EXHIBIT 99.1
April 14, 2004
For media inquiries: For financial inquiries:
Katherine Taylor John Hecht
Investor Relations Manager Chief Financial Officer
815-961-7164 815-961-2787
AMCORE FINANCIAL, INC. REPORTS 1ST QUARTER EARNINGS
Flash Results
(Numbers in Thousands, Except Per Share Data)
1st quarter 2004 1st quarter 2003 4th quarter 2003
Net Revenues $55,465 $63,947 $55,138
Net Income $10,018 $10,721 $ 9,876
Diluted Shares 25,500 24,936 25,282
Diluted EPS $0.39 $0.43 $0.39
ROCKFORD, IL -- AMCORE Financial, Inc. (Nasdaq: AMFI) reported diluted
earnings per share of $0.39 for first quarter 2004, a $0.04 decrease, compared
to $0.43 per diluted share in first quarter 2003. The decrease was due, in part,
to expected higher branch expansion expenses and a $10.7 million pre-tax gain on
the sale of six Wisconsin branches and the sale of indirect automobile loans in
the prior year period. Net income in the first quarter of 2004 was $10.0
million, a seven percent decrease from the $10.7 million in the prior-year
period.
"We are in the heart of our branch expansion program," said Kenneth E.
Edge, Chairman, President and CEO of AMCORE. "As previously announced, we
expected the first and second quarters of 2004 to reflect the heaviest dilution
as new branches were added and branches open six months or less had not yet
reached profitability. By year-end, we expect to add and/or upgrade 10 branches.
Also important, our four key initiatives are continuing to make progress. During
the first quarter, deposits grew, loan quality improved, asset management
revenues showed signs of improvement and branch expansion continued on target."
Highlights
----------
o Net interest income increased eight percent to $37.3 million from $34.5
million a year ago. The net interest margin increased nine basis points to
3.65 percent in first quarter 2004 from 3.56 percent during the same period
in 2003.
o Asset quality continued to improve with net charge-offs decreasing 51
percent, non-performing loans decreasing 21 percent and the allowance to
non-accrual loans increasing to 151 percent when compared to 110 percent in
first quarter 2003.
o Non-interest income decreased $11.3 million from first quarter 2003. First
quarter 2003 included a $10.7 million pre-tax gain on the sale of six
Wisconsin branches and the sale of indirect automobile loans.
o Average loan balances grew four percent from a year ago, despite the sale
of $106 million in indirect automobile loans and the sale of six Wisconsin
branches that included the transfer of $48 million in loans in March 2003.
o Average Bank issued deposits increased eight percent compared to the first
quarter 2003 despite $125 million of deposits transferred in the Wisconsin
branch sales.
o Operating expenses increased $396,000 or one percent from a year ago due to
the opening of 13 branches during the last twelve months.
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o The total earnings impact of the branching strategy was a decrease of $0.04
per share for the quarter, compared to a $0.02 decrease in first quarter
2003.
First Quarter Results
---------------------
Net interest income in first quarter 2004 grew eight percent from a year
ago, or $2.8 million, due to strong loan growth and a 24 percent decrease in
funding costs. The net interest margin increased to 3.65 percent, a nine basis
point increase from 3.56 percent during the same quarter a year ago and
increased three basis points from fourth quarter 2003. "In addition to
increasing deposits, we worked very hard and made headway in improving our
deposit mix, and in turn, lowered our funding costs," said Edge. "Both our
margin and net interest income reflect the success of these efforts."
Provision for loan losses decreased $7.9 million compared to first quarter
2003. Total non-performing loans decreased 21 percent from the same period a
year ago while net charge-offs decreased 51 percent to $3.3 million in first
quarter 2004.
Average loans rose $122 million to $3 billion, a four percent increase from
first quarter 2003. The growth came from average increases of $226 million in
commercial lending driven by AMCORE's expansion in Chicago suburban and Madison
area markets. Partially offsetting AMCORE's commercial loan growth was a $68
million, or 15 percent, average decline in 1-to-4 family real estate loans. The
high level of refinancing activity during the first quarter 2003 slowed somewhat
in first quarter 2004 and is expected to remain at lower levels compared to the
previous year. Consumer loan balances also declined $36 million or six percent,
which was due to the indirect auto loan sales in first quarter 2003.
The growth in average loan balances occurred even with the sale of $106
million in indirect automobile loans and the transfer of $48 million in loans
associated with the sale of six Wisconsin branches in March 2003. "AMCORE's new
branches are generating strong loan growth," said Edge. "Mid-size businesses
value personal attention and the depth of business products and personal
financial services we provide."
Average bank issued deposits grew to nearly $3.0 billion, an increase of 8
percent, or $226 million, compared to a year ago. "We have made significant
progress in growing deposits, especially transactional accounts, which has been
one of our key initiatives for the past two years and will continue as a major
strategy in 2004," said Edge. "We believe low cost transaction deposits are the
most economical means to support our branch expansion. They also have decreased
our funding costs, which has had a positive impact on our net interest margin."
Total non-interest income decreased $11.3 million, compared to the same
period a year ago. The decrease was primarily related to the $8.2 million
pre-tax gain on the sale of six Wisconsin branches and a $2.5 million pre-tax
gain on the sale of indirect automobile loans, which occurred in first quarter
2003. Company owned life insurance increased 22 percent due to increases in cash
surrender values and net death benefits. Security gains of $1.9 million were
recognized during first quarter 2004, a $1.6 million increase over the prior
year period.
Trust and asset management revenues decreased $222,000, or four percent, to
$5.5 million in first quarter 2004. However, when compared to the previous
quarter, trust and asset management revenues were up modestly. Assets under
administration totaled $4.3 billion as of the end of the quarter compared to
$4.4 billion a year ago. "Increasing asset management revenues is a key
initiative for us in 2004 and the changes we put in place in 2003 are beginning
to show results," said Edge.
Mortgage revenues decreased 93 percent, or $3.7 million, during the first
quarter 2004 compared to the same period year ago. Part of the reduction in
revenues relates to an impairment of mortgage serving rights of $1.7 million,
during first quarter 2004. Mortgage applications totaled $201 million in first
quarter 2004 compared to $313 million during the same quarter a year ago.
Mortgage closings totaled $98 million in first quarter 2004, a 52 percent
decrease from the $205 million in first quarter 2003. Of total first quarter
closings, 56 percent were due to refinancing compared to 82 percent a year ago.
"We expected our mortgage volume to decrease as refinancing volume began to
slow, however, refinancing activities picked up again in March 2004, causing a
surge in applications late in the quarter," said Edge. "Revenues should reflect
an increase from first quarter 2004 levels as these mortgage loans close in the
second quarter."
Total operating expenses increased one percent, or $396,000, in first
quarter 2004 from a year ago despite the opening of 13 branches since March
2003. The prior year period included a $1.6 million pre-tax charge related to
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the prepayment of Federal Home Loan Bank advances. "We have made progress
containing our expenses," said Edge. "One area where we have seen significant
savings has been in our data processing, which saw a 67 percent reduction in
costs due to our conversion and in-sourcing of our core data processing
systems."
Personnel costs increased 13% over the same quarter a year ago. The largest
component of personnel costs is salaries and wages, which increased $2.0 million
during the first quarter 2004 over the same period a year ago. The increase can
be primarily attributed to the branch expansion. Employee benefits also
increased in the first quarter of 2004, compared to the same quarter in 2003,
due to higher payroll taxes and employee health costs.
Asset Quality & Reserves
------------------------
Total non-accrual loans decreased 20 percent, or $7.2 million, from March
31, 2003 and decreased $2.9 million, or nine percent, from December 31, 2003.
Loans 90 days past due and still accruing interest decreased 27 percent, or $1.7
million, from March 31, 2003, but increased nearly $1.4 million from December
31, 2003. The comparison of total non-performing assets to total assets was 0.86
percent at March 31, 2004 down from 1.08 percent at March 31, 2003 and 0.91
percent at December 31, 2003.
Net charge-offs were $3.3 million, a decrease of 51 percent, or $3.5
million, from first quarter 2003 and a decrease of 10 percent, or $377,000, from
fourth quarter 2003. Net charge-offs were 44 basis points of average loans on an
annualized basis during first quarter 2004 compared to 95 basis points for first
quarter 2003 and 50 basis points for fourth quarter 2003.
Total non-accrual loans as a percentage of loans decreased to 0.94 percent
at March 31, 2004 from 1.27 percent at March 31, 2003 and 1.06 percent at
December 31, 2003. The allowance for loan losses, as a percentage of ending
loans, was 1.43 percent at March 31, 2004 compared to 1.40 percent at March 31,
2003 and 1.41 percent at December 31, 2003. The allowance to non-accrual loans
ratio was 151 percent at March 31, 2004 compared to 110 percent at March 31,
2003 and 133 percent at December 31, 2003.
"Improving our credit quality is part of our quality loan growth
initiative," said Edge. "In 2003, we expanded our workout and collection staffs
enabling us to identify and quickly address deteriorating credits to limit
further erosion of value. The results are evident in the decrease in
non-performing loans and net charge-offs we have experienced for two consecutive
quarters."
Branching Update
----------------
AMCORE will open and/or upgrade 10 offices in 2004 including one limited
branch office (LBO) in Gurnee, IL, and a full-service facility in Freeport, IL,
during the first quarter; three full service facilities in the Illinois
communities of Elgin, Naperville and Peru in the second quarter; an LBO in Lake
Zurich, IL, and a full-service facility in Schaumburg, IL, in the third quarter,
and three full service facilities in the Illinois communities of Aurora, Carol
Stream and Morton Grove in the fourth quarter. As a result of upgrades to new
facilities, four LBOs and two in-store branches will close during the year when
the new branches open.
"Much of our focus during the year will be upgrading profitable LBOs and
in-store branches into full service facilities," said Edge. "The incremental
costs in this process frequently include the termination of lease agreements and
other one-time costs such as the acceleration or write-off of leasehold
improvements, which we anticipate will add to our branch expansion costs through
second quarter 2004."
The impact of the branching strategy in first quarter 2004 was dilution of
$0.04 per share compared to dilution of $0.02 cents per share during the same
quarter a year ago. "We still expect costs to initially outpace net revenues
through the third quarter of 2004 and anticipate the branching impact on
earnings per share for the full-year in 2004 will be dilution in the range of
$0.04 to $0.08 per share. However, in 2005, we expect the branch expansion
program will become accretive to earnings per share in the range of $0.10 to
$0.15 per share."
The branch expansion strategy has increased AMCORE's presence in key
high-growth markets and is expected to increase revenue growth rates beyond
historic levels. The 16 new branches opened since April 2001 contributed total
loans of $614 million and total deposits of $304 million at March 31, 2004. Same
store contributions, which include new branches opened as of March 31, 2003 (a
year ago), were $563 million in loans and $207 million in deposits.
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By 2006, AMCORE will have added 24 new offices since the beginning of the
initiative in 2001. Total offices by the end of 2006 will number 74, two-thirds
of which will be located in markets, which we believe exhibit characteristics of
higher growth. (See chart for details.)
AMCORE Branch Expansion Plans
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Strategy LBO* Full Serv. In-store Branch Expansion Total Locations
-------- ---- ---------- -------- ---------------- ---------------
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2001 64**
- - Sold branches (7)
+ New branches 1 1 0 2 2
- - Closed, moved to new facility 0 0 0 0 0
Cumulative total 1 1 0 2 59
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2002
+ New branches 4 3 0 7 7
- - Closed, moved to new facility (1) (1) 0 (2) (2)
Cumulative total 4 3 0 7 64
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2003
- - Sold branches (6)
- - Closed in-store (1)
+ New branches 4 7 0 11 11
- - Closed, moved to new facility (1) (1) (2) (4) (4)
Cumulative total 7 9 (2) 14 64
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2004 Projected
+ New branches 2 8 0 10 10
- - Closed, moved to new facility (4) 0 (2) (6) (6)
Cumulative total 5 17 (4) 18 68
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2005 Projected
+ New branches 2 7 0 9 9
- Closed, moved to new facility (3) 0 0 (3) (3)
Cumulative total 4 24 (4) 24 74
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2006 Projected
+ New branches 0 1 0 1 1
- - Closed, moved to new facility (1) 0 0 (1) (1)
Cumulative total 3 25 (4) 24 74
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* LBO is a limited branch office.
** Includes asset management location in Des Moines
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AMCORE Financial, Inc. is headquartered in Northern Illinois and has
banking assets of $4.6 billion and investment assets under administration of
$4.3 billion with 65 locations in Illinois, Wisconsin and Iowa.
AMCORE provides a full range of consumer and commercial banking services, a
variety of mortgage lending products and investment services including trust,
brokerage, asset management, mutual fund administration, employee benefit plan
record keeping and is the investment advisor for the Vintage family of mutual
funds.
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", "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; (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 effect of prepayment;
(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; and (XVIII)
disruption of operations caused by the conversion and installation of data
processing systems.
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.
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AMCORE Financial, Inc.
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)
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($ in 000's, except per share data) 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 1Q '04/'03
SHARE DATA 2004 2003 2003 2003 2003 Incr(Decr)
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Diluted earnings $ 0.39 $ 0.39 $ 0.47 $ 0.45 $ 0.43 (9%)
Cash dividends $ 0.17 $ 0.17 $ 0.17 $ 0.16 $ 0.16 6%
Book value $ 15.34 $ 14.98 $ 14.81 $ 14.79 $ 14.56 5%
Average diluted shares outstanding 25,500 25,282 25,100 25,054 24,936 2%
INCOME STATEMENT
Net interest income $37,288 $36,053 $33,025 $35,093 $34,516 8%
Provision for loan losses 4,675 3,295 4,318 4,729 12,575 (63%)
Non-interest income:
Trust & asset management 5,516 5,490 5,619 5,677 5,738 (4%)
Service charges on deposits 4,403 4,824 4,751 4,638 4,398 0%
Mortgage revenues 263 2,072 8,053 3,435 3,998 (93%)
Company owned life insurance 2,169 1,793 1,753 1,693 1,783 22%
Gain on sale of loans/branches 612 -- -- -- 10,699 N/A
Net security gains 1,914 2,090 -- 2,012 273 601%
Other 3,300 2,816 2,785 3,056 2,542 30%
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Total non-interest income 18,177 19,085 22,961 20,511 29,431 (38%)
Operating expenses:
Personnel costs 23,074 23,573 20,591 19,900 20,491 13%
Net occupancy and equipment 4,963 5,108 4,624 4,062 4,588 8%
Data processing 584 549 1,122 1,635 1,790 (67%)
Professional fees 1,242 1,180 1,134 1,207 1,062 17%
Advertising & business development 1,514 1,681 1,331 1,357 1,423 6%
Communication expense 1,126 1,288 1,174 1,030 1,201 (6%)
Other 4,896 5,198 5,206 6,195 6,448 (24%)
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Total operating expenses 37,399 38,577 35,182 35,386 37,003 1%
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Income before income taxes 13,391 13,266 16,486 15,489 14,369 (7%)
Income taxes 3,373 3,390 4,806 4,262 3,648 (8%)
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Net income $10,018 $ 9,876 $11,680 $11,227 $10,721 (7%)
==================================================================
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1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. Basis Point
KEY RATIOS AND DATA 2004 2003 2003 2003 2003 Change
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Net interest margin (FTE) 3.65% 3.62% 3.33% 3.63% 3.56% 9
Return on average assets 0.88% 0.88% 1.04% 1.03% 0.98% (10)
Return on average equity 10.50% 10.57% 12.70% 12.33% 12.01% (151)
Efficiency Ratio 67.43% 69.96% 62.84% 63.64% 57.87% 956
Equity/assets (end of period) 8.36% 8.27% 8.36% 8.19% 8.27% 9
Allowance to loans (end of period) 1.43% 1.41% 1.46% 1.46% 1.40% 3
Allowance to non-accrual loans 151.21% 132.98% 123.79% 146.55% 110.11% 4,110
Non-accrual loans to loans 0.94% 1.06% 1.18% 1.00% 1.27% (33)
Non-performing assets to total assets 0.86% 0.91% 1.06% 0.98% 1.08% (22)
Total assets under administration (in millions) $ 4,343 $ 4,284 $ 4,387 $ 4,491 $ 4,386 (1%)
Mortgage loans closed (in millions) $ 98 $ 89 $ 307 $ 293 $ 205 (52%)
FTE adjustment (in thousands) $ 1,037 $ 1,130 $ 1,193 $ 1,405 $ 1,527 (32%)
AMCORE Financial, Inc.
(Unaudited)
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($ in 000's) 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 1Q '04/'03 Ending
AVERAGE BALANCE SHEET 2004 2003 2003 2003 2003 Incr(Decr) Balances
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Assets:
Investment securities $ 1,152,054 $ 1,099,910 $ 1,062,464 $ 1,069,834 $ 1,108,334 4% $1,161,886
Short-term investments 7,697 13,512 43,182 18,080 8,415 (9%) 10,310
Loans held for sale 25,969 23,790 90,862 75,447 53,843 (52%) 40,369
Commercial 731,230 725,345 737,687 758,242 759,934 (4%) 755,727
Commercial real estate 1,369,631 1,278,552 1,205,728 1,165,968 1,115,425 23% 1,374,131
Residential real estate 372,602 377,263 384,463 401,564 440,192 (15%) 367,568
Consumer 550,211 574,262 563,397 534,234 586,261 (6%) 545,240
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Total loans $ 3,023,674 2,955,422 2,891,275 2,860,008 2,901,812 4% 3,042,666
Allowance for loan losses (43,397) (43,978) (43,166) (41,358) (35,001) 24% (43,475)
Other non-earning assets 399,012 396,257 394,935 390,820 403,172 (1%) 407,280
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Total assets $ 4,565,009 $ 4,444,913 $ 4,439,552 $ 4,372,831 $ 4,440,575 3% $4,619,036
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Liabilities and Stockholders' Equity:
Non-interest bearing deposits $ 420,742 $ 425,418 $ 409,540 $ 388,230 $ 370,132 14% $ 435,353
Interest-bearing demand and savings 1,454,893 1,395,518 1,326,271 1,186,776 1,124,422 29% 1,461,981
Time deposits 1,090,754 1,137,796 1,179,649 1,182,922 1,246,212 (12%) 1,109,085
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Total Bank issued deposits $ 2,966,389 2,958,732 2,915,460 2,757,928 2,740,766 8% 3,006,419
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Wholesale deposits 447,091 385,494 458,814 534,136 553,767 (19%) 449,066
Short-term borrowings 524,159 460,061 419,447 439,717 514,470 2% 524,004
Long-term borrowings 183,515 205,369 196,135 188,857 184,835 (1%) 186,907
Other liabilities 60,077 64,687 84,801 87,008 84,715 (29%) 66,490
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Total liabilities $ 4,181,231 $ 4,074,343 4,074,657 4,007,646 4,078,553 3% 4,232,886
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Stockholders' Equity 372,055 361,691 353,295 345,184 340,073 9% 372,656
Other Comprehensive Income 11,723 8,879 11,600 20,001 21,949 (47%) 13,494
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Total Stockholders' Equity 383,778 370,570 364,895 365,185 362,022 6% 386,150
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Total Liabilities & Stockholders' Equity $ 4,565,009 $ 4,444,913 $ 4,439,552 $ 4,372,831 $ 4,440,575 3% $4,619,036
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CREDIT QUALITY
Ending allowance for loan losses $ 43,475 $ 42,115 $ 42,512 $ 42,154 $ 39,600 10%
Net charge-offs 3,315 3,692 3,960 2,175 6,782 (51%)
Net charge-offs to avg loans (annualized) 0.44% 0.50% 0.54% 0.30% 0.95%
Non-performing assets:
Non-accrual loans $ 28,751 $ 31,671 $ 34,343 $ 28,764 $ 35,963 (20%)
Loans 90 days past due & still accruing 4,665 3,304 6,260 10,491 6,362 (27%)
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Total non-performing loans 33,416 34,975 40,603 39,255 42,325 (21%)
Foreclosed real estate 5,223 4,433 5,098 3,604 3,248 61%
Other foreclosed assets 1,111 1,989 921 1,153 1,614 (31%)
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Total non-performing assets $ 39,750 $ 41,397 $ 46,622 $ 44,012 $ 47,187 (16%)
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YIELD AND RATE ANALYSIS
Assets:
Investment securities (FTE) 4.70% 4.72% 4.37% 4.98% 5.27%
Short-term investments 0.99% 0.86% 0.92% 1.04% 1.06%
Loans held for sale 11.00% 8.59% 7.01% 8.65% 8.71%
Commercial 5.58% 5.46% 5.59% 5.91% 5.85%
Commercial real estate 5.34% 5.42% 5.52% 5.80% 5.97%
Residential real estate 5.79% 5.93% 6.05% 6.42% 6.54%
Consumer 6.87% 7.19% 6.87% 7.61% 7.57%
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Total loans (FTE) 5.73% 5.84% 5.87% 6.25% 6.35%
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Total interest-earning assets (FTE) 5.47% 5.54% 5.46% 5.94% 6.07%
=================================================================
Liabilities:
Interest-bearing demand and savings 0.91% 0.95% 0.90% 0.93% 0.87%
Time deposits 2.70% 2.97% 3.18% 3.41% 3.82%
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Total Bank issued deposits 1.67% 1.86% 1.98% 2.17% 2.42%
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Wholesale deposits 3.01% 3.41% 3.75% 3.69% 3.76%
Short-term borrowings 2.09% 2.02% 2.22% 2.48% 2.50%
Long-term borrowings 5.25% 4.45% 5.47% 5.68% 6.10%
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Total interest-bearing liabilities 2.07% 2.19% 2.42% 2.63% 2.82%
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Net interest spread 3.40% 3.35% 3.04% 3.31% 3.25%
Net interest margin (FTE) 3.65% 3.62% 3.33% 3.63% 3.56%
=================================================================