EXHIBIT 99.1
AMCORE Financial, Inc. Reports 2nd Quarter Results
Delinquencies, Charge-Offs Decrease; Loan Loss Provision Lower by Nearly 75%
ROCKFORD, Ill., July 28, 2009 (GLOBE NEWSWIRE) -- AMCORE Financial, Inc. (Nasdaq:AMFI) today announced financial results for the second quarter 2009.
(Numbers in Thousands, Except Per Share Data)
2nd quarter 2009 1st quarter 2009 2nd quarter 2008
Net Revenues $47,198 $43,857 $55,559
Net Income (Loss) ($10,724) ($30,398) ($20,234)
Diluted Shares 22,768 22,683 22,614
Diluted EPS ($0.47) ($1.34) ($0.89)
AMCORE reported a net loss of ($10.7) million for second quarter 2009, compared to a net loss of ($30.4) million in the previous quarter and a net loss of ($20.2) million in the prior-year period. Loss per diluted share was ($0.47) for second quarter 2009, compared to a loss of ($1.34) in the previous quarter and a loss of ($0.89) per diluted share in second quarter 2008.
During the second quarter, AMCORE experienced a significant decrease in the rate of growth in non-performing loans, which was at its lowest level since third quarter 2007. In addition, charge-offs were at the lowest level since a year ago. As a result, AMCORE's reported loss for the quarter was two-thirds less than the previous quarter and approximately 50 percent less than a year ago.
"Our results show the benefits from the aggressive actions taken early in this recession addressing our credit issues and improving our overall operating efficiencies," said William R. McManaman, Chairman and CEO of AMCORE. "The improvements in key credit quality indicators during the quarter are the result of our hard work over the past 18 months to rebuild our credit management practices, strengthen our lending function and reduce our concentration in construction and development loans. Our corporate restructuring and other cost saving measures resulted in a 17 percent decrease in core operating costs, excluding FDIC insurance costs, compared to a year ago.
"Going forward, we continue to work to further strengthen and improve the Bank's financial condition and operations. We believe the regulators have seen the considerable progress we have made and we continue to work toward achieving the directives in the recent consent order and regulatory agreement. We are adequately capitalized at both the Bank and consolidated level. Recognizing that the economy remains challenging for banks in general and for our customers, we are committed to further improving our Company while maintaining our focus on delivering service excellence to our customers."
Headlines
* Net Interest Income -- Net interest income was $18.7 million or
1.59 percent of average earning assets in second quarter 2009,
compared to $22.5 million or 1.94 percent of average earning assets
in first quarter 2009 and $36.0 million or 3.07 percent of average
earning assets in second quarter 2008. The decreases in margin from
both periods were primarily due to the cost of building liquidity
and the higher level of non-accrual loans.
-- Average loan balances decreased seven percent, or $254 million,
to $3.5 billion compared to first quarter 2009, while ending
balances decreased $425 million, or 11 percent, to $3.4 billion
from December 31, 2008. The decreases were primarily the result
of strategic actions to reduce non-relationship credits in the
portfolio.
-- Average bank issued deposits increased four percent, or $115
million, to $3.1 billion compared to first quarter 2009, while
ending balances increased $222 million, or eight percent, to
$3.1 billion from December 31, 2008. These included increases of
$88 million and $132 million, respectively, in non-interest
bearing deposits. The increases reflect seasonal increases in
public funds and the Company's efforts to increase liquidity,
primarily in non-interest bearing and time deposits.
-- Average investment securities and short-term investments
increased a combined $273 million compared to first quarter 2009.
Ending balances increased a combined $325 million from December
31, 2008. The increases reflect the Company's efforts to
increase liquidity.
-- As part of its prudent liquidity management, AMCORE maintained
cash equivalents and other liquid assets of approximately $650
million at quarter end compared to over $700 million for the
previous quarter.
* Provision for Loan Losses and Credit Quality -- Provision for loan
losses was $17 million, a $45.7 million, or 73 percent, decrease
from $62.7 million in first quarter 2009 and a $23 million, or 58
percent, decrease from $40.0 million in second quarter 2008.
-- Non-performing loans were $416 million at June 30, 2009,
compared to $402 million at March 31, 2009 and $172 million at
June 30, 2008. The $14 million, or three percent, net increase
from first quarter 2009 was the lowest increase since third
quarter 2007.
-- Delinquencies declined by $44 million, or nearly 41 percent, to
$62 million compared to first quarter 2009, their lowest level
since third quarter 2007.
-- Net charge-offs were $20.7 million compared to $33.6 million in
first quarter 2009 and $3.3 million in second quarter 2008. Net
charge-offs for second quarter 2009 were at their lowest level
since second quarter 2008.
-- The allowance to total loans was 4.81 percent at June 30, 2009,
up from 4.61 percent at March 31, 2009 and 3.44 percent at June
30, 2008.
-- The percentage of total non-performing loans to total loans was
12.4 percent at June 30, 2009, up from 11.2 percent at March 31,
2009 and 4.4 percent at June 30, 2008. The percentage increase
from first quarter 2009 was primarily due to the decline in
overall loan balances.
* Non-interest Income -- Non-interest income was $28.5 million in the
second quarter 2009 compared to $21.4 million in the first quarter
2009 and $19.5 million in the second quarter 2008.
-- Second quarter 2009 included $12.9 million of security gains,
compared to $6.9 million in first quarter 2009 and none in
second quarter 2008. The security gains helped the Company
restructure its balance sheet through selected debt
extinguishment, enhanced regulatory capital treatment and
improved liquidity.
-- Excluding security gains, non-interest income was up $1.2
million sequentially and down $3.9 million from the year ago
quarter. The increase from first quarter 2009 was primarily due
to higher investment management and trust income and deposit
service charges, which were respectively driven by improved
stock market performance and increased customer activity.
* Operating Expense -- Operating expense was $48.5 million in the
second quarter 2009 compared to $39.4 million in the first quarter
2009 and $48.3 million in the second quarter 2008.
-- Second quarter 2009 included $5.4 million of debt extinguishment
costs, $2.4 million in special FDIC insurance assessments and
$1.9 million in severance related to the corporate restructuring
announced earlier in the quarter.
-- Excluding these costs, as well as regular FDIC insurance costs,
core operating costs declined $3.7 million, or 10 percent,
compared to the previous quarter and $7.1 million, or 17 percent,
from the year-ago quarter. Core operating costs declined
approximately $30 million on an annualized basis, when also
excluding the prior year quarter $6.1 million goodwill write off.
-- These reductions reflect the corporate restructuring and other
cost reduction measures that the Company has taken to improve
its operating efficiency.
* Capital -- The Company at both the Bank and consolidated level
remained adequately capitalized with $307 million in regulatory
bank capital as of June 30, 2009.
-- The $307 million does not include $123 million of AMCORE's loan
loss reserves and $71 million of currently expected future tax
benefits associated with the loan losses. Potential future
credit losses can ultimately be absorbed from these sources, but
current regulatory rules limit their inclusion for calculation
purposes.
-- AMCORE's capital, plus the excluded amount of its reserves and
deferred tax assets, totaled $501 million at June 30, 2009.
-- AMCORE management has pursued, and continues to actively pursue,
all capital raising activities available in today's marketplace.
The Company has recently submitted its capital plan to the
Office of the Comptroller of the Currency, in accordance with
the June 2009 Consent Order.
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 $4.9 billion with 73 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 e ffect 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 af fecting 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) 2Q
--------- 2Q/1Q 09/08
SHARE 2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. Inc Inc
DATA 2009 2009 2008 2008 2008 (Dec) (Dec)
---------------------------------------------------------------------
Diluted
earnings
per
share $ (0.47) $ (1.34) $ (1.42) $ (0.79) $ (0.89) 65% 47%
Cash
divid-
ends $ -- $ -- $ -- $ 0.049 $ 0.049 0% (100%)
Book
value $ 9.70 $ 10.66 $ 11.55 $ 12.74 $ 13.85 (9%) (30%)
Average
diluted
shares
outstand-
ing 22,768 22,683 22,652 22,647 22,614 0% 1%
Ending
shares
outstand-
ing 22,869 22,738 22,682 22,655 22,648 1% 1%
---------
INCOME
STATEMENT
---------
Total
interest
income $ 49,425 $ 53,878 $ 61,415 $ 66,452 $ 69,088 (8%) (28%)
Total
interest
expense 30,761 31,412 34,467 34,190 33,062 (2%) (7%)
------------------------------------------------------------
Net
interest
income 18,664 22,466 26,948 32,262 36,026 (17%) (48%)
Provision
for loan
losses 17,000 62,743 57,487 48,000 40,000 (73%) (58%)
Non-interest
income:
Investment
manage-
ment &
trust 3,544 3,004 3,661 3,907 4,394 18% (19%)
Service
charges
on
deposits 7,003 6,377 8,075 9,152 8,680 10% (19%)
Company
owned
life
insur-
ance 1,081 1,016 997 1,227 1,106 6% (2%)
Brokerage
commis-
sion 770 756 739 963 1,258 2% (39%)
Bankcard
fee
income 2,116 1,999 2,062 2,241 2,286 6% (7%)
Net
security
gains 12,867 6,911 1,008 -- -- 86% 0%
Other 1,153 1,328 383 2,755 1,809 (13%) (36%)
------------------------------------------------------------
Total
non-
interest
income 28,534 21,391 16,925 20,245 19,533 33% 46%
Operating
expenses:
Personnel
costs 19,106 20,806 21,171 21,328 22,039 (8%) (13%)
Net
occupancy
& equip-
ment 6,049 6,467 6,677 6,469 6,469 (6%) (6%)
Data
proces-
sing 617 791 733 715 763 (22%) (19%)
Profes-
sional
fees 1,521 1,878 2,141 1,981 1,955 (19%) (22%)
Insurance
expense 7,853 2,411 1,453 1,255 1,523 226% N/M
Communic-
ation 1,056 1,150 1,176 1,318 1,301 (8%) (19%)
Loan
processing
and
collection
expense 2,998 2,054 2,150 1,262 2,168 46% 38%
Provision
for
unfunded
commit-
ment
losses 81 298 1,443 257 (193) (73%)(142%)
Other 9,259 3,586 3,990 3,779 12,292 158% (25%)
------------------------------------------------------------
Total
operating
expenses 48,540 39,441 40,934 38,364 48,317 23% 0%
------------------------------------------------------------
Loss
before
income
taxes (18,342) (58,327) (54,548) (33,857) (32,758) 69% 44%
Income
tax
benefit (7,618) (27,929) (22,429) (15,870) (12,524) (73%) (39%)
------------------------------------------------------------
Net Loss $(10,724) $(30,398) $(32,119) $(17,987) $(20,234) 65% 47%
============================================================
---------------------------------------------------------------------
KEY Basis Basis
RATIOS 2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. Point Point
AND DATA 2009 2009 2008 2008 2008 Change Change
---------------------------------------------------------------------
Net
interest
margin
(FTE) 1.59% 1.94% 2.37% 2.76% 3.07% (35) (148)
Return on
average
assets -0.84% -2.40% -2.54% -1.40% -1.58% 156 74
Return on
average
equity -18.14% -48.24% -44.78% -22.77% -23.54% N/M N/M
Efficiency
ratio 102.84% 89.93% 93.30% 73.06% 86.97% N/M N/M
Equity/
assets
(end of
period) 4.54% 4.58% 5.21% 5.76% 6.06% (4) (152)
Allowance
to loans
(end of
period) 4.81% 4.61% 3.60% 3.54% 3.44% 20 137
Allowance
to non-
accrual
loans 39% 42% 45% 71% 78% (311) N/M
Allowance
to non-
performing
loans 39% 41% 44% 70% 78% (233) N/M
Non-
accrual
loans to
loans 12.31% 10.93% 8.03% 4.99% 4.40% 138 N/M
Non-
performing
assets to
total
assets 9.01% 7.88% 6.56% 4.03% 3.50% 113 N/M
($ in
millions)
Total
assets
under
adminis-
tration $ 1,967 $ 1,882 $ 1,999 $ 2,247 $ 2,458 5% (20%)
Mortgage
loans
closed $ 97 $ 113 $ 27 $ 38 $ 72 (14%) 35%
N/M = not meaningful
AMCORE Financial, Inc.
CONSOLIDATED FINANCIAL SUMMARY (cont.)
(Unaudited)
----------------------------------------------
($ in 000's)
----------------------- 2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr.
AVERAGE BALANCE SHEET 2009 2009 2008 2008
---------------------------------------------------------------------
Assets:
Investment
securities, at cost $ 828,945 $ 725,592 $ 846,415 $ 882,289
Short-term investments 512,465 343,098 29,590 96,027
Loans held for sale 12,501 14,671 2,862 4,523
Loans: Commercial 679,581 739,413 773,736 765,776
Commercial
real estate 2,030,676 2,180,385 2,222,806 2,234,286
Residential
real estate 428,024 441,809 445,372 445,837
Consumer 343,565 373,946 369,654 361,107
----------------------------------------------
Total loans $3,481,846 $3,735,553 $3,811,568 $3,807,006
----------------------------------------------
Total earning assets $4,835,757 $4,818,914 $4,690,435 $4,789,845
Allowance for
loan losses (167,281) (149,186) (133,968) (123,693)
Goodwill -- -- -- --
Other non-earning
assets 476,026 456,670 470,556 438,972
----------------------------------------------
Total assets $5,144,502 $5,126,398 $5,027,023 $5,105,124
==============================================
Liabilities and
Stockholders' Equity:
Non-interest bearing
deposits $ 569,508 $ 481,486 $ 453,717 $ 476,378
Interest bearing
deposits 990,234 1,111,332 1,223,287 1,462,149
Time deposits 1,545,345 1,397,213 1,151,156 1,048,560
----------------------------------------------
Total bank issued
deposits $3,105,087 $2,990,031 $2,828,160 $2,987,087
----------------------------------------------
Wholesale deposits 1,254,068 1,139,003 1,018,975 887,366
Short-term borrowings 224,225 351,232 446,041 510,945
Long-term borrowings 263,480 353,102 403,632 350,035
----------------------------------------------
Total wholesale
funding $1,741,773 $1,843,337 $1,868,648 $1,748,346
----------------------------------------------
Total interest
bearing liabilities 4,277,352 4,351,882 4,243,091 4,259,055
----------------------------------------------
Other liabilities 60,569 37,487 44,843 55,456
----------------------------------------------
Total liabilities $4,907,429 $4,870,855 $4,741,651 $4,790,889
----------------------------------------------
Stockholders' equity 236,610 262,464 297,392 320,549
Other comprehensive
(loss) income 463 (6,921) (12,020) (6,314)
----------------------------------------------
Total stockholders'
equity 237,073 255,543 285,372 314,235
----------------------------------------------
Total liabilities &
stockholders'
equity $5,144,502 $5,126,398 $5,027,023 $5,105,124
==============================================
-----------------------
CREDIT QUALITY
-----------------------
Ending allowance for
loan losses $ 161,650 $ 165,577 $ 136,412 $ 134,833
Net charge-offs 20,677 33,578 55,908 26,757
Net charge-offs to avg
loans (annualized) 2.38% 3.65% 5.84% 2.80%
Non-performing assets:
Non-accrual loans $ 413,762 $ 392,510 $ 304,176 $ 190,135
Loans 90 days past due
& still accruing 1,609 8,784 8,889 1,267
Troubled debt
restructured loans
(TDRs) 748 811 -- --
----------------------------------------------
Total non-performing
loans 416,119 402,105 313,065 191,402
Foreclosed real estate 24,116 14,996 16,899 10,224
Other foreclosed
assets 132 237 224 393
----------------------------------------------
Total non-performing
assets $ 440,367 $ 417,338 $ 330,188 $ 202,019
==============================================
----------------------------------------------
($ in 000's)
----------------------- 2nd Qtr. 2Q/1Q 2Q 09/08 Ending
AVERAGE BALANCE SHEET 2008 Inc(Dec) Inc(Dec) Balances
---------------------------------------------------------------------
Assets:
Investment securities,
at cost $ 893,769 14% (7%) $ 965,831
Short-term investments 18,992 49% N/M 230,538
Loans held for sale 7,811 (15%) 60% 11,428
Loans: Commercial 785,912 (8%) (14%) 641,120
Commercial
real estate 2,310,215 (7%) (12%) 1,973,227
Residential
real estate 455,929 (3%) (6%) 414,677
Consumer 344,787 (8%) (0%) 331,677
----------------------------------------------
Total loans $3,896,843 (7%) (11%) $3,360,701
----------------------------------------------
Total earning assets $4,817,415 0% 0% $4,568,498
Allowance for
loan losses (99,197) 12% 69% (161,650)
Goodwill 6,081 0% (100%) --
Other non-earning
assets 424,046 4% 12% 479,010
----------------------------------------------
Total assets $5,148,345 0% (0%) $4,885,858
==============================================
Liabilities and
Stockholders' Equity:
Non-interest bearing
deposits $ 492,882 18% 16% $ 597,317
Interest bearing
deposits 1,781,361 (11%) (44%) 932,976
Time deposits 944,914 11% 64% 1,528,814
----------------------------------------------
Total bank issued
deposits $3,219,157 4% (4%) $3,059,107
----------------------------------------------
Wholesale deposits 683,246 10% 84% 1,161,710
Short-term borrowings 480,092 (36%) (53%) 149,034
Long-term borrowings 364,277 (25%) (28%) 229,625
----------------------------------------------
Total wholesale
funding $1,527,615 (6%) 14% $1,540,369
----------------------------------------------
Total interest bearing
liabilities 4,253,890 (2%) 1% 4,002,159
----------------------------------------------
Other liabilities 55,914 62% 8% 64,499
----------------------------------------------
Total liabilities $4,802,686 1% 2% $4,663,975
----------------------------------------------
Stockholders' equity 345,498 (10%) (32%) 228,843
Other comprehensive
(loss) income 161 (107%) 188% (6,960)
----------------------------------------------
Total stockholders'
equity 345,659 (7%) (31%) 221,883
----------------------------------------------
Total liabilities &
stockholders'
equity $5,148,345 0% (0%) $4,885,858
==============================================
-----------------------
CREDIT QUALITY
-----------------------
Ending allowance for
loan losses $ 133,393 (2%) 21%
Net charge-offs 3,339 (38%) N/M
Net charge-offs to avg
loans (annualized) 0.34% (35%) N/M
Non-performing assets:
Non-accrual loans $ 170,910 5% 142%
Loans 90 days past due
& still accruing 894 (82%) 80%
Troubled debt
restructured loans
(TDRs) -- (8%) 0%
----------------------------------
Total non-performing
loans 171,804 3% 142%
Foreclosed real estate 8,906 61% 171%
Other foreclosed
assets 257 (44%) (49%)
----------------------------------
Total non-performing
assets $ 180,967 6% 143%
==================================
-----------------------------------------------
----------------------- 2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr.
YIELD AND RATE ANALYSIS 2009 2009 2008 2008 2008
-----------------------------------------------------------------------
Assets:
Investment securities
(FTE) 2.95% 4.47% 4.80% 4.65% 4.70%
Short-term investments 0.25% 0.23% 1.83% 1.95% 2.16%
Loans held for sale 4.44% 4.50% 7.59% 6.85% 5.96%
Loans: Commercial 4.48% 4.33% 5.01% 5.64% 5.92%
Commercial real
estate 4.71% 4.75% 5.13% 5.70% 5.94%
Residential real
estate 4.92% 5.02% 5.48% 5.79% 5.94%
Consumer 7.66% 7.72% 7.92% 7.87% 7.90%
------------------------------------------------
Total loans (FTE) 4.98% 5.00% 5.42% 5.90% 6.11%
------------------------------------------------
Total interest earning
assets (FTE) 4.13% 4.58% 5.29% 5.60% 5.83%
================================================
Liabilities:
Interest bearing
deposits 0.37% 0.53% 1.03% 1.42% 1.63%
Time deposits 3.38% 3.42% 3.68% 3.79% 3.99%
------------------------------------------------
Total bank issued
deposits 2.20% 2.14% 2.31% 2.41% 2.45%
------------------------------------------------
Wholesale deposits 3.97% 4.29% 4.58% 4.61% 4.66%
Short-term borrowings 1.95% 2.52% 3.18% 3.25% 3.20%
Long-term borrowings 4.98% 4.45% 5.21% 5.05% 5.22%
------------------------------------------------
Total wholesale
funding 3.87% 3.98% 4.38% 4.30% 4.32%
------------------------------------------------
Total interest bearing
liabilities 2.88% 2.92% 3.22% 3.19% 3.12%
================================================
Net interest spread 1.25% 1.66% 2.07% 2.41% 2.71%
Net interest margin
(FTE) 1.59% 1.94% 2.37% 2.76% 3.07%
================================================
FTE adjustment (000's) $ 435 $ 665 $ 834 $ 844 $ 803
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
