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First Midwest Bancorp, Inc. 10-K

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First Midwest Bancorp, Inc. 10-K 2020 ANNUAL REPORT 2020 ANNUAL REPORT FIRST MIDWEST BANCORP, INC. FIRST MIDWEST BANCORP, First Midwest Bancorp, Inc. 8750 West Bryn Mawr Avenue, Suite 1300, Chicago, Illinois 60631 (800) 322-3623 | firstmidwest.com | NASDAQ: FMBI Stockholder Information Annual Stockholder Meeting Direct Deposit First Midwest Bancorp, Inc. will hold its 2021 Holders of First Midwest Bancorp, Inc. common Annual Meeting of Stockholders on Wednesday, stock may have their dividends deposited directly May 19, 2021. Additional details regarding First to their savings, checking or money market account Midwest’s 2021 Annual Meeting of Stockholders can at any financial institution. Information concerning be found in the definitive proxy statement filed with dividend direct deposit can be obtained from First the SEC in connection therewith. Midwest or our transfer agent. SEC Filings and General Information Dividend Reinvestment/Stock Purchase First Midwest Bancorp, Inc. makes various filings Holders of First Midwest Bancorp, Inc. common with the SEC, including quarterly and annual reports, stock may fully or partially reinvest dividends paid proxy statements and other filings. Requests for on their shares and invest up to $5,000 quarterly in these filings and general inquiries regarding stock First Midwest common stock without incurring any and dividend information, quarterly earnings and brokerage fees. Information concerning reinvestment news releases may be directed to Investor Relations of dividends and stock purchases can be obtained at the below address or can be obtained through the from First Midwest or our transfer agent. Investor Relations section of First Midwest’s website at https://investor.firstmidwest.com. Transfer Agent/Stockholder Services Investor Relations Contact Holders of First Midwest Bancorp, Inc. common First Midwest Bancorp, Inc. stock with inquiries regarding their accounts, 8750 West Bryn Mawr Avenue, Suite 1300 dividends, change of ownership or address, lost Chicago, Illinois 60631 certificates, consolidation of accounts or registering (708) 831-7270 shares electronically through the direct registration [email protected] system should contact our transfer agent, Computershare, via: Customer Care Contact First Midwest Bank Phone (800) 322-3623 Within USA: (888) 581-9376 www.firstmidwest.com/contact-us Outside USA: (201) 680-6578 Mail Dividend Payments Computershare Anticipated dividend payable dates on First Midwest P.O. Box 505000 Bancorp, Inc.’s common stock and preferred stock Louisville, Kentucky 40233-5000 (1/40th interests in which are represented by Overnight depositary shares), subject to the approval of the Computershare Board of Directors, are: 462 South 4th Street, Suite 1600 Louisville, Kentucky 40202 Common stock: January, April, July and October Online Investor Center Preferred stock (Series A and Series C): February, www.computershare.com/investor May, August and November Online Inquiries www-us.computershare.com/investor/contact 2020 Annual Report | Page 1 First Midwest At-a-Glance VISION MISSION VALUES To be the partner of choice for To help our clients achieve To serve our clients with integrity, financial services in the markets financial success. excellence, responsibility and passion. we serve, and one of the nation’s top performing financial institutions. 3rd largest independent Illinois-based bank Milwaukee/SE Wisconsin Wisconsin $21bn of total assets McHenry & Lake Counties $16bn of total deposits Iowa Chicago 2,100+ colleagues Quad Cities NW Indiana Multi-state, Midwestern reach Joliet Knox County Indiana Illinois Vermilion & Champaign 16% DeKalb County Counties Asset CAGR growth since 2016 Commercial Consumer Wealth Middle Market, Business Banking, More than 100 consumer Full-service Wealth Management Structured Finance, ESOP, branches and dedicated Consumer, capabilities, including Private Commercial Real Estate, Treasury Small Business, Mortgage and Banking, Fiduciary and Investment Management, Equipment Leasing, eCommerce teams Management Services Healthcare $4.2bn of total loans; $14bn of assets under $10.6bn of total loans; $3.6bn of average deposits management $11.6bn of average deposits 2020 Annual Report | Page 2 Michael L. Scudder Chairman and Chief Executive Officer First Midwest Bancorp, Inc. To our stockholders, 2020 was a year for the record books; one that was defined • Supported our communities by sponsoring numerous by a global pandemic, a volatile economic and political charitable organizations and committing $2.5 million environment and a national reckoning on racial and social in financial support to local nonprofit organizations. justice. • Protected our ability to grow and support clients by When our Company set its plan for 2020, we were coming securing and holding an additional $230 million in off a record 2019 and moving into what was expected capital and doubling our loan reserves from 2019. to be a lower but relatively stable rate environment. The pandemic quickly changed those expectations. Our energy Our performance in 2020 was truly a testament to the and focus immediately shifted to where it was needed strength and character of our Company and our teams. I am most—protecting and supporting clients, communities, extremely proud of our 2,100 colleagues, whose resilience, stockholders and each other. strength and commitment to upholding our mission and values did not waiver through what was an historically Looking back, our accomplishments were both important intense and turbulent period for all of us. and far reaching. Our teams embraced our Company’s role as an essential part of the financial system, working 2020 Performance Highlights tirelessly to provide necessary support to all stakeholders. Our 2020 financial performance reflected both the severity Among these important achievements, we: of the times as well as the impact on our markets and businesses. Elevated unemployment levels, zero percent • Provided clients with vital on-site support and took interest rates and varying levels of federal, state and local steps to protect their health and well-being, as well as response combined to slow demand, significantly impacting that of our colleagues, while continuing to offer the revenue and driving the need to reposition capital. level of service excellence on which they depend. We took several actions to proactively respond to the • Offered valuable aid and assistance to ease the sudden pivot in both the economic and operating outlook financial burden on businesses and individuals, and position ourselves for long-term success: including providing payment and fee relief to more than 9,000 clients through multiple federally and internally • We prudently added $230 million of preferred sponsored programs. equity and suspended our announced common stock repurchase program. Doing so bolstered an already- • Did our part to stand up the Paycheck Protection strong capital foundation and gave us flexibility to Program (PPP) in a matter of weeks, helping to secure redeploy excess capital as conditions stabilized. more than $1.2 billion in loans and providing financial Recognizing the improved economic outlook, we relief and confidence to more than 150,000 small reinstated our repurchase program in early 2021. business owners, employees and their families. • We increased our reserves for potential loan losses to • Recognized the valuable contributions of colleagues 1.7% of total loans, doubling the levels we had at the through supplemental bonuses, pay premiums, interest- end of 2019. free loans, enhanced benefits and paid time off programs. 2020 Annual Report | Page 3 • We optimized our balance sheet in light of the extended The strain of the pandemic did not lessen but strengthened low-rate environment, terminating long-term interest our commitment to corporate social responsibility and rate swaps and re-mixing longer-duration securities and diversity, equity and inclusion. We committed $2.5 million loans. to nonprofit organizations in local communities. We also encouraged philanthropic giving among colleagues by • We further optimized our retail distribution channels to enhancing our matching gifts program and incenting better align with clients’ online preferences and needs contributions to nonprofit organizations that support civil by consolidating 15% of our branch network. rights, anti-racism and social justice causes. As a result, we earned $0.87 per share in 2020, down from In March 2020, I joined other industry leaders in signing $1.82 per share in 2019. This decline was largely reflective the CEO Action for Diversity and Inclusion pledge, one of of the lower interest rate environment, the impacts of the the largest CEO-driven business commitments to advance pandemic and our efforts in response. Away from all of diversity and inclusion in the workplace. We also offered this, as well as from acquisition and integration costs, several opportunities for colleagues to engage in open and earnings per share in 2020 was nearly 85% of 2019, solely honest conversations about race and equity to support them reflective of the rapid shift in interest rates. on their learning journeys. Importantly, we grew assets to $21 billion, adding $1.2 Finally, we were again recognized as a Chicago Tribune Top billion through our acquisition of Park Bank, expanding Workplace, where we were the highest-ranked commercial our presence in Milwaukee and Southeast Wisconsin. We bank in 2020. We are grateful to earn this achievement increased total loans by 15% to $15 billion.
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