Form 8-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UeWe7nBIJNEqzrc/ey2k4WWEFntGROoe5P4pZjz9GoACYjK5pAEqpBqve9n6Ub1F Orq13483KlTqB2qroPIKZA== 0001193125-10-232140.txt : 20101020 0001193125-10-232140.hdr.sgml : 20101020 20101020070050 ACCESSION NUMBER: 0001193125-10-232140 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20101020 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20101020 DATE AS OF CHANGE: 20101020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST MIDWEST BANCORP INC CENTRAL INDEX KEY: 0000702325 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 363161078 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10967 FILM NUMBER: 101131615 BUSINESS ADDRESS: STREET 1: ONE PIERCE PLACE STREET 2: SUITE 1500 CITY: ITASCA STATE: IL ZIP: 60143 BUSINESS PHONE: 6308757450 MAIL ADDRESS: STREET 1: ONE PIERCE PLACE STREET 2: SUITE 1500 CITY: ITASCA STATE: IL ZIP: 60143 8-K 1 d8k.htm FORM 8-K Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 20, 2010

First Midwest Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Delaware

0-10967

36-3161078

(State or other jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)


One Pierce Place, Suite 1500, Itasca, Illinois		60143
(Address of principal executive offices)		(Zip Code)

(630) 875-7450

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

FIRST MIDWEST BANCORP, INC.

FORM 8-K

October 21, 2010

Item 2.02 Results of Operations and Financial Condition

On October 20, 2010, First Midwest Bancorp, Inc. (the “Company”) issued a press release announcing its earnings results for the quarter ended September 30, 2010. This press release, dated October 20, 2010, is attached as Exhibit 99.1 to this report.

Item 7.01 Regulation FD Disclosure

The Company also has made the information attached hereto as Exhibit 99.2 available via its website at www.firstmidwest.com/aboutinvstor_selected.asp.

The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including the text of the information attached hereto as Exhibits 99.1 and 99.2, is being furnished to, but not filed with, the Securities and Exchange Commission (“SEC”) and shall not be deemed incorporated by reference into any filing made by the Company with the SEC, except as shall be expressly set forth by specific reference in such filing. The Company is not undertaking any duty to update this information after the date of this Report.

Item 9.01 Financial Statements and Exhibits

(a) and (b) not applicable


99.1		Press Release issued by First Midwest Bancorp, Inc. dated October 20, 2010

99.2		First Midwest Bancorp, Inc. Selected Financial Information

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		First Midwest Bancorp, Inc.
		(Registrant)

Date: October 20, 2010		/s/ CYNTHIA A. LANCE
		By: Cynthia A. Lance Executive Vice President and Corporate Secretary

EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1


			News Release
	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 2010

THIRD QUARTER RESULTS

Solid Core Operating Performance—Strong Capital Ratios—Elevated Credit Costs

Operating Performance

•

Net income before preferred dividends and accretion on preferred stock of $2.6 million for third quarter 2010 vs. $7.8 million for second quarter 2010 and $3.4 million for third quarter 2009.

•

Pre-tax, pre-provision core operating earnings of $34.9 million for third quarter 2010, up $179,000, or 0.5%, from second quarter 2010 and up $4.7 million, or 15.6%, from third quarter 2009.

•

Average earnings assets up approximately $250 million, or 3.6%, from second quarter 2010.

•

Average core transactional deposits up $610.6 million, or 15.8%, from third quarter 2009.

•

Acquisition of approximately $297 million of loans and $460 million of deposits of the former Palos Bank and Trust Company in an FDIC-assisted transaction.

Capital, Credit and Other

•

Tier 1 common equity to risk-based assets of 10.45% as compared to 10.88% and 8.43% at June 30, 2010 and September 30, 2009, respectively.

•

Non-performing loans of $220.5 million, up from $200.0 million at June 30, 2010 and down from $262.8 million at September 30, 2009.

•

Allowance for credit losses of $145.0 million representing 2.81% of loans, excluding covered loans, as compared to 2.79% at June 30, 2010 and 2.53% at September 30, 2009.

•

Net securities gains of $6.4 million for third quarter 2010.

ITASCA, IL, October 20, 2010 – Today First Midwest Bancorp, Inc. (the “Company” or “First Midwest”) (NASDAQ NGS: FMBI), the holding company of First Midwest Bank, reported results of operations and financial condition for third quarter 2010. Net income for the quarter was $2.6 million, before adjustment for preferred dividends and non-vested restricted shares, with net income of $11 thousand, or $0.00 per share, available to common shareholders after such adjustments. This compares to net income available to common shareholders of $5.2 million, or $0.07 per share, for second quarter 2010 and net income available to common shareholders of $773,000, or $0.02 per share, for third quarter 2009.

Summary Update

In making the announcement, Michael L. Scudder, President and Chief Executive Officer of First Midwest Bancorp, Inc., said, “The quarter evidenced continued solid underlying business performance offset by higher credit costs. Core operating earnings remained strong, reflecting the positive impact of both strategic acquisition activity and improved fee-based revenues. Mid-quarter, we acquired Palos Bank and Trust Company from the FDIC adding $297 million in loans and $460 million in deposits, representing approximately 18,000 households and significantly expanding our southeastern Chicago presence. As we closed the quarter, our core earnings stood 16% higher than the same period in 2009.”

Mr. Scudder continued, “While elevated from last quarter, problem assets remain well below peak levels, with the quarter’s increase largely due to three individual borrowers. During the quarter, we disposed of $30 million of nonperforming loans, contributing to the quarter’s comparatively higher charge-off levels. In what remains a difficult credit environment, we are focused on problem asset remediation and continue to adjust carrying values to reflect evolving market conditions and disposition strategies.”

Mr. Scudder concluded, “For 70 years, First Midwest has been committed to meeting the financial needs of our clients and communities. This ongoing commitment, supported by our leading capital foundation, leaves us well positioned to serve our clients and pursue opportunities to profitably grow our core business.”

Acquisitions

On August 13, 2010, the Company acquired approximately $297.0 million in loans, $23.7 million in other real estate owned (“OREO”), and $121.5 million in cash and securities and assumed $215.2 million in core deposits and $246.6 million in time deposits of the former Palos Bank and Trust Company (“Palos”) in an Federal Deposit Insurance Corporation (“FDIC”)-assisted transaction. The Company also gained four retail banking centers. This represents the third such transaction since October 2009, bringing total earnings assets acquired to approximately $487.8 million at September 30,

2010. The Company continues to evaluate acquisition opportunities in the market. The majority of the loans and OREO acquired from Palos are subject to a loss sharing arrangement with the FDIC whereby the Company is indemnified against the majority of any losses incurred on these loans and, therefore, are presented separately in the asset quality presentation in this release.

Operating Performance

The Company generated pre-tax, pre-provision core operating earnings of $34.9 million for third quarter 2010, compared to $34.7 million for second quarter 2010 and $30.2 million for third quarter 2009. The increases compared to both prior periods were the result of higher net interest income and fee-based revenues, which more than offset higher non-interest expense. A reconciliation of earnings in accordance with U.S. generally accepted accounting principles (“GAAP”) to the non-GAAP financial measures of pre-tax, pre-provision core operating earnings is presented on page 12 of this earnings release.

Total loans, including covered loans, were $5.7 billion as of September 30, 2010, an increase of $203.2 million and $346.4 million from June 30, 2010 and September 30, 2009, respectively. The increases were driven by the addition of covered loans acquired through FDIC-assisted transactions, which more than offset declines in the multi-family, residential, and commercial construction categories. Covered loans were $487.8 million at September 30, 2010 compared to $240.9 million at June 30, 2010 and zero at September 30, 2009.

In addition to loans, the Company also recorded OREO and indemnification assets from the completion of its FDIC-assisted acquisitions, collectively referred to as “covered assets.” The quarter over quarter increase in covered assets from $251.6 million to $519.3 million is due to the acquisition of Palos on August 13, 2010.

Average core transactional deposits for third quarter 2010 were $4.5 billion, an increase of $610.6 million, or 15.8%, from third quarter 2009. Excluding core transactional deposits acquired through FDIC-assisted transactions, the year-over-year increase in core transactional deposits was $109.8 million, or 2.8%.

Net interest income for third quarter 2010 of $70.2 million was relatively unchanged from second quarter 2010, despite average earning assets that were approximately $250 million higher. The impact of higher earning assets was offset by a decline in the tax-equivalent net interest margin from 4.21% for second quarter 2010 to 4.05% for third quarter 2010.

The quarter over quarter decline in margin reflects the impact of the low interest rate environment given lower yields on our short-term investment of proceeds from securities sales, the seasonal increase of deposits from the Company’s municipal customers, and the additional deposits acquired from the Palos acquisition, as well as higher reversals of interest on nonaccrual loans.

Net interest income for third quarter 2010 increased $9.2 million, or 15.1%, compared to third quarter 2009. The improvement was driven by an increase in earning assets, primarily covered loans, and a 39 basis point increase in tax-equivalent net interest margin. The margin improvement reflects reductions in rates paid on all major funding categories, led by a 105 basis point decline in rates paid on time deposits.

Fee-based revenues of $22.5 million for third quarter 2010 were up 2.6% from second quarter 2010, reflecting increases in all major fee categories. Total overdraft fee income increased 5.5% from second quarter 2010 as a result of higher transaction volume and our customers’ adoption of our new overdraft protection program.

Fee-based revenues increased 2.8% compared to third quarter 2009 with the 7.9% decline in service charge fees more than offset by a 16.8% increase in other service charges, commissions and fees (primarily merchant fee income), a 13.0% increase in card-based fees, and a 4.9% increase in trust and advisory fees.

Total noninterest income grew 12.6% from second quarter 2010 and declined 1.1% from third quarter 2009 due to differences in net securities gains and the fair value adjustment related to the Company’s non-qualified deferred compensation plan.

Total noninterest expense for third quarter 2010 rose approximately $1.3 million from second quarter 2010 as a result of increases in salaries and employee benefits, net occupancy and equipment expense, loan remediation, and other professional expenses. These increases were mitigated by declines in net operating expenses and losses recognized on OREO and marketing expenses included in the “other” expense category.

The $3.4 million increase in salaries and employee benefits from second quarter 2010 reflects the $2.2 million difference from the fair value adjustment related to assets held on behalf of certain employees in the Company’s non-qualified deferred compensation plan, as well as the increase in retail banking employees as a result of the Company’s FDIC-assisted acquisitions.

The 6.6% increase in net occupancy and equipment expense from second quarter 2010 is primarily driven by higher utilities and depreciation expense associated with acquired retail banking facilities.

Loan remediation and other professional expenses grew by 9.5% from second quarter 2010 reflecting substantially higher outsourced remediation expenses.

Total noninterest expense rose by $12.1 million, or 21.4%, in third quarter 2010 compared to third quarter 2009 due to $6.4 million of higher losses and write-downs on OREO in addition to increases of $2.5 million in salaries and benefits, $1.7 million in loan remediation costs (including costs to service certain assets acquired in the FDIC-assisted transactions), and $759 thousand in professional services fees from the valuation and integration of FDIC-acquired assets.

The increase in salaries and benefits from third quarter 2009 was driven by the addition of retail banking employees from the Company’s three FDIC-assisted acquisitions, as well as standard merit increases and higher share-based compensation expense.

Similarly, the increases in loan remediation and other professional expenses result from costs associated with integrating and remediating FDIC-acquired assets. For third quarter 2010, the Company recorded $847 thousand of one-time integration expenses associated with these acquisitions.

Asset Quality

Non-performing assets, excluding covered assets, were $283.5 million at September 30, 2010, an increase of $17.5 million from June 30, 2010 and a decrease of $63.9 million from September 30, 2009. The quarter over quarter increase is substantially due to the deterioration of three borrowers. Non-performing assets represented 5.44% of total loans plus OREO at September 30, 2010 compared to 5.05% and 6.48% at June 30, 2010 and September 30, 2009, respectively. Loans 30-89 days delinquent stood at $41.6 million, an increase of $9.6 million from the June 30, 2010 level of $32.0 million.

The allowance for credit losses represented 2.81% of total loans outstanding at September 30, 2010 compared to 2.79% at June 30, 2010 and 2.53% at September 30, 2009. The allowance for credit losses as a percentage of non-performing loans, excluding covered loans, was 66% at September 30, 2010 compared to 73% at June 30, 2010 and 51% at September 30, 2009.

Net charge-offs, excluding covered loans, for third quarter 2010 were $34.0 million compared to $20.2 million and $31.3 million for second quarter 2010 and third quarter 2009, respectively. The Company disposed of approximately $30.2 million of nonperforming loans at a loss of $13.6 million and sold $8.0 million of OREO at a loss of $2.5 million during the quarter. During the quarter, the Company also recorded OREO write-downs of $5.8 million in noninterest expense.

Securities Portfolio

Approximately 95% of the Company’s $1.1 billion available-for-sale portfolio is comprised of municipals, collateralized mortgage obligations (“CMOs”), and agency pass-through securities. The remainder consists of trust-preferred collateralized debt obligation pools (“CDOs”) with a fair value of $13.4 million and an unrealized loss of $36.3 million, and miscellaneous other securities totaling $37.5 million. Net securities gains were $6.4 million for third quarter 2010 and were net of other-than-temporary impairment charges of $852 thousand related to the Company’s CDOs.

Capital Management

As reflected in the following table, all regulatory mandated ratios for characterization as “well-capitalized” were exceeded as of September 30, 2010.


	September 30, 2010			June 30, 2010			Minimum “Well- Capitalized” Level			Excess Over Required Minimums at September 30, 2010
										(Amounts in millions)

Regulatory capital ratios:
Total capital to risk-weighted assets		16.83	%		17.31	%		10.00	%		68	%	$	438
Tier 1 capital to risk-weighted assets		14.78	%		15.25	%		6.00	%		146	%	$	563
Tier 1 leverage to average assets		11.98	%		12.69	%		5.00	%		140	%	$	553

Regulatory capital ratios, excluding preferred stock:
Total capital to risk-weighted assets		13.82	%		14.27	%		10.00	%		38	%	$	245
Tier 1 capital to risk-weighted assets		11.77	%		12.21	%		6.00	%		96	%	$	370
Tier 1 leverage to average assets		9.54	%		10.17	%		5.00	%		91	%	$	360

Tier 1 common capital to risk-weighted assets		10.45	%		10.88	%		N/A			N/A			N/A
Tangible equity ratios:
Tangible common equity to tangible assets		8.34	%		9.05	%		N/A			N/A			N/A
Tangible common equity, excluding other comprehensive loss, to tangible assets		8.46	%		9.22	%		N/A			N/A			N/A
Tangible common equity to risk-weighted assets		10.51	%		10.71	%		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 100 offices located in 65 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, 2009 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.

Conference Call

A conference call to discuss the Company’s results, outlook and related matters will be held on Wednesday, October 20, 2010 at 10:00 A.M. (ET). Members of the public who would like to listen to the conference call should dial (800) 638-4817 (U.S. domestic) or (617) 614-3943 (international) and enter passcode number 253 50 917. The number should be dialed 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/investorrelations. For those unable to listen to the live broadcast, a replay will be available on the Company’s website or by dialing (888) 286-8010 (U.S. domestic) or (617) 801-6888 (international) passcode number 187 96 745 beginning at 1:00 P.M. (ET) on October 20, 2010 until 11:59 P.M. (ET) on October 27, 2010. 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

•

Condensed Consolidated Statements of Financial Condition

•

Condensed Consolidated Statements of Income

•

Pre-Tax, Pre-Provision Core Operating Earnings

•

Loan Portfolio Composition

•

Asset Quality, Excluding Covered Assets

•

Covered Assets

•

Non-performing Assets and Past Due Loans

•

Charge-off Data

•

Securities Available-for-Sale

Press 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 October 20, 2010

Operating Highlights


	Quarters Ended
Unaudited (Dollar amounts in thousands except per share data)	September 30, 2010			June 30, 2010			September 30, 2009
Net income	$	2,585		$	7,809		$	3,351
Net income applicable to common shares		11			5,171			773
Diluted earnings per common share	$	0.00		$	0.07		$	0.02
Return on average common equity		0.00	%		2.16	%		0.43	%
Return on average assets		0.13	%		0.40	%		0.17	%
Net interest margin		4.05	%		4.21	%		3.66	%
Efficiency ratio		59.91	%		57.92	%		59.13	%

Balance Sheet Highlights


	As Of
Unaudited (Dollar amounts in thousands except per share data)	September 30, 2010		June 30, 2010		September 30, 2009
Total assets	$	8,376,494	$	7,805,089	$	7,678,434
Total loans, excluding covered loans		5,164,666		5,208,347		5,306,068
Covered assets ⁽¹⁾		519,305		251,572		—
Total deposits		6,677,259		6,123,565		5,749,153
Total stockholders’ equity		1,160,059		1,155,512		983,579
Common stockholders’ equity		967,059		962,512		790,579
Book value per share	$	13.06	$	13.00	$	14.43
Period end shares outstanding		74,057		74,049		54,800

⁽¹⁾

Covered assets are subject to a loss sharing agreement with the FDIC whereby the Company is indemnified against the majority of any losses incurred related to these loans and other real estate owned. 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.

Capital Ratios


	As Of
Unaudited	September 30, 2010			June 30, 2010			September 30, 2009
Regulatory capital ratios:
Total capital to risk-weighted assets		16.83	%		17.31	%		15.27	%
Tier 1 capital to risk-weighted assets		14.78	%		15.25	%		12.88	%
Tier 1 leverage to average assets		11.98	%		12.69	%		10.52	%

Regulatory capital ratios, excluding preferred stock:
Total capital to risk-weighted assets		13.82	%		14.27	%		12.18	%
Tier 1 capital to risk-weighted assets		11.77	%		12.21	%		9.78	%
Tier 1 leverage to average assets		9.54	%		10.17	%		7.99	%

Tier 1 common capital to risk-weighted assets		10.45	%		10.88	%		8.43	%

Tangible common equity ratios:
Tangible common equity to tangible assets		8.34	%		9.05	%		6.88	%
Tangible common equity, excluding other comprehensive loss, to tangible assets		8.46	%		9.22	%		7.10	%
Tangible common equity to risk-weighted assets		10.51	%		10.71	%		8.16	%


First Midwest Bancorp, Inc.		Press Release Dated October 20, 2010

Condensed Consolidated Statements of Financial Condition


Unaudited (Amounts in thousands)	September 30,
Unaudited (Amounts in thousands)	2010			2009
*Assets*
Cash and due from banks	$	177,537		$	115,905
Federal funds sold and other short-term investments		558,408			81,693
Trading account securities, at fair value		13,784			13,231
Securities available-for-sale, at fair value		1,058,609			1,349,669
Securities held-to-maturity, at amortized cost		85,687			83,860
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		62,038			54,768
Loans, excluding covered loans		5,164,666			5,306,068
Covered loans ⁽¹⁾		487,755			—
Allowance for loan losses		(144,569	)		(134,269	)


Net loans		5,507,852			5,171,799

Other real estate owned, excluding covered OREO		52,044			57,945
Covered other real estate owned ⁽¹⁾		31,550			—
Premises, furniture, and equipment		131,845			122,083
Investment in bank owned life insurance		198,666			197,681
Goodwill and other intangible assets		292,523			281,614
Accrued interest receivable and other assets		205,951			148,186


Total assets	$	8,376,494		$	7,678,434


*Liabilities and Stockholders’ Equity*

Deposits
Transactional deposits	$	4,533,662		$	3,833,267
Time deposits		2,143,597			1,915,886


Total deposits		6,677,259			5,749,153
Borrowed funds		323,077			716,299
Subordinated debt		137,741			157,717
Accrued interest payable and other liabilities		78,358			71,686


Total liabilities		7,216,435			6,694,855

Preferred stock		190,716			190,076
Common stock		858			670
Additional paid-in capital		436,774			251,423
Retained earnings		819,157			851,178
Accumulated other comprehensive loss, net of tax		(9,203	)		(16,217	)
Treasury stock, at cost		(278,243	)		(293,551	)


Total stockholders’ equity		1,160,059			983,579


Total liabilities and stockholders’ equity	$	8,376,494		$	7,678,434

⁽¹⁾	Total covered assets equal $519,305 and are comprised of covered loans, which include an FDIC indemnification asset, and covered OREO.


First Midwest Bancorp, Inc.		Press Release Dated October 20, 2010

Condensed Consolidated Statements of Income


	Quarters Ended
Unaudited (Amounts in thousands, except per share data)	September 30, 2010			June 30, 2010			September 30, 2009
*Interest Income*
Loans	$	65,416		$	65,439		$	66,035
Securities		11,920			13,699			16,278
Covered assets, excluding covered OREO		4,294			2,598			—
Federal funds sold and other short-term investments		708			538			449

Total interest income		82,338			82,274			82,762

*Interest Expense*
Deposits		9,049			9,626			15,324
Borrowed funds		797			749			2,768
Subordinated debt		2,279			2,280			3,689

Total interest expense		12,125			12,655			21,781

Net interest income		70,213			69,619			60,981
Provision for loan losses		33,576			21,526			38,000

Net interest income after provision for loan losses		36,637			48,093			22,981

*Noninterest Income*
Service charges on deposit accounts		9,249			9,052			10,046
Trust and investment advisory fees		3,728			3,702			3,555
Other service charges, commissions, and fees		4,932			4,628			4,222
Card-based fees		4,547			4,497			4,023

Total fee-based revenues		22,456			21,879			21,846
Bank owned life insurance income		267			349			282
Securities gains (losses), net		6,376			1,121			(6,975	)
Gain on FDIC-assisted transaction		—			4,303			—
Gains on early extinguishment of debt		—			—			13,991
Other		1,654			(342	)		1,946

Total noninterest income		30,753			27,310			31,090

*Noninterest Expense*
Salaries and employee benefits		29,926			26,540			27,416
Losses realized on other real estate owned		8,265			8,924			1,801
Other real estate owned expense, net		1,312			2,926			1,660
FDIC insurance		2,835			2,546			2,558
Net occupancy and equipment expense		8,326			7,808			7,837
Loan remediation expense		2,817			2,649			1,833
Other professional fees		3,370			3,003			1,936
Other		11,926			13,059			11,599

Total noninterest expense		68,777			67,455			56,640

(Loss) income before income tax (benefit) expense		(1,387	)		7,948			(2,569	)
Income tax (benefit) expense		(3,972	)		139			(5,920	)

Net income		2,585			7,809			3,351
Preferred dividends		(2,575	)		(2,573	)		(2,567	)
Net income applicable to non-vested restricted shares		1			(65	)		(11	)

Net Income Applicable to Common Shares	$	11		$	5,171		$	773

Diluted Earnings Per Common Share	$	0.00		$	0.07		$	0.02
Dividends Declared Per Common Share	$	0.01		$	0.01		$	0.01
Weighted Average Diluted Common Shares Outstanding		73,072			73,028			48,942


First Midwest Bancorp, Inc.		Press Release Dated October 20, 2010

Pre-Tax, Pre-Provision Core Operating Earnings ⁽¹⁾


	Quarters Ended
Unaudited (Dollar amounts in thousands)	September 30, 2010			June 30, 2010			September 30, 2009
(Loss) income before income tax expense (benefit)	$	(1,387	)	$	7,948		$	(2,569	)
Provision for loan losses		33,576			21,526			38,000

Pre-tax, pre-provision earnings		32,189			29,474			35,431


*Non-Operating Items*
Securities gains (losses), net		6,376			1,121			(6,975	)
Gains on FDIC-assisted transaction		—			4,303			—
Gains on early extinguishment of debt		—			—			13,991
Losses realized on other real estate owned		(8,265	)		(8,924	)		(1,801	)
Integration costs associated with FDIC-assisted acquisitions		(847	)		(1,772	)		—

Total non-operating items		(2,736	)		(5,272	)		5,215


Pre-tax, pre-provision core operating earnings	$	34,925		$	34,746		$	30,216

Pre-tax, pre-provision core operating earnings to risk-weighted assets		2.18	%		2.19	%		1.94	%

⁽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 October 20, 2010

Loan Portfolio Composition


	As Of									Percent Change From
Unaudited (Dollar amounts in thousands)	9/30/10		% of Total			6/30/10		9/30/09		6/30/10			9/30/09
Corporate:
Commercial and industrial	$	1,472,439		28.5	%	$	1,494,119	$	1,484,601		(1.5	%)		(0.8	%)
Agricultural and farmland		212,800		4.1	%		199,597		200,955		6.6	%		5.9	%
Commercial real estate:
Office		402,947		7.8	%		415,846		376,897		(3.1	%)		6.9	%
Retail		329,153		6.4	%		310,819		314,586		5.9	%		4.6	%
Industrial		483,549		9.4	%		493,526		459,793		(2.0	%)		5.2	%

Total office, retail, and industrial		1,215,649		23.6	%		1,220,191		1,151,276		(0.4	%)		5.6	%


Construction:
Residential construction		226,126		4.4	%		241,094		400,502		(6.2	%)		(43.5	%)
Commercial construction		98,562		1.9	%		107,572		196,198		(8.4	%)		(49.8	%)
Commercial land		94,479		1.8	%		94,469		105,264		0.0	%		(10.2	%)

Total construction		419,167		8.1	%		443,135		701,964		(5.4	%)		(40.3	%)


Multifamily		350,458		6.8	%		369,281		342,807		(5.1	%)		2.2	%
Investor-owned rental property		119,974		2.3	%		120,436		117,276		(0.4	%)		2.3	%
Other commercial real estate		717,903		13.9	%		711,287		636,153		0.9	%		12.9	%

Total commercial real estate		2,823,151		54.7	%		2,864,330		2,949,476		(1.4	%)		(4.3	%)

Total corporate loans		4,508,390		87.3	%		4,558,046		4,635,032		(1.1	%)		(2.7	%)


Consumer:
Home equity		457,981		8.9	%		458,066		478,204		0.0	%		(4.2	%)
Real estate 1-4 family		150,110		2.9	%		145,457		138,862		3.2	%		8.1	%
Other consumer		48,185		0.9	%		46,778		53,970		3.0	%		(10.7	%)

Total consumer loans		656,276		12.7	%		650,301		671,036		0.9	%		(2.2	%)

Total loans, excluding covered loans		5,164,666		100.0	%		5,208,347		5,306,068		(0.8	%)		(2.7	%)

Covered loans		487,755					240,915		—

Total loans	$	5,652,421				$	5,449,262	$	5,306,068


First Midwest Bancorp, Inc.		Press Release Dated October 20, 2010

Asset Quality, Excluding Covered Assets


	As Of
Unaudited (Dollar amounts in thousands)	9/30/10			% of Loan Category			% of Total			6/30/10			9/30/09
Non-accrual loans:
Commercial and industrial	$	40,955			2.78	%		19.4	%	$	39,942		$	45,134
Agricultural and farmland		3,495			1.64	%		1.6	%		1,139			2,384
Office, retail, and industrial		21,721			1.79	%		10.3	%		17,170			15,738
Residential construction		61,050			27.00	%		28.9	%		71,148			138,593
Commercial construction		—			0.00	%		0.0	%		—			—
Commercial land		21,471			22.73	%		10.2	%		20,457			2,908
Multi-family		6,813			1.94	%		3.2	%		7,904			15,910
Investor-owned rental property		4,107			3.42	%		1.9	%		6,083			4,069
Other commercial real estate		40,409			5.62	%		19.1	%		15,867			18,841
Consumer		11,345			1.73	%		5.4	%		13,979			13,228

Total non-accrual loans		211,366			4.09	%		100.0	%		193,689			256,805

90 days past due loans (still accruing interest):
Commercial and industrial		2,909			0.20	%		31.8	%		2,209			3,216
Agricultural and farmland		2			0.00	%		0.0	%		—			—
Office, retail, and industrial		460			0.04	%		5.0	%		1,550			1,036
Residential construction		408			0.18	%		4.5	%		—			66
Commercial construction		—			0.00	%		0.0	%		—			—
Commercial land		—			0.00	%		0.0	%		—			—
Multi-family		—			0.00	%		0.0	%		—			238
Investor-owned rental property		562			0.47	%		6.2	%		116			338
Other commercial real estate		2,858			0.40	%		31.3	%		1,387			—
Consumer		1,937			0.29	%		21.2	%		1,018			1,066

Total 90 days past due loans		9,136			0.18	%		100.0	%		6,280			5,960

Total non-performing loans		220,502									199,969			262,765

Restructured loans, still accruing interest		11,002									9,030			26,718
OREO, excluding covered OREO		52,044									57,023			57,945

Total non-performing assets	$	283,548								$	266,022		$	347,428


30-89 days past due loans	$	41,590								$	32,012		$	44,346
Allowance for credit losses ⁽¹⁾	$	145,019								$	145,477		$	134,269

*Asset Quality Ratios, Excluding Covered Assets*
Non-accrual loans to loans		4.09	%								3.72	%		4.84	%
Non-performing loans to loans		4.27	%								3.84	%		4.95	%
Non-performing assets to loans plus OREO		5.44	%								5.05	%		6.48	%
Allowance for credit losses to loans		2.81	%								2.79	%		2.53	%
Allowance for credit losses to non-accrual loans		69	%								75	%		52	%
Allowance for credit losses to non-performing loans		66	%								73	%		51	%

⁽¹⁾	The allowance for credit losses includes the liability for unfunded commitments of $450 thousand.


First Midwest Bancorp, Inc.		Press Release Dated October 20, 2010

Covered Assets ⁽¹⁾


	As Of
Unaudited (Dollar amounts in thousands)	September 30, 2010			June 30, 2010		December 31, 2009
Loans	$	399,032		$	164,924	$	146,319
FDIC indemnification asset		88,723			75,991		67,945

Total covered loans		487,755			240,915		214,264
Other real estate owned		31,550			10,657		8,981

Total covered assets	$	519,305		$	251,572	$	223,245

90 days or more past due loans	$	74,777		$	47,912	$	30,286
30-89 days past due loans	$	24,005		$	13,725	$	22,988
Net (recoveries) charge-offs – quarter to date	$	(11	)	$	651	$	—

⁽¹⁾


First Midwest Bancorp, Inc.		Press Release Dated October 20, 2010

Non-performing Assets and Past Due Loans


	As Of
Unaudited	2010									2009
(Dollar amounts in thousands)	September 30			June 30			March 31			December 31			September 30

*Non-performing assets, excluding covered assets*
Non-accrual loans	$	211,366		$	193,689		$	216,073		$	244,215		$	256,805
90 days or more past due loans		9,136			6,280			7,995			4,079			5,960

Total non-performing loans		220,502			199,969			224,068			248,294			262,765

Restructured loans (still accruing interest)		11,002			9,030			5,168			30,553			26,718
Other real estate owned		52,044			57,023			62,565			57,137			57,945

Total non-performing assets	$	283,548		$	266,022		$	291,801		$	335,984		$	347,428

30-89 days past due loans	$	41,590		$	32,012		$	28,018		$	37,912		$	44,346

Non-accrual loans to total loans		4.09	%		3.72	%		4.16	%		4.69	%		4.84	%
Non-performing loans to total loans		4.27	%		3.84	%		4.31	%		4.77	%		4.95	%
Non-performing assets to loans plus OREO		5.44	%		5.05	%		5.55	%		6.39	%		6.48	%

*Covered assets ⁽¹⁾*
Non-accrual loans	$	—		$	—		$	—		$	—		$	—
90 days or more past due loans		74,777			47,912			52,464			30,286			—

Total non-performing loans		74,777			47,912			52,464			30,286			—
Restructured loans (still accruing interest)		—			—			—			—			—
Other real estate owned		31,550			10,657			8,649			8,981			—

Total non-performing assets	$	106,327		$	58,569		$	61,113		$	39,267		$	—

30-89 days past due loans	$	24,005		$	13,725		$	10,175		$	22,988		$	—

*Non-performing assets, including covered assets*
Non-accrual loans	$	211,366		$	193,689		$	216,073		$	244,215		$	256,805
90 days or more past due loans		83,913			54,192			60,459			34,365			5,960

Total non-performing loans		295,279			247,881			276,532			278,580			262,765

Restructured loans (still accruing interest)		11,002			9,030			5,168			30,553			26,718
Other real estate owned		83,594			67,680			71,214			66,118			57,945

Total non-performing assets	$	389,875		$	324,591		$	352,914		$	375,251		$	347,428

30-89 days past due loans	$	65,595		$	45,737		$	38,193		$	60,900		$	44,346

Non-accrual loans to total loans		3.74	%		3.55	%		4.01	%		4.51	%		4.84	%
Non-performing loans to total loans		5.22	%		4.55	%		5.13	%		5.14	%		4.95	%
Non-performing assets to loans plus OREO		6.80	%		5.88	%		6.46	%		6.84	%		6.48	%

⁽¹⁾	The non-performing 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.


First Midwest Bancorp, Inc.		Press Release Dated October 20, 2010

Charge-off Data


	Quarters Ended
Unaudited (Dollar amounts in thousands)	9/30/10			% of Loan Category			% of Total			6/30/10			9/30/09
Net loans charged-off:
Commercial and industrial	$	13,262			0.90	%		38.9	%	$	2,679		$	12,585
Agricultural and farmland		489			0.23	%		1.4	%		546			0
Office, retail, and industrial		2,825			0.23	%		8.3	%		2,353			3,496
Residential construction		4,460			1.97	%		13.0	%		9,994			5,181
Commercial construction		—			0.00	%		0.0	%		—			—
Commercial land		228			0.24	%		0.7	%		115			(228	)
Multifamily		222			0.06	%		0.7	%		485			29
Investor-owned rental property		748			0.62	%		2.2	%		982			622
Other commercial real estate		9,469			1.32	%		27.8	%		525			6,006
Consumer		2,342			0.36	%		6.9	%		2,543			3,568

Total net loans charged-off, excluding covered assets		34,045			0.66	%		100.0	%		20,222			31,259

Net (recoveries) charge-offs on covered loans		(11	)								651			—

Total net charge-offs	$	34,034								$	20,873		$	31,259


Net loan charge-offs, excluding covered charge-offs, to average loans, annualized:
Quarter-to-date		2.59	%								1.56	%		2.32	%
Year-to-date		1.87	%								1.49	%		2.05	%
Net loan charge-offs to average loans, annualized:
Quarter-to-date		2.42	%								1.54	%		2.32	%
Year-to-date		1.79	%								1.46	%		2.05	%


First Midwest Bancorp, Inc.		Press Release Dated October 20, 2010

Securities Available-For-Sale


Unaudited (Dollar amounts in thousands)	U.S. Agency			Collateralized Mortgage Obligations			Other Mortgage Backed			State and Municipal			Collateralized Debt Obligations			Other			Total

*As of September 30, 2010*
Amortized cost	$	24,088		$	297,935		$	107,966		$	549,505		$	49,695		$	35,270		$	1,064,459
Gross unrealized gains (losses):
Gross unrealized gains		68			4,702			6,070			19,834			—			2,368			33,042
Gross unrealized losses		(21	)		(1,639	)		(28	)		(805	)		(36,271	)		(128	)		(38,892	)

Net unrealized gains (losses)		47			3,063			6,042			19,029			(36,271	)		2,240			(5,850	)


Fair value	$	24,135		$	300,998		$	114,008		$	568,534		$	13,424		$	37,510		$	1,058,609


*As of June 30, 2010*
Amortized cost	$	9,919		$	264,240		$	119,933		$	622,268		$	50,547		$	34,966		$	1,101,873
Gross unrealized gains (losses):
Gross unrealized gains		12			7,055			7,779			13,413			0			1,734			29,993
Gross unrealized losses		(1	)		(1,582	)		(19	)		(3,079	)		(36,883	)		(193	)		(41,757	)

Net unrealized gains (losses)		11			5,473			7,760			10,334			(36,883	)		1,541			(11,764	)


Fair value	$	9,930		$	269,713		$	127,693		$	632,602		$	13,664		$	36,507		$	1,090,109


*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

EX-99.2 3 dex992.htm FIRST MIDWEST BANCORP, INC. SELECTED FINANCIAL INFORMATION First Midwest Bancorp, Inc. Selected Financial Information

Exhibit 99.2

First Midwest Bancorp, Inc.

Selected Financial Information

(Amounts in thousands, except per share data)


	2010								2009										2008				2007
	Sept. 30/YTD		3rd Quarter		2nd Quarter		1st Quarter		Dec. 31/YTD		4th Quarter		3rd Quarter		2nd Quarter		1st Quarter		Dec. 31/YTD		4th Quarter		Dec. 31/YTD
Period-End Balance Sheet
Total assets	$	8,376,494	$	8,376,494	$	7,805,089	$	7,592,907	$	7,710,672	$	7,710,672	$	7,678,434	$	7,767,312	$	8,252,576	$	8,528,341	$	8,528,341	$	8,091,518
Securities HTM - amortized cost		85,687		85,687		87,843		90,449		84,182		84,182		83,860		86,245		81,566		84,306		84,306		97,671
Securities AFS - fair market value		1,058,609		1,058,609		1,090,109		1,152,039		1,266,760		1,266,760		1,349,669		1,450,082		1,901,919		2,216,186		2,216,186		2,080,046
FHLB and FRB stock		62,038		62,038		59,864		59,428		56,428		56,428		54,768		54,768		54,768		54,767		54,767		54,767
*Loans:*
Commercial and industrial		1,472,439		1,472,439		1,494,119		1,454,714		1,438,063		1,438,063		1,484,601		1,457,413		1,508,175		1,490,101		1,490,101		1,347,481
Agricultural		212,800		212,800		199,597		200,527		209,945		209,945		200,955		210,675		219,178		216,814		216,814		235,498
Real estate - office, retail, and industrial		1,215,649		1,215,649		1,220,191		1,239,583		1,212,965		1,212,965		1,151,276		1,117,748		1,086,987		1,025,241		1,025,241		824,078
Real estate - residential construction		226,126		226,126		241,094		276,322		313,919		313,919		400,502		458,913		466,195		509,059		509,059		505,194
Real estate - commercial construction		98,562		98,562		107,572		138,994		134,680		134,680		196,198		204,042		232,675		258,253		258,253		244,904
Real estate - commercial land		94,479		94,479		94,469		94,668		96,838		96,838		105,264		121,383		107,540		98,322		98,322		143,289
Real estate - multifamily		350,458		350,458		369,281		348,178		333,961		333,961		342,807		305,976		311,865		286,963		286,963		217,266
Real estate - other commercial		837,877		837,877		831,723		790,502		798,983		798,983		753,429		759,132		725,311		729,329		729,329		661,480
Real estate - 1-4 family		150,110		150,110		145,457		139,840		139,983		139,983		138,862		171,186		185,486		198,197		198,197		220,741
Consumer		506,166		506,166		504,844		512,546		523,909		523,909		532,174		534,303		543,716		547,784		547,784		563,741

Total loans		5,164,666		5,164,666		5,208,347		5,195,874		5,203,246		5,203,246		5,306,068		5,340,771		5,387,128		5,360,063		5,360,063		4,963,672
*Other Assets:*
Covered assets		519,305		519,305		251,572		207,609		223,245		223,245		—		—		—		—		—		—
Bank owned life insurance		198,666		198,666		198,399		198,201		197,962		197,962		197,681		197,564		199,070		198,533		198,533		203,535
Goodwill and other intangibles		292,523		292,523		281,255		280,477		281,479		281,479		281,614		282,592		283,570		284,548		284,548		288,235
*Deposits:*
Demand deposits		1,284,940		1,284,940		1,188,356		1,129,777		1,133,756		1,133,756		1,069,870		1,058,553		1,046,660		1,040,763		1,040,763		1,064,684
Interest bearing deposits		5,392,319		5,392,319		4,935,209		4,734,327		4,751,523		4,751,523		4,679,283		4,708,103		4,461,722		4,544,991		4,544,991		4,714,177

Total deposits		6,677,259		6,677,259		6,123,565		5,864,104		5,885,279		5,885,279		5,749,153		5,766,656		5,508,382		5,585,754		5,585,754		5,778,861
Fed funds purchased and repurchase agreements		185,577		185,577		191,036		239,355		238,390		238,390		265,917		566,794		685,016		737,598		737,598		665,164
Other borrowed funds		137,500		137,500		137,434		147,808		452,786		452,786		450,382		225,382		850,736		960,736		960,736		599,064
Subordinated debt		137,741		137,741		137,739		137,737		137,735		137,735		157,717		232,342		232,375		232,409		232,409		230,082
Stockholders’ equity		1,160,059		1,160,059		1,155,512		1,143,768		941,521		941,521		983,579		892,053		903,612		908,279		908,279		723,975
Stockholders’ equity, excluding OCI		1,169,262		1,169,262		1,168,315		1,162,646		960,187		960,187		999,796		941,535		941,082		926,321		926,321		735,702
Stockholders’ equity, common		967,059		967,059		962,512		950,768		748,521		748,521		790,579		699,053		710,612		715,949		715,949		723,975
Stockholders’ equity, common excluding OCI		976,262		976,262		975,315		969,646		767,187		767,187		806,796		748,535		748,082		733,991		733,991		735,702
Stockholders’ equity, preferred		193,000		193,000		193,000		193,000		193,000		193,000		193,000		193,000		193,000		192,330		192,330		—
Average Balance Sheet
Total assets	$	7,926,892	$	8,203,617	$	7,905,364	$	7,665,781	$	8,064,109	$	7,764,163	$	7,877,055	$	8,195,690	$	8,428,879	$	8,225,440	$	8,365,535	$	8,091,333
Securities - HTM taxable		11,799		12,540		14,736		8,072		8,520		11,625		7,396		7,454		7,571		7,670		7,575		9,450
Securities - HTM tax-exempt		76,261		73,520		77,490		77,821		77,464		77,834		77,470		79,129		75,398		84,718		78,089		88,099
Securities - AFS taxable		526,485		511,042		494,373		574,746		890,848		652,354		711,552		990,358		1,217,308		1,171,264		1,195,909		1,268,389
Securities - AFS tax-exempt		615,375		581,692		626,856		638,193		770,380		660,076		721,872		810,485		892,169		936,933		917,418		906,905
FHLB and FRB stock		59,759		60,998		59,758		58,495		55,081		56,013		54,768		54,768		54,768		54,767		54,767		54,774
Total loans		5,203,197		5,207,419		5,204,566		5,197,499		5,348,979		5,304,690		5,346,769		5,366,393		5,378,905		5,149,879		5,275,981		4,943,479
Covered loans		270,681		367,727		233,907		208,663		28,049		111,281		—		—		—		—		—		—
Other earning assets		279,684		464,793		314,480		55,275		102,801		52,324		210,667		129,716		16,921		35,310		58,231		30,507

Total earning assets		7,043,241		7,279,731		7,026,166		6,818,764		7,282,122		6,926,197		7,130,494		7,438,303		7,643,040		7,440,541		7,587,970		7,301,603
*Deposits:*
Demand deposits		1,182,990		1,242,257		1,181,097		1,124,320		1,061,208		1,115,096		1,056,188		1,044,033		1,028,617		1,043,972		1,043,596		1,055,251
Savings deposits		798,871		832,672		803,353		759,786		751,386		744,876		749,995		762,375		748,350		792,524		748,065		754,009
NOW accounts		1,085,177		1,173,347		1,157,246		922,179		984,529		953,772		1,062,708		1,026,432		893,687		935,429		923,643		900,956
Money market deposits		1,164,665		1,226,314		1,155,889		1,110,519		937,766		1,079,943		995,132		903,728		768,202		787,218		737,658		859,864

Core transactional deposits		4,231,703		4,474,590		4,297,585		3,916,804		3,734,889		3,893,687		3,864,023		3,736,568		3,438,856		3,559,143		3,452,962		3,570,080
Time deposits > $100,000		645,478		641,302		645,624		649,600		703,487		677,171		697,421		741,356		698,301		802,500		738,486		827,907
Time deposits < $100,000		1,319,958		1,381,419		1,270,492		1,307,145		1,297,720		1,331,556		1,241,024		1,247,992		1,371,370		1,369,879		1,444,120		1,491,995

Total time deposits		1,965,436		2,022,721		1,916,116		1,956,745		2,001,207		2,008,727		1,938,445		1,989,348		2,069,671		2,172,379		2,182,606		2,319,902

Total deposits		6,197,139		6,497,311		6,213,701		5,873,549		5,736,096		5,902,414		5,802,468		5,725,916		5,508,527		5,731,522		5,635,568		5,889,982
FFP, repos, other borrowed funds		385,501		337,905		342,808		477,323		1,118,792		661,976		870,397		1,261,949		1,694,928		1,438,908		1,638,037		1,131,700
Subordinated debt		137,738		137,740		137,738		137,736		208,621		143,816		226,693		232,358		232,391		231,961		232,425		227,756

Total funding sources		6,720,378		6,972,956		6,694,247		6,488,608		7,063,509		6,708,206		6,899,558		7,220,223		7,435,846		7,402,391		7,506,030		7,249,438
Stockholders’ equity		1,145,467		1,163,661		1,152,394		1,119,866		927,673		983,595		905,347		907,421		913,809		764,731		845,755		750,111
Stockholders’ equity, common		952,467		970,661		959,394		926,866		734,673		790,595		712,347		714,421		720,809		750,497		789,128		750,111
Stockholders’ equity, preferred		193,000		193,000		193,000		193,000		193,000		193,000		193,000		193,000		193,000		14,234		56,627		—

First Midwest Bancorp, Inc.

Selected Financial Information

(Amounts in thousands, except per share data)


	2010												2009															2008						2007
	Sept. 30/YTD			3rd Quarter			2nd Quarter			1st Quarter			Dec. 31/YTD			4th Quarter			3rd Quarter			2nd Quarter			1st Quarter			Dec. 31/YTD			4th Quarter			Dec. 31/YTD
Income Statement
Interest income	$	246,391		$	82,338		$	82,274		$	81,779		$	341,751		$	82,370		$	82,762		$	85,139		$	91,480		$	409,207		$	97,933		$	476,961
Interest expense		38,621			12,125			12,655			13,841			90,219			16,429			21,781			24,748			27,261			162,610			32,920			236,832

Net interest income		207,770			70,213			69,619			67,938			251,532			65,941			60,981			60,391			64,219			246,597			65,013			240,129
Loan loss provision		73,452			33,576			21,526			18,350			215,672			93,000			38,000			36,262			48,410			70,254			42,385			7,233
Service charges on deposit accounts		26,682			9,249			9,052			8,381			38,754			9,977			10,046			9,687			9,044			44,987			11,206			45,015
Trust and investment management fees		11,023			3,728			3,702			3,593			14,059			3,704			3,555			3,471			3,329			15,130			3,420			15,701
Other service charges, commissions, and fees		13,732			4,932			4,628			4,172			16,529			4,280			4,222			4,021			4,006			18,846			4,554			22,183
Card-based fees		12,937			4,547			4,497			3,893			15,826			4,000			4,023			4,048			3,755			16,143			3,868			15,925

Subotal, total fee-based revenue		64,374			22,456			21,879			20,039			85,168			21,961			21,846			21,227			20,134			95,106			23,048			98,824
Bank owned life insurance income		864			267			349			248			2,263			281			282			1,159			541			(2,369	)		(8,858	)		8,033
Security (losses) gains, net		10,554			6,376			1,121			3,057			2,110			(5,772	)		(6,975	)		6,635			8,222			(35,611	)		(34,215	)		(50,801	)
Gain on FDIC-assisted transaction		4,303			—			4,303			—			13,071			13,071			—			—			—			—			—			—
Gains on early extinguishment of debt		—			—			—			—			15,258			1,267			13,991			—			—			—			—			—
Other income		2,289			1,654			(342	)		977			5,132			939			1,946			2,373			(126	)		(3,119	)		(2,104	)		4,197

Total noninterest income		82,384			30,753			27,310			24,321			123,002			31,747			31,090			31,394			28,771			54,007			(22,129	)		60,253
Salaries and employee benefits		83,350			29,926			26,540			26,884			106,548			27,592			27,416			28,229			23,311			99,910			20,356			111,598
Occupancy and equipment expense		24,302			8,326			7,808			8,168			31,724			7,661			7,837			7,389			8,837			33,334			8,421			32,594
FDIC insurance		7,913			2,835			2,546			2,532			13,673			2,720			2,558			6,034			2,361			1,065			301			747
Other real estate expense, net		32,214			9,577			11,850			10,787			23,459			15,693			3,461			3,301			1,004			3,409			1,289			972
Other intangibles amortization		3,139			1,107			1,029			1,003			3,929			994			979			978			978			4,378			1,095			4,423
Acquisition and restructure charges		—			—			—			—			—			—			—			—			—			—			—			36
Other expenses		50,787			17,006			17,682			16,099			55,455			15,861			14,389			13,302			11,903			52,209			15,119			48,767

Total noninterest expense		201,705			68,777			67,455			65,473			234,788			70,521			56,640			59,233			48,394			194,305			46,581			199,137
Pre-tax earnings		14,997			(1,387	)		7,948			8,436			(75,926	)		(65,833	)		(2,569	)		(3,710	)		(3,814	)		36,045			(46,082	)		94,012
Income taxes		(3,478	)		(3,972	)		139			355			(50,176	)		(28,342	)		(5,920	)		(6,373	)		(9,541	)		(13,291	)		(19,192	)		13,853

Net income	$	18,475		$	2,585		$	7,809		$	8,081		$	(25,750	)	$	(37,491	)	$	3,351		$	2,663		$	5,727		$	49,336		$	(26,890	)	$	80,159

Net income applicable to common shares	$	10,610		$	11		$	5,171		$	5,428		$	(35,551	)	$	(39,542	)	$	773		$	63		$	3,155		$	48,482		$	(27,568	)	$	80,094
Basic earnings per common share	$	0.15		$	0.00		$	0.07		$	0.08		$	(0.71	)	$	(0.73	)	$	0.02		$	0.00		$	0.07		$	1.00		$	(0.57	)	$	1.62
Diluted earnings per common share	$	0.15		$	0.00		$	0.07		$	0.08		$	(0.71	)	$	(0.73	)	$	0.02		$	0.00		$	0.07		$	1.00		$	(0.57	)	$	1.62
Weighted average shares outstanding		72,199			73,072			73,028			70,469			50,034			54,152			48,942			48,501			48,493			48,462			48,487			49,295
Weighted average diluted shares outstanding		72,199			73,072			73,028			70,469			50,034			54,152			48,942			48,501			48,493			48,515			48,508			49,586
Tax equivalent adjustment ⁽¹⁾	$	12,570		$	4,053		$	4,265		$	4,252		$	19,658		$	4,448		$	4,691		$	5,091		$	5,428		$	22,225		$	5,496		$	20,906
Net interest income (FTE) ⁽¹⁾	$	220,340		$	74,266		$	73,884		$	72,190		$	271,190		$	70,389		$	65,672		$	65,482		$	69,647		$	268,822		$	70,509		$	261,035
Common stock and related per common share data:
Book value	$	13.06		$	13.06		$	13.00		$	12.84		$	13.66		$	13.66		$	14.43		$	14.22		$	14.61		$	14.72		$	14.72		$	14.94
Tangible book value		9.11			9.11			9.20			9.05			8.52			8.52			9.29			8.47			8.78			8.87			8.87			8.99
Dividends declared per share		0.030			0.010			0.010			0.010			0.040			0.010			0.010			0.010			0.010			1.155			0.225			1.195
Market price - period high		17.95			13.43			17.95			14.43			20.25			11.50			11.64			12.00			20.25			40.09			28.97			39.31
Market price - period low		10.37			10.72			12.10			10.37			5.94			9.09			6.19			5.94			5.96			13.56			13.65			29.67
Closing price at period end	$	11.53		$	11.53		$	12.16		$	13.55		$	10.89		$	10.89		$	11.27		$	7.31		$	8.59		$	19.97		$	19.97		$	30.60
Closing price to book value		0.9			0.9			0.9			1.1			0.8			0.8			0.8			0.5			0.6			1.4			1.4			2.0
Period end shares outstanding		74,057			74,057			74,049			74,046			54,793			54,793			54,800			49,161			48,628			48,630			48,630			48,453
Period end treasury shares		11,730			11,730			11,738			11,741			12,176			12,176			12,169			12,165			12,698			12,696			12,696			12,873
Number of shares repurchased		—			—			—			—			—			—			—			—			—			5			—			1,767
Common dividends	$	2,224		$	743		$	741		$	740		$	2,020		$	492		$	556		$	486		$	486		$	56,206		$	10,955		$	58,765
Preferred dividends	$	7,237		$	2,412		$	2,412		$	2,413		$	9,650		$	2,413		$	2,412		$	2,413		$	2,412		$	670		$	670		$	—
Other Key Ratios/Data:
Return on average common equity ⁽²⁾		1.49	%		0.00	%		2.16	%		2.38	%		-4.84	%		-19.84	%		0.43	%		0.04	%		1.78	%		6.46	%		-13.90	%		10.68	%
Return on average assets ⁽²⁾		0.31	%		0.13	%		0.40	%		0.43	%		-0.32	%		-1.92	%		0.17	%		0.13	%		0.28	%		0.60	%		-1.28	%		0.99	%
Net interest margin ⁽¹⁾		4.18	%		4.05	%		4.21	%		4.28	%		3.72	%		4.04	%		3.66	%		3.53	%		3.67	%		3.61	%		3.71	%		3.58	%
Yield on average earning assets ⁽¹⁾		4.91	%		4.72	%		4.94	%		5.10	%		4.96	%		4.98	%		4.88	%		4.86	%		5.12	%		5.80	%		5.43	%		6.82	%
Cost of funds		0.93	%		0.84	%		0.92	%		1.05	%		1.50	%		1.17	%		1.48	%		1.61	%		1.73	%		2.56	%		2.03	%		3.82	%
Efficiency ratio ⁽¹⁾		58.76	%		59.91	%		57.92	%		58.41	%		57.86	%		58.48	%		59.13	%		61.45	%		52.33	%		53.49	%		59.06	%		52.50	%
Net noninterest expense ratio ⁽²⁾		2.19	%		2.15	%		2.31	%		2.34	%		1.76	%		2.42	%		1.64	%		1.69	%		1.34	%		1.27	%		1.64	%		1.09	%
Effective income tax rate		-23.2	%		286.4	%		1.7	%		4.2	%		66.1	%		43.1	%		230.4	%		171.8	%		250.2	%		-36.9	%		41.6	%		14.7	%
Full time equivalent employees - end of period		1,884			1,884			1,762			1,729			1,739			1,739			1,751			1,766			1,767			1,809			1,809			1,856
Number of bank offices		100			100			95			94			94			94			94			94			97			97			97			99
Number of automated teller machines		129			129			131			129			127			127			127			128			130			129			129			131

Note: Discussion of footnotes (1) and (2) are located at the end of this document.

First Midwest Bancorp, Inc.

Selected Financial Information

(Amounts in thousands, except per share data)


	2010												2009															2008						2007
	Sept. 30/YTD			3rd Quarter			2nd Quarter			1st Quarter			Dec. 31/YTD			4th Quarter			3rd Quarter			2nd Quarter			1st Quarter			Dec. 31/YTD			4th Quarter			Dec. 31/YTD
Parent Company Data:
Parent investment in subsidiaries - end of period	$	1,216,074		$	1,216,074		$	1,204,551		$	1,188,859		$	1,008,836		$	1,008,836		$	947,040		$	915,129		$	921,904		$	921,548		$	921,548		$	861,841
Risk-Based Capital Data:
Preferred stock	$	190,716		$	190,716		$	190,553		$	190,392		$	190,233		$	190,233		$	190,076		$	189,921		$	189,768		$	189,617		$	189,617		$	—
Common stock		858			858			858			858			670			670			670			613			613			613			613			613
Accumulated paid in capital		436,774			436,774			435,605			434,704			252,322			252,322			251,423			193,623			211,325			210,698			210,698			207,851
Retained earnings		819,157			819,157			819,890			815,395			810,626			810,626			851,178			850,950			851,339			837,390			837,390			844,972
Treasury stock		(278,243	)		(278,243	)		(278,591	)		(278,703	)		(293,664	)		(293,664	)		(293,551	)		(293,572	)		(311,963	)		(311,997	)		(311,997	)		(317,734	)
Trust preferred securities		84,730			84,730			84,730			84,730			84,730			84,730			84,730			125,000			125,000			125,000			125,000			125,000
Minority interest		1			1			1			3			5			5			111			111			111			111			111			111
Unrealized loss on equity securities		—			—			—			—			—			—			—			(46	)		(238	)		(126	)		(126	)		(25	)
Intangible assets		(292,523	)		(292,523	)		(281,255	)		(280,477	)		(281,479	)		(281,479	)		(281,614	)		(282,592	)		(283,570	)		(284,548	)		(284,548	)		(288,235	)
Disallowed deferred tax assets		(13,029	)		(13,029	)		(1,761	)		—			—			—			—			—			—			—			—			—

Tier 1 capital		948,441			948,441			970,030			966,902			763,443			763,443			803,023			784,008			782,385			766,758			766,758			572,553
Tier 2 capital		131,593			131,593			130,863			131,114			131,836			131,836			149,073			179,709			182,844			182,675			182,675			161,708

Total capital	$	1,080,034		$	1,080,034		$	1,100,893		$	1,098,016		$	895,279		$	895,279		$	952,096		$	963,717		$	965,229		$	949,433		$	949,433		$	734,261

Risk-adjusted assets	$	6,418,449		$	6,418,449		$	6,354,404		$	6,372,521		$	6,424,597		$	6,424,597		$	6,234,283		$	6,335,010		$	6,600,684		$	6,609,359		$	6,609,359		$	6,340,614
Tangible common equity		674,536			674,536			681,257			670,291			467,042			467,042			508,965			416,461			427,042			431,401			431,401			435,740
Tangible common equity excluding OCI		683,739			683,739			694,060			689,169			485,708			485,708			525,182			465,943			464,512			449,443			449,443			447,467
Adjusted average assets		7,918,310			7,918,310			7,641,829			7,404,963			7,496,478			7,496,478			7,636,913			7,945,014			8,151,469			8,146,655			8,146,655			7,671,104
Total capital / risk-based assets		16.83	%		16.83	%		17.32	%		17.23	%		13.94	%		13.94	%		15.27	%		15.21	%		14.62	%		14.36	%		14.36	%		11.58	%
Tier 1 capital / risk-based assets		14.78	%		14.78	%		15.27	%		15.17	%		11.88	%		11.88	%		12.88	%		12.38	%		11.85	%		11.60	%		11.60	%		9.03	%
Leverage ratio		11.98	%		11.98	%		12.69	%		13.06	%		10.18	%		10.18	%		10.52	%		9.87	%		9.60	%		9.41	%		9.41	%		7.46	%
Tier 1 common capital / risk-based assets		10.45	%		10.45	%		10.89	%		10.81	%		7.56	%		7.56	%		8.43	%		7.36	%		7.04	%		6.79	%		6.79	%		7.06	%
Tangible common equity ratio		8.34	%		8.34	%		9.05	%		9.17	%		6.29	%		6.29	%		6.88	%		5.56	%		5.36	%		5.23	%		5.23	%		5.58	%
Tangible common equity ratio, excluding OCI		8.46	%		8.46	%		9.22	%		9.42	%		6.54	%		6.54	%		7.10	%		6.23	%		5.83	%		5.45	%		5.45	%		5.73	%
Tangible common equity / risk-based assets		10.51	%		10.51	%		10.72	%		10.52	%		7.27	%		7.27	%		8.16	%		6.57	%		6.47	%		6.53	%		6.53	%		6.87	%

First Midwest Bancorp, Inc.

Selected Financial Information

(Amounts in thousands, except per share data)


	2010												2009															2008						2007
	Sept. 30/YTD			3rd Quarter			2nd Quarter			1st Quarter			Dec. 31/YTD			4th Quarter			3rd Quarter			2nd Quarter			1st Quarter			Dec. 31/YTD			4th Quarter			Dec. 31/YTD
Asset Quality Performance Data:
*Non-accrual loans:*
Commercial	$	40,955		$	40,955		$	39,942		$	38,095		$	28,193		$	28,193		$	45,134		$	41,542		$	33,245		$	15,586		$	15,586		$	9,128
Agricultural		3,495			3,495			1,139			2,532			2,673			2,673			2,384			452			12			12			12			362
Real estate - office, retail, and industrial		21,721			21,721			17,170			18,204			21,396			21,396			15,738			13,058			12,769			2,533			2,533			552
Real estate - residential construction		61,050			61,050			71,148			93,412			112,798			112,798			138,593			143,231			107,766			97,060			97,060			107
Real estate - multifamily		6,813			6,813			7,904			8,349			12,486			12,486			15,910			10,632			6,989			1,387			1,387			3,480
Real estate - other commercial		65,987			65,987			42,407			41,829			53,221			53,221			25,818			21,262			16,013			6,914			6,914			1,439
Real estate - 1-4 family		3,310			3,310			5,706			5,826			5,819			5,819			4,975			1,034			1,756			857			857			583
Consumer		8,035			8,035			8,273			7,826			7,629			7,629			8,253			6,042			4,991			3,419			3,419			2,796

Total non-accrual loans		211,366			211,366			193,689			216,073			244,215			244,215			256,805			237,253			183,541			127,768			127,768			18,447
Loans past due 90 days and still accruing		9,136			9,136			6,280			7,995			4,079			4,079			5,960			26,071			73,929			36,999			36,999			21,149

Total non-performing loans		220,502			220,502			199,969			224,068			248,294			248,294			262,765			263,324			257,470			164,767			164,767			39,596
Restructured, accruing loans		11,002			11,002			9,030			5,168			30,553			30,553			26,718			18,877			1,063			7,344			7,344			7,391
Other real estate owned		52,044			52,044			57,023			62,565			57,137			57,137			57,945			50,640			38,984			24,368			24,368			6,053

Total non-performing assets		283,548			283,548			266,022			291,801			335,984			335,984			347,428			332,841			297,517			196,479			196,479			53,040
Loans past due 30-89 days and still accruing		41,590			41,590			32,012			28,018			37,912			37,912			44,346			38,128			54,311			116,206			116,206			100,820
*Reserve for loan losses (RLL):*
RLL	$	144,569		$	144,569		$	145,027		$	144,824		$	144,808		$	144,808		$	134,269		$	127,528		$	116,001		$	93,869		$	93,869		$	61,800
Reserve for unfunded commitments		450			450			450			—			—			—			—			—			—			—			—			—

Total reserve for loan losses		145,019			145,019			145,477			144,824			144,808			144,808			134,269			127,528			116,001			93,869			93,869			61,800
Loan loss provision		73,452			33,576			21,526			18,350			215,672			93,000			38,000			36,262			48,410			70,254			42,385			7,233
*Net charge-offs by category:*
Commercial		20,404			13,262			2,679			4,463			55,004			23,320			12,585			7,006			12,093			13,026			5,601			4,925
Agricultural		1,176			489			546			141			180			180			—			—			—			38			—			10
Real estate - office, retail, and industrial		6,822			2,825			2,353			1,644			7,856			3,265			3,496			217			878			732			699			—
Real estate - residential construction		18,906			4,460			9,994			4,452			62,642			38,315			5,181			8,427			10,719			15,780			9,227			231
Real estate - multifamily		1,219			222			485			512			3,483			2,325			29			1,086			43			1,796			164			490
Real estate - other commercial		16,786			10,445			1,622			4,719			21,517			11,851			6,400			3,197			69			1,248			397			(34	)
Real estate - 1-4 family		744			363			261			120			930			168			216			326			220			576			57			145
Consumer		6,544			1,979			2,282			2,283			13,121			3,037			3,352			4,476			2,256			4,989			2,182			2,036

Net charge-offs, excluding covered assets		72,601			34,045			20,222			18,334			164,733			82,461			31,259			24,735			26,278			38,185			18,327			7,803
Charge-offs on covered assets		640			(11	)		651			—			—			—			—			—			—			—			—			—

Total net charge-offs		73,241			34,034			20,873			18,334			164,733			82,461			31,259			24,735			26,278			38,185			18,327			7,803
*Asset Quality ratios:*
Non-accrual loans / loans		4.09	%		4.09	%		3.72	%		4.16	%		4.69	%		4.69	%		4.84	%		4.44	%		3.41	%		2.38	%		2.38	%		0.37	%
Non-performing loans / loans		4.27	%		4.27	%		3.84	%		4.31	%		4.77	%		4.77	%		4.95	%		4.93	%		4.78	%		3.07	%		3.07	%		0.80	%
Non-performing assets / loans plus OREO		5.44	%		5.44	%		5.05	%		5.55	%		6.39	%		6.39	%		6.48	%		6.17	%		5.48	%		3.65	%		3.65	%		1.07	%
Non-accrual loans / total assets		2.52	%		2.52	%		2.48	%		2.85	%		3.17	%		3.17	%		3.34	%		3.05	%		2.22	%		1.50	%		1.50	%		0.23	%
*Loan loss ratios:*
RLL / loans		2.81	%		2.81	%		2.79	%		2.79	%		2.78	%		2.78	%		2.53	%		2.39	%		2.15	%		1.75	%		1.75	%		1.25	%
RLL / non-accrual loans		68.61	%		68.61	%		75.11	%		67.03	%		59.30	%		59.30	%		52.28	%		53.75	%		63.20	%		73.47	%		73.47	%		335.01	%
RLL / non-performing loans		65.77	%		65.77	%		72.75	%		64.63	%		58.32	%		58.32	%		51.10	%		48.43	%		45.05	%		56.97	%		56.97	%		156.08	%
Net charge-offs to average net loans		1.87	%		2.59	%		1.56	%		1.43	%		3.08	%		6.17	%		2.32	%		1.85	%		1.98	%		0.74	%		1.38	%		0.16	%

Footnotes:

(1)	Tax equivalent basis reflects federal and state tax benefits.

(2)	Annualized based on the number of days outstanding for each period presented.

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