EXHIBIT 99.1
AMCORE Financial, Inc. Reports 1st Quarter Results; Announces Corporate Restructuring
ROCKFORD, Ill., April 27, 2009 (GLOBE NEWSWIRE) -- AMCORE Financial, Inc. (Nasdaq:AMFI) today announced financial results for the first quarter 2009.
(Numbers in Thousands, Except Per Share Data)
1st quarter 2009 1st quarter 2008 4th quarter 2008
Net Revenues $43,857 $54,565 $43,873
Net Income (Loss) ($30,398) ($27,459) $(32,119)
Diluted Shares 22,683 22,601 22,652
Diluted EPS ($1.34) ($1.21) $(1.42)
AMCORE reported a net loss of ($30.4) million for first quarter 2009, compared to a net loss of ($27.5) million in the prior-year period and a net loss of ($32.1) million in the previous quarter. Loss per diluted share was ($1.34) for first quarter 2009, compared to a loss of ($1.21) per diluted share in first quarter 2008, and a loss of ($1.42) in the previous quarter.
In addition to the first quarter results, AMCORE also announced today several strategic cost reduction measures that better align the Company's operations and cost structure to the realities of today's marketplace. These actions include decreases in executive pay and a nine percent reduction of its work force, resulting in $20 million in annualized cost savings. The reduction in workforce includes the elimination of 116 positions, including that of Donald H. Wilson, President and Chief Operating Officer, and Richard E. Stiles, Executive Vice President, Commercial Banking Group. The Company is grateful for their years of service and contributions to AMCORE.
"Our focus is on streamlining our operations to strengthen our business and better position AMCORE for the future," said William R. McManaman, Chairman and CEO of AMCORE. "The global economy and the financial services industry face unprecedented challenges that demand new ways of operating and have required us to make these difficult decisions. We appreciate the support and understanding of our employees, whose expertise and unwavering commitment allows us to provide the highest levels of service."
Significant key actions include:
* Increased the loan loss reserves by providing an additional $62.7
million. After charge-offs of $33.6 million, the allowance for loan
losses was $165.6 million, or 4.61% of ending loans.
* Reduced concentrations in construction and development loans by 24
percent from a year ago and seven percent from the previous quarter.
This segment of the loan portfolio represents 58 percent of the
non-accrual loans.
* Decreased operating expenses by 12 percent from a year ago and four
percent from the previous quarter. The decrease in expenses was
achieved despite increased collection costs and deposit insurance
premiums.
Organizational Structure
"The bank's infrastructure was built for a more expansionary economy with higher growth rates," said Mr. McManaman. "The organizational changes announced today are expected to streamline operations in order to stabilize and strengthen our business in the face of today's economic challenges and to create a stronger and more efficient AMCORE."
The key elements of the cost reduction measures include:
* Changes to the organizational structure with 116 position
eliminations, including two executive officers. Estimated charges
due to the restructuring are expected to be $2 million in second
quarter 2009.
* Reductions of five percent in executive salaries and suspension of
employee merit increases.
* Decreases in the Company's contribution to the 401(k) plan.
* Modifications in branch hours to more closely reflect customer
usage patterns.
Total annual cost reductions from actions taken during the last five quarters approximate $26 million, or about 15 percent of the bank's 2008 operating expense run rate, which are expected to have a significant benefit to the company going forward.
Headlines
* Average bank issued deposits increased six percent, or $161.9
million, to $3.0 billion compared to fourth quarter 2008, while
ending balances increased $365.0 million or 13 percent from
December 31, 2008. The increases are due to non-interest bearing
and time deposits.
* AMCORE closed $113 million in first mortgages that helped 710
customers to purchase or refinance their homes in first quarter
2009.
* Ending loan balances decreased $195.3 million or five percent from
December 31, 2008. This decrease was primarily the result of
strategic actions to reduce non-relationship credits in the
portfolio.
* Average investment securities declined 14 percent, or $120.8
million, due to a $384 million sale of securities in first quarter
2009.
* Net interest income was $22.5 million, or 1.94 percent of average
earning assets in first quarter 2009, compared to $36.7 million or
3.12 percent of average earning assets in first quarter 2008, and
$26.9 million, or 2.35 percent of average earning assets in fourth
quarter 2008. The decreases in margin from both periods were
primarily due to lower loan balances, higher levels of non-accrual
loans, the cost of building liquidity and continued declines in
interest rates.
* Non-interest income was $21.4 million in the first quarter 2009
compared to $17.9 million in the first quarter 2008 and $16.9
million in the fourth quarter 2008, with increases of $3.5 million
and $4.5 million, respectively. First quarter 2009 included $6.9
million of security gains, compared to $1.0 million in both the
fourth and first quarters of 2008, as well as $311,000 in increased
mortgage revenues compared to the previous quarter. These
increases were partially offset by lower customer service fees and
lower fee income from investment management and brokerage.
Capital and Liquidity
While AMCORE's capital levels have declined as credit losses have increased, the bank is adequately capitalized with $333 million in regulatory bank capital as of March 31, 2009. The $333 million does not reflect $123 million of AMCORE's loan loss reserves and $56 million of currently expected future tax benefits associated with the loan losses. These amounts provide additional capacity to absorb potential future credit losses, but current regulatory rules limit their inclusion for calculation purposes. AMCORE's regulatory capital, plus the full amount of its reserves and deferred tax assets, totaled over $512 million at March 31, 2009.
As a result of being adequately capitalized, AMCORE's funding costs and insurance premiums will increase and its access to certain wholesale funding will be limited. As part of its prudent liquidity management, AMCORE maintains cash equivalents and other liquid assets of about $680 million. There was margin compression from maintaining a more highly liquid balance sheet that helps AMCORE to better serve its customers. AMCORE management has pursued, and continues to actively pursue, all capital raising activities available in today's market place.
Asset Quality and Operating Expenses
* Provision for loan losses was $62.7 million, a $5.5 million
increase from $57.2 million in first quarter 2008 and a $5.3
million increase from $57.5 million in fourth quarter 2008.
- Net charge-offs were $33.6 million compared to $13.6 million in
first quarter 2008, and $55.9 million in fourth 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 $402 million at March 31, 2009,
compared to $114 million at March 31, 2008, and $313 million at
December 31, 2008.
* The percentage of total non-accrual loans to total loans was 10.9
percent at March 31, 2009, up from 2.9 percent at March 31, 2008,
and 8.0 percent at December 31, 2008.
* Operating expenses decreased 12 percent, or $5.4 million, compared
to first quarter 2008, and decreased four percent, or $1.5 million,
compared to fourth quarter 2008, primarily due to decreases in
personnel costs, professional fees and net occupancy and equipment
expense. The decrease in expenses was achieved despite the
increased collection expenses of $657,000 compared to the same
quarter a year ago and increased deposit insurance premiums of $1.8
million compared to the same quarter a year ago, and $873,000
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 $5.3 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 value of collateral and the possible impairment of collectibility of loans;(XXII) changes in lending terms to the Company and the Bank by the Federal Reserve, Federal Home Loan Bank, or any other regulatory agency or third party; and, (XXIII) 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) 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr.
SHARE DATA 2009 2008 2008 2008 2008
---------- ------------------------------------------------
Diluted earnings per
share $ (1.34) $ (1.42) $ (0.79) $ (0.89) $ (1.21)
Cash dividends $ -- $ -- $ 0.049 $ 0.049 $ 0.180
Book value $ 10.66 $ 11.55 $ 12.74 $ 13.85 $ 15.21
Average diluted
shares outstanding 22,683 22,652 22,647 22,614 22,601
Ending shares
outstanding 22,738 22,682 22,655 22,648 22,612
INCOME STATEMENT
----------------
Total interest
income $ 53,878 $ 61,415 $ 66,452 $ 69,088 $ 75,801
Total interest
expense 31,412 34,467 34,190 33,079 39,135
------------------------------------------------
Net interest income 22,466 26,948 32,262 36,009 36,666
Provision for loan
losses 62,743 57,487 48,000 40,000 57,229
Non-interest income:
Investment
management & trust 3,004 3,661 3,907 4,394 4,307
Service charges on
deposits 6,377 8,075 9,152 8,680 7,334
Net mortgage
revenues 409 98 203 (5) 345
Company owned life
insurance 1,016 997 1,227 1,106 1,236
Brokerage commission 756 739 963 1,258 1,313
Bankcard fee income 1,999 2,062 2,241 2,286 2,005
Net security gains 6,911 1,008 -- -- 1,010
Other 919 285 2,552 1,814 349
------------------------------------------------
Total non-interest
income 21,391 16,925 20,245 19,533 17,899
Operating expenses:
Personnel costs 20,806 21,171 21,328 22,039 24,374
Net occupancy &
equipment 6,467 6,677 6,469 6,469 6,842
Data processing 791 733 715 763 751
Professional fees 1,878 2,141 1,981 1,955 2,547
Communication 1,150 1,176 1,318 1,301 1,259
Advertising &
business
development 585 718 796 616 708
Other 7,764 8,318 5,757 15,157 8,400
------------------------------------------------
Total operating
expenses 39,441 40,934 38,364 48,300 44,881
------------------------------------------------
Loss before income
taxes (58,327) (54,548) (33,857) (32,758) (47,545)
Income tax benefit (27,929) (22,429) (15,870) (12,524) (20,086)
------------------------------------------------
Net Loss $(30,398) $(32,119) $(17,987) $(20,234) $(27,459)
================================================
------------------
($ in 000's except per share data) 1Q/4Q 1Q 09/08
SHARE DATA Inc(Dec) Inc(Dec)
---------- ------------------
Diluted earnings per share (5%) 10%
Cash dividends 0% (100%)
Book value (8%) (30%)
Average diluted shares outstanding 0% 0%
Ending shares outstanding 0% 1%
INCOME STATEMENT
----------------
Total interest income (12%) (29%)
Total interest expense (9%) (20%)
------------------
Net interest income (17%) (39%)
Provision for loan losses 9% 10%
Non-interest income:
Investment management & trust (18%) (30%)
Service charges on deposits (21%) (13%)
Net mortgage revenues N/M 19%
Company owned life insurance 2% (18%)
Brokerage commission 2% (42%)
Bankcard fee income (3%) (0%)
Net security gains N/M N/M
Other 222% 163%
------------------
Total non-interest income 26% 20%
Operating expenses:
Personnel costs (2%) (15%)
Net occupancy & equipment (3%) (5%)
Data processing 8% 5%
Professional fees (12%) (26%)
Communication (2%) (9%)
Advertising & business development (19%) (17%)
Other (7%) (8%)
------------------
Total operating expenses (4%) (12%)
------------------
Loss before income taxes 7% 23%
Income tax benefit 25% 39%
------------------
Net Loss (5%) 11%
==================
------------------------------------------------
1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr.
KEY RATIOS AND DATA 2009 2008 2008 2008 2008
------------------- ------------------------------------------------
Net interest margin
(FTE) 1.94% 2.35% 2.76% 3.07% 3.12%
Return on average
assets -2.40% -2.54% -1.40% -1.58% -2.13%
Return on average
equity -48.24% -44.78% -22.77% -23.54% -29.44%
Efficiency ratio 89.93% 93.30% 73.06% 86.97% 82.26%
Equity/assets (end
of period) 4.58% 5.21% 5.76% 6.06% 6.64%
Allowance to loans
(end of period) 4.61% 3.60% 3.54% 3.44% 2.48%
Allowance to
non-accrual loans 42% 45% 71% 78% 86%
Allowance to
non-performing loans 41% 44% 70% 78% 85%
Non-accrual loans to
loans 10.93% 8.03% 4.99% 4.40% 2.89%
Non-performing assets
to total assets 7.88% 6.56% 4.03% 3.50% 2.25%
($ in millions)
Total assets under
administration $ 1,882 $ 1,999 $ 2,247 $ 2,458 $ 2,712
Mortgage loans
closed $ 113 $ 27 $ 38 $ 72 $ 74
------------------
Basis Basis
Point Point
KEY RATIOS AND DATA Change Change
------------------- ------------------
Net interest margin (FTE) (41) (118)
Return on average assets 14 (27)
Return on average equity (346) N/M
Efficiency ratio (337) N/M
Equity/assets (end of period) (63) (206)
Allowance to loans (end of period) 101 213
Allowance to non-accrual loans (267) N/M
Allowance to non-performing loans (239) N/M
Non-accrual loans to loans 290 N/M
Non-performing assets to total assets 132 N/M
($ in millions)
Total assets under administration (6%) (31%)
Mortgage loans closed N/M 53%
N/M = not meaningful
AMCORE Financial, Inc.
(Unaudited)
($ in 000's) ------------------------------------------------------
AVERAGE 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr.
BALANCE SHEET 2009 2008 2008 2008 2008
-------------- ------------------------------------------------------
Assets:
Investment
securities,
at cost $ 725,592 $ 846,415 $ 883,057 $ 895,852 $ 876,254
Short-term
investments 343,094 76,115 95,259 16,909 3,890
Loans held for
sale 14,671 2,862 4,523 7,811 8,565
Loans:
Commercial 739,413 773,736 765,776 785,912 774,482
Commercial
real estate 2,180,385 2,222,806 2,234,286 2,310,215 2,346,154
Residential
real estate 441,809 445,372 445,837 455,929 473,545
Consumer 373,946 369,654 361,107 344,787 335,272
------------------------------------------------------
Total loans $3,735,553 $3,811,568 $3,807,006 $3,896,843 $3,929,453
------------------------------------------------------
Total earning
assets $4,818,910 $4,736,960 $4,789,845 $4,817,415 $4,818,162
Allowance for
loan losses (149,186) (133,968) (123,693) (99,197) (53,982)
Goodwill -- -- -- 6,081 6,148
Other non-
earning assets 456,674 424,031 438,972 424,046 404,324
------------------------------------------------------
Total assets $5,126,398 $5,027,023 $5,105,124 $5,148,345 $5,174,652
======================================================
Liabilities and
Stockholders'
Equity:
Non-interest
bearing
deposits $ 481,486 $ 453,717 $ 476,378 $ 492,882 $ 479,571
Interest
bearing
deposits 1,111,332 1,223,287 1,462,149 1,781,361 1,824,232
Time deposits 1,397,213 1,151,156 1,048,560 944,914 994,795
------------------------------------------------------
Total bank
issued
deposits $2,990,031 $2,828,160 $2,987,087 $3,219,157 $3,298,598
------------------------------------------------------
Wholesale
deposits 1,139,003 1,018,975 887,366 683,246 593,083
Short-term
borrowings 351,232 446,041 370,946 355,916 435,708
Long-term
borrowings 353,102 403,632 490,034 488,453 417,492
------------------------------------------------------
Total
wholesale
funding $1,843,337 $1,868,648 $1,748,346 $1,527,615 $1,446,283
------------------------------------------------------
Total interest
bearing
liabilities 4,351,882 4,243,091 4,259,055 4,253,890 4,265,310
------------------------------------------------------
Other
liabilities 37,487 44,843 55,456 55,914 54,695
------------------------------------------------------
Total
liabilities $4,870,855 $4,741,651 $4,790,889 $4,802,686 $4,799,576
------------------------------------------------------
Stockholders'
equity 262,464 297,392 320,549 345,498 373,870
Other
comprehensive
(loss) income (6,921) (12,020) (6,314) 161 1,206
------------------------------------------------------
Total
stockholders'
equity 255,543 285,372 314,235 345,659 375,076
------------------------------------------------------
Total
liabilities &
stock-
holders'
equity $5,126,398 $5,027,023 $5,105,124 $5,148,345 $5,174,652
======================================================
CREDIT QUALITY
--------------
Ending
allowance for
loan losses $ 165,577 $ 136,412 $ 134,833 $ 133,393 $ 96,732
Net charge-offs 33,578 55,908 26,757 3,339 13,637
Net charge-offs
to avg loans
(annualized) 3.65% 5.84% 2.80% 0.34% 1.40%
Non-performing
assets:
Non-accrual
loans $ 392,510 $ 304,176 $ 190,135 $ 170,910 $ 112,945
Loans 90 days
past due &
still
accruing 8,784 8,889 1,267 894 1,107
Troubled debt
restructured
loans (TDRs) 811 -- -- -- 11
------------------------------------------------------
Total non-
performing
loans 402,105 313,065 191,402 171,804 114,063
Foreclosed
real estate 14,996 16,899 10,224 8,906 2,422
Other
foreclosed
assets 237 224 393 257 246
------------------------------------------------------
Total non-
performing
assets $ 417,338 $ 330,188 $ 202,019 $ 180,967 $ 116,731
======================================================
YIELD AND RATE
ANALYSIS
--------------
Assets:
Investment
securities
(FTE) 4.47% 4.80% 4.65% 4.69% 4.71%
Short-term
investments 0.23% 0.71% 1.96% 2.22% 4.48%
Loans held for
sale 4.50% 7.59% 6.85% 5.96% 6.54%
Loans:
Commercial 4.33% 5.01% 5.64% 5.92% 6.78%
Commercial
real estate 4.75% 5.13% 5.70% 5.94% 6.66%
Residential
real estate 5.02% 5.48% 5.79% 5.94% 6.40%
Consumer 7.72% 7.92% 7.87% 7.90% 7.93%
-------------------------------------------------------
Total loans
(FTE) 5.00% 5.42% 5.90% 6.11% 6.76%
-------------------------------------------------------
Total interest
earning
assets (FTE) 4.58% 5.23% 5.60% 5.83% 6.38%
=======================================================
Liabilities:
Interest
bearing
deposits 0.53% 1.03% 1.42% 1.63% 2.42%
Time deposits 3.42% 3.68% 3.79% 3.99% 4.37%
-------------------------------------------------------
Total bank
issued
deposits 2.14% 2.31% 2.41% 2.45% 3.11%
-------------------------------------------------------
Wholesale
deposits 4.29% 4.58% 4.61% 4.66% 5.02%
Short-term
borrowings 2.52% 3.18% 3.29% 3.37% 3.69%
Long-term
borrowings 4.45% 5.21% 4.49% 4.53% 5.63%
-------------------------------------------------------
Total
wholesale
funding 3.98% 4.38% 4.30% 4.32% 4.82%
-------------------------------------------------------
Total interest
bearing
liabilities 2.92% 3.22% 3.19% 3.12% 3.68%
=======================================================
Net interest
spread 1.66% 2.01% 2.41% 2.71% 2.70%
Net interest
margin (FTE) 1.94% 2.35% 2.76% 3.07% 3.12%
=======================================================
FTE adjustment
(000's) $ 665 $ 834 $ 844 $ 803 $ 746
----------------------------------
($ in 000's) 1Q/4Q 1Q 09/08 Ending
AVERAGE BALANCE SHEET Inc(Dec) Inc(Dec) Balances
--------------------- ----------------------------------
Assets:
Investment securities, at cost (14%) (17%) $ 954,146
Short-term investments N/M N/M 408,354
Loans held for sale N/M 71% 9,675
Loans: Commercial (4%) (5%) 709,519
Commercial real estate (2%) (7%) 2,095,112
Residential real estate (1%) (7%) 427,657
Consumer 1% 12% 358,394
----------------------------------
Total loans (2%) (5%) $3,590,682
----------------------------------
Total earning assets 2% 0% $4,962,857
Allowance for loan losses 11% 176% (165,577)
Goodwill 0% (100%) --
Other non-earning assets 8% 13% 501,061
----------------------------------
Total assets 2% (1%) $5,298,341
==================================
Liabilities and Stockholders'
Equity:
Non-interest bearing deposits 6% 0% $ 519,028
Interest bearing deposits (9%) (39%) 1,043,596
Time deposits 21% 40% 1,639,773
----------------------------------
Total bank issued deposits 6% (9%) $3,202,397
----------------------------------
Wholesale deposits 12% 92% 1,167,285
Short-term borrowings (21%) (19%) 277,924
Long-term borrowings (13%) (15%) 349,646
----------------------------------
Total wholesale funding (1%) 27% $1,794,855
----------------------------------
Total interest bearing liabilities 3% 2% 4,478,224
----------------------------------
Other liabilities (16%) (31%) 58,614
----------------------------------
Total liabilities 3% 1% $5,055,866
----------------------------------
Stockholders' equity (12%) (30%) 239,904
Other comprehensive (loss) income (42%) N/M 2,571
----------------------------------
Total stockholders' equity (10%) (32%) 242,475
----------------------------------
Total liabilities & stockholders'
equity 2% (1%) $5,298,341
==================================
CREDIT QUALITY
--------------
Ending allowance for loan losses 21% 71%
Net charge-offs (40%) 146%
Net charge-offs to avg loans
(annualized) (38%) 161%
Non-performing assets:
Non-accrual loans 29% 248%
Loans 90 days past due & still
accruing (1%) N/M
Troubled debt restructured loans
(TDRs) 0% N/M
----------------------
Total non-performing loans 28% N/M
Foreclosed real estate (11%) N/M
Other foreclosed assets 6% (4%)
----------------------
Total non-performing assets 26% 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
