Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Parent Company Financial Statements

CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

The following represents the condensed financial statements of First Midwest Bancorp, Inc., the Parent Company.

Statements of Financial Condition

(Parent Company only)

(Dollar amounts in thousands)

	As of December 31,
	2016		2015
Assets
Cash and due from banks	$	140,217	$	119,693
Investments in and advances to subsidiaries	1,279,065		1,194,173
Other assets	139,060		63,337
Total assets	$	1,558,342	$	1,377,203
Liabilities and Stockholders' Equity
Senior and subordinated debt	$	194,603	$	201,208
Accrued interest payable and other liabilities	106,659		29,727
Stockholders' equity	1,257,080		1,146,268
Total liabilities and stockholders' equity	$	1,558,342	$	1,377,203

Statements of Income

(Parent Company only)

(Dollar amounts in thousands)

	Years ended December 31,
	2016			2015			2014
Income
Dividends from subsidiaries	$	86,791		$	127,000		$	56,881
Interest income	2,188			2,164			1,502
Securities transactions and other	215			584			6,451
Total income	89,194			129,748			64,834
Expenses
Interest expense	12,477			12,545			12,062
Salaries and employee benefits	16,104			14,624			12,589
Other expenses	7,110			6,003			5,867
Total expenses	35,691			33,172			30,518
Income before income tax benefit and equity in undistributed (loss)   income of subsidiaries	53,503			96,576			34,316
Income tax benefit	12,878			11,950			8,710
Income before equity in undistributed (loss) income of subsidiaries	66,381			108,526			43,026
Equity in undistributed income (loss) of subsidiaries	25,968			(26,462		)	26,280
Net income	92,349			82,064			69,306
Net income applicable to non-vested restricted shares	(1,043		)	(882		)	(836		)
Net income applicable to common shares	$	91,306		$	81,182		$	68,470

Statements of Cash Flows

(Parent Company only)

(Dollar amounts in thousands)

	Years ended December 31,
	2016			2015			2014
Operating Activities
Net income	$	92,349		$	82,064		$	69,306
Adjustments to reconcile net income to net cash provided   by operating activities:
Equity in undistributed (income) loss of subsidiaries	(25,968		)	26,462			(26,280		)
Depreciation of premises, furniture, and equipment	2			7			6
Net gains on sales of securities	—			(1		)	(5,702		)
Share-based compensation expense	7,879			7,242			5,926
Tax expense related to share-based compensation	(685		)	(1,200		)	(106		)
Net (increase) decrease in other assets	(75,104		)	23,699			4,599
Net increase (decrease) in other liabilities	74,571			(17,132		)	14,063
Net cash provided by operating activities	73,044			121,141			61,812
Investing Activities
Purchases of securities available-for-sale	(14		)	—			—
Proceeds from sales and maturities of securities available-for-sale	601			310			8,540
Purchase of premises, furniture, and equipment	—			(5		)	—
Net cash paid for acquisitions	(14,905		)	(16,047		)	(15,809		)
Net cash used in investing activities	(14,318		)	(15,742		)	(7,269		)
Financing Activities
Net proceeds from the issuance of subordinated debt	146,484			—			—
Payments for the retirement of senior and subordinated debt	(153,500		)	—			—
Treasury stock activity	—			(120		)	369
Cash dividends paid	(29,198		)	(27,036		)	(22,568		)
Restricted stock activity	(2,476		)	(2,890		)	(2,781		)
Excess tax benefit related to share-based compensation	488			794			912
Net cash used in financing activities	(38,202		)	(29,252		)	(24,068		)
Net increase in cash and cash equivalents	20,524			76,147			30,475
Cash and cash equivalents at beginning of year	119,693			43,546			13,071
Cash and cash equivalents at end of year	$	140,217		$	119,693		$	43,546
Supplemental Disclosures of Cash Flow Information:
Common stock issued for acquisitions, net of issuance costs	$	54,896		$	—		$	38,300