January 22, 2008
 
   
For media inquiries:
For financial inquiries:
Katherine Taylor
Don Wilson
Investor Relations Manager
President and Chief Operating Officer
815-961-7164
815-961-2721
 
AMCORE Financial, Inc. Reports 4th Quarter Earnings
(Numbers in Thousands, Edxcept Per Share Data)
 
Results From Continuing Operations
 
   
4th quarter 2007 

YTD 2007 
 
4th quarter 2006 
 
YTD 2006
 
Net Revenues
 
$
57,243
 
$
231,581
 
$
62,322
 
$
240,547
 
Net Income
 
$
7,530
 
$
28,241
 
$
12,629
 
$
47,027
 
Diluted Shares
   
22,175
   
22,897
   
24,052
   
24,562
 
Diluted EPS
 
$
0.34
 
$
1.23
 
$
0.53
 
$
1.91
 
 

ROCKFORD, IL — AMCORE Financial, Inc. (Nasdaq: AMFI) reported diluted earnings per share from continuing operations of $0.34 for fourth quarter 2007, which was a decrease from $0.53 per diluted share in fourth quarter 2006, and an increase from $0.08 in the previous quarter. Net income from continuing operations in the fourth quarter of 2007 was $7.5 million, a decrease from $12.6 million in the prior-year period, and an increase from $1.9 million in the previous quarter.
 
Full year 2007 diluted earnings per share from continuing operations was $1.23, which was a decrease from $1.91 in 2006. AMCORE’s net income from continuing operations for the full year 2007 decreased $18.8 million to $28.2 million from $47.0 million in 2006, and includes a $19.0 million increase in provision for loan losses compared to the previous year.
 
“In 2007, we added to our reserves in recognition of the general softening of the economy and real estate markets,” said Kenneth E. Edge, Chairman and CEO of AMCORE. “We also began to implement cost controls and are taking prudent steps to manage the size and scope of our business to be as strong as possible given the current economic environment and short-term outlook for our industry. AMCORE remains well capitalized and will focus on improving efficiencies in 2008.”
 
Highlights
 
·  
Net interest income was $39.1 million or 3.28 percent of average earning assets in fourth quarter 2007 compared to $41.1 million or 3.34 percent in fourth quarter 2006, and $40.4 million or 3.35 percent of average earning assets in third quarter 2007.
 
·  
Average loan balances were flat at $3.9 billion compared to fourth quarter 2006, while average investment securities declined 16 percent or $166 million. Average bank issued deposits decreased one percent to $3.4 billion compared to the fourth quarter 2006.
 
·  
Provision for loan losses was $6.4 million, a $3.4 million increase from $3.0 million in fourth quarter 2006 and an $8.9 million decrease from $15.3 million in third quarter 2007.
 
-  
Net charge-offs were $4.8 million, or 0.48 percent of average loans on an annualized basis, compared to $2.7 million and 0.27 percent in fourth quarter 2006, and $4.5 million and 0.45 percent in third quarter 2007, respectively.
 
-  
Non-performing loans were $70.8 million, an increase of $38.4 million from December 31, 2006 and $29.6 million from September 30, 2007. Non-performing loans include $41.0 million of non-accrual loans and $29.8 million of loans 90 days past due and still accruing.
 
·  
Non-interest income decreased $3.1 million compared to fourth quarter 2006 and increased $4.1 million compared to third quarter 2007.
 
·  
Operating expenses decreased $1.5 million compared to fourth quarter 2006, but increased $1.7 million compared to third quarter 2007.
 
1

The following information was filed by Amcore Financial Inc on Tuesday, January 22, 2008 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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