Exhibit 13
Dear Fellow Shareholder:
We are pleased to report record performance for the fourth quarter (up 6.8%) and
full year (up 9.6%) ended December 31, 2000.
Net income for the quarter increased to a record $19.4 million, or $0.47 per
diluted share, as compared to 1999's like quarter of $18.1 million, or $0.44 per
diluted share, representing an increase of 6.8% on a per diluted share basis.
This resulted in annualized returns on average equity and assets for the quarter
of 18.3% and 1.31%, respectively.
Net income for the full year increased to a record $75.5 million, or $1.83 per
diluted share, as compared to 1999's $70.9 million or $1.67 per diluted share,
representing an increase of 9.6% on a per diluted share basis. 2000's record
results represent the tenth consecutive year of record operating earnings and
translate to returns on average equity and assets for the year of 19.2% and
1.3%, respectively.
To view our fourth quarter and full year 2000 earnings press release and
additional selected financial information please visit the Investor Relations
section of our website at www.firstmidwest.com.
Results for the quarter and year just ended represented solid operating
performance and will be reported on more fully in our Annual Report and Form
10-K which will be mailed to you in March 2001.
As always, we are appreciative of your confidence and support.
Very truly yours,
/s/ROBERT P. O'MEARA
Robert P. O'Meara
Chairman and CEO
January 18, 2001
First Midwest Bancorp, Inc.
Consolidated Financial Highlights
------------------------------------------------------------------------------------------------------------------------
Quarters Ended, Years Ended,
(Unaudited) December 31, December 31,
------------------------------- ------------------------------
($ in thousands, except per 2000 1999 2000 1999
share data)
------------------------------------------------------------------------------------------------------------------------
Operating Results
-----------------
Net Income $ 19,435 $ 18,131 $ 75,540 $ 70,909
Per Common Share
----------------
Diluted Earnings Per Share $ 0.47 $ 0.44 $ 1.83 $ 1.67
Dividends Declared $ 0.20 $ 0.18 $ 0.74 $ 0.66
------------------------------------------------------------------------------------------------------------------------
Performance Ratios
------------------
Return on Average Equity 18.25% 19.49% 19.17% 17.39%
Return on Average Assets 1.31% 1.31% 1.30% 1.34%
------------------------------------------------------------------------------------------------------------------------
December 31,
------------------------------
2000 1999
------------------------------------------------------------------------------------------------------------------------
Balance Sheet Highlights
------------------------
Total Assets $5,906,484 $5,511,588
Loans 3,233,196 2,962,487
Deposits 4,252,205 4,001,183
Stockholders' Equity 446,723 369,261
========================================================================================================================
Stock Performance and Dividend Information
-----------------------------------------------------------------------
Dividends
Quarters Ended High Low Close Declared
-------------- --------- --------- ---------- --------------
December 31, 2000 $ 29.25 $ 22.00 $ 28.75 $ 0.20
December 31, 1999 $ 30.13 $ 24.38 $ 26.50 $ 0.18
------------------------------------------------------------------------------------------------------------------------
For further information, please visit the Investor Relations section of our
website at www.firstmidwest.com