AMCORE Financial, Inc. Reports 4th Quarter Results
ROCKFORD, Ill., Jan. 22, 2009 (GLOBE NEWSWIRE) -- AMCORE Financial, Inc. (Nasdaq:AMFI) today announced financial results for the fourth quarter and the year ended December 31, 2008.
(Numbers in Thousands, Except Per Share Data)
4th quarter YTD 4th quarter YTD
2008 2008 2007 2007
Net Revenues $43,873 $206,487 $57,243 $231,581
Net (Loss)
Income $(32,119) $(97,799) $7,530 $28,241
Diluted Shares 22,652 22,629 22,834 23,556
Diluted EPS $(1.42) $(4.32) $0.33 $1.20
AMCORE reported a net loss of ($32.1) million for fourth quarter 2008, compared to net income of $7.5 million in the prior-year period and a net loss of ($18.0) million in the previous quarter. Loss per diluted share was ($1.42) for fourth quarter 2008, compared to earnings of $0.33 per diluted share in fourth quarter 2007, and a loss of ($0.79) in the previous quarter.
Full year 2008 loss per diluted share was ($4.32) compared to earnings of $1.20 per diluted share in 2007. AMCORE's net loss for the full year 2008 was ($97.8) million compared to earnings of $28.2 million in 2007, and includes substantial reserves for potential loan losses for the year.
"We are committed to meeting the financial needs of our customers during this unprecedented economic period," said William R. McManaman, Chairman and CEO of AMCORE. "We all recognize this is a very difficult and weak economy, especially for banks. Our fourth quarter results reflect the continued deterioration of the economic environment. In light of these conditions during the quarter, we took aggressive steps including reducing our exposure to construction, land development and vacant land loans by 10 percent from the previous quarter and also laid plans to manage through further market uncertainty."
The following occurred during the quarter:
* AMCORE remained well capitalized with nearly $411 million in
regulatory bank capital as of December 31, 2008. Activities to
manage the Bank's capital and liquidity included:
- Suspending the quarterly dividend in November to preserve
capital.
- Merging the non-depository trust charter into the bank's
charter to strengthen capital resources.
- Extensively exploring capital raising activities to provide
further strength and stability.
* Added to reserves as the economy weakened. Loan loss reserves
and capital provide the cushion against which losses are charged.
* Enhanced the credit administration and underwriting functions
by adding expertise and resources including the redeployment of
personnel to asset protection from revenue production.
* Increased focus on strategic relationship-based assets to
improve risk profile and business opportunities and lowering
our exposure to non-strategic, non-relationship based accounts.
* Reduced staff positions by 11 percent compared to a year ago.
Revenues
* Net revenues decreased $13.4 million to $43.9 million in fourth
quarter 2008 from $57.2 million during the same quarter a year
ago and decreased $8.6 million from $52.5 million in the
previous quarter due to lower net interest income and
non-interest income.
* Net interest income was $26.9 million, or 2.37 percent of
average earning assets in fourth quarter 2008, compared to
$39.1 million or 3.28 percent of average earning assets in
fourth quarter 2007, and $32.3 million, or 2.76 percent of
average earning assets in third quarter 2008. The decreases
from both periods were primarily due to interest income
reversals of $2.4 million in the fourth quarter 2008 as well
as increased funding costs on higher levels of non-accrual
loans, a continued decline in interest rates, pricing pressure
on funding sources and lower loan balances.
* Average loan balances were essentially flat at $3.8 billion
compared to third quarter 2008, while average investment
securities decreased four percent, or $35.9 million. Average
bank issued deposits decreased five percent, or $158.9 million,
to $2.8 billion compared to third quarter 2008. The decline in
bank issued deposits is due to fluctuations in certain public
fund accounts and institutional clients moving from unsecured
to secured sweep accounts, which are classified as borrowings.
Investment securities declined due to a $49 million sale of
securities in fourth quarter 2008.
* Non-interest income was $16.9 million in the fourth quarter
2008 compared to $18.1 million in the fourth quarter 2007 and
was $20.2 million in the third quarter 2008, with declines of
$1.2 million and $3.3 million, respectively. The decrease for
both periods included lower customer service fees and higher
negative derivative mark-to market adjustments, which are
included in other non-interest income. Fourth quarter 2008
included a $1.0 million gain on the sale of the investment
securities.
Asset Quality and Operating Expenses
* Provision for loan losses was $57.5 million, a $51.1 million
increase from $6.4 million in fourth quarter 2007 and a $9.5
million increase from $48.0 million in third quarter 2008.
- Net charge-offs were $55.9 million compared to $4.8 million
in fourth quarter 2007, and $26.8 million in third quarter
2008. Provision for loan losses are accrued when losses are
probable, whereas chargeoffs are taken when the loss is
subsequently confirmed.
- Non-performing loans were $313 million at December 31, 2008,
compared to $71 million at December 31, 2007 and $191 million
at September 30, 2008. The economy has been particularly
challenging for commercial real estate loans to builders and
developers. Many of these builders and developers carry
extended housing inventories in a weak market, which has
strained their liquidity and as a result increased our
non-performing loans.
* The percentage of total non-performing loans to total loans
was 8.27 percent at December 31, 2008, up from 1.80 percent at
December 31, 2007 and 5.03 percent at September 30, 2008.
* Operating expenses were flat compared to fourth quarter 2007,
but increased seven percent compared to third quarter 2008,
primarily due to credit related costs. These costs included
higher loan processing and collection expenses of $1.1 million
compared to the same quarter a year ago and $888,000 compared
to the previous quarter; increased reserves for unfunded loan
commitments of $1.4 million compared to the same quarter a
year ago and $1.2 million compared to the previous quarter and
increased FDIC premiums of $1.0 million compared to the same
quarter a year ago and $154,000 compared to the previous quarter.
Additional financial data for the Company's earnings call will be available in the presentation section of the Investor Relations page on the Company's website at www.AMCORE.com.
ABOUT AMCORE
AMCORE Financial, Inc. is headquartered in Northern Illinois and has banking assets of $5.0 billion with 74 locations in Illinois and Wisconsin. AMCORE provides a full range of consumer and commercial banking services, a variety of mortgage lending products and wealth management services including trust, brokerage, private banking, financial planning, investment management, insurance and comprehensive retirement plan services.
AMCORE common stock is listed on The NASDAQ Stock Market under the symbol "AMFI." Further information about AMCORE Financial, Inc. can be found at the Company's website at www.AMCORE.com.
FORWARD LOOKING STATEMENTS
This news release contains, and our periodic filings with the Securities and Exchange Commission and written or oral statements made by the Company's officers and directors to the press, potential investors, securities analysts and others will contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, and the Company intends that such forward-looking statements be subject to the safe harbors created thereby with respect to, among other things, the financial condition, results of operations, plans, objectives, future performance and business of AMCORE. Statements that are not historical facts, including statements about beliefs and expectations, are forward-looking statements. These statements are based upon beliefs and assumptions of AMCORE's management and on information currently available to such management. The use of the words "believe", "expect", "anticipate", "plan", &qu ot;estimate", "should", "may", "will" or similar expressions identify forward-looking statements. Forward-looking statements speak only as of the date they are made, and AMCORE undertakes no obligation to update publicly any forward-looking statements in light of new information or future events.
Contemplated, projected, forecasted or estimated results in such forward-looking statements involve certain inherent risks and uncertainties. A number of factors - many of which are beyond the ability of the Company to control or predict - could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following possibilities: (I) heightened competition, including specifically the intensification of price competition, the entry of new competitors and the formation of new products by new or existing competitors; (II) adverse state, local and federal legislation and regulation or adverse findings or rulings made by local, state or federal regulators or agencies regarding AMCORE and its operations; (III) failure to obtain new customers and retain existing customers; (IV) inability to carry out marketing and/or expansion plans; (V) ability to attract and retain key executives or personnel; (VI) changes in interest rates including the eff ect of prepayments; (VII) general economic and business conditions which are less favorable than expected; (VIII) equity and fixed income market fluctuations; (IX) unanticipated changes in industry trends; (X) unanticipated changes in credit quality and risk factors; (XI) success in gaining regulatory approvals when required; (XII) changes in Federal Reserve Board monetary policies; (XIII) unexpected outcomes on existing or new litigation in which AMCORE, its subsidiaries, officers, directors or employees are named defendants; (XIV) technological changes; (XV) changes in accounting principles generally accepted in the United States of America; (XVI) changes in assumptions or conditions affecting the application of "critical accounting estimates"; (XVII) inability of third-party vendors to perform critical services for the Company or its customers; (XVIII) disruption of operations caused by the conversion and installation of data processing systems; (XIX) adverse economic or business conditions affe cting specific loan portfolio types in which the Company has a concentration, such as construction, land development and other land loans; (XX) zoning restrictions or other limitations at the local level, which could prevent limited branch offices from transitioning to full-service facilities; (XXI) possible changes in the creditworthiness of customers and the possible impairment of collectibility of loans; and, (XXII) the recently enacted Emergency Economic Stabilization Act of 2008, and the various programs the U.S. Treasury and the banking regulators are implementing to address capital and liquidity issues in the banking system, all of which may have significant effects on the Company and the financial services industry, the exact nature and extent of which cannot be determined at this time.
AMCORE Financial, Inc.
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)
($ in 000's except ------------------------------------------------
per share data) 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr.
SHARE DATA 2008 2008 2008 2008 2007
---------- ------------------------------------------------
Diluted earnings per
share $ (1.42) $ (0.79) $ (0.89) $ (1.21) $ 0.33
Cash dividends $ -- $ 0.049 $ 0.049 $ 0.180 $ 0.180
Book value $ 11.55 $ 12.74 $ 13.85 $ 15.21 $ 16.31
Average diluted
shares outstanding 22,652 22,647 22,614 22,601 22,834
Ending shares
outstanding 22,682 22,655 22,647 22,612 22,600
INCOME STATEMENT
----------------
Total Interest
Income $ 61,415 $ 66,452 $ 69,088 $ 75,801 $ 83,865
Total Interest
Expense 34,467 34,190 33,079 39,135 44,766
------------------------------------------------
Net interest income 26,948 32,262 36,009 36,666 39,099
Provision for loan
losses 57,487 48,000 40,000 57,229 6,400
Non-interest income:
Investment
management & trust 3,661 3,907 4,394 4,307 4,495
Service charges on
deposits 8,075 9,152 8,680 7,334 8,001
Net mortgage
revenues 98 203 (5) 345 202
Company owned life
insurance 997 1,227 1,106 1,236 1,481
Brokerage commission 739 963 1,258 1,313 1,013
Bankcard fee income 2,062 2,241 2,286 2,005 2,060
Net security
(losses) gains 1,008 -- -- 1,010 (346)
Other 285 2,552 1,814 349 1,238
------------------------------------------------
Total non-interest
income 16,925 20,245 19,533 17,899 18,144
Operating expenses:
Personnel costs 21,171 21,328 22,039 24,374 22,278
Net occupancy &
equipment 6,677 6,469 6,469 6,842 6,280
Data processing 733 715 763 751 884
Professional fees 2,141 1,981 1,955 2,547 2,061
Communication 1,176 1,318 1,301 1,259 1,280
Advertising &
business
development 718 796 616 708 1,400
Other 8,318 5,757 15,157 8,400 6,566
------------------------------------------------
Total operating
expenses 40,934 38,364 48,300 44,881 40,749
------------------------------------------------
Income before income
taxes (54,548) (33,857) (32,758) (47,545) 10,094
Income tax (benefit)
expense (22,429) (15,870) (12,524) (20,086) 2,564
------------------------------------------------
Net Income $(32,119) $(17,987) $(20,234) $(27,459) $ 7,530
================================================
------------------------------------------------
4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr.
KEY RATIOS AND DATA 2008 2008 2008 2008 2007
------------------- ------------------------------------------------
Net interest margin
(FTE) 2.37% 2.76% 3.07% 3.12% 3.28%
Return on average
assets -2.54% -1.40% -1.58% -2.13% 0.58%
Return on average
equity -44.78% -22.77% -23.54% -29.44% 7.94%
Efficiency ratio 93.30% 73.06% 86.97% 82.26% 71.19%
Equity/assets (end
of period) 5.21% 5.76% 6.06% 6.64% 7.10%
Allowance to loans
(end of period) 3.60% 3.54% 3.44% 2.48% 1.35%
Allowance to
non-accrual loans 45% 71% 78% 86% 130%
Allowance to
non-performing loans 44% 70% 78% 85% 75%
Non-accrual loans to
loans 8.03% 4.99% 4.40% 2.89% 1.04%
Non-performing assets
to total assets 6.56% 4.03% 3.50% 2.25% 1.45%
($ in millions)
Total assets under
administration $ 1,999 $ 2,247 $ 2,458 $ 2,712 $ 2,728
Mortgage loans
closed $ 27 $ 38 $ 72 $ 74 $ 51
Mortgage servicing
rights, net $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.1
($ in 000's except -------------------------------------------------
per share data) 4Q/3Q 4Q 08/07 Year-to-Date 08/07
SHARE DATA Inc(Dec) Inc(Dec) 2008 2007 Inc(Dec)
---------- -------------------------------------------------
Diluted earnings
per share 79% N/M $ (4.32) $ 1.20 N/M
Cash dividends (100%) (100%) $ 0.278 $ 0.720 (61%)
Book value (9%) (29%) $ 11.55 $ 16.31 (29%)
Average diluted
shares outstanding 0% (1%) 22,629 23,556 (4%)
Ending shares
outstanding 0% 0% 22,682 22,600 0%
INCOME STATEMENT
----------------
Total Interest
Income (8%) (27%) $ 272,756 $344,016 (21%)
Total Interest
Expense 1% (23%) 140,871 183,432 (23%)
-------------------------------------------------
Net interest income (16%) (31%) 131,885 160,584 (18%)
Provision for loan
losses 20% N/M 202,716 29,087 N/M
Non-interest income:
Investment
management & trust (6%) (19%) 16,269 16,765 (3%)
Service charges on
deposits (12%) 1% 33,241 29,618 12%
Net mortgage
revenues (52%) (51%) 641 1,793 (64%)
Company owned life
insurance (19%) (33%) 4,566 5,429 (16%)
Brokerage
commission (23%) (27%) 4,273 4,174 2%
Bankcard fee income (8%) 0% 8,594 7,862 9%
Net security
(losses) gains 0% N/M 2,018 (5,920) (134%)
Other (89%) (77%) 5,000 11,276 (56%)
-------------------------------------------------
Total non-interest
income (16%) (7%) 74,602 70,997 5%
Operating expenses:
Personnel costs (1%) (5%) 88,912 94,924 (6%)
Net occupancy &
equipment 3% 6% 26,457 24,615 7%
Data processing 3% (17%) 2,962 3,369 (12%)
Professional fees 8% 4% 8,624 8,397 3%
Communication (11%) (8%) 5,054 5,258 (4%)
Advertising &
business
development (10%) (49%) 2,838 4,166 (32%)
Other 44% 27% 37,632 24,610 53%
-------------------------------------------------
Total operating
expenses 7% 0% 172,479 165,339 4%
-------------------------------------------------
Income before income
taxes 61% N/M (168,708) 37,155 N/M
Income tax
(benefit) expense 41% N/M (70,909) 8,914 N/M
-------------------------------------------------
Net Income 79% N/M $ (97,799) $ 28,241 N/M
=================================================
-------------------------------------------------
Basis Basis Basis
Point Point Year-to-Date Point
KEY RATIOS AND DATA Change Change 2008 2007 Change
------------------- -------------------------------------------------
Net interest margin
(FTE) (39) (91) 2.84% 3.35% (51)
Return on average
assets (114) (312) -1.91% 0.54% (245)
Return on average
equity N/M N/M -29.64% 7.32% N/M
Efficiency ratio N/M N/M 83.53% 70.98% N/M
Equity/assets (end
of period) (55) (189)
Allowance to loans
(end of period) 6 225
Allowance to
non-accrual loans N/M N/M
Allowance to
non-performing
loans N/M N/M
Non-accrual loans
to loans 304 N/M
Non-performing
assets to total
assets 253 N/M
($ in millions)
Total assets under
administration (11%) (27%)
Mortgage loans
closed (29%) (47%)
Mortgage servicing
rights, net 0% 0%
N/M = not meaningful
AMCORE Financial, Inc.
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(Unaudited)
($ in 000's)
AVERAGE ------------------------------------------------------
BALANCE 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr.
SHEET 2008 2008 2008 2008 2007
-------- ------------------------------------------------------
Assets:
Investment
securities,
at cost $ 846,415 $ 882,289 $ 893,769 $ 874,672 $ 871,626
Short-term
investments 29,590 96,027 18,992 5,472 6,856
Loans held for
sale 2,862 4,523 7,811 8,565 6,653
Loans:
Commercial 773,736 765,776 785,912 774,482 776,557
Commercial
real estate 2,222,806 2,234,286 2,310,215 2,346,154 2,358,906
Residential
real estate 445,372 445,837 455,929 473,545 488,532
Consumer 369,654 361,107 344,787 335,272 319,808
------------------------------------------------------
Total loans $3,811,568 $3,807,006 $3,896,843 $3,929,453 $3,943,803
------------------------------------------------------
Total
earning
assets $4,690,435 $4,789,845 $4,817,415 $4,818,162 $4,828,938
Allowance for
loan losses (133,968) (123,693) (99,197) (53,982) (52,499)
Goodwill -- -- 6,081 6,148 6,148
Other
non-earning
assets 470,556 438,972 424,046 404,324 412,641
------------------------------------------------------
Total assets $5,027,023 $5,105,124 $5,148,345 $5,174,652 $5,195,228
======================================================
Liabilities and
Stockholders'
Equity:
Non-interest
bearing
deposits $ 453,717 $ 476,378 $ 492,882 $ 479,571 $ 496,301
Interest
bearing
deposits 1,223,287 1,462,149 1,781,361 1,824,232 1,873,883
Time deposits 1,151,156 1,048,560 944,914 994,795 1,067,981
------------------------------------------------------
Total bank
issued
deposits $2,828,160 $2,987,087 $3,219,157 $3,298,598 $3,438,165
------------------------------------------------------
Wholesale
deposits 1,018,975 887,366 683,246 593,083 620,500
Short-term
borrowings 446,041 370,946 355,916 435,708 327,678
Long-term
borrowings 403,632 490,034 488,453 417,492 368,657
------------------------------------------------------
Total
wholesale
funding $1,868,648 $1,748,346 $1,527,615 $1,446,283 $1,316,835
------------------------------------------------------
Total interest
bearing
liabilities 4,243,091 4,259,055 4,253,890 4,265,310 4,258,699
------------------------------------------------------
Other
liabilities 44,843 55,456 55,914 54,695 64,144
------------------------------------------------------
Total
liabilities $4,741,651 $4,790,889 $4,802,686 $4,799,576 $4,819,144
------------------------------------------------------
Stockholders'
equity 297,392 320,549 345,498 373,870 377,775
Other
comprehensive
(loss) gain (12,020) (6,314) 161 1,206 (1,691)
------------------------------------------------------
Total
stockholders'
equity 285,372 314,235 345,659 375,076 376,084
------------------------------------------------------
Total
liabilities &
stockholders'
equity $5,027,023 $5,105,124 $5,148,345 $5,174,652 $5,195,228
======================================================
CREDIT QUALITY
--------------
Ending
allowance for
loan losses $ 136,412 $ 134,833 $ 133,393 $ 96,732 $ 53,140
Net charge-offs 55,908 26,757 3,339 13,637 4,760
Net charge-offs
to avg loans
(annualized) 5.84% 2.80% 0.34% 1.40% 0.48%
Non-performing
assets:
Non-accrual
loans $ 304,176 $ 190,135 $ 170,910 $ 112,945 $ 40,972
Loans 90 days
past due &
still
accruing 8,889 1,267 894 1,107 29,826
------------------------------------------------------
Total non-
performing
loans 313,065 191,402 171,804 114,052 70,798
Foreclosed
real estate 16,899 10,224 8,906 2,422 4,108
Other
foreclosed
assets 224 393 257 246 201
------------------------------------------------------
Total non-
performing
assets $ 330,188 $ 202,019 $ 180,967 $ 116,720 $ 75,107
======================================================
YIELD AND RATE
ANALYSIS
--------------
Assets:
Investment
securities
(FTE) 4.80% 4.65% 4.70% 4.71% 4.61%
Short-term
investments 1.83% 1.95% 2.16% 4.04% 5.31%
Loans held for
sale 7.59% 6.85% 5.96% 6.54% 7.61%
Loans:
Commercial 5.01% 5.64% 5.92% 6.78% 7.80%
Commercial
real estate 5.13% 5.70% 5.94% 6.66% 7.42%
Residential
real estate 5.48% 5.79% 5.94% 6.40% 6.94%
Consumer 7.92% 7.87% 7.90% 7.93% 7.96%
-------------------------------------------------------
Total loans
(FTE) 5.42% 5.90% 6.11% 6.76% 7.48%
-------------------------------------------------------
Total interest
earning
assets (FTE) 5.29% 5.60% 5.83% 6.38% 6.96%
=======================================================
Liabilities:
Interest
bearing
deposits 1.03% 1.42% 1.63% 2.42% 3.23%
Time deposits 3.68% 3.79% 3.98% 4.36% 4.58%
-------------------------------------------------------
Total bank
issued
deposits 2.31% 2.41% 2.45% 3.11% 3.72%
-------------------------------------------------------
Wholesale
deposits 4.58% 4.61% 4.66% 5.02% 5.11%
Short-term
borrowings 3.18% 3.29% 3.37% 3.69% 4.80%
Long-term
borrowings 5.21% 4.49% 4.53% 5.63% 5.63%
-------------------------------------------------------
Total
wholesale
funding 4.38% 4.30% 4.32% 4.82% 5.18%
-------------------------------------------------------
Total interest
bearing
liabilities 3.22% 3.19% 3.12% 3.69% 4.17%
=======================================================
Net interest
spread 2.07% 2.41% 2.71% 2.69% 2.79%
Net interest
margin (FTE) 2.37% 2.76% 3.07% 3.12% 3.28%
=======================================================
FTE adjustment
(000's) $ 834 $ 844 $ 803 $ 746 $ 701
--------------------------------
($ in 000's) 4Q/3Q 4Q 08/07 Ending
AVERAGE BALANCE SHEET Inc(Dec) Inc(Dec) Balances
--------------------- --------------------------------
Assets:
Investment securities, at cost (4%) (3%) $ 871,149
Short-term investments (69%) N/M 1,665
Loans held for sale (37%) (57%) 6,749
Loans: Commercial 1% (0%) 771,669
Commercial real estate (1%) (6%) 2,199,033
Residential real estate (0%) (9%) 437,877
Consumer 2% 16% 377,450
--------------------------------
Total loans 0% (3%) $3,786,029
--------------------------------
Total earning assets (2%) (3%) $4,665,592
Allowance for loan losses 8% 155% (136,412)
Goodwill 0% (100%) --
Other non-earning assets 7% 14% 502,058
--------------------------------
Total assets (2%) (3%) $5,031,238
================================
Liabilities and Stockholders' Equity:
Non-interest bearing deposits (5%) (9%) $ 465,382
Interest bearing deposits (16%) (35%) 1,224,166
Time deposits 10% 8% 1,147,856
--------------------------------
Total bank issued deposits (5%) (18%) $2,837,404
--------------------------------
Wholesale deposits 15% 64% 1,081,634
Short-term borrowings 20% 36% 435,783
Long-term borrowings (18%) 9% 379,667
--------------------------------
Total wholesale funding 7% 42% $1,897,084
--------------------------------
Total interest bearing liabilities (0%) (0%) 4,269,106
--------------------------------
Other liabilities (19%) (30%) 34,752
--------------------------------
Total liabilities (1%) (2%) $4,769,240
--------------------------------
Stockholders' equity (7%) (21%) 269,913
Other comprehensive (loss) gain 90% N/M (7,915)
--------------------------------
Total stockholders' equity (9%) (24%) 261,998
--------------------------------
Total liabilities & stockholders'
equity (2%) (3%) $5,031,238
================================
CREDIT QUALITY
--------------
Ending allowance for loan losses 1% 157%
Net charge-offs 109% N/M
Net charge-offs to avg loans
(annualized) 109% N/M
Non-performing assets:
Non-accrual loans 60% N/M
Loans 90 days past due & still
accruing N/M (70%)
--------------------
Total non-performing loans 64% N/M
Foreclosed real estate 65% N/M
Other foreclosed assets (43%) 11%
--------------------
Total non-performing assets 63% N/M
====================
N/M = not meaningful
CONTACT: AMCORE Financial, Inc.
For media inquiries:
Katherine Taylor, Investor Relations Manager
815-961-7164
For financial inquiries:
Judith Carre Sutfin, Executive Vice President and CFO
815-961-7081
