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AMCORE FINANCIAL, INC. REPORTS 2ND QUARTER LOSS

ROCKFORD, Ill., July 17 /PRNewswire-FirstCall/ --
         
               
(Numbers in Thousands, Except Per Share Data)
               
   
2nd quarter 2008
 
2nd quarter 2007
 
1st quarter 2008
 
Net Revenues
 
$
55,559
 
$
60,166
 
$
54,583
 
Net Income (Loss)
   
($20,234
)
$
10,603
   
($27,459
)
Diluted Shares
   
22,246
   
23,389
   
22,233
 
Diluted EPS
   
($0.91
)
$
0.46
   
($1.25
)

AMCORE Financial, Inc. (Nasdaq: AMFI) announced today a net loss for the second quarter 2008 of ($20.2) million, compared to net income of $10.6 million in the prior-year period and a ($27.5) million loss in the previous quarter. The loss per diluted share for second quarter 2008 was ($0.91), a decrease from earnings of $0.46 per diluted share in second quarter 2007 and an improvement from the loss of ($1.25) in the previous quarter.

“While uncertainty surrounding the general economy and financial services industry has negatively affected our stock price, we remain a well-capitalized bank and have sufficient liquidity. We are confident the actions we have taken to address our credit practices and efficiency issues will help strengthen our financial position,” said William R. McManaman, Chairman and CEO of AMCORE. “AMCORE has been diligent in recognizing and addressing our credit issues and our progress continued in the second quarter.” The following reflects some of the key actions:
 
 
·
Tightened our credit disciplines and strengthened our commercial credit approval process to provide more consistent controls.
 
 
·
Reassessed the risk grading of our commercial loan portfolio to reflect current market conditions.
 
 
·
Initiated an experienced, independent third-party review of our lending policies, procedures and practices, which should be completed in the third quarter.
 
 
·
Named a new Chief Credit Officer.
 
 
·
Named a new manager of Loan and Appraisal Review.
 
Headlines
 
 
·
Net interest income was $36.0 million, or 3.07 percent of average earning assets in second quarter 2008, compared to $40.7 million, or 3.39 percent, in second quarter 2007, and $36.7 million, or 3.12 percent of average earning assets in first quarter 2008.
 
 
·
Average loan balances decreased three percent, or $109.5 million, to $3.9 billion compared to second quarter 2007, while average investment securities increased three percent, or $25.0 million. Average bank issued deposits decreased seven percent, or $232.2 million, to $3.2 billion compared to the second quarter 2007.
 
1 of 3

The following information was filed by Amcore Financial Inc on Thursday, July 17, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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