EX-99.1
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af8628ex991.txt
EXHIBIT 99.1

                                                                    Exhibit 99.1

         January 23, 2007

         For media inquiries:                   For financial inquiries:
         Katherine Taylor                       Don Wilson
         Investor Relations Manager             Chief Financial Officer
         815-961-7164                           815-961-2721

               AMCORE FINANCIAL, INC. REPORTS 4TH QUARTER EARNINGS
                  (Numbers in Thousands, Except Per Share Data)

                       Results From Continuing Operations

4th quarter 2006 YTD 2006 4th quarter 2005 YTD 2005 ---------------- ---------------- ---------------- ---------------- Net Revenues $62,322 $240,547 $59,930 $228,047 Net Income $12,629 $47,027 $11,990 $47,987 Diluted Shares 24,052 24,562 25,109 25,087 Diluted EPS $0.53 $1.91 $0.48 $1.91
ROCKFORD, IL -- AMCORE Financial, Inc. (Nasdaq: AMFI) reported diluted earnings per share from continuing operations of $0.53 for fourth quarter 2006, an 11 percent increase, compared to $0.48 per diluted share in fourth quarter 2005, and a four percent increase from $0.51 in the previous quarter. Net income from continuing operations in the fourth quarter of 2006 was $12.6 million, a five percent increase from $12.0 million in the prior-year period, and a one percent increase from $12.5 million in the previous quarter. Full year 2006 diluted earnings per share from continuing operations was $1.91, which was flat compared to 2005, but includes $2.2 million of additional stock-based compensation expense compared to 2005 results. As a result, AMCORE's net income from continuing operations for the full year 2006 decreased $960,000, or two percent, to $47.0 million from $48.0 million in 2005. "The financial services industry faced a challenging interest rate environment in 2006, and as a result, AMCORE worked to improve its balance sheet, pricing structures and underwriting disciplines, which are beginning to produce positive results," said Kenneth E. Edge, Chairman, President and CEO of AMCORE. "In addition, continued positive market conditions in our growth markets contributed to solid credit results." HIGHLIGHTS ---------- o Average loan balances grew nine percent, or $310 million, compared to fourth quarter 2005. o Average bank issued deposits were essentially flat compared to fourth quarter 2005. o Average assets increased two percent to $5.4 billion in fourth quarter 2006 compared to $5.3 billion in fourth quarter 2005. o The net interest margin decreased 14 basis points to 3.34 percent in fourth quarter 2006 from 3.48 percent in fourth quarter 2005, and increased one basis point compared to third quarter 2006. o Non-performing loans increased $2.2 million, or seven percent, from December 31, 2005 and increased $2.3 million, or seven percent, from September 30, 2006. o Net charge-offs decreased $1.2 million or 31 percent compared to the same period a year ago and decreased $77,000 or three percent compared to third quarter 2006. o Non-interest income increased 16 percent or $3.0 million compared to fourth quarter 2005 and was flat compared to third quarter 2006. The increase in fourth quarter 2006 included a non-taxable net insurance claim on company-owned life insurance and an increase in earnings from private equity investments. o Operating expenses increased 10 percent, or $3.9 million, compared to fourth quarter 2005, but decreased one percent, or $219,000, compared to third quarter 2006. Third quarter 2006 included $2.1 million of expense related to debt extinguishment. o AMCORE has recently entered into a strategic arrangement with a national mortgage services leader to provide private-label loan processing and servicing support. This relationship is expected to better position the Company for future mortgage origination growth and provide more stability to mortgage earnings through economic and interest rate cycles. REVENUES -------- Net revenues increased four percent, or $2.4 million, to $62.3 million in fourth quarter 2006 from $59.9 million during the same quarter a year ago and were flat compared to the previous quarter. Net interest income decreased one percent, or $560,000, to $41.1 million in fourth quarter 2006 from $41.6 million during the same quarter a year ago, and was flat compared to the third quarter 2006. The net interest margin decreased 14 basis points to 3.34 percent in fourth quarter 2006 from 3.48 percent in fourth quarter 2005, and increased one basis point compared to third quarter 2006. Average loans grew nine percent, or $310 million, compared to fourth quarter 2005 driven by expansion in Chicago suburban and Madison area markets and continued positive market conditions. Loan yields rose 76 basis points to 7.74 percent in fourth quarter 2006 compared to the same period a year ago and were up six basis points from third quarter 2006. Average bank issued deposits totaled $3.5 billion, which were essentially flat compared to a year ago and to the previous quarter. The total cost of interest-bearing bank issued deposits increased 97 basis points from fourth quarter 2005, and 17 basis points from third quarter 2006. Total non-interest income increased 16 percent, or $3.0 million, to $21.3 million over fourth quarter 2005 and was flat compared to third quarter 2006. The fourth quarter 2006 non-interest revenues included $1.9 million in earnings from private equity fund investments and a $1.5 million net insurance claim on company-owned life insurance, compared to $1.6 million in private equity fund earnings and no insurance claims in fourth quarter 2005. Net insurance claims on company-owned life insurance and earnings from private equity fund investments were $1.3 million and $2.2 million, respectively, in third quarter 2006. Investment management and trust revenues increased $633,000, or 17 percent, from fourth quarter 2005 and $201,000, or five percent, from third quarter 2006. Deposit-related fees and bankcard fees increased $435,000 and $378,000 or seven percent and 29 percent, respectively, when compared to fourth quarter 2005 but decreased $395,000 and $27,000 or six percent and two percent, respectively, when compared to third quarter 2006. The decline in deposit-related fees from third quarter 2006 was primarily due to seasonal factors, particularly in commercial deposit accounts. Mortgage banking income increased 31 percent, or $202,000, in fourth quarter 2006 compared to the same period a year ago, and increased 13 percent, or $100,000, from third quarter 2006. Income from company-owned life insurance increased $1.5 million when compared to fourth quarter 2005, and increased $73,000 when compared to third quarter 2006. The fourth quarter increase over the prior year period is primarily due to net insurance claims. Other non-interest income increased $581,000 from fourth quarter 2005 but decreased $45,000 from third quarter 2006. Earnings from private equity fund investments were $1.9 million and $2.2 million, respectively, for fourth and third quarters of 2006 and was $1.6 million in fourth quarter 2005. 2 of 7 OPERATING EXPENSES ------------------ Total operating expenses increased 10 percent, or $3.9 million, compared to fourth quarter 2005, but decreased one percent, or $219,000, compared to third quarter 2006. The increase over the prior-year period was primarily due to increased professional fees related to compliance matters of $1.3 million and higher personnel costs of $3.0 million, including additional compliance personnel, slight increases in group medical expenses due to higher claims experience; increases in retirement expenses due to changes in actuarial assumptions, separation costs from a previously announced executive officer retirement, and the 2006 adoption of a new accounting standard for stock-based compensation expense. The recognition of stock-based compensation expense in fourth quarter 2006 was $613,000, an increase of $485,000 from the prior year period. Stock-based compensation expense in the third quarter 2006 was $444,000. Professional fees increased $1.3 million, or 138 percent, compared to the same quarter a year ago but decreased 19 percent, or $529,000 from third quarter 2006. The increase in professional fees from fourth quarter 2005 was primarily from continued efforts to improve compliance processes and external asset management fees for AMCORE and its customers. The decrease from the prior quarter is due to a decline in professional fees related to compliance matters. The efficiency ratio was 67.79 percent in the fourth quarter of 2006, compared to 63.93 percent for the same period in 2005 and 68.16 percent in the prior quarter. INCOME TAXES ------------ Income taxes, as a percentage of pre-tax income from continuing operations, were 26.0 percent in the fourth quarter 2006, compared to 29.0 percent in the fourth quarter of 2005 and 26.4 percent in the third quarter of 2006. The decline in percent in the fourth quarter 2006, compared to fourth quarter 2005, was due to a higher proportion of non-taxable income, primarily from net insurance claims on company-owned life insurance used to fund long-term compensation expenses. OTHER KEY PERFORMANCE RATIOS ---------------------------- Other key ratio improvements include a three basis point increase in return on average assets to 0.93 percent in fourth quarter 2006 compared to 0.90 percent during the prior-year period and a one basis point increase from 0.92 percent in the previous quarter. Return on average equity increased 62 basis points to 12.51 percent in fourth quarter 2006 compared to 11.89 percent in fourth quarter 2005 and increased 13 basis points from 12.38 percent in third quarter 2006. ASSET QUALITY & LOAN LOSS ------------------------- The percentage of total non-performing assets to total assets was 0.64 percent at December 31, 2006, up from 0.58 percent at December 31, 2005 and 0.59 percent at September 30, 2006. Net charge-offs were $2.7 million, a decrease of $1.2 million from fourth quarter 2005 and a decrease of $77,000 from third quarter 2006. Net charge-offs were 27 basis points of average loans on an annualized basis during fourth quarter 2006, compared to 43 basis points for fourth quarter 2005 and 28 basis points for third quarter 2006. Provision for loan losses of $3.0 million in fourth quarter 2006 declined $1.7 million, or 36 percent, from the $4.7 million in fourth quarter 2005 and increased 5 percent, or $144,000, from third quarter 2006. BRANCHING UPDATE ---------------- In 2006, AMCORE opened six (net) new branches including two in fourth quarter 2006 in Orland Park and, for the first time, a branch within the city limits of Chicago. The 29 (net) new branches opened since April 2001 contributed total loans of $1.74 billion and total deposits of $781.4 million at December 31, 2006. MORTGAGE PLATFORM UPDATE ------------------------ AMCORE has entered into a strategic arrangement with a leading national mortgage services firm to provide private-label loan processing and servicing support. As part of this arrangement, AMCORE is in the process of selling its portfolio of Originated Mortgage Servicing Rights, in which the transaction will be subject to due diligence and other customary closing conditions, and expects to record a gain in the first quarter of 2007, partially offset by transaction costs. This relationship is expected to better position the Company for future mortgage origination growth and provide more stability to mortgage earnings through economic and interest rate cycles. As a result, AMCORE will be able to offer greater breadth of product, more competitive pricing to our clients and greater processing efficiencies, with a more variable cost structure for the Company. This relationship will provide AMCORE access to the resources of one of the largest market players for support of its underwriting, processing, settlement and servicing efforts, as well as access to state-of-the-art technology support, while retaining AMCORE's personal relationship-based delivery model. By combining the relative strengths of the organizations, AMCORE expects to expand its ability to serve the mortgage needs of its clients across its markets. 3 of 7 CAPITAL SECURITIES UPDATE ------------------------- In March of 2007, $40 million of 9.35% coupon Trust Preferred Capital Securities become callable, at a premium call price. AMCORE intends to exercise the call provision for these securities at the earliest possible time, subject to the receipt of regulatory approval, and will likely replace this capital funding instrument at then-current market rates. The cost of this call provision, including expensing the unamortized issuance expense, will approximate $2.3 million. BUY-BACK UPDATE --------------- During fourth quarter, 576,000 shares were repurchased at an average price of $31.24, primarily in connection with the Company's stock buy-back program. For the full year of 2006, 1.4 million shares were repurchased at an average cost of $30.58. AMCORE Financial, Inc. is headquartered in Northern Illinois and has banking assets of $5.3 billion with 78 locations in Illinois and Wisconsin. AMCORE provides a full range of consumer and commercial banking services, a variety of mortgage lending products and wealth management services including trust, brokerage, private banking, financial planning, investment management, insurance and comprehensive retirement plan services. This news release contains, and our periodic filings with the Securities and Exchange Commission and written or oral statements made by the Company's officers and directors to the press, potential investors, securities analysts and others will contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, and the Company intends that such forward-looking statements be subject to the safe harbors created thereby with respect to, among other things, the financial condition, results of operations, plans, objectives, future performance and business of AMCORE. Statements that are not historical facts, including statements about beliefs and expectations, are forward-looking statements. These statements are based upon beliefs and assumptions of AMCORE's management and on information currently available to such management. The use of the words "believe", "expect", "anticipate", "plan", "estimate", "should", "may", "will" or similar expressions identify forward-looking statements. Forward-looking statements speak only as of the date they are made, and AMCORE undertakes no obligation to update publicly any forward-looking statements in light of new information or future events. Contemplated, projected, forecasted or estimated results in such forward-looking statements involve certain inherent risks and uncertainties. A number of factors - many of which are beyond the ability of the Company to control or predict - could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following possibilities: (I) heightened competition, including specifically the intensification of price competition, the entry of new competitors and the formation of new products by new or existing competitors; (II) adverse state, local and federal legislation and regulation or adverse findings or rulings made by local, state or federal regulators or agencies regarding AMCORE and its operations ; (III) failure to obtain new customers and retain existing customers; (IV) inability to carry out marketing and/or expansion plans; (V) ability to attract and retain key executives or personnel; (VI) changes in interest rates including the effect of prepayment; (VII) general economic and business conditions which are less favorable than expected; (VIII) equity and fixed income market fluctuations; (IX) unanticipated changes in industry trends; (X) unanticipated changes in credit quality and risk factors; (XI) success in gaining regulatory approvals when required; (XII) changes in Federal Reserve Board monetary policies; (XIII) unexpected outcomes on existing or new litigation in which AMCORE, its subsidiaries, officers, directors or employees are named defendants; (XIV) technological changes; (XV) changes in U.S. generally accepted accounting principles; (XVI) changes in assumptions or conditions affecting the application of "critical accounting estimates"; (XVII) inability of third-party vendors to perform critical services for the Company or its customers; (XVIII) disruption of operations caused by the conversion and installation of data processing systems, and (XIX) zoning restrictions or other limitations at the local level, which could prevent limited branch offices from transitioning to full-service facilities. AMCORE common stock is listed on The NASDAQ Stock Market under the symbol "AMFI." Further information about AMCORE Financial, Inc. can be found at the Company's website at www.AMCORE.com. 4 of 7 AMCORE FINANCIAL, INC. CONSOLIDATED FINANCIAL SUMMARY (Unaudited)
4TH QTR. 3RD QTR. 2ND QTR. 1ST QTR. 4TH QTR. ($ in 000's except per share data) 2006 2006 2006 2006 2005 -------------------------------------- ---------- ---------- ---------- ---------- ---------- SHARE DATA Diluted earnings per share: Income from continuing operations $ 0.53 $ 0.51 $ 0.46 $ 0.42 $ 0.48 Net income $ 0.54 $ 0.51 $ 0.46 $ 0.42 $ 0.32 Cash dividends $ 0.185 $ 0.185 $ 0.185 $ 0.185 $ 0.17 Book value $ 16.81 $ 16.73 $ 16.06 $ 16.14 $ 16.06 Average diluted shares outstanding 24,052 24,477 24,758 24,956 25,109 Ending shares outstanding 23,792 24,277 24,581 24,826 24,811 INCOME STATEMENT Total Interest Income $ 88,090 $ 87,525 $ 83,567 $ 79,994 $ 77,061 Total Interest Expense 47,032 46,375 42,247 38,564 35,443 ---------- ---------- ---------- ---------- ---------- Net interest income 41,058 41,150 41,320 41,430 41,618 Provision for loan losses 3,007 2,863 2,250 2,000 4,730 Non-interest income: Investment management & trust 4,383 4,182 3,970 3,665 3,750 Service charges on deposits 6,536 6,931 6,605 5,550 6,101 Mortgage banking 862 762 1,061 1,232 660 Company owned life insurance 2,943 2,870 1,149 929 1,468 Brokerage commission 821 700 744 881 767 Bankcard fee income 1,663 1,690 1,515 1,357 1,285 Gain on sale of loans 150 116 149 161 406 Net security gain 42 - - 225 592 Other 3,864 3,909 2,273 1,699 3,283 ---------- ---------- ---------- ---------- ---------- Total non-interest income 21,264 21,160 17,466 15,699 18,312 Operating expenses: Personnel costs 25,245 23,274 24,315 25,056 22,239 Net occupancy & equipment 5,581 5,533 4,892 4,885 6,122 Data processing 779 674 790 755 660 Professional fees 2,214 2,743 2,655 1,705 932 Communication 1,231 1,379 1,220 1,258 1,235 Advertising & business development 2,059 1,789 1,838 1,723 1,638 Other 5,140 7,076 4,548 5,008 5,487 ---------- ---------- ---------- ---------- ---------- Total operating expenses 42,249 42,468 40,258 40,390 38,313 ---------- ---------- ---------- ---------- ---------- Income from continuing operations before income taxes 17,066 16,979 16,278 14,739 16,887 Income taxes 4,437 4,474 4,844 4,280 4,897 ---------- ---------- ---------- ---------- ---------- Income from continuing operations 12,629 12,505 11,434 10,459 11,990 ---------- ---------- ---------- ---------- ---------- Discontinued operations (1): Loss from discontinued operations - - (18) (113) (677) Income tax (benefit) expense (328) - (7) (44) 3,162 ---------- ---------- ---------- ---------- ---------- Income (loss) from discontinued operations 328 - (11) (69) (3,839) ---------- ---------- ---------- ---------- ---------- Net Income $ 12,957 $ 12,505 $ 11,423 $ 10,390 $ 8,151 ========== ========== ========== ========== ========== YEAR-TO-DATE 4Q/3Q 4Q 06/05 ----------------------- 06/05 ($ in 000's except per share data) INC(Dec) INC(Dec) 2006 2005 INC(Dec) -------------------------------------- ---------- ---------- ---------- ---------- ---------- SHARE DATA Diluted earnings per share: Income from continuing operations 4% 11% $ 1.91 $ 1.91 0% Net income 6% 69% $ 1.92 $ 1.79 7% Cash dividends 0% 9% $ 0.74 $ 0.68 9% Book value 0% 5% $ 16.81 $ 16.06 5% Average diluted shares outstanding (2)% (4)% 24,562 25,087 (2)% Ending shares outstanding (2)% (4)% 23,792 24,811 (4)% INCOME STATEMENT Total Interest Income 1% 14% $ 339,176 $ 280,609 21% Total Interest Expense 1% 33% 174,218 118,975 46% ---------- ---------- ---------- ---------- ---------- Net interest income (0)% (1)% 164,958 161,634 2% Provision for loan losses 5% (36)% 10,120 15,194 (33)% Non-interest income: Investment management & trust 5% 17% 16,200 15,095 7% Service charges on deposits (6)% 7% 25,622 23,545 9% Mortgage banking 13% 31% 3,917 4,071 (4)% Company owned life insurance 3% 100% 7,891 5,415 46% Brokerage commission 17% 7% 3,146 2,819 12% Bankcard fee income (2)% 29% 6,225 4,882 28% Gain on sale of loans 29% (63)% 576 864 (33)% Net security gain 0% (93)% 267 995 (73)% Other (1)% 18% 11,745 8,727 35% ---------- ---------- ---------- ---------- ---------- Total non-interest income 0% 16% 75,589 66,413 14% Operating expenses: Personnel costs 8% 14% 97,890 86,299 13% Net occupancy & equipment 1% (9)% 20,891 21,817 (4)% Data processing 16% 18% 2,998 2,360 27% Professional fees (19)% 138% 9,317 4,002 133% Communication (11)% (0)% 5,088 4,716 8% Advertising & business development 15% 26% 7,409 6,530 13% Other (27)% (6)% 21,772 19,641 11% ---------- ---------- ---------- ---------- ---------- Total operating expenses (1)% 10% 165,365 145,365 14% ---------- ---------- ---------- ---------- ---------- Income from continuing operations before income taxes 1% 1% 65,062 67,488 (4)% Income taxes (1)% (9)% 18,035 19,501 (8)% ---------- ---------- ---------- ---------- ---------- Income from continuing operations 1% 5% 47,027 47,987 (2)% ---------- ---------- ---------- ---------- ---------- Discontinued operations (1): Loss from discontinued operations N/M N/M (131) 707 N/M Income tax (benefit) expense N/M N/M (379) 3,753 N/M ---------- ---------- ---------- ---------- ---------- Income (loss) from discontinued operations N/M N/M 248 (3,046) N/M ---------- ---------- ---------- ---------- ---------- Net Income 4% 59% $ 47,275 $ 44,941 5% ========== ========== ========== ========== ==========
5 of 7
4TH QTR. 3RD QTR. 2ND QTR. 1ST QTR. 4TH QTR. KEY RATIOS AND DATA 2006 2006 2006 2006 2005 -------------------------------------- ---------- ---------- ---------- ---------- ---------- Net interest margin (FTE) 3.34% 3.33% 3.40% 3.44% 3.48% Return on average assets (2) 0.93% 0.92% 0.86% 0.79% 0.90% Return on average equity (2) 12.51% 12.38% 11.52% 10.60% 11.89% Efficiency ratio (2) 67.79% 68.16% 68.48% 70.70% 63.93% Equity/assets (end of period) 7.56% 7.46% 7.28% 7.49% 7.46% Allowance to loans (end of period) 1.04% 1.03% 1.05% 1.08% 1.10% Allowance to non-accrual loans 136.16% 140.36% 165.29% 181.28% 187.99% Allowance to non-performing loans 126.42% 134.93% 139.79% 158.69% 134.90% Non-accrual loans to loans 0.76% 0.73% 0.63% 0.60% 0.58% Non-performing assets to total assets 0.64% 0.59% 0.57% 0.49% 0.58% (in millions) Total assets under administration $ 2,671 $ 2,627 $ 2,532 $ 2,651 $ 2,570 Mortgage loans closed $ 84 $ 111 $ 120 $ 80 $ 110 Mortgage servicing rights, net $ 14.3 $ 14.2 $ 13.9 $ 13.5 $ 13.3 Percentage of mortgage loans serviced 0.97% 0.98% 0.98% 0.91% 0.97% BASIS BASIS YEAR-TO-DATE BASIS POINT POINT ----------------------- POINT KEY RATIOS AND DATA CHANGE CHANGE 2006 2005 CHANGE -------------------------------------- ---------- ---------- ---------- ---------- ---------- Net interest margin (FTE) 1 (14) 3.38% 3.51% (13) Return on average assets (2) 1 3 0.88% 0.94% (6) Return on average equity (2) 13 62 11.76% 12.18% (42) Efficiency ratio (2) (37) 386 68.75% 63.74% 501 Equity/assets (end of period) 10 10 Allowance to loans (end of period) 1 (6) Allowance to non-accrual loans (4) (52) Allowance to non-performing loans (9) (8) Non-accrual loans to loans 3 18 Non-performing assets to total assets 5 6 (in millions) Total assets under administration 2% 4% Mortgage loans closed (24)% (24)% Mortgage servicing rights, net 1% 8% Percentage of mortgage loans serviced (1) 0
N/M = not meaningful (1) 4th Quarter 2005 includes loss on disposal of IMG of $3.814 million (2) Ratios from continuing operations 6 of 7 AMCORE FINANCIAL, INC. (Unaudited)
4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. ($ in 000's) 2006 2006 2006 2006 --------------------------------- ------------- ------------- ------------- ------------- AVERAGE BALANCE SHEET ASSETS: Investment securities $ 1,037,355 $ 1,105,999 $ 1,145,757 $ 1,196,106 Short-term investments 7,672 6,005 6,570 8,054 Loans held for sale 14,983 27,036 26,420 22,969 Loans: Commercial 806,679 820,647 832,541 811,689 Commercial real estate 2,322,050 2,269,703 2,190,746 2,160,772 Residential real estate 506,514 495,917 479,585 473,992 Consumer 311,643 317,455 317,362 312,801 ------------- ------------- ------------- ------------- Total loans $ 3,946,886 $ 3,903,722 $ 3,820,234 $ 3,759,254 ------------- ------------- ------------- ------------- Total earning assets $ 5,006,896 $ 5,042,762 $ 4,998,981 $ 4,986,383 Allowance for loan losses (41,917) (41,503) (41,532) (42,710) Other non-earning assets 409,788 403,450 398,946 396,763 ------------- ------------- ------------- ------------- Total assets $ 5,374,767 $ 5,404,709 $ 5,356,395 $ 5,340,436 ============= ============= ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY: Non interest bearing deposits $ 504,960 $ 484,502 $ 486,103 $ 473,174 Interest bearing deposits 1,760,241 1,716,174 1,779,003 1,831,169 Time deposits 1,217,385 1,246,157 1,237,080 1,200,419 ------------- ------------- ------------- ------------- Total bank issued deposits $ 3,482,586 $ 3,446,833 $ 3,502,186 $ 3,504,762 ------------- ------------- ------------- ------------- Wholesale deposits 807,470 790,629 703,222 660,102 Short-term borrowings 286,422 327,337 349,648 530,751 Long-term borrowings 328,591 372,472 340,833 175,999 ------------- ------------- ------------- ------------- Total wholesale funding $ 1,422,483 $ 1,490,438 $ 1,393,703 $ 1,366,852 ------------- ------------- ------------- ------------- Total interest bearing liabilities 4,400,109 4,452,769 4,409,786 4,398,440 ------------- ------------- ------------- ------------- Other liabilities 69,290 66,608 62,286 68,629 ------------- ------------- ------------- ------------- Total liabilities $ 4,974,359 $ 5,003,879 $ 4,958,175 $ 4,940,243 ------------- ------------- ------------- ------------- Stockholders' equity 412,003 420,177 418,307 414,482 Other comprehensive loss (11,595) (19,347) (20,087) (14,289) ------------- ------------- ------------- ------------- Total stockholders' equity 400,408 400,830 398,220 400,193 ------------- ------------- ------------- ------------- Total liabilities & stockholders' equity $ 5,374,767 $ 5,404,709 $ 5,356,395 $ 5,340,436 ============= ============= ============= ============= CREDIT QUALITY Ending allowance for loan losses $ 40,913 $ 40,626 $ 40,560 $ 40,733 Net charge-offs 2,720 2,797 2,423 2,023 Net charge-offs to avg loans (annualized) 0.27% 0.28% 0.25% 0.22% Non-performing assets: Non-accrual loans $ 30,048 $ 28,945 $ 24,539 $ 22,470 Loans 90 days past due & still accruing 2,315 1,164 4,476 3,198 ------------- ------------- ------------- ------------- Total non-performing loans 32,363 30,109 29,015 25,668 Foreclosed real estate 1,247 1,540 1,025 341 Other foreclosed assets 317 483 681 166 ------------- ------------- ------------- ------------- Total non-performing assets $ 33,927 $ 32,132 $ 30,721 $ 26,175 ============= ============= ============= ============= YIELD AND RATE ANALYSIS ASSETS: Investment securities (FTE) 4.54% 4.55% 4.52% 4.56% Short-term investments 5.66% 5.73% 5.31% 4.87% Loans held for sale 5.61% 5.70% 5.16% 4.93% Loans: Commercial 8.08% 8.12% 7.87% 7.59% Commercial real estate 7.83% 7.75% 7.56% 7.30% Residential real estate 7.00% 6.97% 6.78% 6.57% Consumer 7.41% 7.16% 6.95% 6.79% Total loans (FTE) 7.74% 7.68% 7.48% 7.23% Total interest earning assets (FTE) 7.07% 6.98% 6.79% 6.58% LIABILITIES: Interest bearing deposits 3.18% 3.05% 2.82% 2.64% Time deposits 4.57% 4.31% 3.98% 3.62% ------------- ------------- ------------- ------------- Total bank issued deposits 3.75% 3.58% 3.30% 3.03% ------------- ------------- ------------- ------------- Wholesale deposits 5.10% 4.98% 4.70% 4.43% Short-term borrowings 5.10% 4.92% 4.72% 4.46% Long-term borrowings 5.86% 6.04% 6.03% 6.64% ------------- ------------- ------------- ------------- Total wholesale funding 5.27% 5.23% 5.03% 4.73% ------------- ------------- ------------- ------------- Total interest bearing liabilities 4.24% 4.13% 3.84% 3.56% ============= ============= ============= ============= Net interest spread 2.83% 2.85% 2.95% 3.02% Net interest margin (FTE) 3.34% 3.33% 3.40% 3.44% ============= ============= ============= ============= FTE adjustment (000's) $ 974 $ 1,054 $ 1,070 $ 1,092 4th Qtr. 4Q/3Q 4Q 06/05 Ending 2005 Incr(Decr) Inc(Dec) Balances ------------- ------------- ------------- ------------- AVERAGE BALANCE SHEET ASSETS: Investment securities $ 1,212,248 (6)% (14)% $ 899,833 Short-term investments 10,869 28% (29)% 3,476 Loans held for sale 28,916 (45)% (48)% 13,818 Loans: Commercial 814,865 (2)% (1)% 798,168 Commercial real estate 2,046,238 2% 13% 2,347,192 Residential real estate 461,417 2% 10% 493,500 Consumer 314,594 (2)% (1)% 307,691 ------------- ------------- ------------- ------------- Total loans $ 3,637,114 1% 9% $ 3,946,551 ------------- ------------- ------------- ------------- Total earning assets $ 4,889,147 (1)% 2% $ 4,863,678 Allowance for loan losses (42,136) 1% (1)% (40,913) Other non-earning assets 420,275 2% (2)% 469,618 ------------- ------------- ------------- ------------- Total assets $ 5,267,286 (1)% 2% $ 5,292,383 ============= ============= ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY: Non interest bearing deposits $ 494,805 4% 2% $ 543,070 Interest bearing deposits 1,848,342 3% (5)% 1,801,335 Time deposits 1,189,046 (2)% 2% 1,204,908 ------------- ------------- ------------- ------------- Total bank issued deposits $ 3,532,193 1% (1)% $ 3,549,313 ------------- ------------- ------------- ------------- Wholesale deposits 613,530 2% 32% 796,869 Short-term borrowings 484,465 (12)% (41)% 136,747 Long-term borrowings 172,117 (12)% 91% 342,012 ------------- ------------- ------------- ------------- Total wholesale funding $ 1,270,112 (5)% 12% $ 1,275,628 ------------- ------------- ------------- ------------- Total interest bearing liabilities 4,307,500 (1)% 2% 4,281,871 ------------- ------------- ------------- ------------- Other liabilities 64,893 4% 7% 67,396 ------------- ------------- ------------- ------------- Total liabilities $ 4,867,198 (1)% 2% $ 4,892,337 ------------- ------------- ------------- ------------- Stockholders' equity 411,583 (2)% 0% 411,015 Other comprehensive loss (11,495) (40)% 1% (10,969) ------------- ------------- ------------- ------------- Total stockholders' equity 400,088 (0)% 0% 400,046 ------------- ------------- ------------- ------------- Total liabilities & stockholders' equity $ 5,267,286 (1)% 2% $ 5,292,383 ============= ============= ============= ============= CREDIT QUALITY Ending allowance for loan losses $ 40,756 1% 0% Net charge-offs 3,949 (3)% (31)% Net charge-offs to avg loans (annualized) 0.43% (4)% (37)% Non-performing assets: Non-accrual loans $ 21,680 4% 39% Loans 90 days past due & still accruing 8,533 99% (73)% ------------- ------------- ------------- Total non-performing loans 30,213 7% 7% Foreclosed real estate 621 (19)% 101% Other foreclosed assets 151 (34)% 110% ------------- ------------- ------------- Total non-performing assets $ 30,985 6% 9% ============= ============= ============= YIELD AND RATE ANALYSIS ASSETS: Investment securities (FTE) 4.57% Short-term investments 4.15% Loans held for sale 3.90% Loans: Commercial 7.11% Commercial real estate 7.09% Residential real estate 6.43% Consumer 6.78% Total loans (FTE) 6.98% Total interest earning assets (FTE) 6.36% LIABILITIES: Interest bearing deposits 2.41% Time deposits 3.35% ------------- Total bank issued deposits 2.78% ------------- Wholesale deposits 4.16% Short-term borrowings 4.05% Long-term borrowings 6.44% ------------- Total wholesale funding 4.42% ------------- Total interest bearing liabilities 3.26% ============= Net interest spread 3.10% Net interest margin (FTE) 3.48% ============= FTE adjustment (000's) $ 1,181
7 of 7

The following information was filed by Amcore Financial Inc on Tuesday, January 23, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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