Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2019

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,
	2019		2018
Assets
Cash and due from banks	$	247,507	$	158,026
Investments in and advances to subsidiaries	2,360,467		2,091,158
Other assets	45,306		55,782
Total assets	$	2,653,280	$	2,304,966
Liabilities and Stockholders' Equity
Senior and subordinated debt	$	233,948	$	203,808
Accrued interest payable and other liabilities	48,539		46,160
Stockholders' equity	2,370,793		2,054,998
Total liabilities and stockholders' equity	$	2,653,280	$	2,304,966

Statements of Income

(Parent Company only)

(Dollar amounts in thousands)


	Years Ended December 31,
	2019		2018		2017
Income
Dividends from subsidiaries	$	236,137	$	86,095	$	74,091
Interest income	613		453		2,211

Securities transactions and other	23		280		(1,372)
Total income	236,773		86,828		74,930
Expenses
Interest expense	14,431		12,708		12,428
Salaries and employee benefits	13,903		22,430		20,978
Other expenses	11,384		9,440		9,126
Total expenses	39,718		44,578		42,532
Income before income tax benefit and equity in undistributed income of subsidiaries	197,055		42,250		32,398
Income tax benefit	10,609		13,299		14,851
Income before equity in undistributed income of subsidiaries	207,664		55,549		47,249
Equity in undistributed (loss) income of subsidiaries	(7,926)		102,321		51,138
Net income	199,738		157,870		98,387

Net income applicable to non-vested restricted shares	(1,681)		(1,312)		(916)
Net income applicable to common shares	$	198,057	$	156,558	$	97,471

Statements of Cash Flows

(Parent Company only)

(Dollar amounts in thousands)


	Years Ended December 31,
	2019		2018		2017
Operating Activities
Net income	$	199,738	$	157,870	$	98,387
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed loss (income) of subsidiaries	7,926		(102,321)		(51,138)
Depreciation of premises, furniture, and equipment	51		42		9
Net securities losses	—		—		1,523

Share-based compensation expense	13,183		12,062		11,223
Tax benefit related to share-based compensation	364		258		349
Net (increase) decrease in other assets	(67,330)		35,981		18,667
Net increase (decrease) in other liabilities	49,813		(17,942)		(52,377)
Net cash provided by operating activities	203,745		85,950		26,643
Investing Activities

Proceeds from sales and maturities of securities available-for-sale	—		—		42,516
Purchase of premises, furniture, and equipment	—		(61)		(119)
Net cash (paid) received for acquisitions	(19,966)		39		(47,364)

Net cash used in investing activities	(19,966)		(22)		(4,967)
Financing Activities



Repurchases of common stock	(33,928)		—		—
Cash dividends paid	(56,540)		(44,293)		(37,129)
Restricted stock activity	(3,830)		(4,421)		(3,952)
Net cash used in financing activities	(94,298)		(48,714)		(41,081)
Net increase (decrease) in cash and cash equivalents	89,481		37,214		(19,405)
Cash and cash equivalents at beginning of year	158,026		120,812		140,217
Cash and cash equivalents at end of year	$	247,507	$	158,026	$	120,812
Supplemental Disclosures of Cash Flow Information:
Common stock issued for acquisitions, net of issuance costs	$	101,496	$	83,303	$	534,090