Exhibit 99
First Midwest Bancorp, Inc. and SparBank Incorporated
Pro forma Statements of Condition
and
Pro forma Statements of Income
(unaudited)
for the periods ended
September 30, 1997
($ in thousands except per share data)
**********
On October 1, 1997, First Midwest Bancorp, Inc. consummated the acquisition of
SparBank Incorporated. The acquisition was accounted for as a pooling of
interests.
The accompanying financial information presents the statements of condition of
First Midwest and SparBank on a stand alone basis as well as a pro forma basis
as if the transition had been consummated on September 30, 1997, with all prior
periods being re-stated.
FIRST MIDWEST BANCORP, INC. AND SPARBANK, INC.
Proforma Consolidated Statements of Condition
(Unaudited)
September 30, 1997
(dollars in thousands, except for per share data)
First
Assets Midwest SparBank Proforma
----------- ---------- -----------
Cash and short-term investments...................... $ 158,169 $ 17,770 $ 175,939
Securities available for sale and held to maturity... 820,809 150,438 971,247
Loans, net of unearned discount...................... 2,080,729 258,334 2,339,063
Reserve for loan losses............................ (33,841) (2,085) (35,926)
Goodwill............................................. 11,820 0 11,820
Mortgage servicing rights and other intangible assets 9,259 37 9,296
Premises and equipment............................... 51,385 8,702 60,087
Accrued interest receivable and other assets......... 69,463 4,020 73,483
----------- ---------- -----------
Total Assets..................................... $ 3,167,793 $ 437,216 $ 3,605,009
=========== ========== ===========
Liabilities and Stockholders' Equity
Liabilities:
Noninterest-bearing deposits....................... $ 395,146 $ 47,061 $ 442,207
Interest-bearing deposits.......................... 2,018,096 330,285 2,348,381
----------- ---------- -----------
Total deposits................................... 2,413,242 377,346 2,790,588
Short-term borrowings.............................. 427,143 3,511 430,654
Accrued interest payable and other liabilities..... 45,972 4,523 50,495
----------- ---------- -----------
Total liabilities................................ 2,886,357 385,380 3,271,737
----------- ---------- -----------
Total stockholders' equity .......................... 281,436 51,836 333,272
----------- ---------- -----------
Total Liabilities and Stockholders' Equity....... $ 3,167,793 $ 437,216 $ 3,605,009
=========== ========== ===========
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Book value per share (Proforma for SparBank)......... $ 16.74 $ 16.04 $ 16.63
=========== ========== ===========
Total shares outstanding (Proforma for SparBank) .... 16,814,105 3,230,764 20,044,869
=========== ========== ===========
- --------------------------------------------------------------------------------------------------------------
First
Statement of Condition Ratios at Period End Midwest SparBank Proforma
- ----------------------------------------------------- ------- -------- --------
Loans to assets...................................... 65.68% 59.09% 64.88%
Loans to deposits.................................... 86.22% 68.46% 83.82%
Earning assets to total assets....................... 92.22% 95.32% 92.38%
Capital Ratios at Period End
- -----------------------------------------------------
Tier 1 capital to risk-adjusted assets............... 10.93% 20.97% 11.85%
Total capital to risk-adjusted assets................ 12.18% 21.82% 13.10%
Leverage ratio....................................... 8.43% 11.67% 8.83%
FIRST MIDWEST BANCORP, INC. AND SPARBANK, INC.
Proforma Consolidated Statements of Income
(Unaudited)
Quarter ended September 30, 1997
(dollars in thousands, except per share data)
First
Midwest SparBank Proforma
----------- ----------- -----------
Total interest income................................... $61,691 $7,721 $69,412
Total interest expense.................................. 28,624 3,818 32,442
---------- ---------- ----------
Net interest income................................. 33,067 3,903 36,970
Provision for loan losses............................... 2,196 30 2,226
---------- ---------- ----------
Net interest income after
provision for loan losses......................... 30,871 3,873 34,744
---------- ---------- ----------
Noninterest income
- ------------------
Service charges on deposit accounts..................... 2,803 96 2,899
Trust and investment management fees.................... 1,709 250 1,959
Other service charges, commissions and fees............. 1,441 254 1,695
Mortgage banking revenues............................... 1,407 0 1,407
Other income............................................ 782 351 1,133
Security transactions, net.............................. 616 2 618
---------- ---------- ----------
Total noninterest income........................ 8,758 953 9,711
---------- ---------- ----------
Noninterest expense
- -------------------
Employee-related costs.................................. 13,507 1,502 15,009
Occupancy and equipment................................. 3,518 384 3,902
Computer processing costs............................... 1,857 286 2,143
Advertising and promotions.............................. 720 45 765
Professional services................................... 1,246 126 1,372
All other costs......................................... 4,264 181 4,445
---------- ---------- ----------
Total noninterest expense....................... 25,112 2,524 27,636
---------- ---------- ----------
Income before income tax expense.................... 14,517 2,302 16,819
Income tax expense ..................................... 4,964 539 5,503
---------- ---------- ----------
Net income.......................................... $9,553 $1,763 $11,316
========== ========== ==========
Net income per share (Proforma for SparBank)........ $0.57 $0.55 $0.57
========== ========== ==========
Weighted avg shares outstanding (Proforma for SparBank). 16,759,306 3,230,764 19,990,070
========== ========== ==========
- --------------------------------------------------------------------------------
First
Performance Ratios Midwest SparBank Proforma
- ---------------------------------------------------------------------- ----------- -----------
Return on average assets ............................... 1.20% 1.60% 1.25%
Return on average stockholders' equity ................. 13.74% 13.33% 13.67%
Net interest margin - tax equivalent.................... 4.59% 4.55% 4.59%
Efficiency ratio ....................................... 59.21% 44.12% 57.41%
FIRST MIDWEST BANCORP, INC. AND SPARBANK, INC.
Proforma Consolidated Statements of Income
(Unaudited)
Nine Months Ended September 30, 1997
(dollars in thousands, except per share data)
First
Midwest SparBank Proforma
---------- ---------- ----------
Total interest income.................................... $178,060 $23,303 $201,363
Total interest expense................................... 81,673 11,436 93,109
---------- ---------- ----------
Net interest income.................................. 96,387 11,867 108,254
Provision for loan losses................................ 5,466 90 5,556
---------- ---------- ----------
Net interest income after
provision for loan losses.......................... 90,921 11,777 102,698
---------- ---------- ----------
Noninterest income
- ------------------
Service charges on deposit accounts...................... 8,172 382 8,554
Trust and investment management fees..................... 5,072 578 5,650
Other service charges, commissions and fees.............. 4,575 688 5,263
Mortgage banking revenues................................ 3,863 0 3,863
Other income............................................. 2,487 896 3,383
Security transactions, net............................... 829 2 831
---------- ---------- ----------
Total noninterest income.......................... 24,998 2,546 27,544
---------- ---------- ----------
Noninterest expense
- -------------------
Employee-related costs................................... 38,645 4,568 43,213
Occupancy and equipment.................................. 10,431 1,165 11,596
Computer processing costs................................ 5,272 866 6,138
Advertising and promotions............................... 2,377 139 2,516
Professional services.................................... 3,913 473 4,386
All other costs.......................................... 13,298 635 13,933
---------- ---------- ----------
Total noninterest expense......................... 73,936 7,846 81,782
---------- ---------- ----------
Income before income tax expense..................... 41,983 6,477 48,460
Income tax expense ...................................... 14,702 1,580 16,282
---------- ---------- ----------
Net income........................................... $27,281 $4,897 $32,178
========== ========== ==========
Net income per share (Proforma for SparBank)......... $1.63 $1.52 $1.61
========== ========== ==========
Weighted avg shares outstanding (Proforma for SparBank).. 16,729,733 3,230,764 19,960,497
========== ========== ==========
- -------------------------------------------------------------------------------------------------------
First
Performance Ratios Midwest SparBank Proforma
- ----------------------------------------------------------------------- -------- --------
Return on average assets ................................ 1.19% 1.47% 1.23%
Return on average stockholders' equity .................. 13.72% 12.66% 13.55%
Net interest margin - tax equivalent..................... 4.62% 4.42% 4.51%
Efficiency ratio ........................................ 59.67% 47.35% 59.11%