Exhibit 99.1
| | | | | | |
| | | | | | News Release |
 | | First Midwest Bancorp, Inc. | | First Midwest Bancorp, Inc. One Pierce Place, Suite 1500 Itasca, Illinois 60143 (630) 875-7450 |
| | |
FOR IMMEDIATE RELEASE | | CONTACT: | | Paul F. Clemens |
| | | |
| | | | | | Chief Financial Officer |
| | | | | | (630) 875-7347 |
| TRADED: | | NASDAQ Global Select Market | | www.firstmidwest.com |
| SYMBOL: | | FMBI | | | | |
FIRST MIDWEST BANCORP, INC. ANNOUNCES 2010
THIRD QUARTER RESULTS
Solid Core Operating Performance—Strong Capital Ratios—Elevated Credit Costs
Operating Performance
| • | | Net income before preferred dividends and accretion on preferred stock of $2.6 million for third quarter 2010 vs. $7.8 million for second quarter 2010 and $3.4 million for third quarter 2009. |
| • | | Pre-tax, pre-provision core operating earnings of $34.9 million for third quarter 2010, up $179,000, or 0.5%, from second quarter 2010 and up $4.7 million, or 15.6%, from third quarter 2009. |
| • | | Average earnings assets up approximately $250 million, or 3.6%, from second quarter 2010. |
| • | | Average core transactional deposits up $610.6 million, or 15.8%, from third quarter 2009. |
| • | | Acquisition of approximately $297 million of loans and $460 million of deposits of the former Palos Bank and Trust Company in an FDIC-assisted transaction. |
Capital, Credit and Other
| • | | Tier 1 common equity to risk-based assets of 10.45% as compared to 10.88% and 8.43% at June 30, 2010 and September 30, 2009, respectively. |
| • | | Non-performing loans of $220.5 million, up from $200.0 million at June 30, 2010 and down from $262.8 million at September 30, 2009. |
| • | | Allowance for credit losses of $145.0 million representing 2.81% of loans, excluding covered loans, as compared to 2.79% at June 30, 2010 and 2.53% at September 30, 2009. |
| • | | Net securities gains of $6.4 million for third quarter 2010. |
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ITASCA, IL, October 20, 2010 – Today First Midwest Bancorp, Inc. (the “Company” or “First Midwest”)(NASDAQ NGS: FMBI), the holding company of First Midwest Bank, reported results of operations and financial condition for third quarter 2010. Net income for the quarter was $2.6 million, before adjustment for preferred dividends and non-vested restricted shares, with net income of $11 thousand, or $0.00 per share, available to common shareholders after such adjustments. This compares to net income available to common shareholders of $5.2 million, or $0.07 per share, for second quarter 2010 and net income available to common shareholders of $773,000, or $0.02 per share, for third quarter 2009.
Summary Update
In making the announcement, Michael L. Scudder, President and Chief Executive Officer of First Midwest Bancorp, Inc., said, “The quarter evidenced continued solid underlying business performance offset by higher credit costs. Core operating earnings remained strong, reflecting the positive impact of both strategic acquisition activity and improved fee-based revenues. Mid-quarter, we acquired Palos Bank and Trust Company from the FDIC adding $297 million in loans and $460 million in deposits, representing approximately 18,000 households and significantly expanding our southeastern Chicago presence. As we closed the quarter, our core earnings stood 16% higher than the same period in 2009.”
Mr. Scudder continued, “While elevated from last quarter, problem assets remain well below peak levels, with the quarter’s increase largely due to three individual borrowers. During the quarter, we disposed of $30 million of nonperforming loans, contributing to the quarter’s comparatively higher charge-off levels. In what remains a difficult credit environment, we are focused on problem asset remediation and continue to adjust carrying values to reflect evolving market conditions and disposition strategies.”
Mr. Scudder concluded, “For 70 years, First Midwest has been committed to meeting the financial needs of our clients and communities. This ongoing commitment, supported by our leading capital foundation, leaves us well positioned to serve our clients and pursue opportunities to profitably grow our core business.”
Acquisitions
On August 13, 2010, the Company acquired approximately $297.0 million in loans, $23.7 million in other real estate owned (“OREO”), and $121.5 million in cash and securities and assumed $215.2 million in core deposits and $246.6 million in time deposits of the former Palos Bank and Trust Company (“Palos”) in an Federal Deposit Insurance Corporation (“FDIC”)-assisted transaction. The Company also gained four retail banking centers. This represents the third such transaction since October 2009, bringing total earnings assets acquired to approximately $487.8 million at September 30,
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2010. The Company continues to evaluate acquisition opportunities in the market. The majority of the loans and OREO acquired from Palos are subject to a loss sharing arrangement with the FDIC whereby the Company is indemnified against the majority of any losses incurred on these loans and, therefore, are presented separately in the asset quality presentation in this release.
Operating Performance
The Company generated pre-tax, pre-provision core operating earnings of $34.9 million for third quarter 2010, compared to $34.7 million for second quarter 2010 and $30.2 million for third quarter 2009. The increases compared to both prior periods were the result of higher net interest income and fee-based revenues, which more than offset higher non-interest expense. A reconciliation of earnings in accordance with U.S. generally accepted accounting principles (“GAAP”) to the non-GAAP financial measures of pre-tax, pre-provision core operating earnings is presented on page 12 of this earnings release.
Total loans, including covered loans, were $5.7 billion as of September 30, 2010, an increase of $203.2 million and $346.4 million from June 30, 2010 and September 30, 2009, respectively. The increases were driven by the addition of covered loans acquired through FDIC-assisted transactions, which more than offset declines in the multi-family, residential, and commercial construction categories. Covered loans were $487.8 million at September 30, 2010 compared to $240.9 million at June 30, 2010 and zero at September 30, 2009.
In addition to loans, the Company also recorded OREO and indemnification assets from the completion of its FDIC-assisted acquisitions, collectively referred to as “covered assets.” The quarter over quarter increase in covered assets from $251.6 million to $519.3 million is due to the acquisition of Palos on August 13, 2010.
Average core transactional deposits for third quarter 2010 were $4.5 billion, an increase of $610.6 million, or 15.8%, from third quarter 2009. Excluding core transactional deposits acquired through FDIC-assisted transactions, the year-over-year increase in core transactional deposits was $109.8 million, or 2.8%.
Net interest income for third quarter 2010 of $70.2 million was relatively unchanged from second quarter 2010, despite average earning assets that were approximately $250 million higher. The impact of higher earning assets was offset by a decline in the tax-equivalent net interest margin from 4.21% for second quarter 2010 to 4.05% for third quarter 2010.
The quarter over quarter decline in margin reflects the impact of the low interest rate environment given lower yields on our short-term investment of proceeds from securities sales, the seasonal increase of deposits from the Company’s municipal customers, and the additional deposits acquired from the Palos acquisition, as well as higher reversals of interest on nonaccrual loans.
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Net interest income for third quarter 2010 increased $9.2 million, or 15.1%, compared to third quarter 2009. The improvement was driven by an increase in earning assets, primarily covered loans, and a 39 basis point increase in tax-equivalent net interest margin. The margin improvement reflects reductions in rates paid on all major funding categories, led by a 105 basis point decline in rates paid on time deposits.
Fee-based revenues of $22.5 million for third quarter 2010 were up 2.6% from second quarter 2010, reflecting increases in all major fee categories. Total overdraft fee income increased 5.5% from second quarter 2010 as a result of higher transaction volume and our customers’ adoption of our new overdraft protection program.
Fee-based revenues increased 2.8% compared to third quarter 2009 with the 7.9% decline in service charge fees more than offset by a 16.8% increase in other service charges, commissions and fees (primarily merchant fee income), a 13.0% increase in card-based fees, and a 4.9% increase in trust and advisory fees.
Total noninterest income grew 12.6% from second quarter 2010 and declined 1.1% from third quarter 2009 due to differences in net securities gains and the fair value adjustment related to the Company’s non-qualified deferred compensation plan.
Total noninterest expense for third quarter 2010 rose approximately $1.3 million from second quarter 2010 as a result of increases in salaries and employee benefits, net occupancy and equipment expense, loan remediation, and other professional expenses. These increases were mitigated by declines in net operating expenses and losses recognized on OREO and marketing expenses included in the “other” expense category.
The $3.4 million increase in salaries and employee benefits from second quarter 2010 reflects the $2.2 million difference from the fair value adjustment related to assets held on behalf of certain employees in the Company’s non-qualified deferred compensation plan, as well as the increase in retail banking employees as a result of the Company’s FDIC-assisted acquisitions.
The 6.6% increase in net occupancy and equipment expense from second quarter 2010 is primarily driven by higher utilities and depreciation expense associated with acquired retail banking facilities.
Loan remediation and other professional expenses grew by 9.5% from second quarter 2010 reflecting substantially higher outsourced remediation expenses.
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Total noninterest expense rose by $12.1 million, or 21.4%, in third quarter 2010 compared to third quarter 2009 due to $6.4 million of higher losses and write-downs on OREO in addition to increases of $2.5 million in salaries and benefits, $1.7 million in loan remediation costs (including costs to service certain assets acquired in the FDIC-assisted transactions), and $759 thousand in professional services fees from the valuation and integration of FDIC-acquired assets.
The increase in salaries and benefits from third quarter 2009 was driven by the addition of retail banking employees from the Company’s three FDIC-assisted acquisitions, as well as standard merit increases and higher share-based compensation expense.
Similarly, the increases in loan remediation and other professional expenses result from costs associated with integrating and remediating FDIC-acquired assets. For third quarter 2010, the Company recorded $847 thousand of one-time integration expenses associated with these acquisitions.
Asset Quality
Non-performing assets, excluding covered assets, were $283.5 million at September 30, 2010, an increase of $17.5 million from June 30, 2010 and a decrease of $63.9 million from September 30, 2009. The quarter over quarter increase is substantially due to the deterioration of three borrowers. Non-performing assets represented 5.44% of total loans plus OREO at September 30, 2010 compared to 5.05% and 6.48% at June 30, 2010 and September 30, 2009, respectively. Loans 30-89 days delinquent stood at $41.6 million, an increase of $9.6 million from the June 30, 2010 level of $32.0 million.
The allowance for credit losses represented 2.81% of total loans outstanding at September 30, 2010 compared to 2.79% at June 30, 2010 and 2.53% at September 30, 2009. The allowance for credit losses as a percentage of non-performing loans, excluding covered loans, was 66% at September 30, 2010 compared to 73% at June 30, 2010 and 51% at September 30, 2009.
Net charge-offs, excluding covered loans, for third quarter 2010 were $34.0 million compared to $20.2 million and $31.3 million for second quarter 2010 and third quarter 2009, respectively. The Company disposed of approximately $30.2 million of nonperforming loans at a loss of $13.6 million and sold $8.0 million of OREO at a loss of $2.5 million during the quarter. During the quarter, the Company also recorded OREO write-downs of $5.8 million in noninterest expense.
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Securities Portfolio
Approximately 95% of the Company’s $1.1 billion available-for-sale portfolio is comprised of municipals, collateralized mortgage obligations (“CMOs”), and agency pass-through securities. The remainder consists of trust-preferred collateralized debt obligation pools (“CDOs”) with a fair value of $13.4 million and an unrealized loss of $36.3 million, and miscellaneous other securities totaling $37.5 million. Net securities gains were $6.4 million for third quarter 2010 and were net of other-than-temporary impairment charges of $852 thousand related to the Company’s CDOs.
Capital Management
As reflected in the following table, all regulatory mandated ratios for characterization as “well-capitalized” were exceeded as of September 30, 2010.
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| | | September 30,
2010 | | | June 30,
2010 | | | Minimum
“Well-
Capitalized”
Level | | | Excess Over
Required
Minimums at
September 30,
2010 | |
| | | | | | | | | | | | (Amounts in millions) | |
| | | | | |
Regulatory capital ratios: | | | | | | | | | | | | | | | | | | | | |
Total capital to risk-weighted assets | | | 16.83 | % | | | 17.31 | % | | | 10.00 | % | | | 68 | % | | $ | 438 | |
Tier 1 capital to risk-weighted assets | | | 14.78 | % | | | 15.25 | % | | | 6.00 | % | | | 146 | % | | $ | 563 | |
Tier 1 leverage to average assets | | | 11.98 | % | | | 12.69 | % | | | 5.00 | % | | | 140 | % | | $ | 553 | |
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Regulatory capital ratios, excluding preferred stock: | | | | | | | | | | | | | | | | | | | | |
Total capital to risk-weighted assets | | | 13.82 | % | | | 14.27 | % | | | 10.00 | % | | | 38 | % | | $ | 245 | |
Tier 1 capital to risk-weighted assets | | | 11.77 | % | | | 12.21 | % | | | 6.00 | % | | | 96 | % | | $ | 370 | |
Tier 1 leverage to average assets | | | 9.54 | % | | | 10.17 | % | | | 5.00 | % | | | 91 | % | | $ | 360 | |
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Tier 1 common capital to risk-weighted assets | | | 10.45 | % | | | 10.88 | % | | | N/A | | | | N/A | | | | N/A | |
Tangible equity ratios: | | | | | | | | | | | | | | | | | | | | |
Tangible common equity to tangible assets | | | 8.34 | % | | | 9.05 | % | | | N/A | | | | N/A | | | | N/A | |
Tangible common equity, excluding other comprehensive loss, to tangible assets | | | 8.46 | % | | | 9.22 | % | | | N/A | | | | N/A | | | | N/A | |
Tangible common equity to risk-weighted assets | | | 10.51 | % | | | 10.71 | % | | | N/A | | | | N/A | | | | N/A | |
The Board of Directors reviews the Company’s capital plan each quarter, giving consideration to the current and expected operating environment, as well as an evaluation of various capital alternatives.
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About the Company
First Midwest is the premier relationship-based banking franchise in the growing Chicagoland banking market. As one of the Chicago metropolitan area’s largest independent bank holding companies, First Midwest provides the full range of both business and retail banking and trust and investment management services through 100 offices located in 65 communities, primarily in metropolitan Chicago.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that actual results and the Company’s financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the Company’s future results, see “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and other reports filed with the Securities and Exchange Commission. Forward-looking statements represent management’s best judgment as of the date hereof based on currently available information. Except as required by law, the Company undertakes no duty to update the contents of this press release after the date hereof.
Conference Call
A conference call to discuss the Company’s results, outlook and related matters will be held on Wednesday, October 20, 2010 at 10:00 A.M. (ET). Members of the public who would like to listen to the conference call should dial (800) 638-4817 (U.S. domestic) or (617) 614-3943 (international) and enter passcode number 253 50 917. The number should be dialed 10 to 15 minutes prior to the start of the conference call. There is no charge to access the call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the Company’s website,www.firstmidwest.com/investorrelations. For those unable to listen to the live broadcast, a replay will be available on the Company’s website or by dialing (888) 286-8010 (U.S. domestic) or (617) 801-6888 (international) passcode number 187 96 745 beginning at 1:00 P.M. (ET) on October 20, 2010 until 11:59 P.M. (ET) on October 27, 2010. Please direct any questions regarding obtaining access to the conference call to First Midwest Bancorp, Inc. Investor Relations, via e-mail, atinvestor.relations@firstmidwest.com.
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Accompanying Financial Statements and Tables
Accompanying this press release is the following unaudited financial information:
| • | | Operating Highlights, Balance Sheet Highlights, and Capital Ratios |
| • | | Condensed Consolidated Statements of Financial Condition |
| • | | Condensed Consolidated Statements of Income |
| • | | Pre-Tax, Pre-Provision Core Operating Earnings |
| • | | Loan Portfolio Composition |
| • | | Asset Quality, Excluding Covered Assets |
| • | | Non-performing Assets and Past Due Loans |
| • | | Securities Available-for-Sale |
Press Release and Additional Information Available on Website
This press release, the accompanying financial statements and tables, and certain additional unauditedSelected Financial Information are available through the “Investor Relations” section of First Midwest’s website atwww.firstmidwest.com.
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| First Midwest Bancorp, Inc. | | Press Release Dated October 20, 2010 |
Operating Highlights
| | | | | | | | | | | | |
| | | Quarters Ended | |
Unaudited (Dollar amounts in thousands except per share data) | | September 30,
2010 | | | June 30,
2010 | | | September 30,
2009 | |
Net income | | $ | 2,585 | | | $ | 7,809 | | | $ | 3,351 | |
Net income applicable to common shares | | | 11 | | | | 5,171 | | | | 773 | |
Diluted earnings per common share | | $ | 0.00 | | | $ | 0.07 | | | $ | 0.02 | |
Return on average common equity | | | 0.00 | % | | | 2.16 | % | | | 0.43 | % |
Return on average assets | | | 0.13 | % | | | 0.40 | % | | | 0.17 | % |
Net interest margin | | | 4.05 | % | | | 4.21 | % | | | 3.66 | % |
Efficiency ratio | | | 59.91 | % | | | 57.92 | % | | | 59.13 | % |
Balance Sheet Highlights
| | | | | | | | | | | | |
| | | As Of | |
Unaudited (Dollar amounts in thousands except per share data) | | September 30,
2010 | | | June 30,
2010 | | | September 30,
2009 | |
Total assets | | $ | 8,376,494 | | | $ | 7,805,089 | | | $ | 7,678,434 | |
Total loans, excluding covered loans | | | 5,164,666 | | | | 5,208,347 | | | | 5,306,068 | |
Covered assets(1) | | | 519,305 | | | | 251,572 | | | | — | |
Total deposits | | | 6,677,259 | | | | 6,123,565 | | | | 5,749,153 | |
Total stockholders’ equity | | | 1,160,059 | | | | 1,155,512 | | | | 983,579 | |
Common stockholders’ equity | | | 967,059 | | | | 962,512 | | | | 790,579 | |
Book value per share | | $ | 13.06 | | | $ | 13.00 | | | $ | 14.43 | |
Period end shares outstanding | | | 74,057 | | | | 74,049 | | | | 54,800 | |
| (1) | Covered assets are subject to a loss sharing agreement with the FDIC whereby the Company is indemnified against the majority of any losses incurred related to these loans and other real estate owned. Covered assets were obtained through the FDIC-assisted transactions related to First DuPage Bank on October 23, 2009, Peotone Bank and Trust Company on April 23, 2010, and Palos Bank and Trust Company on August 13, 2010. |
Capital Ratios
| | | | | | | | | | | | |
| | | As Of | |
| Unaudited | | September 30,
2010 | | | June 30,
2010 | | | September 30,
2009 | |
Regulatory capital ratios: | | | | | | | | | | | | |
Total capital to risk-weighted assets | | | 16.83 | % | | | 17.31 | % | | | 15.27 | % |
Tier 1 capital to risk-weighted assets | | | 14.78 | % | | | 15.25 | % | | | 12.88 | % |
Tier 1 leverage to average assets | | | 11.98 | % | | | 12.69 | % | | | 10.52 | % |
| | | |
Regulatory capital ratios, excluding preferred stock: | | | | | | | | | | | | |
Total capital to risk-weighted assets | | | 13.82 | % | | | 14.27 | % | | | 12.18 | % |
Tier 1 capital to risk-weighted assets | | | 11.77 | % | | | 12.21 | % | | | 9.78 | % |
Tier 1 leverage to average assets | | | 9.54 | % | | | 10.17 | % | | | 7.99 | % |
| | | |
Tier 1 common capital to risk-weighted assets | | | 10.45 | % | | | 10.88 | % | | | 8.43 | % |
| | | |
Tangible common equity ratios: | | | | | | | | | | | | |
Tangible common equity to tangible assets | | | 8.34 | % | | | 9.05 | % | | | 6.88 | % |
Tangible common equity, excluding other comprehensive loss, to tangible assets | | | 8.46 | % | | | 9.22 | % | | | 7.10 | % |
Tangible common equity to risk-weighted assets | | | 10.51 | % | | | 10.71 | % | | | 8.16 | % |
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| | |
| First Midwest Bancorp, Inc. | | Press Release Dated October 20, 2010 |
Condensed Consolidated Statements of Financial Condition
| | | | | | | | |
Unaudited (Amounts in thousands) | | September 30, | |
| | 2010 | | | 2009 | |
Assets | | | | | | | | |
Cash and due from banks | | $ | 177,537 | | | $ | 115,905 | |
Federal funds sold and other short-term investments | | | 558,408 | | | | 81,693 | |
Trading account securities, at fair value | | | 13,784 | | | | 13,231 | |
Securities available-for-sale, at fair value | | | 1,058,609 | | | | 1,349,669 | |
Securities held-to-maturity, at amortized cost | | | 85,687 | | | | 83,860 | |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | | | 62,038 | | | | 54,768 | |
Loans, excluding covered loans | | | 5,164,666 | | | | 5,306,068 | |
Covered loans(1) | | | 487,755 | | | | — | |
Allowance for loan losses | | | (144,569 | ) | | | (134,269 | ) |
| | | | | | | | |
| | |
Net loans | | | 5,507,852 | | | | 5,171,799 | |
| | | | | | | | |
Other real estate owned, excluding covered OREO | | | 52,044 | | | | 57,945 | |
Covered other real estate owned(1) | | | 31,550 | | | | — | |
Premises, furniture, and equipment | | | 131,845 | | | | 122,083 | |
Investment in bank owned life insurance | | | 198,666 | | | | 197,681 | |
Goodwill and other intangible assets | | | 292,523 | | | | 281,614 | |
Accrued interest receivable and other assets | | | 205,951 | | | | 148,186 | |
| | | | | | | | |
| | |
Total assets | | $ | 8,376,494 | | | $ | 7,678,434 | |
| | | | | | | | |
| | |
Liabilities and Stockholders’ Equity | | | | | | | | |
| | |
Deposits | | | | | | | | |
Transactional deposits | | $ | 4,533,662 | | | $ | 3,833,267 | |
Time deposits | | | 2,143,597 | | | | 1,915,886 | |
| | | | | | | | |
| | |
Total deposits | | | 6,677,259 | | | | 5,749,153 | |
Borrowed funds | | | 323,077 | | | | 716,299 | |
Subordinated debt | | | 137,741 | | | | 157,717 | |
Accrued interest payable and other liabilities | | | 78,358 | | | | 71,686 | |
| | | | | | | | |
| | |
Total liabilities | | | 7,216,435 | | | | 6,694,855 | |
| | | | | | | | |
Preferred stock | | | 190,716 | | | | 190,076 | |
Common stock | | | 858 | | | | 670 | |
Additional paid-in capital | | | 436,774 | | | | 251,423 | |
Retained earnings | | | 819,157 | | | | 851,178 | |
Accumulated other comprehensive loss, net of tax | | | (9,203 | ) | | | (16,217 | ) |
Treasury stock, at cost | | | (278,243 | ) | | | (293,551 | ) |
| | | | | | | | |
| | |
Total stockholders’ equity | | | 1,160,059 | | | | 983,579 | |
| | | | | | | | |
| | |
Total liabilities and stockholders’ equity | | $ | 8,376,494 | | | $ | 7,678,434 | |
| | | | | | | | |
| (1) | Total covered assets equal $519,305 and are comprised of covered loans, which include an FDIC indemnification asset, and covered OREO. |
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| | |
| First Midwest Bancorp, Inc. | | Press Release Dated October 20, 2010 |
Condensed Consolidated Statements of Income
| | | | | | | | | | | | |
| | | Quarters Ended | |
Unaudited (Amounts in thousands, except per share data) | | September 30,
2010 | | | June 30,
2010 | | | September 30,
2009 | |
Interest Income | | | | | | | | | | | | |
Loans | | $ | 65,416 | | | $ | 65,439 | | | $ | 66,035 | |
Securities | | | 11,920 | | | | 13,699 | | | | 16,278 | |
Covered assets, excluding covered OREO | | | 4,294 | | | | 2,598 | | | | — | |
Federal funds sold and other short-term investments | | | 708 | | | | 538 | | | | 449 | |
| | | | | | | | | | | | |
Total interest income | | | 82,338 | | | | 82,274 | | | | 82,762 | |
| | | | | | | | | | | | |
Interest Expense | | | | | | | | | | | | |
Deposits | | | 9,049 | | | | 9,626 | | | | 15,324 | |
Borrowed funds | | | 797 | | | | 749 | | | | 2,768 | |
Subordinated debt | | | 2,279 | | | | 2,280 | | | | 3,689 | |
| | | | | | | | | | | | |
Total interest expense | | | 12,125 | | | | 12,655 | | | | 21,781 | |
| | | | | | | | | | | | |
Net interest income | | | 70,213 | | | | 69,619 | | | | 60,981 | |
Provision for loan losses | | | 33,576 | | | | 21,526 | | | | 38,000 | |
| | | | | | | | | | | | |
Net interest income after provision for loan losses | | | 36,637 | | | | 48,093 | | | | 22,981 | |
| | | | | | | | | | | | |
Noninterest Income | | | | | | | | | | | | |
Service charges on deposit accounts | | | 9,249 | | | | 9,052 | | | | 10,046 | |
Trust and investment advisory fees | | | 3,728 | | | | 3,702 | | | | 3,555 | |
Other service charges, commissions, and fees | | | 4,932 | | | | 4,628 | | | | 4,222 | |
Card-based fees | | | 4,547 | | | | 4,497 | | | | 4,023 | |
| | | | | | | | | | | | |
Total fee-based revenues | | | 22,456 | | | | 21,879 | | | | 21,846 | |
Bank owned life insurance income | | | 267 | | | | 349 | | | | 282 | |
Securities gains (losses), net | | | 6,376 | | | | 1,121 | | | | (6,975 | ) |
Gain on FDIC-assisted transaction | | | — | | | | 4,303 | | | | — | |
Gains on early extinguishment of debt | | | — | | | | — | | | | 13,991 | |
Other | | | 1,654 | | | | (342 | ) | | | 1,946 | |
| | | | | | | | | | | | |
Total noninterest income | | | 30,753 | | | | 27,310 | | | | 31,090 | |
| | | | | | | | | | | | |
Noninterest Expense | | | | | | | | | | | | |
Salaries and employee benefits | | | 29,926 | | | | 26,540 | | | | 27,416 | |
Losses realized on other real estate owned | | | 8,265 | | | | 8,924 | | | | 1,801 | |
Other real estate owned expense, net | | | 1,312 | | | | 2,926 | | | | 1,660 | |
FDIC insurance | | | 2,835 | | | | 2,546 | | | | 2,558 | |
Net occupancy and equipment expense | | | 8,326 | | | | 7,808 | | | | 7,837 | |
Loan remediation expense | | | 2,817 | | | | 2,649 | | | | 1,833 | |
Other professional fees | | | 3,370 | | | | 3,003 | | | | 1,936 | |
Other | | | 11,926 | | | | 13,059 | | | | 11,599 | |
| | | | | | | | | | | | |
Total noninterest expense | | | 68,777 | | | | 67,455 | | | | 56,640 | |
| | | | | | | | | | | | |
(Loss) income before income tax (benefit) expense | | | (1,387 | ) | | | 7,948 | | | | (2,569 | ) |
Income tax (benefit) expense | | | (3,972 | ) | | | 139 | | | | (5,920 | ) |
| | | | | | | | | | | | |
Net income | | | 2,585 | | | | 7,809 | | | | 3,351 | |
Preferred dividends | | | (2,575 | ) | | | (2,573 | ) | | | (2,567 | ) |
Net income applicable to non-vested restricted shares | | | 1 | | | | (65 | ) | | | (11 | ) |
| | | | | | | | | | | | |
Net Income Applicable to Common Shares | | $ | 11 | | | $ | 5,171 | | | $ | 773 | |
| | | | | | | | | | | | |
Diluted Earnings Per Common Share | | $ | 0.00 | | | $ | 0.07 | | | $ | 0.02 | |
Dividends Declared Per Common Share | | $ | 0.01 | | | $ | 0.01 | | | $ | 0.01 | |
Weighted Average Diluted Common Shares Outstanding | | | 73,072 | | | | 73,028 | | | | 48,942 | |
11
| | |
| First Midwest Bancorp, Inc. | | Press Release Dated October 20, 2010 |
Pre-Tax, Pre-Provision Core Operating Earnings(1)
| | | | | | | | | | | | |
| | | Quarters Ended | |
Unaudited (Dollar amounts in thousands) | | September 30,
2010 | | | June 30,
2010 | | | September 30,
2009 | |
(Loss) income before income tax expense (benefit) | | $ | (1,387 | ) | | $ | 7,948 | | | $ | (2,569 | ) |
Provision for loan losses | | | 33,576 | | | | 21,526 | | | | 38,000 | |
| | | | | | | | | | | | |
Pre-tax, pre-provision earnings | | | 32,189 | | | | 29,474 | | | | 35,431 | |
| | | | | | | | | | | | |
| | | |
Non-Operating Items | | | | | | | | | | | | |
Securities gains (losses), net | | | 6,376 | | | | 1,121 | | | | (6,975 | ) |
Gains on FDIC-assisted transaction | | | — | | | | 4,303 | | | | — | |
Gains on early extinguishment of debt | | | — | | | | — | | | | 13,991 | |
Losses realized on other real estate owned | | | (8,265 | ) | | | (8,924 | ) | | | (1,801 | ) |
Integration costs associated with FDIC-assisted acquisitions | | | (847 | ) | | | (1,772 | ) | | | — | |
| | | | | | | | | | | | |
Total non-operating items | | | (2,736 | ) | | | (5,272 | ) | | | 5,215 | |
| | | | | | | | | | | | |
| | | |
Pre-tax, pre-provision core operating earnings | | $ | 34,925 | | | $ | 34,746 | | | $ | 30,216 | |
| | | | | | | | | | | | |
Pre-tax, pre-provision core operating earnings to risk-weighted assets | | | 2.18 | % | | | 2.19 | % | | | 1.94 | % |
| (1) | The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practice within the banking industry. As a supplement to GAAP, the Company has provided this non-GAAP performance result. The Company believes that this non-GAAP financial measure is useful because it allows investors to assess the Company’s operating performance. Although this non-GAAP financial measure is intended to enhance investors’ understanding of the Company’s business and performance, this non-GAAP financial measure should not be considered an alternative to GAAP. |
12
| | |
| First Midwest Bancorp, Inc. | | Press Release Dated October 20, 2010 |
Loan Portfolio Composition
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | As Of | | | Percent Change From | |
Unaudited (Dollar amounts in thousands) | | 9/30/10 | | | % of
Total | | | 6/30/10 | | | 9/30/09 | | | 6/30/10 | | | 9/30/09 | |
Corporate: | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | $ | 1,472,439 | | | | 28.5 | % | | $ | 1,494,119 | | | $ | 1,484,601 | | | | (1.5 | %) | | | (0.8 | %) |
Agricultural and farmland | | | 212,800 | | | | 4.1 | % | | | 199,597 | | | | 200,955 | | | | 6.6 | % | | | 5.9 | % |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | |
Office | | | 402,947 | | | | 7.8 | % | | | 415,846 | | | | 376,897 | | | | (3.1 | %) | | | 6.9 | % |
Retail | | | 329,153 | | | | 6.4 | % | | | 310,819 | | | | 314,586 | | | | 5.9 | % | | | 4.6 | % |
Industrial | | | 483,549 | | | | 9.4 | % | | | 493,526 | | | | 459,793 | | | | (2.0 | %) | | | 5.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total office, retail, and industrial | | | 1,215,649 | | | | 23.6 | % | | | 1,220,191 | | | | 1,151,276 | | | | (0.4 | %) | | | 5.6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Construction: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential construction | | | 226,126 | | | | 4.4 | % | | | 241,094 | | | | 400,502 | | | | (6.2 | %) | | | (43.5 | %) |
Commercial construction | | | 98,562 | | | | 1.9 | % | | | 107,572 | | | | 196,198 | | | | (8.4 | %) | | | (49.8 | %) |
Commercial land | | | 94,479 | | | | 1.8 | % | | | 94,469 | | | | 105,264 | | | | 0.0 | % | | | (10.2 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total construction | | | 419,167 | | | | 8.1 | % | | | 443,135 | | | | 701,964 | | | | (5.4 | %) | | | (40.3 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Multifamily | | | 350,458 | | | | 6.8 | % | | | 369,281 | | | | 342,807 | | | | (5.1 | %) | | | 2.2 | % |
Investor-owned rental property | | | 119,974 | | | | 2.3 | % | | | 120,436 | | | | 117,276 | | | | (0.4 | %) | | | 2.3 | % |
Other commercial real estate | | | 717,903 | | | | 13.9 | % | | | 711,287 | | | | 636,153 | | | | 0.9 | % | | | 12.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total commercial real estate | | | 2,823,151 | | | | 54.7 | % | | | 2,864,330 | | | | 2,949,476 | | | | (1.4 | %) | | | (4.3 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total corporate loans | | | 4,508,390 | | | | 87.3 | % | | | 4,558,046 | | | | 4,635,032 | | | | (1.1 | %) | | | (2.7 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Consumer: | | | | | | | | | | | | | | | | | | | | | | | | |
Home equity | | | 457,981 | | | | 8.9 | % | | | 458,066 | | | | 478,204 | | | | 0.0 | % | | | (4.2 | %) |
Real estate 1-4 family | | | 150,110 | | | | 2.9 | % | | | 145,457 | | | | 138,862 | | | | 3.2 | % | | | 8.1 | % |
Other consumer | | | 48,185 | | | | 0.9 | % | | | 46,778 | | | | 53,970 | | | | 3.0 | % | | | (10.7 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total consumer loans | | | 656,276 | | | | 12.7 | % | | | 650,301 | | | | 671,036 | | | | 0.9 | % | | | (2.2 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total loans, excluding covered loans | | | 5,164,666 | | | | 100.0 | % | | | 5,208,347 | | | | 5,306,068 | | | | (0.8 | %) | | | (2.7 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Covered loans | | | 487,755 | | | | | | | | 240,915 | | | | — | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 5,652,421 | | | | | | | $ | 5,449,262 | | | $ | 5,306,068 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
13
| | |
| First Midwest Bancorp, Inc. | | Press Release Dated October 20, 2010 |
Asset Quality, Excluding Covered Assets
| | | | | | | | | | | | | | | | | | | | |
| | | As Of | |
Unaudited (Dollar amounts in thousands) | | 9/30/10 | | | % of Loan
Category | | | % of Total | | | 6/30/10 | | | 9/30/09 | |
Non-accrual loans: | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | $ | 40,955 | | | | 2.78 | % | | | 19.4 | % | | $ | 39,942 | | | $ | 45,134 | |
Agricultural and farmland | | | 3,495 | | | | 1.64 | % | | | 1.6 | % | | | 1,139 | | | | 2,384 | |
Office, retail, and industrial | | | 21,721 | | | | 1.79 | % | | | 10.3 | % | | | 17,170 | | | | 15,738 | |
Residential construction | | | 61,050 | | | | 27.00 | % | | | 28.9 | % | | | 71,148 | | | | 138,593 | |
Commercial construction | | | — | | | | 0.00 | % | | | 0.0 | % | | | — | | | | — | |
Commercial land | | | 21,471 | | | | 22.73 | % | | | 10.2 | % | | | 20,457 | | | | 2,908 | |
Multi-family | | | 6,813 | | | | 1.94 | % | | | 3.2 | % | | | 7,904 | | | | 15,910 | |
Investor-owned rental property | | | 4,107 | | | | 3.42 | % | | | 1.9 | % | | | 6,083 | | | | 4,069 | |
Other commercial real estate | | | 40,409 | | | | 5.62 | % | | | 19.1 | % | | | 15,867 | | | | 18,841 | |
Consumer | | | 11,345 | | | | 1.73 | % | | | 5.4 | % | | | 13,979 | | | | 13,228 | |
| | | | | | | | | | | | | | | | | | | | |
Total non-accrual loans | | | 211,366 | | | | 4.09 | % | | | 100.0 | % | | | 193,689 | | | | 256,805 | |
| | | | | | | | | | | | | | | | | | | | |
90 days past due loans (still accruing interest): | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | 2,909 | | | | 0.20 | % | | | 31.8 | % | | | 2,209 | | | | 3,216 | |
Agricultural and farmland | | | 2 | | | | 0.00 | % | | | 0.0 | % | | | — | | | | — | |
Office, retail, and industrial | | | 460 | | | | 0.04 | % | | | 5.0 | % | | | 1,550 | | | | 1,036 | |
Residential construction | | | 408 | | | | 0.18 | % | | | 4.5 | % | | | — | | | | 66 | |
Commercial construction | | | — | | | | 0.00 | % | | | 0.0 | % | | | — | | | | — | |
Commercial land | | | — | | | | 0.00 | % | | | 0.0 | % | | | — | | | | — | |
Multi-family | | | — | | | | 0.00 | % | | | 0.0 | % | | | — | | | | 238 | |
Investor-owned rental property | | | 562 | | | | 0.47 | % | | | 6.2 | % | | | 116 | | | | 338 | |
Other commercial real estate | | | 2,858 | | | | 0.40 | % | | | 31.3 | % | | | 1,387 | | | | — | |
Consumer | | | 1,937 | | | | 0.29 | % | | | 21.2 | % | | | 1,018 | | | | 1,066 | |
| | | | | | | | | | | | | | | | | | | | |
Total 90 days past due loans | | | 9,136 | | | | 0.18 | % | | | 100.0 | % | | | 6,280 | | | | 5,960 | |
| | | | | | | | | | | | | | | | | | | | |
Total non-performing loans | | | 220,502 | | | | | | | | | | | | 199,969 | | | | 262,765 | |
| | | | | |
Restructured loans, still accruing interest | | | 11,002 | | | | | | | | | | | | 9,030 | | | | 26,718 | |
OREO, excluding covered OREO | | | 52,044 | | | | | | | | | | | | 57,023 | | | | 57,945 | |
| | | | | | | | | | | | | | | | | | | | |
Total non-performing assets | | $ | 283,548 | | | | | | | | | | | $ | 266,022 | | | $ | 347,428 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
30-89 days past due loans | | $ | 41,590 | | | | | | | | | | | $ | 32,012 | | | $ | 44,346 | |
Allowance for credit losses(1) | | $ | 145,019 | | | | | | | | | | | $ | 145,477 | | | $ | 134,269 | |
| | | | | |
Asset Quality Ratios, Excluding Covered Assets | | | | | | | | | | | | | | | | | | | | |
Non-accrual loans to loans | | | 4.09 | % | | | | | | | | | | | 3.72 | % | | | 4.84 | % |
Non-performing loans to loans | | | 4.27 | % | | | | | | | | | | | 3.84 | % | | | 4.95 | % |
Non-performing assets to loans plus OREO | | | 5.44 | % | | | | | | | | | | | 5.05 | % | | | 6.48 | % |
Allowance for credit losses to loans | | | 2.81 | % | | | | | | | | | | | 2.79 | % | | | 2.53 | % |
Allowance for credit losses to non-accrual loans | | | 69 | % | | | | | | | | | | | 75 | % | | | 52 | % |
Allowance for credit losses to non-performing loans | | | 66 | % | | | | | | | | | | | 73 | % | | | 51 | % |
| (1) | The allowance for credit losses includes the liability for unfunded commitments of $450 thousand. |
14
| | |
| First Midwest Bancorp, Inc. | | Press Release Dated October 20, 2010 |
Covered Assets(1)
| | | | | | | | | | | | |
| | | As Of | |
Unaudited (Dollar amounts in thousands) | | September 30,
2010 | | | June 30,
2010 | | | December 31,
2009 | |
Loans | | $ | 399,032 | | | $ | 164,924 | | | $ | 146,319 | |
FDIC indemnification asset | | | 88,723 | | | | 75,991 | | | | 67,945 | |
| | | | | | | | | | | | |
Total covered loans | | | 487,755 | | | | 240,915 | | | | 214,264 | |
Other real estate owned | | | 31,550 | | | | 10,657 | | | | 8,981 | |
| | | | | | | | | | | | |
Total covered assets | | $ | 519,305 | | | $ | 251,572 | | | $ | 223,245 | |
| | | | | | | | | | | | |
90 days or more past due loans | | $ | 74,777 | | | $ | 47,912 | | | $ | 30,286 | |
30-89 days past due loans | | $ | 24,005 | | | $ | 13,725 | | | $ | 22,988 | |
Net (recoveries) charge-offs – quarter to date | | $ | (11 | ) | | $ | 651 | | | $ | — | |
| (1) | Covered assets are subject to a loss sharing agreement with the FDIC whereby the Company is indemnified against the majority of any losses incurred related to these loans and other real estate owned. Covered assets were obtained through the FDIC-assisted transactions related to First DuPage Bank on October 23, 2009, Peotone Bank and Trust Company on April 23, 2010, and Palos Bank and Trust Company on August 13, 2010. |
15
| | |
| First Midwest Bancorp, Inc. | | Press Release Dated October 20, 2010 |
Non-performing Assets and Past Due Loans
| | | | | | | | | | | | | | | | | | | | |
| | | As Of | |
| Unaudited | | 2010 | | | 2009 | |
| (Dollar amounts in thousands) | | September 30 | | | June 30 | | | March 31 | | | December 31 | | | September 30 | |
| | | | | |
Non-performing assets, excluding covered assets | | | | | | | | | | | | | | | | | | | | |
Non-accrual loans | | $ | 211,366 | | | $ | 193,689 | | | $ | 216,073 | | | $ | 244,215 | | | $ | 256,805 | |
90 days or more past due loans | | | 9,136 | | | | 6,280 | | | | 7,995 | | | | 4,079 | | | | 5,960 | |
| | | | | | | | | | | | | | | | | | | | |
Total non-performing loans | | | 220,502 | | | | 199,969 | | | | 224,068 | | | | 248,294 | | | | 262,765 | |
| | | | | |
Restructured loans (still accruing interest) | | | 11,002 | | | | 9,030 | | | | 5,168 | | | | 30,553 | | | | 26,718 | |
Other real estate owned | | | 52,044 | | | | 57,023 | | | | 62,565 | | | | 57,137 | | | | 57,945 | |
| | | | | | | | | | | | | | | | | | | | |
Total non-performing assets | | $ | 283,548 | | | $ | 266,022 | | | $ | 291,801 | | | $ | 335,984 | | | $ | 347,428 | |
| | | | | | | | | | | | | | | | | | | | |
30-89 days past due loans | | $ | 41,590 | | | $ | 32,012 | | | $ | 28,018 | | | $ | 37,912 | | | $ | 44,346 | |
| | | | | |
Non-accrual loans to total loans | | | 4.09 | % | | | 3.72 | % | | | 4.16 | % | | | 4.69 | % | | | 4.84 | % |
Non-performing loans to total loans | | | 4.27 | % | | | 3.84 | % | | | 4.31 | % | | | 4.77 | % | | | 4.95 | % |
Non-performing assets to loans plus OREO | | | 5.44 | % | | | 5.05 | % | | | 5.55 | % | | | 6.39 | % | | | 6.48 | % |
| | | | | |
Covered assets(1) | | | | | | | | | | | | | | | | | | | | |
Non-accrual loans | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
90 days or more past due loans | | | 74,777 | | | | 47,912 | | | | 52,464 | | | | 30,286 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total non-performing loans | | | 74,777 | | | | 47,912 | | | | 52,464 | | | | 30,286 | | | | — | |
Restructured loans (still accruing interest) | | | — | | | | — | | | | — | | | | — | | | | — | |
Other real estate owned | | | 31,550 | | | | 10,657 | | | | 8,649 | | | | 8,981 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total non-performing assets | | $ | 106,327 | | | $ | 58,569 | | | $ | 61,113 | | | $ | 39,267 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
30-89 days past due loans | | $ | 24,005 | | | $ | 13,725 | | | $ | 10,175 | | | $ | 22,988 | | | $ | — | |
| | | | | |
Non-performing assets, including covered assets | | | | | | | | | | | | | | | | | | | | |
Non-accrual loans | | $ | 211,366 | | | $ | 193,689 | | | $ | 216,073 | | | $ | 244,215 | | | $ | 256,805 | |
90 days or more past due loans | | | 83,913 | | | | 54,192 | | | | 60,459 | | | | 34,365 | | | | 5,960 | |
| | | | | | | | | | | | | | | | | | | | |
Total non-performing loans | | | 295,279 | | | | 247,881 | | | | 276,532 | | | | 278,580 | | | | 262,765 | |
| | | | | |
Restructured loans (still accruing interest) | | | 11,002 | | | | 9,030 | | | | 5,168 | | | | 30,553 | | | | 26,718 | |
Other real estate owned | | | 83,594 | | | | 67,680 | | | | 71,214 | | | | 66,118 | | | | 57,945 | |
| | | | | | | | | | | | | | | | | | | | |
Total non-performing assets | | $ | 389,875 | | | $ | 324,591 | | | $ | 352,914 | | | $ | 375,251 | | | $ | 347,428 | |
| | | | | | | | | | | | | | | | | | | | |
30-89 days past due loans | | $ | 65,595 | | | $ | 45,737 | | | $ | 38,193 | | | $ | 60,900 | | | $ | 44,346 | |
| | | | | |
Non-accrual loans to total loans | | | 3.74 | % | | | 3.55 | % | | | 4.01 | % | | | 4.51 | % | | | 4.84 | % |
Non-performing loans to total loans | | | 5.22 | % | | | 4.55 | % | | | 5.13 | % | | | 5.14 | % | | | 4.95 | % |
Non-performing assets to loans plus OREO | | | 6.80 | % | | | 5.88 | % | | | 6.46 | % | | | 6.84 | % | | | 6.48 | % |
| (1) | The non-performing covered assets were recorded at their estimated fair values at the time of acquisition. These assets are covered by loss sharing agreements with the FDIC that substantially mitigate the risk of loss. |
16
| | |
| First Midwest Bancorp, Inc. | | Press Release Dated October 20, 2010 |
Charge-off Data
| | | | | | | | | | | | | | | | | | | | |
| | | Quarters Ended | |
Unaudited (Dollar amounts in thousands) | | 9/30/10 | | | % of Loan
Category | | | % of Total | | | 6/30/10 | | | 9/30/09 | |
Net loans charged-off: | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | $ | 13,262 | | | | 0.90 | % | | | 38.9 | % | | $ | 2,679 | | | $ | 12,585 | |
Agricultural and farmland | | | 489 | | | | 0.23 | % | | | 1.4 | % | | | 546 | | | | 0 | |
Office, retail, and industrial | | | 2,825 | | | | 0.23 | % | | | 8.3 | % | | | 2,353 | | | | 3,496 | |
Residential construction | | | 4,460 | | | | 1.97 | % | | | 13.0 | % | | | 9,994 | | | | 5,181 | |
Commercial construction | | | — | | | | 0.00 | % | | | 0.0 | % | | | — | | | | — | |
Commercial land | | | 228 | | | | 0.24 | % | | | 0.7 | % | | | 115 | | | | (228 | ) |
Multifamily | | | 222 | | | | 0.06 | % | | | 0.7 | % | | | 485 | | | | 29 | |
Investor-owned rental property | | | 748 | | | | 0.62 | % | | | 2.2 | % | | | 982 | | | | 622 | |
Other commercial real estate | | | 9,469 | | | | 1.32 | % | | | 27.8 | % | | | 525 | | | | 6,006 | |
Consumer | | | 2,342 | | | | 0.36 | % | | | 6.9 | % | | | 2,543 | | | | 3,568 | |
| | | | | | | | | | | | | | | | | | | | |
Total net loans charged-off, excluding covered assets | | | 34,045 | | | | 0.66 | % | | | 100.0 | % | | | 20,222 | | | | 31,259 | |
| | | | | | | | | | | | | | | | | | | | |
Net (recoveries) charge-offs on covered loans | | | (11 | ) | | | | | | | | | | | 651 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total net charge-offs | | $ | 34,034 | | | | | | | | | | | $ | 20,873 | | | $ | 31,259 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net loan charge-offs, excluding covered charge-offs, to average loans, annualized: | | | | | | | | | | | | | | | | | | | | |
Quarter-to-date | | | 2.59 | % | | | | | | | | | | | 1.56 | % | | | 2.32 | % |
Year-to-date | | | 1.87 | % | | | | | | | | | | | 1.49 | % | | | 2.05 | % |
Net loan charge-offs to average loans, annualized: | | | | | | | | | | | | | | | | | | | | |
Quarter-to-date | | | 2.42 | % | | | | | | | | | | | 1.54 | % | | | 2.32 | % |
Year-to-date | | | 1.79 | % | | | | | | | | | | | 1.46 | % | | | 2.05 | % |
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| | |
| First Midwest Bancorp, Inc. | | Press Release Dated October 20, 2010 |
Securities Available-For-Sale
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unaudited (Dollar amounts in thousands) | | U.S.
Agency | | | Collateralized
Mortgage
Obligations | | | Other
Mortgage
Backed | | | State and
Municipal | | | Collateralized
Debt
Obligations | | | Other | | | Total | |
| | | | | | | |
As of September 30, 2010 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortized cost | | $ | 24,088 | | | $ | 297,935 | | | $ | 107,966 | | | $ | 549,505 | | | $ | 49,695 | | | $ | 35,270 | | | $ | 1,064,459 | |
Gross unrealized gains (losses): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross unrealized gains | | | 68 | | | | 4,702 | | | | 6,070 | | | | 19,834 | | | | — | | | | 2,368 | | | | 33,042 | |
Gross unrealized losses | | | (21 | ) | | | (1,639 | ) | | | (28 | ) | | | (805 | ) | | | (36,271 | ) | | | (128 | ) | | | (38,892 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net unrealized gains (losses) | | | 47 | | | | 3,063 | | | | 6,042 | | | | 19,029 | | | | (36,271 | ) | | | 2,240 | | | | (5,850 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Fair value | | $ | 24,135 | | | $ | 300,998 | | | $ | 114,008 | | | $ | 568,534 | | | $ | 13,424 | | | $ | 37,510 | | | $ | 1,058,609 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
As of June 30, 2010 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortized cost | | $ | 9,919 | | | $ | 264,240 | | | $ | 119,933 | | | $ | 622,268 | | | $ | 50,547 | | | $ | 34,966 | | | $ | 1,101,873 | |
Gross unrealized gains (losses): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross unrealized gains | | | 12 | | | | 7,055 | | | | 7,779 | | | | 13,413 | | | | 0 | | | | 1,734 | | | | 29,993 | |
Gross unrealized losses | | | (1 | ) | | | (1,582 | ) | | | (19 | ) | | | (3,079 | ) | | | (36,883 | ) | | | (193 | ) | | | (41,757 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net unrealized gains (losses) | | | 11 | | | | 5,473 | | | | 7,760 | | | | 10,334 | | | | (36,883 | ) | | | 1,541 | | | | (11,764 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Fair value | | $ | 9,930 | | | $ | 269,713 | | | $ | 127,693 | | | $ | 632,602 | | | $ | 13,664 | | | $ | 36,507 | | | $ | 1,090,109 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
As of September 30, 2009 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortized cost | | $ | 757 | | | $ | 322,780 | | | $ | 233,396 | | | $ | 680,216 | | | $ | 60,290 | | | $ | 50,929 | | | $ | 1,348,368 | |
Gross unrealized gains (losses): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross unrealized gains | | | — | | | | 10,651 | | | | 10,782 | | | | 29,176 | | | | — | | | | 578 | | | | 51,187 | |
Gross unrealized losses | | | — | | | | (2,224 | ) | | | (3 | ) | | | (1,078 | ) | | | (44,747 | ) | | | (1,834 | ) | | | (49,886 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net unrealized gains (losses) | | | — | | | | 8,427 | | | | 10,779 | | | | 28,098 | | | | (44,747 | ) | | | (1,256 | ) | | | 1,301 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Fair value | | $ | 757 | | | $ | 331,207 | | | $ | 244,175 | | | $ | 708,314 | | | $ | 15,543 | | | $ | 49,673 | | | $ | 1,349,669 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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