FIRST MIDWEST BANCORP INC - FORM 8-K - EX-99.2

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8-K - 8-K - FIRST MIDWEST BANCORP INC	fmbi03312015er8-k.htm
EX-99.1 - EX-99.1 - FIRST MIDWEST BANCORP INC	fmbi03312015er.htm

Exhibit 99.2 First Midwest Bancorp, Inc. Selected Financial Information (Amounts in thousands, except per share data)

	2015			2014
	March 31			December 31			September 30			June 30			March 31
Period-End Balance Sheet
Assets:
Cash and cash equivalents	$	619,057		$	606,262		$	676,583		$	477,973		$	592,312
Securities available-for-sale, at fair value	1,151,603			1,187,009			997,420			1,050,475			1,080,750
Securities held-to-maturity, at amortized cost	25,861			26,555			26,776			26,471			43,251
FHLB and FRB stock	38,748			37,558			35,588			35,588			35,161
Loans held-for-sale	8,595			9,459			24,504			21,125			2,111
Loans:
Commercial and industrial	2,318,058			2,253,556			2,208,166			2,073,018			1,917,396
Agricultural	368,836			358,249			347,511			330,626			321,343
Commercial real estate:
Office, retail, and industrial	1,443,562			1,478,379			1,422,522			1,312,401			1,348,094
Multi-family	560,800			564,421			559,689			350,430			337,332
Construction	191,104			204,236			193,445			195,109			181,012
Other commercial real estate	881,026			887,897			871,825			798,324			822,934
Home equity and installment	692,377			619,217			586,874			542,393			524,418
1-4 family mortgages	285,758			291,463			238,172			241,156			240,561
Total loans, excluding covered loans	6,741,521			6,657,418			6,428,204			5,843,457			5,693,090
Covered loans	62,830			79,435			90,875			104,867			122,387
Allowance for loan and covered loan losses	(70,990		)	(72,694		)	(73,106		)	(78,326		)	(80,632		)
Net loans	6,733,361			6,664,159			6,445,973			5,869,998			5,734,845
OREO, excluding covered OREO	26,042			26,898			29,165			30,331			30,026
Covered OREO	7,309			8,068			9,277			9,825			7,355
FDIC indemnification asset	8,540			8,452			8,699			10,276			15,537
Investment in bank-owned life insurance	207,190			206,498			195,270			194,502			193,673
Goodwill and other intangible assets	333,202			334,199			318,511			274,962			275,605
Other assets	339,088			330,022			328,585			303,721			317,893
Total assets	$	9,498,596		$	9,445,139		$	9,096,351		$	8,305,247		$	8,328,519
Liabilities and Stockholders' Equity:
Noninterest-bearing deposits	$	2,339,492		$	2,301,757		$	2,295,679		$	2,025,666		$	1,961,371
Interest-bearing deposits	5,575,187			5,586,001			5,320,454			4,869,584			4,855,386
Total deposits	7,914,679			7,887,758			7,616,133			6,895,250			6,816,757
Borrowed funds	131,200			137,994			132,877			104,201			223,699
Senior and subordinated debt	200,954			200,869			191,028			190,996			190,964
Other liabilities	135,813			117,743			106,637			75,362			76,674
Stockholders' equity	1,115,950			1,100,775			1,049,676			1,039,438			1,020,425
Total liabilities and stockholders' equity	$	9,498,596		$	9,445,139		$	9,096,351		$	8,305,247		$	8,328,519
Stockholders' equity, excluding OCI	$	1,128,755		$	1,116,630		$	1,068,528		$	1,054,709		$	1,040,197
Stockholders' equity, common	1,115,950			1,100,775			1,049,676			1,039,438			1,020,425
Average Balance Sheet
Total assets	$	9,461,741		$	9,232,169		$	8,768,093		$	8,416,669		$	8,282,487
Interest earning assets:
Investment securities	$	1,200,423		$	1,095,446		$	1,067,742		$	1,113,201		$	1,167,803
FHLB and FRB stock	37,822			36,209			35,588			35,517			35,161
Total loans, excluding covered assets	6,662,034			6,452,098			6,195,222			5,778,044			5,578,616
Covered interest-earning assets	78,365			93,869			107,661			124,909			143,841
Other interest-earning assets	539,926			643,283			495,131			550,813			554,607
Total interest-earning assets	$	8,518,570		$	8,320,905		$	7,901,344		$	7,602,484		$	7,480,028
Funding sources:
Demand deposits	$	2,312,431		$	2,339,298		$	2,208,450		$	2,069,781		$	1,928,289
Savings deposits	1,426,546			1,306,388			1,231,700			1,189,722			1,159,643
NOW accounts	1,365,494			1,331,360			1,261,522			1,196,712			1,181,297
Money market deposits	1,521,762			1,506,643			1,413,753			1,334,700			1,311,998
Core deposits	6,626,233			6,483,689			6,115,425			5,790,915			5,581,227
Time deposits	1,266,562			1,255,355			1,226,025			1,168,898			1,196,449
Total deposits	7,892,795			7,739,044			7,341,450			6,959,813			6,777,676
Borrowed funds	127,571			111,213			101,674			164,605			222,491
Senior and subordinated debt	200,910			194,137			191,013			190,981			190,949
Total funding sources	$	8,221,276		$	8,044,394		$	7,634,137		$	7,315,399		$	7,191,116
Stockholders' equity	$	1,114,762		$	1,072,682		$	1,050,881		$	1,034,589		$	1,015,402

First Midwest Bancorp, Inc. Selected Financial Information (Amounts in thousands, except per share data)

	2015		2014
	March 31		December 31			September 30			June 30			March 31
Income Statement
Interest income	$	82,469	$	81,309		$	76,862		$	72,003		$	69,690
Interest expense	5,687		5,490			5,831			5,696			5,995
Net interest income	76,782		75,819			71,031			66,307			63,695
Provision for loan and covered loan losses	6,552		1,659			10,727			5,341			1,441
Service charges on deposit accounts	9,271		10,015			9,902			8,973			8,020
Wealth management fees	7,014		6,744			6,721			6,552			6,457
Card-based fees	6,402		6,390			6,646			5,969			5,335
Mortgage banking income	1,123		812			1,125			959			1,115
Merchant servicing fees	2,665		2,703			2,932			2,916			2,709
Other service charges, commissions, and fees	2,166		2,700			2,334			1,639			1,413
Total fee-based revenues	28,641		29,364			29,660			27,008			25,049
Net securities gains (losses)	512		(63		)	2,570			4,517			1,073
Gains on sales of properties	—		—			3,954			—			—
Other income	646		613			512			423			447
Trading gains (losses)	419		311			(356		)	531			191
BOLI income	883		843			767			773			490
Net losses on early extinguishment of debt	—		—			—			(2,059		)	—
Total noninterest income	31,101		31,068			37,107			31,193			27,250
Salaries and wages and nonqualified plan expense	32,794		32,640			28,152			28,403			27,383
Retirement and other employee benefits	7,922		7,660			7,319			6,158			6,108
Net occupancy and equipment expense	10,436		9,479			8,639			7,672			9,391
Professional services	5,109		6,664			5,692			5,691			5,389
Technology and related costs	3,687		3,444			3,253			3,104			3,074
Net OREO expense	1,204		2,544			1,406			1,569			1,556
Advertising and promotions	1,223		2,418			1,822			2,306			1,613
Merchant card expense	2,197		2,203			2,396			2,383			2,213
Cardholder expenses	1,268		1,036			1,120			1,081			1,014
FDIC premiums	1,528		1,571			1,523			1,377			1,353
Intangibles amortization	998		842			643			643			761
Other expenses	4,291		5,033			4,600			3,800			3,813
Acquisition and integration related expenses	—		9,294			3,748			830			—
Total noninterest expense	72,657		84,828			70,313			65,017			63,668
Income before income tax	28,674		20,400			27,098			27,142			25,836
Income tax	8,792		5,807			8,549			8,642			8,172
Net income	$	19,882	$	14,593		$	18,549		$	18,500		$	17,664
Net income applicable to common shares	$	19,654	$	14,454		$	18,307		$	18,270		$	17,439
Net income applicable to common shares, excluding acquisition and integration related expenses	$	19,654	$	20,030		$	20,556		$	18,768		$	17,439
Basic earnings per common share	$	0.26	$	0.19		$	0.25		$	0.25		$	0.24
Diluted earnings per common share	$	0.26	$	0.19		$	0.25		$	0.25		$	0.24
Diluted earnings per common share, excluding acquisition and integration related expenses	$	0.26	$	0.27		$	0.28		$	0.25		$	0.24
Weighted average shares outstanding	76,918		75,119			74,341			74,322			74,147
Weighted average diluted shares outstanding	76,930		75,132			74,352			74,333			74,159
Tax-equivalent adjustment ⁽¹⁾	$	2,883	$	2,923		$	2,939		$	2,899		$	2,976
Tax-equivalent net interest income ⁽¹⁾	$	79,665	$	78,742		$	73,970		$	69,206		$	66,671
Top-line revenue:
Interest income	$	82,469	$	81,309		$	76,862		$	72,003		$	69,690
Fee-based revenues	28,641		29,364			29,660			27,008			25,049
Total top-line revenue	$	111,110	$	110,673		$	106,522		$	99,011		$	94,739

Common stock and related per common share data:
Book value	$	14.31	$	14.17		$	13.94		$	13.81		$	13.56
Tangible book value	10.04		9.87			9.71			10.16			9.90
Dividends declared per share	0.09		0.08			0.08			0.08			0.07
Closing price at period end	17.37		17.11			16.09			17.03			17.08
Market price - period high	17.84		17.99			17.77			18.19			17.83
Market price - period low	15.34		15.01			15.64			15.49			15.36
Closing price to book value	1.2		1.2			1.2			1.2			1.3
Period end shares outstanding	77,957		77,695			75,295			75,273			75,266
Period end treasury shares	10,271		10,533			10,492			10,514			10,521
Common dividends	$	7,011	$	6,206		$	6,027		$	6,025		$	5,272
Note: Discussion of footnotes are located at the end of this document.

First Midwest Bancorp, Inc. Selected Financial Information (Amounts in thousands, except per share data)

	2015			2014
	March 31			December 31			September 30			June 30			March 31
Return on Average Common and Tangible Common Equity
Net income applicable to common shares	$	19,654		$	14,454		$	18,307		$	18,270		$	17,439
Tax-equivalent intangibles amortization	599			505			386			386			457
Net income applicable to common shares, excluding intangibles amortization	20,253			14,959			18,693			18,656			17,896
Tax-equivalent acquisition and integration related expenses	—			5,576			2,249			498			—
Net income applicable to common shares, excluding intangibles amortization and acquisition and integration related expenses	$	20,253		$	20,535		$	20,942		$	19,154		$	17,896
Average stockholders' equity	$	1,114,762		$	1,072,682		$	1,050,881		$	1,034,589		$	1,015,402
Less: average intangible assets	(333,684		)	(320,533		)	(288,975		)	(275,273		)	(275,956		)
Average tangible common equity	$	781,078		$	752,149		$	761,906		$	759,316		$	739,446
Return on average common equity ⁽²⁾	7.15		%	5.35		%	6.91		%	7.08		%	6.97		%
Return on average tangible common equity ⁽²⁾	10.52		%	7.89		%	9.73		%	9.85		%	9.81		%
Return on average tangible common equity, excluding acquisition and integration related expenses ⁽²⁾	10.52		%	10.83		%	10.90		%	10.12		%	9.81		%
Efficiency Ratio Calculation
Noninterest expense	$	72,657		$	84,828		$	70,313		$	65,017		$	63,668
Less:
Net OREO expense	(1,204		)	(2,544		)	(1,406		)	(1,569		)	(1,556		)
Acquisition and integration related expenses	—			(9,294		)	(3,748		)	(830		)	—
Total	$	71,453		$	72,990		$	65,159		$	62,618		$	62,112
Tax-equivalent net interest income ⁽¹⁾	$	79,665		$	78,742		$	73,970		$	69,206		$	66,671
Fee-based revenues	28,641			29,364			29,660			27,008			25,049
Add:
Other income	646			613			512			423			447
Trading gains (losses)	419			311			(356		)	531			191
Tax-adjusted BOLI (BOLI/.6)	1,472			1,405			1,278			1,288			817
Total	$	110,843		$	110,435		$	105,064		$	98,456		$	93,175
Efficiency ratio	64.46		%	66.09		%	62.02		%	63.60		%	66.66		%
Other Key Ratios/Data:
Return on average assets ⁽²⁾	0.85		%	0.63		%	0.84		%	0.88		%	0.86		%
Net interest margin ⁽¹⁾	3.79		%	3.76		%	3.72		%	3.65		%	3.61		%
Loans-to-deposits	85.97		%	85.41		%	85.60		%	86.27		%	85.31		%
Yield on average interest-earning assets ⁽¹⁾	4.06		%	4.02		%	4.01		%	3.95		%	3.93		%
Cost of funds	0.39		%	0.38		%	0.43		%	0.44		%	0.46		%
Net noninterest expense ratio ⁽²⁾	1.80		%	2.31		%	1.80		%	1.73		%	1.84		%
Effective income tax rate	30.66		%	28.47		%	31.55		%	31.84		%	31.63		%
Full time equivalent employees - end of period	1,802			1,788			1,734			1,623			1,619
Number of bank branches	99			103			98			86			86
Number of automated teller machines	142			145			136			121			124
Risk-Based Capital Data:
Common stock	$	882		$	882		$	858		$	858		$	858
Additional paid-in capital	441,689			449,798			408,789			407,895			406,009
Retained earnings	912,387			899,516			891,129			878,607			866,132
Treasury stock, at cost	(226,203		)	(233,566		)	(232,248		)	(232,651		)	(232,802		)
Goodwill and other intangible assets	(319,635		)	(334,199		)	(318,511		)	(274,962		)	(275,605		)
Disallowed deferred tax assets (CET1) ⁽³⁾	(3,354		)	(30,638		)	(33,473		)	(35,861		)	(39,250		)
Common equity Tier 1 capital	805,766			751,793			716,544			743,886			725,342
Trust preferred securities	50,690			50,690			36,690			36,690			36,690
Disallowed deferred tax assets (other) ⁽³⁾	(5,030		)	N/A			N/A			N/A			N/A
Tier 1 capital	851,426			802,483			753,234			780,576			762,032
Tier 2 capital	72,806			82,209			82,421			87,641			89,946
Total capital	$	924,232		$	884,692		$	835,655		$	868,217		$	851,978
Risk-weighted assets	$	8,229,627		$	7,876,754		$	7,640,487		$	7,116,599		$	6,980,938
Tangible common equity	782,748			766,576			731,165			764,476			744,820
Tangible common equity excluding AOCI	795,553			782,431			750,017			779,747			764,592
Adjusted average assets	9,134,320			8,884,045			8,433,363			8,123,488			7,993,529
Total capital to risk-weighted assets	11.23		%	11.23		%	10.94		%	12.20		%	12.20		%
Tier 1 capital to risk-weighted assets	10.35		%	10.19		%	9.86		%	10.97		%	10.92		%
Tier 1 common capital to risk-weighted assets (CET1) ⁽³⁾	9.79		%	N/A			N/A			N/A			N/A
Tier 1 leverage to average assets	9.32		%	9.03		%	8.93		%	9.61		%	9.53		%
Tangible common equity ratio	8.54		%	8.41		%	8.33		%	9.52		%	9.25		%
Tangible common equity ratio, excluding AOCI	8.68		%	8.59		%	8.54		%	9.71		%	9.49		%
Tangible common equity to risk-weighted assets	9.51		%	9.73		%	9.57		%	10.74		%	10.67		%
Note: Discussion of footnotes are located at the end of this document.

First Midwest Bancorp, Inc. Selected Financial Information (Amounts in thousands, except per share data)

	2015			2014
	March 31			December 31			September 30			June 30			March 31
Asset Quality Performance Data:
Non-performing assets ⁽⁴⁾:
Commercial and industrial	$	12,913		$	22,693		$	19,696		$	22,629		$	8,559
Agricultural	358			360			361			363			364
Commercial real estate:
Office, retail, and industrial	11,363			12,939			16,963			16,423			24,968
Multi-family	700			754			1,536			1,572			2,181
Construction	7,488			6,981			7,082			5,077			5,297
Other commercial real estate	5,915			6,970			7,912			7,930			9,049
Home equity and installment	5,521			6,333			7,743			8,643			8,785
1-4 family mortgages	3,819			2,941			3,235			4,091			5,014
Total non-accrual loans	48,077			59,971			64,528			66,728			64,217
90 days or more past due loans	3,564			1,173			6,062			3,533			4,973
Total non-performing loans	51,641			61,144			70,590			70,261			69,190
Accruing troubled debt restructurings	3,581			3,704			5,449			5,697			6,301
Other real estate owned	26,042			26,898			29,165			30,331			30,026
Total non-performing assets	$	81,264		$	91,746		$	105,204		$	106,289		$	105,517
30-89 days past due loans ⁽⁴⁾	$	18,631		$	20,073		$	17,321		$	24,167		$	12,861
Allowance for credit losses:
Allowance for loan losses	$	65,311		$	65,468		$	64,457		$	68,983		$	69,203
Allowance for covered loan losses	5,679			7,226			8,649			9,343			11,429
Reserve for unfunded commitments	1,816			1,816			1,616			1,616			1,616
Total allowance for credit losses	$	72,806		$	74,510		$	74,722		$	79,942		$	82,248
Provision for loan and covered loan losses	$	6,552		$	1,659		$	10,727		$	5,341		$	1,441
Net charge-offs by category:
Commercial and industrial	$	6,657		$	1,217		$	9,047		$	1,840		$	1,367
Agricultural	—			—			—			—			153
Commercial real estate:
Office, retail, and industrial	(166		)	143			2,459			3,221			1,025
Multi-family	24			476			26			265			89
Construction	(17		)	(6		)	157			232			503
Other commercial real estate	1,051			(247		)	1,255			472			1,627
Home equity and installment	512			307			2,089			1,018			1,487
1-4 family mortgages	(33		)	35			909			597			403
Net charge-offs, excluding covered loans	8,028			1,925			15,942			7,645			6,654
Charge-offs on covered loans	228			146			5			2			(340		)
Total net charge-offs	$	8,256		$	2,071		$	15,947		$	7,647		$	6,314
Total recoveries included above	$	1,797		$	2,669		$	1,159		$	1,133		$	3,244
Asset Quality ratios ⁽⁴⁾:
Non-accrual loans to loans	0.71		%	0.90		%	1.00		%	1.14		%	1.13		%
Non-performing loans to loans	0.77		%	0.92		%	1.10		%	1.20		%	1.22		%
Non-performing assets to loans plus OREO	1.20		%	1.37		%	1.63		%	1.81		%	1.84		%
Non-performing assets to tangible common equity plus allowance for credit losses	9.56		%	11.00		%	13.20		%	12.73		%	12.94		%
Non-accrual loans to total assets	0.51		%	0.64		%	0.72		%	0.82		%	0.79		%
Allowance for credit losses and net charge-off ratios:
Allowance for credit losses to loans	1.07		%	1.11		%	1.15		%	1.34		%	1.41		%
Allowance for credit losses to loans, excluding acquired loans ⁽⁵⁾	1.19		%	1.24		%	1.25		%	1.34		%	1.41		%
Allowance for credit losses to non-accrual loans ⁽⁴⁾	139.62		%	112.19		%	102.39		%	105.80		%	110.28		%
Allowance for credit losses to non-performing loans ⁽⁴⁾	129.99		%	110.04		%	93.60		%	100.48		%	102.35		%
Net charge-offs to average loans ⁽²⁾	0.50		%	0.13		%	1.01		%	0.53		%	0.45		%
Footnotes:
⁽¹⁾Tax equivalent basis reflects federal and state tax benefits.
⁽²⁾Annualized based on the actual number of days for each period presented.
⁽³⁾Basel III Capital Rules became effective for the Company on January 1, 2015. These rules revise the risk-based capital requirements and introduce a new capital measure, Tier 1 common capital to risk-weighted assets. As a result, ratios at March 31, 2015 are computed using the new rules and prior periods presented are reported using the regulatory guidance applicable at that time.
⁽⁴⁾ Excludes covered loans and covered OREO.
⁽⁵⁾ Acquired loans are recorded at fair value as of the acquisition date with no allowance for credit losses being established. As the acquisition adjustment is accreted into income over future periods, if meaningful credit deterioration occurs an allowance for credit losses will be established.

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FIRST MIDWEST BANCORP INC Reports

FIRST MIDWEST BANCORP INC - FORM 8-K - EX-99.2 - April 21, 2015

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FIRST MIDWEST BANCORP INC Reports