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First Midwest Bancorp Inc. Reports Operating Results (10-K)

March 01, 2011 | About:

First Midwest Bancorp Inc. (NASDAQ:FMBI) filed Annual Report for the period ended 2010-12-31.

First Midwest Bancorp Inc. has a market cap of $893.8 million; its shares were traded at around $12.07 with and P/S ratio of 2. The dividend yield of First Midwest Bancorp Inc. stocks is 0.3%.Hedge Fund Gurus that owns FMBI: Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates. Mutual Fund and Other Gurus that owns FMBI: Kenneth Fisher of Fisher Asset Management, LLC.

Highlight of Business Operations:

The aggregate market value of the registrants outstanding voting common stock held by non-affiliates on June 30, 2010, determined using a per share closing price on that date of $12.16, as quoted on The Nasdaq Stock Market, was $834,080,362.

The Company is the product of the consolidation of over 22 affiliated financial institutions in 1983, followed by several significant acquisitions, including the purchase of SparBank, Incorporated, a $449 million institution in 1997; Heritage Financial Services, Inc., a $1.4 billion institution in 1998; CoVest Bancshares, a $646 million institution in 2003; and Bank Calumet, Inc., a $1.4 billion institution in 2006.

The Bank conducts the majority of the Companys operations. At December 31, 2010, the Bank had $8.0 billion in total assets, $6.6 billion in total deposits, and 100 banking offices primarily in suburban metropolitan Chicago. The Bank employed 1,820 full-time equivalent employees at December 31, 2010.

First Midwest Capital Trust I is a Delaware statutory business trust formed in 2003 for the purpose of issuing $125.0 million in trust-preferred securities and lending the proceeds to the Company in return for junior subordinated debentures of the Company. The Company guarantees, on a limited basis, payments of distributions on the trust-preferred securities and payments on redemption of the trust-preferred securities. In 2009, the Company completed an exchange offer, which resulted in the Company retiring $39.3 million of the junior subordinated debentures at a discount of 20% and redeeming the corresponding trust-preferred securities associated therewith.

Catalyst operates in the same offices as the Bank and manages a portion of the Companys non-performing assets. The Company established Catalyst in first quarter 2010. In March 2010, the Company purchased $168.1 million of non-performing assets from the Bank and transferred them to Catalyst in the form of a capital injection. As of December 31, 2010, Catalyst had $93.1 million in non-performing assets. Since the banking subsidiarys financial position and results of operations are consolidated with the Company, this transaction did not change the presentation of these non-performing assets in the consolidated financial statements and did not impact the consolidated Companys financial position, results of operations, or regulatory capital ratios. However, the transaction improved the Banks asset quality, capital ratios, and liquidity.

Read the The complete Report

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Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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