Note 25 - Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2011

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

25.   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)

	December 31,
	2011		2010
Assets
Cash and interest-bearing deposits	$	47,101	$	51,442
Investments in and advances to subsidiaries		1,135,930		1,173,342
Goodwill		10,358		10,358
Other assets		45,592		35,582
Total assets	$	1,238,981	$	1,270,724
Liabilities and Stockholders’ Equity
Senior and subordinated debt	$	252,153	$	137,744
Accrued expenses and other liabilities		24,241		20,935
Stockholders’ equity		962,587		1,112,045
Total liabilities and stockholders’ equity	$	1,238,981	$	1,270,724

Statements of Income

(Parent Company only)

(Dollar amounts in thousands)

	Years ended December 31,
	2011			2010			2009
Income
Dividends from subsidiaries	$	104,000		$	-		$	750
Interest income		259			518			1,596
Gains on early extinguishment of debt		-			-			15,258
Securities transactions and other		(189	)		1,950			3,157
Total income		104,070			2,468			20,761
Expenses
Interest expense		9,892			9,124			13,592
Salaries and employee benefits		10,865			11,056			8,308
Other expenses		4,756			6,178			4,715
Total expenses		25,513			26,358			26,615
Income (loss) before income tax benefit and equity in undistributed (loss) income of subsidiaries		78,557			(23,890	)		(5,854	)
Income tax benefit		10,414			9,388			2,617
Income (loss) before undistributed (loss) income of subsidiaries		88,971			(14,502	)		(3,237	)
Equity in undistributed (loss) income of subsidiaries		(52,408	)		4,818			(22,513	)
Net income (loss)		36,563			(9,684	)		(25,750	)
Preferred dividends and accretion on preferred stock		(10,776	)		(10,299	)		(10,265	)
Net (income) loss applicable to non-vested restricted shares		(350	)		266			464
Net income (loss) applicable to common shares	$	25,437		$	(19,717	)	$	(35,551	)

Statements of Cash Flows

(Parent Company only)

(Dollar amounts in thousands)

	Years ended December 31,
	2011			2010			2009
Operating Activities
Net income (loss)	$	36,563		$	(9,684	)	$	(25,750	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in undistributed loss (income) of subsidiaries		52,408			(4,818	)		22,513
Depreciation of premises, furniture, and equipment		9			10			8
Net losses on securities		-			110			-
Gains on early extinguishment of debt		-			-			(15,258	)
Share-based compensation expense		6,362			5,638			3,516
Tax (expense) benefit related to share-based compensation		(179	)		350			581
Net (increase) decrease in other assets		(10,290	)		4,053			(10,370	)
Net increase (decrease) in other liabilities		4,618			(263	)		(9,850	)
Net cash provided by (used in) operating activities		89,491			(4,604	)		(34,610	)
Investing Activities
Purchases of securities available-for-sale		-			-			(1,050	)
Proceeds from sales and maturities of securities available-for-sale		14			16			800
Proceeds from sales of premises, furniture, and equipment		103
Purchase of premises, furniture, and equipment		(16	)		(96	)		(15	)
Capital injection into subsidiary bank		-			(100,000	)		-
Capital injection into non-bank subsidiary		(363	)		(750	)		-
Purchase of non-performing assets from subsidiary bank (1)		-			(168,088	)		-
Net cash used in investing activities		(262	)		(268,918	)		(265	)
Financing Activities
Proceeds (payments) for the issuance (retirement) of subordinated debt		114,387			-			(19,400	)
Redemption of Preferred Shares and related Warrant		(193,910	)		-			-
Proceeds from the issuance of Common Stock		-			196,035			-
Cash dividends paid		(12,838	)		(12,422	)		(12,423	)
Exercise of stock options and restricted stock activity		(1,256	)		(401	)		(379	)
Excess tax benefit (expense) related to share-based compensation		47			(189	)		(177	)
Net cash (used in) provided by financing activities		(93,570	)		183,023			(32,379	)
Net decrease in cash and cash equivalents		(4,341	)		(90,499	)		(67,254	)
Cash and cash equivalents at beginning of year		51,442			141,941			209,195
Cash and cash equivalents at end of year	$	47,101		$	51,442		$	141,941

(1)   These assets were transferred to Catalyst in the form of a capital injection.