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FIRST MIDWEST BANCORP REPORTS INCREASED FIRST QUARTER EARNINGS

 NAPERVILLE, Ill., April 14 /PRNewswire/ -- First Midwest Bancorp, Inc. (NASDAQ-NMS: FMBI) today announced net income for the quarter ended March 31, 1993, of $4.7 million, or $0.38 per share, compared to last year's like quarter of $4.3 million, or $0.34 per share, an increase on a per share basis of approximately 12 percent. Importantly, the $0.38 per share earned in the quarter just ended included no security gains whereas last year's $0.34 per share included security gains of $0.09.
 Contributing positively to the quarter's results were improvements in both net interest income and other operating income with each component of income increasing approximately 7 percent over 1992's like quarter. The quarter saw a strong net interest margin of 5.02 percent earned as compared to 4.63 percent for last year's first quarter and 4.75 percent for the entire year 1992. De minimis (approximately $9,000) security gains were recorded in the current quarter as contrasted to $1.9 million of such gains in 1992's first quarter. Indicative of the significant improvement that has been realized in asset quality, the provision for loan losses was reduced to $3.2 million in the current quarter from $4.4 million in the like quarter a year ago.
 Nonperforming (non accrual plus renegotiated) loans to total loans declined at March 31, 1993, to 0.81 percent representing their lowest level in more than three years and reflective of a dramatic 61 percent reduction from the 2.08 percent of a year ago. Additionally, nonperforming assets (nonperforming loans plus foreclosed real estate) to total loans declined significantly to 2.50 percent from the 3.80 percent of a year ago.
 In commenting on the quarter's results, First Midwest President and Chief Executive Officer Robert P. O'Meara said, "We are pleased with the results of the first quarter that were wholly consistent with plan. The improvement in earnings for the current quarter to $0.38 per share as compared to $0.34 per share a year ago is even more meaningful when last year's security gains are factored out. Additionally, we are pleased with the continuing improvement achieved in overall asset quality with both nonperforming loans and assets standing at their lowest levels in more than three years."
 Headquartered in suburban Chicago, First Midwest Bancorp, Inc. is Illinois' fourth largest publicly traded bank holding company. The $2.3 billion company offers commercial banking, investment advisory, fiduciary and related services through 46 banking offices in northern Illinois.
 FIRST MIDWEST BANCORP, INC.
 Consolidated Highlights
 (In thousands, except per share data -- Unaudited)
 BALANCE SHEET HIGHLIGHTS:
 3/31/93 12/31/92 12/31/91
 Total Assets $2,272,559 $2,297,220 $2,311,402
 Net Loans (A) 1,473,119 1,457,242 1,391,012
 Reserve for Loan Losses 20,687 21,335 20,638
 Deposits and Repurchase
 Agreements 2,055,318 2,073,991 2,064,232
 Stockholders' Equity 191,983 188,799 178,316
 Book Value per Share 15.38 15.15 14.23
 CAPITAL RATIOS:
 Stockholders' Equity to
 Total Assets (in pcts.) 8.45 8.22 7.71
 Stockholders' Equity to
 Net Loans (in pcts.) 13.03 12.96 12.82
 Tier 1 Capital to Risk-
 Based Assets (in pcts.) 10.77 10.67 10.08
 Total Capital to Risk-
 Based Assets (in pcts.) 12.02 11.92 11.38
 CREDIT QUALITY:
 Nonaccrual Loans $ 11,116 $ 8,145 $ 20,719
 Renegotiated Loans 822 4,071 104
 Foreclosed Real Estate 25,502 26,856 19,616
 Loans Past Due 90 Days
 and Still Accruing 6,849 7,380 7,686
 Nonperforming Loans (B)
 to Net Loans (in pcts.) 0.81 0.84 1.50
 Nonperforming Assets (C)
 to Net Loans Plus Foreclosed
 Real Estate (in pcts.) 2.50 2.63 2.87
 Reserve for Loan Losses
 to Net Loans (in pcts.) 1.40 1.46 1.48
 Reserve for Loan Losses
 to Nonperforming Loans
 (in pcts.) 173.29 174.65 99.11
 Net Loan Charge-Offs (D)
 to Average Net Loans
 (in pcts.) 1.06 1.05 0.92
 Net Loan Charge-Offs (E) $ 3,821 $14,755 $12,718
 STOCK PERFORMANCE: Quarter Ended Year Ended
 3/31/93 12/31/92 12/31/91
 Stock prices:
 High $ 23.25 $ 20.25 $ 20.00
 Low 19.25 14.25 13.00
 Period End Close 23.00 19.50 16.25
 Price/Earnings Multiple (F) 15.6x 13.6x 11.4x
 Price/Book Multiple (G) 1.5x 1.3x 1.1x
 (A) Net Loans equal Total Loans Net of Unearned Interest.
 (B) Nonperforming Loans equal Nonaccrual Loans plus Renegotiated Loans.
 (C) Nonperforming Assets equal Nonperforming Loans plus Foreclosed Real Estate.
 (D) Net Loan Charge-offs are Annualized on a Year-to-Date Basis.
 (E) Net Loan Charge-offs are presented on a year-to-date basis.
 (F) Based on Period End Close Stock Prices and Most Recent 12-month Net Income Per Share.
 (G) Based on Period End Close Stock Prices and Book Value Per Share.
 FIRST MIDWEST BANCORP, INC.
 Income Statement Summary
 Quarters Ended March 31, 1993 1992(H)
 Interest Income $ 40,761 $ 45,367
 Tax Equivalent Adjustment 434 621
 Tax Equiv. Interest Income 41,195 45,988
 Interest Expense (15,477) (22,001)
 Tax Equiv. Net Interest Income 25,718 23,987
 Provision for Loan Losses (3,173) (4,390)
 Other Operating Income 6,420 6,012
 Investment Security Gains, Net 9 1,910
 Other Operating Expenses (21,444) (21,319)
 Tax Equivalent Income before
 Income Taxes 7,530 6,200
 Income Tax Expense (2,363) (1,269)
 Tax Equivalent Adjustment (434) (621)
 Adjusted Income Taxes (2,797) (1,890)
 NET INCOME $ 4,733 $ 4,310
 PER SHARE DATA:
 NET INCOME $ 0.38 $ 0.34
 Dividends Paid $ 0.15 $ 0.13
 Average Shares Outstanding 12,465 12,526
 PERFORMANCE RATIOS (IN PCTS.):
 Return on Average Equity 10.09 9.64
 Return on Average Assets 0.85 0.76
 Net Interest Margin (Tax Equivalent) 5.02 4.63
 (H) Certain reclassifications have been made to the 1992 data to conform to the 1993 presentation.
 -0- 4/14/93
 /CONTACT: James Roolf of First Midwest, 708-778-8700/
 (FMBI)


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

SM -- NY049 -- 5692 04/14/93 11:48 EDT
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