-- Net loss before preferred dividends and accretion on preferred stock of
$28.2 million and $9.7 million for fourth quarter and full year 2010
compared to net loss of $37.5 million and $25.8 million for fourth
quarter and full year 2009, respectively.
-- Pre-tax, pre-provision core operating earnings of $35.0 million for
fourth quarter 2010 and $136.4 million for full year 2010, up 7.2% and
3.8% from fourth quarter and full year 2009, respectively.
-- Average core transactional deposits up $696.8 million, or 17.9%, from
fourth quarter 2009.
Capital and Credit
-- Tangible common equity to tangible assets of 7.99% up from 6.29% at
December 31, 2009.
-- Non-performing assets, excluding covered assets, of $269.5 million,
down 20.0% from December 31, 2009.
-- Allowance for credit losses of $145.1 million represented 2.84% of
loans, excluding covered loans, compared to 2.78% at December 31, 2009.
-- Total charge-offs on loans and losses on other real estate owned of
$89.3 million, including $47.7 million attributed to shift in
disposition strategy for select construction and development problem
assets.
-- Loans 30-89 days past due, excluding covered loans, of $23.6 million,
down 38% from December 31, 2009 and the lowest level in more than
seven years
Today First Midwest Bancorp, Inc. (the "Company" or "First Midwest")
(-- 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 and Asset Quality Ratios, 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 January 26, 2011
Operating Highlights
Unaudited
Quarters Ended Years Ended
(Dollar amounts in ------------------------------- --------------------
thousands except December September December December December
per share data) 31, 2010 30, 2010 31, 2009 31, 2010 31, 2009
--------- --------- --------- --------- ---------
Net (loss) income $ (28,159) $ 2,585 $ (37,491) $ (9,684) $ (25,750)
Net (loss) income
applicable to
common shares (30,327) 11 (39,542) (19,717) (35,551)
Diluted (loss)
earnings per
common share $ (0.41) $ 0.00 $ (0.73) $ (0.27) $ (0.71)
Return on average
common equity (12.49%) 0.00% (19.84%) (2.06%) (4.84%)
Return on average
assets (1.34%) 0.13% (1.92%) (0.12%) (0.32%)
Net interest margin 4.02% 4.05% 4.04% 4.13% 3.72%
Efficiency ratio 59.08% 59.91% 58.48% 58.84% 57.86%
Balance Sheet Highlights
Unaudited
As Of
----------------------------------
(Dollar amounts in thousands December September December
per share data) 31, 2010 30, 2010 31, 2009
---------- ---------- ----------
Total assets $8,146,973 $8,376,494 $7,710,672
Total loans, excluding covered loans 5,100,560 5,164,666 5,203,246
Covered assets (1) 493,319 519,305 223,245
Total deposits 6,511,476 6,677,259 5,885,279
Total stockholders' equity 1,112,045 1,160,059 941,521
Common stockholders' equity 919,045 967,059 748,521
Book value per common share $ 12.40 $ 13.06 $ 13.66
Period end common shares outstanding 74,096 74,057 54,793
(1) 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. Refer to table on page 14.
Capital Ratios
Unaudited
As Of
----------------------------------
December September December
31, 2010 30, 2010 31, 2009
---------- ---------- ----------
Regulatory capital ratios:
Total capital to risk-weighted assets 16.18% 16.82% 13.94%
Tier 1 capital to risk-weighted assets 14.12% 14.77% 11.88%
Tier 1 leverage to average assets 11.10% 11.99% 10.18%
Regulatory capital ratios, excluding
preferred stock:
Total capital to risk-weighted assets 13.13% 13.81% 10.93%
Tier 1 capital to risk-weighted assets 11.06% 11.76% 8.88%
Tier 1 leverage to average assets 8.70% 9.55% 7.61%
Tier 1 common capital to risk-weighted
assets 9.72% 10.44% 7.56%
Tangible common equity ratios:
Tangible common equity to tangible
assets 7.99% 8.34% 6.29%
Tangible common equity, excluding
accumulated other comprehensive loss,
to tangible assets 8.34% 8.46% 6.54%
Tangible common equity to
risk-weighted assets 9.93% 10.51% 7.27%
First Midwest Bancorp, Inc. Press Release Dated January 26, 2011
Condensed Consolidated Statements of Financial Condition
Unaudited
December 31,
------------------------
(Amounts in thousands) 2010 2009
----------- -----------
Assets
Cash and due from banks $ 102,495 $ 101,177
Federal funds sold and other short-term
investments 483,281 26,202
Trading account securities, at fair value 15,282 14,236
Securities available-for-sale, at fair value 1,057,802 1,266,760
Securities held-to-maturity, at amortized cost 81,320 84,182
Federal Home Loan Bank and Federal Reserve Bank
stock, at cost 61,338 56,428
Loans, excluding covered loans 5,100,560 5,203,246
Covered loans 374,640 146,319
Allowance for loan losses (142,572) (144,808)
----------- -----------
Net loans 5,332,628 5,204,757
----------- -----------
Other real estate owned ("OREO"), excluding
covered OREO 31,069 57,137
Covered OREO 29,698 8,981
Federal Deposit Insurance Corporation ("FDIC")
indemnification asset 88,981 67,945
Premises, furniture, and equipment 140,907 120,642
Investment in bank owned life insurance 197,644 197,962
Goodwill and other intangible assets 291,383 281,479
Accrued interest receivable and other assets 233,145 222,784
----------- -----------
Total assets $ 8,146,973 $ 7,710,672
=========== ===========
Liabilities and Stockholders' Equity
Deposits
Transactional deposits $ 4,519,492 $ 3,885,885
Time deposits 1,991,984 1,999,394
----------- -----------
Total deposits 6,511,476 5,885,279
Borrowed funds 303,974 691,176
Subordinated debt 137,744 137,735
Accrued interest payable and other liabilities 81,734 54,961
----------- -----------
Total liabilities 7,034,928 6,769,151
----------- -----------
Preferred stock 190,882 190,233
Common stock 858 670
Additional paid-in capital 437,550 252,322
Retained earnings 787,678 810,626
Accumulated other comprehensive loss, net of tax (27,739) (18,666)
Treasury stock, at cost (277,184) (293,664)
----------- -----------
Total stockholders' equity 1,112,045 941,521
----------- -----------
Total liabilities and stockholders' equity $ 8,146,973 $ 7,710,672
=========== ===========
First Midwest Bancorp, Inc. Press Release Dated January 26, 2011
Condensed Consolidated Statements of Income
Unaudited
Quarters Ended Years Ended
(Amounts in ------------------------------- --------------------
thousands, except December September December December December
per share data) 31, 2010 30, 2010 31, 2009 31, 2010 31, 2009
--------- --------- --------- --------- ---------
Interest Income
Loans $ 63,983 $ 65,416 $ 65,668 $ 259,318 $ 261,221
Securities 10,230 11,920 14,848 49,801 77,486
Covered loans 7,431 4,294 1,419 17,285 1,419
Federal funds sold
and other
short-term
investments 832 708 435 2,463 1,625
--------- --------- --------- --------- ---------
Total interest
income 82,476 82,338 82,370 328,867 341,751
--------- --------- --------- --------- ---------
Interest Expense
Deposits 7,907 9,049 12,774 37,127 64,177
Borrowed funds 711 797 1,276 3,267 12,569
Subordinated debt 2,279 2,279 2,379 9,124 13,473
--------- --------- --------- --------- ---------
Total interest
expense 10,897 12,125 16,429 49,518 90,219
--------- --------- --------- --------- ---------
Net interest income 71,579 70,213 65,941 279,349 251,532
Provision for loan
losses 73,897 33,576 93,000 147,349 215,672
--------- --------- --------- --------- ---------
Net interest
income (loss)
after provision
for loan losses (2,318) 36,637 (27,059) 132,000 35,860
--------- --------- --------- --------- ---------
Noninterest Income
Service charges on
deposit accounts 9,202 9,249 9,977 35,884 38,754
Trust and investment
advisory fees 4,040 3,728 3,704 15,063 14,059
Other service
charges,
commissions,
and fees 4,506 4,932 4,280 18,238 16,529
Card-based fees 4,640 4,547 4,000 17,577 15,826
--------- --------- --------- --------- ---------
Total fee-based
revenues 22,388 22,456 21,961 86,762 85,168
Bank owned life
insurance income 696 267 281 1,560 2,263
Securities gains
(losses), net 1,662 6,376 (5,772) 12,216 2,110
Gains on
FDIC-assisted
transactions - - 13,071 4,303 13,071
Gains on early
extinguishment
of debt - - 1,267 - 15,258
Other 1,421 1,654 939 3,710 5,132
--------- --------- --------- --------- ---------
Total noninterest
income 26,167 30,753 31,747 108,551 123,002
--------- --------- --------- --------- ---------
Noninterest Expense
Salaries and
employee benefits 31,028 29,926 27,592 114,378 106,548
Losses realized
on OREO 15,412 8,265 14,051 40,480 18,554
OREO expense, net 2,408 1,312 1,642 9,554 4,905
FDIC insurance 2,967 2,835 2,720 10,880 13,673
Net occupancy and
equipment expense 7,916 8,326 7,661 32,218 31,724
Loan remediation
expense 2,330 2,817 2,890 11,020 7,458
Other professional
fees 2,194 3,370 2,478 11,883 8,338
Other 12,819 11,926 11,487 48,366 43,588
--------- --------- --------- --------- ---------
Total noninterest
expense 77,074 68,777 70,521 278,779 234,788
--------- --------- --------- --------- ---------
Loss before income
tax benefit (53,225) (1,387) (65,833) (38,228) (75,926)
Income tax benefit (25,066) (3,972) (28,342) (28,544) (50,176)
--------- --------- --------- --------- ---------
Net (loss) income (28,159) 2,585 (37,491) (9,684) (25,750)
Preferred dividends (2,579) (2,575) (2,569) (10,299) (10,265)
Net loss (income)
applicable to
non-vested
restricted shares 411 1 518 266 464
--------- --------- --------- --------- ---------
Net (Loss) Income
Applicable to
Common Shares $ (30,327) $ 11 $ (39,542) $ (19,717) $ (35,551)
========= ========= ========= ========= =========
Diluted Loss Per
Common Share $ (0.41) $ - $ (0.73) $ (0.27) $ (0.71)
Dividends
Declared Per
Common Share $ 0.01 $ 0.01 $ 0.01 $ 0.04 $ 0.04
Weighted Average
Diluted Common
Shares
Outstanding 73,085 73,072 54,152 72,422 50,034
First Midwest Bancorp, Inc. Press Release Dated January 26, 2011
Pre-Tax, Pre-Provision Core Operating Earnings (1)
Unaudited
(Dollar amounts in thousands)
Quarters Ended Years Ended
------------------------------- --------------------
December September December December December
31, 2010 30, 2010 31, 2009 31, 2010 31, 2009
--------- --------- --------- --------- ---------
Loss before income
tax benefit $ (53,225) $ (1,387) $ (65,833) $ (38,228) $ (75,926)
Provision for loan
losses 73,897 33,576 93,000 147,349 215,672
--------- --------- --------- --------- ---------
Pre-tax,
pre-provision
earnings 20,672 32,189 27,167 109,121 139,746
--------- --------- --------- --------- ---------
Non-Operating Items
Securities gains
(losses), net 1,662 6,376 (5,772) 12,216 2,110
Gains on FDIC-assisted
transactions - - 13,071 4,303 13,071
Gains on early
extinguishment of
debt - - 1,267 - 15,258
Losses realized
on OREO (15,412) (8,265) (14,051) (40,480) (18,554)
Integration costs
associated with
FDIC-assisted
acquisitions (576) (847) - (3,324) -
FDIC special deposit
insurance assessment - - - - (3,500)
--------- --------- --------- --------- ---------
Total non-
operating items (14,326) (2,736) (5,485) (27,285) 8,385
--------- --------- --------- --------- ---------
Pre-tax,
pre-provision core
operating
earnings $ 34,998 $ 34,925 $ 32,652 $ 136,406 $ 131,361
========= ========= ========= ========= =========
Pre-tax,
pre-provision core
operating
earnings to risk-
weighted assets 2.21% 2.18% 2.03% 2.16% 2.04%
(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 January 26, 2011
Loan Portfolio Composition
Unaudited
(Dollar amounts in thousands)
Percent
As Of Change From
--------------------------------------- ----------------
% of
12/31/10 Total 9/30/10 12/31/09 9/30/10 12/31/09
---------- ----- ---------- ---------- ------- --------
Corporate:
Commercial and
industrial $1,465,903 28.7% $1,472,439 $1,438,063 (0.4%) 1.9%
Agricultural and
farmland 227,756 4.5% 212,800 209,945 7.0% 8.5%
Commercial real
estate:
Office 396,836 7.8% 402,947 394,228 (1.5%) 0.7%
Retail 328,751 6.4% 329,153 331,803 (0.1%) (0.9%)
Industrial 478,026 9.4% 483,549 486,934 (1.1%) (1.8%)
---------- ----- ---------- ---------- ------- --------
Total office,
retail, and
industrial 1,203,613 23.6% 1,215,649 1,212,965 (1.0%) (0.8%)
---------- ----- ---------- ---------- ------- --------
Construction:
Residential
construction 174,690 3.4% 226,126 313,919 (22.7%) (44.4%)
Commercial
construction
and land 164,472 3.2% 193,041 231,518 (14.8%) (29.0%)
---------- ----- ---------- ---------- ------- --------
Total
construction 339,162 6.6% 419,167 545,437 (19.1%) (37.8%)
---------- ----- ---------- ---------- ------- --------
Multi-family 349,862 6.9% 350,458 333,961 (0.2%) 4.8%
Investor-owned
rental property 124,671 2.4% 119,974 119,132 3.9% 4.6%
Other commercial
real estate 731,686 14.4% 717,903 679,851 1.9% 7.6%
---------- ----- ---------- ---------- ------- --------
Total
commercial
real estate 2,748,994 53.9% 2,823,151 2,891,346 (2.6%) (4.9%)
---------- ----- ---------- ---------- ------- --------
Total
corporate
loans 4,442,653 87.1% 4,508,390 4,539,354 (1.5%) (2.1%)
---------- ----- ---------- ---------- ------- --------
Consumer:
Home equity 445,243 8.7% 457,981 470,523 (2.8%) (5.4%)
Real estate 1-4
family 160,890 3.2% 150,110 139,983 7.2% 14.9%
Other consumer 51,774 1.0% 48,185 53,386 7.4% (3.0%)
---------- ----- ---------- ---------- ------- --------
Total
consumer
loans 657,907 12.9% 656,276 663,892 0.2% (0.9%)
---------- ----- ---------- ---------- ------- --------
Total loans,
excluding
covered loans 5,100,560 100.0% 5,164,666 5,203,246 (1.2%) (2.0%)
===== ======= ========
Covered loans 374,640 399,032 146,319
---------- ---------- ----------
Total loans $5,475,200 $5,563,698 $5,349,565
========== ========== ==========
First Midwest Bancorp, Inc. Press Release Dated January 26, 2011
Asset Quality, Excluding Covered Assets
Unaudited
(Dollar amounts in thousands)
As Of
------------------------------------------------
% of Loan % of
12/31/10 Category Total 9/30/10 12/31/09
-------- -------- -------- -------- --------
Non-accrual loans:
Commercial and
industrial $ 50,088 3.42% 23.7% $ 40,955 $ 28,193
Agricultural and
farmland 2,497 1.10% 1.2% 3,495 2,673
Office, retail, and
industrial 19,573 1.63% 9.2% 21,721 21,396
Residential
construction 52,122 29.84% 24.6% 61,050 112,798
Commercial
construction and
land 28,685 17.44% 13.5% 21,471 20,864
Multi-family 6,203 1.77% 2.9% 6,813 12,486
Investor-owned rental
property 6,039 4.84% 2.9% 4,107 4,351
Other commercial real
estate 34,566 4.72% 16.3% 40,409 28,006
Consumer 12,009 1.83% 5.7% 11,345 13,448
-------- -------- -------- -------- --------
Total non-accrual
loans 211,782 4.15% 100.0% 211,366 244,215
-------- -------- ======== -------- --------
90 days past due loans
(still accruing
interest):
Commercial and
industrial 1,552 0.11% 36.6% 2,909 1,964
Agricultural and
farmland 187 0.08% 4.4% 2 -
Office, retail, and
industrial - 0.00% 0.0% 460 330
Residential
construction 200 0.11% 4.7% 408 86
Commercial
construction and
land - 0.00% 0.0% - -
Multi-family - 0.00% 0.0% - 55
Investor-owned rental
property 135 0.11% 3.2% 562 225
Other commercial real
estate 210 0.03% 4.9% 2,858 130
Consumer 1,960 0.30% 46.2% 1,937 1,289
-------- -------- -------- -------- --------
Total 90 days
past due loans 4,244 0.08% 100.0% 9,136 4,079
-------- -------- ======== -------- --------
Total
non-performing
loans 216,026 220,502 248,294
Restructured loans, still
accruing interest 22,371 11,002 30,553
OREO, excluding covered
OREO 31,069 52,044 57,137
-------- -------- --------
Total
non-performing
assets $269,466 $283,548 $335,984
======== ======== ========
30-89 days past due loans $ 23,646 0.46% $ 41,590 $ 37,912
Allowance for credit
losses (1) $145,072 $145,019 $144,808
Asset Quality Ratios,
Excluding Covered Assets
Non-accrual loans to
loans 4.15% 4.09% 4.69%
Non-performing loans to
loans 4.24% 4.27% 4.77%
Non-performing assets to
loans plus OREO 5.25% 5.44% 6.39%
Allowance for credit
losses to loans 2.84% 2.81% 2.78%
Allowance for credit
losses to non-accrual
loans 69% 69% 59%
Allowance for credit
losses to
non-performing
loans 67% 66% 58%
(1) The allowance for credit losses includes a liability for unfunded
commitments of $2.5 million as of December 31, 2010 and $450 thousand
as of September 30, 2010.
First Midwest Bancorp, Inc. Press Release Dated January 26, 2011
Covered Assets (1)
Unaudited
(Dollar amounts in thousands) As Of
-------------------------------------------
December 31, September 30, December 31,
2010 2010 2009
------------- ------------- -------------
Loans (2) $ 374,640 $ 399,032 $ 146,319
FDIC indemnification asset 88,981 88,723 67,945
Other real estate owned (2) 29,698 31,550 8,981
------------- ------------- -------------
Total covered assets $ 493,319 $ 519,305 $ 223,245
============= ============= =============
90 days or more past due loans
(3) $ 86,910 $ 74,777 $ 30,286
30-89 days past due loans (3) $ 18,445 $ 24,005 $ 22,988
Net charge-offs (recoveries) -
quarter to date $ 935 $ (11) $ -
(1) 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.
(2) Covered loans and other real estate owned are subject to loss sharing
agreements with the FDIC whereby the Company is indemnified against the
majority of any losses incurred related to these assets.
(3) These loans are past due based on contractual terms, but are performing
according to the Company's expectations of cash flows.
First Midwest Bancorp, Inc. Press Release Dated January 26, 2011
Non-performing Assets and Past Due Loans
Unaudited
(Dollar amounts in thousands)
As Of
-----------------------------------------------------
2010 2009
------------------------------------------ ---------
December September December
31 30 June 30 March 31 31
--------- --------- --------- --------- ---------
Non-performing
assets, excluding
covered assets
Non-accrual loans $ 211,782 $ 211,366 $ 193,689 $ 216,073 $ 244,215
90 days or more past
due loans 4,244 9,136 6,280 7,995 4,079
--------- --------- --------- --------- ---------
Total
non-performing
loans 216,026 220,502 199,969 224,068 248,294
Restructured loans
(still accruing
interest) 22,371 11,002 9,030 5,168 30,553
Other real estate
owned 31,069 52,044 57,023 62,565 57,137
--------- --------- --------- --------- ---------
Total
non-performing
assets $ 269,466 $ 283,548 $ 266,022 $ 291,801 $ 335,984
========= ========= ========= ========= =========
30-89 days past due
loans $ 23,646 $ 41,590 $ 32,012 $ 28,018 $ 37,912
Non-accrual loans to
total loans 4.15% 4.09% 3.72% 4.16% 4.69%
Non-performing loans
to total loans 4.24% 4.27% 3.84% 4.31% 4.77%
Non-performing
assets to loans
plus OREO 5.25% 5.44% 5.05% 5.55% 6.39%
Covered assets (1)
Non-accrual loans $ - $ - $ - $ - $ -
90 days or more past
due loans (2) 86,910 74,777 47,912 52,464 30,286
--------- --------- --------- --------- ---------
Total
non-performing
loans 86,910 74,777 47,912 52,464 30,286
Restructured loans
(still accruing
interest) - - - - -
Other real estate
owned 29,698 31,550 10,657 8,649 8,981
--------- --------- --------- --------- ---------
Total
non-performing
assets $ 116,608 $ 106,327 $ 58,569 $ 61,113 $ 39,267
========= ========= ========= ========= =========
30-89 days past due
loans $ 18,445 $ 24,005 $ 13,725 $ 10,175 $ 22,988
Non-performing
assets, including
covered assets
Non-accrual loans $ 211,782 $ 211,366 $ 193,689 $ 216,073 $ 244,215
90 days or more past
due loans 91,154 83,913 54,192 60,459 34,365
--------- --------- --------- --------- ---------
Total
non-performing
loans 302,936 295,279 247,881 276,532 278,580
Restructured loans
(still accruing
interest) 22,371 11,002 9,030 5,168 30,553
Other real estate
owned 60,767 83,594 67,680 71,214 66,118
--------- --------- --------- --------- ---------
Total
non-performing
assets $ 386,074 $ 389,875 $ 324,591 $ 352,914 $ 375,251
========= ========= ========= ========= =========
30-89 days past due
loans $ 42,091 $ 65,595 $ 45,737 $ 38,193 $ 60,900
Non-accrual loans to
total loans 3.87% 3.80% 3.60% 4.05% 4.57%
Non-performing loans
to total loans 5.53% 5.31% 4.61% 5.18% 5.21%
Non-performing
assets to loans
plus OREO 6.97% 6.90% 5.97% 6.52% 6.93%
(1) 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.
(2) These loans are past due based on contractual terms, but are performing
according to the Company's expectations of cash flows.
First Midwest Bancorp, Inc. Press Release Dated January 26, 2011
Charge-off Data
Unaudited
(Dollar amounts in thousands)
Quarters Ended
------------------------------------------------
% of Loan % of
12/31/10 Category Total 9/30/10 12/31/09
-------- -------- -------- -------- --------
Net loans charged-off:
Commercial and
industrial $ 10,198 0.70% 14.0% $ 13,262 $ 23,320
Agricultural and
farmland 125 0.05% 0.2% 489 180
Office, retail, and
industrial 2,888 0.24% 4.0% 2,825 3,265
Residential
construction 35,935 20.57% 49.3% 4,460 38,315
Commercial
construction and
land 7,743 4.71% 10.6% 228 2,714
Multi-family 1,206 0.34% 1.6% 222 2,325
Investor-owned rental
property 799 0.64% 1.1% 748 1,229
Other commercial real
estate 11,403 1.56% 15.6% 9,469 7,908
Consumer 2,612 0.40% 3.6% 2,342 3,205
-------- -------- -------- -------- --------
Total net loans
charged-off,
excluding
covered assets 72,909 1.43% 100.0% 34,045 82,461
======== ========
Net charge-offs
(recoveries) on
covered loans 935 (11) -
-------- -------- --------
Total net
charge-offs $ 73,844 $ 34,034 $ 82,461
======== ======== ========
Net loan charge-offs,
excluding covered
charge-offs, to average
loans, annualized:
Quarter-to-date 5.61% 2.59% 6.17%
Year-to-date 2.80% 1.87% 3.08%
First Midwest Bancorp, Inc. Press Release Dated January 26, 2011
Securities Available-For-Sale
Unaudited
(Dollar amounts in thousands)
Collateralized Other State
U.S. Mortgage Mortgage and
Agency Obligations Backed Municipal
---------- ----------- ---------- ----------
As of December 31, 2010
Amortized cost $ 18,000 $ 377,692 $ 100,780 $ 512,063
Gross unrealized gains
(losses):
Gross unrealized gains 7 4,261 5,732 4,728
Gross unrealized losses (121) (2,364) (61) (12,800)
---------- ---------- ---------- ----------
Net unrealized
gains (losses) (114) 1,897 5,671 (8,072)
---------- ---------- ---------- ----------
Fair value $ 17,886 $ 379,589 $ 106,451 $ 503,991
========== ========== ========== ==========
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 December 31, 2009
Amortized cost $ 756 $ 299,920 $ 239,567 $ 649,269
Gross unrealized gains
(losses):
Gross unrealized gains - 10,060 9,897 8,462
Gross unrealized losses - (2,059) (182) (6,051)
---------- ---------- ---------- ----------
Net unrealized
gains (losses) - 8,001 9,715 2,411
---------- ---------- ---------- ----------
Fair value $ 756 $ 307,921 $ 249,282 $ 651,680
========== ========== ========== ==========
Collateralized
Debt
Obligations Other Total
---------- ---------- ----------
As of December 31, 2010
Amortized cost $ 49,695 $ 32,070 $1,090,300
Gross unrealized gains
(losses):
Gross unrealized gains - 2,957 17,685
Gross unrealized losses (34,837) - (50,183)
---------- ---------- ----------
Net unrealized
gains (losses) (34,837) 2,957 (32,498)
---------- ---------- ----------
Fair value $ 14,858 $ 35,027 $1,057,802
========== ========== ==========
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 December 31, 2009
Amortized cost $ 54,359 $ 44,238 $1,288,109
Gross unrealized gains
(losses):
Gross unrealized gains - 2,376 30,795
Gross unrealized losses (42,631) (1,221) (52,144)
---------- ---------- ----------
Net unrealized
gains (losses) (42,631) 1,155 (21,349)
---------- ---------- ----------
Fair value $ 11,728 $ 45,393 $1,266,760
========== ========== ==========
Contact Information: CONTACT: Paul F. Clemens Chief Financial Officer (630) 875-7347 www.firstmidwest.com First Midwest Bancorp, Inc. One Pierce Place, Suite 1500 Itasca, Illinois 60143 (630) 875-7450