-- EPS: $0.59, up 3.5% vs. 2Q06 -- Strong Profitability: ROA of 1.44% -- Improved Net Interest Margin: 3.61% vs. 3.53% in 1Q07 -- Lower Net Charge-offs: 0.14% vs. 0.24% in 1Q07 -- Broad Based Fee Growth: Up 15.4% vs. 1Q07First Midwest Bancorp, Inc. ("First Midwest") (
-- Operating Highlights, Balance Sheet Highlights and Stock Performance Data (1 page) -- Condensed Consolidated Statements of Condition (1 page) -- Condensed Consolidated Statements of Income (1 page) -- Selected Quarterly Data and Asset Quality (1 page)Press Release and Additional Information Available on Website This press release, the accompanying financial statements and tables, and certain additional unaudited Selected Financial Information (totaling 3 pages) are available through the "Investor Relations" section of First Midwest's website at www.firstmidwest.com.
First Midwest Bancorp, Inc. Press Release Dated July 25, 2007 Operating Highlights Unaudited Quarters Ended Six Months Ended ---------------------------- ------------------ (Amounts in thousands Jun. 30, Mar. 31, Jun. 30, Jun. 30, Jun. 30, except per share data) 2007 2007 2006 2007 2006 -------- -------- -------- -------- -------- Net income $ 29,311 $ 29,029 $ 28,735 $ 58,340 $ 54,503 Diluted earnings per share $ 0.59 $ 0.58 $ 0.57 $ 1.16 $ 1.12 Return on average equity 15.47% 15.48% 16.50% 15.48% 17.02% Return on average assets 1.44% 1.42% 1.33% 1.43% 1.35% Net interest margin 3.61% 3.53% 3.70% 3.57% 3.73% Efficiency ratio 52.13% 52.19% 52.12% 52.16% 51.84% Balance Sheet Highlights Unaudited Period Ending Balances As Of ----------------------------------------- (Amounts in thousands except per share data) Jun. 30, 2007 Mar. 31, 2007 Jun. 30, 2006 ------------- ------------- ------------- Total assets $ 8,055,358 $ 8,235,110 $ 8,692,828 Total loans 4,909,858 4,993,620 5,041,345 Total deposits 5,814,744 5,907,442 6,258,185 Stockholders' equity 741,060 753,988 694,938 Book value per share $ 14.97 $ 15.16 $ 13.92 Period end shares outstanding 49,494 49,747 49,925 Stock Performance Data Unaudited Quarters Ended --------------------------------------------- Jun. 30, 2007 Mar. 31, 2007 Jun. 30, 2006 ------------- ------------- ------------- Market Price: Quarter End $ 35.51 $ 36.75 $ 37.08 High $ 38.17 $ 39.31 $ 37.52 Low $ 34.82 $ 36.00 $ 34.64 Quarter end price to book value 2.4 x 2.4 x 2.7 x Quarter end price to consensus estimated 2007 earnings 14.9 x N/A N/A Dividends declared per share $ 0.295 $ 0.295 $ 0.275 First Midwest Bancorp, Inc. Press Release Dated July 25, 2007 Condensed Consolidated Statements of Condition Unaudited (1) June 30, (Amounts in thousands) ------------------------ 2007 2006 ----------- ----------- Assets Cash and due from banks $ 156,305 $ 236,848 Funds sold and other short-term investments 8,996 7,399 Trading account securities 17,403 14,051 Securities available for sale 2,183,450 2,593,715 Securities held to maturity, at amortized cost 104,152 116,707 Loans 4,909,858 5,041,345 Reserve for loan losses (62,391) (62,359) ----------- ----------- Net loans 4,847,467 4,978,986 ----------- ----------- Premises, furniture, and equipment 128,448 121,796 Investment in corporate owned life insurance 199,396 193,048 Goodwill and other intangible assets 290,447 298,803 Accrued interest receivable and other assets 119,294 131,475 ----------- ----------- Total assets $ 8,055,358 $ 8,692,828 ----------- ----------- Liabilities and Stockholders' Equity Deposits $ 5,814,744 $ 6,258,185 Borrowed funds 1,172,190 1,412,553 Subordinated debt 226,118 226,128 Accrued interest payable and other liabilities 101,246 101,024 ----------- ----------- Total liabilities 7,314,298 7,997,890 ----------- ----------- Common stock 613 613 Additional paid-in capital 205,836 204,519 Retained earnings 852,598 789,593 Accumulated other comprehensive (loss) (35,148) (33,175) Treasury stock, at cost (282,839) (266,612) ----------- ----------- Total stockholders' equity 741,060 694,938 ----------- ----------- Total liabilities and stockholders' equity $ 8,055,358 $ 8,692,828 ----------- ----------- (1) While unaudited, the Condensed Consolidated Statements of Condition have been prepared in accordance with U.S. generally accepted accounting principles and, as of June 30, 2006, are derived from quarterly financial statements on which Ernst & Young LLP, First Midwest's independent registered public accounting firm, has rendered a Quarterly Review Report; Ernst & Young is currently in the process of completing their Quarterly Review Report for the quarter ended June 30, 2007. First Midwest Bancorp, Inc. Press Release Dated July 25, 2007 Condensed Consolidated Statements of Income Quarters Ended Six Months Ended Unaudited (1) June 30, June 30, ------------------- ------------------- (Amounts in thousands except per share data) 2007 2006 2007 2006 --------- --------- --------- --------- Interest Income Loans $ 92,273 $ 90,512 $ 184,352 $ 164,827 Securities 28,169 32,408 57,469 59,459 Other 229 130 439 289 --------- --------- --------- --------- Total interest income 120,671 123,050 242,260 224,575 --------- --------- --------- --------- Interest Expense Deposits 41,593 36,546 83,720 65,014 Borrowed funds 14,363 16,842 29,712 30,070 Subordinated debt 3,751 3,704 7,494 6,068 --------- --------- --------- --------- Total interest expense 59,707 57,092 120,926 101,152 --------- --------- --------- --------- Net interest income 60,964 65,958 121,334 123,423 Provision for loan losses 1,761 2,059 4,721 3,649 --------- --------- --------- --------- Net interest income after provision for loan losses 59,203 63,899 116,613 119,774 --------- --------- --------- --------- Noninterest Income Service charges on deposit accounts 11,483 10,847 21,070 18,471 Trust and investment management fees 3,916 3,695 7,706 6,867 Other service charges, commissions, and fees 6,099 4,837 11,258 9,302 Card-based fees 4,181 3,762 7,892 6,331 --------- --------- --------- --------- Subtotal, fee-based revenues 25,679 23,141 47,926 40,971 --------- --------- --------- --------- Corporate owned life insurance income 1,982 1,940 3,893 3,444 Security gains, net 961 20 4,405 389 Other 2,001 166 3,099 1,835 --------- --------- --------- --------- Total noninterest income 30,623 25,267 59,323 46,639 --------- --------- --------- --------- Noninterest Expense Salaries and employee benefits 29,008 27,039 56,558 52,671 Net occupancy expense 5,386 5,206 10,888 9,664 Equipment expense 2,590 2,705 5,216 4,836 Technology and related costs 1,849 1,838 3,557 3,282 Other 11,904 15,202 22,673 25,249 --------- --------- --------- --------- Total noninterest expense 50,737 51,990 98,892 95,702 --------- --------- --------- --------- Income before taxes 39,089 37,176 77,044 70,711 Income tax expense 9,778 8,441 18,704 16,208 --------- --------- --------- --------- Net Income $ 29,311 $ 28,735 $ 58,340 $ 54,503 --------- --------- --------- --------- Diluted Earnings Per Share $ 0.59 $ 0.57 $ 1.16 $ 1.12 --------- --------- --------- --------- Dividends Declared Per Share $ 0.295 $ 0.275 $ 0.590 $ 0.550 --------- --------- --------- --------- Weighted Average Diluted Shares Outstanding 49,984 50,244 50,152 48,571 --------- --------- --------- --------- (1) While unaudited, the Condensed Consolidated Statements of Income have been prepared in accordance with U.S. generally accepted accounting principles and, for the quarter ended June 30, 2006, are derived from quarterly financial statements on which Ernst & Young LLP, First Midwest's independent registered public accounting firm, has rendered a Quarterly Review Report; Ernst & Young is currently in the process of completing their Quarterly Review Report for the quarter ended June 30, 2007. First Midwest Bancorp, Inc. Press Release Dated July 25, 2007 Selected Quarterly Data Unaudited Year to Date -------------------- (Amounts in thousands except per share data) 6/30/07 6/30/06 --------- --------- Net interest income $ 121,334 $ 123,423 Provision for loan losses 4,721 3,649 Noninterest income 59,323 46,639 Noninterest expense 98,892 95,702 Net income 58,340 54,503 Diluted earnings per share $ 1.16 $ 1.12 Return on average equity 15.48% 17.02% Return on average assets 1.43% 1.38% Net interest margin 3.57% 3.73% Efficiency ratio 52.16% 51.84% --------- --------- Period end shares outstanding 49,494 49,925 Book value per share $ 14.97 $ 13.92 Dividends declared per share $ 0.590 $ 0.550 --------- --------- Selected Quarterly Data Unaudited Quarters Ended ----------------------------------------------------- (Amounts in thousands except per share data) 6/30/07 3/31/07 12/31/06 9/30/06 6/30/06 --------- --------- --------- --------- --------- Net interest income $ 60,964 $ 60,370 $ 62,763 $ 65,673 $ 65,958 Provision for loan losses 1,761 2,960 3,865 2,715 2,059 Noninterest income 30,623 28,700 29,653 26,991 25,267 Noninterest expense 50,737 48,155 47,795 49,118 51,990 Net income 29,311 29,029 31,528 31,215 28,735 Diluted earnings per share $ 0.59 $ 0.58 $ 0.63 $ 0.62 $ 0.57 Return on average equity 15.47% 15.48% 16.40% 17.09% 16.50% Return on average assets 1.44% 1.42% 1.47% 1.44% 1.33% Net interest margin 3.61% 3.53% 3.57% 3.69% 3.70% Efficiency ratio 52.13% 52.19% 49.56% 49.06% 52.12% --------- --------- --------- --------- --------- Period end shares outstanding 49,494 49,747 50,025 50,001 49,925 Book value per share $ 14.97 $ 15.16 $ 15.01 $ 14.92 $ 13.92 Dividends declared per share $ 0.295 $ 0.295 $ 0.295 $ 0.275 $ 0.275 --------- --------- --------- --------- --------- Asset Quality Unaudited Year to Date -------------------- (Amounts in thousands) 6/30/07 6/30/06 --------- --------- Nonaccrual loans $ 14,927 $ 15,447 Foreclosed real estate 3,683 4,195 Loans past due 90 days and still accruing 19,633 14,185 --------- --------- Nonperforming loans to loans 0.30% 0.31% Nonperforming assets to loans plus foreclosed real estate 0.38% 0.39% Nonperforming assets plus loans past due 90 days to loans plus foreclosed real estate 0.78% 0.67% Reserve for loan losses to loans 1.27% 1.24% Reserve for loan losses to nonperforming loans 418% 404% --------- --------- Provision for loan losses $ 4,721 $ 3,649 Net loan charge-offs 4,700 3,618 --------- --------- Net loan charge-offs to average loans 0.19% 0.16% --------- --------- Asset Quality Unaudited Quarters Ended ----------------------------------------------------- (Amounts in thousands) 6/30/07 3/31/07 12/31/06 9/30/06 6/30/06 --------- --------- --------- --------- --------- Nonaccrual loans $ 14,927 $ 17,582 $ 16,209 $ 17,459 $ 15,447 Foreclosed real estate 3,683 3,195 2,727 4,088 4,195 Loans past due 90 days and still accruing 19,633 15,603 12,810 11,296 14,185 --------- --------- --------- --------- --------- Nonperforming loans to loans 0.30% 0.35% 0.32% 0.34% 0.31% Nonperforming assets to loans plus foreclosed real estate 0.38% 0.42% 0.38% 0.42% 0.39% Nonperforming assets plus loans past due 90 days to loans plus foreclosed real estate 0.78% 0.73% 0.63% 0.65% 0.67% Reserve for loan losses to loans 1.27% 1.25% 1.25% 1.23% 1.24% Reserve for loan losses to nonperforming loans 418% 355% 385% 357% 404% --------- --------- --------- --------- --------- Provision for loan losses $ 1,761 $ 2,960 $ 3,865 $ 2,715 $ 2,059 Net loan charge-offs 1,770 2,930 3,865 2,704 2,053 --------- --------- --------- --------- --------- Net loan charge-offs to average loans 0.14% 0.24% 0.30% 0.21% 0.16% --------- --------- --------- --------- ---------
Contact Information: CONTACT: Paul F. Clemens EVP, Chief Financial Officer (630) 875-7347 www.firstmidwest.com First Midwest Bancorp, Inc. One Pierce Place, Suite 1500 Itasca, Illinois 60143 (630) 875-7450