First Midwest Reports First Quarter 2001 Up 6.8%

Apr 18, 2001, 01:00 ET from First Midwest Bancorp

    ITASCA, Ill., April 18 /PRNewswire/ -- First Midwest Bancorp, Inc.
 (Nasdaq:   FMBI) today reported financial results for the first quarter ended
 March 31, 2001.  Performance highlights included:
 
      -- 6.8% increase in net income per share
      -- Net interest margin up 16 basis points
      -- Average loans up 8.5%; deposits up 3.4%
      -- Noninterest income up 15.1%; noninterest expense down 5.5%
      -- Efficiency ratio at record 51.4%
 
     First Midwest today reported net income for first quarter ended March 31,
 2001 increased to $19.3 million, or $0.47 per diluted share, as compared to
 2000's like quarter of $18.1 million, or $0.44 per diluted share, representing
 an increase of 6.8% on a per diluted share basis.  Performance for first
 quarter of 2001 resulted in annualized returns on average assets and equity of
 1.36% and 17.1%, respectively, as compared to returns of 1.30% and 19.9% for
 the like quarter of 2000.
     Book value per share as of March 31, 2001 was $11.43 as compared to $9.34
 a year ago for an increase of $2.09 or 22.4%.  The increase in book value was
 related in significant part to the improvement in the market value of the
 available for sale securities portfolio resulting in an increase in that
 component of stockholders' equity of approximately $50 million as of March 31,
 2001 as compared to the year earlier level.  Further, the approximate
 $82 million increase in total stockholders' equity at March 31, 2001 over the
 year earlier level explains the reduction in return on average equity for the
 quarter just ended.
     First Midwest continued to experience growth in both average loans and
 deposits during the first quarter of 2001 versus last year's like quarter.
 Total average loans increased by 8.5% in the first quarter of 2001 as compared
 to last year's like quarter with total average deposits increasing by 3.4% for
 the same comparative periods.  Growth in average loans was experienced across
 all categories except real estate 1-4 family loans where the continued decline
 in market interest rates for residential mortgages resulted in higher than
 normal paydowns.  The increase in average deposits enabled First Midwest to
 reduce its reliance on higher cost wholesale funding with the latter
 decreasing by 6.7% on average in the first quarter 2001 as compared to the
 prior year's quarter.
     The combination of continued loan growth and reduced wholesale funding
 positively impacted the net interest margin in the first quarter of 2001.  The
 net interest margin for the quarter was 3.77%, reflecting a 16 basis point
 improvement from the 3.61% reported for the fourth quarter of 2000 and,
 importantly, representing the first linked-quarter improvement in net interest
 margin since the second quarter of 1999.  Further improvement in net interest
 margin is projected, assuming no material change in the anticipated economic
 climate and monetary policy.
     Credit quality ratios moderated somewhat at March 31, 2001 from the
 historically low levels achieved at year-end 2000.  The ratio of nonperforming
 loans to total loans increased by 7 basis points to .68% from .61% at year end
 2000 while net loan charge-offs to average loans increased to .39% for first
 quarter 2001 as compared to .23% for fourth quarter 2000.  Charge-offs for the
 current quarter included write downs of $750,000 on two loans carried as
 nonperforming since last year that are in the process of rehabilitation; these
 write downs represent 9 basis points of the quarter's total 39 basis point
 charge-off ratio.  As a result of the forgoing and the quarter's loan growth,
 a provision for loan losses of some $3.5 million was made for the quarter that
 more than covered net charge-offs and maintained the reserve at year end
 2000's 1.39% of loans.
     Total noninterest income for first quarter 2001 grew by 15.1% over 2000's
 like quarter.  The year-to-year improvement occurred primarily in the three
 major categories of service charges on deposits, trust and investment
 management fees and other service charges and fees, with these categories in
 aggregate improving by 13% as compared to the year ago quarter.  Corporate
 owned life insurance income increased by approximately $845,000 resulting from
 higher outstanding balances and the renegotiation of certain terms of the
 underlying insurance policies to achieve improved earnings rates.  As
 projected, the increase in total noninterest income moderated somewhat on a
 linked-quarter basis with first quarter 2001 increasing by 1.5% over fourth
 quarter 2000.
     Noninterest expenses for first quarter 2001 continued to be vigorously
 controlled resulting in a record low efficiency ratio of 51.4% as compared to
 54.6% in last year's like quarter and 53.1% for full year 2000.  Total
 noninterest expenses declined by approximately $2 million, or 5.5%, as
 compared to 2000's like quarter.  Across-the-board cost containment measures
 resulted in the year-over-year improvement with the major reductions being
 realized in the categories of salaries and benefits, technology and other
 expenses.  Offsetting such declines was a seasonal increase in occupancy
 expense resulting from approximately $500,000 in increased snow removal and
 related costs as well as higher utility costs.
     During the first quarter 2001, First Midwest repurchased approximately
 187,000 shares of its common stock and on April 3rd completed the 3 million
 share authorization approved by its Board of Directors in February 1999.
 First Midwest has approximately 1.48 million shares remaining under its
 current repurchase authorization.
     Looking to the balance of 2001, First Midwest is comfortable with its
 earlier provided guidance (4th Quarter 2000 Earnings Press Release, January
 18, 2001) implying full year 2001 diluted earnings per share growth of 7% to
 9%, with growth in the first half at the lower end of the range and that in
 the second half at the higher end.  Current expectations continue to be
 qualified by the significant economic, monetary and fiscal uncertainties
 confronting First Midwest and businesses generally.
     With assets of approximately $5.8 billion, First Midwest is the largest
 independent and one of the overall largest banking companies in the highly
 attractive suburban Chicago banking market.  As the premier independent
 suburban Chicago banking company, First Midwest provides commercial banking,
 trust, investment management, mortgage and related financial services to a
 broad array of customers through 73 offices located in more than 40
 communities.
 
     Safe Harbor Statement
     Statements made in this Press Release which are not purely historical are
 forward-looking statements with respect to the goals, plan objectives,
 intentions, expectations, financial condition, results of operations, future
 performance and business of First Midwest, including, without limitation, (i)
 loan and deposit growth, net interest income and margin, wholesale funding
 sources, provision and reserve for loan losses, nonperforming loan levels and
 net charge-offs, noninterest income and expenses, and diluted earnings per
 share growth rates for 2001, and (ii) statements preceded by, followed by or
 that include the words "may", "would", "could", "should", "expects",
 "projects", "anticipates", "believes", "estimates", "plans", "intends",
 "targets" or similar expressions.
     Forward-looking statements involve inherent risks and uncertainties, and
 important factors (many of which are beyond First Midwest's control) that
 could cause actual results to differ materially from those set forth in the
 forward-looking statements, including the following, in addition to those
 contained in First Midwest's reports on file with the Securities and Exchange
 Commission: general economic or industry conditions, nationally and/or in the
 communities in which First Midwest conducts business, changes in the interest
 rate environment, legislation or regulatory requirements, conditions of the
 securities markets, deposit flows, cost of funds, demand for loan products,
 demand for financial services, competition, changes in the quality or
 composition of First Midwest's loan and investment portfolios, changes in
 accounting principals, policies or guidelines, other economic, competitive,
 governmental, regulatory and technical factors affecting First Midwest's
 operations, products, services and prices.
     Accordingly, results actually achieved may differ materially from expected
 results in these statements.  Forward-looking statements speak only as of the
 date they are made.  First Midwest does not undertake, and specifically
 disclaims, any obligation to update any forward-looking statements to reflect
 events or circumstances occurring after the date of such statements.
 
     Financial Statements and Tables
     Accompanying this Press Release is the following unaudited financial data:
      -- Operating Highlights and Stock Performance
      -- Condensed Consolidated Statements of Condition
      -- Condensed Consolidated Statements of Income
      -- Selected Quarterly Information
 
     Press Release Available on Website
     This Press Release and the accompanying unaudited financial data, as well
 as certain additional unaudited Selected Financial Information, are available
 through the "Investor Relations" section on First Midwest's website at
 www.firstmidwest.com .
 
 
     Operating Highlights
     Unaudited - Accuracy and Completeness                Quarters Ended
      Not Guaranteed                                        March 31,
     ($s in thousands except per share data)           2001          2000
 
     Net income                                       $19,324        $18,140
 
     Diluted earnings per share                         $0.47          $0.44
 
     Return on average equity                          17.06%         19.85%
 
     Return on average assets                           1.36%          1.30%
 
     Net interest margin                                3.77%          3.96%
 
     Efficiency ratio                                  51.35%         54.61%
 
 
     Stock Performance
     Unaudited - Accuracy and Completeness                Quarters Ended
      Not Guaranteed                                         March 31,
                                                        2001           2000
     Market Price, Quarters Ended:
        Quarter End                                    $28.15         $24.25
 
        High                                           $29.25         $26.44
 
        Low                                            $25.81         $21.00
 
      Book value per share                             $11.43          $9.34
 
      Market price to book value                        2.5 x          2.6 x
      Market price to analysts' estimated
       2001 earnings                                  14.22 x            N/A
      Quarterly dividend declared per share             $0.20          $0.18
 
      Shares outstanding, in thousands                 40,726         41,129
 
 
 
     First Midwest Bancorp, Inc.
 
     Condensed Consolidated Statements of Condition
     Unaudited - Accuracy and Completeness
      Not Guaranteed                                       March 31,
     ($s in thousands)                                2001           2000
 
     Assets
     Cash and due from banks                        $186,525       $167,013
     Funds sold and other short-term investments      12,547          8,482
     Securities available for sale                 1,937,236      2,175,264
     Securities held to maturity, at
      amortized cost                                  95,940         43,087
     Loans                                         3,279,473      3,082,291
     Reserve for loan losses                         (45,421)       (42,984)
 
       Net loans                                   3,234,052      3,039,307
 
     Premises, furniture and equipment                81,178         81,035
     Investment in corporate owned life
      insurance                                      129,858        111,766
     Accrued interest receivable and other
      assets                                          93,552        142,770
 
       Total assets                               $5,770,888     $5,768,724
 
     Liabilities and Stockholders' Equity
     Deposits                                     $4,145,613     $4,024,298
     Borrowed funds                                1,099,028      1,294,435
     Accrued interest payable and other
      liabilities                                     60,756         66,011
 
     Total liabilities                             5,305,397      5,384,744
 
     Common stock                                        455            455
     Additional paid-in capital                       77,908         81,611
     Retained earnings                               499,048        453,440
     Accumulated other comprehensive income            4,821        (45,369)
     Treasury stock, at cost                        (116,741)      (106,157)
 
       Total stockholders' equity                    465,491        383,980
 
       Total liabilities and stockholders' equity $5,770,888     $5,768,724
 
 
 
 
     First Midwest Bancorp, Inc.
 
     Condensed Consolidated Statements of Income
     Unaudited - Accuracy and Completeness                Quarters Ended
      Not Guaranteed                                         March 31,
     ($s in thousands except per share data)            2001           2000
     Interest Income
     Loans                                            $69,212        $64,535
     Securities                                        33,236         34,705
     Other                                                193            233
 
       Total interest income                          102,641         99,473
 
     Interest Expense
     Deposits                                          40,117         34,569
     Borrowed funds                                    15,636         16,712
 
       Total interest expense                          55,753         51,281
 
       Net interest income                             46,888         48,192
 
     Provision for Loan Losses                          3,458          1,962
 
       Net interest income after provision
        for loan losses                                43,430         46,230
 
     Noninterest Income
     Service charges on deposit accounts                5,492          4,989
     Trust and investment management fees               2,673          2,478
     Other service charges, commissions, and fees       4,267          3,538
     Mortgage banking revenues                             --            405
     Corporate owned life insurance income              2,268          1,423
     Securities gains (losses), net                       704             (8)
     Other                                              1,522          1,883
 
     Total noninterest income                          16,926         14,708
 
     Noninterest Expense
     Salaries and employee benefits                    18,438         19,539
     Occupancy expenses                                 4,114          3,467
     Equipment expenses                                 1,954          2,056
     Technology and related costs                       2,541          2,998
     Other                                              8,046          9,073
 
       Total noninterest expense                       35,093         37,133
 
     Income before taxes                               25,263         23,805
     Income tax expense                                 5,939          5,665
 
       Net Income                                     $19,324        $18,140
 
       Diluted Earnings Per Share                       $0.47          $0.44
 
       Dividends Declared Per Share                     $0.20          $0.18
 
 
     Selected Quarterly Information
 
     Key Financial Data
     Unaudited - Accuracy and Completeness
      Not Guaranteed             Year to Date              Quarters Ended
                             3/31/01      3/31/00       3/31/01      12/31/00
     Diluted earnings per
      share                   $0.47         $0.44        $0.47         $0.47
     Dividends per share       0.20          0.18         0.20          0.20
 
     Return on average
      equity                 17.06%        19.85%       17.06%        18.25%
     Return on average
      assets                  1.36%         1.30%        1.36%         1.31%
     Net interest margin      3.77%         3.96%        3.77%         3.61%
     Efficiency ratio        51.35%        54.61%       51.35%        51.77%
 
 
 
     Asset Quality
     Unaudited - Accuracy and Completeness
      Not Guaranteed           Year to Date              Quarters Ended
     ($s in thousands)     3/31/01       3/31/00      3/31/01      12/31/00
     Nonaccrual loans      $22,453       $19,137      $22,453       $19,849
     Foreclosed real
      estate                 1,246           907        1,246         1,337
     Loans past due 90
      days and still
      accruing               5,339         6,226        5,339         7,045
     Nonperforming loans
      to loans               0.68%         0.62%        0.68%         0.61%
     Nonperforming assets
      to loans plus
      foreclosed real
      estate                 0.72%         0.65%        0.72%         0.65%
     Reserve for loan
      losses to loans        1.39%         1.39%        1.39%         1.39%
     Reserve for loan
      losses to
      nonperforming loans     202%          225%         202%          227%
     Provision for loan
      losses                $3,458        $1,962       $3,458        $1,995
     Net loan charge-offs    3,130         1,623        3,130         1,951
     Net loan charge-offs
      to average loans       0.39%         0.22%        0.39%         0.23%
 
 
     First Midwest Bancorp, Inc.
     Selected Quarterly Information
 
     Key Financial Data
     Unaudited - Accuracy and Completeness
     Not Guaranteed                               Quarters Ended
                                      9/30/00         6/30/00       3/31/00
     Diluted earnings per share        $0.47           $0.45         $0.44
     Dividends per share                0.18            0.18          0.18
 
 
     Return on average equity         19.10%          19.62%        19.85%
     Return on average assets          1.30%           1.29%         1.30%
     Net interest margin               3.66%           3.84%         3.96%
     Efficiency ratio                 51.96%          54.00%        54.61%
 
 
 
 
     Asset Quality
     Unaudited - Accuracy and Completeness
      Not Guaranteed                             Quarters Ended
     ($s in thousands)              9/30/00         6/30/00       3/31/00
     Nonaccrual loans               $20,313         $19,838       $19,137
     Foreclosed real estate           2,467           1,295           907
     Loans past due 90 days and
      still accruing                  6,217           6,009         6,226
     Nonperforming loans to loans     0.62%           0.62%         0.62%
     Nonperforming assets to loans
      plus foreclosed real estate     0.69%           0.66%         0.65%
     Reserve for loan losses to
      loans                           1.37%           1.38%         1.39%
     Reserve for loan losses to
      nonperforming loans              222%            222%          225%
     Provision for loan losses       $2,625          $2,512        $1,962
     Net loan charge-offs             1,688           1,384         1,623
     Net loan charge-offs to
      average loans                   0.21%           0.18%         0.22%
 
 

SOURCE First Midwest Bancorp
    ITASCA, Ill., April 18 /PRNewswire/ -- First Midwest Bancorp, Inc.
 (Nasdaq:   FMBI) today reported financial results for the first quarter ended
 March 31, 2001.  Performance highlights included:
 
      -- 6.8% increase in net income per share
      -- Net interest margin up 16 basis points
      -- Average loans up 8.5%; deposits up 3.4%
      -- Noninterest income up 15.1%; noninterest expense down 5.5%
      -- Efficiency ratio at record 51.4%
 
     First Midwest today reported net income for first quarter ended March 31,
 2001 increased to $19.3 million, or $0.47 per diluted share, as compared to
 2000's like quarter of $18.1 million, or $0.44 per diluted share, representing
 an increase of 6.8% on a per diluted share basis.  Performance for first
 quarter of 2001 resulted in annualized returns on average assets and equity of
 1.36% and 17.1%, respectively, as compared to returns of 1.30% and 19.9% for
 the like quarter of 2000.
     Book value per share as of March 31, 2001 was $11.43 as compared to $9.34
 a year ago for an increase of $2.09 or 22.4%.  The increase in book value was
 related in significant part to the improvement in the market value of the
 available for sale securities portfolio resulting in an increase in that
 component of stockholders' equity of approximately $50 million as of March 31,
 2001 as compared to the year earlier level.  Further, the approximate
 $82 million increase in total stockholders' equity at March 31, 2001 over the
 year earlier level explains the reduction in return on average equity for the
 quarter just ended.
     First Midwest continued to experience growth in both average loans and
 deposits during the first quarter of 2001 versus last year's like quarter.
 Total average loans increased by 8.5% in the first quarter of 2001 as compared
 to last year's like quarter with total average deposits increasing by 3.4% for
 the same comparative periods.  Growth in average loans was experienced across
 all categories except real estate 1-4 family loans where the continued decline
 in market interest rates for residential mortgages resulted in higher than
 normal paydowns.  The increase in average deposits enabled First Midwest to
 reduce its reliance on higher cost wholesale funding with the latter
 decreasing by 6.7% on average in the first quarter 2001 as compared to the
 prior year's quarter.
     The combination of continued loan growth and reduced wholesale funding
 positively impacted the net interest margin in the first quarter of 2001.  The
 net interest margin for the quarter was 3.77%, reflecting a 16 basis point
 improvement from the 3.61% reported for the fourth quarter of 2000 and,
 importantly, representing the first linked-quarter improvement in net interest
 margin since the second quarter of 1999.  Further improvement in net interest
 margin is projected, assuming no material change in the anticipated economic
 climate and monetary policy.
     Credit quality ratios moderated somewhat at March 31, 2001 from the
 historically low levels achieved at year-end 2000.  The ratio of nonperforming
 loans to total loans increased by 7 basis points to .68% from .61% at year end
 2000 while net loan charge-offs to average loans increased to .39% for first
 quarter 2001 as compared to .23% for fourth quarter 2000.  Charge-offs for the
 current quarter included write downs of $750,000 on two loans carried as
 nonperforming since last year that are in the process of rehabilitation; these
 write downs represent 9 basis points of the quarter's total 39 basis point
 charge-off ratio.  As a result of the forgoing and the quarter's loan growth,
 a provision for loan losses of some $3.5 million was made for the quarter that
 more than covered net charge-offs and maintained the reserve at year end
 2000's 1.39% of loans.
     Total noninterest income for first quarter 2001 grew by 15.1% over 2000's
 like quarter.  The year-to-year improvement occurred primarily in the three
 major categories of service charges on deposits, trust and investment
 management fees and other service charges and fees, with these categories in
 aggregate improving by 13% as compared to the year ago quarter.  Corporate
 owned life insurance income increased by approximately $845,000 resulting from
 higher outstanding balances and the renegotiation of certain terms of the
 underlying insurance policies to achieve improved earnings rates.  As
 projected, the increase in total noninterest income moderated somewhat on a
 linked-quarter basis with first quarter 2001 increasing by 1.5% over fourth
 quarter 2000.
     Noninterest expenses for first quarter 2001 continued to be vigorously
 controlled resulting in a record low efficiency ratio of 51.4% as compared to
 54.6% in last year's like quarter and 53.1% for full year 2000.  Total
 noninterest expenses declined by approximately $2 million, or 5.5%, as
 compared to 2000's like quarter.  Across-the-board cost containment measures
 resulted in the year-over-year improvement with the major reductions being
 realized in the categories of salaries and benefits, technology and other
 expenses.  Offsetting such declines was a seasonal increase in occupancy
 expense resulting from approximately $500,000 in increased snow removal and
 related costs as well as higher utility costs.
     During the first quarter 2001, First Midwest repurchased approximately
 187,000 shares of its common stock and on April 3rd completed the 3 million
 share authorization approved by its Board of Directors in February 1999.
 First Midwest has approximately 1.48 million shares remaining under its
 current repurchase authorization.
     Looking to the balance of 2001, First Midwest is comfortable with its
 earlier provided guidance (4th Quarter 2000 Earnings Press Release, January
 18, 2001) implying full year 2001 diluted earnings per share growth of 7% to
 9%, with growth in the first half at the lower end of the range and that in
 the second half at the higher end.  Current expectations continue to be
 qualified by the significant economic, monetary and fiscal uncertainties
 confronting First Midwest and businesses generally.
     With assets of approximately $5.8 billion, First Midwest is the largest
 independent and one of the overall largest banking companies in the highly
 attractive suburban Chicago banking market.  As the premier independent
 suburban Chicago banking company, First Midwest provides commercial banking,
 trust, investment management, mortgage and related financial services to a
 broad array of customers through 73 offices located in more than 40
 communities.
 
     Safe Harbor Statement
     Statements made in this Press Release which are not purely historical are
 forward-looking statements with respect to the goals, plan objectives,
 intentions, expectations, financial condition, results of operations, future
 performance and business of First Midwest, including, without limitation, (i)
 loan and deposit growth, net interest income and margin, wholesale funding
 sources, provision and reserve for loan losses, nonperforming loan levels and
 net charge-offs, noninterest income and expenses, and diluted earnings per
 share growth rates for 2001, and (ii) statements preceded by, followed by or
 that include the words "may", "would", "could", "should", "expects",
 "projects", "anticipates", "believes", "estimates", "plans", "intends",
 "targets" or similar expressions.
     Forward-looking statements involve inherent risks and uncertainties, and
 important factors (many of which are beyond First Midwest's control) that
 could cause actual results to differ materially from those set forth in the
 forward-looking statements, including the following, in addition to those
 contained in First Midwest's reports on file with the Securities and Exchange
 Commission: general economic or industry conditions, nationally and/or in the
 communities in which First Midwest conducts business, changes in the interest
 rate environment, legislation or regulatory requirements, conditions of the
 securities markets, deposit flows, cost of funds, demand for loan products,
 demand for financial services, competition, changes in the quality or
 composition of First Midwest's loan and investment portfolios, changes in
 accounting principals, policies or guidelines, other economic, competitive,
 governmental, regulatory and technical factors affecting First Midwest's
 operations, products, services and prices.
     Accordingly, results actually achieved may differ materially from expected
 results in these statements.  Forward-looking statements speak only as of the
 date they are made.  First Midwest does not undertake, and specifically
 disclaims, any obligation to update any forward-looking statements to reflect
 events or circumstances occurring after the date of such statements.
 
     Financial Statements and Tables
     Accompanying this Press Release is the following unaudited financial data:
      -- Operating Highlights and Stock Performance
      -- Condensed Consolidated Statements of Condition
      -- Condensed Consolidated Statements of Income
      -- Selected Quarterly Information
 
     Press Release Available on Website
     This Press Release and the accompanying unaudited financial data, as well
 as certain additional unaudited Selected Financial Information, are available
 through the "Investor Relations" section on First Midwest's website at
 www.firstmidwest.com .
 
 
     Operating Highlights
     Unaudited - Accuracy and Completeness                Quarters Ended
      Not Guaranteed                                        March 31,
     ($s in thousands except per share data)           2001          2000
 
     Net income                                       $19,324        $18,140
 
     Diluted earnings per share                         $0.47          $0.44
 
     Return on average equity                          17.06%         19.85%
 
     Return on average assets                           1.36%          1.30%
 
     Net interest margin                                3.77%          3.96%
 
     Efficiency ratio                                  51.35%         54.61%
 
 
     Stock Performance
     Unaudited - Accuracy and Completeness                Quarters Ended
      Not Guaranteed                                         March 31,
                                                        2001           2000
     Market Price, Quarters Ended:
        Quarter End                                    $28.15         $24.25
 
        High                                           $29.25         $26.44
 
        Low                                            $25.81         $21.00
 
      Book value per share                             $11.43          $9.34
 
      Market price to book value                        2.5 x          2.6 x
      Market price to analysts' estimated
       2001 earnings                                  14.22 x            N/A
      Quarterly dividend declared per share             $0.20          $0.18
 
      Shares outstanding, in thousands                 40,726         41,129
 
 
 
     First Midwest Bancorp, Inc.
 
     Condensed Consolidated Statements of Condition
     Unaudited - Accuracy and Completeness
      Not Guaranteed                                       March 31,
     ($s in thousands)                                2001           2000
 
     Assets
     Cash and due from banks                        $186,525       $167,013
     Funds sold and other short-term investments      12,547          8,482
     Securities available for sale                 1,937,236      2,175,264
     Securities held to maturity, at
      amortized cost                                  95,940         43,087
     Loans                                         3,279,473      3,082,291
     Reserve for loan losses                         (45,421)       (42,984)
 
       Net loans                                   3,234,052      3,039,307
 
     Premises, furniture and equipment                81,178         81,035
     Investment in corporate owned life
      insurance                                      129,858        111,766
     Accrued interest receivable and other
      assets                                          93,552        142,770
 
       Total assets                               $5,770,888     $5,768,724
 
     Liabilities and Stockholders' Equity
     Deposits                                     $4,145,613     $4,024,298
     Borrowed funds                                1,099,028      1,294,435
     Accrued interest payable and other
      liabilities                                     60,756         66,011
 
     Total liabilities                             5,305,397      5,384,744
 
     Common stock                                        455            455
     Additional paid-in capital                       77,908         81,611
     Retained earnings                               499,048        453,440
     Accumulated other comprehensive income            4,821        (45,369)
     Treasury stock, at cost                        (116,741)      (106,157)
 
       Total stockholders' equity                    465,491        383,980
 
       Total liabilities and stockholders' equity $5,770,888     $5,768,724
 
 
 
 
     First Midwest Bancorp, Inc.
 
     Condensed Consolidated Statements of Income
     Unaudited - Accuracy and Completeness                Quarters Ended
      Not Guaranteed                                         March 31,
     ($s in thousands except per share data)            2001           2000
     Interest Income
     Loans                                            $69,212        $64,535
     Securities                                        33,236         34,705
     Other                                                193            233
 
       Total interest income                          102,641         99,473
 
     Interest Expense
     Deposits                                          40,117         34,569
     Borrowed funds                                    15,636         16,712
 
       Total interest expense                          55,753         51,281
 
       Net interest income                             46,888         48,192
 
     Provision for Loan Losses                          3,458          1,962
 
       Net interest income after provision
        for loan losses                                43,430         46,230
 
     Noninterest Income
     Service charges on deposit accounts                5,492          4,989
     Trust and investment management fees               2,673          2,478
     Other service charges, commissions, and fees       4,267          3,538
     Mortgage banking revenues                             --            405
     Corporate owned life insurance income              2,268          1,423
     Securities gains (losses), net                       704             (8)
     Other                                              1,522          1,883
 
     Total noninterest income                          16,926         14,708
 
     Noninterest Expense
     Salaries and employee benefits                    18,438         19,539
     Occupancy expenses                                 4,114          3,467
     Equipment expenses                                 1,954          2,056
     Technology and related costs                       2,541          2,998
     Other                                              8,046          9,073
 
       Total noninterest expense                       35,093         37,133
 
     Income before taxes                               25,263         23,805
     Income tax expense                                 5,939          5,665
 
       Net Income                                     $19,324        $18,140
 
       Diluted Earnings Per Share                       $0.47          $0.44
 
       Dividends Declared Per Share                     $0.20          $0.18
 
 
     Selected Quarterly Information
 
     Key Financial Data
     Unaudited - Accuracy and Completeness
      Not Guaranteed             Year to Date              Quarters Ended
                             3/31/01      3/31/00       3/31/01      12/31/00
     Diluted earnings per
      share                   $0.47         $0.44        $0.47         $0.47
     Dividends per share       0.20          0.18         0.20          0.20
 
     Return on average
      equity                 17.06%        19.85%       17.06%        18.25%
     Return on average
      assets                  1.36%         1.30%        1.36%         1.31%
     Net interest margin      3.77%         3.96%        3.77%         3.61%
     Efficiency ratio        51.35%        54.61%       51.35%        51.77%
 
 
 
     Asset Quality
     Unaudited - Accuracy and Completeness
      Not Guaranteed           Year to Date              Quarters Ended
     ($s in thousands)     3/31/01       3/31/00      3/31/01      12/31/00
     Nonaccrual loans      $22,453       $19,137      $22,453       $19,849
     Foreclosed real
      estate                 1,246           907        1,246         1,337
     Loans past due 90
      days and still
      accruing               5,339         6,226        5,339         7,045
     Nonperforming loans
      to loans               0.68%         0.62%        0.68%         0.61%
     Nonperforming assets
      to loans plus
      foreclosed real
      estate                 0.72%         0.65%        0.72%         0.65%
     Reserve for loan
      losses to loans        1.39%         1.39%        1.39%         1.39%
     Reserve for loan
      losses to
      nonperforming loans     202%          225%         202%          227%
     Provision for loan
      losses                $3,458        $1,962       $3,458        $1,995
     Net loan charge-offs    3,130         1,623        3,130         1,951
     Net loan charge-offs
      to average loans       0.39%         0.22%        0.39%         0.23%
 
 
     First Midwest Bancorp, Inc.
     Selected Quarterly Information
 
     Key Financial Data
     Unaudited - Accuracy and Completeness
     Not Guaranteed                               Quarters Ended
                                      9/30/00         6/30/00       3/31/00
     Diluted earnings per share        $0.47           $0.45         $0.44
     Dividends per share                0.18            0.18          0.18
 
 
     Return on average equity         19.10%          19.62%        19.85%
     Return on average assets          1.30%           1.29%         1.30%
     Net interest margin               3.66%           3.84%         3.96%
     Efficiency ratio                 51.96%          54.00%        54.61%
 
 
 
 
     Asset Quality
     Unaudited - Accuracy and Completeness
      Not Guaranteed                             Quarters Ended
     ($s in thousands)              9/30/00         6/30/00       3/31/00
     Nonaccrual loans               $20,313         $19,838       $19,137
     Foreclosed real estate           2,467           1,295           907
     Loans past due 90 days and
      still accruing                  6,217           6,009         6,226
     Nonperforming loans to loans     0.62%           0.62%         0.62%
     Nonperforming assets to loans
      plus foreclosed real estate     0.69%           0.66%         0.65%
     Reserve for loan losses to
      loans                           1.37%           1.38%         1.39%
     Reserve for loan losses to
      nonperforming loans              222%            222%          225%
     Provision for loan losses       $2,625          $2,512        $1,962
     Net loan charge-offs             1,688           1,384         1,623
     Net loan charge-offs to
      average loans                   0.21%           0.18%         0.22%
 
 SOURCE  First Midwest Bancorp