Solid Core Operating Performance -- Proactively Addressing Credit, Lower Delinquency Levels -- Strong Capital and Liquidity
-- 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 yearsToday 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