UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 18, 2003
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First Midwest Financial, Inc.
(Exact name of registrant as specified in its charter)
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Delaware 0-22140 42-1406262
(State or other jurisdiction of (Commission File) (IRS Employer
incorporation or organization) Number Identification No.)
Fifth at Erie, Storm Lake, IA 50588
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (712) 732-4117
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TABLE OF CONTENTS
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Item 9. Regulation FD Disclosure (information furnished in this Item 9 is
furnished under Item 12).
Signatures
Exhibit Index
Exhibit 99.1
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
The following Exhibit is being furnished herewith:
99.1 Registrant's Press Release, dated April 18, 2003.
Item 9. Regulation FD Disclosure (information furnished in this Item 9 is
furnished under Item 12).
In accordance with Securities Exchange Commission Release No. 33-8216, the
following information, which is intended to be furnished under Item 12, "Results
of Operations and Financial Condition," is instead being furnished under Item 9,
"Regulation FD Disclosure." This information shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), or incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act.
On April 18, 2003, the Registrant announced the results of operations and
financial position as of, and for the second quarter ended March 31, 2003. The
press release is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRST MIDWEST FINANCIAL, INC.
By: /s/ Donald J. Winchell
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Donald J. Winchell
Senior Vice President, Treasurer and Chief
Financial Officer
Dated: April 28, 2003
Exhibit Index
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Exhibit
Number Description of Exhibit
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99.1 Registrant's Press Release dated April 18, 2003
Exhibit 99.1
[First Midwest Financial, Inc. Letterhead]
FOR IMMEDIATE RELEASE
Contact: Investor Relations
Telephone: 712.732.4117
FIRST MIDWEST FINANCIAL, INC. REPORTS SECOND QUARTER EARNINGS
(Storm Lake, Iowa - April 18, 2003) First Midwest reports net income of
$915,000, or $.37 per diluted share, for the 2003 fiscal year second quarter
ending March 31, 2003. This compares to net income of $448,000, or $.18 per
diluted share, during the same period last year. Net income for the first six
months of the 2003 fiscal year totaled $1,759,000, or $.71 per diluted share
compared to $885,000, or $.36 per diluted share, during the same period last
year.
Net interest income for the first six months of the 2003 fiscal year increased
$1,805,000, or 28.8 percent, compared to the same period last year. The increase
reflects the Company's 28 percent growth in checking and money market accounts
and a higher percentage of originated commercial loans, both of which
contributed to wider net interest margins.
The Company opened its fourth Des Moines bank in November 2002. Startup costs
associated with this new office and with the Company's third Des Moines bank,
opened in November 2001, contributed to an increase in noninterest expense for
the first six months of the current fiscal year compared to the same period last
year.
Shareholders of record on March 14, 2003, received a quarterly cash dividend of
13 cents per share. This dividend was paid on April 1, 2003. The company has
paid regular quarterly cash dividends since the first dividend paid on January
5, 1995.
At March 31, 2003, assets of First Midwest totaled $739 million. Shareholders'
equity totaled $45.3 million, or $18.16 per common share outstanding. First
Midwest is the holding company for First Federal Savings Bank of the Midwest and
Security State Bank. All three companies had capital ratios well in excess of
regulatory requirements at March 31, 2003.
During this quarter, First Midwest shares traded between $15.88 and $17.16. The
stock of First Midwest Financial, Inc. trades on the Nasdaq National Market
under the symbol "CASH".
Corporate Profile: First Midwest Financial, Inc. is the holding company for
First Federal Savings Bank of the Midwest, headquartered in Storm Lake, Iowa,
and for Security State Bank, headquartered in Stuart, Iowa. First Federal
Savings Bank operates as a thrift with four divisions: First Federal Storm Lake,
Brookings Federal Bank, Iowa Savings Bank, and First Federal Sioux Falls.
Security State Bank operates as a state-chartered commercial bank. Sixteen
offices support customers throughout northwest and central Iowa, and in
Brookings and Sioux Falls, South Dakota.
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