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Wed, July 22, 2009 First Midwest Bancorp, Inc.: First Midwest Bancorp, Inc. Announces Second Quarter 2009 Earnings of $2.7 Million
ITASCA, IL--(Marketwire - July 22, 2009) - First Midwest Bancorp, Inc. (
Second Quarter 2009 Operating Performance
-- After-tax earnings of $2.7 million compared to $5.7 million for first quarter 2009 and $27.0 million for second quarter 2008. -- Pre-tax earnings of $29.4 million, excluding provision expense, net securities gains, and special Federal Deposit Insurance Corporation ("FDIC") deposit insurance assessment, compared to $36.4 million for first quarter 2009 and $37.4 million for second quarter 2008. -- Average core transactional deposits up 8.7% from first quarter 2009 and 2.4% from second quarter 2008. -- Net interest margin of 3.53% compared to 3.67% for first quarter 2009 and 3.58% for second quarter 2008. -- Net securities gains realized of $6.6 million for second quarter 2009. Capital and Credit
-- Increased tangible common equity, Tier 1 regulatory capital, and Tier 1 common ratios to 5.56%, 12.38%, and 7.36%, respectively, from first quarter 2009. -- Increased loan loss reserves to 2.40% of total loans compared to 2.15% at March 31, 2009, with second quarter 2009 provision exceeding net charge- offs by $11.5 million. -- Decreased non-accrual loans plus loans past due 90 days or more and still accruing interest to 4.60% of total loans compared to 4.78% at March 31, 2009.
First Midwest Bancorp, Inc. (the "Company" or "First Midwest") (
"Performance for the quarter reflects the execution of a number of planned steps taken to strengthen the overall Company and navigate what remains a very difficult operating environment," said Michael L. Scudder, President and Chief Executive Officer of First Midwest Bancorp, Inc. "Our core operating performance remains solid as we continue to benefit from strong net interest margins, an efficient operating model, an increasing core deposit base, and a flexible balance sheet. This performance has enabled us to absorb a significant increase in loan loss provisioning and higher credit remediation costs and, at the same time, strengthen our overall capital position."
Scudder further commented, "Additionally, our efforts to address early stage delinquencies are producing benefits. These efforts have resulted in higher restructured loan and foreclosed real estate levels which, when combined with declines in comparative delinquency levels, better position us to reduce our level of non-performing assets."
Operating Performance
The Company generated income before taxes, credit losses, securities gains, and special FDIC deposit insurance assessment of $29.4 million for second quarter 2009 compared to $36.4 million for first quarter 2009. The decline was due primarily to an increase in operating expenses of $2.8 million incurred to remediate loans and maintain other real estate owned and a $2.6 million reversal of year to date interest accrued on loans placed on non-accrual.
Total loans as of June 30, 2009 were $5.32 billion, down $64.6 million from March 31, 2009, with $54.6 million of the decrease due to either charge-offs or transfer of loans to other real estate owned.
Average core transactional deposits for second quarter 2009 were $3.74 billion, an increase of $297.7 million, or 8.7%, from first quarter 2009 due largely to normal seasonality in public fund deposits. The year-over-year increase was $87.4 million, or 2.4%, and is due largely to growth in money market account balances.
Tax-equivalent net interest margin was 3.53% for second quarter 2009, down from 3.67% for first quarter 2009. During second quarter 2009, the Company placed loans on non-accrual status and accordingly reversed interest accrued to date of $2.6 million. Excluding this adjustment, second quarter net margin would have been approximately 3.67%.
Fee-based revenues were $21.2 million for second quarter 2009, an increase of approximately $1.1 million compared to first quarter 2009. All major fee categories increased relative to the previous quarter with such increases primarily due to seasonality.
Other income, excluding fee-based revenues, increased from the previous quarter by $3.1 million, principally due to recording a market adjustment related to certain assets held under a non-qualified deferred compensation plan. Such increase is substantially offset by a corresponding increase in compensation expense.
For second quarter 2009, noninterest expense increased $10.8 million compared to the previous quarter. The increase was primarily due to $3.5 million in expense resulting from an industry-wide special deposit insurance assessment by the FDIC, a charge to compensation related to the market value adjustment of certain non-qualified deferred compensation plan assets (referred to above) of $2.8 million, increases in other real estate owned expenses and loan remediation costs of $2.8 million, and certain other expenses due to seasonality. The second quarter 2009 efficiency ratio of 61.5% is elevated due to these items. Excluding the impact of the special FDIC assessment and the market value adjustment the efficiency ratio would be reduced to 56.2%.
Credit Remediation
Non-accrual loans plus 90 days past due and still accruing loans as of June 30, 2009 were $245.1 million compared to $257.5 million at March 31, 2009, with residential construction loans comprising approximately 50% of the June 30, 2009 total. Non-accrual loans at June 30, 2009 totaled $219.0 million compared to $183.5 million at March 31, 2009, while loans 90 days past due and still accruing totaled $26.1 million, a decline of $47.9 million from March 31, 2009.
At June 30, 2009, the Company had total restructured loans of $30.1 million. Restructured loans for which interest is accruing totaled $18.9 million at June 30, 2009, up from $1.1 million at March 31, 2009. Included in the non-accrual loan total are additional restructured loans totaling $11.2 million, which will not accrue interest until the borrowers demonstrate a period of performance under the restructured terms. At such time, the Company will again accrue interest on these loans.
As of June 30, 2009, loans 30-89 days past due totaled $38.1 million, a decline of $16.2 million from March 31, 2009. The decline reflects the benefits derived from expanded resources focused on the early remediation of potential problem loans as well as the migration of certain loans to other problem categories.
Other real estate owned was $68.9 million as of June 30, 2009 compared to $39.0 million as of March 31, 2009. All properties are recorded at estimated fair values, less estimated selling costs. The increase from first quarter 2009 is due primarily to real estate collateral obtained through deeds-in-lieu of foreclosure in an effort to accelerate control and facilitate sales.
During second quarter 2009, the Company increased its reserve for loan losses to $127.5 million, up $11.5 million from March 31, 2009. The reserve for loan losses represented 2.40% of total loans outstanding at June 30, 2009, compared to 2.15% at March 31, 2009. Net charge-offs totaled $24.7 million, or 1.85% of total average loans, during second quarter 2009, compared to $26.3 million, or 1.98% of total average loans in first quarter 2009. The provision for loan losses for second quarter 2009 was $36.3 million, compared to $48.4 million for first quarter 2009. The reserve for loan losses to non-accrual loans plus 90 days past due loans was 52.03% at June 30, 2009 versus 45.05% at March 31, 2009 and 105.35% at June 30, 2008.
Securities Portfolio
Net securities gains were $6.6 million for second quarter 2009. During second quarter 2009, the Company took advantage of opportunities in the market to sell $388.8 million of mortgage-backed and municipal securities for a gain of $10.7 million. This was partially offset by impairment charges totaling $4.1 million associated with four trust-preferred collateralized debt obligations.
Capital Management
Regulatory and tangible common equity ratios were improved in comparison to March 31, 2009, with such improvement driven by a redeployment of assets which reduced total risk-based assets and a decline in total assets, with the decline primarily due to a reduction in the size of the investment securities portfolio. As reflected in the following table, all regulatory mandated ratios for characterization as "well capitalized" were significantly exceeded as of June 30, 2009.
Minimum Well- Excess Over June March Capital- Required 30, 31, ized Minimums at 2009 2009 Level June 30, 2009 ------ ------ ------ -------------- (Amounts in millions) Regulatory Capital Ratios: Total capital to risk-weighted assets 15.21% 14.62% 10.00% 52% $ 330 Tier 1 capital to risk-weighted assets 12.38% 11.85% 6.00% 106% $ 404 Tier 1 leverage to average assets 9.87% 9.60% 5.00% 97% $ 387 Regulatory capital ratios, excluding preferred stock: Total capital to risk-weighted assets 12.17% 11.70% 10.00% 22% $ 137 Tier 1 capital to risk-weighted assets 9.33% 8.93% 6.00% 55% $ 211 Tier 1 leverage to average assets 7.44% 7.23% 5.00% 49% $ 194 Tier 1 common capital to risk-weighted assets 7.36% 7.04% N/A Tangible equity ratios: Tangible common equity to tangible assets 5.56% 5.36% N/A Tangible common equity, excluding other comprehensive loss, to tangible assets 6.23% 5.83% N/A Tangible common equity to risk-weighted assets 6.57% 6.47% N/A
The Board of Directors reviews the Company's capital plan each quarter, giving consideration to the current and expected operating environment as well as an evaluation of various capital alternatives.
About the Company
First Midwest is the premier relationship-based banking franchise in the growing Chicagoland banking market. As one of the Chicago metropolitan area's largest independent bank holding companies, First Midwest provides the full range of both business and retail banking and trust and investment management services through some 100 offices located in 62 communities, primarily in metropolitan Chicago. First Midwest was recently recognized by the Alfred P. Sloan awards for Business Excellence in Workforce Flexibility in the greater Chicago Area.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts but instead represent only the Company's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that actual results and the Company's financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the Company's future results, see "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and other reports filed with the Securities and Exchange Commission. Forward-looking statements represent management's best judgment as of the date hereof based on currently available information. Except as required by law, the Company undertakes no duty to update the contents of this press release after the date hereof.
Conference Call
A conference call to discuss the Company's results, outlook and related matters will be held on Wednesday, July 22, 2009 at 10:00 a.m. (ET). Members of the public who would like to listen to the conference call should dial 1-866-700-6067 (U.S. domestic) or 1-617-213-8834 (international) and enter passcode number 434 12 643. The number should be dialed at least 10 minutes prior to the start of the conference call. There is no charge to access the call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the Company's website, [ www.firstmidwest.com/aboutinvestor_overview.asp ]. For those unable to listen to the live broadcast, a replay will be available on the Company's website or by dialing 1-888-286-8010 (U.S. domestic) or 1-617-801-6888 (international) passcode number 963 01 975, beginning 1:00 p.m. (ET) on July 22, 2009 until 11:59 p.m. (ET) on July 29, 2009. Please direct any questions regarding obtaining access to the conference call to First Midwest Bancorp, Inc. Investor Relations, via e-mail, at [ investor.relations@firstmidwest.com ].
Accompanying Financial Statements and Tables
Accompanying this press release is the following unaudited financial information:
-- Operating Highlights, Balance Sheet Highlights, and Capital Ratios (1 page) -- Condensed Consolidated Statements of Condition (1 page) -- Condensed Consolidated Statements of Income (1 page) -- Loan Portfolio Composition (1 page) -- Asset Quality (1 page) -- Securities Available-for-Sale (1 page)
Press Release and Additional Information Available on Website
This press release, the accompanying financial statements and tables, and certain additional unaudited Selected Financial Information (totaling 3 pages) are available through the "Investor Relations" section of First Midwest's website at [ www.firstmidwest.com ].
First Midwest Bancorp, Inc. Press Release Dated July 22, 2009 Operating Highlights Unaudited Quarters Ended ------------------------------------- (Dollar amounts in thousands, except June 30, March 31, June 30, per share data) 2009 2009 2008 ----------- ----------- ----------- Net income $ 2,663 $ 5,727 $ 26,997 Net income applicable to common shares 63 3,155 26,922 Diluted earnings per share $ - $ 0.07 $ 0.55 Return on average common equity 0.04% 1.78% 14.53% Return on average assets 0.13% 0.28% 1.33% Net interest margin 3.53% 3.67% 3.58% Efficiency ratio 61.45% 52.33% 51.67% Balance Sheet Highlights Unaudited As Of ------------------------------------- (Dollar amounts in thousands, except June 30, March 31, June 30, per share data) 2009 2009 2008 ----------- ----------- ----------- Total assets $ 7,767,312 $ 8,252,576 $ 8,311,025 Total loans 5,322,533 5,387,128 5,182,355 Total deposits 5,766,656 5,508,382 5,785,163 Total stockholders’ equity 892,053 903,612 724,034 Common stockholders’ equity 699,053 710,612 724,034 Book value per common share $ 14.22 $ 14.61 $ 14.90 Period end common shares outstanding 49,161 48,628 48,584 Capital Ratios Unaudited As Of ------------------------------------- June 30, March 31, June 30, 2009 2009 2008 ----------- ----------- ----------- Regulatory capital ratios: Total capital to risk-weighted assets 15.21% 14.62% 11.87% Tier 1 capital to risk-weighted assets 12.38% 11.85% 9.29% Tier 1 leverage to average assets 9.87% 9.60% 7.56% Regulatory capital ratios, excluding preferred stock: Total capital to risk-weighted assets 12.17% 11.70% 11.87% Tier 1 capital to risk-weighted assets 9.33% 8.93% 9.29% Tier 1 leverage to average assets 7.44% 7.23% 7.56% Tier 1 common capital to risk-weighted assets 7.36% 7.04% 7.35% Tangible common equity ratios: Tangible common equity to tangible assets 5.56% 5.36% 5.45% Tangible common equity, excluding other comprehensive loss, to tangible assets 6.23% 5.83% 5.90% Tangible common equity to risk-weighted assets 6.57% 6.47% 6.79% First Midwest Bancorp, Inc. Press Release Dated July 22, 2009 Condensed Consolidated Statements of Condition Unaudited June 30, ------------------------ (Amounts in thousands) 2009 2008 ----------- ----------- Assets Cash and due from banks $ 132,231 $ 174,122 Funds sold and other short-term investments 7,723 692 Trading account securities, at fair value 12,203 17,368 Securities available-for-sale, at fair value 1,450,082 2,106,461 Securities held-to-maturity, at amortized cost 86,245 94,580 Federal Home Loan Bank and Federal Reserve Bank stock, at cost 54,768 54,767 Loans 5,322,533 5,182,355 Reserve for loan losses (127,528) (66,104) ----------- ----------- Net loans 5,195,005 5,116,251 ----------- ----------- Other real estate owned 68,878 7,042 Premises, furniture, and equipment 115,702 121,215 Investment in bank owned life insurance 197,564 206,132 Goodwill and other intangible assets 282,592 286,737 Accrued interest receivable and other assets 164,319 125,658 ----------- ----------- Total assets $ 7,767,312 $ 8,311,025 =========== =========== Liabilities and Stockholders' Equity Deposits Transactional deposits $ 3,778,879 $ 3,684,976 Time deposits 1,971,889 2,072,859 Brokered deposits 15,888 27,328 ----------- ----------- Total deposits 5,766,656 5,785,163 Borrowed funds 792,176 1,489,908 Subordinated debt 232,342 232,476 Accrued interest payable and other liabilities 84,085 79,444 ----------- ----------- Total liabilities 6,875,259 7,586,991 ----------- ----------- Preferred stock 189,921 - Common stock 613 613 Additional paid-in capital 193,623 206,113 Retained earnings 850,950 866,844 Accumulated other comprehensive loss (49,482) (35,949) Treasury stock, at cost (293,572) (313,587) ----------- ----------- Total stockholders' equity 892,053 724,034 ----------- ----------- Total liabilities and stockholders' equity $ 7,767,312 $ 8,311,025 =========== =========== First Midwest Bancorp, Inc. Press Release Dated July 22, 2009 Condensed Consolidated Statements of Income Unaudited Quarters Ended ------------------------------- (Amounts in thousands, except per share June 30, March 31, June 30, data) 2009 2009 2008 --------- --------- --------- Interest Income Loans $ 64,071 $ 65,447 $ 74,819 Securities 21,002 26,030 26,391 Other 66 3 103 --------- --------- --------- Total interest income 85,139 91,480 101,313 --------- --------- --------- Interest Expense Deposits 17,152 18,927 28,036 Borrowed funds 3,893 4,632 9,249 Subordinated debt 3,703 3,702 3,702 --------- --------- --------- Total interest expense 24,748 27,261 40,987 --------- --------- --------- Net interest income 60,391 64,219 60,326 Provision for loan losses 36,262 48,410 5,780 --------- --------- --------- Net interest income after provision for loan losses 24,129 15,809 54,546 --------- --------- --------- Noninterest Income Service charges on deposit accounts 9,687 9,044 11,385 Trust and investment management fees 3,471 3,329 3,945 Other service charges, commissions, and fees 4,021 4,006 4,456 Card-based fees 4,048 3,755 4,236 --------- --------- --------- Subtotal, fee-based revenues 21,227 20,134 24,022 Bank owned life insurance income 1,159 541 2,145 Securities gains (losses), net 6,635 8,222 (4,618) Other 2,373 (126) 874 --------- --------- --------- Total noninterest income 31,394 28,771 22,423 --------- --------- --------- Noninterest Expense Salaries and employee benefits 28,229 23,311 26,368 FDIC insurance 6,034 2,361 251 Net occupancy expense 5,194 6,506 5,528 Loan remediation and other real estate owned expense, net 4,296 1,523 1,375 Equipment expense 2,195 2,331 2,451 Technology and related costs 2,142 2,240 1,820 Other 11,143 10,122 12,152 --------- --------- --------- Total noninterest expense 59,233 48,394 49,945 --------- --------- --------- (Loss) income before taxes (3,710) (3,814) 27,024 Income tax (benefit) expense (6,373) (9,541) 27 --------- --------- --------- Net Income 2,663 5,727 26,997 Preferred dividends (2,566) (2,563) - Net income applicable to non-vested restricted shares (34) (9) (75) --------- --------- --------- Net Income Applicable to Common Shares $ 63 $ 3,155 $ 26,922 ========= ========= ========= Diluted Earnings Per Common Share $ - $ 0.07 $ 0.55 Dividends Declared Per Common Share $ 0.01 $ 0.01 $ 0.31 Weighted Average Diluted Common Shares Outstanding 48,501 48,493 48,519 First Midwest Bancorp, Inc. Press Release Dated July 22, 2009 Percent Change Unaudited As Of From --------------------------------------- ---------------- (Dollar amounts % of in thousands) 6/30/09 Total 3/31/09 6/30/08 3/31/09 6/30/08 ---------- ----- ---------- ---------- ------- ------- Loan Portfolio Composition Commercial and industrial $1,457,413 27.4% $1,508,175 $1,448,723 (3.4%) 0.6% Agricultural 210,675 4.0% 219,178 281,002 (3.9%) (25.0%) Commercial real estate: Office, retail, and industrial 1,117,748 21.0% 1,086,987 951,776 2.8% 17.4% Residential construction 442,300 8.3% 466,195 510,818 (5.1%) (13.4%) Commercial construction 204,042 3.8% 232,675 246,668 (12.3%) (17.3%) Commercial land 119,758 2.3% 107,540 141,272 11.4% (15.2%) Multifamily 305,976 5.7% 311,865 218,805 (1.9%) 39.8% Investor-owned rental property 132,173 2.5% 132,049 134,680 0.1% (1.9%) Other commercial real estate 626,959 11.8% 593,262 492,356 5.7% 27.3% ---------- ----- ---------- ---------- ------- ------- Total commercial real estate 2,948,956 55.4% 2,930,573 2,696,375 0.6% 9.4% ---------- ----- ---------- ---------- ------- ------- Consumer: Home equity 480,706 9.0% 480,283 460,581 0.1% 4.4% Real estate 1-4 family 171,186 3.2% 185,486 213,295 (7.7%) (19.7%) Other consumer 53,597 1.0% 63,433 82,379 (15.5%) (34.9%) ---------- ----- ---------- ---------- ------- ------- Total consumer 705,489 13.2% 729,202 756,255 (3.3%) (6.7%) ---------- ----- ---------- ---------- ------- ------- Total loans $5,322,533 100.0% $5,387,128 $5,182,355 (1.2%) 2.7% ========== ===== ========== ========== ======= ======= Office, Retail, and Industrial Office $ 356,946 31.9% $ 346,806 $ 298,877 2.9% 19.4% Retail 297,829 26.7% 295,336 244,765 0.8% 21.7% Industrial 462,973 41.4% 444,845 408,134 4.1% 13.4% ---------- ----- ---------- ---------- ------- ------- Total office, retail, and industrial $1,117,748 100.0% $1,086,987 $ 951,776 2.8% 17.4% ========== ===== ========== ========== ======= ======= First Midwest Bancorp, Inc. Press Release Dated July 22, 2009 Unaudited As Of --------------------------------------------- % of (Dollar amounts in Loan % of thousands) 6/30/09 Category Total 3/31/09 6/30/08 -------- -------- ----- -------- -------- Asset Quality Non-accrual loans: Commercial and industrial $ 41,542 2.85% 19.0% $ 33,245 $ 5,222 Agricultural 452 0.21% 0.2% 12 12 Office, retail, and industrial 13,058 1.17% 6.0% 12,769 1,125 Residential construction 126,618 28.63% 57.8% 107,766 11,664 Commercial construction - - - - - Multi-family 10,632 3.47% 4.9% 6,989 3,016 Other commercial real estate 19,637 2.23% 9.0% 16,013 873 Consumer 7,076 1.00% 3.2% 6,747 3,324 -------- ======== ----- -------- -------- Total non-accrual loans 219,015 4.11% 100.0% 183,541 25,236 -------- ======== ===== -------- -------- 90 days past due loans (still accruing interest): Commercial and industrial 7,174 0.49% 27.5% $ 16,208 $ 4,530 Agricultural 1,931 0.92% 7.4% 1,751 - Office, retail, and industrial 1,013 0.09% 3.9% 12,719 2,855 Residential construction 5,022 1.14% 19.3% 20,593 16,696 Commercial construction 689 0.34% 2.6% - - Multi-family 699 0.23% 2.7% 3,356 2,071 Other commercial real estate 1,938 0.22% 7.4% 8,900 3,410 Consumer 7,605 1.08% 29.2% 10,402 7,948 -------- ======== ----- -------- -------- Total 90 days past due loans 26,071 0.49% 100.0% 73,929 37,510 -------- ======== ===== -------- -------- Total non-accrual and 90 days past due loans 245,086 257,470 62,746 Restructured, accruing loans 18,877 1,063 2,061 -------- -------- -------- Total non-performing loans $263,963 $258,533 $ 64,807 ======== ======== ======== Other real estate owned $ 68,878 $ 38,984 $ 7,042 30-89 days past due loans $ 38,128 0.72% 0.0% $ 54,311 $185,186 Reserve for loan losses $127,528 - - $116,001 $ 66,104 Asset Quality Ratios Non-accrual loans to loans 4.11% - - 3.41% 0.49% Non-accrual plus 90 days past due loans to loans 4.60% - - 4.78% 1.21% Non-performing loans to loans 4.96% - - 4.80% 1.25% Reserve for loan losses to loans 2.40% - - 2.15% 1.28% Reserve for loan losses to non-accrual loans 58% - - 63% 262% Reserve for loan losses to non-accrual plus 90 days past due loans to loans 52% - - 45% 105% Reserve for loan losses to non-performing loans 48% - - 45% 102% ======== ======== ======== Quarters Ended --------------------------------------------- % of (Dollar amounts in Loan % of thousands) 6/30/09 Category Total 3/31/09 6/30/08 -------- -------- ----- -------- -------- Charge-off Data Net loans charged-off: Commercial and industrial $ 7,006 0.48% 28.3% $ 12,093 $ 2,338 Agricultural - 0.00% 0.0% - 42 Office, retail, and industrial 217 0.02% 0.9% 878 31 Residential construction 8,427 1.91% 34.1% 10,719 138 Commercial construction - - - - - Multifamily 1,086 0.35% 4.4% 43 830 Other commercial real estate 3,197 0.36% 12.9% 69 116 Consumer 4,802 0.68% 19.4% 2,476 961 -------- ======== ----- -------- -------- Total net loans charged-off $ 24,735 1.85% 100.0% $ 26,278 $ 4,456 ======== ======== ===== ======== ======== Net loan charge-offs to average loans (annualized): Quarter-to-date 1.85% - - 1.98% 0.35% Year-to-date 1.91% - - 1.98% 0.42% First Midwest Bancorp, Inc. Press Release Dated July 22, 2009 Securities Available-For-Sale U.S. Treasury Collateralized Other State and Mortgage Mortgage and Agency Obligations Backed Municipal --------- ---------- ---------- ---------- As of June 30, 2009 Amortized cost $ - $ 382,526 $ 221,481 $ 767,856 Gross unrealized gains (losses): Gross unrealized gains - 8,349 6,786 4,907 Gross unrealized losses - (3,456) (15) (14,778) --------- ---------- ---------- ---------- Net unrealized gains (losses) - 4,893 6,771 (9,871) --------- ---------- ---------- ---------- Fair value $ - $ 387,419 $ 228,252 $ 757,985 ========= ========== ========== ========== As of March 31, 2009 Amortized cost $ 122 $ 598,367 $ 344,503 $ 861,547 Gross unrealized gains (losses): Gross unrealized gains - 14,094 11,575 9,136 Gross unrealized losses - (3,120) (24) (16,134) --------- ---------- ---------- ---------- Net unrealized gains (losses) - 10,974 11,551 (6,998) --------- ---------- ---------- ---------- Fair value $ 122 $ 609,341 $ 356,054 $ 854,549 ========= ========== ========== ========== As of June 30, 2008 Amortized cost $ 7,548 $ 542,680 $ 528,385 $ 939,484 Gross unrealized gains (losses): Gross unrealized gains 60 2,815 1,440 3,389 Gross unrealized losses (2) (4,688) (6,770) (13,862) --------- ---------- ---------- ---------- Net unrealized gains (losses) 58 (1,873) (5,330) (10,473) --------- ---------- ---------- ---------- Fair value $ 7,606 $ 540,807 $ 523,055 $ 929,011 ========= ========== ========== ========== Collateralized Debt Obligations Other Total ---------- ---------- ----------- As of June 30, 2009 Amortized cost $ 71,789 $ 59,646 $ 1,503,298 Gross unrealized gains (losses): Gross unrealized gains - 140 20,182 Gross unrealized losses (51,474) (3,675) (73,398) ---------- ---------- ----------- Net unrealized gains (losses) (51,474) (3,535) (53,216) ---------- ---------- ----------- Fair value $ 20,315 $ 56,111 $ 1,450,082 ========== ========== =========== As of March 31, 2009 Amortized cost $ 75,922 $ 56,612 $ 1,937,073 Gross unrealized gains (losses): Gross unrealized gains - 104 34,909 Gross unrealized losses (41,395) (9,390) (70,063) ---------- ---------- ----------- Net unrealized gains (losses) (41,395) (9,286) (35,154) ---------- ---------- ----------- Fair value $ 34,527 $ 47,326 $ 1,901,919 ========== ========== =========== As of June 30, 2008 Amortized cost $ 87,278 $ 48,403 $ 2,153,778 Gross unrealized gains (losses): Gross unrealized gains 434 241 8,379 Gross unrealized losses (26,741) (3,633) (55,696) ---------- ---------- ----------- Net unrealized gains (losses) (26,307) (3,392) (47,317) ---------- ---------- ----------- Fair value $ 60,971 $ 45,011 $ 2,106,461 ========== ========== ===========
