CHICAGO, Jan. 18, 2022 (GLOBE NEWSWIRE) -- First
Midwest Bancorp, Inc. (the "Company" or "First Midwest"), the
holding company of First Midwest Bank (the "Bank"), today reported
results of operations and financial condition for the fourth
quarter and full year of 2021. Net income applicable to common
shares for the fourth quarter of 2021 was $44 million, or $0.39 per
diluted common share, compared to $50 million, or $0.44 per diluted
common share, for the third quarter of 2021, and $37 million, or
$0.33 per diluted common share, for the fourth quarter of 2020. For
the full year of 2021, the Company reported net income applicable
to common shares of $182 million, or $1.60 per diluted common
share, compared to $98 million, or $0.87 per diluted common share,
for the year ended December 31, 2020.
Comparative results for all periods were
impacted by the timing of costs related to acquisitions. In
addition, certain periods were impacted by retail and balance sheet
optimization strategies, and securities gains, as well as the
Company's response to the COVID-19 pandemic (the "pandemic") and
federal, state and local responses to the pandemic. To facilitate
comparisons between periods, adjustments to reported results have
been made to reflect these impacts. For additional detail on these
adjustments, see the "Non-GAAP Financial Information" section
presented later in this release.
FOURTH QUARTER AND FULL YEAR HIGHLIGHTS
-
Improved diluted EPS to $0.39 for the fourth quarter of
2021 and $1.60 for the full year of 2021, up 18% and 84% from the
same periods in 2020; down 5% and up 44% on an
adjusted(1) basis,
respectively.
-
Generated total revenue of $183 million for the fourth quarter of
2021 and $751 million for the full year of 2021, both up 4% from
the same periods in 2020.
-
Net interest income and margin down 6% and 39 basis points ("bps"),
respectively, from the fourth quarter of 2020 and down 2% and 27
bps from the full year of 2020, reflective of the lower interest
rate environment and elevated liquidity.
-
Fee-based revenues up 1% and 15% from the fourth quarter of 2020
and full year of 2020, respectively.
-
Controlled noninterest expense to average assets of 2.18% for the
fourth quarter of 2021 and 2.21% for the full year of 2021, down 7
bps and 17 bps from the same periods in 2020.
-
Grew total loans to $15 billion, up 3% from the prior year,
excluding PPP loans.
-
Increased total average deposits to $17 billion for both
the fourth quarter and full year of 2021, up 10% and 13% from the
same periods in 2020.
-
Established the allowance for credit losses ("ACL") at $210
million, or 1.45% of total loans, excluding PPP loans, compared to
1.77% at December 31, 2020, reflective of improving credit
environment.
-
Lowered non-performing assets and performing loans classified as
substandard and special mention 21% and 16%, respectively, compared
to December 31, 2020.
-
Reduced net loan charge-offs ("NCOs") to average loans to 0.05% for
the fourth quarter of 2021 and 0.23% for the full year of 2021,
compared to 0.12% and 0.24% for the same periods in 2020, excluding
purchased credit deteriorated ("PCD") and PPP loans.
-
Generated 67 bps of Tier 1 capital to risk-weighted assets
during 2021, ending the year at 12.2%, largely reflective of higher
retained earnings.
"The best of First Midwest was once again on
display throughout 2021," said Michael L. Scudder, Chairman of the
Board and Chief Executive Officer of the Company. "The year's
financial results were strong, reflecting solid operating
performance. I am extremely proud of our 2,000 colleagues who
represent First Midwest each day. Amid the demands of an ongoing
health crisis and challenging operating environment, they have
remained agile and focused – all while working tirelessly to help
support our clients, communities, and each other."
Mr. Scudder continued, "We are very encouraged
and excited about what lies ahead for our Company. Strong capital
levels and a highly engaged team provide operating flexibility as
we see economic recovery and growing opportunities for business
expansion. As we look to our future, our ongoing integration
planning efforts relative to our announced business combination
with Old National Bank are on pace and in line with our
expectations. This combination will see us grow to become one of
the Midwest’s largest commercial banks and position us well for
continued expansion, investment, and innovation in talent,
capabilities, and services – all to the benefit of our clients,
colleagues, communities and stockholders."
PENDING MERGER
First Midwest and Old National Bancorp
On June 1, 2021, the Company and Old National
Bancorp ("Old National"), the holding company for Old National
Bank, jointly announced that they entered into a definitive merger
agreement to combine in an all-stock merger of equals transaction
to create a premier Midwestern bank with approximately $45 billion
of combined assets. The merger agreement provides for a fixed
exchange ratio whereby holders of First Midwest common stock will
receive 1.1336 shares of Old National common stock for each share
of First Midwest common stock they own. The merger agreement has
been unanimously approved by the boards of directors of both
companies, and has also been approved by approximately 99% of the
votes cast at each company's respective shareholder meeting.
As of the date of announcement, the overall
transaction was valued at approximately $6.5 billion. On August 19,
2021, the Office of the Comptroller of the Currency approved the
application for the merger of First Midwest Bank and Old National
Bank. Completion of the merger remains subject to regulatory
approval by the Board of Governors of the Federal Reserve System
and certain other customary closing conditions set forth in the
merger agreement.
(1) This metric is a non-GAAP
financial measure. For details on the calculation of this metric,
see the sections titled "Non-GAAP Financial Information" and
"Non-GAAP Reconciliations" presented later in this release.
OPERATING PERFORMANCE
Net Interest Income and Margin
Analysis
(Dollar amounts in thousands)
|
Quarters Ended |
|
December 31, 2021 |
|
|
September 30, 2021 |
|
|
December 31, 2020 |
|
Average Balance |
|
Interest |
|
Yield/
Rate
(%) |
|
|
Average
Balance |
|
Interest |
|
Yield/
Rate
(%) |
|
|
Average
Balance |
|
Interest |
|
Yield/
Rate
(%) |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other interest-earning assets |
$ |
2,122,042 |
|
|
$ |
1,462 |
|
|
0.27 |
|
|
$ |
1,672,005 |
|
|
$ |
1,222 |
|
|
0.29 |
|
|
$ |
1,244,999 |
|
|
$ |
930 |
|
|
0.30 |
Securities(1) |
|
3,308,840 |
|
|
|
18,711 |
|
|
2.26 |
|
|
|
3,265,812 |
|
|
|
16,189 |
|
|
1.98 |
|
|
|
3,164,310 |
|
|
|
17,051 |
|
|
2.16 |
Federal Home Loan Bank
("FHLB") and Federal Reserve Bank ("FRB") stock |
|
106,096 |
|
|
|
867 |
|
|
3.27 |
|
|
|
106,759 |
|
|
|
852 |
|
|
3.19 |
|
|
|
123,287 |
|
|
|
1,342 |
|
|
4.35 |
Loans, excluding PPP
loans(1) |
|
14,308,310 |
|
|
|
122,879 |
|
|
3.41 |
|
|
|
14,364,785 |
|
|
|
127,631 |
|
|
3.53 |
|
|
|
13,335,154 |
|
|
|
126,474 |
|
|
3.77 |
PPP loans(1) |
|
317,553 |
|
|
|
5,119 |
|
|
6.40 |
|
|
|
549,380 |
|
|
|
9,772 |
|
|
7.06 |
|
|
|
1,013,511 |
|
|
|
15,195 |
|
|
5.96 |
Total loans(1) |
|
14,625,863 |
|
|
|
127,998 |
|
|
3.47 |
|
|
|
14,914,165 |
|
|
|
137,403 |
|
|
3.66 |
|
|
|
14,348,665 |
|
|
|
141,669 |
|
|
3.93 |
Total interest-earning assets(1) |
|
20,162,841 |
|
|
|
149,038 |
|
|
2.94 |
|
|
|
19,958,741 |
|
|
|
155,666 |
|
|
3.10 |
|
|
|
18,881,261 |
|
|
|
160,992 |
|
|
3.39 |
Cash and due from banks |
|
286,846 |
|
|
|
|
|
|
|
|
277,720 |
|
|
|
|
|
|
|
|
252,268 |
|
|
|
|
|
Allowance for loan losses |
|
(208,048 |
) |
|
|
|
|
|
|
|
(215,395 |
) |
|
|
|
|
|
|
|
(246,278 |
) |
|
|
|
|
Other assets |
|
1,805,033 |
|
|
|
|
|
|
|
|
1,878,494 |
|
|
|
|
|
|
|
|
1,995,074 |
|
|
|
|
|
Total assets |
$ |
22,046,672 |
|
|
|
|
|
|
|
$ |
21,899,560 |
|
|
|
|
|
|
|
$ |
20,882,325 |
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings deposits |
$ |
2,825,792 |
|
|
|
125 |
|
|
0.02 |
|
|
$ |
2,785,816 |
|
|
|
124 |
|
|
0.02 |
|
|
$ |
2,436,930 |
|
|
|
109 |
|
|
0.02 |
NOW accounts |
|
3,165,689 |
|
|
|
280 |
|
|
0.04 |
|
|
|
3,213,637 |
|
|
|
275 |
|
|
0.03 |
|
|
|
2,774,989 |
|
|
|
277 |
|
|
0.04 |
Money market deposits |
|
3,316,492 |
|
|
|
510 |
|
|
0.06 |
|
|
|
3,211,355 |
|
|
|
549 |
|
|
0.07 |
|
|
|
2,923,881 |
|
|
|
694 |
|
|
0.09 |
Time deposits |
|
1,736,197 |
|
|
|
1,702 |
|
|
0.39 |
|
|
|
1,800,493 |
|
|
|
1,915 |
|
|
0.42 |
|
|
|
2,047,260 |
|
|
|
3,131 |
|
|
0.61 |
Borrowed funds |
|
1,288,778 |
|
|
|
3,143 |
|
|
0.97 |
|
|
|
1,281,968 |
|
|
|
3,146 |
|
|
0.97 |
|
|
|
1,661,731 |
|
|
|
4,158 |
|
|
1.00 |
Senior and subordinated
debt |
|
235,490 |
|
|
|
3,467 |
|
|
5.84 |
|
|
|
235,284 |
|
|
|
3,467 |
|
|
5.85 |
|
|
|
234,669 |
|
|
|
3,482 |
|
|
5.90 |
Total interest-bearing
liabilities |
|
12,568,438 |
|
|
|
9,227 |
|
|
0.29 |
|
|
|
12,528,553 |
|
|
|
9,476 |
|
|
0.30 |
|
|
|
12,079,460 |
|
|
|
11,851 |
|
|
0.39 |
Demand deposits |
|
6,411,550 |
|
|
|
|
|
|
|
|
6,272,903 |
|
|
|
|
|
|
|
|
5,753,600 |
|
|
|
|
|
Total funding sources |
|
18,979,988 |
|
|
|
|
0.19 |
|
|
|
18,801,456 |
|
|
|
|
0.20 |
|
|
|
17,833,060 |
|
|
|
|
0.26 |
Other liabilities |
|
336,533 |
|
|
|
|
|
|
|
|
364,576 |
|
|
|
|
|
|
|
|
373,854 |
|
|
|
|
|
Stockholders' equity |
|
2,730,151 |
|
|
|
|
|
|
|
|
2,733,528 |
|
|
|
|
|
|
|
|
2,675,411 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
22,046,672 |
|
|
|
|
|
|
|
$ |
21,899,560 |
|
|
|
|
|
|
|
$ |
20,882,325 |
|
|
|
|
|
Tax-equivalent net
interest income/margin(1) |
|
|
|
139,811 |
|
|
2.75 |
|
|
|
|
|
146,190 |
|
|
2.91 |
|
|
|
|
|
149,141 |
|
|
3.14 |
Tax-equivalent adjustment |
|
|
|
(1,035 |
) |
|
|
|
|
|
|
|
(994 |
) |
|
|
|
|
|
|
|
(1,030 |
) |
|
|
Net interest income (GAAP)(1) |
|
|
$ |
138,776 |
|
|
|
|
|
|
|
$ |
145,196 |
|
|
|
|
|
|
|
$ |
148,111 |
|
|
|
Impact of acquired loan
accretion(1) |
|
|
$ |
5,684 |
|
|
0.11 |
|
|
|
|
$ |
6,231 |
|
|
0.12 |
|
|
|
|
$ |
7,603 |
|
|
0.16 |
Tax-equivalent net interest
income/margin, adjusted(1) |
|
|
$ |
134,127 |
|
|
2.64 |
|
|
|
|
$ |
139,959 |
|
|
2.79 |
|
|
|
|
$ |
141,538 |
|
|
2.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest income and yields on
tax-exempt securities and loans are presented on a tax-equivalent
basis, assuming a federal income tax rate of 21%. The corresponding
income tax impact related to tax-exempt items is recorded in income
tax expense. These adjustments have no impact on net income. See
the "Non-GAAP Financial Information" section presented later in
this release for a discussion of this non-GAAP financial
measure.
Net interest income for the fourth quarter of
2021 decreased by 4.4% from the third quarter of 2021 and was down
6.3% from the fourth quarter of 2020. Net interest income compared
to both prior periods was impacted by a decrease in interest income
and fees on PPP loans, as well as lower yields on loans and
acquired loan accretion, partially offset by higher income on
equity securities held in a grantor trust under our deferred
compensation plan, which are substantially offset by the
corresponding obligation to participants within total salaries and
employee benefits. In addition, loan growth and lower cost of funds
partially offset the decrease compared to the fourth quarter of
2020.
Acquired loan accretion contributed $5.7
million, $6.2 million, and $7.6 million to net interest income for
the fourth quarter of 2021, the third quarter of 2021, and the
fourth quarter of 2020, respectively.
Tax-equivalent net interest margin for the
current quarter was 2.75%, decreasing by 16 basis points from the
third quarter of 2021 and 39 basis points from the fourth quarter
of 2020. Excluding the impact of acquired loan accretion,
tax-equivalent net interest margin was 2.64%, down 15 basis points
from the third quarter of 2021 and 34 basis points from the fourth
quarter of 2020. Compared to both prior periods tax-equivalent net
interest margin decreased due primarily to lower PPP loan income
and yields on loans, excluding PPP loans, as well as a higher
balance of other interest-earning assets from growth in commercial
deposits compared to the third quarter of 2021 and PPP loan funds
and other government stimuli compared to the fourth quarter of
2020. Higher income on equity securities held in a
grantor trust under our deferred compensation plan and lower
cost of funds partially offset the decrease compared to both prior
periods.
For the fourth quarter of 2021, total average
interest-earning assets increased by $204.1 million from the third
quarter of 2021 and increased $1.3 billion from the fourth quarter
of 2020. The increase compared to both prior periods resulted
primarily from a higher balance of other interest-earning assets
due to deposit growth, partially offset by lower PPP loan funds. In
addition, compared to the fourth quarter of 2020, loan growth
contributed to the increase in interest-earning assets.
Total average funding sources for the fourth
quarter of 2021 increased by $178.5 million from the third quarter
of 2021 and $1.1 billion from the fourth quarter of 2020. The
increase compared to the third quarter of 2021 was impacted by
growth in commercial deposits, partially offset by the seasonal
outflows of municipal deposits. Compared to the fourth quarter of
2020, the increase was driven by higher customer balances resulting
from PPP funds and other government stimuli, partially offset by a
decrease in FHLB advances.
Noninterest Income Analysis
(Dollar amounts in thousands)
|
|
Quarters Ended |
|
December 31, 2021
Percent Change From |
|
|
December 31,
2021 |
|
September 30,
2021 |
|
December 31,
2020 |
|
September 30,
2021 |
|
December 31,
2020 |
Wealth management fees |
|
$ |
14,246 |
|
$ |
14,820 |
|
$ |
13,548 |
|
|
(3.9 |
) |
|
5.2 |
|
Service charges on deposit
accounts |
|
|
12,149 |
|
|
11,496 |
|
|
10,811 |
|
|
5.7 |
|
|
12.4 |
|
Mortgage banking income |
|
|
6,149 |
|
|
6,664 |
|
|
9,191 |
|
|
(7.7 |
) |
|
(33.1 |
) |
Card-based fees, net |
|
|
4,451 |
|
|
4,992 |
|
|
4,530 |
|
|
(10.8 |
) |
|
(1.7 |
) |
Capital market products
income |
|
|
1,462 |
|
|
1,333 |
|
|
659 |
|
|
9.7 |
|
|
121.9 |
|
Other service charges,
commissions, and fees |
|
|
3,775 |
|
|
2,832 |
|
|
2,993 |
|
|
33.3 |
|
|
26.1 |
|
Total fee-based revenues |
|
|
42,232 |
|
|
42,137 |
|
|
41,732 |
|
|
0.2 |
|
|
1.2 |
|
Other income |
|
|
2,247 |
|
|
3,043 |
|
|
3,550 |
|
|
(26.2 |
) |
|
(36.7 |
) |
Swap termination costs |
|
|
— |
|
|
— |
|
|
(17,567 |
) |
|
N/M |
|
|
N/M |
|
Total noninterest
income |
|
$ |
44,479 |
|
$ |
45,180 |
|
$ |
27,715 |
|
|
(1.6 |
) |
|
60.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M – Not meaningful.
Total noninterest income of $44.5 million was
down 1.6% and up 60.5% from the third quarter of 2021 and the
fourth quarter of 2020, respectively. Excluding the impact of swap
termination costs in the fourth quarter of 2020, total noninterest
income decreased 1.8%. Wealth management fees decreased compared to
a record third quarter of 2021 due to seasonality and increased
compared to the fourth quarter of 2020 due to positive market
performance and continued sales of fiduciary and investment
advisory services to new and existing customers. The increase in
service charges on deposit accounts compared to the third quarter
of 2021 was due primarily to seasonality, whereas the increase from
the fourth quarter of 2020 resulted from the impact of higher
transaction volumes.
Mortgage banking income for the fourth quarter
of 2021 resulted from sales of $179.1 million of 1-4 family
mortgage loans in the secondary market compared to $199.9 million
in the third quarter of 2021 and $275.6 million in the fourth
quarter of 2020. In addition, mortgage banking income for the
fourth quarter of 2021 was impacted by decreases in market pricing
on sales of 1-4 family mortgage loans compared to the same period
in 2020.
Capital market products income increased
compared to both prior periods as a result higher levels of sales
to corporate clients in light of market conditions. Other service
charges, commissions, and fees for the fourth quarter of 2021 was
elevated as a result of sales of loans at gains. Other income
compared to both prior periods was impacted by lower fair value
adjustments on equity securities as a result of the market
environment, partially offset by benefit settlements on bank-owned
life insurance. In addition, other income for the third quarter of
2021 was elevated as a result of net gains from the disposition of
branch properties and other miscellaneous items.
During the fourth quarter of 2020, the Company
terminated longer term interest rate swaps with notional amounts of
$510 million due to excess liquidity and in response to market
conditions. As a result of this transaction, $17.6 million of
pre-tax losses on swap terminations were recorded in the same
period.
Noninterest Expense Analysis
(Dollar amounts in thousands)
|
|
Quarters Ended |
|
December 31, 2021
Percent Change From |
|
|
December 31,
2021 |
|
September 30,
2021 |
|
December 31,
2020 |
|
September 30,
2021 |
|
December 31,
2020 |
Salaries and employee
benefits: |
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
$ |
56,334 |
|
|
$ |
51,503 |
|
|
$ |
55,950 |
|
|
9.4 |
|
|
0.7 |
|
Retirement and other employee
benefits |
|
|
11,112 |
|
|
|
10,924 |
|
|
|
10,430 |
|
|
1.7 |
|
|
6.5 |
|
Total salaries and employee
benefits |
|
|
67,446 |
|
|
|
62,427 |
|
|
|
66,380 |
|
|
8.0 |
|
|
1.6 |
|
Net occupancy and equipment
expense |
|
|
13,550 |
|
|
|
14,198 |
|
|
|
14,002 |
|
|
(4.6 |
) |
|
(3.2 |
) |
Technology and related
costs |
|
|
10,468 |
|
|
|
10,742 |
|
|
|
11,005 |
|
|
(2.6 |
) |
|
(4.9 |
) |
Professional services |
|
|
7,620 |
|
|
|
6,991 |
|
|
|
8,424 |
|
|
9.0 |
|
|
(9.5 |
) |
Advertising and
promotions |
|
|
2,853 |
|
|
|
3,168 |
|
|
|
1,850 |
|
|
(9.9 |
) |
|
54.2 |
|
Net other real estate owned
("OREO") expense |
|
|
442 |
|
|
|
(4 |
) |
|
|
106 |
|
|
N/M |
|
|
317.0 |
|
Other expenses |
|
|
14,565 |
|
|
|
15,616 |
|
|
|
12,851 |
|
|
(6.7 |
) |
|
13.3 |
|
Acquisition and integration
related expenses |
|
|
3,945 |
|
|
|
2,916 |
|
|
|
1,860 |
|
|
35.3 |
|
|
112.1 |
|
Optimization costs |
|
|
— |
|
|
|
— |
|
|
|
1,493 |
|
|
N/M |
|
|
N/M |
|
Total noninterest
expense |
|
$ |
120,889 |
|
|
$ |
116,054 |
|
|
$ |
117,971 |
|
|
4.2 |
|
|
2.5 |
|
Acquisition and integration
related expenses |
|
|
(3,945 |
) |
|
|
(2,916 |
) |
|
|
(1,860 |
) |
|
35.3 |
|
|
112.1 |
|
Optimization costs |
|
|
— |
|
|
|
— |
|
|
|
(1,493 |
) |
|
N/M |
|
|
N/M |
|
Total noninterest expense, adjusted(1) |
|
$ |
116,944 |
|
|
$ |
113,138 |
|
|
$ |
114,618 |
|
|
3.4 |
|
|
2.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M – Not meaningful.
(1) See the "Non-GAAP Financial
Information" section presented later in this release for a
discussion of this non-GAAP financial measure.
Total noninterest expense increased 4.2% and
2.5% compared to the third quarter of 2021 and fourth quarter of
2020, respectively. Noninterest expense for all periods presented
was impacted by acquisition and integration related expenses. In
addition, the fourth quarter of 2020 was impacted by optimization
costs. Excluding these items, noninterest expense for the fourth
quarter of 2021 was $116.9 million, up 3.4% and 2.0% from the third
quarter of 2021 and fourth quarter of 2020, respectively. Overall,
noninterest expense, adjusted, to average assets, excluding PPP
loans, was 2.14% for the fourth quarter of 2021, up 4 basis points
from the third quarter of 2021 and down 15 basis points from the
fourth quarter of 2020.
The increase in salaries and employee benefits
compared to both prior periods was driven primarily by higher
compensation accruals and deferred compensation plan obligations
due to income on the respective equity securities held in a grantor
trust. Compared to the fourth quarter of 2020, the increase in
salaries and employee benefits was impacted by merit increases,
partially offset by the ongoing benefits of optimization
strategies. Net occupancy expense decreased compared to both prior
periods as a result of lower maintenance costs. Professional
services expense increased compared to the third quarter of 2021
due mainly to higher loan related fees associated with 1-4 family
mortgage production. Compared to the fourth quarter of 2020,
professional services expense decreased due primarily to lower loan
remediation costs. Advertising and promotions expense increased
compared to the fourth quarter of 2020 due to the timing of certain
costs related to marketing campaigns. Other expenses decreased
compared to the third quarter of 2021 as a result of lower other
miscellaneous expenses. Compared to the fourth quarter of 2020,
other expenses increased due primarily to higher servicing fees
from purchases of consumer loans.
Optimization costs of $1.5 million for the
fourth quarter of 2020, primarily include valuation adjustments
related to locations identified for closure, modernization of our
ATM network, advisory fees, employee severance, and other expenses
associated with locations identified for closure.
Acquisition and integration related expenses for
the fourth and third quarters of 2021 resulted from the pending
merger with Old National. Acquisition and integration related
expenses for the fourth quarter of 2020 resulted from the
acquisition of Park Bank, which closed in the first quarter of
2020.
LOAN PORTFOLIO AND ASSET QUALITY
Loan Portfolio Composition
(Dollar amounts in thousands)
|
|
As of |
|
December 31, 2021
Percent Change From |
|
|
December 31,
2021 |
|
September 30,
2021 |
|
December 31,
2020 |
|
September 30,
2021 |
|
December 31,
2020 |
Commercial and industrial |
|
$ |
4,834,332 |
|
$ |
4,705,458 |
|
$ |
4,578,254 |
|
2.7 |
|
|
5.6 |
|
Agricultural |
|
|
327,873 |
|
|
349,159 |
|
|
364,038 |
|
(6.1 |
) |
|
(9.9 |
) |
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
Office, retail, and
industrial |
|
|
1,746,944 |
|
|
1,765,592 |
|
|
1,861,768 |
|
(1.1 |
) |
|
(6.2 |
) |
Multi-family |
|
|
1,120,748 |
|
|
1,082,941 |
|
|
872,813 |
|
3.5 |
|
|
28.4 |
|
Construction |
|
|
588,247 |
|
|
595,204 |
|
|
612,611 |
|
(1.2 |
) |
|
(4.0 |
) |
Other commercial real
estate |
|
|
1,275,906 |
|
|
1,408,955 |
|
|
1,481,976 |
|
(9.4 |
) |
|
(13.9 |
) |
Total commercial real
estate |
|
|
4,731,845 |
|
|
4,852,692 |
|
|
4,829,168 |
|
(2.5 |
) |
|
(2.0 |
) |
Total corporate loans,
excluding PPP loans |
|
|
9,894,050 |
|
|
9,907,309 |
|
|
9,771,460 |
|
(0.1 |
) |
|
1.3 |
|
PPP loans |
|
|
230,687 |
|
|
384,100 |
|
|
785,563 |
|
(39.9 |
) |
|
(70.6 |
) |
Total corporate loans |
|
|
10,124,737 |
|
|
10,291,409 |
|
|
10,557,023 |
|
(1.6 |
) |
|
(4.1 |
) |
Home equity |
|
|
565,443 |
|
|
591,126 |
|
|
761,725 |
|
(4.3 |
) |
|
(25.8 |
) |
1-4 family mortgages |
|
|
3,418,059 |
|
|
3,332,732 |
|
|
3,022,413 |
|
2.6 |
|
|
13.1 |
|
Installment |
|
|
557,252 |
|
|
573,465 |
|
|
410,071 |
|
(2.8 |
) |
|
35.9 |
|
Total consumer loans |
|
|
4,540,754 |
|
|
4,497,323 |
|
|
4,194,209 |
|
1.0 |
|
|
8.3 |
|
Total loans |
|
$ |
14,665,491 |
|
$ |
14,788,732 |
|
$ |
14,751,232 |
|
(0.8 |
) |
|
(0.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans includes loans originated under the
PPP loan program, which totaled $230.7 million, $384.1 million, and
$785.6 million as of December 31, 2021, September 30, 2021,
and December 31, 2020, respectively. Excluding these loans, total
loans were up 1% annualized from September 30, 2021 and 3%
from December 31, 2020. Compared to both prior periods, strong
production and line usage within our sector-based lending
businesses drove the increase in corporate loan growth, excluding
PPP loans. Middle market businesses also contributed to this growth
compared to December 31, 2020. Production was partially offset by
higher paydowns and prepayments due to excess borrower liquidity as
a result of the pandemic and the impact of certain customers
selling their commercial business or investment real estate
properties, as well as refinancing with institutions offering loan
terms outside of our credit parameters.
Consumer loans compared to both prior periods
were impacted by purchases of 1-4 family mortgages, as well as
strong production in the 1-4 family mortgages portfolio, which was
partially offset by higher prepayments. In addition, consumer loans
compared to December 31, 2020 were impacted by purchases of
installment loans.
Allowance for Credit Losses
(Dollar amounts in thousands)
|
|
As of or for the Quarters Ended |
|
December 31, 2021
Percent Change From |
|
|
December 31,
2021 |
|
September 30,
2021 |
|
December 31,
2020 |
|
September 30,
2021 |
|
December 31,
2020 |
ACL, excluding PCD loans |
|
$ |
190,510 |
|
|
$ |
195,903 |
|
|
$ |
215,915 |
|
|
(2.8 |
) |
|
(11.8 |
) |
PCD loan ACL |
|
|
19,352 |
|
|
|
18,963 |
|
|
|
31,127 |
|
|
2.1 |
|
|
(37.8 |
) |
Total ACL |
|
$ |
209,862 |
|
|
$ |
214,866 |
|
|
$ |
247,042 |
|
|
(2.3 |
) |
|
(15.1 |
) |
Provision for credit
losses |
|
$ |
(2,924 |
) |
|
$ |
— |
|
|
$ |
10,507 |
|
|
N/M |
|
|
(127.8 |
) |
ACL to total loans |
|
|
1.43 |
% |
|
|
1.45 |
% |
|
|
1.67 |
% |
|
|
|
|
ACL to total loans, excluding
PPP loans(1) |
|
|
1.45 |
% |
|
|
1.49 |
% |
|
|
1.77 |
% |
|
|
|
|
ACL to non-accrual loans |
|
|
205.79 |
% |
|
|
243.94 |
% |
|
|
173.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M – Not meaningful.
(1) This ratio excludes PPP loans
that are fully guaranteed by the Small Business Administration
("SBA"). As a result, no allowance for credit losses is associated
with these loans. See the "Non-GAAP Financial Information" section
presented later in this release for a discussion of this non-GAAP
financial measure.
The ACL was $209.9 million or 1.43% of total
loans as of December 31, 2021, decreasing $5.0 million from
September 30, 2021 and $37.2 million compared to December 31,
2020. Excluding the impact of PPP loans, ACL to total loans was
1.45% as of December 31, 2021, compared to 1.49% and 1.77% as of
September 30, 2021 and December 31, 2020, respectively. The
decrease from both prior periods reflects an improving credit
environment as well as net charge-offs on PCD loans that previously
had an ACL established upon acquisition.
Asset Quality
(Dollar amounts in thousands)
|
|
As of |
|
December 31, 2021
Percent Change From |
|
|
December 31,
2021 |
|
September 30,
2021 |
|
December 31,
2020 |
|
September 30,
2021 |
|
December 31,
2020 |
Non-accrual loans, excluding PCD loans(1) |
|
$ |
80,920 |
|
|
$ |
64,166 |
|
|
$ |
109,957 |
|
|
26.1 |
|
|
(26.4 |
) |
Non-accrual PCD loans |
|
|
21,059 |
|
|
|
23,917 |
|
|
|
32,568 |
|
|
(11.9 |
) |
|
(35.3 |
) |
Total non-accrual loans |
|
|
101,979 |
|
|
|
88,083 |
|
|
|
142,525 |
|
|
15.8 |
|
|
(28.4 |
) |
90 days or more past due
loans, still accruing interest(1) |
|
|
927 |
|
|
|
1,293 |
|
|
|
4,395 |
|
|
(28.3 |
) |
|
(78.9 |
) |
Total non-performing loans,
("NPLs") |
|
|
102,906 |
|
|
|
89,376 |
|
|
|
146,920 |
|
|
15.1 |
|
|
(30.0 |
) |
Accruing troubled debt
restructurings ("TDRs") |
|
|
534 |
|
|
|
539 |
|
|
|
813 |
|
|
(0.9 |
) |
|
(34.3 |
) |
Foreclosed
assets(2) |
|
|
25,837 |
|
|
|
26,375 |
|
|
|
16,671 |
|
|
(2.0 |
) |
|
55.0 |
|
Total non-performing assets
("NPAs") |
|
$ |
129,277 |
|
|
$ |
116,290 |
|
|
$ |
164,404 |
|
|
11.2 |
|
|
(21.4 |
) |
30-89 days past due loans |
|
$ |
34,430 |
|
|
$ |
30,718 |
|
|
$ |
40,656 |
|
|
12.1 |
|
|
(15.3 |
) |
Special mention
loans(3) |
|
$ |
314,772 |
|
|
$ |
330,218 |
|
|
$ |
409,083 |
|
|
(4.7 |
) |
|
(23.1 |
) |
Substandard
loans(3) |
|
|
325,520 |
|
|
|
351,192 |
|
|
|
357,219 |
|
|
(7.3 |
) |
|
(8.9 |
) |
Total performing loans classified as substandard and special
mention(3) |
|
$ |
640,292 |
|
|
$ |
681,410 |
|
|
$ |
766,302 |
|
|
(6.0 |
) |
|
(16.4 |
) |
Non-accrual loans to
total loans: |
|
|
|
|
|
|
|
|
|
|
Non-accrual loans to total
loans |
|
|
0.70 |
% |
|
|
0.60 |
% |
|
|
0.97 |
% |
|
|
|
|
Non-accrual loans to total
loans, excluding PPP loans(1)(4) |
|
|
0.71 |
% |
|
|
0.61 |
% |
|
|
1.02 |
% |
|
|
|
|
Non-accrual loans to total
loans, excluding PCD and PPP loans(1)(4) |
|
|
0.57 |
% |
|
|
0.45 |
% |
|
|
0.80 |
% |
|
|
|
|
Non-performing loans
to total loans: |
|
|
|
|
|
|
|
|
|
|
NPLs to total loans |
|
|
0.70 |
% |
|
|
0.60 |
% |
|
|
1.00 |
% |
|
|
|
|
NPLs to total loans, excluding
PPP loans(1)(4) |
|
|
0.71 |
% |
|
|
0.62 |
% |
|
|
1.05 |
% |
|
|
|
|
NPLs to total loans, excluding
PCD and PPP loans(1)(4) |
|
|
0.57 |
% |
|
|
0.46 |
% |
|
|
0.83 |
% |
|
|
|
|
Non-performing assets to total loans plus foreclosed
assets: |
|
|
|
|
|
|
|
|
NPAs to total loans plus
foreclosed assets |
|
|
0.88 |
% |
|
|
0.78 |
% |
|
|
1.11 |
% |
|
|
|
|
NPAs to total loans plus
foreclosed assets, excluding PPP loans(1)(4) |
|
|
0.89 |
% |
|
|
0.81 |
% |
|
|
1.18 |
% |
|
|
|
|
NPAs to total loans plus
foreclosed assets, excluding PCD and PPP
loans(1)(4) |
|
|
0.76 |
% |
|
|
0.65 |
% |
|
|
0.96 |
% |
|
|
|
|
Performing loans classified as substandard and special
mention to corporate loans: |
Performing loans classified as
substandard and special mention to corporate
loans(3) |
|
|
6.32 |
% |
|
|
6.62 |
% |
|
|
7.26 |
% |
|
|
|
|
Performing loans classified as
substandard and special mention to corporate loans, excluding
PPP loans(3) |
|
|
6.47 |
% |
|
|
6.88 |
% |
|
|
7.84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See the "Non-GAAP Financial
Information" section presented later in this release for a
discussion of this non-GAAP financial measure.
(2) Foreclosed assets consists of
OREO and other foreclosed assets acquired in partial or total
satisfaction of defaulted loans. Other foreclosed assets are
included in other assets in the Consolidated Statements of
Financial Condition.
(3) Performing loans classified as
substandard and special mention excludes accruing TDRs.
(4) This ratio excludes PPP loans
that are fully guaranteed by the SBA. As a result, no allowance for
credit losses is associated with these loans.
NPAs represented 0.88% of total loans and
foreclosed assets at December 31, 2021 compared to 0.78% and 1.11%
at September 30, 2021 and December 31, 2020, respectively.
Excluding the impact of PCD and PPP loans, NPAs to total loans plus
foreclosed assets was 0.76% at December 31, 2021, compared to 0.65%
at September 30, 2021 and 0.96% at December 31, 2020. The increase
compared to September 30, 2021 is reflective of normal fluctuations
that occur on a quarterly basis. The decrease compared to December
31, 2020 is due primarily to an improving credit environment as
well as one corporate loan relationship transferred from
non-accrual loans to foreclosed assets during the first nine months
of 2021.
Performing loans classified as substandard and
special mention decreased to $640.3 million at December 31, 2021
from $681.4 million and $766.3 million at September 30,
2021 and December 31, 2020, respectively. The decrease from both
prior periods was driven by an improving credit environment.
Charge-Off Data
(Dollar amounts in thousands)
|
|
Quarters Ended |
|
|
December 31,
2021 |
|
% of
Total |
|
September 30,
2021 |
|
% of
Total |
|
December 31,
2020 |
|
% of
Total |
Net loan
charge-offs(1) |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
(39 |
) |
|
(1.9 |
) |
|
$ |
5,002 |
|
|
59.8 |
|
|
$ |
3,536 |
|
|
33.6 |
Agricultural |
|
|
122 |
|
|
5.9 |
|
|
|
(37 |
) |
|
(0.4 |
) |
|
|
1,779 |
|
|
16.9 |
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
Office, retail, and
industrial |
|
|
(7 |
) |
|
(0.3 |
) |
|
|
556 |
|
|
6.7 |
|
|
|
1,701 |
|
|
16.1 |
Multi-family |
|
|
85 |
|
|
4.1 |
|
|
|
1 |
|
|
— |
|
|
|
19 |
|
|
0.2 |
Construction |
|
|
189 |
|
|
9.1 |
|
|
|
986 |
|
|
11.8 |
|
|
|
140 |
|
|
1.3 |
Other commercial real
estate |
|
|
261 |
|
|
12.5 |
|
|
|
829 |
|
|
9.9 |
|
|
|
916 |
|
|
8.7 |
Consumer |
|
|
1,469 |
|
|
70.6 |
|
|
|
1,023 |
|
|
12.2 |
|
|
|
2,448 |
|
|
23.2 |
Total
NCOs |
|
$ |
2,080 |
|
|
100.0 |
|
|
$ |
8,360 |
|
|
100.0 |
|
|
$ |
10,539 |
|
|
100.0 |
Less: NCOs on PCD
loans(2) |
|
|
(327 |
) |
|
15.7 |
|
|
|
(1,757 |
) |
|
21.0 |
|
|
|
(6,488 |
) |
|
61.6 |
Total NCOs, excluding PCD
loans(2) |
|
$ |
1,753 |
|
|
|
|
$ |
6,603 |
|
|
|
|
$ |
4,051 |
|
|
|
Total recoveries included
above |
|
$ |
2,254 |
|
|
|
|
$ |
3,397 |
|
|
|
|
$ |
2,588 |
|
|
|
Quarter-to-Date(1)(3): |
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average
loans |
|
|
0.06 |
% |
|
|
|
|
0.22 |
% |
|
|
|
|
0.29 |
% |
|
|
Net charge-offs to average
loans, excluding PPP loans(2)(4) |
|
|
0.06 |
% |
|
|
|
|
0.23 |
% |
|
|
|
|
0.31 |
% |
|
|
Net charge-offs to average
loans, excluding PCD and PPP loans(2)(4) |
|
|
0.05 |
% |
|
|
|
|
0.18 |
% |
|
|
|
|
0.12 |
% |
|
|
Year-to-Date(1)(3): |
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average
loans |
|
|
0.27 |
% |
|
|
|
|
0.35 |
% |
|
|
|
|
0.36 |
% |
|
|
Net charge-offs to average
loans, excluding PPP loans(2)(4) |
|
|
0.29 |
% |
|
|
|
|
0.37 |
% |
|
|
|
|
0.38 |
% |
|
|
Net charge-offs to average
loans, excluding PCD and PPP loans(2)(4) |
|
|
0.23 |
% |
|
|
|
|
0.29 |
% |
|
|
|
|
0.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts represent charge-offs,
net of recoveries.
(2) See the "Non-GAAP Financial
Information" section presented later in this release for a
discussion of this non-GAAP financial measure.
(3) Annualized based on the actual number of days for
each period presented.
(4) This ratio excludes PPP loans
that are fully guaranteed by the SBA. As a result, no allowance for
credit losses is associated with these loans.
Net loan charge-offs to average loans,
annualized, were 0.06% for the fourth quarter of 2021, compared to
0.22% for the third quarter of 2021 and 0.29% for the fourth
quarter of 2020. Excluding charge-offs on PCD and PPP loans on this
metric, NCOs to average loans was 0.05% for the fourth quarter of
2021, down from 0.18% for the third quarter of 2021 and 0.12% for
the fourth quarter of 2020. For the year ended December 31, 2021,
net loan charge-offs to average loans was 0.27% compared to 0.36%
for the same period in 2020. Excluding charge-offs on PCD and PPP
loans, NCOs to average loans was 0.23% for 2021 and 0.24% for
2020.
DEPOSIT PORTFOLIO
Deposit Composition
(Dollar amounts in thousands)
|
|
Average for the Quarters Ended |
|
December 31, 2021
Percent Change From |
|
|
December 31,
2021 |
|
September 30,
2021 |
|
December 31,
2020 |
|
September 30,
2021 |
|
December 31,
2020 |
Demand deposits |
|
$ |
6,411,550 |
|
$ |
6,272,903 |
|
$ |
5,753,600 |
|
2.2 |
|
|
11.4 |
|
Savings deposits |
|
|
2,825,792 |
|
|
2,785,816 |
|
|
2,436,930 |
|
1.4 |
|
|
16.0 |
|
NOW accounts |
|
|
3,165,689 |
|
|
3,213,637 |
|
|
2,774,989 |
|
(1.5 |
) |
|
14.1 |
|
Money market accounts |
|
|
3,316,492 |
|
|
3,211,355 |
|
|
2,923,881 |
|
3.3 |
|
|
13.4 |
|
Core deposits |
|
|
15,719,523 |
|
|
15,483,711 |
|
|
13,889,400 |
|
1.5 |
|
|
13.2 |
|
Time deposits |
|
|
1,736,197 |
|
|
1,800,493 |
|
|
2,047,260 |
|
(3.6 |
) |
|
(15.2 |
) |
Total deposits |
|
$ |
17,455,720 |
|
$ |
17,284,204 |
|
$ |
15,936,660 |
|
1.0 |
|
|
9.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average deposits were $17.5 billion for
the fourth quarter of 2021, up modestly from the third quarter of
2021 and up 9.5% from the fourth quarter of 2020. The increase in
total average deposits compared to the third quarter of 2021 was
impacted by growth in commercial deposits, partially offset by
seasonal outflows of municipal deposits. Compared to the fourth
quarter of 2020, the increase in total average deposits was due to
higher customer balances resulting from PPP funds and other
government stimulus measures.
CAPITAL MANAGEMENT
Capital Ratios
|
|
As of |
|
|
December 31,
2021 |
|
September 30,
2021 |
|
December 31,
2020 |
Company
regulatory capital ratios: |
Total capital to risk-weighted assets |
|
14.47 |
% |
|
14.26 |
% |
|
14.14 |
% |
Tier 1 capital to
risk-weighted assets |
|
12.22 |
% |
|
11.99 |
% |
|
11.55 |
% |
Common equity Tier 1 ("CET1")
to risk-weighted assets |
|
10.74 |
% |
|
10.51 |
% |
|
10.06 |
% |
Tier 1 capital to average
assets |
|
8.97 |
% |
|
8.89 |
% |
|
8.91 |
% |
Company tangible
common equity ratios(1)(2): |
|
|
|
|
Tangible common equity to
tangible assets |
|
7.63 |
% |
|
7.53 |
% |
|
7.67 |
% |
Tangible common equity to
tangible assets, excluding PPP loans |
|
7.72 |
% |
|
7.67 |
% |
|
7.98 |
% |
Tangible common equity,
excluding accumulated other comprehensive income ("AOCI"), to
tangible assets |
|
7.81 |
% |
|
7.65 |
% |
|
7.54 |
% |
Tangible common equity,
excluding AOCI, to tangible assets, excluding PPP loans |
|
7.90 |
% |
|
7.79 |
% |
|
7.85 |
% |
Tangible common equity to
risk-weighted assets |
|
10.24 |
% |
|
10.08 |
% |
|
9.93 |
% |
|
|
|
|
|
|
|
|
|
|
(1) These ratios are not subject to formal Federal
Reserve regulatory guidance.
(2) Tangible common equity ("TCE") is
a non-GAAP measure that represents common stockholders' equity less
goodwill and identifiable intangible assets. For details of the
calculation of these ratios, see the sections titled, "Non-GAAP
Financial Information" and "Non-GAAP Reconciliations" presented
later in this release.
Risk-weighted regulatory capital ratios compared
to all prior periods were impacted by retained earnings and the mix
of risk-weighted assets. Total capital to risk-weighted assets
compared to December 31, 2020 was impacted by the beginning of the
five-year phase-out of Tier 2 treatment of the Company's
subordinated debt. The Company elected the five-year current
expected credit losses ("CECL") transition relief for regulatory
capital, which retained approximately 30 basis points of CET1 and
Tier 1 capital at December 31, 2021.
The Board of Directors approved a quarterly cash
dividend of $0.14 per common share during the fourth quarter of
2021, which is consistent with third quarter of 2021 and the fourth
quarter of 2020. This dividend represents the 156th
consecutive cash dividend paid by the Company since its inception
in 1983.
Press Release and Additional Information
Available on Website
This press release and the accompanying
unaudited Selected Financial Information are available through the
Investor Relations section of First Midwest's website at
investor.firstmidwest.com.
Forward-Looking Statements
This communication may contain certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, regarding the
financial condition, results of operations, business plans and
future performance of First Midwest. In some cases, forward-looking
statements can be identified by the use of words such as "may,"
"might," "will," "would," "should," "could," "expect," "plan,"
"intend," "anticipate," "believe," "estimate," "outlook,"
"forecast," "predict," "project," "probable," "potential,"
"possible," "target," "continue," "look forward," or "assume" and
words of similar import. Because forward-looking statements relate
to future results and occurrences, they are subject to inherent
uncertainties, risks, and changes in circumstances that are
difficult to predict. Forward-looking statements are not historical
facts or guarantees of future performance but instead express only
management's beliefs regarding future results or events, many of
which, by their nature, are inherently uncertain and outside of
management's control. It is possible that actual results and events
may differ, possibly materially, from the anticipated results or
events indicated in these forward-looking statements. First Midwest
cautions you not to place undue reliance on these statements.
Forward-looking statements speak only as of the date made, and
First Midwest undertakes no obligation to update any
forward-looking statements.
Forward-looking statements may be deemed to
include, among other things, statements relating to First Midwest's
future financial performance, the performance of First Midwest's
loan or securities portfolio, the expected amount of future credit
allowances or charge-offs, the timing of the pending merger of
First Midwest and Old National, the failure to obtain necessary
regulatory approvals or to satisfy any of the other conditions to
the merger on a timely basis or at all, the possibility that the
anticipated benefits of the merger are not realized when expected
or at all, corporate strategies or objectives, including the impact
of certain actions and initiatives, anticipated trends in First
Midwest's business, regulatory developments, estimated synergies,
cost savings and financial benefits of completed transactions,
growth strategies, the inability to realize cost savings or
improved revenues or to implement integration plans associated with
the proposed merger with Old National and the continued or
potential effects of the COVID-19 pandemic and related variants and
mutations on First Midwest's business, financial condition,
liquidity, loans, asset quality and results of operations. These
statements are subject to certain risks, uncertainties and
assumptions, including the duration, extent and severity of the
COVID-19 pandemic and related variants and mutations, including the
continued effects on First Midwest's business, operations and
employees, as well as on First Midwest's customers and service
providers, and on economies and markets more generally and other
risks, uncertainties and assumptions that are discussed under the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in First
Midwest's Annual Report on Form 10-K for the year ended December
31, 2020, and in First Midwest's subsequent filings made with the
Securities and Exchange Commission ("SEC"). These risks and
uncertainties are not exhaustive, and other sections of these
reports describe additional factors that could adversely impact
First Midwest's business and financial performance.
Non-GAAP Financial Information
The Company's accounting and reporting policies
conform to U.S. generally accepted accounting principles ("GAAP")
and general practices within the banking industry. As a supplement
to GAAP, the Company provides non-GAAP performance results, which
the Company believes are useful because they assist investors in
assessing the Company's operating performance. These non-GAAP
financial measures include EPS, adjusted, the efficiency ratio,
return on average assets, adjusted, tax-equivalent net interest
income (including its individual components), tax-equivalent net
interest margin, tax-equivalent net interest margin, adjusted,
noninterest expense, adjusted, tangible common equity to tangible
assets, tangible common equity, excluding AOCI, to tangible assets,
tangible common equity to risk-weighted assets, return on average
common equity, adjusted, return on average tangible common equity,
return on average tangible common equity, adjusted, non-accrual
loans, excluding PCD loans, non-accrual loans to total loans,
excluding PPP loans, non-accrual loans to total loans, excluding
PCD and PPP loans, NPLs to total loans, excluding PPP loans, NPLs
to total loans, excluding PCD and PPP loans, NPAs to total loans
plus foreclosed assets, excluding PPP loans, NPAs to total loans
plus foreclosed assets, excluding PCD and PPP loans, performing
loans classified as substandard and special mention to corporate
loans, excluding PPP loans, NCOs, excluding PCD loans, NCOs to
average loans, excluding PPP loans, NCOs to average loans,
excluding PCD and PPP loans, and pre-tax, pre-provision earnings,
adjusted.
The Company presents EPS, the efficiency ratio,
return on average assets, return on average common equity, and
return on average tangible common equity, all adjusted for certain
significant transactions. These transactions include acquisition
and integration related expenses associated with completed and
pending acquisitions (all periods), optimization costs (second and
first quarters of 2021 and fourth quarter of 2020), swap
termination costs (fourth quarter of 2020), income tax benefits
(fourth quarter of 2020), and net securities gains (full year
2020). In addition, net OREO expense is excluded from the
calculation of the efficiency ratio. Management believes excluding
these transactions from EPS, the efficiency ratio, return on
average assets, return on average common equity, and return on
average tangible common equity may be useful in assessing the
Company's underlying operational performance since these
transactions do not pertain to its core business operations and
their exclusion may facilitate better comparability between
periods. Management believes that excluding acquisition and
integration related expenses from these metrics may be useful to
the Company, as well as analysts and investors, since these
expenses can vary significantly based on the size, type, and
structure of each acquisition. Additionally, management believes
excluding these transactions from these metrics may enhance
comparability for peer comparison purposes.
Income tax expense, provision for loan losses,
and the certain significant transactions listed above are excluded
from the calculation of pre-tax, pre-provision earnings, adjusted
due to the fluctuation in income before income tax and the level of
provision for loan losses required based on the estimated impact of
the pandemic on the ACL. Management believes pre-tax, pre-provision
earnings, adjusted may be useful in assessing the Company's
underlying operational performance and their exclusion may
facilitate better comparability between periods and for peer
comparison purposes.
The Company presents noninterest expense,
adjusted, which excludes optimization costs, and acquisition and
integration related expenses. Management believes that excluding
these items from noninterest expense may be useful in assessing the
Company’s underlying operational performance as these items either
do not pertain to its core business operations or their exclusion
may facilitate better comparability between periods and for peer
comparison purposes.
The tax-equivalent adjustment to net interest
income and net interest margin recognizes the income tax savings
when comparing taxable and tax-exempt assets. Interest income and
yields on tax-exempt securities and loans are presented using the
current federal income tax rate of 21%. Management believes that it
is standard practice in the banking industry to present net
interest income and net interest margin on a fully tax-equivalent
basis and that it may enhance comparability for peer comparison
purposes. In addition, management believes that presenting
tax-equivalent net interest margin, adjusted, may enhance
comparability for peer comparison purposes and is useful to the
Company, as well as analysts and investors, since acquired loan
accretion income may fluctuate based on the size of each
acquisition, as well as from period to period.
In management's view, tangible common equity
measures are capital adequacy metrics that may be meaningful to the
Company, as well as analysts and investors, in assessing the
Company's use of equity and in facilitating comparisons with peers.
These non-GAAP measures are valuable indicators of a financial
institution's capital strength since they eliminate intangible
assets from stockholders' equity and retain the effect of
accumulated other comprehensive loss in stockholders' equity.
The Company presents non-accrual loans,
non-accrual loans to total loans, NPLs to total loans, NPAs to
total loans plus foreclosed assets, performing loans classified as
substandard and special mention to corporate loans, excluding PPP
loans, NCOs, and NCOs to average loans, all excluding PCD and/or
PPP loans. Management believes excluding PCD and PPP loans is
useful as it facilitates better comparability between periods.
Prior to the adoption of CECL on January 1, 2020, PCI loans
with an accretable yield were considered current and were not
included in past due and non-accrual loan totals and the portion of
PCI loans deemed to be uncollectible was recorded as a reduction of
the credit-related acquisition adjustment, which was netted within
loans. Subsequent to adoption, PCD loans, including those
previously classified as PCI, are included in past due and
non-accrual loan totals and an ACL on PCD loans is established as
of the acquisition date and the PCD loans are no longer recorded
net of a credit-related acquisition adjustment. PCD loans deemed to
be uncollectible are recorded as a charge-off through the ACL. The
Company began originating PPP loans during the second quarter of
2020 and the loans are fully guaranteed by the SBA and are expected
to be forgiven if the applicable criteria are met. Additionally,
management believes excluding PCD and PPP loans from these metrics
may enhance comparability for peer comparison purposes.
Although intended to enhance investors'
understanding of the Company's business and performance, these
non-GAAP financial measures should not be considered an alternative
to GAAP. In addition, these non-GAAP financial measures may differ
from those used by other financial institutions to assess their
business and performance. See the previously provided tables and
the following reconciliations in the "Non-GAAP Reconciliations"
section for details on the calculation of these measures to the
extent presented herein.
About First Midwest
First Midwest (NASDAQ: FMBI) is a
relationship-focused financial institution and one of the largest
independent publicly traded bank holding companies based on assets
headquartered in Chicago and the Midwest, with approximately $22
billion of assets and an additional $15 billion of wealth
management assets. First Midwest Bank and its other affiliates
provide a full range of commercial, treasury management, equipment
leasing, consumer, mortgage, wealth management, trust and private
banking products and services. The primary footprint of First
Midwest's branch network and other locations is in metropolitan
Chicago, southeast Wisconsin, northwest Indiana, central and
western Illinois, and eastern Iowa. Visit First Midwest at
www.firstmidwest.com.
CONTACTS:
Investors
Patrick S. Barrett
EVP, Chief Financial Officer
(708) 831-7231
pat.barrett@firstmidwest.com |
Media
Maurissa Kanter
SVP, Director of Corporate Communications
(708) 831-7345
maurissa.kanter@firstmidwest.com |
|
|
Accompanying Unaudited Selected Financial
Information
First Midwest
Bancorp, Inc. |
Consolidated
Statements of Financial Condition (Unaudited)
(Dollar amounts in thousands) |
|
|
|
As of |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
Period-End Balance
Sheet |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
220,207 |
|
|
$ |
270,020 |
|
|
$ |
232,989 |
|
|
$ |
223,713 |
|
|
$ |
196,364 |
|
Interest-bearing deposits in
other banks |
|
1,898,865 |
|
|
|
1,654,917 |
|
|
|
1,312,412 |
|
|
|
786,814 |
|
|
|
920,880 |
|
Equity securities, at fair
value |
|
118,857 |
|
|
|
114,848 |
|
|
|
112,977 |
|
|
|
96,983 |
|
|
|
76,404 |
|
Securities available-for-sale,
at fair value |
|
3,147,220 |
|
|
|
3,212,908 |
|
|
|
3,156,194 |
|
|
|
3,195,405 |
|
|
|
3,096,408 |
|
Securities held-to-maturity,
at amortized cost |
|
8,655 |
|
|
|
10,853 |
|
|
|
11,593 |
|
|
|
11,711 |
|
|
|
12,071 |
|
FHLB and FRB stock |
|
106,097 |
|
|
|
106,090 |
|
|
|
106,890 |
|
|
|
106,170 |
|
|
|
117,420 |
|
Loans: |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
4,834,332 |
|
|
|
4,705,458 |
|
|
|
4,608,148 |
|
|
|
4,546,317 |
|
|
|
4,578,254 |
|
Agricultural |
|
327,873 |
|
|
|
349,159 |
|
|
|
342,834 |
|
|
|
355,883 |
|
|
|
364,038 |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
Office, retail, and
industrial |
|
1,746,944 |
|
|
|
1,765,592 |
|
|
|
1,807,428 |
|
|
|
1,827,116 |
|
|
|
1,861,768 |
|
Multi-family |
|
1,120,748 |
|
|
|
1,082,941 |
|
|
|
1,012,722 |
|
|
|
906,124 |
|
|
|
872,813 |
|
Construction |
|
588,247 |
|
|
|
595,204 |
|
|
|
577,338 |
|
|
|
614,021 |
|
|
|
612,611 |
|
Other commercial real
estate |
|
1,275,906 |
|
|
|
1,408,955 |
|
|
|
1,461,370 |
|
|
|
1,463,582 |
|
|
|
1,481,976 |
|
PPP loans |
|
230,687 |
|
|
|
384,100 |
|
|
|
705,915 |
|
|
|
1,109,442 |
|
|
|
785,563 |
|
Home equity |
|
565,443 |
|
|
|
591,126 |
|
|
|
629,367 |
|
|
|
690,030 |
|
|
|
761,725 |
|
1-4 family mortgages |
|
3,418,059 |
|
|
|
3,332,732 |
|
|
|
3,287,773 |
|
|
|
3,187,066 |
|
|
|
3,022,413 |
|
Installment |
|
557,252 |
|
|
|
573,465 |
|
|
|
602,324 |
|
|
|
483,945 |
|
|
|
410,071 |
|
Total loans |
|
14,665,491 |
|
|
|
14,788,732 |
|
|
|
15,035,219 |
|
|
|
15,183,526 |
|
|
|
14,751,232 |
|
Allowance for loan losses |
|
(201,237 |
) |
|
|
(206,241 |
) |
|
|
(214,601 |
) |
|
|
(235,359 |
) |
|
|
(239,017 |
) |
Net loans |
|
14,464,254 |
|
|
|
14,582,491 |
|
|
|
14,820,618 |
|
|
|
14,948,167 |
|
|
|
14,512,215 |
|
OREO |
|
5,196 |
|
|
|
5,106 |
|
|
|
5,289 |
|
|
|
6,273 |
|
|
|
8,253 |
|
Premises, furniture, and
equipment, net |
|
120,555 |
|
|
|
123,413 |
|
|
|
125,837 |
|
|
|
129,514 |
|
|
|
132,045 |
|
Investment in bank-owned life
insurance ("BOLI") |
|
300,730 |
|
|
|
300,387 |
|
|
|
300,537 |
|
|
|
301,365 |
|
|
|
301,101 |
|
Goodwill and other intangible
assets |
|
920,599 |
|
|
|
923,383 |
|
|
|
926,176 |
|
|
|
928,974 |
|
|
|
932,764 |
|
Accrued interest receivable
and other assets |
|
467,007 |
|
|
|
473,764 |
|
|
|
513,912 |
|
|
|
473,502 |
|
|
|
532,753 |
|
Total assets |
$ |
21,778,242 |
|
|
$ |
21,778,180 |
|
|
$ |
21,625,424 |
|
|
$ |
21,208,591 |
|
|
$ |
20,838,678 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits |
$ |
6,191,885 |
|
|
$ |
6,097,698 |
|
|
$ |
6,187,478 |
|
|
$ |
6,156,145 |
|
|
$ |
5,797,899 |
|
Interest-bearing deposits |
|
10,999,044 |
|
|
|
11,100,704 |
|
|
|
10,845,405 |
|
|
|
10,455,309 |
|
|
|
10,214,565 |
|
Total deposits |
|
17,190,929 |
|
|
|
17,198,402 |
|
|
|
17,032,883 |
|
|
|
16,611,454 |
|
|
|
16,012,464 |
|
Borrowed funds |
|
1,291,816 |
|
|
|
1,274,572 |
|
|
|
1,299,424 |
|
|
|
1,295,737 |
|
|
|
1,546,414 |
|
Senior and subordinated
debt |
|
235,588 |
|
|
|
235,383 |
|
|
|
235,178 |
|
|
|
234,973 |
|
|
|
234,768 |
|
Accrued interest payable and
other liabilities |
|
317,181 |
|
|
|
346,600 |
|
|
|
353,791 |
|
|
|
413,112 |
|
|
|
355,026 |
|
Stockholders' equity |
|
2,742,728 |
|
|
|
2,723,223 |
|
|
|
2,704,148 |
|
|
|
2,653,315 |
|
|
|
2,690,006 |
|
Total liabilities and
stockholders' equity |
$ |
21,778,242 |
|
|
$ |
21,778,180 |
|
|
$ |
21,625,424 |
|
|
$ |
21,208,591 |
|
|
$ |
20,838,678 |
|
Stockholders' equity,
excluding AOCI |
$ |
2,780,521 |
|
|
$ |
2,748,604 |
|
|
$ |
2,710,089 |
|
|
$ |
2,675,411 |
|
|
$ |
2,663,627 |
|
Stockholders' equity,
common |
|
2,512,228 |
|
|
|
2,492,723 |
|
|
|
2,473,648 |
|
|
|
2,422,815 |
|
|
|
2,459,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Midwest
Bancorp, Inc. |
Condensed
Consolidated Statements of Income (Unaudited)
(Dollar amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters Ended |
|
|
Years Ended |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
2021 |
|
|
|
2020 |
|
Income
Statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
148,003 |
|
|
$ |
154,672 |
|
|
$ |
154,000 |
|
|
$ |
151,150 |
|
|
$ |
159,962 |
|
|
|
$ |
607,825 |
|
|
$ |
651,318 |
|
Interest expense |
|
9,227 |
|
|
|
9,476 |
|
|
|
9,712 |
|
|
|
10,035 |
|
|
|
11,851 |
|
|
|
|
38,450 |
|
|
|
71,669 |
|
Net interest income |
|
138,776 |
|
|
|
145,196 |
|
|
|
144,288 |
|
|
|
141,115 |
|
|
|
148,111 |
|
|
|
|
569,375 |
|
|
|
579,649 |
|
Provision for loan losses |
|
(2,924 |
) |
|
|
— |
|
|
|
— |
|
|
|
6,098 |
|
|
|
10,507 |
|
|
|
|
3,174 |
|
|
|
98,615 |
|
Net interest income
after provision for loan losses |
|
141,700 |
|
|
|
145,196 |
|
|
|
144,288 |
|
|
|
135,017 |
|
|
|
137,604 |
|
|
|
|
566,201 |
|
|
|
481,034 |
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management fees |
|
14,246 |
|
|
|
14,820 |
|
|
|
14,555 |
|
|
|
14,149 |
|
|
|
13,548 |
|
|
|
|
57,770 |
|
|
|
50,688 |
|
Service charges on
deposit accounts |
|
12,149 |
|
|
|
11,496 |
|
|
|
10,778 |
|
|
|
9,980 |
|
|
|
10,811 |
|
|
|
|
44,403 |
|
|
|
42,059 |
|
Mortgage banking income |
|
6,149 |
|
|
|
6,664 |
|
|
|
6,749 |
|
|
|
10,187 |
|
|
|
9,191 |
|
|
|
|
29,749 |
|
|
|
21,115 |
|
Card-based fees, net |
|
4,451 |
|
|
|
4,992 |
|
|
|
4,764 |
|
|
|
4,556 |
|
|
|
4,530 |
|
|
|
|
18,763 |
|
|
|
16,150 |
|
Capital market products
income |
|
1,462 |
|
|
|
1,333 |
|
|
|
1,954 |
|
|
|
2,089 |
|
|
|
659 |
|
|
|
|
6,838 |
|
|
|
6,961 |
|
Other service
charges, commissions, and fees |
|
3,775 |
|
|
|
2,832 |
|
|
|
2,823 |
|
|
|
2,761 |
|
|
|
2,993 |
|
|
|
|
12,191 |
|
|
|
10,576 |
|
Total fee-based revenues |
|
42,232 |
|
|
|
42,137 |
|
|
|
41,623 |
|
|
|
43,722 |
|
|
|
41,732 |
|
|
|
|
169,714 |
|
|
|
147,549 |
|
Other income |
|
2,247 |
|
|
|
3,043 |
|
|
|
4,647 |
|
|
|
2,081 |
|
|
|
3,550 |
|
|
|
|
12,018 |
|
|
|
11,633 |
|
Swap termination costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,567 |
) |
|
|
|
— |
|
|
|
(31,852 |
) |
Net securities gains |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
13,323 |
|
Total
noninterest income |
|
44,479 |
|
|
|
45,180 |
|
|
|
46,270 |
|
|
|
45,803 |
|
|
|
27,715 |
|
|
|
|
181,732 |
|
|
|
140,653 |
|
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
56,334 |
|
|
|
51,503 |
|
|
|
51,887 |
|
|
|
53,693 |
|
|
|
55,950 |
|
|
|
|
213,417 |
|
|
|
211,917 |
|
Retirement and other employee benefits |
|
11,112 |
|
|
|
10,924 |
|
|
|
12,324 |
|
|
|
12,708 |
|
|
|
10,430 |
|
|
|
|
47,068 |
|
|
|
45,728 |
|
Total salaries and employee benefits |
|
67,446 |
|
|
|
62,427 |
|
|
|
64,211 |
|
|
|
66,401 |
|
|
|
66,380 |
|
|
|
|
260,485 |
|
|
|
257,645 |
|
Net occupancy and equipment expense |
|
13,550 |
|
|
|
14,198 |
|
|
|
13,654 |
|
|
|
14,752 |
|
|
|
14,002 |
|
|
|
|
56,154 |
|
|
|
57,081 |
|
Technology and related
costs |
|
10,468 |
|
|
|
10,742 |
|
|
|
10,453 |
|
|
|
10,284 |
|
|
|
11,005 |
|
|
|
|
41,947 |
|
|
|
39,822 |
|
Professional services |
|
7,620 |
|
|
|
6,991 |
|
|
|
7,568 |
|
|
|
8,059 |
|
|
|
8,424 |
|
|
|
|
30,238 |
|
|
|
35,019 |
|
Advertising and
promotions |
|
2,853 |
|
|
|
3,168 |
|
|
|
2,899 |
|
|
|
1,835 |
|
|
|
1,850 |
|
|
|
|
10,755 |
|
|
|
10,109 |
|
Net OREO expense |
|
442 |
|
|
|
(4 |
) |
|
|
160 |
|
|
|
589 |
|
|
|
106 |
|
|
|
|
1,187 |
|
|
|
1,196 |
|
Other expenses |
|
14,565 |
|
|
|
15,616 |
|
|
|
14,670 |
|
|
|
14,735 |
|
|
|
12,851 |
|
|
|
|
59,586 |
|
|
|
52,503 |
|
Acquisition and
integration related expenses |
|
3,945 |
|
|
|
2,916 |
|
|
|
7,773 |
|
|
|
245 |
|
|
|
1,860 |
|
|
|
|
14,879 |
|
|
|
13,462 |
|
Optimization costs |
|
— |
|
|
|
— |
|
|
|
31 |
|
|
|
1,525 |
|
|
|
1,493 |
|
|
|
|
1,556 |
|
|
|
19,869 |
|
Total noninterest expense |
|
120,889 |
|
|
|
116,054 |
|
|
|
121,419 |
|
|
|
118,425 |
|
|
|
117,971 |
|
|
|
|
476,787 |
|
|
|
486,706 |
|
Income before income tax expense |
|
65,290 |
|
|
|
74,322 |
|
|
|
69,139 |
|
|
|
62,395 |
|
|
|
47,348 |
|
|
|
|
271,146 |
|
|
|
134,981 |
|
Income tax expense |
|
16,737 |
|
|
|
19,459 |
|
|
|
18,018 |
|
|
|
17,372 |
|
|
|
5,743 |
|
|
|
|
71,586 |
|
|
|
27,083 |
|
Net
income |
$ |
48,553 |
|
|
$ |
54,863 |
|
|
$ |
51,121 |
|
|
$ |
45,023 |
|
|
$ |
41,605 |
|
|
|
$ |
199,560 |
|
|
$ |
107,898 |
|
Preferred dividends |
|
(4,034 |
) |
|
|
(4,033 |
) |
|
|
(4,034 |
) |
|
|
(4,034 |
) |
|
|
(4,049 |
) |
|
|
|
(16,135 |
) |
|
|
(9,119 |
) |
Net income applicable to
non-vested restricted shares |
|
(398 |
) |
|
|
(517 |
) |
|
|
(521 |
) |
|
|
(486 |
) |
|
|
(369 |
) |
|
|
|
(1,922 |
) |
|
|
(984 |
) |
Net income applicable
to common shares |
$ |
44,121 |
|
|
$ |
50,313 |
|
|
$ |
46,566 |
|
|
$ |
40,503 |
|
|
$ |
37,187 |
|
|
|
$ |
181,503 |
|
|
$ |
97,795 |
|
Net
income applicable to common shares,
adjusted(1) |
|
47,080 |
|
|
|
52,500 |
|
|
|
52,419 |
|
|
|
41,831 |
|
|
|
49,238 |
|
|
|
|
193,830 |
|
|
|
133,052 |
|
Footnotes to Condensed Consolidated
Statements of Income
(1) See the "Non-GAAP Reconciliations"
section for the detailed calculation.
First Midwest
Bancorp, Inc. |
Selected
Financial Information (Unaudited)
(Amounts in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the |
|
Quarters Ended |
|
|
Years Ended |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
2021 |
|
|
|
2020 |
|
EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
$ |
0.39 |
|
|
$ |
0.45 |
|
|
$ |
0.41 |
|
|
$ |
0.36 |
|
|
$ |
0.33 |
|
|
|
$ |
1.61 |
|
|
$ |
0.87 |
|
Diluted EPS |
$ |
0.39 |
|
|
$ |
0.44 |
|
|
$ |
0.41 |
|
|
$ |
0.36 |
|
|
$ |
0.33 |
|
|
|
$ |
1.60 |
|
|
$ |
0.87 |
|
Diluted EPS,
adjusted(1) |
$ |
0.41 |
|
|
$ |
0.46 |
|
|
$ |
0.46 |
|
|
$ |
0.37 |
|
|
$ |
0.43 |
|
|
|
$ |
1.70 |
|
|
$ |
1.18 |
|
Common
Stock and Related Per Common Share Data |
|
|
|
|
|
Book value |
$ |
22.01 |
|
|
$ |
21.83 |
|
|
$ |
21.67 |
|
|
$ |
21.22 |
|
|
$ |
21.52 |
|
|
|
$ |
22.01 |
|
|
$ |
21.52 |
|
Tangible book value |
$ |
13.95 |
|
|
$ |
13.75 |
|
|
$ |
13.55 |
|
|
$ |
13.08 |
|
|
$ |
13.36 |
|
|
|
$ |
13.95 |
|
|
$ |
13.36 |
|
Dividends declared per
share |
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
|
$ |
0.56 |
|
|
$ |
0.56 |
|
Closing price at period
end |
$ |
20.48 |
|
|
$ |
19.01 |
|
|
$ |
19.83 |
|
|
$ |
21.91 |
|
|
$ |
15.92 |
|
|
|
$ |
20.48 |
|
|
$ |
15.92 |
|
Closing price to book
value |
|
0.9 |
|
|
|
0.9 |
|
|
|
0.9 |
|
|
|
1.0 |
|
|
|
0.7 |
|
|
|
|
0.9 |
|
|
|
0.7 |
|
Period end shares
outstanding |
|
114,128 |
|
|
|
114,167 |
|
|
|
114,177 |
|
|
|
114,196 |
|
|
|
114,296 |
|
|
|
|
114,128 |
|
|
|
114,296 |
|
Period end treasury
shares |
|
11,259 |
|
|
|
11,213 |
|
|
|
11,199 |
|
|
|
11,176 |
|
|
|
11,071 |
|
|
|
|
11,259 |
|
|
|
11,071 |
|
Common dividends |
$ |
15,792 |
|
|
$ |
15,974 |
|
|
$ |
15,979 |
|
|
$ |
15,997 |
|
|
$ |
16,017 |
|
|
|
$ |
63,742 |
|
|
$ |
64,045 |
|
Dividend payout ratio |
|
35.90 |
% |
|
|
31.11 |
% |
|
|
34.15 |
% |
|
|
38.89 |
% |
|
|
42.42 |
% |
|
|
|
34.78 |
% |
|
|
64.37 |
% |
Dividend payout ratio,
adjusted(1) |
|
34.15 |
% |
|
|
30.43 |
% |
|
|
30.43 |
% |
|
|
37.84 |
% |
|
|
32.56 |
% |
|
|
|
32.94 |
% |
|
|
47.46 |
% |
Key
Ratios/Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity(2) |
|
7.00 |
% |
|
|
7.97 |
% |
|
|
7.60 |
% |
|
|
6.70 |
% |
|
|
6.05 |
% |
|
|
|
7.32 |
% |
|
|
4.01 |
% |
Return on average
common equity, adjusted(1)(2) |
|
7.47 |
% |
|
|
8.32 |
% |
|
|
8.56 |
% |
|
|
6.92 |
% |
|
|
8.01 |
% |
|
|
|
7.82 |
% |
|
|
5.46 |
% |
Return on average
tangible common equity(1)(2) |
|
11.62 |
% |
|
|
13.17 |
% |
|
|
12.77 |
% |
|
|
11.35 |
% |
|
|
10.35 |
% |
|
|
|
12.24 |
% |
|
|
7.02 |
% |
Return on average
tangible common equity, adjusted(1)(2) |
|
12.36 |
% |
|
|
13.72 |
% |
|
|
14.31 |
% |
|
|
11.71 |
% |
|
|
13.53 |
% |
|
|
|
13.03 |
% |
|
|
9.36 |
% |
Return on average
assets(2) |
|
0.87 |
% |
|
|
0.99 |
% |
|
|
0.95 |
% |
|
|
0.87 |
% |
|
|
0.79 |
% |
|
|
|
0.92 |
% |
|
|
0.53 |
% |
Return on average
assets, adjusted(1)(2) |
|
0.93 |
% |
|
|
1.03 |
% |
|
|
1.06 |
% |
|
|
0.90 |
% |
|
|
1.02 |
% |
|
|
|
0.98 |
% |
|
|
0.70 |
% |
Loans to deposits |
|
85.31 |
% |
|
|
85.99 |
% |
|
|
88.27 |
% |
|
|
91.40 |
% |
|
|
92.12 |
% |
|
|
|
85.31 |
% |
|
|
92.12 |
% |
Efficiency
ratio(1) |
|
63.22 |
% |
|
|
59.12 |
% |
|
|
59.24 |
% |
|
|
61.77 |
% |
|
|
58.90 |
% |
|
|
|
60.81 |
% |
|
|
60.84 |
% |
Net interest
margin(2)(3) |
|
2.75 |
% |
|
|
2.91 |
% |
|
|
2.96 |
% |
|
|
3.03 |
% |
|
|
3.14 |
% |
|
|
|
2.91 |
% |
|
|
3.18 |
% |
Yield on average
interest-earning assets(2)(3) |
|
2.94 |
% |
|
|
3.10 |
% |
|
|
3.16 |
% |
|
|
3.24 |
% |
|
|
3.39 |
% |
|
|
|
3.11 |
% |
|
|
3.57 |
% |
Cost of
funds(2)(4) |
|
0.19 |
% |
|
|
0.20 |
% |
|
|
0.21 |
% |
|
|
0.23 |
% |
|
|
0.26 |
% |
|
|
|
0.21 |
% |
|
|
0.41 |
% |
Noninterest expense to
average assets(2) |
|
2.18 |
% |
|
|
2.10 |
% |
|
|
2.26 |
% |
|
|
2.30 |
% |
|
|
2.25 |
% |
|
|
|
2.21 |
% |
|
|
2.38 |
% |
Noninterest expense, adjusted
to average assets, excluding
PPP loans(1)(2) |
|
2.14 |
% |
|
|
2.10 |
% |
|
|
2.22 |
% |
|
|
2.38 |
% |
|
|
2.29 |
% |
|
|
|
2.21 |
% |
|
|
2.31 |
% |
Effective income tax rate |
|
25.63 |
% |
|
|
26.18 |
% |
|
|
26.06 |
% |
|
|
27.84 |
% |
|
|
12.13 |
% |
|
|
|
26.40 |
% |
|
|
20.06 |
% |
Effective income tax
rate, adjusted(1) |
|
25.63 |
% |
|
|
26.18 |
% |
|
|
26.06 |
% |
|
|
27.84 |
% |
|
|
19.81 |
% |
|
|
|
26.40 |
% |
|
|
22.76 |
% |
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital to
risk-weighted assets(1) |
|
14.47 |
% |
|
|
14.26 |
% |
|
|
14.19 |
% |
|
|
14.26 |
% |
|
|
14.14 |
% |
|
|
|
14.47 |
% |
|
|
14.14 |
% |
Tier 1 capital to
risk-weighted assets(1) |
|
12.22 |
% |
|
|
11.99 |
% |
|
|
11.71 |
% |
|
|
11.67 |
% |
|
|
11.55 |
% |
|
|
|
12.22 |
% |
|
|
11.55 |
% |
CET1 to risk-weighted
assets(1) |
|
10.74 |
% |
|
|
10.51 |
% |
|
|
10.23 |
% |
|
|
10.17 |
% |
|
|
10.06 |
% |
|
|
|
10.74 |
% |
|
|
10.06 |
% |
Tier 1 capital to average
assets(1) |
|
8.97 |
% |
|
|
8.89 |
% |
|
|
8.85 |
% |
|
|
8.96 |
% |
|
|
8.91 |
% |
|
|
|
8.97 |
% |
|
|
8.91 |
% |
Tangible common equity
to tangible assets(1) |
|
7.63 |
% |
|
|
7.53 |
% |
|
|
7.48 |
% |
|
|
7.37 |
% |
|
|
7.67 |
% |
|
|
|
7.63 |
% |
|
|
7.67 |
% |
Tangible common
equity, excluding AOCI, to tangible assets(1) |
|
7.81 |
% |
|
|
7.65 |
% |
|
|
7.50 |
% |
|
|
7.48 |
% |
|
|
7.54 |
% |
|
|
|
7.81 |
% |
|
|
7.54 |
% |
Tangible common equity to risk-weighted assets(1) |
|
10.24 |
% |
|
|
10.08 |
% |
|
|
9.92 |
% |
|
|
9.73 |
% |
|
|
9.93 |
% |
|
|
|
10.24 |
% |
|
|
9.93 |
% |
Note:
Selected Financial Information footnotes are located at the end of
this section. |
|
First Midwest
Bancorp, Inc. |
Selected
Financial Information (Unaudited)
(Amounts in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the |
|
Quarters Ended |
|
|
Years Ended |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
2021 |
|
|
|
2020 |
|
Asset
quality Performance Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
11,096 |
|
|
$ |
9,952 |
|
|
$ |
42,036 |
|
|
$ |
59,723 |
|
|
$ |
38,314 |
|
|
|
$ |
11,096 |
|
|
$ |
38,314 |
|
Agricultural |
|
6,410 |
|
|
|
6,682 |
|
|
|
7,135 |
|
|
|
8,684 |
|
|
|
10,719 |
|
|
|
|
6,410 |
|
|
|
10,719 |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office, retail, and
industrial |
|
23,756 |
|
|
|
13,450 |
|
|
|
17,367 |
|
|
|
23,339 |
|
|
|
27,382 |
|
|
|
|
23,756 |
|
|
|
27,382 |
|
Multi-family |
|
12,751 |
|
|
|
2,672 |
|
|
|
2,622 |
|
|
|
3,701 |
|
|
|
1,670 |
|
|
|
|
12,751 |
|
|
|
1,670 |
|
Construction |
|
1,104 |
|
|
|
1,154 |
|
|
|
1,154 |
|
|
|
1,154 |
|
|
|
1,155 |
|
|
|
|
1,104 |
|
|
|
1,155 |
|
Other commercial real
estate |
|
11,629 |
|
|
|
13,083 |
|
|
|
14,200 |
|
|
|
15,406 |
|
|
|
15,219 |
|
|
|
|
11,629 |
|
|
|
15,219 |
|
Consumer |
|
14,174 |
|
|
|
17,173 |
|
|
|
16,867 |
|
|
|
16,643 |
|
|
|
15,498 |
|
|
|
|
14,174 |
|
|
|
15,498 |
|
Non-accrual, excluding
PCD loans |
|
80,920 |
|
|
|
64,166 |
|
|
|
101,381 |
|
|
|
128,650 |
|
|
|
109,957 |
|
|
|
|
80,920 |
|
|
|
109,957 |
|
Non-accrual PCD loans |
|
21,059 |
|
|
|
23,917 |
|
|
|
23,101 |
|
|
|
29,734 |
|
|
|
32,568 |
|
|
|
|
21,059 |
|
|
|
32,568 |
|
Total non-accrual loans |
|
101,979 |
|
|
|
88,083 |
|
|
|
124,482 |
|
|
|
158,384 |
|
|
|
142,525 |
|
|
|
|
101,979 |
|
|
|
142,525 |
|
90 days or more past due
loans, still accruing interest |
|
927 |
|
|
|
1,293 |
|
|
|
878 |
|
|
|
5,354 |
|
|
|
4,395 |
|
|
|
|
927 |
|
|
|
4,395 |
|
Total NPLs |
|
102,906 |
|
|
|
89,376 |
|
|
|
125,360 |
|
|
|
163,738 |
|
|
|
146,920 |
|
|
|
|
102,906 |
|
|
|
146,920 |
|
Accruing TDRs |
|
534 |
|
|
|
539 |
|
|
|
782 |
|
|
|
798 |
|
|
|
813 |
|
|
|
|
534 |
|
|
|
813 |
|
Foreclosed
assets(5) |
|
25,837 |
|
|
|
26,375 |
|
|
|
26,732 |
|
|
|
13,228 |
|
|
|
16,671 |
|
|
|
|
25,837 |
|
|
|
16,671 |
|
Total NPAs |
$ |
129,277 |
|
|
$ |
116,290 |
|
|
$ |
152,874 |
|
|
$ |
177,764 |
|
|
$ |
164,404 |
|
|
|
$ |
129,277 |
|
|
$ |
164,404 |
|
30-89 days past due loans |
$ |
34,430 |
|
|
$ |
30,718 |
|
|
$ |
21,051 |
|
|
$ |
30,973 |
|
|
$ |
40,656 |
|
|
|
$ |
34,430 |
|
|
$ |
40,656 |
|
Allowance for
credit losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
$ |
201,237 |
|
|
$ |
206,241 |
|
|
$ |
214,601 |
|
|
$ |
235,359 |
|
|
$ |
239,017 |
|
|
|
$ |
201,237 |
|
|
$ |
239,017 |
|
Reserve for
unfunded commitments |
|
8,625 |
|
|
|
8,625 |
|
|
|
8,625 |
|
|
|
8,025 |
|
|
|
8,025 |
|
|
|
|
8,625 |
|
|
|
8,025 |
|
Total ACL |
$ |
209,862 |
|
|
$ |
214,866 |
|
|
$ |
223,226 |
|
|
$ |
243,384 |
|
|
$ |
247,042 |
|
|
|
$ |
209,862 |
|
|
$ |
247,042 |
|
Provision for loan losses |
$ |
(2,924 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,098 |
|
|
$ |
10,507 |
|
|
|
$ |
3,174 |
|
|
$ |
98,615 |
|
Net charge-offs by
category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
(39 |
) |
|
$ |
5,002 |
|
|
$ |
14,733 |
|
|
$ |
1,740 |
|
|
$ |
3,536 |
|
|
|
$ |
21,436 |
|
|
$ |
18,421 |
|
Agricultural |
|
122 |
|
|
|
(37 |
) |
|
|
— |
|
|
|
363 |
|
|
|
1,779 |
|
|
|
|
448 |
|
|
|
3,389 |
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office, retail, and
industrial |
|
(7 |
) |
|
|
556 |
|
|
|
3,878 |
|
|
|
4,377 |
|
|
|
1,701 |
|
|
|
|
8,804 |
|
|
|
6,455 |
|
Multi-family |
|
85 |
|
|
|
1 |
|
|
|
2 |
|
|
|
(5 |
) |
|
|
19 |
|
|
|
|
83 |
|
|
|
33 |
|
Construction |
|
189 |
|
|
|
986 |
|
|
|
208 |
|
|
|
— |
|
|
|
140 |
|
|
|
|
1,383 |
|
|
|
7,635 |
|
Other commercial real
estate |
|
261 |
|
|
|
829 |
|
|
|
459 |
|
|
|
371 |
|
|
|
916 |
|
|
|
|
1,920 |
|
|
|
2,852 |
|
Consumer |
|
1,469 |
|
|
|
1,023 |
|
|
|
1,478 |
|
|
|
2,910 |
|
|
|
2,448 |
|
|
|
|
6,880 |
|
|
|
12,534 |
|
Total NCOs |
$ |
2,080 |
|
|
$ |
8,360 |
|
|
$ |
20,758 |
|
|
$ |
9,756 |
|
|
$ |
10,539 |
|
|
|
$ |
40,954 |
|
|
$ |
51,319 |
|
Less: NCOs on PCD loans |
|
(327 |
) |
|
|
(1,757 |
) |
|
|
(4,337 |
) |
|
|
(2,107 |
) |
|
|
(6,488 |
) |
|
|
|
(8,528 |
) |
|
|
(18,964 |
) |
Total NCOs, excluding
PCD loans |
$ |
1,753 |
|
|
$ |
6,603 |
|
|
$ |
16,421 |
|
|
$ |
7,649 |
|
|
$ |
4,051 |
|
|
|
$ |
32,426 |
|
|
$ |
32,355 |
|
Total
recoveries included above |
$ |
2,254 |
|
|
$ |
3,397 |
|
|
$ |
2,869 |
|
|
$ |
1,561 |
|
|
$ |
2,588 |
|
|
|
$ |
10,081 |
|
|
$ |
7,510 |
|
Note:
Selected Financial Information footnotes are located at the end of
this section. |
|
First Midwest
Bancorp, Inc. |
|
|
|
|
|
Selected
Financial Information (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the |
|
Quarters Ended |
|
|
Years Ended |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
2021 |
|
|
|
2020 |
|
Performing loans classified as substandard and special
mention |
|
|
|
|
|
Special mention
loans(7) |
$ |
314,772 |
|
|
$ |
330,218 |
|
|
$ |
343,547 |
|
|
$ |
355,563 |
|
|
$ |
409,083 |
|
|
|
$ |
314,772 |
|
|
$ |
409,083 |
|
Substandard
loans(7) |
|
325,520 |
|
|
|
351,192 |
|
|
|
325,727 |
|
|
|
342,600 |
|
|
|
357,219 |
|
|
|
|
325,520 |
|
|
|
357,219 |
|
Total performing loans classified as substandard
and special mention(7) |
$ |
640,292 |
|
|
$ |
681,410 |
|
|
$ |
669,274 |
|
|
$ |
698,163 |
|
|
$ |
766,302 |
|
|
|
$ |
640,292 |
|
|
$ |
766,302 |
|
Asset quality
ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans to total
loans |
|
0.70 |
% |
|
|
0.60 |
% |
|
|
0.83 |
% |
|
|
1.04 |
% |
|
|
0.97 |
% |
|
|
|
0.70 |
% |
|
|
0.97 |
% |
Non-accrual loans to total
loans, excluding PPP loans(6) |
|
0.71 |
% |
|
|
0.61 |
% |
|
|
0.87 |
% |
|
|
1.13 |
% |
|
|
1.02 |
% |
|
|
|
0.71 |
% |
|
|
1.02 |
% |
Non-accrual loans to total
loans, excluding PCD and PPP loans(6) |
|
0.57 |
% |
|
|
0.45 |
% |
|
|
0.72 |
% |
|
|
0.93 |
% |
|
|
0.80 |
% |
|
|
|
0.57 |
% |
|
|
0.80 |
% |
NPLs to total loans |
|
0.70 |
% |
|
|
0.60 |
% |
|
|
0.83 |
% |
|
|
1.08 |
% |
|
|
1.00 |
% |
|
|
|
0.70 |
% |
|
|
1.00 |
% |
NPLs to total loans,
excluding PPP loans(6) |
|
0.71 |
% |
|
|
0.62 |
% |
|
|
0.87 |
% |
|
|
1.16 |
% |
|
|
1.05 |
% |
|
|
|
0.71 |
% |
|
|
1.05 |
% |
NPLs to total loans,
excluding PCD and PPP loans(6) |
|
0.57 |
% |
|
|
0.46 |
% |
|
|
0.72 |
% |
|
|
0.97 |
% |
|
|
0.83 |
% |
|
|
|
0.57 |
% |
|
|
0.83 |
% |
NPAs to total loans
plus foreclosed assets |
|
0.88 |
% |
|
|
0.78 |
% |
|
|
1.01 |
% |
|
|
1.17 |
% |
|
|
1.11 |
% |
|
|
|
0.88 |
% |
|
|
1.11 |
% |
NPAs to total loans
plus foreclosed assets, excluding PPP
loans(6) |
|
0.89 |
% |
|
|
0.81 |
% |
|
|
1.06 |
% |
|
|
1.26 |
% |
|
|
1.18 |
% |
|
|
|
0.89 |
% |
|
|
1.18 |
% |
NPAs to total loans
plus foreclosed assets, excluding PCD and PPP
loans(6) |
|
0.76 |
% |
|
|
0.65 |
% |
|
|
0.92 |
% |
|
|
1.07 |
% |
|
|
0.96 |
% |
|
|
|
0.76 |
% |
|
|
0.96 |
% |
NPAs to tangible common
equity plus ACL |
|
7.18 |
% |
|
|
6.52 |
% |
|
|
8.63 |
% |
|
|
10.23 |
% |
|
|
9.27 |
% |
|
|
|
7.18 |
% |
|
|
9.27 |
% |
Non-accrual loans to total
assets |
|
0.47 |
% |
|
|
0.40 |
% |
|
|
0.58 |
% |
|
|
0.75 |
% |
|
|
0.68 |
% |
|
|
|
0.47 |
% |
|
|
0.68 |
% |
Performing loans classified
as substandard and special mention to corporate
loans(7) |
|
6.32 |
% |
|
|
6.62 |
% |
|
|
6.36 |
% |
|
|
6.45 |
% |
|
|
7.26 |
% |
|
|
|
6.32 |
% |
|
|
7.26 |
% |
Performing loans classified
as substandard and special mention to corporate loans,
excluding PPP loans(6)(7) |
|
6.47 |
% |
|
|
6.88 |
% |
|
|
6.82 |
% |
|
|
7.19 |
% |
|
|
7.84 |
% |
|
|
|
6.47 |
% |
|
|
7.84 |
% |
Allowance for credit losses and net charge-off
ratios |
|
|
|
|
|
ACL to total
loans(7) |
|
1.43 |
% |
|
|
1.45 |
% |
|
|
1.48 |
% |
|
|
1.60 |
% |
|
|
1.67 |
% |
|
|
|
1.43 |
% |
|
|
1.67 |
% |
ACL to non-accrual loans |
|
205.79 |
% |
|
|
243.94 |
% |
|
|
179.32 |
% |
|
|
153.67 |
% |
|
|
173.33 |
% |
|
|
|
205.79 |
% |
|
|
173.33 |
% |
ACL to NPLs |
|
203.94 |
% |
|
|
240.41 |
% |
|
|
178.07 |
% |
|
|
148.64 |
% |
|
|
168.15 |
% |
|
|
|
203.94 |
% |
|
|
168.15 |
% |
NCOs to average
loans(2) |
|
0.06 |
% |
|
|
0.22 |
% |
|
|
0.55 |
% |
|
|
0.26 |
% |
|
|
0.29 |
% |
|
|
|
0.27 |
% |
|
|
0.36 |
% |
NCOs to average
loans, excluding PPP loans(2)(6) |
|
0.06 |
% |
|
|
0.23 |
% |
|
|
0.59 |
% |
|
|
0.28 |
% |
|
|
0.31 |
% |
|
|
|
0.29 |
% |
|
|
0.38 |
% |
NCOs to
average loans, excluding PCD and
PPP loans(2)(6) |
|
0.05 |
% |
|
|
0.18 |
% |
|
|
0.47 |
% |
|
|
0.22 |
% |
|
|
0.12 |
% |
|
|
|
0.23 |
% |
|
|
0.24 |
% |
Footnotes to Selected Financial
Information
(1) See the "Non-GAAP Reconciliations"
section for the detailed calculation.
(2) Annualized based on the actual
number of days for each period presented.
(3) Presented on a tax-equivalent
basis, assuming the applicable federal income tax rate of 21%.
(4) Cost of funds expresses total
interest expense as a percentage of total average funding
sources.
(5) Foreclosed assets consists of OREO
and other foreclosed assets acquired in partial or total
satisfaction of defaulted loans. Other foreclosed assets are
included in other assets in the Consolidated Statements of
Financial Condition.
(6) This ratio excludes PPP loans that
are fully guaranteed by the SBA. As a result, no allowance for
credit losses is associated with these loans.
(7) Performing loans classified as
substandard and special mention excludes accruing TDRs.
First Midwest
Bancorp, Inc. |
Non-GAAP
Reconciliations (Unaudited)
(Amounts in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters Ended |
|
|
Years Ended |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
2021 |
|
|
|
2020 |
|
EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
48,553 |
|
|
$ |
54,863 |
|
|
$ |
51,121 |
|
|
$ |
45,023 |
|
|
$ |
41,605 |
|
|
|
$ |
199,560 |
|
|
$ |
107,898 |
|
Dividends and accretion on
preferred stock |
|
(4,034 |
) |
|
|
(4,033 |
) |
|
|
(4,034 |
) |
|
|
(4,034 |
) |
|
|
(4,049 |
) |
|
|
|
(16,135 |
) |
|
|
(9,119 |
) |
Net income applicable to
non-vested restricted shares |
|
(398 |
) |
|
|
(517 |
) |
|
|
(521 |
) |
|
|
(486 |
) |
|
|
(369 |
) |
|
|
|
(1,922 |
) |
|
|
(984 |
) |
Net income applicable to common shares |
|
44,121 |
|
|
|
50,313 |
|
|
|
46,566 |
|
|
|
40,503 |
|
|
|
37,187 |
|
|
|
|
181,503 |
|
|
|
97,795 |
|
Adjustments to net
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration related expenses |
|
3,945 |
|
|
|
2,916 |
|
|
|
7,773 |
|
|
|
245 |
|
|
|
1,860 |
|
|
|
|
14,879 |
|
|
|
13,462 |
|
Tax effect of acquisition
and integration related expenses |
|
(986 |
) |
|
|
(729 |
) |
|
|
(1,943 |
) |
|
|
(61 |
) |
|
|
(465 |
) |
|
|
|
(3,719 |
) |
|
|
(3,365 |
) |
Optimization costs |
|
— |
|
|
|
— |
|
|
|
31 |
|
|
|
1,525 |
|
|
|
1,493 |
|
|
|
|
1,556 |
|
|
|
19,869 |
|
Tax effect of optimization
costs |
|
— |
|
|
|
— |
|
|
|
(8 |
) |
|
|
(381 |
) |
|
|
(373 |
) |
|
|
|
(389 |
) |
|
|
(4,967 |
) |
Swap termination costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,567 |
|
|
|
|
— |
|
|
|
31,852 |
|
Tax effect of swap
termination costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,392 |
) |
|
|
|
— |
|
|
|
(7,963 |
) |
Income tax benefits |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,639 |
) |
|
|
|
— |
|
|
|
(3,639 |
) |
Net securities gains |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
(13,323 |
) |
Tax effect of net
securities gains |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
3,331 |
|
Total adjustments to
net income, net of tax |
|
2,959 |
|
|
|
2,187 |
|
|
|
5,853 |
|
|
|
1,328 |
|
|
|
12,051 |
|
|
|
|
12,327 |
|
|
|
35,257 |
|
Net income applicable to common
shares, adjusted(1) |
$ |
47,080 |
|
|
$ |
52,500 |
|
|
$ |
52,419 |
|
|
$ |
41,831 |
|
|
$ |
49,238 |
|
|
|
$ |
193,830 |
|
|
$ |
133,052 |
|
Weighted-average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding (basic) |
|
112,930 |
|
|
|
112,898 |
|
|
|
112,865 |
|
|
|
113,098 |
|
|
|
113,174 |
|
|
|
|
112,947 |
|
|
|
112,355 |
|
Dilutive effect of
common stock equivalents |
|
995 |
|
|
|
878 |
|
|
|
775 |
|
|
|
773 |
|
|
|
430 |
|
|
|
|
834 |
|
|
|
347 |
|
Weighted-average
diluted common shares outstanding |
|
113,925 |
|
|
|
113,776 |
|
|
|
113,640 |
|
|
|
113,871 |
|
|
|
113,604 |
|
|
|
|
113,781 |
|
|
|
112,702 |
|
Basic EPS |
$ |
0.39 |
|
|
$ |
0.45 |
|
|
$ |
0.41 |
|
|
$ |
0.36 |
|
|
$ |
0.33 |
|
|
|
$ |
1.61 |
|
|
$ |
0.87 |
|
Diluted EPS |
$ |
0.39 |
|
|
$ |
0.44 |
|
|
$ |
0.41 |
|
|
$ |
0.36 |
|
|
$ |
0.33 |
|
|
|
$ |
1.60 |
|
|
$ |
0.87 |
|
Diluted EPS,
adjusted(1) |
$ |
0.41 |
|
|
$ |
0.46 |
|
|
$ |
0.46 |
|
|
$ |
0.37 |
|
|
$ |
0.43 |
|
|
|
$ |
1.70 |
|
|
$ |
1.18 |
|
Anti-dilutive shares not
included in the computation of diluted EPS |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Dividend Payout
Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
share |
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
|
$ |
0.56 |
|
|
$ |
0.56 |
|
Dividend payout ratio |
|
35.90 |
% |
|
|
31.11 |
% |
|
|
34.15 |
% |
|
|
38.89 |
% |
|
|
42.42 |
% |
|
|
|
34.78 |
% |
|
|
64.37 |
% |
Dividend payout ratio,
adjusted(1) |
|
34.15 |
% |
|
|
30.43 |
% |
|
|
30.43 |
% |
|
|
37.84 |
% |
|
|
32.56 |
% |
|
|
|
32.94 |
% |
|
|
47.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Non-GAAP
Reconciliations footnotes are located at the end of this
section. |
|
First Midwest
Bancorp, Inc. |
Non-GAAP
Reconciliations (Unaudited)
(Amounts in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the |
|
Quarters Ended |
|
|
Years Ended |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
2021 |
|
|
|
2020 |
|
Return on
Average Common and Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
Net income applicable
to common shares |
$ |
44,121 |
|
|
$ |
50,313 |
|
|
$ |
46,566 |
|
|
$ |
40,503 |
|
|
$ |
37,187 |
|
|
|
$ |
181,503 |
|
|
$ |
97,795 |
|
Intangibles amortization |
|
2,784 |
|
|
|
2,793 |
|
|
|
2,798 |
|
|
|
2,807 |
|
|
|
2,807 |
|
|
|
|
11,182 |
|
|
|
11,207 |
|
Tax effect of
intangibles amortization |
|
(696 |
) |
|
|
(698 |
) |
|
|
(700 |
) |
|
|
(702 |
) |
|
|
(702 |
) |
|
|
|
(2,796 |
) |
|
|
(2,803 |
) |
Net income applicable
to common shares, excluding intangibles amortization |
|
46,209 |
|
|
|
52,408 |
|
|
|
48,664 |
|
|
|
42,608 |
|
|
|
39,292 |
|
|
|
|
189,889 |
|
|
|
106,199 |
|
Total adjustments to
net income, net of tax(1) |
|
2,959 |
|
|
|
2,187 |
|
|
|
5,853 |
|
|
|
1,328 |
|
|
|
12,051 |
|
|
|
|
12,327 |
|
|
|
35,257 |
|
Net income applicable to common shares,
adjusted(1) |
$ |
49,168 |
|
|
$ |
54,595 |
|
|
$ |
54,517 |
|
|
$ |
43,936 |
|
|
$ |
51,343 |
|
|
|
$ |
202,216 |
|
|
$ |
141,456 |
|
Average stockholders'
common equity |
$ |
2,499,651 |
|
|
$ |
2,503,028 |
|
|
$ |
2,456,034 |
|
|
$ |
2,453,253 |
|
|
$ |
2,444,911 |
|
|
|
$ |
2,478,187 |
|
|
$ |
2,437,011 |
|
Less: average intangible
assets |
|
(921,937 |
) |
|
|
(924,743 |
) |
|
|
(927,522 |
) |
|
|
(931,322 |
) |
|
|
(934,347 |
) |
|
|
|
(926,351 |
) |
|
|
(923,741 |
) |
Average tangible
common equity |
$ |
1,577,714 |
|
|
$ |
1,578,285 |
|
|
$ |
1,528,512 |
|
|
$ |
1,521,931 |
|
|
$ |
1,510,564 |
|
|
|
$ |
1,551,836 |
|
|
$ |
1,513,270 |
|
Return on average
common equity(2) |
|
7.00 |
% |
|
|
7.97 |
% |
|
|
7.60 |
% |
|
|
6.70 |
% |
|
|
6.05 |
% |
|
|
|
7.32 |
% |
|
|
4.01 |
% |
Return on average
common equity, adjusted(1)(2) |
|
7.47 |
% |
|
|
8.32 |
% |
|
|
8.56 |
% |
|
|
6.92 |
% |
|
|
8.01 |
% |
|
|
|
7.82 |
% |
|
|
5.46 |
% |
Return on average
tangible common equity(2) |
|
11.62 |
% |
|
|
13.17 |
% |
|
|
12.77 |
% |
|
|
11.35 |
% |
|
|
10.35 |
% |
|
|
|
12.24 |
% |
|
|
7.02 |
% |
Return on average
tangible common equity, adjusted(1)(2) |
|
12.36 |
% |
|
|
13.72 |
% |
|
|
14.31 |
% |
|
|
11.71 |
% |
|
|
13.53 |
% |
|
|
|
13.03 |
% |
|
|
9.36 |
% |
Return on
Average Assets |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
48,553 |
|
|
$ |
54,863 |
|
|
$ |
51,121 |
|
|
$ |
45,023 |
|
|
$ |
41,605 |
|
|
|
$ |
199,560 |
|
|
$ |
107,898 |
|
Total adjustments to
net income, net of tax(1) |
|
2,959 |
|
|
|
2,187 |
|
|
|
5,853 |
|
|
|
1,328 |
|
|
|
12,051 |
|
|
|
|
12,327 |
|
|
|
35,257 |
|
Net income, adjusted(1) |
$ |
51,512 |
|
|
$ |
57,050 |
|
|
$ |
56,974 |
|
|
$ |
46,351 |
|
|
$ |
53,656 |
|
|
|
$ |
211,887 |
|
|
$ |
143,155 |
|
Average assets |
$ |
22,046,672 |
|
|
$ |
21,899,560 |
|
|
$ |
21,533,209 |
|
|
$ |
20,919,040 |
|
|
$ |
20,882,325 |
|
|
|
$ |
21,603,531 |
|
|
$ |
20,424,771 |
|
Return on average
assets(2) |
|
0.87 |
% |
|
|
0.99 |
% |
|
|
0.95 |
% |
|
|
0.87 |
% |
|
|
0.79 |
% |
|
|
|
0.92 |
% |
|
|
0.53 |
% |
Return
on average assets, adjusted(1)(2) |
|
0.93 |
% |
|
|
1.03 |
% |
|
|
1.06 |
% |
|
|
0.90 |
% |
|
|
1.02 |
% |
|
|
|
0.98 |
% |
|
|
0.70 |
% |
Noninterest Expense to Average Assets |
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
$ |
120,889 |
|
|
$ |
116,054 |
|
|
$ |
121,419 |
|
|
$ |
118,425 |
|
|
$ |
117,971 |
|
|
|
$ |
476,787 |
|
|
$ |
486,706 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration related expenses |
|
(3,945 |
) |
|
|
(2,916 |
) |
|
|
(7,773 |
) |
|
|
(245 |
) |
|
|
(1,860 |
) |
|
|
|
(14,879 |
) |
|
|
(13,462 |
) |
Optimization costs |
|
— |
|
|
|
— |
|
|
|
(31 |
) |
|
|
(1,525 |
) |
|
|
(1,493 |
) |
|
|
|
(1,556 |
) |
|
|
(19,869 |
) |
Total |
$ |
116,944 |
|
|
$ |
113,138 |
|
|
$ |
113,615 |
|
|
$ |
116,655 |
|
|
$ |
114,618 |
|
|
|
$ |
460,352 |
|
|
$ |
453,375 |
|
Average assets |
$ |
22,046,672 |
|
|
$ |
21,899,560 |
|
|
$ |
21,533,209 |
|
|
$ |
20,919,040 |
|
|
$ |
20,882,325 |
|
|
|
$ |
21,603,531 |
|
|
$ |
20,424,771 |
|
Less: average PPP loans |
|
(317,553 |
) |
|
|
(549,380 |
) |
|
|
(1,035,386 |
) |
|
|
(1,014,798 |
) |
|
|
(1,013,511 |
) |
|
|
|
(726,876 |
) |
|
|
(775,883 |
) |
Average assets, excluding
PPP loans |
$ |
21,729,119 |
|
|
$ |
21,350,180 |
|
|
$ |
20,497,823 |
|
|
$ |
19,904,242 |
|
|
$ |
19,868,814 |
|
|
|
$ |
20,876,655 |
|
|
$ |
19,648,888 |
|
Noninterest expense to
average assets(2) |
|
2.18 |
% |
|
|
2.10 |
% |
|
|
2.26 |
% |
|
|
2.30 |
% |
|
|
2.25 |
% |
|
|
|
2.21 |
% |
|
|
2.38 |
% |
Noninterest expense, adjusted
to average assets, excluding PPP loans(2) |
|
2.14 |
% |
|
|
2.10 |
% |
|
|
2.22 |
% |
|
|
2.38 |
% |
|
|
2.29 |
% |
|
|
|
2.21 |
% |
|
|
2.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Non-GAAP
Reconciliations footnotes are located at the end of this
section. |
|
First Midwest
Bancorp, Inc. |
Non-GAAP
Reconciliations (Unaudited)
(Amounts in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the |
|
Quarters Ended |
|
|
Years Ended |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
2021 |
|
|
|
2020 |
|
Efficiency Ratio
Calculation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
$ |
120,889 |
|
|
$ |
116,054 |
|
|
$ |
121,419 |
|
|
$ |
118,425 |
|
|
$ |
117,971 |
|
|
|
$ |
476,787 |
|
|
$ |
486,706 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration
related expenses |
|
(3,945 |
) |
|
|
(2,916 |
) |
|
|
(7,773 |
) |
|
|
(245 |
) |
|
|
(1,860 |
) |
|
|
|
(14,879 |
) |
|
|
(13,462 |
) |
Net OREO expense |
|
(442 |
) |
|
|
4 |
|
|
|
(160 |
) |
|
|
(589 |
) |
|
|
(106 |
) |
|
|
|
(1,187 |
) |
|
|
(1,196 |
) |
Optimization costs |
|
— |
|
|
|
— |
|
|
|
(31 |
) |
|
|
(1,525 |
) |
|
|
(1,493 |
) |
|
|
|
(1,556 |
) |
|
|
(19,869 |
) |
Total |
$ |
116,502 |
|
|
$ |
113,142 |
|
|
$ |
113,455 |
|
|
$ |
116,066 |
|
|
$ |
114,512 |
|
|
|
$ |
459,165 |
|
|
$ |
452,179 |
|
Tax-equivalent net interest
income(3) |
$ |
139,811 |
|
|
$ |
146,190 |
|
|
$ |
145,241 |
|
|
$ |
142,098 |
|
|
$ |
149,141 |
|
|
|
$ |
573,340 |
|
|
$ |
584,079 |
|
Noninterest income |
|
44,479 |
|
|
|
45,180 |
|
|
|
46,270 |
|
|
|
45,803 |
|
|
|
27,715 |
|
|
|
|
181,732 |
|
|
|
140,653 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap termination costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,567 |
|
|
|
|
— |
|
|
|
31,852 |
|
Net securities gains |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
(13,323 |
) |
Total |
$ |
184,290 |
|
|
$ |
191,370 |
|
|
$ |
191,511 |
|
|
$ |
187,901 |
|
|
$ |
194,423 |
|
|
|
$ |
755,072 |
|
|
$ |
743,261 |
|
Efficiency ratio |
|
63.22 |
% |
|
|
59.12 |
% |
|
|
59.24 |
% |
|
|
61.77 |
% |
|
|
58.90 |
% |
|
|
|
60.81 |
% |
|
|
60.84 |
% |
Pre-Tax,
Pre-Provision Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
48,553 |
|
|
$ |
54,863 |
|
|
$ |
51,121 |
|
|
$ |
45,023 |
|
|
$ |
41,605 |
|
|
|
$ |
199,560 |
|
|
$ |
107,898 |
|
Income tax expense |
|
16,737 |
|
|
|
19,459 |
|
|
|
18,018 |
|
|
|
17,372 |
|
|
|
5,743 |
|
|
|
|
71,586 |
|
|
|
27,083 |
|
Provision for credit
losses |
|
(2,924 |
) |
|
|
— |
|
|
|
— |
|
|
|
6,098 |
|
|
|
10,507 |
|
|
|
|
3,174 |
|
|
|
98,615 |
|
Pre-Tax,
Pre-Provision Earnings |
$ |
62,366 |
|
|
$ |
74,322 |
|
|
$ |
69,139 |
|
|
$ |
68,493 |
|
|
$ |
57,855 |
|
|
|
$ |
274,320 |
|
|
$ |
233,596 |
|
Adjustments to pre-tax,
pre-provision earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration related expenses |
$ |
3,945 |
|
|
$ |
2,916 |
|
|
$ |
7,773 |
|
|
$ |
245 |
|
|
$ |
1,860 |
|
|
|
$ |
14,879 |
|
|
$ |
13,462 |
|
Optimization costs |
|
— |
|
|
|
— |
|
|
|
31 |
|
|
|
1,525 |
|
|
|
1,493 |
|
|
|
|
1,556 |
|
|
|
19,869 |
|
Swap termination costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,567 |
|
|
|
|
— |
|
|
|
31,852 |
|
Net securities gains |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
(13,323 |
) |
Total adjustments |
|
3,945 |
|
|
|
2,916 |
|
|
|
7,804 |
|
|
|
1,770 |
|
|
|
20,920 |
|
|
|
|
16,435 |
|
|
|
51,860 |
|
Pre-Tax,
Pre-Provision Earnings, adjusted |
$ |
66,311 |
|
|
$ |
77,238 |
|
|
$ |
76,943 |
|
|
$ |
70,263 |
|
|
$ |
78,775 |
|
|
|
$ |
290,755 |
|
|
$ |
285,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Non-GAAP
Reconciliations footnotes are located at the end of this
section. |
|
First Midwest
Bancorp, Inc. |
Non-GAAP
Reconciliations (Unaudited)
(Amounts in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or for the |
|
|
Quarters Ended |
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity,
common |
|
$ |
2,512,228 |
|
|
$ |
2,492,723 |
|
|
$ |
2,473,648 |
|
|
$ |
2,422,815 |
|
|
$ |
2,459,506 |
|
Less: goodwill and other
intangible assets |
|
|
(920,599 |
) |
|
|
(923,383 |
) |
|
|
(926,176 |
) |
|
|
(928,974 |
) |
|
|
(932,764 |
) |
Tangible common equity |
|
|
1,591,629 |
|
|
|
1,569,340 |
|
|
|
1,547,472 |
|
|
|
1,493,841 |
|
|
|
1,526,742 |
|
Less: AOCI |
|
|
37,793 |
|
|
|
25,381 |
|
|
|
5,941 |
|
|
|
22,096 |
|
|
|
(26,379 |
) |
Tangible common equity,
excluding AOCI |
|
$ |
1,629,422 |
|
|
$ |
1,594,721 |
|
|
$ |
1,553,413 |
|
|
$ |
1,515,937 |
|
|
$ |
1,500,363 |
|
Total assets |
|
$ |
21,778,242 |
|
|
$ |
21,778,180 |
|
|
$ |
21,625,424 |
|
|
$ |
21,208,591 |
|
|
$ |
20,838,678 |
|
Less: goodwill and other
intangible assets |
|
|
(920,599 |
) |
|
|
(923,383 |
) |
|
|
(926,176 |
) |
|
|
(928,974 |
) |
|
|
(932,764 |
) |
Tangible assets |
|
|
20,857,643 |
|
|
|
20,854,797 |
|
|
|
20,699,248 |
|
|
|
20,279,617 |
|
|
|
19,905,914 |
|
Less: PPP loans |
|
|
(230,687 |
) |
|
|
(384,100 |
) |
|
|
(705,915 |
) |
|
|
(1,109,442 |
) |
|
|
(785,563 |
) |
Tangible assets, excluding PPP
loans |
|
$ |
20,626,956 |
|
|
$ |
20,470,697 |
|
|
$ |
19,993,333 |
|
|
$ |
19,170,175 |
|
|
$ |
19,120,351 |
|
Tangible common equity to
tangible assets |
|
|
7.63 |
% |
|
|
7.53 |
% |
|
|
7.48 |
% |
|
|
7.37 |
% |
|
|
7.67 |
% |
Tangible common equity to
tangible assets, excluding PPP loans |
|
|
7.72 |
% |
|
|
7.67 |
% |
|
|
7.74 |
% |
|
|
7.79 |
% |
|
|
7.98 |
% |
Tangible common equity,
excluding AOCI, to tangible assets |
|
|
7.81 |
% |
|
|
7.65 |
% |
|
|
7.50 |
% |
|
|
7.48 |
% |
|
|
7.54 |
% |
Tangible common equity,
excluding AOCI, to tangible assets, excluding PPP loans |
|
|
7.90 |
% |
|
|
7.79 |
% |
|
|
7.77 |
% |
|
|
7.91 |
% |
|
|
7.85 |
% |
Tangible common equity to
risk-weighted assets |
|
|
10.24 |
% |
|
|
10.08 |
% |
|
|
9.92 |
% |
|
|
9.73 |
% |
|
|
9.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Footnotes to Non-GAAP
Reconciliations
(1) Adjustments to net income for each
period presented are detailed in the EPS non-GAAP reconciliation
above. For additional discussion of adjustments, see the "Non-GAAP
Financial Information" section.
(2) Annualized based on the actual
number of days for each period presented.
(3) Presented on a tax-equivalent
basis, assuming the applicable federal income tax rate of 21%.
First Midwest Bancorp (NASDAQ:FMBI)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024
First Midwest Bancorp (NASDAQ:FMBI)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024