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FIRST MIDWEST BANCORP REPORTS SECOND QUARTER EARNINGS INCREASE OF 17 PERCENT

 NAPERVILLE, Ill., July 14 /PRNewswire/ -- First Midwest Bancorp Inc. (NASDAQ/NMS: FMBI) today reported net income for the quarter ended June 30, 1993 increased to $5.1 million, or $0.41 per share, from last year's like quarter of $4.4 million, or $0.35 per share, an increase on a per share basis of 17 percent. Similarly, net income for the first six months of the year increased to $9.9 million, or $0.79 per share, from last year's like period of $8.7 million, or $0.69 per share, an increase on a per share basis of 14.5 percent.
 Results for the quarter and first six months were positively impacted by higher levels of both tax equivalent net interest income and other operating income as well as lower provisions for possible loan losses. Net interest margins improved for the quarter and first six months to 4.74 percent and 4.88 percent, respectively, from last year's second quarter and the first six months of 4.50 percent and 4.57 percent, respectively. Continuing improvement in asset quality permitted lower provisioning for loan losses and resulted in provisions for the current quarter and first six months of $2.9 million and $6.1 million, respectively, down significantly from last year's $4.3 million and $8.7 million for the same periods. Additionally, this year's income for both periods was comprised almost exclusively of recurring, operating income while last year's second quarter and first six months saw securities gains realized of $2.6 million and $4.5 million, respectively.
 Nonperforming loans continued to improve during the quarter and at June 30, 1993 stood at 0.79 percent of net loans, down from 0.81 percent at March 31, 1993, 0.84 percent at Dec. 31, 1992 and 1.73 percent a year ago. Similarly, nonperforming assets showed continued improvement during the quarter and at June 30 stood at 2.09 percent of net loans, down from 2.50 percent at March 31, 1993, 2.63 percent at Dec. 31, 1992 and 3.62 percent a year ago. Currently standing at their lowest levels in more than three years, both nonperforming loans and assets are projected to improve further as the year unfolds.
 Headquartered in suburban Chicago, First Midwest Bancorp Inc. is Illinois' fourth largest publicly traded bank holding company. The $2.5 billion company offers commercial banking, investment advisory, fiduciary and related services through 47 banking offices in northern Illinois.
 MIDWEST BANCORP, INC.
 CONSOLIDATED HIGHLIGHTS (UNAUDITED)
 (Thousands, except per share data)
 BALANCE SHEET HIGHLIGHTS:
 June 30, March 31, Dec. 31,
 1993 1993 1992 1991
 Total Assets $2,512,191 $2,272,559 $2,297,220 2,311,402
 Net Loans (1) 1,518,172 1,473,119 1,457,24 21,391,012
 Reserve for Loan Losses 22,068 20,687 21,335 20,638
 Deposits and
 Repurchase
 Agreements 2,296,492 2,055,318 2,073,991 2,064,232
 Stockholders' Equity 193,295 191,983 188,799 178,316
 Book Value per Share 15.59 15.38 15.15 14.23
 CAPITAL RATIOS:
 Stockholders' Equity to
 Total Assets 7.69 pct 8.45 pct 8.22 pct 7.71 pct
 Stockholders' Equity to
 Net Loans 12.73 pct 13.03 pct 12.96 pct 12.82 pct
 Tier 1 Capital to
 Risk-Based Assets 10.24 pct 10.77 pct 10.67 pct 10.08 pct
 Total Capital to
 Risk-Based Assets 11.49 pct 12.02 pct 11.92 pct 11.38 pct
 Leverage Ratio 7.21 pct 7.80 pct 7.51 pct 7.04 pct
 CREDIT QUALITY:
 Nonaccrual Loans $ 11,204 $11,116 $ 8,145 $20,719
 Renegotiated Loans 744 822 4,071 104
 Foreclosed Real Estate 20,183 25,502 26,856 19,616
 Loans Past Due 90 Days and
 Still Accruing 8,515 6,849 7,380 7,686
 Nonperforming Loans (2) to
 Net Loans 0.79 pct 0.81 pct 0.84 pct 1.50 pct
 Nonperforming Assets (3) to
 Net Loans Plus Foreclosed
 Real Estate 2.09 pct 2.50 pct 2.63 pct 2.87 pct
 Reserve for Loan Losses
 to Net Loans 1.45 pct 1.40 pct 1.46 pct 1.48 pct
 Reserve for Loan Losses to
 Nonperforming Loans 184.70 pct 173.29 pct 174.65 pct 99.11 pct
 Net Loan Charge-Offs (4) to
 Average Net Loans 0.73 pct 1.06 pct 1.05 pct 0.92 pct
 Net Loan Charge-Offs (5) $ 5,340 $3,821 $14,755 $12,718
 STOCK PERFORMANCE:
 Quarters ended Years ended Dec.31,
 June 30, March 31,
 1993 1993 1992 1991
 Stock Prices:
 High $ 25.00 $23.25 $20.25 $20.00
 Low 21.75 19.25 14.25 13.00
 Period End Close 24.50 23.00 19.50 16.25
 Price/Earnings
 Multiple (6) 16.0x 15.6x 13.6x 11.4x
 Price/Book
 Multiple (7) 1.6x 1.5x 1.3x 1.1x (1) Net Loans - Total Loans Net of Unearned Interest (2) Nonperforming Loans - Nonaccrual Loans + Renegotiated Loans (3) Nonperforming Assets - Nonperforming Loans + Foreclosed Real Estate (4) Net Loan Charge - Offs are annualized on a Year-To-Date Basis (5) Net Loan Charge-offs are presented on a year-to-date basis (6) Based on Period End Close Stock Prices and Most Recent 12-Month Net Income Per Share (7) Based on Period End Close Stock Prices and Book Value Per Share
 INCOME STATEMENT SUMMARY:
 Quarters Ended Six Months ended
 June 30, June 30,
 1993 1992 (1) 1993 1992 (1)
 Interest Income $ 42,713 $43,557 $83,474 $88,924
 Tax Equivalent
 Adjustment 424 623 858 1,244
 Tax Equivalent Interest
 Income 43,137 44,180 84,332 90,168
 Interest Expense (16,436) (20,610) (31,913) (42,611)
 Tax Equivalent Net
 Interest Income 26,701 23,570 52,419 47,557
 Provision for Loan Losses (2,900) (4,313) (6,073) (8,703)
 Other Operating Income 7,081 5,925 13,501 11,937
 Investment Security
 Gains, Net 5 2,562 14 4,472
 Other Operating Expenses (23,000) (20,628) (44,444) (41,947)
 Tax Equivalent Income
 Before Income Taxes 7,887 7,116 15,417 13,316
 Income Tax Expense (2,339) (2,115) (4,702) (3,384)
 Tax Equivalent Adjustment (424) (623) (858) (1,244)
 Adjusted Income Taxes (2,763) (2,738) (5,560) (4,628)
 Net Income 5,124 4,378 9,857 8,688
 PER SHARE DATA:
 NET INCOME $0.41 $0.35 $0.79 $0.69
 Dividends Paid $0.15 $0.13 $0.30 $0.26
 Average Shares
 Outstanding 12,440 12,493 12,453 12,510
 PERFORMANCE RATIOS:
 Return on Average Equity 10.66 pct 9.65 pct 10.38 pct 9.64 pct
 Return on Average Assets 0.83 pct 0.77 pct 0.84 pct 0.77 pct
 Net Interest Margin
 (Tax Equivalent) 4.74 pct 4.50 pct 4.88 pct 4.57 pct
 (1) Certain reclassifications have been made to the 1992 data to conform to the 1993 presentation.
 -0- 7/14/93
 /CONTACT: James M. Roolf, First Midwest Bancorp, Inc., 708-778-8700/
 (FMBI)


CO: First Midwest Bancorp Inc. ST: Illinois IN: FIN SU: ERN

LG -- NY020 -- 1260 07/14/93 09:36 EDT
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Date:Jul 14, 1993
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