3rd quarter 2007 3rd quarter 2006 2nd quarter 2007 Net Revenues $54,396 $62,310 $60,166 Net Income $1,889 $12,505 $10,603 Diluted Shares 22,666 24,498 23,098 Diluted EPS $0.08 $0.51 $0.46
ROCKFORD, Ill., Oct. 18 /PRNewswire-FirstCall/ — AMCORE Financial, Inc. (NASDAQ:AMFI) announced today that it would increase its third quarter 2007 provision for loan losses by $11.1 million over the previous quarter’s $4.2 million. In addition, the Company is taking a $5.6 million impairment loss on the pending sale of $205 million in longer-term mortgage-backed bonds from its investment portfolio. “Both actions are expected to strengthen the Company by recognizing current market realities,” said Kenneth E. Edge, Chairman and CEO of AMCORE.
Diluted earnings per share from continuing operations were $0.08 for third quarter 2007, which was a decrease from $0.51 in third quarter 2006, and $0.46 in the previous quarter. Net income from continuing operations in the third quarter of 2007 was $1.9 million, a decrease from $12.5 million in the prior-year period and $10.6 million in the previous quarter.
“This increase in our reserves recognizes the general softening of the economy and real estate conditions across our markets,” said Edge. “The sale of the bonds relates to a balance sheet restructuring that reduces longer-term interest rate and liquidity risk in our investment portfolio. By addressing this issue at this time, we are expecting to improve our ability to weather changes in interest rates. It is important to note that AMCORE remains well-capitalized and that neither action is related to any subprime loans or investments.”
Highlights— Provision for loan losses was $15.3 million, a $12.4 million increase
from $2.9 million in third quarter 2006 and an $11.1 million increase
from $4.2 million in second quarter 2007.
— Net charge-offs were $4.5 million, or 0.45 percent of average
loans on an annualized basis, compared to $2.8 million and
0.28 percent in third quarter 2006 and $4.8 million or
0.48 percent in second quarter 2007, respectively.
— Non-performing loans were $41.2 million, an increase of
$11.1 million from September 30, 2006 and $3.5 million from June
30, 2007. Non-performing loans include $27.6 million of
non-accrual loans and $13.6 million of loans 90 days past due and
still accruing.
— Net interest income was $40.4 million or 3.35 percent of average
earning assets in third quarter 2007 compared to $41.2 million or
3.33 percent in third quarter 2006, and $40.7 million or 3.39 percent
in second quarter 2007.
— Average loan balances grew two percent, or $91 million, compared to
third quarter 2006, while average investment securities declined
22 percent or $246 million. Bank issued deposits were essentially
flat at $3.4 billion compared to the third quarter 2006.
— Non-interest income decreased 34 percent, or $7.1 million, compared to
third quarter 2006 and decreased 28 percent, or $5.4 million, compared
to second quarter 2007. Third quarter 2007 included a $5.6 million
impairment loss on investment securities and lower CRA-related fund
investment earnings compared to third quarter 2006.
— Total operating expenses decreased eight percent, or $3.4 million,
compared to third quarter 2006, and decreased four percent, or
$1.5 million, compared to second quarter 2007.Revenues
Net revenues decreased 13 percent, or $7.9 million, to $54.4 million in third quarter 2007 from $62.3 million during the same quarter a year ago, and 10 percent, or $5.8 million, from $60.2 million in the previous quarter.
Net interest income decreased two percent, or $779,000, to $40.4 million in third quarter 2007 from $41.2 million during the same quarter a year ago, and decreased one percent, or $347,000, from $40.7 million in the previous quarter. The net interest margin increased two basis points to 3.35 percent in third quarter 2007 from 3.33 percent in third quarter 2006, and decreased four basis points compared to second quarter 2007.
Average loan balances grew two percent, or $91 million, compared to third quarter 2006 and were essentially flat compared to the previous quarter. Ending loan balances for third quarter 2007 were $51 million lower than average balances as run-off exceeded new loan growth. Loan yields rose nine basis points to 7.77 percent compared to the same period a year ago and were flat compared to the previous quarter.
Average bank issued deposits totaled $3.4 billion, which were essentially flat compared to a year ago and to the previous quarter. Ending bank issued deposit balances for third quarter 2007 were $57 million higher than average balances indicating stronger activity at the end of the quarter. The total cost of bank issued deposits increased 34 basis points from third quarter 2006, and seven basis points from second quarter 2007.
Total non-interest income decreased 34 percent, or $7.1 million, compared to third quarter 2006 and decreased 28 percent, or $5.4 million, compared to second quarter 2007. Third quarter 2007 included a $5.6 million impairment loss on investment securities and lower CRA-related fund investment earnings compared to both third quarter 2006 and second quarter 2007.
Investment management and trust revenues increased $337,000, or eight percent, from third quarter 2006 and increased $848,000, or 23 percent, from second quarter 2007. Deposit-related fees and bankcard fees increased $921,000 and $305,000 or 13 percent and 18 percent respectively, when compared to third quarter 2006. When compared to the previous quarter, deposit related fees increased $416,000, or six percent, and bankcard fees increased $48,000, or two percent.
Income from company-owned life insurance decreased $1.1 million or 39 percent, when compared to third quarter 2006, and increased $500,000, or 40 percent, when compared to second quarter 2007. Third quarter 2006 included a $1.3 million net insurance claim.
Net mortgage revenues decreased 58 percent, or $445,000, in third quarter 2007 compared to the same period a year ago, and decreased 47 percent, or $279,000, from second quarter 2007. The decline for both periods was primarily due to a decline in servicing revenues due to the sale of the Originated Mortgage Servicing Rights portfolio.
Other non-interest income decreased $1.8 million from third quarter 2006 and decreased $1.3 million from second quarter 2007. The decline from third quarter 2006 was largely due to lower earnings from CRA-related fund investments, while the decline from second quarter 2007 was primarily due to derivative mark-to-market losses in the current quarter compared to income in the previous quarter.
Operating Expenses
Total operating expenses decreased eight percent, or $3.4 million, compared to third quarter 2006, and decreased four percent, or $1.5 million, compared to second quarter 2007. Third quarter 2006 included $2.1 million of expense related to the extinguishment of Federal Home Loan Bank advances. Professional fees decreased $240,000, or nine percent, compared to the same quarter a year ago, and increased 31 percent, or $599, 000, from second quarter 2007. The increase from the previous quarter was due to consultant fees to improve the Company’s compliance program.
The efficiency ratio was 71.81 percent compared to 68.16 percent for the same period in 2006 and 67.39 percent in the prior quarter.
Income Taxes
Income taxes, as a percentage of pre-tax income from continuing operations, were 23.5 percent for year-to-date period ending September 30, 2007, compared to 28.3 percent in the same period a year ago. The decline is due to a lower proportion of taxable versus tax-exempt income in the 2007 year-to-date period compared to the same period in 2006.
Other Key Performance Ratios
Other key ratios include return on average assets of 0.14 percent in third quarter 2007 compared to 0.92 percent during the prior-year period and 0.81 percent in the previous quarter. Return on average equity was 1.97 percent in third quarter 2007 compared to 12.38 percent in third quarter 2006 and 10.99 percent in second quarter 2007.
Asset Quality & Loan Loss
The percentage of total non-performing assets to total assets was 0.89 percent at September 30, 2007, up from 0.59 percent at September 30, 2006 and 0.78 percent at June 30, 2007. Net charge-offs were $4.5 million, an increase of $1.7 million from third quarter 2006 and a decrease of $326,000 from second quarter 2007. Net charge-offs were 45 basis points of average loans on an annualized basis during third quarter 2007, compared to 28 basis points for third quarter 2006 and 48 basis points for second quarter 2007.
Provision for loan losses of $15.3 million in third quarter 2007 increased $12.4 million from the $2.9 million in third quarter 2006 and increased $11.1 million from $4.2 million in second quarter 2007.
Buy-back Update
During third quarter 2007, 465,000 shares were repurchased at an average price of $25.35 in connection with the Company’s stock buy-back program. AMCORE had 22,480,000 ending shares outstanding at September 30, 2007 compared to 24,277,000 ending shares at September 30, 2006 and 22,922,000 ending shares outstanding at June 30, 2007.
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 http://www.amcore.com/.
AMCORE Financial, Inc.
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)($ in 000’s except per share data) 3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr.
SHARE DATA 2007 2007 2007 2006
Diluted earnings per share:
Income from continuing operations $0.08 $0.46 $0.35 $0.53
Net income $0.08 $0.46 $0.35 $0.54
Cash dividends $0.185 $0.185 $0.185 $0.185
Book value $16.76 $16.58 $16.89 $16.81
Average diluted shares outstanding 22,666 23,098 23,804 24,052
Ending shares outstanding 22,480 22,922 23,507 23,792INCOME STATEMENT
Total Interest Income $87,592 $86,817 $85,742 $88,090
Total Interest Expense 47,221 46,099 45,346 47,032
Net interest income 40,371 40,718 40,396 41,058Provision for loan losses 15,281 4,227 3,179 3,007
Non-interest income:
Investment management & trust 4,519 3,671 4,080 4,383
Service charges on deposits 7,852 7,436 6,329 6,536
Net mortgage revenues 317 596 926 862
Company owned life insurance 1,747 1,247 954 2,943
Brokerage commission 1,107 1,191 863 821
Bankcard fee income 1,995 1,947 1,860 1,663
Gain on sale of loans – 1 241 150
Net security (losses) gains (5,574) – – 42
Other 2,062 3,359 4,127 3,864
Total non-interest income 14,025 19,448 19,380 21,264Operating expenses:
Personnel costs 22,188 23,998 26,460 25,245
Net occupancy & equipment 6,167 5,852 6,316 5,581
Data processing 843 955 687 779
Professional fees 2,503 1,904 1,929 2,214
Communication 1,385 1,270 1,323 1,231
Advertising & business development 794 835 1,137 2,059
Other 5,180 5,734 7,130 5,140
Total operating expenses 39,060 40,548 44,982 42,249Income from continuing operations
before income taxes 55 15,391 11,615 17,066
Income tax (benefit) expense (1,834) 4,788 3,396 4,437
Income from continuing operations 1,889 10,603 8,219 12,629
Discontinued operations:
Income tax benefit – – – (328)
Income from discontinued operations – – – 328
Net Income $1,889 $10,603 $8,219 $12,957($ in 000’s except per share data) 3rd Qtr. 3Q/2Q 3Q 07/06
SHARE DATA 2006 Inc(Dec) Inc(Dec)
Diluted earnings per share:
Income from continuing operations $0.51 (83%) (84%)
Net income $0.51 (83%) (84%)
Cash dividends $0.185 0% 0%
Book value $16.73 1% 0%
Average diluted shares outstanding 24,498 (2%) (7%)
Ending shares outstanding 24,277 (2%) (7%)INCOME STATEMENT
Total Interest Income $87,525 1% 0%
Total Interest Expense 46,375 2% 2%
Net interest income 41,150 (1%) (2%)Provision for loan losses 2,863 262% 434%
Non-interest income:
Investment management & trust 4,182 23% 8%
Service charges on deposits 6,931 6% 13%
Net mortgage revenues 762 (47%) (58%)
Company owned life insurance 2,870 40% (39%)
Brokerage commission 700 (7%) 58%
Bankcard fee income 1,690 2% 18%
Gain on sale of loans 116 (100%) (100%)
Net security (losses) gains – 0% 0%
Other 3,909 (39%) (47%)
Total non-interest income 21,160 (28%) (34%)Operating expenses:
Personnel costs 23,274 (8%) (5%)
Net occupancy & equipment 5,533 5% 11%
Data processing 674 (12%) 25%
Professional fees 2,743 31% (9%)
Communication 1,379 9% 0%
Advertising & business development 1,789 (5%) (56%)
Other 7,076 (10%) (27%)
Total operating expenses 42,468 (4%) (8%)Income from continuing operations
before income taxes 16,979 (100%) (100%)
Income tax (benefit) expense 4,474 (138%) (141%)
Income from continuing operations 12,505 (82%) (85%)
Discontinued operations:
Income tax benefit – N/M N/M
Income from discontinued operations – N/M N/M
Net Income $12,505 (82%) (85%)3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr.
KEY RATIOS AND DATA 2007 2007 2007 2006Net interest margin (FTE) 3.35% 3.39% 3.38% 3.34%
Return on average assets (1) 0.14% 0.81% 0.63% 0.93%
Return on average equity (1) 1.97% 10.99% 8.34% 12.51%
Efficiency ratio (1) 71.81% 67.39% 75.25% 67.79%
Equity/assets (end of period) 7.16% 7.17% 7.54% 7.56%Allowance to loans (end of period) 1.31% 1.01% 1.04% 1.04%
Allowance to non-accrual loans 186.57% 132.69% 136.59% 136.16%
Allowance to non-performing loans 125.08% 107.97% 111.55% 126.42%
Non-accrual loans to loans 0.70% 0.76% 0.76% 0.76%
Non-performing assets to total assets 0.89% 0.78% 0.73% 0.64%(in millions)
Total assets under administration $2,789 $2,817 $2,711 $2,671
Mortgage loans closed $64 $87 $75 $84
Mortgage servicing rights, net $0.1 $1.2 $0.7 $14.3
Percentage of mortgage loans serviced 0.96% 1.07% 1.07% 0.97%3rd Qtr. Basis Point Basis Point
KEY RATIOS AND DATA 2006 Change ChangeNet interest margin (FTE) 3.33% (4) 2
Return on average assets (1) 0.92% (67) (78)
Return on average equity (1) 12.38% (902) (1041)
Efficiency ratio (1) 68.16% 442 365
Equity/assets (end of period) 7.46% (1) (30)Allowance to loans (end of period) 1.03% 30 28
Allowance to non-accrual loans 140.36% 54 46
Allowance to non-performing loans 134.93% 17 (10)
Non-accrual loans to loans 0.73% (6) (3)
Non-performing assets to total assets 0.59% 11 30(in millions)
Total assets under administration $2,627 (1%) 6%
Mortgage loans closed $111 (26%) (42%)
Mortgage servicing rights, net $14.2 (92%) (99%)
Percentage of mortgage loans serviced 0.98% (11) (2)N/M = not meaningful
(1) Ratios from continuing dataAMCORE Financial, Inc.
(Unaudited)($ in 000’s) 3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr.
AVERAGE BALANCE SHEET 2007 2007 2007 2006
Assets:
Investment securities,
at cost $860,426 $868,713 $897,511 $1,037,355
Short-term investments 4,814 3,584 19,127 7,672
Loans held for sale 8,514 13,477 12,305 14,983
Loans: Commercial 803,529 809,739 803,570 806,679
Commercial
real estate 2,382,397 2,389,201 2,354,882 2,322,050
Residential
real estate 491,982 495,046 498,427 506,514
Consumer 316,879 312,404 306,268 311,643
Total loans $3,994,787 $4,006,390 $3,963,147 $3,946,886
Total earning assets $4,868,541 $4,892,164 $4,892,090 $5,006,896Allowance for loan losses (42,354) (43,069) (41,653) (41,917)
Goodwill 6,148 6,148 6,148 6,148
Other non-earning assets 414,042 410,019 399,135 403,640
Total assets $5,246,377 $5,265,262 $5,255,720 $5,374,767Liabilities and
Stockholders’ Equity:
Non interest bearing
deposits $499,550 $502,813 $492,766 $504,960
Interest bearing deposits 1,809,846 1,786,600 1,784,489 1,760,241
Time deposits 1,130,992 1,161,978 1,199,365 1,217,385
Total bank issued
deposits $3,440,388 $3,451,391 $3,476,620 $3,482,586
Wholesale deposits 649,906 648,270 746,629 807,470
Short-term borrowings 294,584 323,911 157,511 286,422
Long-term borrowings 421,826 389,008 406,936 328,591
Total wholesale
funding $1,366,316 $1,361,189 $1,311,076 $1,422,483
Total interest bearing
liabilities 4,307,154 4,309,767 4,294,930 4,400,109
Other liabilities 59,949 65,784 68,126 69,290
Total liabilities $4,866,653 $4,878,364 $4,855,822 $4,974,359
Stockholders’ equity 391,731 396,666 411,131 412,003
Other comprehensive loss (12,007) (9,768) (11,233) (11,595)
Total stockholders’
equity 379,724 386,898 399,898 400,408
Total liabilities &
stockholders’ equity $5,246,377 $5,265,262 $5,255,720 $5,374,767CREDIT QUALITY
Ending allowance for loan
losses $51,500 $40,714 $41,308 $40,913
Net charge-offs 4,495 4,821 2,784 2,720
Net charge-offs to avg
loans (annualized) 0.45% 0.48% 0.28% 0.27%
Non-performing assets:
Non-accrual loans $27,603 $30,683 $30,242 $30,048
Loans 90 days past due
& still accruing 13,571 7,024 6,790 2,315
Total non-performing
loans 41,174 37,707 37,032 32,363
Foreclosed real estate 5,251 3,553 1,205 1,247
Other foreclosed assets 236 164 231 317
Total non-performing
assets $46,661 $41,424 $38,468 $33,927YIELD AND RATE ANALYSIS
Assets:
Investment securities
(FTE) 4.56% 4.42% 4.43% 4.54%
Short-term investments 6.61% 6.27% 5.64% 5.66%
Loans held for sale 6.51% 5.68% 4.86% 5.61%
Loans: Commercial 8.24% 8.27% 8.23% 8.08%
Commercial
real estate 7.75% 7.76% 7.80% 7.83%
Residential
real estate 7.13% 7.03% 7.05% 7.00%
Consumer 7.76% 7.69% 7.53% 7.41%
Total loans (FTE) 7.77% 7.77% 7.77% 7.74%
Total interest earning
assets (FTE) 7.20% 7.17% 7.14% 7.07%
Liabilities:
Interest bearing deposits 3.44% 3.30% 3.25% 3.18%
Time deposits 4.70% 4.69% 4.65% 4.57%
Total bank issued deposits 3.92% 3.85% 3.82% 3.75%
Wholesale deposits 5.13% 5.11% 5.16% 5.10%
Short-term borrowings 5.08% 5.09% 4.85% 5.10%
Long-term borrowings 5.61% 5.62% 5.85% 5.86%
Total wholesale funding 5.27% 5.25% 5.34% 5.27%
Total interest bearing
liabilities 4.35% 4.29% 4.28% 4.24%
Net interest spread 2.85% 2.88% 2.86% 2.83%
Net interest margin (FTE) 3.35% 3.39% 3.38% 3.34%FTE adjustment (000’s) $657 $619 $608 $974
AMCORE Financial, Inc.
(Unaudited)
3Q
($ in 000’s) 3rd Qtr. 3Q/2Q 07/06 Ending
AVERAGE BALANCE SHEET 2006 Inc(Dec) Inc(Dec) Balances
Assets:
Investment securities , at cost $1,105,999 (1%) (22%) $875,660
Short-term investments 6,005 34% (20%) 3,368
Loans held for sale 27,036 (37%) (69%) 8,753
Loans: Commercial 820,647 (1%) (2%) 793,307
Commercial real estate 2,269,703 (0%) 5% 2,358,973
Residential real estate 495,917 (1%) (1%) 478,259
Consumer 317,455 1% (0%) 313,245
Total loans $3,903,722 (0%) 2% $3,943,784
Total earning assets $5,042,762 (0%) (3%) $4,831,565Allowance for loan losses (41,503) (2%) 2% (51,500)
Goodwill 6,148 0% 0% 6,148
Other non-earning assets 397,302 1% 4% 473,028
Total assets $5,404,709 (0%) (3%) $5,259,241
Liabilities and Stockholders’ Equity:
Non interest bearing deposits $484,502 (1%) 3% $547,417
Interest bearing deposits 1,716,174 1% 5% 1,840,754
Time deposits 1,246,157 (3%) (9%) 1,109,334
Total bank issued deposits $3,446,833 (0%) (0%) $3,497,505
Wholesale deposits 790,629 0% (18%) 633,551
Short-term borrowings 327,337 (9%) (10%) 327,822
Long-term borrowings 372,472 8% 13% 368,641
Total wholesale funding $1,490,438 0% (8%) $1,330,014
Total interest bearing liabilities 4,452,769 (0%) (3%) 4,280,102
Other liabilities 66,608 (9%) (10%) 55,049
Total liabilities $5,003,879 (0%) (3%) $4,882,568
Stockholders’ equity 420,177 (1%) (7%) 380,545
Other comprehensive loss (19,347) 23% (38%) (3,872)
Total stockholders’ equity 400,830 (2%) (5%) 376,673
Total liabilities & stockholders’
equity $5,404,709 (0%) (3%) $5,259,241CREDIT QUALITY
Ending allowance for loan losses $40,626 26% 27%
Net charge-offs 2,797 (7%) 61%
Net charge-offs to avg loans
(annualized) 0.28% (6%) 61%
Non-performing assets:
Non-accrual loans $28,945 (10%) (5%)
Loans 90 days past due &
still accruing 1,164 93% 1066%
Total non-performing loans 30,109 9% 37%
Foreclosed real estate 1,540 48% 241%
Other foreclosed assets 483 44% (51%)
Total non-performing assets $32,132 13% 45%YIELD AND RATE ANALYSIS
Assets:
Investment securities (FTE) 4.55%
Short-term investments 5.73%
Loans held for sale 5.70%
Loans: Commercial 8.12%
Commercial real estate 7.75%
Residential real estate 6.97%
Consumer 7.16%
Total loans (FTE) 7.68%
Total interest earning assets (FTE) 6.98%
Liabilities:
Interest bearing deposits 3.05%
Time deposits 4.31%
Total bank issued deposits 3.58%
Wholesale deposits 4.98%
Short-term borrowings 4.92%
Long-term borrowings 6.04%
Total wholesale funding 5.23%
Total interest bearing liabilities 4.13%
Net interest spread 2.85%
Net interest margin (FTE) 3.33%FTE adjustment (000’s) $1,054
First Call Analyst:
FCMN Contact:
Source: AMCORE Financial, Inc.
