Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Company Financial Statements

CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

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

Statements of Financial Condition

(Parent Company only)

(Dollar amounts in thousands)

	As of December 31,
	2020		2019
Assets
Cash and due from banks	$	442,799	$	247,507
Investments in and advances to subsidiaries	2,473,520		2,360,467
Other assets	81,192		45,306
Total assets	$	2,997,511	$	2,653,280
Liabilities and Stockholders' Equity
Subordinated debt	$	234,768	$	233,948
Accrued interest payable and other liabilities	72,737		48,539
Stockholders' equity	2,690,006		2,370,793
Total liabilities and stockholders' equity	$	2,997,511	$	2,653,280

Statements of Income

(Parent Company only)

(Dollar amounts in thousands)

	Years Ended December 31,
	2020		2019		2018
Income
Dividends from subsidiaries	$	145,142	$	236,137	$	86,095
Interest income	456		613		453
Securities transactions and other	1,146		23		280
Total income	146,744		236,773		86,828
Expenses
Interest expense	14,251		14,431		12,708
Salaries and employee benefits	14,437		13,903		22,430
Other expenses	12,487		11,384		9,440
Total expenses	41,175		39,718		44,578
Income before income tax benefit and equity in undistributed income   of subsidiaries	105,569		197,055		42,250
Income tax benefit	9,798		10,609		13,299
Income before equity in undistributed income of subsidiaries	115,367		207,664		55,549
Equity in undistributed (loss) income of subsidiaries	(7,469)		(7,926)		102,321
Net income	107,898		199,738		157,870
Preferred dividends	(9,119)		—		—
Net income applicable to non-vested restricted shares	(984)		(1,681)		(1,312)
Net income applicable to common shares	$	97,795	$	198,057	$	156,558

Statements of Cash Flows

(Parent Company only)

(Dollar amounts in thousands)

	Years Ended December 31,
	2020		2019		2018
Operating Activities
Net income	$	107,898	$	199,738	$	157,870
Adjustments to reconcile net income to net cash provided by   operating activities:
Equity in undistributed loss (income) of subsidiaries	7,469		7,926		(102,321)
Depreciation of premises, furniture, and equipment	51		51		42
Share-based compensation expense	14,740		13,183		12,062
Tax benefit related to share-based compensation	327		364		258
Net (increase) decrease in other assets	(21,401)		(67,330)		35,981
Net (decrease) increase in other liabilities	(6,185)		49,813		(17,942)
Net cash provided by operating activities	102,899		203,745		85,950
Investing Activities
Purchase of premises, furniture, and equipment	—		—		(61)
Net cash (paid) received for acquisitions	(30,616)		(19,966)		39
Net cash used in investing activities	(30,616)		(19,966)		(22)
Financing Activities
Net proceeds from the issuance of preferred stock	221,187		—		—
Repurchases of common stock	(22,557)		(33,928)		—
Cash dividends paid	(72,585)		(56,540)		(44,293)
Restricted stock activity	(3,036)		(3,830)		(4,421)
Net cash provided by (used in) financing activities	123,009		(94,298)		(48,714)
Net increase in cash and cash equivalents	195,292		89,481		37,214
Cash and cash equivalents at beginning of year	247,507		158,026		120,812
Cash and cash equivalents at end of year	$	442,799	$	247,507	$	158,026
Supplemental Disclosures of Cash Flow Information:
Common stock issued for acquisitions, net of issuance costs	$	71,883	$	101,496	$	83,303