Operating Performance
-- Net income before preferred dividends and accretion on preferred stock
of $2.6 million for third quarter 2010 vs. $7.8 million for second
quarter 2010 and $3.4 million for third quarter 2009.
-- Pre-tax, pre-provision core operating earnings of $34.9 million for
third quarter 2010, up $179,000, or 0.5%, from second quarter 2010 and
up $4.7 million, or 15.6%, from third quarter 2009.
-- Average earnings assets up approximately $250 million, or 3.6%, from
second quarter 2010.
-- Average core transactional deposits up $610.6 million, or 15.8%, from
third quarter 2009.
-- Acquisition of approximately $297 million of loans and $460 million of
deposits of the former Palos Bank and Trust Company in an FDIC-assisted
transaction.
Capital, Credit and Other
-- Tier 1 common equity to risk-based assets of 10.45% compared to 10.88%
and 8.43% at June 30, 2010 and September 30, 2009, respectively.
-- Non-performing loans of $220.5 million, up from $200.0 million at June
30, 2010 and down from $262.8 million at September 30, 2009.
-- Allowance for credit losses of $145.0 million representing 2.81% of
loans, excluding covered loans, compared to 2.79% at June 30, 2010 and
2.53% at September 30, 2009.
-- Net securities gains of $6.4 million for third quarter 2010.
Today First Midwest Bancorp, Inc. (the "Company" or "First Midwest")
(
Minimum Excess Over
"Well- Required
September June 30, Capitalized" Minimums at
30, 2010 2010 Level September 30, 2010
--------- --------- --------- ---------------------
(Amounts in millions)
Regulatory capital
ratios:
Total capital to
risk-weighted
assets 16.83% 17.31% 10.00% 68% $ 438
Tier 1 capital to
risk-weighted
assets 14.78% 15.25% 6.00% 146% $ 563
Tier 1 leverage to
average assets 11.98% 12.69% 5.00% 140% $ 553
Regulatory capital
ratios, excluding
preferred stock:
Total capital to
risk-weighted
assets 13.82% 14.27% 10.00% 38% $ 245
Tier 1 capital to
risk-weighted
assets 11.77% 12.21% 6.00% 96% $ 370
Tier 1 leverage to
average assets 9.54% 10.17% 5.00% 91% $ 360
Tier 1 common capital
to risk-weighted
assets 10.45% 10.88% N/A N/A N/A
Tangible equity ratios:
Tangible common
equity to tangible
assets 8.34% 9.05% N/A N/A N/A
Tangible common
equity, excluding
other
comprehensive
loss, to tangible
assets 8.46% 9.22% N/A N/A N/A
Tangible common
equity to
risk-weighted
assets 10.51% 10.71% N/A N/A N/A
The Board of Directors reviews the Company's capital plan each quarter,
giving consideration to the current and expected operating environment, as
well as an evaluation of various capital alternatives.
About the Company
First Midwest is the premier relationship-based banking franchise in the
growing Chicagoland banking market. As one of the Chicago metropolitan
area's largest independent bank holding companies, First Midwest provides
the full range of both business and retail banking and trust and investment
management services through 100 offices located in 65 communities,
primarily in metropolitan Chicago.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning
of the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These statements are not historical facts but instead
represent only the Company's beliefs regarding future events, many of
which, by their nature, are inherently uncertain and outside of the
Company's control. It is possible that actual results and the Company's
financial condition may differ, possibly materially, from the anticipated
results and financial condition indicated in these forward-looking
statements. For a discussion of some of the risks and important factors
that could affect the Company's future results, see "Risk Factors" in the
Company's Annual Report on Form 10-K for the fiscal year ended December 31,
2009 and other reports filed with the Securities and Exchange Commission.
Forward-looking statements represent management's best judgment as of the
date hereof based on currently available information. Except as required by
law, the Company undertakes no duty to update the contents of this press
release after the date hereof.
Conference Call
A conference call to discuss the Company's results, outlook and related
matters will be held on Wednesday, October 20, 2010 at 10:00 A.M. (ET).
Members of the public who would like to listen to the conference call
should dial (800) 638-4817 (U.S. domestic) or (617) 614-3943
(international) and enter passcode number 253 50 917. The number should be
dialed 10 to 15 minutes prior to the start of the conference call. There is
no charge to access the call. The conference call will also be accessible
as an audio webcast through the Investor Relations section of the Company's
website, www.firstmidwest.com/investorrelations. For those unable to listen
to the live broadcast, a replay will be available on the Company's website
or by dialing (888) 286-8010 (U.S. domestic) or (617) 801-6888
(international) passcode number 187 96 745 beginning at 1:00 P.M. (ET) on
October 20, 2010 until 11:59 P.M. (ET) on October 27, 2010. Please direct
any questions regarding obtaining access to the conference call to First
Midwest Bancorp, Inc. Investor Relations, via e-mail, at
investor.relations@firstmidwest.com.
Accompanying Financial Statements and Tables
Accompanying this press release is the following unaudited financial information: -- Operating Highlights, Balance Sheet Highlights, and Capital Ratios -- Condensed Consolidated Statements of Financial Condition -- Condensed Consolidated Statements of Income -- Pre-Tax, Pre-Provision Core Operating Earnings -- Loan Portfolio Composition -- Asset Quality, Excluding Covered Assets -- Covered Assets -- Non-performing Assets and Past Due Loans -- Charge-off Data -- Securities Available-for-SalePress Release and Additional Information Available on Website This press release, the accompanying financial statements and tables, and certain additional unaudited Selected Financial Information are available through the "Investor Relations" section of First Midwest's website at www.firstmidwest.com.
First Midwest Bancorp, Inc. Press Release Dated October 20, 2010
Operating Highlights
Unaudited
(Dollar amounts in thousands except per share data)
Quarters Ended
-------------------------------------
September June September
30, 2010 30, 2010 30, 2009
----------- ----------- -----------
Net income $ 2,585 $ 7,809 $ 3,351
Net income applicable to common
shares 11 5,171 773
Diluted earnings per common share $ 0.00 $ 0.07 $ 0.02
Return on average common equity 0.00% 2.16% 0.43%
Return on average assets 0.13% 0.40% 0.17%
Net interest margin 4.05% 4.21% 3.66%
Efficiency ratio 59.91% 57.92% 59.13%
Balance Sheet Highlights
Unaudited
(Dollar amounts in thousands except per share data)
As Of
-------------------------------------
September June September
30, 2010 30, 2010 30, 2009
----------- ----------- -----------
Total assets $ 8,376,494 $ 7,805,089 $ 7,678,434
Total loans, excluding covered loans 5,164,666 5,208,347 5,306,068
Covered assets (1) 519,305 251,572 -
Total deposits 6,677,259 6,123,565 5,749,153
Total stockholders' equity 1,160,059 1,155,512 983,579
Common stockholders' equity 967,059 962,512 790,579
Book value per share $ 13.06 $ 13.00 $ 14.43
Period end shares outstanding 74,057 74,049 54,800
(1) Covered assets are subject to a loss sharing agreement with the FDIC
whereby the Company is indemnified against the majority of any losses
incurred related to these loans and other real estate owned. Covered
assets were obtained through the FDIC-assisted transactions related to
First DuPage Bank on October 23, 2009, Peotone Bank and Trust Company
on April 23, 2010, and Palos Bank and Trust Company on August 13, 2010.
Capital Ratios
Unaudited
As Of
-------------------------------------
September June September
30, 2010 30, 2010 30, 2009
----------- ----------- -----------
Regulatory capital ratios:
Total capital to risk-weighted
assets 16.83% 17.31% 15.27%
Tier 1 capital to risk-weighted
assets 14.78% 15.25% 12.88%
Tier 1 leverage to average assets 11.98% 12.69% 10.52%
Regulatory capital ratios, excluding
preferred stock:
Total capital to risk-weighted
assets 13.82% 14.27% 12.18%
Tier 1 capital to risk-weighted
assets 11.77% 12.21% 9.78%
Tier 1 leverage to average assets 9.54% 10.17% 7.99%
Tier 1 common capital
to risk-weighted
assets 10.45% 10.88% 8.43%
Tangible common equity ratios:
Tangible common equity to
tangible assets 8.34% 9.05% 6.88%
Tangible common equity, excluding
other comprehensive loss, to
tangible assets 8.46% 9.22% 7.10%
Tangible common equity to
risk-weighted assets 10.51% 10.71% 8.16%
First Midwest Bancorp, Inc. Press Release Dated October 20, 2010
Condensed Consolidated Statements of Financial Condition
Unaudited September 30,
-------------------------
(Amounts in thousands) 2010 2009
----------- -----------
Assets
Cash and due from banks $ 177,537 $ 115,905
Federal funds sold and other short-term
investments 558,408 81,693
Trading account securities, at fair value 13,784 13,231
Securities available-for-sale, at fair value 1,058,609 1,349,669
Securities held-to-maturity, at amortized cost 85,687 83,860
Federal Home Loan Bank and Federal Reserve Bank
stock, at cost 62,038 54,768
Loans, excluding covered loans 5,164,666 5,306,068
Covered loans (1) 487,755 -
Allowance for loan losses (144,569) (134,269)
----------- -----------
Net loans 5,507,852 5,171,799
----------- -----------
Other real estate owned, excluding covered OREO 52,044 57,945
Covered other real estate owned (1) 31,550 -
Premises, furniture, and equipment 131,845 122,083
Investment in bank owned life insurance 198,666 197,681
Goodwill and other intangible assets 292,523 281,614
Accrued interest receivable and other assets 205,951 148,186
----------- -----------
Total assets $ 8,376,494 $ 7,678,434
=========== ===========
Liabilities and Stockholders' Equity
Deposits
Transactional deposits $ 4,533,662 $ 3,833,267
Time deposits 2,143,597 1,915,886
----------- -----------
Total deposits 6,677,259 5,749,153
Borrowed funds 323,077 716,299
Subordinated debt 137,741 157,717
Accrued interest payable and other liabilities 78,358 71,686
----------- -----------
Total liabilities 7,216,435 6,694,855
----------- -----------
Preferred stock 190,716 190,076
Common stock 858 670
Additional paid-in capital 436,774 251,423
Retained earnings 819,157 851,178
Accumulated other comprehensive loss, net of tax (9,203) (16,217)
Treasury stock, at cost (278,243) (293,551)
----------- -----------
Total stockholders' equity 1,160,059 983,579
----------- -----------
Total liabilities and stockholders' equity $ 8,376,494 $ 7,678,434
=========== ===========
(1) Total covered assets equal $519,305 and are comprised of covered loans,
which include an FDIC indemnification asset, and covered OREO.
First Midwest Bancorp, Inc. Press Release Dated October 20, 2010
Condensed Consolidated Statements of Income
Unaudited Quarters Ended
-------------------------------------
(Amounts in thousands, except September June September
per share data) 30, 2010 30, 2010 30, 2009
----------- ----------- -----------
Interest Income
Loans $ 65,416 $ 65,439 $ 66,035
Securities 11,920 13,699 16,278
Covered assets, excluding covered
OREO 4,294 2,598 -
Federal funds sold and other
short-term investments 708 538 449
----------- ----------- -----------
Total interest income 82,338 82,274 82,762
----------- ----------- -----------
Interest Expense
Deposits 9,049 9,626 15,324
Borrowed funds 797 749 2,768
Subordinated debt 2,279 2,280 3,689
----------- ----------- -----------
Total interest expense 12,125 12,655 21,781
----------- ----------- -----------
Net interest income 70,213 69,619 60,981
Provision for loan losses 33,576 21,526 38,000
----------- ----------- -----------
Net interest income after
provision for loan losses 36,637 48,093 22,981
----------- ----------- -----------
Noninterest Income
Service charges on deposit accounts 9,249 9,052 10,046
Trust and investment advisory fees 3,728 3,702 3,555
Other service charges, commissions,
and fees 4,932 4,628 4,222
Card-based fees 4,547 4,497 4,023
----------- ----------- -----------
Total fee-based revenues 22,456 21,879 21,846
Bank owned life insurance income 267 349 282
Securities gains (losses), net 6,376 1,121 (6,975)
Gain on FDIC-assisted transaction - 4,303 -
Gains on early extinguishment of
debt - - 13,991
Other 1,654 (342) 1,946
----------- ----------- -----------
Total noninterest income 30,753 27,310 31,090
----------- ----------- -----------
Noninterest Expense
Salaries and employee benefits 29,926 26,540 27,416
Losses realized on other real
estate owned 8,265 8,924 1,801
Other real estate owned expense, net 1,312 2,926 1,660
FDIC insurance 2,835 2,546 2,558
Net occupancy and equipment expense 8,326 7,808 7,837
Loan remediation expense 2,817 2,649 1,833
Other professional fees 3,370 3,003 1,936
Other 11,926 13,059 11,599
----------- ----------- -----------
Total noninterest expense 68,777 67,455 56,640
----------- ----------- -----------
(Loss) income before income tax
(benefit) expense (1,387) 7,948 (2,569)
Income tax (benefit) expense (3,972) 139 (5,920)
----------- ----------- -----------
Net income 2,585 7,809 3,351
Preferred dividends (2,575) (2,573) (2,567)
Net income applicable to non-vested
restricted shares 1 (65) (11)
----------- ----------- -----------
Net Income Applicable to Common
Shares $ 11 $ 5,171 $ 773
=========== =========== ===========
Diluted Earnings Per Common Share $ 0.00 $ 0.07 $ 0.02
Dividends Declared Per Common
Share $ 0.01 $ 0.01 $ 0.01
Weighted Average Diluted Common
Shares Outstanding 73,072 73,028 48,942
First Midwest Bancorp, Inc. Press Release Dated October 20, 2010
Pre-Tax, Pre-Provision Core Operating Earnings (1)
Unaudited
(Dollar amounts in thousands)
Quarters Ended
-------------------------------------
September June September
30, 2010 30, 2010 30, 2009
----------- ----------- -----------
(Loss) income before income tax
(benefit) expense $ (1,387) $ 7,948 $ (2,569)
Provision for loan losses 33,576 21,526 38,000
----------- ----------- -----------
Pre-tax, pre-provision earnings 32,189 29,474 35,431
----------- ----------- -----------
Non-Operating Items
Securities gains (losses), net 6,376 1,121 (6,975)
Gain on FDIC-assisted transaction - 4,303 -
Gains on early extinguishment of
debt - - 13,991
Losses realized on other real
estate owned (8,265) (8,924) (1,801)
Integration costs associated with
FDIC-assisted acquisitions (847) (1,772) -
----------- ----------- -----------
Total non-operating items (2,736) (5,272) 5,215
----------- ----------- -----------
Pre-tax, pre-provision core
operating earnings $ 34,925 $ 34,746 $ 30,216
=========== =========== ===========
Pre-tax, pre-provision core
operating earnings to
risk-weighted assets 2.18% 2.19% 1.94%
(1) The Company's accounting and reporting policies conform to U.S.
generally accepted accounting principles ("GAAP") and general practice
within the banking industry. As a supplement to GAAP, the Company has
provided this non-GAAP performance result. The Company believes that
this non-GAAP financial measure is useful because it allows investors
to assess the Company's operating performance. Although this non-GAAP
financial measure is intended to enhance investors' understanding of
the Company's business and performance, this non-GAAP financial measure
should not be considered an alternative to GAAP.
First Midwest Bancorp, Inc. Press Release Dated October 20, 2010
Loan Portfolio Composition
Unaudited
(Dollar amounts in thousands)
Percent Change
As Of From
------------------------------------------ ----------------
% of
9/30/10 Total 6/30/10 9/30/09 6/30/10 9/30/09
---------- ------ ---------- ---------- ------- -------
Corporate:
Commercial
and
industrial $1,472,439 28.5% $1,494,119 $1,484,601 (1.5%) (0.8%)
Agricultural
and farmland 212,800 4.1% 199,597 200,955 6.6% 5.9%
Commercial
real estate:
Office 402,947 7.8% 415,846 376,897 (3.1%) 6.9%
Retail 329,153 6.4% 310,819 314,586 5.9% 4.6%
Industrial 483,549 9.4% 493,526 459,793 (2.0%) 5.2%
---------- ------ ---------- ---------- ------- -------
Total
office,
retail,
and
indust-
rial 1,215,649 23.6% 1,220,191 1,151,276 (0.4%) 5.6%
---------- ------ ---------- ---------- ------- -------
Construction:
Residential
construction 226,126 4.4% 241,094 400,502 (6.2%) (43.5%)
Commercial
construction 98,562 1.9% 107,572 196,198 (8.4%) (49.8%)
Commercial
land 94,479 1.8% 94,469 105,264 0.0% (10.2%)
---------- ------ ---------- ---------- ------- -------
Total
construc-
tion 419,167 8.1% 443,135 701,964 (5.4%) (40.3%)
---------- ------ ---------- ---------- ------- -------
Multifamily 350,458 6.8% 369,281 342,807 (5.1%) 2.2%
Investor-owned
rental property 119,974 2.3% 120,436 117,276 (0.4%) 2.3%
Other commercial
real estate 717,903 13.9% 711,287 636,153 0.9% 12.9%
---------- ------ ---------- ---------- ------- -------
Total
commercial
real
estate 2,823,151 54.7% 2,864,330 2,949,476 (1.4%) (4.3%)
---------- ------ ---------- ---------- ------- -------
Total
corporate
loans 4,508,390 87.3% 4,558,046 4,635,032 (1.1%) (2.7%)
---------- ------ ---------- ---------- ------- -------
Consumer:
Home equity 457,981 8.9% 458,066 478,204 0.0% (4.2%)
Real estate
1-4 family 150,110 2.9% 145,457 138,862 3.2% 8.1%
Other
consumer 48,185 0.9% 46,778 53,970 3.0% (10.7%)
---------- ------ ---------- ---------- ------- -------
Total
consumer
loans 656,276 12.7% 650,301 671,036 0.9% (2.2%)
---------- ------ ---------- ---------- ------- -------
Total loans,
excluding
covered
loans 5,164,666 100.0% 5,208,347 5,306,068 (0.8%) (2.7%)
====== ======= =======
Covered
loans 487,755 240,915 -
---------- ---------- ----------
Total
loans $5,652,421 $5,449,262 $5,306,068
========== ========== ==========
First Midwest Bancorp, Inc. Press Release Dated October 20, 2010
Asset Quality, Excluding Covered Assets
Unaudited
(Dollar amounts in thousands)
As Of
------------------------------------------------
% of Loan % of
9/30/10 Category Total 6/30/10 9/30/09
-------- -------- -------- -------- --------
Non-accrual loans:
Commercial and
industrial $ 40,955 2.78% 19.4% $ 39,942 $ 45,134
Agricultural and
farmland 3,495 1.64% 1.6% 1,139 2,384
Office, retail, and
industrial 21,721 1.79% 10.3% 17,170 15,738
Residential
construction 61,050 27.00% 28.9% 71,148 138,593
Commercial construction - 0.00% 0.0% - -
Commercial land 21,471 22.73% 10.2% 20,457 2,908
Multi-family 6,813 1.94% 3.2% 7,904 15,910
Investor-owned rental
property 4,107 3.42% 1.9% 6,083 4,069
Other commercial real
estate 40,409 5.62% 19.1% 15,867 18,841
Consumer 11,345 1.73% 5.4% 13,979 13,228
-------- -------- -------- -------- --------
Total non-accrual
loans 211,366 4.09% 100.0% 193,689 256,805
-------- -------- -------- -------- --------
90 days past due loans
(still accruing interest):
Commercial and
industrial 2,909 0.20% 31.8% 2,209 3,216
Agricultural and
farmland 2 0.00% 0.0% - -
Office, retail, and
industrial 460 0.04% 5.0% 1,550 1,036
Residential
construction 408 0.18% 4.5% - 66
Commercial construction - 0.00% 0.0% - -
Commercial land - 0.00% 0.0% - -
Multi-family - 0.00% 0.0% - 238
Investor-owned rental
property 562 0.47% 6.2% 116 338
Other commercial real
estate 2,858 0.40% 31.3% 1,387 -
Consumer 1,937 0.29% 21.2% 1,018 1,066
-------- -------- -------- -------- --------
Total 90 days past
due loans 9,136 0.18% 100.0% 6,280 5,960
-------- -------- -------- -------- --------
Total non-performing
loans 220,502 199,969 262,765
Restructured loans, still
accruing interest 11,002 9,030 26,718
OREO, excluding covered
OREO 52,044 57,023 57,945
-------- -------- --------
Total non-performing
assets $283,548 $266,022 $347,428
======== ======== ========
30-89 days past due loans $ 41,590 $ 32,012 $ 44,346
Allowance for credit
losses (1) $145,019 $145,477 $134,269
Asset Quality Ratios,
Excluding Covered Assets
Non-accrual loans to
loans 4.09% 3.72% 4.84%
Non-performing loans
to loans 4.27% 3.84% 4.95%
Non-performing assets
to loans plus OREO 5.44% 5.05% 6.48%
Allowance for credit
losses to loans 2.81% 2.79% 2.53%
Allowance for credit
losses to non-accrual
loans 69% 75% 52%
Allowance for credit
losses to
non-performing loans 66% 73% 51%
(1) The allowance for credit losses includes the liability for unfunded
commitments of $450 thousand.
First Midwest Bancorp, Inc. Press Release Dated October 20, 2010
Covered Assets (1)
Unaudited
(Dollar amounts in thousands) As Of
-------------------------------------
September June December
30, 2010 30, 2010 31, 2009
----------- ----------- -----------
Loans $ 399,032 $ 164,924 $ 146,319
FDIC indemnification asset 88,723 75,991 67,945
----------- ----------- -----------
Total covered loans 487,755 240,915 214,264
Other real estate owned 31,550 10,657 8,981
----------- ----------- -----------
Total covered assets $ 519,305 $ 251,572 $ 223,245
=========== =========== ===========
90 days or more past due loans $ 74,777 $ 47,912 $ 30,286
30-89 days past due loans $ 24,005 $ 13,725 $ 22,988
Net (recoveries) charge-offs
-- quarter to date $ (11) $ 651 $ -
(1) Covered assets are subject to a loss sharing agreement with the FDIC
whereby the Company is indemnified against the majority of any losses
incurred related to these loans and other real estate owned. Covered
assets were obtained through the FDIC-assisted transactions related
to First DuPage Bank on October 23, 2009, Peotone Bank and Trust
Company on April 23, 2010, and Palos Bank and Trust Company on
August 13, 2010.
First Midwest Bancorp, Inc. Press Release Dated October 20, 2010
Non-performing Assets and Past Due Loans
Unaudited
(Dollar amounts in thousands)
As Of
-----------------------------------------------------
2010 2009
------------------------------- --------------------
September December September
30 June 30 March 31 31 30
--------- --------- --------- --------- ---------
Non-performing
assets, excluding
covered assets
Non-accrual loans $ 211,366 $ 193,689 $ 216,073 $ 244,215 $ 256,805
90 days or more past
due loans 9,136 6,280 7,995 4,079 5,960
--------- --------- --------- --------- ---------
Total
non-performing
loans 220,502 199,969 224,068 248,294 262,765
Restructured loans
(still accruing
interest) 11,002 9,030 5,168 30,553 26,718
Other real estate
owned 52,044 57,023 62,565 57,137 57,945
--------- --------- --------- --------- ---------
Total
non-performing
assets $ 283,548 $ 266,022 $ 291,801 $ 335,984 $ 347,428
========= ========= ========= ========= =========
30-89 days past
due loans $ 41,590 $ 32,012 $ 28,018 $ 37,912 $ 44,346
Non-accrual loans
to total loans 4.09% 3.72% 4.16% 4.69% 4.84%
Non-performing loans
to total loans 4.27% 3.84% 4.31% 4.77% 4.95%
Non-performing
assets to loans
plus OREO 5.44% 5.05% 5.55% 6.39% 6.48%
Covered assets (1)
Non-accrual loans $ - $ - $ - $ - $ -
90 days or more
past due loans 74,777 47,912 52,464 30,286 -
--------- --------- --------- --------- ---------
Total
non-performing
loans 74,777 47,912 52,464 30,286 -
Restructured loans
(still accruing
interest) - - - - -
Other real estate
owned 31,550 10,657 8,649 8,981 -
--------- --------- --------- --------- ---------
Total
non-performing
assets $ 106,327 $ 58,569 $ 61,113 $ 39,267 $ -
========= ========= ========= ========= =========
30-89 days past due
loans $ 24,005 $ 13,725 $ 10,175 $ 22,988 $ -
Non-performing
assets, including
covered assets
Non-accrual loans $ 211,366 $ 193,689 $ 216,073 $ 244,215 $ 256,805
90 days or more
past due loans 83,913 54,192 60,459 34,365 5,960
--------- --------- --------- --------- ---------
Total
non-performing
loans 295,279 247,881 276,532 278,580 262,765
Restructured loans
(still accruing
interest) 11,002 9,030 5,168 30,553 26,718
Other real estate
owned 83,594 67,680 71,214 66,118 57,945
--------- --------- --------- --------- ---------
Total
non-performing
assets $ 389,875 $ 324,591 $ 352,914 $ 375,251 $ 347,428
========= ========= ========= ========= =========
30-89 days past
due loans $ 65,595 $ 45,737 $ 38,193 $ 60,900 $ 44,346
Non-accrual loans
to total loans 3.74% 3.55% 4.01% 4.51% 4.84%
Non-performing loans
to total loans 5.22% 4.55% 5.13% 5.14% 4.95%
Non-performing
assets to loans
plus OREO 6.80% 5.88% 6.46% 6.84% 6.48%
(1) The non-performing covered assets were recorded at their estimated fair
values at the time of acquisition. These assets are covered by loss
sharing agreements with the FDIC that substantially mitigate the risk
of loss.
First Midwest Bancorp, Inc. Press Release Dated October 20, 2010
Charge-off Data
Unaudited
(Dollar amounts in thousands)
Quarters Ended
------------------------------------------------
% of Loan % of
9/30/10 Category Total 6/30/10 9/30/09
-------- -------- -------- -------- --------
Net loans charged-off:
Commercial and
industrial $ 13,262 0.90% 38.9% $ 2,679 $ 12,585
Agricultural and
farmland 489 0.23% 1.4% 546 0
Office, retail, and
industrial 2,825 0.23% 8.3% 2,353 3,496
Residential
construction 4,460 1.97% 13.0% 9,994 5,181
Commercial construction - 0.00% 0.0% - -
Commercial land 228 0.24% 0.7% 115 (228)
Multifamily 222 0.06% 0.7% 485 29
Investor-owned rental
property 748 0.62% 2.2% 982 622
Other commercial real
estate 9,469 1.32% 27.8% 525 6,006
Consumer 2,342 0.36% 6.9% 2,543 3,568
-------- -------- -------- -------- --------
Total net loans
charged-off,
excluding
covered assets 34,045 0.66% 100.0% 20,222 31,259
======== ========
Net (recoveries)
charge-offs on
covered loans (11) 651 -
-------- -------- --------
Total net
charge-offs $ 34,034 $ 20,873 $ 31,259
======== ======== ========
Net loan charge-offs,
excluding covered
charge-offs, to average
loans, annualized:
Quarter-to-date 2.59% 1.56% 2.32%
Year-to-date 1.87% 1.49% 2.05%
Net loan charge-offs to
average loans,
annualized:
Quarter-to-date 2.42% 1.54% 2.32%
Year-to-date 1.79% 1.46% 2.05%
First Midwest Bancorp, Inc. Press Release Dated October 20, 2010
Securities Available-For-Sale
Unaudited
(Dollar amounts in thousands)
Collateralized Other State
U.S. Mortgage Mortgage and
Agency Obligations Backed Municipal
----------- ----------- ----------- -----------
As of September 30, 2010
Amortized cost $ 24,088 $ 297,935 $ 107,966 $ 549,505
Gross unrealized gains
(losses):
Gross unrealized gains 68 4,702 6,070 19,834
Gross unrealized losses (21) (1,639) (28) (805)
----------- ----------- ----------- -----------
Net unrealized gains
(losses) 47 3,063 6,042 19,029
----------- ----------- ----------- -----------
Fair value $ 24,135 $ 300,998 $ 114,008 $ 568,534
=========== =========== =========== ===========
As of June 30, 2010
Amortized cost $ 9,919 $ 264,240 $ 119,933 $ 622,268
Gross unrealized gains
(losses):
Gross unrealized gains 12 7,055 7,779 13,413
Gross unrealized losses (1) (1,582) (19) (3,079)
----------- ----------- ----------- -----------
Net unrealized gains
(losses) 11 5,473 7,760 10,334
----------- ----------- ----------- -----------
Fair value $ 9,930 $ 269,713 $ 127,693 $ 632,602
=========== =========== =========== ===========
As of September 30, 2009
Amortized cost $ 757 $ 322,780 $ 233,396 $ 680,216
Gross unrealized gains
(losses):
Gross unrealized gains - 10,651 10,782 29,176
Gross unrealized losses - (2,224) (3) (1,078)
----------- ----------- ----------- -----------
Net unrealized gains
(losses) - 8,427 10,779 28,098
----------- ----------- ----------- -----------
Fair value $ 757 $ 331,207 $ 244,175 $ 708,314
=========== =========== =========== ===========
Collateralized
Debt
Obligations Other Total
----------- ----------- -----------
As of September 30, 2010
Amortized cost $ 49,695 $ 35,270 $ 1,064,459
Gross unrealized gains
(losses):
Gross unrealized gains - 2,368 33,042
Gross unrealized losses (36,271) (128) (38,892)
----------- ----------- -----------
Net unrealized gains
(losses) (36,271) 2,240 (5,850)
----------- ----------- -----------
Fair value $ 13,424 $ 37,510 $ 1,058,609
=========== =========== ===========
As of June 30, 2010
Amortized cost $ 50,547 $ 34,966 $ 1,101,873
Gross unrealized gains
(losses):
Gross unrealized gains 0 1,734 29,993
Gross unrealized losses (36,883) (193) (41,757)
----------- ----------- -----------
Net unrealized gains
(losses) (36,883) 1,541 (11,764)
----------- ----------- -----------
Fair value $ 13,664 $ 36,507 $ 1,090,109
=========== =========== ===========
As of September 30, 2009
Amortized cost $ 60,290 $ 50,929 $ 1,348,368
Gross unrealized gains
(losses):
Gross unrealized gains - 578 51,187
Gross unrealized losses (44,747) (1,834) (49,886)
----------- ----------- -----------
Net unrealized gains
(losses) (44,747) (1,256) 1,301
----------- ----------- -----------
Fair value $ 15,543 $ 49,673 $ 1,349,669
=========== =========== ===========
Contact Information: CONTACT: Paul F. Clemens Chief Financial Officer (630) 875-7347 www.firstmidwest.com