First Midwest Financial, Inc. Reports Second Quarter Earnings

Apr 23, 2001, 01:00 ET from First Midwest Financial, Inc.

    STORM LAKE, Iowa, April 23 /PRNewswire Interactive Press Release/ --
     First Midwest (Nasdaq:   CASH) reports net income of $409,000, or $.17 per
 diluted share, for the 2001 fiscal year second quarter ending March 31, 2001.
 This compares to net income of $761,000, or $.30 per diluted share, during the
 same period last year.  Net income for the first six months of the 2001 fiscal
 year totaled $1,015,000, or $.41 per diluted share compared to $1,525,000, or
 $.60 per diluted share, during the same period last year.
     The reduction in net income reflects start-up costs associated with the
 opening of a new office in Sioux Falls, S.D.  The new office opened in a
 temporary facility in September 2000.  Construction of a permanent facility
 was completed on schedule, and the move to the new office was made in early
 April 2001.  Since opening, deposits in this office have grown to $7.3 million
 and loans serviced total $11.3 million.
     Second quarter net income was also reduced due to costs associated with a
 data processing conversion at the Company's Security State Bank subsidiary.
 This conversion will provide on-going efficiencies as a consistent data
 processing system will now be in use throughout the Company's operating
 divisions.  In addition, second quarter earnings were reduced due to the
 write-down in carrying value of an investment security as a result of a
 permanent decline in its market value.
     Credit quality for the Company continues to be above the industry average
 for similar sized thrifts and banks.  At March 31, 2001, the ratio of
 non-performing assets to total assets was 0.45%.  Maintaining a high level of
 credit quality will continue to be a primary focus of the Company's management
 and lending team.
     Shareholders of record on March 15, 2001, received a quarterly cash
 dividend of 13 cents per share.  This dividend was paid on April 2, 2001.  The
 company has paid regular quarterly cash dividends since the first dividend
 paid on January 5, 1995.
     At March 31, 2001, assets of First Midwest totaled $510 million.
 Shareholders' equity totaled $42.2 million, or $17.37 per common share
 outstanding.  First Midwest is the holding company for First Federal Savings
 Bank of the Midwest and Security State Bank.  All three companies had capital
 ratios well in excess of regulatory requirements at March 31, 2001.
     During this quarter, First Midwest shares traded between $10.81 and
 $12.75.  The stock of First Midwest Financial, Inc. trades on the Nasdaq
 National Market under the symbol "CASH."
 
     Corporate Profile:  First Midwest Financial, Inc. is the holding company
 for First Federal Savings Bank of the Midwest, headquartered in Storm Lake,
 Iowa, and for Security State Bank, headquartered in Stuart, Iowa.  First
 Federal Savings Bank operates as a thrift with four divisions:  First Federal
 Storm Lake, Brookings Federal Bank, Iowa Savings Bank, and First Federal Sioux
 Falls.  Security State Bank operates as a state-chartered commercial bank.
 Fifteen offices support customers throughout northwest and central Iowa, and
 in Brookings and Sioux Falls, S.D.
 
 
                   Consolidated Statement of Financial Condition
     (In Thousands)
     Assets                                   March 31, 2001    Sept. 30, 2000
          Cash and Cash Equivalents                 $16,517             $6,922
          Investments & Mortgage-backed
           Securities                               145,500            147,479
          Loans, net                                323,046            324,703
          Other Assets                               24,744             26,486
               Total Assets                        $509,807           $505,590
 
     Liabilities
          Deposits                                 $339,656           $318,654
          Borrowed Money                            125,060            143,993
          Other Liabilities                           2,876              2,908
               Total Liabilities                   $467,592           $465,555
 
     Shareholders' Equity                           $42,215            $40,035
               Total Liabilities and
                Shareholders' Equity               $509,807           $505,590
 
 
 
                         Consolidated Statements of Income
                                           For the 3 Months  For the 6 Months
                                            Ended March 31:   Ended March 31:
     (Dollars In Thousands except per share
      data)                                  2001     2000     2001      2000
     Interest Income                        $9,458   $9,545  $19,291   $18,950
     Interest Expense                        6,349    5,992   12,894    11,903
     Net Interest Income                     3,109    3,553    6,397     7,047
          Provision for Loan Losses            120      270      270       595
     Net Interest Income After
          Provision for Loan Losses          2,989    3,283    6,127     6,452
     Other Income                              224      316      561       729
     Other Expenses                          2,716    2,375    5,192     4,658
     Income Before Income Tax                  497    1,224    1,496     2,523
          Income Tax Expense                    88      463      481       998
     Net Income                               $409     $761   $1,015    $1,525
 
     Earnings Per Common Share (Basic):      $0.17    $0.31    $0.42     $0.62
     Earnings Per Common Share (Diluted):    $0.17    $0.30    $0.41     $0.60
 
 
                           Selected Financial Information
 
     For the 6 Months Ended March 31,                  2001               2000
          Return on Average Assets                     0.40%              0.60%
          Return on Average Equity                     4.93%              7.85%
          Average Shares Outstanding for
           Diluted Earnings per Share             2,466,904          2,523,053
 
          Cash Earnings (in thousands) (a)           $1,200             $1,710
          Cash Earnings per Share -
           Diluted j                                  $0.49              $0.68
          Cash Return on Average Assets (a)            0.47%              0.67%
          Cash Return on Average Equity (a)            5.83%              8.80%
 
     At Period Ended:                         March 31, 2001     Sept. 30, 2000
          Equity to Total Assets                       8.28%              7.93%
          Book Value per Common Share
           Outstanding                               $17.37             $16.48
          Tangible Book Value per Common
           Share Outstanding                         $15.90             $14.93
          Common Shares Outstanding               2,429,727          2,431,574
          Non-Performing Assets to Total
           Assets                                      0.45%              0.15%
 
       (a) Cash earnings excludes from net income the amortization of goodwill,
           net of related income taxes.
 
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SOURCE First Midwest Financial, Inc.
    STORM LAKE, Iowa, April 23 /PRNewswire Interactive Press Release/ --
     First Midwest (Nasdaq:   CASH) reports net income of $409,000, or $.17 per
 diluted share, for the 2001 fiscal year second quarter ending March 31, 2001.
 This compares to net income of $761,000, or $.30 per diluted share, during the
 same period last year.  Net income for the first six months of the 2001 fiscal
 year totaled $1,015,000, or $.41 per diluted share compared to $1,525,000, or
 $.60 per diluted share, during the same period last year.
     The reduction in net income reflects start-up costs associated with the
 opening of a new office in Sioux Falls, S.D.  The new office opened in a
 temporary facility in September 2000.  Construction of a permanent facility
 was completed on schedule, and the move to the new office was made in early
 April 2001.  Since opening, deposits in this office have grown to $7.3 million
 and loans serviced total $11.3 million.
     Second quarter net income was also reduced due to costs associated with a
 data processing conversion at the Company's Security State Bank subsidiary.
 This conversion will provide on-going efficiencies as a consistent data
 processing system will now be in use throughout the Company's operating
 divisions.  In addition, second quarter earnings were reduced due to the
 write-down in carrying value of an investment security as a result of a
 permanent decline in its market value.
     Credit quality for the Company continues to be above the industry average
 for similar sized thrifts and banks.  At March 31, 2001, the ratio of
 non-performing assets to total assets was 0.45%.  Maintaining a high level of
 credit quality will continue to be a primary focus of the Company's management
 and lending team.
     Shareholders of record on March 15, 2001, received a quarterly cash
 dividend of 13 cents per share.  This dividend was paid on April 2, 2001.  The
 company has paid regular quarterly cash dividends since the first dividend
 paid on January 5, 1995.
     At March 31, 2001, assets of First Midwest totaled $510 million.
 Shareholders' equity totaled $42.2 million, or $17.37 per common share
 outstanding.  First Midwest is the holding company for First Federal Savings
 Bank of the Midwest and Security State Bank.  All three companies had capital
 ratios well in excess of regulatory requirements at March 31, 2001.
     During this quarter, First Midwest shares traded between $10.81 and
 $12.75.  The stock of First Midwest Financial, Inc. trades on the Nasdaq
 National Market under the symbol "CASH."
 
     Corporate Profile:  First Midwest Financial, Inc. is the holding company
 for First Federal Savings Bank of the Midwest, headquartered in Storm Lake,
 Iowa, and for Security State Bank, headquartered in Stuart, Iowa.  First
 Federal Savings Bank operates as a thrift with four divisions:  First Federal
 Storm Lake, Brookings Federal Bank, Iowa Savings Bank, and First Federal Sioux
 Falls.  Security State Bank operates as a state-chartered commercial bank.
 Fifteen offices support customers throughout northwest and central Iowa, and
 in Brookings and Sioux Falls, S.D.
 
 
                   Consolidated Statement of Financial Condition
     (In Thousands)
     Assets                                   March 31, 2001    Sept. 30, 2000
          Cash and Cash Equivalents                 $16,517             $6,922
          Investments & Mortgage-backed
           Securities                               145,500            147,479
          Loans, net                                323,046            324,703
          Other Assets                               24,744             26,486
               Total Assets                        $509,807           $505,590
 
     Liabilities
          Deposits                                 $339,656           $318,654
          Borrowed Money                            125,060            143,993
          Other Liabilities                           2,876              2,908
               Total Liabilities                   $467,592           $465,555
 
     Shareholders' Equity                           $42,215            $40,035
               Total Liabilities and
                Shareholders' Equity               $509,807           $505,590
 
 
 
                         Consolidated Statements of Income
                                           For the 3 Months  For the 6 Months
                                            Ended March 31:   Ended March 31:
     (Dollars In Thousands except per share
      data)                                  2001     2000     2001      2000
     Interest Income                        $9,458   $9,545  $19,291   $18,950
     Interest Expense                        6,349    5,992   12,894    11,903
     Net Interest Income                     3,109    3,553    6,397     7,047
          Provision for Loan Losses            120      270      270       595
     Net Interest Income After
          Provision for Loan Losses          2,989    3,283    6,127     6,452
     Other Income                              224      316      561       729
     Other Expenses                          2,716    2,375    5,192     4,658
     Income Before Income Tax                  497    1,224    1,496     2,523
          Income Tax Expense                    88      463      481       998
     Net Income                               $409     $761   $1,015    $1,525
 
     Earnings Per Common Share (Basic):      $0.17    $0.31    $0.42     $0.62
     Earnings Per Common Share (Diluted):    $0.17    $0.30    $0.41     $0.60
 
 
                           Selected Financial Information
 
     For the 6 Months Ended March 31,                  2001               2000
          Return on Average Assets                     0.40%              0.60%
          Return on Average Equity                     4.93%              7.85%
          Average Shares Outstanding for
           Diluted Earnings per Share             2,466,904          2,523,053
 
          Cash Earnings (in thousands) (a)           $1,200             $1,710
          Cash Earnings per Share -
           Diluted j                                  $0.49              $0.68
          Cash Return on Average Assets (a)            0.47%              0.67%
          Cash Return on Average Equity (a)            5.83%              8.80%
 
     At Period Ended:                         March 31, 2001     Sept. 30, 2000
          Equity to Total Assets                       8.28%              7.93%
          Book Value per Common Share
           Outstanding                               $17.37             $16.48
          Tangible Book Value per Common
           Share Outstanding                         $15.90             $14.93
          Common Shares Outstanding               2,429,727          2,431,574
          Non-Performing Assets to Total
           Assets                                      0.45%              0.15%
 
       (a) Cash earnings excludes from net income the amortization of goodwill,
           net of related income taxes.
 
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 SOURCE  First Midwest Financial, Inc.