | 39,942 | $ | 38,095 | $ | 28,193 | $ | 28,193 | $ | 45,134 | $ | 41,542 | $ | 33,245 | $ | 15,586 | $ | 15,586 | $ | 13,961 | $ | 9,128 | ||||||||||||||||||||||||
Agricultural | 1,139 | 1,139 | 2,532 | 2,673 | 2,673 | 2,384 | 452 | 12 | 12 | 12 | 12 | 362 | ||||||||||||||||||||||||||||||||||||
Real estate- office, retail, and industrial | 17,170 | 17,170 | 18,204 | 21,396 | 21,396 | 15,738 | 13,058 | 12,769 | 2,533 | 2,533 | 1,195 | 552 | ||||||||||||||||||||||||||||||||||||
Real estate - residential construction | 71,148 | 71,148 | 93,412 | 112,798 | 112,798 | 138,593 | 143,231 | 107,766 | 97,060 | 97,060 | 28,335 | 107 | ||||||||||||||||||||||||||||||||||||
Real estate - multifamily | 7,904 | 7,904 | 8,349 | 12,486 | 12,486 | 15,910 | 10,632 | 6,989 | 1,387 | 1,387 | 2,827 | 3,480 | ||||||||||||||||||||||||||||||||||||
Real estate - other commercial | 42,407 | 42,407 | 41,829 | 53,221 | 53,221 | 25,818 | 21,262 | 16,013 | 6,914 | 6,914 | 1,833 | 1,439 | ||||||||||||||||||||||||||||||||||||
Real estate - 1-4 family | 5,706 | 5,706 | 5,826 | 5,819 | 5,819 | 4,975 | 1,034 | 1,756 | 857 | 857 | 795 | 583 | ||||||||||||||||||||||||||||||||||||
Consumer | 8,273 | 8,273 | 7,826 | 7,629 | 7,629 | 8,253 | 6,042 | 4,991 | 3,419 | 3,419 | 4,359 | 2,796 | ||||||||||||||||||||||||||||||||||||
Total non-accrual loans | 193,689 | 193,689 | 216,073 | 244,215 | 244,215 | 256,805 | 237,253 | 183,541 | 127,768 | 127,768 | 53,317 | 18,447 | ||||||||||||||||||||||||||||||||||||
Loans past due 90 days and still accruing | 6,280 | 6,280 | 7,995 | 4,079 | 4,079 | 5,960 | 26,071 | 73,929 | 36,999 | 36,999 | 37,316 | 21,149 | ||||||||||||||||||||||||||||||||||||
Total non-performing loans | 199,969 | 199,969 | 224,068 | 248,294 | �� | 248,294 | 262,765 | 263,324 | 257,470 | 164,767 | 164,767 | 90,633 | 39,596 | |||||||||||||||||||||||||||||||||||
Restructured, accruing loans | 9,030 | 9,030 | 5,168 | 30,553 | 30,553 | 26,718 | 18,877 | 1,063 | 7,344 | 7,344 | 3,731 | 7,391 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | 57,023 | 57,023 | 62,565 | 57,137 | 57,137 | 57,945 | 50,640 | 38,984 | 24,368 | 24,368 | 23,697 | 6,053 | ||||||||||||||||||||||||||||||||||||
Total non-performing assets | 266,022 | 266,022 | 291,801 | 335,984 | 335,984 | 347,428 | 332,841 | 297,517 | 196,479 | 196,479 | 118,061 | 53,040 | ||||||||||||||||||||||||||||||||||||
Loans past due 30-89 days and still accruing | 32,012 | 32,012 | 28,018 | 37,912 | 37,912 | 44,346 | 38,128 | 54,311 | 116,206 | 116,206 | 104,769 | 100,820 | ||||||||||||||||||||||||||||||||||||
Reserve for loan losses (RLL): | ||||||||||||||||||||||||||||||||||||||||||||||||
RLL | $ | 145,027 | $ | 145,027 | $ | 144,824 | $ | 144,808 | $ | 144,808 | $ | 134,269 | $ | 127,528 | $ | 116,001 | $ | 93,869 | $ | 93,869 | $ | 69,811 | $ | 61,800 | ||||||||||||||||||||||||
Reserve for unfunded commitments | 450 | 450 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total reserve for loan losses | 145,477 | 145,477 | 144,824 | 144,808 | 144,808 | 134,269 | 127,528 | 116,001 | 93,869 | 93,869 | 69,811 | 61,800 | ||||||||||||||||||||||||||||||||||||
Loan loss provision | 39,876 | 21,526 | 18,350 | 215,672 | 93,000 | 38,000 | 36,262 | 48,410 | 70,254 | 42,385 | 13,029 | 7,233 | ||||||||||||||||||||||||||||||||||||
Net charge-offs by category: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 7,142 | 2,679 | 4,463 | 55,004 | 23,320 | 12,585 | 7,006 | 12,093 | 13,026 | 5,601 | 1,899 | 4,925 | ||||||||||||||||||||||||||||||||||||
Agricultural | 687 | 546 | 141 | 180 | 180 | — | — | — | 38 | — | (4 | ) | 10 | |||||||||||||||||||||||||||||||||||
Real estate - office, retail, and industrial | 3,997 | 2,353 | 1,644 | 7,856 | 3,265 | 3,496 | 217 | 878 | 732 | 699 | 2 | — | ||||||||||||||||||||||||||||||||||||
Real estate - residential construction | 14,446 | 9,994 | 4,452 | 62,642 | 38,315 | 5,181 | 8,427 | 10,719 | 15,780 | 9,227 | 5,856 | 231 | ||||||||||||||||||||||||||||||||||||
Real estate - multifamily | 997 | 485 | 512 | 3,483 | 2,325 | 29 | 1,086 | 43 | 1,796 | 164 | (40 | ) | 490 | |||||||||||||||||||||||||||||||||||
Real estate - other commercial | 6,341 | 1,622 | 4,719 | 21,517 | 11,851 | 6,400 | 3,197 | 69 | 1,248 | 397 | 62 | (34 | ) | |||||||||||||||||||||||||||||||||||
Real estate - 1-4 family | 381 | 261 | 120 | 930 | 168 | 216 | 326 | 220 | 576 | 57 | 239 | 145 | ||||||||||||||||||||||||||||||||||||
Consumer | 4,565 | 2,282 | 2,283 | 13,121 | 3,037 | 3,352 | 4,476 | 2,256 | 4,989 | 2,182 | 1,308 | 2,036 | ||||||||||||||||||||||||||||||||||||
Net charge-offs, excluding covered assets | 38,556 | 20,222 | 18,334 | 164,733 | 82,461 | 31,259 | 24,735 | 26,278 | 38,185 | 18,327 | 9,322 | 7,803 | ||||||||||||||||||||||||||||||||||||
Charge-offs on covered assets | 651 | 651 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total net charge-offs | 39,207 | 20,873 | 18,334 | 164,733 | 82,461 | 31,259 | 24,735 | 26,278 | 38,185 | 18,327 | 9,322 | 7,803 | ||||||||||||||||||||||||||||||||||||
Asset Quality ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans / loans | 3.72 | % | 3.72 | % | 4.16 | % | 4.69 | % | 4.69 | % | 4.84 | % | 4.44 | % | 3.41 | % | 2.38 | % | 2.38 | % | 1.02 | % | 0.37 | % | ||||||||||||||||||||||||
Non-performing loans / loans | 3.84 | % | 3.84 | % | 4.31 | % | 4.77 | % | 4.77 | % | 4.95 | % | 4.93 | % | 4.78 | % | 3.07 | % | 3.07 | % | 1.74 | % | 0.80 | % | ||||||||||||||||||||||||
Non-performing assets / loans plus OREO | 5.05 | % | 5.05 | % | 5.55 | % | 6.39 | % | 6.39 | % | 6.48 | % | 6.17 | % | 5.48 | % | 3.65 | % | 3.65 | % | 2.25 | % | 1.07 | % | ||||||||||||||||||||||||
Non-accrual loans / total assets | 2.48 | % | 2.48 | % | 2.85 | % | 3.17 | % | 3.17 | % | 3.34 | % | 3.05 | % | 2.22 | % | 1.50 | % | 1.50 | % | 0.65 | % | 0.23 | % | ||||||||||||||||||||||||
Loan loss ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||
RLL / loans | 2.79 | % | 2.79 | % | 2.79 | % | 2.78 | % | 2.78 | % | 2.53 | % | 2.39 | % | 2.15 | % | 1.75 | % | 1.75 | % | 1.34 | % | 1.25 | % | ||||||||||||||||||||||||
RLL / non-accrual loans | 75.11 | % | 75.11 | % | 67.03 | % | 59.30 | % | 59.30 | % | 52.28 | % | 53.75 | % | 63.20 | % | 73.47 | % | 73.47 | % | 130.94 | % | 335.01 | % | ||||||||||||||||||||||||
RLL / non-performing loans | 72.75 | % | 72.75 | % | 64.63 | % | 58.32 | % | 58.32 | % | 51.10 | % | 48.43 | % | 45.05 | % | 56.97 | % | 56.97 | % | 77.03 | % | 156.08 | % | ||||||||||||||||||||||||
Net charge-offs to average net loans | 1.49 | % | 1.56 | % | 1.43 | % | 3.08 | % | 6.17 | % | 2.32 | % | 1.85 | % | 1.98 | % | 0.74 | % | 1.38 | % | 0.71 | % | 0.16 | % |
Footnotes:
(1) | Tax equivalent basis reflects federal and state tax benefits. |
(2) | Annualized based on the number of days outstanding for each period presented. |