Printer Friendly

FIRST MIDWEST BANCORP REPORTS RESULTS

 FIRST MIDWEST BANCORP REPORTS RESULTS
 NAPERVILLE, Ill., April 16 /PRNewswire/ -- First Midwest Bancorp,


Inc. (NASDAQ-NMS: FMBI) today reported net income of $4.31 million or $0.34 per share, for the quarter ended March 31. The results represent a 4.5 percent increase over the $4.12 million, or $0.33 per share, earned in the preceding quarter and a slight increase over the $4.26 million or $.034 per share, earned in the year earlier quarter.
 Contributing positively to the quarter's results were improvements in both net interest income, the former increasing 6 percent and the latter a significant 21 percent over the year earlier quarter. Further indicative that core business continues strong was the net interest margin of 4.68 percent earned in the quarter as compared to 4.28 percent in the year earlier quarter and 4.49 percent for all of 1991.
 Negatively impacting the quarter's results were continuing high levels of expense related to problem asset remediation in the form of provisions for loan losses, costs related to carrying and disposing of foreclosed real estate and related collection costs.
 Nonperforming assets increased during the quarter were $6.5 million thereof being represented by the indebtedness described in Note 6 to the Financial Statements in the 1991 annual report. This indebtedness has been converted to a demand note secured by the same collateral as secures the other indebtedness described in such note. The investigation of the circumstances surrounding this situation continues with the principal officer of the customer cooperating and agreeing to pledge substantial personal assets as additional collateral. Pending the conclusion of the investigation, the $6.5 million has been placed on nonaccural. Additionally, special provisions for possible loan loss and collection/workout contingencies were made during the quarter in the amounts of $1 million and $0.5 million, respectively. Potential loss, if any, will be better determinable within approximately 90 days when the investigation is completed. Based on unallocated reserves for loan losses existent at quarter end of $4.2 million, in addition to the $1.5 million of special reserves established during the quarter, all indebtedness due from this customer is believed to be adequately reserved. The balance of the increase is related to previously identified situations considered to be dominantly transitory in nature and which are believed to be adequately reserved or otherwise accounted for.
 "The increase in nonperforming assets is very disheartening particularly in the context of the turn around that was achieved during the latter part of last year," said Robert P. O'Meara, First Midwest Bancorp president and chief executive officer. "We are confident, however, that we are adequately reserved and only took the special reserving actions of the quarter from an abundance of conservatism perspective. Additionally, it should be noted that we are very well capitalized with stockholders' equity to assets at quarter end of approximately 8 percent."
 "While the nonperforming assets tend to overshadow other considerations, the strength of our core businesses is manifested in the increases achieved in the quarter in both net interest income and other operating income. Net interest margins of 4.68 percent and increases in fee based revenues of all types merit recognition in any environment," concluded O'Meara.
 At $2.3 billion, First Midwest Bancorp is Illinois' fourth largest publicly traded bank holding company whose four regional banks and trust company operate 36 banking and six trust offices in northern Illinois.
 First Midwest Bancorp, Inc.
 Consolidated Highlights (unaudited)
 (In thousands, except per share data)
 BALANCE SHEET HIGHLIGHTS:
 3-31-92 12-31-91 12-31-90
 Total Assets $2,275,573 $2,311,402 $2,368,306
 Net Loans(A) 1,402,775 1,391,012 1,370,880
 Reserve for Loan Losses 21,318 20,638 17,864
 Deposits and Repurchase
 Agreements 2,068,177 2,064,232 2,166,676
 Stockholders' Equity 180,974 178,316 166,174
 Book Value per Share 14.46 14.23 13.25
 CAPITAL RATIOS
 Stockholders' Equity to
 Total Assets 7.95 pct 7.71 pct 7.02 pct
 Stockholders' Equity to
 Net Loans 12.90 pct 12.82 pct 12.12 pct
 Tier 1 Capital to
 Risk-Based Assets 9.98 pct(B) 10.08 pct 9.26 pct
 Total Capital to
 Risk-Based Assets 11.29 pct(B) 11.38 pct 10.21 pct
 CREDIT QUALITY March 31, 1991 DEC. 31
 1992 1991 1990
 Loans Past Due 90 Days
 and Still Accruing $ 5,881 $ 7,686 $3,937
 Nonaccrual Loans 29,089 20,719 17,986
 Renegotiated Loans 71 104 1,694
 Foreclosed Real Estate 25,085 19,616 16,370
 Nonperforming Loans(C)
 to Net Loans 2.08 pct 1.50 pct 1.44 pct
 Nonperforming Assets(D) to
 Net Loans Plus Foreclosed
 Real Estate 3.80 pct 2.87 pct 2.60 pct
 Reserve for Loan Losses to
 Net Loans 1.52 pct 1.48 pct 1.30 pct
 Reserve for Loans Losses to
 Nonperforming Loans 73.11 pct 99.11 pct 90.77 pct
 Net Loan Charge-Offs(E)
 to Average Net Loans 1.07 pct 0.92 pct 0.54 pct
STOCK PERFORMANCE March 31, YEARS ENDED DEC. 31,
 1992 1991 1990
 Market Value:
 High $ 17.25 $ 20.00 $23.00
 Low 15.00 13.00 11.75
 Period End 16.00 16.25 14.50
 Price/Earnings Multiple(F) 11.3 pct 11.4 pct 8.1 pct
 Price/Book Multiple(G) 1.1 pct 1.1 pct 1.1 pct
 (A) -- Net Loans equals Total Loans net of unearned interest.
 (B) -- Estimated
 (C) -- Nonperforming Loans equals Nonaccrual Loans plus Renegotiated Loans.
 (D) -- Nonperforming Assets equals Nonperforming Loans plus Foreclosed Real Estate.
 (E) -- Net Loan Charge-offs are Annualized on a Year-to-Date Basis.
 (F) -- Based on Period end Stock Prices and Most Recent 12-month Net Income Per Share.
 (G) -- Based on Period end Stock Prices and Book Value Per Share.
 INCOME STATEMENT SUMMARY Quarters Ended March 31
 1992 1991
 Interest Income $ 45,619 $ 53,325
 Tax Equivalent Adjustment 621 716
 Tax Equivalent Interest Income 46,240 54,041
 Interest Expense (22,001) (31,136)
 Tax Equivalent Net
 Interest Income 24,239 22,905
 Provision for Loan Losses (4,390) (2,720)
 Other Operating Income 5,531 4,588
 Investment Security Gains,
 (Losses), Net 1,910 (7)
 Other Operating Expenses (21,090) (18,453)
 Tax Equivalent Income before
 Income Taxes 6,200 6,313
 Income Tax Expense (1,269) (1,336)
 Tax Equivalent Adjustment (621) (716)
 Adjusted Income Taxes (1,890) (2,052)
 NET INCOME $ 4,310 $ 4,261
 PER SHARE DATA
 NET INCOME $ 0.34 $ 0.34
 Dividends Paid $ 0.13 $ 0.13
 Average Shares Outstanding 12,526 12,541
 PERFORMANCE RATIOS:
 Return on Average Equity 9.64 pct 10.30 pct
 Return on Average Assets 0.76 pct 0.74 pct
 Net Interest Margin
 (Tax Equivalent) 4.68 pct 4.28 pct
 -0- 4/16/92
 /CONTACT: James M. Roolf of First Midwest Bancorp, 708-778-8700/
 (FMBI) CO: First Midwest Bancorp, Inc. ST: Illinois IN: FIN SU: ERN


KD -- NY113 -- 9562 04/16/92 17:53 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 16, 1992
Words:1168
Previous Article:AMERICAN STOCK EXCHANGE DAILY REPORT
Next Article:NEW YORK STOCK EXCHANGE CLOSING, THURSDAY, APRIL 16 /PRN/


Related Articles
FIRST MIDWEST BANCORP ANNOUNCES STOCK REPURCHASE PROGRAM
FIRST MIDWEST BANCORP DECLARES CASH DIVIDEND
FIRST MIDWEST BANCORP DECLARES CASH DIVIDEND
FIRST MIDWEST BANCORP DECLARES CASH DIVIDEND
FIRST MIDWEST BANCORP FORMS MORTGAGE COMPANY AND NAMES UNIT CEO
FIRST MIDWEST TO ACQUIRE CF BANCORP
FIRST FEDERAL OF STORM LAKE, IOWA AND IOWA SAVINGS BANK TO MERGE
First Midwest Bancorp Completes Acquisition of McHenry State Bank
First Midwest Announces Fourth Quarter Earnings Release Date.
First Midwest Bancorp Announces First Quarter Earnings Release Date.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters