EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

       News Release
LOGO   First Midwest Bancorp, Inc.     

First Midwest Bancorp, Inc.

One Pierce Place, Suite 1500

Itasca, Illinois 60143

(630) 875-7450

FOR IMMEDIATE RELEASE    CONTACT:   Paul F. Clemens
       Chief Financial Officer
       (630) 875-7347
TRADED:   NASDAQ Global Select Market      www.firstmidwest.com
SYMBOL:   FMBI     

FIRST MIDWEST BANCORP, INC. ANNOUNCES

THIRD QUARTER 2009 EARNINGS OF $3.4 MILLION

Quarterly Highlights

Improved Capital Ratios – Successful Debt for Equity Exchange –

Increased Loan Loss Reserves – Solid Operating Leverage

Third Quarter 2009 Operating Performance

 

 

After-tax earnings of $3.4 million compared to $2.7 million for second quarter 2009 and $24.2 million for third quarter 2008.

 

 

Pre-tax earnings of $28.4 million, excluding provision expense and net securities and debt extinguishment gains/losses, compared to $25.9 million for second quarter 2009 and $39.8 million for third quarter 2008.

 

 

Average core transactional deposits up 3.4% from second quarter 2009 and 7.6% from third quarter 2008.

 

 

Net interest margin of 3.66% compared to 3.53% for second quarter 2009 and 3.63% for third quarter 2008.

 

 

Net securities losses realized of $7.0 million for third quarter 2009.

Capital and Credit

 

 

Increased tangible common equity 132 basis points to 6.88% from second quarter 2009.

 

 

Increased Tier 1 regulatory capital and Tier 1 common ratios to 12.88% and 8.43%, respectively, up 50 and 107 basis points, respectively, from second quarter 2009.

 

 

Exchanged $68.8 million of debt for 5.6 million shares of common stock at a pre-tax gain of approximately $14.0 million.

 

 

Non-accrual plus 90 days past due loans totaled $262.8 million, which approximates the level at June 30, 2009.

 

 

Increased loan loss reserves to 2.53% of total loans compared to 2.39% at June 30, 2009, with third quarter 2009 provision exceeding net charge-offs of $31.3 million by $6.7 million.

 

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ITASCA, IL, OCTOBER 21, 2009 – First Midwest Bancorp, Inc. (the “Company” or “First Midwest”) (NASDAQ NGS: FMBI), the holding company of First Midwest Bank, today reported results of operations and financial condition for third quarter 2009. Net income was $3.4 million, before adjustment for preferred dividends and non-vested restricted shares, with $773,000, or $0.02 per share available to common shareholders after such adjustments. This compares to $2.7 million and $63,000, respectively, for second quarter 2009, and net income available to common shareholders of $24.1 million, or $0.50 per share, for third quarter 2008. Return on average assets was 0.17% for third quarter 2009 compared to 0.13% and 1.16% for second quarter 2009 and third quarter 2008, respectively. Return on average common equity was 0.43% for third quarter 2009 compared to 0.04% and 13.07% for second quarter 2009 and third quarter 2008, respectively.

In making the announcement, Michael L. Scudder, President and Chief Executive Officer of First Midwest Bancorp, Inc. said, “Despite the continuing economic challenges during the quarter, we again generated solid core performance, as evidenced by commercial and industrial loan growth, core transactional deposit growth, and improved net interest margins. Concurrently, we increased our loan loss reserve and continued to proactively remediate problem credits.”

Mr. Scudder continued, “During the quarter, we also notably improved the quality of our capital composition by increasing our level of tangible common equity. We did so through the successful exchange of $68.8 million of the Company’s subordinated and trust preferred debt for common stock at a discount from the par value of the debt securities.”

Operating Performance

The Company generated income before taxes, credit losses, and net securities gains of $28.4 million for third quarter 2009, compared to $25.9 million for second quarter 2009. The increase was due primarily to a decrease in the deposit premium assessment by the Federal Deposit Insurance Corporation.

Total loans as of September 30, 2009 were $5.31 billion, a decrease of $34.7 million from June 30, 2009 and an increase of $82.5 million from September 30, 2008. During third quarter 2009, the Company securitized $25.7 million of real estate 1-4 family loans, which are now included in the securities available-for-sale portfolio, thereby accounting for the decline in consumer loans from June 30, 2009. Commercial and industrial loans increased from June 30, 2009, as did multifamily and commercial real estate office and retail categories. These increases, totaling $97.5 million, were substantially offset by reductions in construction and commercial land categories.

 

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Average core transactional deposits for third quarter 2009 were $3.86 billion, an increase of $127.5 million, or 3.4%, from second quarter 2009 and $271.5 million, or 7.6% from third quarter 2008. The increases from both prior periods were due primarily to growth in money market account balances.

Tax-equivalent net interest margin was 3.66% for third quarter 2009, an increase from 3.53% for second quarter 2009 and 3.63% for third quarter 2008. The yield on earning assets for third quarter 2009 improved 2 basis points compared to second quarter 2009, while the Company’s cost of funds declined 13 basis points compared to second quarter 2009.

Fee-based revenues were $21.8 million for third quarter 2009, compared to $21.2 million for second quarter 2009 and $24.8 million for third quarter 2008. All major fee categories decreased from third quarter 2008, reflecting the impact of reduced consumer spending and lower trust advisory fees.

Other income, excluding fee-based revenues, for third quarter 2009 decreased from the previous quarter by $1.3 million, principally due to recording a negative market adjustment related to certain assets held under a non-qualified deferred compensation plan. Such decrease is substantially offset by a corresponding decrease in compensation expense.

For third quarter 2009, noninterest expense decreased $2.6 million compared to the previous quarter and increased $8.2 million from third quarter 2008. If the special industry-wide FDIC assessment incurred in second quarter 2009 is excluded from the second quarter total, noninterest expense increased by $1.0 million, with the increase primarily due to the timing of marketing expenses. The increase from third quarter 2008 is due to higher loan remediation costs, including costs associated with maintaining foreclosed real estate, and higher FDIC insurance premiums.

Credit Remediation

Non-accrual loans plus 90 days past due and still accruing loans as of September 30, 2009 were $262.8 million compared to $263.3 million at June 30, 2009, with residential construction loans comprising approximately half of the September 30, 2009 total.

At September 30, 2009, the Company had total restructured loans of $41.0 million. Restructured loans for which interest is accruing totaled $26.7 million at September 30, 2009, up from $18.9 million at June 30, 2009. Included in the non-accrual loan total are additional restructured loans totaling $14.3 million, which will not accrue interest until the borrowers demonstrate a period of performance under the restructured terms. At such time, the Company will again accrue interest on these loans.

As of September 30, 2009, loans 30-89 days past due totaled $44.3 million compared to $38.1 million at June 30, 2009.

 

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Other real estate owned was $57.9 million as of September 30, 2009 compared to $50.6 million as of June 30, 2009. All properties are recorded at estimated fair values, less estimated selling costs.

During third quarter 2009, the Company increased its reserve for loan losses to $134.3 million, up $6.7 million from June 30, 2009. The reserve for loan losses represented 2.53% of total loans outstanding at September 30, 2009, compared to 2.39% at June 30, 2009. Net charge-offs totaled $31.3 million, or 2.32% of total average loans, during third quarter 2009, compared to $24.7 million, or 1.85% of total average loans in second quarter 2009. The provision for loan losses for third quarter 2009 was $38.0 million, compared to $36.3 million for second quarter 2009. The reserve for loan losses to non-accrual loans plus 90 days past due loans was 51.1% at September 30, 2009 an increase from 48.4% at June 30, 2009.

Securities Portfolio

Net securities losses were $7.0 million for third quarter 2009. The Company sold approximately $120 million of collateralized mortgage backed, municipal, and other securities at a net gain of $4.5 million. During third quarter 2009, the Company recorded an other-than-temporary impairment charge of $11.5 million associated with its portfolio of trust-preferred collateralized debt obligations.

Capital Management

During third quarter 2009, the Company retired $38.3 million of trust preferred debt and $29.5 million of subordinated debt at a discount to par in exchange for approximately 5.6 million shares of the Company’s common stock. The total pre-tax gain from the exchanges was approximately $14.0 million. Regulatory and tangible common equity ratios were improved in comparison to June 30, 2009. The significant improvements in the Tier 1 and tangible capital ratios primarily reflect the exchange of trust preferred debt and subordinated debt classified as Tier 1 and Tier 2 debt, respectively, for common stock.

As reflected in the following table, all regulatory mandated ratios for characterization as “well-capitalized” were significantly exceeded as of September 30, 2009.

 

4


     September 30,
2009
    June 30,
2009
    Minimum
“Well-
Capitalized”
Level
    Excess Over
Required
Minimums at
September 30, 2009
                       (Amounts in millions)

Regulatory Capital Ratios:

          

Total capital to risk-weighted assets

   15.27   15.21   10.00   53   $ 329

Tier 1 capital to risk-weighted assets

   12.88   12.38   6.00   115   $ 429

Tier 1 leverage to average assets

   10.52   9.87   5.00   110   $ 421

Regulatory capital ratios, excluding preferred stock:

          

Total capital to risk-weighted assets

   12.18   12.17   10.00   22   $ 136

Tier 1 capital to risk-weighted assets

   9.78   9.33   6.00   63   $ 236

Tier 1 leverage to average assets

   7.99   7.44   5.00   60   $ 228

Tier 1 common capital to risk-weighted assets

   8.43   7.36   N/A      N/A        N/A

Tangible equity ratios:

          

Tangible common equity to tangible assets

   6.88   5.56   N/A      N/A        N/A

Tangible common equity, excluding other comprehensive loss, to tangible assets

   7.10   6.23   N/A      N/A        N/A

Tangible common equity to risk-weighted assets

   8.16   6.57   N/A      N/A        N/A

The Board of Directors reviews the Company’s capital plan each quarter, giving consideration to the current and expected operating environment as well as an evaluation of various capital alternatives.

 

 

About the Company

First Midwest is the premier relationship-based banking franchise in the growing Chicagoland banking market. As one of the Chicago metropolitan area’s largest independent bank holding companies, First Midwest provides the full range of both business and retail banking and trust and investment management services through 93 offices located in 62 communities, primarily in metropolitan Chicago.

 

 

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that actual results and the Company’s financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the Company’s future results, see “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and other reports filed with the Securities and Exchange Commission. Forward-looking statements represent management’s best judgment as of the date hereof based on currently available information. Except as required by law, the Company undertakes no duty to update the contents of this press release after the date hereof.

 

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Conference Call

A conference call to discuss the Company’s results, outlook and related matters will be held on Wednesday, October 21, 2009 at 10:00 a.m. (ET). Members of the public who would like to listen to the conference call should dial 1-800-706-7741 (U.S. domestic) or 1-617-614-3471 (international) and enter passcode number 257 08 857. The number should be dialed at 10 to 15 minutes prior to the start of the conference call. There is no charge to access the call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the Company’s website, www.firstmidwest.com/aboutinvestor_overview.asp. For those unable to listen to the live broadcast, a replay will be available on the Company’s website or by dialing 1-888-286-8010 (U.S. domestic) or 1-617-801-6888 (international) passcode number 465 26 612, beginning at 1:00 p.m. (ET) on October 21, 2009 until 11:59 p.m. (ET) on October 28, 2009. Please direct any questions regarding obtaining access to the conference call to First Midwest Bancorp, Inc. Investor Relations, via e-mail, at investor.relations@firstmidwest.com.

 

 

Accompanying Financial Statements and Tables

Accompanying this press release is the following unaudited financial information:

 

 

Operating Highlights, Balance Sheet Highlights, and Capital Ratios (1 page)

 

 

Condensed Consolidated Statements of Condition (1 page)

 

 

Condensed Consolidated Statements of Income (1 page)

 

 

Loan Portfolio Composition (1 page)

 

 

Asset Quality (1 page)

 

 

Securities Available-for-Sale (1 page)

 

 

Press Release and Additional Information Available on Website

This press release, the accompanying financial statements and tables, and certain additional unaudited Selected Financial Information (totaling 3 pages) are available through the “Investor Relations” section of First Midwest’s website at www.firstmidwest.com.

 

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First Midwest Bancorp, Inc.   Press Release Dated October 21, 2009

 

Operating Highlights

 

Unaudited    Quarters Ended  
(Dollar amounts in thousands, except per share data)    September 30, 2009     June 30, 2009     September 30, 2008  

Net income

   $ 3,351      $ 2,663      $ 24,191   

Net income applicable to common shares

     773        63        24,149   

Diluted earnings per share

   $ 0.02      $ —        $ 0.50   

Return on average common equity

     0.43     0.04     13.07

Return on average assets

     0.17     0.13     1.16

Net interest margin

     3.66     3.53     3.63

Efficiency ratio

     59.13     61.45     50.30
Balance Sheet Highlights       
Unaudited      As Of   
(Dollar amounts in thousands, except per share data)      September 30, 2009        June 30, 2009       September 30, 2008   

Total assets

   $ 7,678,434      $ 7,767,312      $ 8,246,655   

Total loans

     5,306,068        5,340,771        5,223,582   

Total deposits

     5,749,153        5,766,656        5,658,284   

Total stockholders’ equity

     983,579        892,053        718,909   

Common stockholders’ equity

     790,579        699,053        718,909   

Book value per common share

   $ 14.43      $ 14.22      $ 14.80   

Period end common shares outstanding

     54,800        49,161        48,590   
Capital Ratios       
Unaudited      As Of   
     September 30, 2009        June 30, 2009        September 30, 2008   

Regulatory capital ratios:

      

Total capital to risk-weighted assets

     15.27     15.21     12.04

Tier 1 capital to risk-weighted assets

     12.88     12.38     9.42

Tier 1 leverage to average assets

     10.52     9.87     7.59

Regulatory capital ratios, excluding preferred stock:

      

Total capital to risk-weighted assets

     12.18     12.17     12.04

Tier 1 capital to risk-weighted assets

     9.78     9.33     9.42

Tier 1 leverage to average assets

     7.99     7.44     7.59

Tier 1 common capital to risk-weighted assets

     8.43     7.36     7.49

Tangible common equity ratios:

      

Tangible common equity to tangible assets

     6.88     5.56     5.44

Tangible common equity, excluding other comprehensive loss, to tangible assets

     7.10     6.23     6.09

Tangible common equity to risk-weighted assets

     8.16     6.57     6.69

 

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First Midwest Bancorp, Inc.   Press Release Dated October 21, 2009

 

Condensed Consolidated Statements of Condition     
Unaudited    September 30,  
(Amounts in thousands)    2009     2008  
Assets     

Cash and due from banks

   $ 115,905      $ 126,073   

Funds sold and other short-term investments

     81,693        564   

Trading account securities, at fair value

     13,231        15,252   

Securities available-for-sale, at fair value

     1,349,669        2,024,881   

Securities held-to-maturity, at amortized cost

     83,860        85,982   

Federal Home Loan Bank and Federal Reserve Bank stock, at cost

     54,768        54,767   

Loans

     5,306,068        5,223,582   

Reserve for loan losses

     (134,269     (69,811
                

Net loans

     5,171,799        5,153,771   
                

Other real estate owned

     57,945        23,697   

Premises, furniture, and equipment

     122,083        120,592   

Investment in bank owned life insurance

     197,681        207,390   

Goodwill and other intangible assets

     281,614        285,643   

Accrued interest receivable and other assets

     148,186        148,043   
                

Total assets

   $ 7,678,434      $ 8,246,655   
                

Liabilities and Stockholders’ Equity

    

Deposits

    

Transactional deposits

   $ 3,833,267      $ 3,462,867   

Time deposits

     1,904,985        2,070,633   

Brokered deposits

     10,901        124,784   
                

Total deposits

     5,749,153        5,658,284   

Borrowed funds

     716,299        1,554,703   

Subordinated debt

     157,717        232,442   

Accrued interest payable and other liabilities

     71,686        82,317   
                

Total liabilities

     6,694,855        7,527,746   
                

Preferred stock

     190,076        —     

Common stock

     670        613   

Additional paid-in capital

     251,423        207,503   

Retained earnings

     851,178        875,947   

Accumulated other comprehensive loss

     (16,217     (51,807

Treasury stock, at cost

     (293,551     (313,347
                

Total stockholders’ equity

     983,579        718,909   
                

Total liabilities and stockholders’ equity

   $ 7,678,434      $ 8,246,655   
                

 

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First Midwest Bancorp, Inc.   Press Release Dated October 21, 2009

 

Condensed Consolidated Statements of Income       
Unaudited    Quarters Ended  
(Amounts in thousands, except per share data)    September 30,
2009
    June 30,
2009
    September 30,
2008
 

Interest Income

      

Loans

   $ 66,035      $ 64,071      $ 74,929   

Securities

     16,621        21,002        26,520   

Other

     106        66        37   
                        

Total interest income

     82,762        85,139        101,486   
                        

Interest Expense

      

Deposits

     15,324        17,152        25,574   

Borrowed funds

     2,768        3,893        9,451   

Subordinated debt

     3,689        3,703        3,703   
                        

Total interest expense

     21,781        24,748        38,728   
                        

Net interest income

     60,981        60,391        62,758   

Provision for loan losses

     38,000        36,262        13,029   
                        

Net interest income after provision for loan losses

     22,981        24,129        49,729   
                        

Noninterest Income

      

Service charges on deposit accounts

     10,046        9,687        11,974   

Trust and investment management fees

     3,555        3,471        3,818   

Other service charges, commissions, and fees

     4,222        4,021        4,834   

Card-based fees

     4,023        4,048        4,141   
                        

Subtotal, fee-based revenues

     21,846        21,227        24,767   

Bank owned life insurance income

     282        1,159        1,882   

Securities (losses) gains, net

     (6,975     6,635        (1,746

Gains on early extinguishment of debt

     13,991        —          —     

Other

     1,946        2,373        (1,209
                        

Total noninterest income

     31,090        31,394        23,694   
                        

Noninterest Expense

      

Salaries and employee benefits

     27,416        28,229        26,996   

FDIC insurance

     2,558        6,034        261   

Net occupancy expense

     5,609        5,194        5,732   

Loan remediation and other real estate owned expense, net

     4,619        4,296        811   

Equipment expense

     2,228        2,195        2,484   

Technology and related costs

     2,230        2,142        1,990   

Other

     11,980        11,143        10,162   
                        

Total noninterest expense

     56,640        59,233        48,436   
                        

(Loss) income before taxes

     (2,569     (3,710     24,987   

Income tax (benefit) expense

     (5,920     (6,373     796   
                        

Net Income

     3,351        2,663        24,191   

Preferred dividends

     (2,567     (2,566     —     

Net income applicable to non-vested restricted shares

     (11     (34     (42
                        

Net Income Applicable to Common Shares

   $ 773      $ 63      $ 24,149   
                        

Diluted Earnings Per Common Share

   $ 0.02      $ —        $ 0.50   

Dividends Declared Per Common Share

   $ 0.01      $ 0.01      $ 0.31   

Weighted Average Diluted Common Shares Outstanding

     48,942        48,501        48,499   

 

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First Midwest Bancorp, Inc.   Press Release Dated October 21, 2009

 

Unaudited    As Of    Percent Change From  
(Dollar amounts in thousands)    9/30/09    % of
Total
    6/30/09    9/30/08    6/30/08     9/30/08  

Loan Portfolio Composition

               

Commercial and industrial

   $ 1,484,601    28.0   $ 1,457,413    $ 1,485,541    1.9   (0.1 )% 

Agricultural

     200,955    3.8     210,675      234,755    (4.6 )%    (14.4 )% 

Commercial real estate:

               

Office, retail, and industrial

     1,151,276    21.7     1,117,748      999,319    3.0   15.2

Residential construction

     400,502    7.5     458,913      509,974    (12.7 )%    (21.5 )% 

Commercial construction

     196,198    3.7     204,042      229,492    (3.8 )%    (14.5 )% 

Commercial land

     105,264    2.0     121,383      92,658    (13.3 )%    13.6

Multifamily

     342,807    6.5     305,976      237,506    12.0   44.3

Investor-owned rental property

     117,276    2.2     132,173      133,375    (11.3 )%    (12.1 )% 

Other commercial real estate

     636,153    12.0     626,959      550,071    1.5   15.6
                                       

Total commercial real estate

     2,949,476    55.6     2,967,194      2,752,395    (0.6 )%    7.2
                                       

Consumer:

               

Home equity

     478,204    9.0     480,706      468,703    (0.5 )%    2.0

Real estate 1-4 family

     138,862    2.6     171,186      205,851    (18.9 )%    (32.5 )% 

Other consumer

     53,970    1.0     53,597      76,337    0.7   (29.3 )% 
                                       

Total consumer

     671,036    12.6     705,489      750,891    (4.9 )%    (10.6 )% 
                                       

Total loans

   $ 5,306,068    100.0   $ 5,340,771    $ 5,223,582    (0.6 )%    1.6
                                       

Office, Retail, and Industrial

               

Office

   $ 376,897    32.7   $ 356,946    $ 318,041    5.6   18.5

Retail

     314,586    27.3     297,829      260,095    5.6   21.0

Industrial

     459,793    40.0     462,973      421,183    (0.7 )%    9.2
                                       

Total office, retail, and industrial

   $ 1,151,276    100.0   $ 1,117,748    $ 999,319    3.0   15.2
                                       

 

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First Midwest Bancorp, Inc.   Press Release Dated October 21, 2009

 

Unaudited    As Of  
(Dollar amounts in thousands)    9/30/09     % of Loan
Category
    % of Total     6/30/09     9/30/08  

Asset Quality

          

Non-accrual loans:

          

Commercial and industrial

   $ 45,134      3.04   17.6   $ 41,542      $ 13,961   

Agricultural

     2,384      1.19   0.9     452        12   

Office, retail, and industrial

     15,738      1.37   6.1     13,058        1,195   

Residential construction

     138,593      34.60   54.0     143,231        28,335   

Commercial construction

     —        —        —          —          —     

Multi-family

     15,910      4.64   6.2     10,632        2,827   

Other commercial real estate

     25,818      4.06   10.1     21,262        1,833   

Consumer

     13,228      1.97   5.1     7,076        5,154   
                                    

Total non-accrual loans

     256,805      4.84   100.0     237,253        53,317   
                                    

90 days past due loans (still accruing interest):

          

Commercial and industrial

     3,216      0.22   53.9     7,174        4,006   

Agricultural

     —        —        —          1,931        1,751   

Office, retail, and industrial

     1,036      0.09   17.4     1,013        4,838   

Residential construction

     66      0.02   1.1     5,022        17,615   

Commercial construction

     —        —        —          689        —     

Multi-family

     238      0.07   4.0     699        1,216   

Other commercial real estate

     338      0.05   5.7     1,938        2,469   

Consumer

     1,066      0.16   17.9     7,605        5,421   
                                    

Total 90 days past due loans

     5,960      0.11   100.0     26,071        37,316   
                                    

Total non-accrual and 90 days past due loans

     262,765            263,324        90,633   

Restructured, accruing loans

     26,718            18,877        3,731   
                            

Total non-performing loans

   $ 289,483          $ 282,201      $ 94,364   
                            

Other real estate owned

   $ 57,945          $ 50,640      $ 23,697   

30-89 days past due loans

   $ 44,346      0.84   —        $ 38,128      $ 104,769   

Reserve for loan losses

   $ 134,269      —        —        $ 127,528      $ 69,811   

Asset Quality Ratios

          

Non-accrual loans to loans

     4.84   —        —          4.44     1.02

Non-accrual plus 90 days past due loans to loans

     4.95   —        —          4.93     1.74

Non-performing loans to loans

     5.46   —        —          5.28     1.81

Reserve for loan losses to loans

     2.53   —        —          2.39     1.34

Reserve for loan losses to non-accrual loans

     52   —        —          54     131

Reserve for loan losses to non-accrual plus 90 days past due loans to loans

     51   —        —          48     77

Reserve for loan losses to non-performing loans

     46   —        —          45     74
                            
     Quarters Ended  
(Dollar amounts in thousands)    9/30/09     % of Loan
Category
    % of Total     6/30/09     9/30/08  

Charge-off Data

          

Net loans charged-off:

          

Commercial and industrial

   $ 12,585      0.85   40.3   $ 7,006      $ 1,899   

Agricultural

     —        —        —          —          (4

Office, retail, and industrial

     3,496      0.30   11.2     217        2   

Residential construction

     5,181      1.29   16.6     8,427        5,856   

Commercial construction

     —        —        —          —          —     

Multifamily

     29      0.01   0.1     1,086        (40

Other commercial real estate

     6,400      1.01   20.4     3,197        62   

Consumer

     3,568      0.53   11.4     4,802        1,547   
                                    

Total net loans charged-off

   $ 31,259      2.32   100.0   $ 24,735      $ 9,322   
                                    

Net loan charge-offs to average loans (annualized): Quarter-to-date

     2.32   —        —          1.85     0.71

Year-to-date

     2.05   —        —          1.91     0.52

 

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First Midwest Bancorp, Inc.   Press Release Dated October 21, 2009

Securities Available-For-Sale

 

Unaudited    U.S.
Treasury and
Agency
   Collateralized
Mortgage
Obligations
    Other
Mortgage
Backed
    State
and
Municipal
    Collateralized
Debt
Obligations
    Other     Total  
As of September 30, 2009                

Amortized cost

   $ 757    $ 322,780      $ 233,396      $ 680,216      $ 60,290      $ 50,929      $ 1,348,368   

Gross unrealized gains (losses):

               

Gross unrealized gains

     —        10,651        10,782        29,176        —          578        51,187   

Gross unrealized losses

     —        (2,224     (3     (1,078     (44,747     (1,834     (49,886
                                                       

Net unrealized gains (losses)

     —        8,427        10,779        28,098        (44,747     (1,256     1,301   
                                                       

Fair value

   $ 757    $ 331,207      $ 244,175      $ 708,314      $ 15,543      $ 49,673      $ 1,349,669   
                                                       
As of June 30, 2009                

Amortized cost

   $ —      $ 382,526      $ 221,481      $ 767,856      $ 71,789      $ 59,646      $ 1,503,298   

Gross unrealized gains (losses):

               

Gross unrealized gains

     —        8,349        6,786        4,907        —          140        20,182   

Gross unrealized losses

     —        (3,456     (15     (14,778     (51,474     (3,675     (73,398
                                                       

Net unrealized gains (losses)

     —        4,893        6,771        (9,871     (51,474     (3,535     (53,216
                                                       

Fair value

   $ —      $ 387,419      $ 228,252      $ 757,985      $ 20,315      $ 56,111      $ 1,450,082   
                                                       
As of September 30, 2008                

Amortized cost

   $ 2,901    $ 515,376      $ 517,139      $ 926,519      $ 85,286      $ 50,973      $ 2,098,194   

Gross unrealized gains (losses):

               

Gross unrealized gains

     6      1,798        1,970        1,987        80        26        5,867   

Gross unrealized losses

     —        (6,827     (3,068     (45,854     (14,000     (9,431     (79,180
                                                       

Net unrealized gains (losses)

     6      (5,029     (1,098     (43,867     (13,920     (9,405     (73,313
                                                       

Fair value

   $ 2,907    $ 510,347      $ 516,041      $ 882,652      $ 71,366      $ 41,568      $ 2,024,881   
                                                       

 

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