Exhibit 99.2
First Midwest Bancorp, Inc.
Selected Financial Information
(Amounts in thousands, except per share data)
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 711,469 | $ | 711,469 | $ | 526,460 | $ | 585,776 | $ | 585,776 | $ | 735,945 | $ | 373,080 | $ | 126,914 | $ | 127,379 | $ | 127,379 | $ | 197,598 | $ | 114,308 | ||||||||||||||||||||||||
Securities available-for-sale | 1,009,873 | 1,009,873 | 1,057,758 | 1,057,802 | 1,057,802 | 1,058,609 | 1,090,109 | 1,152,039 | 1,266,760 | 1,266,760 | 1,349,669 | 2,216,186 | ||||||||||||||||||||||||||||||||||||
Securities held-to-maturity | 76,142 | 76,142 | 81,218 | 81,320 | 81,320 | 85,687 | 87,843 | 90,449 | 84,182 | 84,182 | 83,860 | 84,306 | ||||||||||||||||||||||||||||||||||||
FHLB and FRB stock | 58,187 | 58,187 | 61,338 | 61,338 | 61,338 | 62,038 | 59,864 | 59,428 | 56,428 | 56,428 | 54,768 | 54,767 | ||||||||||||||||||||||||||||||||||||
Loans held-for-sale | 1,595 | 1,595 | 3,800 | 236 | 236 | 1,168 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,518,772 | 1,518,772 | 1,493,465 | 1,465,903 | 1,465,903 | 1,472,439 | 1,494,119 | 1,454,714 | 1,438,063 | 1,438,063 | 1,484,601 | 1,490,101 | ||||||||||||||||||||||||||||||||||||
Agricultural | 237,518 | 237,518 | 234,898 | 227,756 | 227,756 | 212,800 | 199,597 | 200,527 | 209,945 | 209,945 | 200,955 | 216,814 | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 1,229,100 | 1,229,100 | 1,205,880 | 1,203,613 | 1,203,613 | 1,215,649 | 1,220,191 | 1,239,583 | 1,212,965 | 1,212,965 | 1,151,276 | 1,025,241 | ||||||||||||||||||||||||||||||||||||
Multi-family | 336,138 | 336,138 | 344,645 | 349,862 | 349,862 | 350,458 | 369,281 | 348,178 | 333,961 | 333,961 | 342,807 | 286,963 | ||||||||||||||||||||||||||||||||||||
Residential construction | 129,327 | 129,327 | 151,887 | 174,690 | 174,690 | 226,126 | 241,094 | 276,322 | 313,919 | 313,919 | 400,502 | 509,059 | ||||||||||||||||||||||||||||||||||||
Commercial construction | 146,679 | 146,679 | 153,392 | 164,472 | 164,472 | 193,041 | 202,041 | 233,662 | 231,518 | 231,518 | 301,462 | 356,575 | ||||||||||||||||||||||||||||||||||||
Other commercial real estate | 852,966 | 852,966 | 850,334 | 856,357 | 856,357 | 837,877 | 831,723 | 790,502 | 798,983 | 798,983 | 753,429 | 729,329 | ||||||||||||||||||||||||||||||||||||
1-4 family mortgages | 185,002 | 185,002 | 178,538 | 160,890 | 160,890 | 150,110 | 145,457 | 139,840 | 139,983 | 139,983 | 138,862 | 198,197 | ||||||||||||||||||||||||||||||||||||
Consumer | 477,409 | 477,409 | 482,504 | 497,017 | 497,017 | 506,166 | 504,844 | 512,546 | 523,909 | 523,909 | 532,174 | 547,784 | ||||||||||||||||||||||||||||||||||||
Total loans, excluding covered loans | 5,112,911 | 5,112,911 | 5,095,543 | 5,100,560 | 5,100,560 | 5,164,666 | 5,208,347 | 5,195,874 | 5,203,246 | 5,203,246 | 5,306,068 | 5,360,063 | ||||||||||||||||||||||||||||||||||||
Covered loans | 314,942 | 314,942 | 349,446 | 371,729 | 371,729 | 396,121 | 164,924 | 144,369 | 146,319 | 146,319 | — | — | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (137,331 | ) | (137,331 | ) | (142,503 | ) | (142,572 | ) | (142,572 | ) | (144,569 | ) | (145,027 | ) | (144,824 | ) | (144,808 | ) | (144,808 | ) | (134,269 | ) | (93,869 | ) | ||||||||||||||||||||||||
Net loans | 5,290,522 | 5,290,522 | 5,302,486 | 5,329,717 | 5,329,717 | 5,416,218 | 5,228,244 | 5,195,419 | 5,204,757 | 5,204,757 | 5,171,799 | 5,266,194 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | 24,407 | 24,407 | 33,863 | 31,069 | 31,069 | 52,044 | 57,023 | 62,565 | 57,137 | 57,137 | 57,945 | 24,368 | ||||||||||||||||||||||||||||||||||||
Covered other real estate owned | 14,583 | 14,583 | 21,543 | 22,370 | 22,370 | 24,222 | 10,657 | 8,649 | 8,981 | 8,981 | — | — | ||||||||||||||||||||||||||||||||||||
FDIC indemnification asset | 95,752 | 95,752 | 85,386 | 95,899 | 95,899 | 95,641 | 75,991 | 54,591 | 67,945 | 67,945 | — | — | ||||||||||||||||||||||||||||||||||||
Investment in bank owned life insurance | 198,149 | 198,149 | 197,889 | 197,644 | 197,644 | 198,666 | 198,399 | 198,201 | 197,962 | 197,962 | 197,681 | 198,533 | ||||||||||||||||||||||||||||||||||||
Goodwill and other intangible assets | 284,120 | 284,120 | 284,785 | 286,033 | 286,033 | 287,173 | 281,255 | 280,477 | 281,479 | 281,479 | 281,614 | 284,548 | ||||||||||||||||||||||||||||||||||||
Other assets | 364,592 | 364,592 | 379,791 | 389,098 | 389,098 | 350,412 | 342,624 | 364,175 | 357,662 | 357,662 | 283,500 | 285,131 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 8,129,391 | $ | 8,129,391 | $ | 8,036,317 | $ | 8,138,302 | $ | 8,138,302 | $ | 8,367,823 | $ | 7,805,089 | $ | 7,592,907 | $ | 7,710,672 | $ | 7,710,672 | $ | 7,678,434 | $ | 8,528,341 | ||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | $ | 1,494,390 | $ | 1,494,390 | $ | 1,346,698 | $ | 1,329,505 | $ | 1,329,505 | $ | 1,284,940 | $ | 1,188,356 | $ | 1,129,777 | $ | 1,133,756 | $ | 1,133,756 | $ | 1,069,870 | $ | 1,040,763 | ||||||||||||||||||||||||
Interest bearing deposits | 5,001,159 | 5,001,159 | 5,073,196 | 5,181,971 | 5,181,971 | 5,392,319 | 4,935,209 | 4,734,327 | 4,751,523 | 4,751,523 | 4,679,283 | 4,544,991 | ||||||||||||||||||||||||||||||||||||
Total deposits | 6,495,549 | 6,495,549 | 6,419,894 | 6,511,476 | 6,511,476 | 6,677,259 | 6,123,565 | 5,864,104 | 5,885,279 | 5,885,279 | 5,749,153 | 5,585,754 | ||||||||||||||||||||||||||||||||||||
Borrowed funds | 272,024 | 272,024 | 273,342 | 303,974 | 303,974 | 323,077 | 328,470 | 387,163 | 691,176 | 691,176 | 716,299 | 1,698,334 | ||||||||||||||||||||||||||||||||||||
Subordinated debt | 137,748 | 137,748 | 137,746 | 137,744 | 137,744 | 137,741 | 137,739 | 137,737 | 137,735 | 137,735 | 157,717 | 232,409 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 82,479 | 82,479 | 81,459 | 73,063 | 73,063 | 69,687 | 59,803 | 60,135 | 54,961 | 54,961 | 71,686 | 103,565 | ||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 1,141,591 | 1,141,591 | 1,123,876 | 1,112,045 | 1,112,045 | 1,160,059 | 1,155,512 | 1,143,768 | 941,521 | 941,521 | 983,579 | 908,279 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 8,129,391 | $ | 8,129,391 | $ | 8,036,317 | $ | 8,138,302 | $ | 8,138,302 | $ | 8,367,823 | $ | 7,805,089 | $ | 7,592,907 | $ | 7,710,672 | $ | 7,710,672 | $ | 7,678,434 | $ | 8,528,341 | ||||||||||||||||||||||||
Stockholders’ equity, excluding OCI | 1,156,930 | 1,156,930 | 1,148,249 | 1,139,784 | 1,139,784 | 1,169,262 | 1,168,315 | 1,162,646 | 960,187 | 960,187 | 999,796 | 926,321 | ||||||||||||||||||||||||||||||||||||
Stockholders’ equity, common | 948,591 | 948,591 | 930,876 | 919,045 | 919,045 | 967,059 | 962,512 | 950,768 | 748,521 | 748,521 | 790,579 | 715,949 | ||||||||||||||||||||||||||||||||||||
Stockholders’ equity, common excluding OCI | 963,930 | 963,930 | 955,249 | 946,784 | 946,784 | 976,262 | 975,315 | 969,646 | 767,187 | 767,187 | 806,796 | 733,991 | ||||||||||||||||||||||||||||||||||||
Stockholders’ equity, preferred | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 192,330 | ||||||||||||||||||||||||||||||||||||
Trust assets under management | 4,498,428 | 4,498,428 | 4,583,213 | 4,467,917 | 4,467,917 | 4,272,051 | 3,982,468 | 3,994,772 | 3,801,609 | 3,801,609 | 3,879,305 | 3,527,028 | ||||||||||||||||||||||||||||||||||||
Average Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 8,133,233 | $ | 8,171,095 | $ | 8,094,951 | $ | 8,024,654 | $ | 8,314,634 | $ | 8,203,617 | $ | 7,905,364 | $ | 7,665,781 | $ | 8,064,109 | $ | 7,764,163 | $ | 7,877,055 | $ | 8,225,440 | ||||||||||||||||||||||||
Investment securities | 1,158,560 | 1,150,221 | 1,166,991 | 1,207,036 | 1,139,127 | 1,178,794 | 1,213,455 | 1,298,832 | 1,747,212 | 1,401,889 | 1,518,290 | 2,200,585 | ||||||||||||||||||||||||||||||||||||
FHLB and FRB stock | 60,537 | 59,745 | 61,338 | 60,249 | 61,703 | 60,998 | 59,758 | 58,495 | 55,081 | 56,013 | 54,768 | 54,767 | ||||||||||||||||||||||||||||||||||||
Total loans, excluding covered loans | 5,092,126 | 5,108,234 | 5,075,840 | 5,191,154 | 5,155,416 | 5,207,419 | 5,204,566 | 5,197,499 | 5,348,979 | 5,304,690 | 5,346,769 | 5,149,879 | ||||||||||||||||||||||||||||||||||||
Covered loans and FDIC indemnification asset | 432,108 | 420,108 | 444,242 | 323,595 | 480,612 | 367,727 | 233,907 | 208,663 | 28,049 | 111,281 | — | — | ||||||||||||||||||||||||||||||||||||
Other earning assets | 533,186 | 582,570 | 483,252 | 382,023 | 609,391 | 464,793 | 314,480 | 55,275 | 102,801 | 52,324 | 210,667 | 35,310 | ||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 7,276,517 | 7,320,878 | 7,231,663 | 7,164,057 | 7,446,249 | 7,279,731 | 7,026,166 | 6,818,764 | 7,282,122 | 6,926,197 | 7,130,494 | 7,440,541 | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 1,404,066 | 1,465,438 | 1,342,013 | 1,224,629 | 1,348,188 | 1,242,257 | 1,181,097 | 1,124,320 | 1,061,208 | 1,115,096 | 1,056,188 | 1,043,972 | ||||||||||||||||||||||||||||||||||||
Savings deposits | 923,124 | 944,802 | 901,205 | 815,371 | 864,334 | 832,672 | 803,353 | 759,786 | 751,386 | 744,876 | 749,995 | 792,524 | ||||||||||||||||||||||||||||||||||||
NOW accounts | 1,085,825 | 1,126,913 | 1,044,280 | 1,082,774 | 1,075,642 | 1,173,347 | 1,157,246 | 922,179 | 984,529 | 953,772 | 1,062,708 | 935,429 | ||||||||||||||||||||||||||||||||||||
Money market deposits | 1,222,991 | 1,205,736 | 1,240,439 | 1,199,362 | 1,302,325 | 1,226,314 | 1,155,889 | 1,110,519 | 937,766 | 1,079,943 | 995,132 | 787,218 | ||||||||||||||||||||||||||||||||||||
Core transactional deposits | 4,636,006 | 4,742,889 | 4,527,937 | 4,322,136 | 4,590,489 | 4,474,590 | 4,297,585 | 3,916,804 | 3,734,889 | 3,893,687 | 3,864,023 | 3,559,143 | ||||||||||||||||||||||||||||||||||||
Time deposits | 1,875,183 | 1,813,164 | 1,937,890 | 1,991,637 | 2,069,389 | 2,022,721 | 1,916,116 | 1,956,745 | 2,001,207 | 2,008,727 | 1,938,445 | 2,172,379 | ||||||||||||||||||||||||||||||||||||
Total deposits | 6,511,189 | 6,556,053 | 6,465,827 | 6,313,773 | 6,659,878 | 6,497,311 | 6,213,701 | 5,873,549 | 5,736,096 | 5,902,414 | 5,802,468 | 5,731,522 | ||||||||||||||||||||||||||||||||||||
Borrowed funds | 274,122 | 262,525 | 285,847 | 359,174 | 281,050 | 337,905 | 342,808 | 477,323 | 1,118,792 | 661,976 | 870,397 | 1,438,908 | ||||||||||||||||||||||||||||||||||||
Subordinated debt | 137,746 | 137,747 | 137,745 | 137,739 | 137,743 | 137,740 | 137,738 | 137,736 | 208,621 | 143,816 | 226,693 | 231,961 | ||||||||||||||||||||||||||||||||||||
Total funding sources | 6,923,057 | 6,956,325 | 6,889,419 | 6,810,686 | 7,078,671 | 6,972,956 | 6,694,247 | 6,488,608 | 7,063,509 | 6,708,206 | 6,899,558 | 7,402,391 | ||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 1,128,577 | 1,134,770 | 1,122,315 | 1,148,219 | 1,156,263 | 1,163,661 | 1,152,394 | 1,119,866 | 927,673 | 983,595 | 905,347 | 764,731 | ||||||||||||||||||||||||||||||||||||
Stockholders’ equity, common | 935,577 | 941,770 | 929,315 | 955,219 | 963,263 | 970,661 | 959,394 | 926,866 | 734,673 | 790,595 | 712,347 | 750,497 | ||||||||||||||||||||||||||||||||||||
Stockholders’ equity, preferred | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 193,000 | 14,234 |
First Midwest Bancorp, Inc.
Selected Financial Information
(Amounts in thousands, except per share data)
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 162,579 | $ | 81,296 | $ | 81,283 | $ | 328,867 | $ | 82,476 | $ | 82,338 | $ | 82,274 | $ | 81,779 | $ | 341,751 | $ | 82,370 | $ | 82,762 | $ | 409,207 | ||||||||||||||||||||||||
Interest expense | 20,572 | 9,935 | 10,637 | 49,518 | 10,897 | 12,125 | 12,655 | 13,841 | 90,219 | 16,429 | 21,781 | 162,610 | ||||||||||||||||||||||||||||||||||||
Net interest income | 142,007 | 71,361 | 70,646 | 279,349 | 71,579 | 70,213 | 69,619 | 67,938 | 251,532 | 65,941 | 60,981 | 246,597 | ||||||||||||||||||||||||||||||||||||
Provision for loan losses | 38,255 | 18,763 | 19,492 | 147,349 | 73,897 | 33,576 | 21,526 | 18,350 | 215,672 | 93,000 | 38,000 | 70,254 | ||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 17,707 | 9,563 | 8,144 | 35,884 | 9,202 | 9,249 | 9,052 | 8,381 | 38,754 | 9,977 | 10,046 | 44,987 | ||||||||||||||||||||||||||||||||||||
Trust and investment advisory fees | 8,234 | 4,118 | 4,116 | 15,063 | 4,040 | 3,728 | 3,702 | 3,593 | 14,059 | 3,704 | 3,555 | 15,130 | ||||||||||||||||||||||||||||||||||||
Other service charges, commissions, and fees | 10,276 | 5,362 | 4,914 | 18,238 | 4,506 | 4,932 | 4,628 | 4,172 | 16,529 | 4,280 | 4,222 | 18,846 | ||||||||||||||||||||||||||||||||||||
Card-based fees | 9,691 | 5,162 | 4,529 | 17,577 | 4,640 | 4,547 | 4,497 | 3,893 | 15,826 | 4,000 | 4,023 | 16,143 | ||||||||||||||||||||||||||||||||||||
Total fee-based revenue | 45,908 | 24,205 | 21,703 | 86,762 | 22,388 | 22,456 | 21,879 | 20,039 | 85,168 | 21,961 | 21,846 | 95,106 | ||||||||||||||||||||||||||||||||||||
Bank owned life insurance income | 511 | 259 | 252 | 1,560 | 696 | 267 | 349 | 248 | 2,263 | 281 | 282 | (2,369 | ) | |||||||||||||||||||||||||||||||||||
Security gains (losses), net | 2,071 | 1,531 | 540 | 12,216 | 1,662 | 6,376 | 1,121 | 3,057 | 2,110 | (5,772 | ) | (6,975 | ) | (35,611 | ) | |||||||||||||||||||||||||||||||||
Gains on FDIC-assisted transactions | — | — | — | 4,303 | — | — | 4,303 | — | 13,071 | 13,071 | — | — | ||||||||||||||||||||||||||||||||||||
Gains on early extinguishment of debt | — | — | — | — | — | — | — | — | 15,258 | 1,267 | 13,991 | — | ||||||||||||||||||||||||||||||||||||
Other | 2,221 | 499 | 1,722 | 3,710 | 1,421 | 1,654 | (342 | ) | 977 | 5,132 | 939 | 1,946 | (3,119 | ) | ||||||||||||||||||||||||||||||||||
Total noninterest income | 50,711 | 26,494 | 24,217 | 108,551 | 26,167 | 30,753 | 27,310 | 24,321 | 123,002 | 31,747 | 31,090 | 54,007 | ||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 63,781 | 31,258 | 32,523 | 114,378 | 31,028 | 29,926 | 26,540 | 26,884 | 106,548 | 27,592 | 27,416 | 99,910 | ||||||||||||||||||||||||||||||||||||
Net occupancy and equipment expense | 17,115 | 8,012 | 9,103 | 32,218 | 7,916 | 8,326 | 7,808 | 8,168 | 31,724 | 7,661 | 7,837 | 33,334 | ||||||||||||||||||||||||||||||||||||
FDIC premiums | 4,433 | 1,708 | 2,725 | 10,880 | 2,967 | 2,835 | 2,546 | 2,532 | 13,673 | 2,720 | 2,558 | 1,065 | ||||||||||||||||||||||||||||||||||||
Losses realized on OREO | 5,650 | 3,423 | 2,227 | 40,480 | 15,412 | 8,265 | 8,924 | 7,879 | 18,554 | 14,051 | 1,801 | 1,566 | ||||||||||||||||||||||||||||||||||||
Other real estate expense, net | 3,504 | 1,800 | 1,704 | 9,554 | 2,408 | 1,312 | 2,926 | 2,908 | 4,905 | 1,642 | 1,660 | 1,843 | ||||||||||||||||||||||||||||||||||||
Other intangibles amortization | 1,913 | 956 | 957 | 4,278 | 1,139 | 1,107 | 1,029 | 1,003 | 3,929 | 994 | 979 | 4,378 | ||||||||||||||||||||||||||||||||||||
Other expenses | 34,150 | 18,266 | 15,884 | 66,991 | 16,204 | 17,006 | 17,682 | 16,099 | 55,455 | 15,861 | 14,389 | 52,209 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | 130,546 | 65,423 | 65,123 | 278,779 | 77,074 | 68,777 | 67,455 | 65,473 | 234,788 | 70,521 | 56,640 | 194,305 | ||||||||||||||||||||||||||||||||||||
Income before income tax | 23,917 | 13,669 | 10,248 | (38,228 | ) | (53,225 | ) | (1,387 | ) | 7,948 | 8,436 | (75,926 | ) | (65,833 | ) | (2,569 | ) | 36,045 | ||||||||||||||||||||||||||||||
Income tax | 2,871 | 2,841 | 30 | (28,544 | ) | (25,066 | ) | (3,972 | ) | 139 | 355 | (50,176 | ) | (28,342 | ) | (5,920 | ) | (13,291 | ) | |||||||||||||||||||||||||||||
Net income | $ | 21,046 | $ | 10,828 | $ | 10,218 | $ | (9,684 | ) | $ | (28,159 | ) | $ | 2,585 | $ | 7,809 | $ | 8,081 | $ | (25,750 | ) | $ | (37,491 | ) | $ | 3,351 | $ | 49,336 | ||||||||||||||||||||
Net income applicable to common shares | $ | 15,641 | $ | 8,144 | $ | 7,497 | $ | (19,717 | ) | $ | (30,327 | ) | $ | 11 | $ | 5,171 | $ | 5,428 | $ | (35,551 | ) | $ | (39,542 | ) | $ | 773 | $ | 48,482 | ||||||||||||||||||||
Basic earnings per common share | $ | 0.21 | $ | 0.11 | $ | 0.10 | $ | (0.27 | ) | $ | (0.41 | ) | $ | 0.00 | $ | 0.07 | $ | 0.08 | $ | (0.71 | ) | $ | (0.73 | ) | $ | 0.02 | $ | 1.00 | ||||||||||||||||||||
Diluted earnings per common share | $ | 0.21 | $ | 0.11 | $ | 0.10 | $ | (0.27 | ) | $ | (0.41 | ) | $ | 0.00 | $ | 0.07 | $ | 0.08 | $ | (0.71 | ) | $ | (0.73 | ) | $ | 0.02 | $ | 1.00 | ||||||||||||||||||||
Weighted average shares outstanding | 73,205 | 73,259 | 73,151 | 72,422 | 73,085 | 73,072 | 73,028 | 70,469 | 50,034 | 54,152 | 48,942 | 48,462 | ||||||||||||||||||||||||||||||||||||
Weighted average diluted shares outstanding | 73,205 | 73,259 | 73,151 | 72,422 | 73,085 | 73,072 | 73,028 | 70,469 | 50,034 | 54,152 | 48,942 | 48,515 | ||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment(1) | $ | 7,084 | $ | 3,517 | $ | 3,567 | $ | 16,312 | $ | 3,742 | $ | 4,053 | $ | 4,265 | $ | 4,252 | $ | 19,658 | $ | 4,448 | $ | 4,691 | $ | 22,225 | ||||||||||||||||||||||||
Net interest income (FTE)(1) | $ | 149,091 | $ | 74,878 | $ | 74,213 | $ | 295,661 | $ | 75,321 | $ | 74,266 | $ | 73,884 | $ | 72,190 | $ | 271,190 | $ | 70,389 | $ | 65,672 | $ | 268,822 | ||||||||||||||||||||||||
Common stock and related per common share data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Book value | $ | 12.74 | $ | 12.74 | $ | 12.49 | $ | 12.40 | $ | 12.40 | $ | 13.06 | $ | 13.00 | $ | 12.84 | $ | 13.66 | $ | 13.66 | $ | 14.43 | $ | 14.72 | ||||||||||||||||||||||||
Tangible book value | 8.92 | 8.92 | 8.67 | 8.54 | 8.54 | 9.18 | 9.20 | 9.05 | 8.52 | 8.52 | 9.29 | 8.87 | ||||||||||||||||||||||||||||||||||||
Dividends declared per share | 0.020 | 0.010 | 0.010 | 0.040 | 0.010 | 0.010 | 0.010 | 0.010 | 0.040 | 0.010 | 0.010 | 1.155 | ||||||||||||||||||||||||||||||||||||
Market price - period high | 13.48 | 13.48 | 13.07 | 17.95 | 13.13 | 13.43 | 17.95 | 14.43 | 20.25 | 11.50 | 11.64 | 40.09 | ||||||||||||||||||||||||||||||||||||
Market price - period low | 10.79 | 11.05 | 10.79 | 9.26 | 9.26 | 10.72 | 12.10 | 10.37 | 5.94 | 9.09 | 6.19 | 13.56 | ||||||||||||||||||||||||||||||||||||
Closing price at period end | $ | 12.29 | $ | 12.29 | $ | 11.79 | $ | 11.52 | $ | 11.52 | $ | 11.53 | $ | 12.16 | $ | 13.55 | $ | 10.89 | $ | 10.89 | $ | 11.27 | $ | 19.97 | ||||||||||||||||||||||||
Closing price to book value | 1.0 | 1.0 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 1.1 | 0.8 | 0.8 | 0.8 | 1.4 | ||||||||||||||||||||||||||||||||||||
Period end shares outstanding | 74,473 | 74,473 | 74,543 | 74,096 | 74,096 | 74,057 | 74,049 | 74,046 | 54,793 | 54,793 | 54,800 | 48,630 | ||||||||||||||||||||||||||||||||||||
Period end treasury shares | 11,314 | 11,314 | 11,244 | 11,691 | 11,691 | 11,730 | 11,738 | 11,741 | 12,176 | 12,176 | 12,169 | 12,696 | ||||||||||||||||||||||||||||||||||||
Number of shares repurchased | — | — | — | — | — | — | — | — | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||
Common dividends | $ | 1,489 | $ | 743 | $ | 746 | $ | 2,965 | $ | 741 | $ | 743 | $ | 741 | $ | 740 | $ | 2,020 | $ | 492 | $ | 556 | $ | 56,206 | ||||||||||||||||||||||||
Preferred dividends | $ | 4,825 | $ | 2,412 | $ | 2,413 | $ | 9,650 | $ | 2,413 | $ | 2,412 | $ | 2,412 | $ | 2,413 | $ | 9,650 | $ | 2,413 | $ | 2,412 | $ | 670 | ||||||||||||||||||||||||
Other Key Ratios/Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Return on average common equity(2) | 3.37 | % | 3.47 | % | 3.27 | % | -2.06 | % | -12.49 | % | 0.00 | % | 2.16 | % | 2.38 | % | -4.84 | % | -19.84 | % | 0.43 | % | 6.46 | % | ||||||||||||||||||||||||
Return on average assets(2) | 0.52 | % | 0.53 | % | 0.51 | % | -0.12 | % | -1.34 | % | 0.13 | % | 0.40 | % | 0.43 | % | -0.32 | % | -1.92 | % | 0.17 | % | 0.60 | % | ||||||||||||||||||||||||
Net interest margin(1) | 4.13 | % | 4.10 | % | 4.15 | % | 4.13 | % | 4.02 | % | 4.05 | % | 4.21 | % | 4.28 | % | 3.72 | % | 4.04 | % | 3.66 | % | 3.61 | % | ||||||||||||||||||||||||
Yield on average earning assets(1) | 4.70 | % | 4.64 | % | 4.75 | % | 4.82 | % | 4.60 | % | 4.72 | % | 4.94 | % | 5.10 | % | 4.96 | % | 4.98 | % | 4.88 | % | 5.80 | % | ||||||||||||||||||||||||
Cost of funds | 0.75 | % | 0.73 | % | 0.78 | % | 0.89 | % | 0.75 | % | 0.84 | % | 0.92 | % | 1.05 | % | 1.50 | % | 1.17 | % | 1.48 | % | 2.56 | % | ||||||||||||||||||||||||
Efficiency ratio(1) | 61.29 | % | 60.19 | % | 62.40 | % | 58.84 | % | 59.08 | % | 59.91 | % | 57.92 | % | 58.41 | % | 57.86 | % | 58.48 | % | 59.13 | % | 53.49 | % | ||||||||||||||||||||||||
Net noninterest expense ratio(2) | 2.03 | % | 1.99 | % | 2.08 | % | 2.33 | % | 2.51 | % | 2.15 | % | 2.31 | % | 2.34 | % | 1.76 | % | 2.42 | % | 1.64 | % | 1.27 | % | ||||||||||||||||||||||||
Effective income tax rate | 12.00 | % | 20.78 | % | 0.29 | % | 74.67 | % | 47.09 | % | 286.37 | % | 1.75 | % | 4.21 | % | 66.09 | % | 43.05 | % | 230.44 | % | -36.87 | % | ||||||||||||||||||||||||
Full time equivalent employees - end of period | 1,846 | 1,846 | 1,845 | 1,838 | 1,838 | 1,884 | 1,762 | 1,729 | 1,739 | 1,739 | 1,751 | 1,809 | ||||||||||||||||||||||||||||||||||||
Number of bank offices | 96 | 96 | 97 | 98 | 98 | 100 | 95 | 94 | 94 | 94 | 94 | 97 | ||||||||||||||||||||||||||||||||||||
Number of automated teller machines | 135 | 135 | 136 | 137 | 137 | 129 | 131 | 129 | 127 | 127 | 127 | 129 |
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)
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||
Core Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax | $ | 23,917 | $ | 13,669 | $ | 10,248 | $ | (38,228 | ) | $ | (53,225 | ) | $ | (1,387 | ) | $ | 7,948 | $ | 8,436 | $ | (75,926 | ) | $ | (65,833 | ) | $ | (2,569 | ) | $ | 36,045 | ||||||||||||||||||
Provision for credit losses | 38,255 | 18,763 | 19,492 | 147,349 | 73,897 | 33,576 | 21,526 | 18,350 | 215,672 | 93,000 | 38,000 | 70,254 | ||||||||||||||||||||||||||||||||||||
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Pre-tax, pre-provision earnings | 62,172 | 32,432 | 29,740 | 109,121 | 20,672 | 32,189 | 29,474 | 26,786 | 139,746 | 27,167 | 35,431 | 106,299 | ||||||||||||||||||||||||||||||||||||
Non-operating items: | ||||||||||||||||||||||||||||||||||||||||||||||||
Security gains (losses), net | 2,071 | 1,531 | 540 | 12,216 | 1,662 | 6,376 | 1,121 | 3,057 | 2,110 | (5,772 | ) | (6,975 | ) | (35,611 | ) | |||||||||||||||||||||||||||||||||
Gains on FDIC-assisted transactions | — | — | — | 4,303 | — | — | 4,303 | — | 13,071 | 13,071 | — | — | ||||||||||||||||||||||||||||||||||||
Integration costs associated with FDIC- assisted transactions | — | — | — | (3,324 | ) | (576 | ) | (847 | ) | (1,772 | ) | (129 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Gains on early extinguishment of debt | — | — | — | — | — | — | — | — | 15,258 | 1,267 | 13,991 | — | ||||||||||||||||||||||||||||||||||||
BOLI write-downs | — | — | — | — | — | — | — | — | — | — | — | (10,360 | ) | |||||||||||||||||||||||||||||||||||
Losses realized on OREO | (5,650 | ) | (3,423 | ) | (2,227 | ) | (40,480 | ) | (15,412 | ) | (8,265 | ) | (8,924 | ) | (7,879 | ) | (18,554 | ) | (14,051 | ) | (1,801 | ) | (1,566 | ) | ||||||||||||||||||||||||
FDIC special deposit insurance assessment | — | — | — | — | — | — | — | — | (3,500 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
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Total non-operating items | (3,579 | ) | (1,892 | ) | (1,687 | ) | (27,285 | ) | (14,326 | ) | (2,736 | ) | (5,272 | ) | (4,951 | ) | 8,385 | (5,485 | ) | 5,215 | (47,537 | ) | ||||||||||||||||||||||||||
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Pre-tax, pre-provision core operating earnings | $ | 65,751 | $ | 34,324 | $ | 31,427 | $ | 136,406 | $ | 34,998 | $ | 34,925 | $ | 34,746 | $ | 31,737 | $ | 131,361 | $ | 32,652 | $ | 30,216 | $ | 153,836 | ||||||||||||||||||||||||
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Parent Company Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Parent investment in subsidiaries - end of period | $ | 1,174,139 | $ | 1,174,139 | $ | 1,190,525 | $ | 1,173,342 | $ | 1,173,342 | $ | 1,216,074 | $ | 1,204,551 | $ | 1,188,859 | $ | 1,008,836 | $ | 1,008,836 | $ | 947,040 | $ | 921,548 | ||||||||||||||||||||||||
Risk-Based Capital Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | $ | 191,220 | $ | 191,220 | $ | 191,050 | $ | 190,882 | $ | 190,882 | $ | 190,716 | $ | 190,553 | $ | 190,392 | $ | 190,233 | $ | 190,233 | $ | 190,076 | $ | 189,617 | ||||||||||||||||||||||||
Common stock | 858 | 858 | 858 | 858 | 858 | 858 | 858 | 858 | 670 | 670 | 670 | 613 | ||||||||||||||||||||||||||||||||||||
Accumulated paid in capital | 424,877 | 424,877 | 422,405 | 437,550 | 437,550 | 436,774 | 435,605 | 434,704 | 252,322 | 252,322 | 251,423 | 210,698 | ||||||||||||||||||||||||||||||||||||
Retained earnings | 802,072 | 802,072 | 794,569 | 787,678 | 787,678 | 819,157 | 819,890 | 815,395 | 810,626 | 810,626 | 851,178 | 837,390 | ||||||||||||||||||||||||||||||||||||
Treasury stock | (262,097 | ) | (262,097 | ) | (260,633 | ) | (277,184 | ) | (277,184 | ) | (278,243 | ) | (278,591 | ) | (278,703 | ) | (293,664 | ) | (293,664 | ) | (293,551 | ) | (311,997 | ) | ||||||||||||||||||||||||
Trust preferred securities | 84,730 | 84,730 | 84,730 | 84,730 | 84,730 | 84,730 | 84,730 | 84,730 | 84,730 | 84,730 | 84,730 | 125,000 | ||||||||||||||||||||||||||||||||||||
Minority interest | — | — | — | — | — | 1 | 1 | 3 | 5 | 5 | 111 | 111 | ||||||||||||||||||||||||||||||||||||
Unrealized loss on equity securities | — | — | — | — | — | — | — | — | — | — | — | (126 | ) | |||||||||||||||||||||||||||||||||||
Intangible assets | (284,120 | ) | (284,120 | ) | (284,785 | ) | (286,033 | ) | (286,033 | ) | (287,173 | ) | (281,255 | ) | (280,477 | ) | (281,479 | ) | (281,479 | ) | (281,614 | ) | (284,548 | ) | ||||||||||||||||||||||||
Disallowed deferred tax assets | (41,363 | ) | (41,363 | ) | (43,392 | ) | (41,071 | ) | (41,071 | ) | (13,662 | ) | (1,761 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
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Tier 1 capital | 916,177 | 916,177 | 904,802 | 897,410 | 897,410 | 953,158 | 970,030 | 966,902 | 763,443 | 763,443 | 803,023 | 766,758 | ||||||||||||||||||||||||||||||||||||
Tier 2 capital | 129,595 | 129,595 | 130,023 | 130,341 | 130,341 | 131,554 | 130,949 | 131,114 | 131,836 | 131,836 | 149,073 | 182,675 | ||||||||||||||||||||||||||||||||||||
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Total capital | $ | 1,045,772 | $ | 1,045,772 | $ | 1,034,825 | $ | 1,027,751 | $ | 1,027,751 | $ | 1,084,712 | $ | 1,100,979 | $ | 1,098,016 | $ | 895,279 | $ | 895,279 | $ | 952,096 | $ | 949,433 | ||||||||||||||||||||||||
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Risk-adjusted assets | $ | 6,261,926 | $ | 6,261,926 | $ | 6,291,171 | $ | 6,316,971 | $ | 6,316,971 | $ | 6,415,303 | $ | 6,361,397 | $ | 6,372,521 | $ | 6,424,597 | $ | 6,424,597 | $ | 6,234,283 | $ | 6,609,359 | ||||||||||||||||||||||||
Tier 1 common capital | 638,447 | 638,447 | 627,072 | 619,680 | 619,680 | 675,428 | 692,300 | 689,172 | 485,713 | 485,713 | 525,293 | 449,428 | ||||||||||||||||||||||||||||||||||||
Tangible common equity | 664,471 | 664,471 | 646,091 | 633,012 | 633,012 | 679,886 | 681,257 | 670,291 | 467,042 | 467,042 | 508,965 | 431,401 | ||||||||||||||||||||||||||||||||||||
Tangible common equity excluding OCI | 679,810 | 679,810 | 670,464 | 660,751 | 660,751 | 689,089 | 694,060 | 689,169 | 485,708 | 485,708 | 525,182 | 449,443 | ||||||||||||||||||||||||||||||||||||
Adjusted average assets | 7,862,447 | 7,862,447 | 7,795,895 | 7,996,836 | 7,996,836 | 7,904,648 | 7,640,068 | 7,404,963 | 7,496,478 | 7,496,478 | 7,636,913 | 8,146,655 | ||||||||||||||||||||||||||||||||||||
Total capital / risk-weighted assets | 16.70 | % | 16.70 | % | 16.45 | % | 16.27 | % | 16.27 | % | 16.91 | % | 17.31 | % | 17.23 | % | 13.94 | % | 13.94 | % | 15.27 | % | 14.36 | % | ||||||||||||||||||||||||
Tier 1 capital / risk-weighted assets | 14.63 | % | 14.63 | % | 14.38 | % | 14.21 | % | 14.21 | % | 14.86 | % | 15.25 | % | 15.17 | % | 11.88 | % | 11.88 | % | 12.88 | % | 11.60 | % | ||||||||||||||||||||||||
Leverage ratio | 11.65 | % | 11.65 | % | 11.61 | % | 11.16 | % | 11.16 | % | 11.99 | % | 12.70 | % | 13.06 | % | 10.18 | % | 10.18 | % | 10.52 | % | 9.41 | % | ||||||||||||||||||||||||
Tier 1 common capital / risk-weighted assets | 10.20 | % | 10.20 | % | 9.97 | % | 9.81 | % | 9.81 | % | 10.53 | % | 10.88 | % | 10.81 | % | 7.56 | % | 7.56 | % | 8.43 | % | 6.79 | % | ||||||||||||||||||||||||
Tangible common equity ratio | 8.47 | % | 8.47 | % | 8.34 | % | 8.06 | % | 8.06 | % | 8.41 | % | 9.05 | % | 9.17 | % | 6.29 | % | 6.29 | % | 6.88 | % | 5.23 | % | ||||||||||||||||||||||||
Tangible common equity ratio, excluding OCI | 8.67 | % | 8.67 | % | 8.65 | % | 8.41 | % | 8.41 | % | 8.53 | % | 9.22 | % | 9.42 | % | 6.54 | % | 6.54 | % | 7.10 | % | 5.45 | % | ||||||||||||||||||||||||
Tangible common equity / risk-weighted assets | 10.61 | % | 10.61 | % | 10.27 | % | 10.02 | % | 10.02 | % | 10.60 | % | 10.71 | % | 10.52 | % | 7.27 | % | 7.27 | % | 8.16 | % | 6.53 | % |
First Midwest Bancorp, Inc.
Selected Financial Information
(Amounts in thousands, except per share data)
2011 | 2010 | 2009 | 2008 | |||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending loans, excluding covered loans | 5,112,911 | 5,112,911 | 5,095,543 | 5,100,560 | 5,100,560 | 5,164,666 | 5,208,347 | 5,195,874 | 5,203,246 | 5,203,246 | 5,306,068 | 5,360,063 | ||||||||||||||||||||||||||||||||||||
Average loans, excluding covered loans | 5,092,126 | 5,108,234 | 5,075,840 | 5,191,154 | 5,155,416 | 5,207,419 | 5,204,566 | 5,197,499 | 5,348,979 | 5,304,690 | 5,346,769 | 5,149,879 | ||||||||||||||||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 44,393 | $ | 44,393 | $ | 54,561 | $ | 50,088 | $ | 50,088 | $ | 40,955 | $ | 39,942 | $ | 38,095 | $ | 28,193 | $ | 28,193 | $ | 45,134 | $ | 15,586 | ||||||||||||||||||||||||
Agricultural | 1,009 | 1,009 | 1,171 | 2,497 | 2,497 | 3,495 | 1,139 | 2,532 | 2,673 | 2,673 | 2,384 | 12 | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 16,567 | 16,567 | 16,753 | 19,573 | 19,573 | 21,721 | 17,170 | 18,204 | 21,396 | 21,396 | 15,738 | 2,533 | ||||||||||||||||||||||||||||||||||||
Multi-family | 23,385 | 23,385 | 6,787 | 6,203 | 6,203 | 6,813 | 7,904 | 8,349 | 12,486 | 12,486 | 15,910 | 1,387 | ||||||||||||||||||||||||||||||||||||
Residential construction | 23,576 | 23,576 | 36,326 | 52,122 | 52,122 | 61,050 | 71,148 | 93,412 | 112,798 | 112,798 | 138,593 | 97,060 | ||||||||||||||||||||||||||||||||||||
Commercial construction | 21,449 | 21,449 | 20,980 | 28,685 | 28,685 | 21,471 | 20,457 | 20,023 | 20,864 | 20,864 | 2,908 | 2,092 | ||||||||||||||||||||||||||||||||||||
Other commercial real estate | 36,984 | 36,984 | 38,732 | 40,605 | 40,605 | 44,516 | 21,950 | 21,806 | 32,357 | 32,357 | 22,910 | 4,822 | ||||||||||||||||||||||||||||||||||||
1-4 family mortgages | 4,577 | 4,577 | 3,362 | 3,902 | 3,902 | 3,310 | 5,706 | 5,826 | 5,819 | 5,819 | 4,975 | 857 | ||||||||||||||||||||||||||||||||||||
Consumer | 5,555 | 5,555 | 7,891 | 8,107 | 8,107 | 8,035 | 8,273 | 7,826 | 7,629 | 7,629 | 8,253 | 3,419 | ||||||||||||||||||||||||||||||||||||
Total non-accrual loans | 177,495 | 177,495 | 186,563 | 211,782 | 211,782 | 211,366 | 193,689 | 216,073 | 244,215 | 244,215 | 256,805 | 127,768 | ||||||||||||||||||||||||||||||||||||
Loans past due 90 days and still accruing | 6,502 | 6,502 | 5,231 | 4,244 | 4,244 | 9,136 | 6,280 | 7,995 | 4,079 | 4,079 | 5,960 | 36,999 | ||||||||||||||||||||||||||||||||||||
Total non-performing loans | 183,997 | 183,997 | 191,794 | 216,026 | 216,026 | 220,502 | 199,969 | 224,068 | 248,294 | 248,294 | 262,765 | 164,767 | ||||||||||||||||||||||||||||||||||||
Restructured, accruing loans | 14,529 | 14,529 | 14,120 | 22,371 | 22,371 | 11,002 | 9,030 | 5,168 | 30,553 | 30,553 | 26,718 | 7,344 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | 24,407 | 24,407 | 33,863 | 31,069 | 31,069 | 52,044 | 57,023 | 62,565 | 57,137 | 57,137 | 57,945 | 24,368 | ||||||||||||||||||||||||||||||||||||
Total non-performing assets | 222,933 | 222,933 | 239,777 | 269,466 | 269,466 | 283,548 | 266,022 | 291,801 | 335,984 | 335,984 | 347,428 | 196,479 | ||||||||||||||||||||||||||||||||||||
Loans past due 30-89 days and still accruing | 30,424 | 30,424 | 28,927 | 23,646 | 23,646 | 41,590 | 32,012 | 28,018 | 37,912 | 37,912 | 44,346 | 116,206 | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 137,331 | $ | 137,331 | $ | 142,503 | $ | 142,572 | $ | 142,572 | $ | 144,569 | $ | 145,027 | $ | 144,824 | $ | 144,808 | $ | 144,808 | $ | 134,269 | $ | 93,869 | ||||||||||||||||||||||||
Reserve for unfunded commitments | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 450 | 450 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | 139,831 | 139,831 | 145,003 | 145,072 | 145,072 | 145,019 | 145,477 | 144,824 | 144,808 | 144,808 | 134,269 | 93,869 | ||||||||||||||||||||||||||||||||||||
Loan loss provision | 38,255 | 18,763 | 19,492 | 147,349 | 73,897 | 33,576 | 21,526 | 18,350 | 215,672 | 93,000 | 38,000 | 70,254 | ||||||||||||||||||||||||||||||||||||
Net charge-offs by category: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 8,713 | 5,585 | 3,128 | 30,602 | 10,198 | 13,262 | 2,679 | 4,463 | 55,004 | 23,320 | 12,585 | 13,026 | ||||||||||||||||||||||||||||||||||||
Agricultural | 808 | 799 | 9 | 1,301 | 125 | 489 | 546 | 141 | 180 | 180 | — | 38 | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 1,792 | 609 | 1,183 | 9,710 | 2,888 | 2,825 | 2,353 | 1,644 | 7,856 | 3,265 | 3,496 | 732 | ||||||||||||||||||||||||||||||||||||
Multi-family | 7,201 | 6,652 | 549 | 2,425 | 1,206 | 222 | 485 | 512 | 3,483 | 2,325 | 29 | 1,796 | ||||||||||||||||||||||||||||||||||||
Residential construction | 6,317 | 899 | 5,418 | 54,841 | 35,935 | 4,460 | 9,994 | 4,452 | 62,642 | 38,315 | 5,181 | 15,780 | ||||||||||||||||||||||||||||||||||||
Commercial construction | 394 | 133 | 261 | 8,356 | 7,743 | 228 | 115 | 270 | 3,220 | 2,714 | (228 | ) | — | |||||||||||||||||||||||||||||||||||
Other commercial real estate | 7,465 | 2,107 | 5,358 | 28,375 | 12,202 | 10,217 | 1,507 | 4,449 | 18,297 | 9,137 | 6,628 | 1,248 | ||||||||||||||||||||||||||||||||||||
1-4 family mortgages | 586 | 340 | 246 | 982 | 238 | 363 | 261 | 120 | 930 | 168 | 216 | 576 | ||||||||||||||||||||||||||||||||||||
Consumer | 5,020 | 2,703 | 2,317 | 8,918 | 2,374 | 1,979 | 2,282 | 2,283 | 13,121 | 3,037 | 3,352 | 4,989 | ||||||||||||||||||||||||||||||||||||
Net charge-offs, excluding covered assets | 38,296 | 19,827 | 18,469 | 145,510 | 72,909 | 34,045 | 20,222 | 18,334 | 164,733 | 82,461 | 31,259 | 38,185 | ||||||||||||||||||||||||||||||||||||
Charge-offs on covered assets | 5,200 | 4,108 | 1,092 | 1,575 | 935 | (11 | ) | 651 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total net charge-offs | 43,496 | 23,935 | 19,561 | 147,085 | 73,844 | 34,034 | 20,873 | 18,334 | 164,733 | 82,461 | 31,259 | 38,185 | ||||||||||||||||||||||||||||||||||||
Asset Quality ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans / loans | 3.47 | % | 3.47 | % | 3.66 | % | 4.15 | % | 4.15 | % | 4.09 | % | 3.72 | % | 4.16 | % | 4.69 | % | 4.69 | % | 4.84 | % | 2.38 | % | ||||||||||||||||||||||||
Non-performing loans / loans | 3.60 | % | 3.60 | % | 3.76 | % | 4.24 | % | 4.24 | % | 4.27 | % | 3.84 | % | 4.31 | % | 4.77 | % | 4.77 | % | 4.95 | % | 3.07 | % | ||||||||||||||||||||||||
Non-performing assets / loans plus OREO | 4.34 | % | 4.34 | % | 4.67 | % | 5.25 | % | 5.25 | % | 5.44 | % | 5.05 | % | 5.55 | % | 6.39 | % | 6.39 | % | 6.48 | % | 3.65 | % | ||||||||||||||||||||||||
Non-performing assets / tangible common equity plus allowance for credit losses | 27.72 | % | 27.72 | % | 30.31 | % | 34.63 | % | 34.63 | % | 34.37 | % | 32.18 | % | 35.80 | % | 54.91 | % | 54.91 | % | 54.01 | % | 37.41 | % | ||||||||||||||||||||||||
Non-accrual loans / total assets | 2.18 | % | 2.18 | % | 2.32 | % | 2.60 | % | 2.60 | % | 2.53 | % | 2.48 | % | 2.85 | % | 3.17 | % | 3.17 | % | 3.34 | % | 1.50 | % | ||||||||||||||||||||||||
Loan loss ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses / loans | 2.73 | % | 2.73 | % | 2.85 | % | 2.84 | % | 2.84 | % | 2.81 | % | 2.79 | % | 2.79 | % | 2.78 | % | 2.78 | % | 2.53 | % | 1.75 | % | ||||||||||||||||||||||||
Allowance for credit losses / non-accrual loans | 78.78 | % | 78.78 | % | 77.72 | % | 68.50 | % | 68.50 | % | 68.61 | % | 75.11 | % | 67.03 | % | 59.30 | % | 59.30 | % | 52.28 | % | 73.47 | % | ||||||||||||||||||||||||
Allowance for credit losses / non-performing loans | 76.00 | % | 76.00 | % | 75.60 | % | 67.15 | % | 67.15 | % | 65.77 | % | 72.75 | % | 1 | 58.32 | % | 58.32 | % | 51.10 | % | 56.97 | % | |||||||||||||||||||||||||
Net charge-offs to average net loans | 1.52 | % | 1.56 | % | 1.48 | % | 2.80 | % | 5.61 | % | 2.59 | % | 1.56 | % | 1.43 | % | 3.08 | % | 6.17 | % | 2.32 | % | 0.74 | % |
Footnotes:
(1) | Tax equivalent basis reflects federal and state tax benefits. |
(2) | Annualized based on the number of days outstanding for each period presented. |