-- Full year loss of $25.8 million and diluted loss per share of $0.71
compared to 2008 full year earnings of $49.3 million and diluted earnings
per share of $1.00.
-- Net loss of $37.5 million for fourth quarter 2009 vs. $3.4 million net
income for third quarter 2009 and $26.9 million net loss for fourth quarter
2008.
-- Pre-tax, pre-provision core operating earnings of $32.7 million for
fourth quarter 2009, up 8% from third quarter 2009.
-- Net interest margin of 4.04% for fourth quarter 2009, up 38 basis points
from third quarter 2009.
-- Pre-tax gain of $13.1 million resulting from acquisition of First DuPage
Bank and net securities loss of $5.8 million during the fourth quarter.
Capital and Credit
-- Tangible common equity to tangible assets of 6.29%, up 106 basis points
from prior year end.
-- Non-accrual plus 90 days past due loans totaled $248.3 million down 6%
from September 30, 2009.
-- Loan loss reserves to total loans increased 25 basis points to 2.78% from
September 30, 2009, with provisions of $93.0 million exceeding net charge-
offs of $82.5 million.
-- Other real estate owned of $57.1 million at December 31, 2009, net of
valuation write-downs and losses on disposition totaling $14.1 million for
the fourth quarter 2009.
First Midwest Bancorp, Inc. (the "Company" or "First Midwest") (
Excess
Minimum Over Required
December December "Well- Minimums at
31, 31, Capitalized" December 31,
2009 2008 Level 2009
------- ------- ------- --------------
(Amounts in
millions)
Regulatory capital ratios:
Total capital to risk-weighted
assets 14.26% 14.36% 10.00% 43% $ 267
Tier 1 capital to risk-weighted
assets 12.19% 11.60% 6.00% 103% $ 388
Tier 1 leverage to average
assets 10.18% 9.41% 5.00% 104% $ 389
Regulatory capital ratios,
excluding preferred stock:
Total capital to risk-weighted
assets 11.18% 11.44% 10.00% 12% $ 74
Tier 1 capital to
risk-weighted assets 9.11% 8.68% 6.00% 52% $ 195
Tier 1 leverage to average
assets 7.61% 7.04% 5.00% 52% $ 196
Tier 1 common capital to
risk-weighted assets 7.76% 6.79% N/A N/A N/A
Tangible equity ratios:
Tangible common equity to
tangible assets 6.29% 5.23% N/A N/A N/A
Tangible common equity,
excluding other
comprehensive loss, to
tangible assets 6.54% 5.45% N/A N/A N/A
Tangible common equity to
risk-weighted assets 7.46% 6.53% N/A N/A N/A
The Board of Directors reviews the Company's capital plan each quarter, giving consideration to the current and expected operating environment, as well as an evaluation of various capital alternatives. About the Company First Midwest is the premier relationship-based banking franchise in the growing Chicagoland banking market. As one of the Chicago metropolitan area's largest independent bank holding companies, First Midwest provides the full range of both business and retail banking and trust and investment management services through approximately 100 offices located in 62 communities, primarily in metropolitan Chicago. Safe Harbor Statement This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts but instead represent only the Company's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that actual results and the Company's financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the Company's future results, see "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and other reports filed with the Securities and Exchange Commission. Forward-looking statements represent management's best judgment as of the date hereof based on currently available information. Except as required by law, the Company undertakes no duty to update the contents of this press release after the date hereof.
Conference Call A conference call to discuss the Company's results, outlook and related matters will be held on Tuesday, January 12, 2010 at 6:00 PM (ET). Members of the public who would like to listen to the conference call should dial (866) 713-8310 (U.S. domestic) or (617) 597-5308 (international) and enter passcode number 538 37 175. The number should be dialed 10 to 15 minutes prior to the start of the conference call. There is no charge to access the call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the Company's website, www.firstmidwest.com/aboutinvestor_overview.asp. For those unable to listen to the live broadcast, a replay will be available on the Company's website or by dialing (888) 286-8010 (U.S. domestic) or (617) 801-6888 (international) passcode number 562 40 343, beginning at 9:00 PM (ET) on January 12, 2010 until 11:59 PM (ET) on January 20, 2010. Please direct any questions regarding obtaining access to the conference call to First Midwest Bancorp, Inc. Investor Relations, via e-mail, at investor.relations@firstmidwest.com.
Accompanying Financial Statements and Tables Accompanying this press release is the following unaudited financial information:
-- Operating Highlights, Balance Sheet Highlights, and Capital Ratios (1
page)
-- Condensed Consolidated Statements of Condition (1 page)
-- Condensed Consolidated Statements of Income (1 page)
-- Pre-Tax, Pre-Provision Core Operating Earnings (1 page)
-- Loan Portfolio Composition (1 page)
-- Asset Quality (1 page)
-- Charge-off Data (1 page)
-- Securities Available-for-Sale (1 page)
Press Release and Additional Information Available on Website
This press release, the accompanying financial statements and tables, and
certain additional unaudited Selected Financial Information (totaling 3
pages) are available through the "Investor Relations" section of First
Midwest's website at www.firstmidwest.com.
First Midwest Bancorp, Inc. Press Release Dated January 12, 2010
Operating Highlights
Unaudited
Quarters Ended Years Ended
------------------------------- --------------------
(Dollar amounts in
thousands except December September December December December
per share data) 31, 2009 30, 2009 31, 2008 31, 2009 31, 2008
--------- --------- --------- --------- ---------
Net (loss) income $ (37,491) $ 3,351 $ (26,890) $ (25,750) $ 49,336
Net (loss) income
applicable to
common shares (39,542) 773 (27,568) (35,551) 48,482
Diluted (loss)
earnings per common
share $ (0.73) $ 0.02 $ (0.57) $ (0.71) $ 1.00
Return on average
common equity (19.84%) 0.43% (13.90%) (4.84%) 6.46%
Return on average
assets (1.92%) 0.17% (1.28%) (0.32%) 0.60%
Net interest margin 4.04% 3.66% 3.71% 3.72% 3.61%
Efficiency ratio 58.48% 59.13% 59.06% 57.86% 53.49%
Balance Sheet Highlights
Unaudited
As Of
--------------------------------
(Dollar amounts in
thousands except December September December
per share data) 31, 2009 30, 2009 31, 2008
---------- ---------- ----------
Total assets $7,710,672 $7,678,434 $8,528,341
Total loans,
excluding covered
loans 5,203,246 5,306,068 5,360,063
Total deposits 5,885,279 5,749,153 5,585,754
Total stockholders'
equity 941,521 983,579 908,279
Common stockholders'
equity 748,521 790,579 715,949
Book value per share $ 13.66 $ 14.43 $ 14.72
Period end shares
outstanding 54,793 54,800 48,630
Capital Ratios
Unaudited As Of
--------------------------------
December September December
31, 2009 30, 2009 31, 2008
---------- ---------- ----------
Regulatory capital
ratios:
Total capital to
risk-weighted
assets 14.26% 15.27% 14.36%
Tier 1 capital to
risk-weighted
assets 12.19% 12.88% 11.60%
Tier 1 leverage
to average
assets 10.18% 10.52% 9.41%
Regulatory capital
ratios, excluding
preferred stock:
Total capital to
risk-weighted
assets 11.18% 12.18% 11.44%
Tier 1 capital to
risk-weighted
assets 9.11% 9.78% 8.68%
Tier 1 leverage
to average
assets 7.61% 7.99% 7.04%
Tier 1 common capital to
risk-weighted
assets 7.76% 8.43% 6.79%
Tangible common
equity ratios:
Tangible common equity
to tangible assets 6.29% 6.88% 5.23%
Tangible common
equity, excluding
other comprehensive
loss, to tangible
assets 6.54% 7.10% 5.45%
Tangible common
equity to
risk-weighted
assets 7.46% 8.16% 6.53%
First Midwest Bancorp, Inc. Press Release Dated January 12, 2010
Condensed Consolidated Statements of Condition
Unaudited
December 31,
(Amounts in thousands) ------------------------
2009 2008
----------- -----------
Assets
Cash and due from banks $ 101,177 $ 106,082
Funds sold and other short-term investments 26,202 8,226
Trading account securities 14,236 12,358
Securities available-for-sale 1,266,760 2,216,186
Securities held-to-maturity, at amortized cost 84,182 84,306
Federal Home Loan Bank and Federal Reserve Bank
stock, at cost 56,428 54,767
Loans 5,203,246 5,360,063
Reserve for loan losses (144,808) (93,869)
----------- -----------
Net loans 5,058,438 5,266,194
----------- -----------
Other real estate owned 57,137 24,368
Covered assets 223,245 -
Premises, furniture, and equipment 120,642 120,035
Investment in bank owned life insurance 197,962 198,533
Goodwill and other intangible assets 281,479 284,548
Accrued interest receivable and other assets 222,784 152,738
----------- -----------
Total assets $ 7,710,672 $ 8,528,341
=========== ===========
Liabilities and Stockholders' Equity
Deposits
Transactional deposits $ 3,885,885 $ 3,457,954
Time deposits 1,988,486 1,950,362
Brokered deposits 10,908 177,438
----------- -----------
Total deposits 5,885,279 5,585,754
Borrowed funds 691,176 1,698,334
Subordinated debt 137,735 232,409
Accrued interest payable and other liabilities 54,961 103,565
----------- -----------
Total liabilities 6,769,151 7,620,062
----------- -----------
Preferred stock 190,233 189,617
Common stock 670 613
Additional paid-in capital 252,322 210,698
Retained earnings 810,626 837,390
Accumulated other comprehensive (loss) (18,666) (18,042)
Treasury stock, at cost (293,664) (311,997)
----------- -----------
Total stockholders' equity 941,521 908,279
----------- -----------
Total liabilities and stockholders' equity $ 7,710,672 $ 8,528,341
=========== ===========
First Midwest Bancorp, Inc. Press Release Dated January 12, 2010
Condensed Consolidated
Statements of Income
Unaudited Quarters Ended Years Ended
-------------------- --------------------
(Amounts in thousands, except December December December December
per share data) 31, 2009 31, 2008 31, 2009 31, 2008
--------- --------- --------- ---------
Interest Income
Loans $ 65,668 $ 71,849 $ 261,221 $ 302,931
Securities 14,848 25,583 77,486 104,448
Covered assets 1,419 - 1,419 -
Other 435 501 1,625 1,828
--------- --------- --------- ---------
Total interest income 82,370 97,933 341,751 409,207
--------- --------- --------- ---------
Interest Expense
Deposits 12,774 22,802 64,177 110,622
Borrowed funds 1,276 6,416 12,569 37,192
Subordinated debt 2,379 3,702 13,473 14,796
--------- --------- --------- ---------
Total interest expense 16,429 32,920 90,219 162,610
--------- --------- --------- ---------
Net interest income 65,941 65,013 251,532 246,597
Provision for loan losses 93,000 42,385 215,672 70,254
--------- --------- --------- ---------
Net interest income (loss)
after provision for loan
losses (27,059) 22,628 35,860 176,343
--------- --------- --------- ---------
Noninterest Income
Service charges on deposit
accounts 9,977 11,206 38,754 44,987
Trust and investment
management fees 3,704 3,420 14,059 15,130
Other service charges,
commissions, and fees 4,280 4,554 16,529 18,846
Card-based fees 4,000 3,868 15,826 16,143
--------- --------- --------- ---------
Subtotal, fee-based
revenues 21,961 23,048 85,168 95,106
Bank owned life insurance
income 281 (8,858) 2,263 (2,369)
Securities gains (losses) net (5,772) (34,215) 2,110 (35,611)
Gains on FDIC-assisted
transaction 13,071 - 13,071 -
Gains on early extinguishment
of debt 1,267 - 15,258 -
Other 939 (2,104) 5,132 (3,119)
--------- --------- --------- ---------
Total noninterest income
(loss) 31,747 (22,129) 123,002 54,007
--------- --------- --------- ---------
Noninterest Expense
Salaries and employee benefits 27,592 20,356 106,548 99,910
Federal Deposit Insurance
Corporation ("FDIC") insurance 2,720 301 13,673 1,065
Net occupancy expense 5,453 5,967 22,762 23,378
Losses realized on other real
estate owned 14,051 576 18,554 1,566
Other real estate owned
expense, net 1,642 713 4,905 1,843
Loan remediation expense 2,013 369 4,685 888
Equipment expense 2,208 2,454 8,962 9,956
Technology and related costs 2,375 1,848 8,987 7,429
Other 12,467 13,997 45,712 48,270
--------- --------- --------- ---------
Total noninterest expense 70,521 46,581 234,788 194,305
--------- --------- --------- ---------
(Loss) income before taxes (65,833) (46,082) (75,926) 36,045
Income tax (benefit) expense (28,342) (19,192) (50,176) (13,291)
--------- --------- --------- ---------
Net (loss) income (37,491) (26,890) (25,750) 49,336
Preferred dividends (2,569) (712) (10,265) (712)
Net loss (income) applicable to
non-vested restricted shares 518 34 464 (142)
--------- --------- --------- ---------
Net (Loss) Income Applicable
to Common Shares $ (39,542) $ (27,568) $ (35,551) 48,482
========= ========= ========= =========
Diluted (Loss) Earnings Per
Common Share $ (0.73) $ (0.57) $ (0.71) 1.00
Dividends Declared Per
Common Share $ 0.01 $ 0.23 $ 0.04 1.155
Weighted Average Diluted
Shares Outstanding 54,152 48,508 50,034 48,516
First Midwest Bancorp, Inc. Press Release Dated January 12, 2010
Pre-Tax, Pre-Provision Core Operating Earnings (1)
Unaudited Quarters Ended Years Ended
---------------------------------- ----------------------
(Dollar amounts December September December December December
in thousands) 31, 2009 30, 2009 31, 2008 31, 2009 31, 2008
---------- ---------- ---------- ---------- ----------
(Loss) income
before taxes $ (65,833) $ (2,569) $ (46,082) $ (75,926) $ 36,045
Provision for
loan losses 93,000 38,000 42,385 215,672 70,254
---------- ---------- ---------- ---------- ----------
Pre-tax,
pre-provision
earnings
(loss) 27,167 35,431 (3,697) 139,746 106,299
---------- ---------- ---------- ---------- ----------
Non-Operating
Items
Securities
gains
(losses), net (5,772) (6,975) (34,215) 2,110 (35,611)
Gains on
FDIC-assisted
transaction 13,071 - - 13,071 -
Gains on early
extinguishment
of debt 1,267 13,991 - 15,258 -
Write-down of
bank owned
life
insurance
included in
non-interest
income - - (10,360) - (10,360)
Losses realized
on other real
estate owned (14,051) (1,801) (576) (18,554) (1,566)
FDIC special
deposit
insurance
assessment - - - (3,500) -
---------- ---------- ---------- ---------- ----------
Total non-
operating
items (5,485) 5,215 (45,151) 8,385 (47,537)
---------- ---------- ---------- ---------- ----------
Pre-tax,
pre-provision
core operating
earnings $ 32,652 $ 30,216 $ 41,454 $ 131,361 $ 153,836
========== ========== ========== ========== ==========
Risk-weighted
assets $6,262,883 $6,234,283 $6,609,359 $6,262,883 $6,609,359
Pre-tax,
pre-provision
core
operating
earnings to
risk-weighted
assets 2.07% 1.92% 2.50% 2.10% 2.33%
(1) The Company's accounting and reporting policies conform to U.S.
generally accepted accounting principles ("GAAP") and general practice
within the banking industry. As a supplement to GAAP, the Company has
provided this non-GAAP performance result. The Company believes that
this non-GAAP financial measure is useful because it allows investors
to assess the Company's operating performance. Although this non-GAAP
financial measure is intended to enhance investors' understanding of
the Company's business and performance, this non-GAAP financial measure
should not be considered an alternative to GAAP.
First Midwest Bancorp, Inc. Press Release Dated January 12, 2010
Percent Change
Unaudited As Of From
------------------------------------------ ----------------
(Dollar
amounts
in % of
thousands) 12/31/09 Total 9/30/09 12/31/08 9/30/09 12/31/08
----------- ----- ----------- ----------- ------- --------
Loan
Portfolio
Composition
Commercial
and
industri-
al $ 1,438,063 27.6% $ 1,484,601 $ 1,490,101 (3.1%) (3.5%)
Agricultur-
al and
farmland 209,945 4.0% 200,955 216,814 4.5% (3.2%)
Commercial
real
estate:
Office,
retail,
and
industri-
al 1,212,965 23.3% 1,151,276 1,025,241 5.4% 18.3%
Residential
construction
and land 313,919 6.0% 400,502 509,059 (21.6%) (38.3%)
Commercial
construc-
tion and
land 231,518 4.5% 301,462 356,575 (23.2%) (35.1%)
Multifamily 333,961 6.4% 342,807 286,963 (2.6%) 16.4%
Investor-
owned
rental
property 119,132 2.3% 117,276 131,635 1.6% (9.5%)
Other
commercial
real
estate 679,851 13.1% 636,153 597,694 6.9% 13.7%
----------- ----- ----------- ----------- ------- -------
Total
commercial
real
estate 2,891,346 55.6% 2,949,476 2,907,167 (2.0%) (0.5%)
----------- ----- ----------- ----------- ------- -------
Consumer:
Home
equity 470,523 9.1% 478,204 477,105 (1.6%) (1.4%)
Real
estate
1-4 family 139,983 2.7% 138,862 198,197 0.8% (29.4%)
Other
consumer 53,386 1.0% 53,970 70,679 (1.1%) (24.5%)
----------- ----- ----------- ----------- ------- -------
Total
consumer 663,862 12.8% 671,036 745,981 (1.1%) (11.0%)
----------- ----- ----------- ----------- ------- -------
Total
loans $ 5,203,246 100.0% $ 5,306,068 $ 5,360,063 (1.9%) (2.9%)
=========== ===== =========== =========== ======= =======
Office,
Retail and
Industrial
Office $ 394,228 32.5% $ 376,897 $ 339,912 4.6% 16.0%
Retail 331,803 27.4% 314,586 265,568 5.5% 24.9%
Industrial 486,934 40.1% 459,793 419,761 5.9% 16.0%
----------- ----- ----------- ----------- ------- -------
Total
office,
retail,
and
industri-
al $ 1,212,965 100.0% $ 1,151,276 $ 1,025,241 5.4% 18.3%
=========== ===== =========== =========== ======= =======
First Midwest Bancorp, Inc. Press Release Dated January 12, 2010
Asset Quality As Of
----------------------------------------------------
Unaudited % of
(Dollar amounts in Loan %
thousands) 12/31/09 Category of Total 9/30/09 12/31/08
--------- --------- --------- --------- ---------
Non-accrual loans:
Commercial and
industrial $ 28,193 1.96% 11.5% $ 45,134 $ 15,586
Agricultural and
farmland 2,673 1.27% 1.1% 2,384 12
Office, retail, and
industrial 21,396 1.76% 8.8% 15,738 2,533
Residential
construction and
land 112,798 35.93% 46.2% 138,593 97,060
Commercial
construction and
land 20,864 9.01% 8.5% 2,908 2,080
Multi-family 12,486 3.74% 5.1% 15,910 1,387
Investor-owned
rental property 4,351 3.65% 1.8% 4,069 270
Other commercial
real estate 28,006 4.12% 11.5% 18,841 4,564
Consumer 13,448 2.03% 5.5% 13,228 4,276
--------- ========= --------- --------- ---------
Total non-accrual
loans 244,215 4.69% 100.0% 256,805 127,768
--------- ========= ========= --------- ---------
90 days past due
loans (still
accruing interest):
Commercial and
industrial 1,964 0.14% 48.2% 3,216 6,818
Agricultural and
farmland - - - - 1,751
Office, retail, and
industrial 330 0.03% 8.1% 1,036 3,214
Residential
construction and
land 86 0.03% 2.1% 66 8,489
Commercial
construction and
land - - - - 2,092
Multi-family 55 0.02% 1.3% 238 1,881
Investor-owned
rental property 225 0.19% 5.5% - -
Other commercial
real estate 130 0.02% 3.2% 338 4,494
Consumer 1,289 0.19% 31.6% 1,066 8,260
--------- ========= --------- --------- ---------
Total 90 days past
due loans 4,079 0.08% 100.0% 5,960 36,999
--------- ========= ========= --------- ---------
Total non-performing
loans $ 248,294 $ 262,765 $ 164,767
========= ========= =========
Restructured loans,
still accruing $ 30,553 $ 26,718 $ 7,344
Other real estate
owned $ 57,137 $ 57,945 $ 24,368
30-89 days past due
loans $ 37,912 0.73% - $ 44,346 $ 116,206
Reserve for loan
losses $ 144,808 - - $ 134,269 $ 93,869
Asset Quality Ratios
Non-accrual loans to
loans 4.69% - - 4.84% 2.38%
Non-accrual plus 90
days past due loans
to loans 4.77% - - 4.95% 3.07%
Reserve for loan
losses to loans 2.78% - - 2.53% 1.75%
Reserve for loan
losses to
non-accrual loans 59% - - 52% 73%
Reserve for loan
losses to
non-accrual plus
90 days past due
loans to loans 58% - - 51% 57%
First Midwest Bancorp, Inc. Press Release Dated January 12, 2010
Charge-off Data Quarters Ended
------------------------------------------------
Unaudited %
(Dollar amounts in of Loan % of
thousands) 12/31/09 Category Total 9/30/09 12/31/08
-------- --------- -------- -------- ---------
Net loans charged-off:
Commercial and
industrial $ 23,320 1.62% 28.3% $ 12,585 $ 5,601
Agricultural and
farmland 180 0.09% 0.2% - -
Office, retail, and
industrial 3,265 0.27% 4.0% 3,496 699
Residential construction
and land 38,315 12.21% 46.5% 5,181 9,227
Commercial construction
and land 2,715 1.17% 3.3% (228) -
Multifamily 2,325 0.70% 2.8% 29 164
Investor-owned rental
property 1,229 1.03% 1.5% 622 161
Other commercial real
estate 7,907 1.16% 9.5% 6,006 236
Consumer 3,205 0.48% 3.9% 3,568 2,239
-------- ========= -------- -------- ---------
Total net loans
charged-off $ 82,461 1.58% 100.0% $ 31,259 $ 18,327
======== ========= ======== ======== =========
Net loan charge-offs to
average loans,
annualized:
Quarter-to-date 6.17% - - 2.32% 1.38%
Year-to-date 3.08% - - 2.05% 0.74%
First Midwest Bancorp, Inc. Press Release Dated January 12, 2010
Securities Available-For-Sale
Unaudited
U.S. Collater- Collater-
Treasury alized Other State alized
and Mortgage Mortgage and Debt
Agency Obligations Backed Municipal Obligations Other Total
------ -------- -------- -------- ------- ------ ---------
As of
December
31, 2009
Amortized
cost $ 756 $299,920 $239,567 $649,269 $54,359 $44,238 $1,288,109
Gross
unreal-
ized gains
(losses):
Gross
unreal-
ized
gains - 10,060 9,897 8,462 - 2,376 30,795
Gross
unreal-
ized
losses - (2,059) (182) (6,051) (42,631) (1,221) (52,144)
------ -------- -------- -------- ------- ------- ----------
Net
unrealized
gains
(losses) - 8,001 9,715 2,411 (42,631) 1,155 (21,349)
------ -------- -------- -------- ------- ------- ----------
Fair
value $ 756 $307,921 $249,282 $651,680 $11,728 $45,393 $1,266,760
====== ======== ======== ======== ======= ======= ==========
As of
September
30,
2009
Amortized
cost $ 757 $322,780 $233,396 $680,216 $60,290 $50,929 $1,348,368
Gross
unreal-
ized
gains
(losses):
Gross
unreal-
ized
gains - 10,651 10,782 29,176 - 578 51,187
Gross
unreal-
ized
losses - (2,224) (3) (1,078) (44,747) (1,834) (49,886)
------ -------- -------- -------- ------- ------- ----------
Net
unreal-
ized
gains
(losses) - 8,427 10,779 28,098 (44,747) (1,256) 1,301
------ -------- -------- -------- ------- ------- ----------
Fair
value $ 757 $331,207 $244,175 $708,314 $15,543 $49,673 $1,349,669
====== ======== ======== ======== ======= ======= ==========
As of
December
31, 2008
Amortized
cost $1,039 $694,285 $504,918 $907,036 $78,883 $51,820 $2,237,981
Gross
unreal-
ized
gains
(losses):
Gross
unreal-
ized
gains 2 7,668 13,421 12,606 - 213 33,910
Gross
unreal-
ized
losses - (3,114) (74) (12,895) (36,797) (2,825) (55,705)
------ -------- -------- -------- ------- ------- ----------
Net
unreal-
ized
gains
(losses) 2 4,554 13,347 (289) (36,797) (2,612) (21,795)
------ -------- -------- -------- ------- ------- ----------
Fair
value $1,041 $698,839 $518,265 $906,747 $42,086 $49,208 $2,216,186
====== ======== ======== ======== ======= ======= ==========
Contact Information: CONTACT: Paul F. Clemens Chief Financial Officer (630) 875-7347 www.firstmidwest.com