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Wed, October 21, 2009 First Midwest Bancorp, Inc.: First Midwest Bancorp, Inc. Announces Third Quarter 2009 Earnings of $3.4 Million
ITASCA, IL--(Marketwire - October 21, 2009) - First Midwest Bancorp, Inc. (
Third Quarter 2009 Operating Performance
-- After-tax earnings of $3.4 million compared to $2.7 million for second quarter 2009 and $24.2 million for third quarter 2008. -- Pre-tax earnings of $28.4 million, excluding provision expense and net securities and debt extinguishment gains/losses, compared to $25.9 million for second quarter 2009 and $39.8 million for third quarter 2008. -- Average core transactional deposits up 3.4% from second quarter 2009 and 7.6% from third quarter 2008. -- Net interest margin of 3.66% compared to 3.53% for second quarter 2009 and 3.63% for third quarter 2008. -- Net securities losses realized of $7.0 million for third quarter 2009.
Capital and Credit
-- Increased tangible common equity 132 basis points to 6.88% from second quarter 2009. -- Increased Tier 1 regulatory capital and Tier 1 common ratios to 12.88% and 8.43%, respectively, up 50 and 107 basis points, respectively, from second quarter 2009. -- Exchanged $68.8 million of debt for 5.6 million shares of common stock at a pre-tax gain of approximately $14.0 million. -- Non-accrual plus 90 days past due loans totaled $262.8 million, which approximates the level at June 30, 2009. -- Increased loan loss reserves to 2.53% of total loans compared to 2.39% at June 30, 2009, with third quarter 2009 provision exceeding net charge- offs of $31.3 million by $6.7 million.
First Midwest Bancorp, Inc. (the "Company" or "First Midwest") (
In making the announcement, Michael L. Scudder, President and Chief Executive Officer of First Midwest Bancorp, Inc. said, "Despite the continuing economic challenges during the quarter, we again generated solid core performance, as evidenced by commercial and industrial loan growth, core transactional deposit growth, and improved net interest margins. Concurrently, we increased our loan loss reserve and continued to proactively remediate problem credits."
Mr. Scudder continued, "During the quarter, we also notably improved the quality of our capital composition by increasing our level of tangible common equity. We did so through the successful exchange of $68.8 million of the Company's subordinated and trust preferred debt for common stock at a discount from the par value of the debt securities."
Operating Performance
The Company generated income before taxes, credit losses, and net securities gains of $28.4 million for third quarter 2009, compared to $25.9 million for second quarter 2009. The increase was due primarily to a decrease in the deposit premium assessment by the Federal Deposit Insurance Corporation.
Total loans as of September 30, 2009 were $5.31 billion, a decrease of $34.7 million from June 30, 2009 and an increase of $82.5 million from September 30, 2008. During third quarter 2009, the Company securitized $25.7 million of real estate 1-4 family loans, which are now included in the securities available-for-sale portfolio, thereby accounting for the decline in consumer loans from June 30, 2009. Commercial and industrial loans increased from June 30, 2009, as did multifamily and commercial real estate office and retail categories. These increases, totaling $97.5 million, were substantially offset by reductions in construction and commercial land categories.
Average core transactional deposits for third quarter 2009 were $3.86 billion, an increase of $127.5 million, or 3.4%, from second quarter 2009 and $271.5 million, or 7.6% from third quarter 2008. The increases from both prior periods were due primarily to growth in money market account balances.
Tax-equivalent net interest margin was 3.66% for third quarter 2009, an increase from 3.53% for second quarter 2009 and 3.63% for third quarter 2008. The yield on earning assets for third quarter 2009 improved 2 basis points compared to second quarter 2009, while the Company's cost of funds declined 13 basis points compared to second quarter 2009.
Fee-based revenues were $21.8 million for third quarter 2009, compared to $21.2 million for second quarter 2009 and $24.8 million for third quarter 2008. All major fee categories decreased from third quarter 2008, reflecting the impact of reduced consumer spending and lower trust advisory fees.
Other income, excluding fee-based revenues, for third quarter 2009 decreased from the previous quarter by $1.3 million, principally due to recording a negative market adjustment related to certain assets held under a non-qualified deferred compensation plan. Such decrease is substantially offset by a corresponding decrease in compensation expense.
For third quarter 2009, noninterest expense decreased $2.6 million compared to the previous quarter and increased $8.2 million from third quarter 2008. If the special industry-wide FDIC assessment incurred in second quarter 2009 is excluded from the second quarter total, noninterest expense increased by $1.0 million, with the increase primarily due to the timing of marketing expenses. The increase from third quarter 2008 is due to higher loan remediation costs, including costs associated with maintaining foreclosed real estate, and higher FDIC insurance premiums.
Credit Remediation
Non-accrual loans plus 90 days past due and still accruing loans as of September 30, 2009 were $262.8 million compared to $263.3 million at June 30, 2009, with residential construction loans comprising approximately half of the September 30, 2009 total.
At September 30, 2009, the Company had total restructured loans of $41.0 million. Restructured loans for which interest is accruing totaled $26.7 million at September 30, 2009, up from $18.9 million at June 30, 2009. Included in the non-accrual loan total are additional restructured loans totaling $14.3 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 September 30, 2009, loans 30-89 days past due totaled $44.3 million compared to $38.1 million at June 30, 2009.
Other real estate owned was $57.9 million as of September 30, 2009 compared to $50.6 million as of June 30, 2009. All properties are recorded at estimated fair values, less estimated selling costs.
During third quarter 2009, the Company increased its reserve for loan losses to $134.3 million, up $6.7 million from June 30, 2009. The reserve for loan losses represented 2.53% of total loans outstanding at September 30, 2009, compared to 2.39% at June 30, 2009. Net charge-offs totaled $31.3 million, or 2.32% of total average loans, during third quarter 2009, compared to $24.7 million, or 1.85% of total average loans in second quarter 2009. The provision for loan losses for third quarter 2009 was $38.0 million, compared to $36.3 million for second quarter 2009. The reserve for loan losses to non-accrual loans plus 90 days past due loans was 51.1% at September 30, 2009, an increase from 48.4% at June 30, 2009.
Securities Portfolio
Net securities losses were $7.0 million for third quarter 2009. The Company sold approximately $120 million of collateralized mortgage backed, municipal, and other securities at a net gain of $4.5 million. During third quarter 2009, the Company recorded an other-than-temporary impairment charge of $11.5 million associated with its portfolio of trust-preferred collateralized debt obligations.
Capital Management
During third quarter 2009, the Company retired $38.3 million of trust preferred debt and $29.5 million of subordinated debt at a discount to par in exchange for approximately 5.6 million shares of the Company's common stock. The total pre-tax gain from the exchanges was approximately $14.0 million. Regulatory and tangible common equity ratios were improved in comparison to June 30, 2009. The significant improvements in the Tier 1 and tangible capital ratios primarily reflect the exchange of trust preferred debt and subordinated debt classified as Tier 1 and Tier 2 debt, respectively, for common stock.
As reflected in the following table, all regulatory mandated ratios for characterization as "well-capitalized" were significantly exceeded as of September 30, 2009.
Minimum Excess Over "Well- Required September June Capital- Minimums at 30, 30, ized" September 30, 2009 2009 Level 2009 ------- ------ ------ -------------- (Amounts in millions) Regulatory Capital Ratios: Total capital to risk-weighted assets 15.27% 15.21% 10.00% 53% $ 329 Tier 1 capital to risk-weighted assets 12.88% 12.38% 6.00% 115% $ 429 Tier 1 leverage to average assets 10.52% 9.87% 5.00% 110% $ 421 Regulatory capital ratios, excluding preferred stock: Total capital to risk-weighted assets 12.18% 12.17% 10.00% 22% $ 136 Tier 1 capital to risk-weighted assets 9.78% 9.33% 6.00% 63% $ 236 Tier 1 leverage to average assets 7.99% 7.44% 5.00% 60% $ 228 Tier 1 common capital to risk-weighted assets 8.43% 7.36% N/A N/A N/A Tangible equity ratios: Tangible common equity to tangible assets 6.88% 5.56% N/A N/A N/A Tangible common equity, excluding other comprehensive loss, to tangible assets 7.10% 6.23% N/A N/A N/A Tangible common equity to risk-weighted assets 8.16% 6.57% N/A N/A 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 93 offices located in 62 communities, primarily in metropolitan Chicago.
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, October 21, 2009 at 10:00 a.m. (ET). Members of the public who would like to listen to the conference call should dial 1-800-706-7741 (U.S. domestic) or 1-617-614-3471 (international) and enter passcode number 257 08 857. The number should be dialed at 10 to 15 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 465 26 612, beginning at 1:00 p.m. (ET) on October 21, 2009 until 11:59 p.m. (ET) on October 28, 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 October 21, 2009 Operating Highlights Unaudited Quarters Ended --------------------------------- (Dollar amounts in thousands, September 30, June 30, September 30, except per share data) 2009 2009 2008 --------- --------- --------- Net income $ 3,351 $ 2,663 $ 24,191 Net income applicable to common shares 773 63 24,149 Diluted earnings per share $ 0.02 $ - $ 0.50 Return on average common equity 0.43% 0.04% 13.07% Return on average assets 0.17% 0.13% 1.16% Net interest margin 3.66% 3.53% 3.63% Efficiency ratio 59.13% 61.45% 50.30% Balance Sheet Highlights Unaudited As Of ----------------------------------- (Dollar amounts in thousands, September 30, June 30, September 30, except per share data) 2009 2009 2008 ----------- ----------- ----------- Total assets $ 7,678,434 $ 7,767,312 $ 8,246,655 Total loans 5,306,068 5,340,771 5,223,582 Total deposits 5,749,153 5,766,656 5,658,284 Total stockholders’ equity 983,579 892,053 718,909 Common stockholders’ equity 790,579 699,053 718,909 Book value per common share $ 14.43 $ 14.22 $ 14.80 Period end common shares outstanding 54,800 49,161 48,590 Capital Ratios Unaudited As Of -------------------------------- September June 30, September 30, 2009 2009 30, 2008 ---------- ---------- ---------- Regulatory capital ratios: Total capital to risk-weighted assets 15.27% 15.21% 12.04% Tier 1 capital to risk-weighted assets 12.88% 12.38% 9.42% Tier 1 leverage to average assets 10.52% 9.87% 7.59% Regulatory capital ratios, excluding preferred stock: Total capital to risk-weighted assets 12.18% 12.17% 12.04% Tier 1 capital to risk-weighted assets 9.78% 9.33% 9.42% Tier 1 leverage to average assets 7.99% 7.44% 7.59% Tier 1 common capital to risk-weighted assets 8.43% 7.36% 7.49% Tangible common equity ratios: Tangible common equity to tangible assets 6.88% 5.56% 5.44% Tangible common equity, excluding other comprehensive loss, to tangible assets 7.10% 6.23% 6.09% Tangible common equity to risk- weighted assets 8.16% 6.57% 6.69% First Midwest Bancorp, Inc. Press Release Dated October 21, 2009 Condensed Consolidated Statements of Condition Unaudited September 30, ------------------------ (Amounts in thousands) 2009 2008 ----------- ----------- Assets Cash and due from banks $ 115,905 $ 126,073 Funds sold and other short-term investments 81,693 564 Trading account securities, at fair value 13,231 15,252 Securities available-for-sale, at fair value 1,349,669 2,024,881 Securities held-to-maturity, at amortized cost 83,860 85,982 Federal Home Loan Bank and Federal Reserve Bank stock, at cost 54,768 54,767 Loans 5,306,068 5,223,582 Reserve for loan losses (134,269) (69,811) ----------- ----------- Net loans 5,171,799 5,153,771 ----------- ----------- Other real estate owned 57,945 23,697 Premises, furniture, and equipment 122,083 120,592 Investment in bank owned life insurance 197,681 207,390 Goodwill and other intangible assets 281,614 285,643 Accrued interest receivable and other assets 148,186 148,043 ----------- ----------- Total assets $ 7,678,434 $ 8,246,655 =========== =========== Liabilities and Stockholders' Equity Deposits Transactional deposits $ 3,833,267 $ 3,462,867 Time deposits 1,904,985 2,070,633 Brokered deposits 10,901 124,784 ----------- ----------- Total deposits 5,749,153 5,658,284 Borrowed funds 716,299 1,554,703 Subordinated debt 157,717 232,442 Accrued interest payable and other liabilities 71,686 82,317 ----------- ----------- Total liabilities 6,694,855 7,527,746 ----------- ----------- Preferred stock 190,076 - Common stock 670 613 Additional paid-in capital 251,423 207,503 Retained earnings 851,178 875,947 Accumulated other comprehensive loss (16,217) (51,807) Treasury stock, at cost (293,551) (313,347) ----------- ----------- Total stockholders' equity 983,579 718,909 ----------- ----------- Total liabilities and stockholders' equity $ 7,678,434 $ 8,246,655 =========== =========== First Midwest Bancorp, Inc. Press Release Dated October 21, 2009 Condensed Consolidated Statements of Income Unaudited Quarters Ended ------------------------------------ (Amounts in thousands, except per September 30, June 30, September 30, share data) 2009 2009 2008 ------------ -------- ------------ Interest Income Loans $ 66,035 $ 64,071 $ 74,929 Securities 16,621 21,002 26,520 Other 106 66 37 ------------ -------- ------------ Total interest income 82,762 85,139 101,486 ------------ -------- ------------ Interest Expense Deposits 15,324 17,152 25,574 Borrowed funds 2,768 3,893 9,451 Subordinated debt 3,689 3,703 3,703 ------------ -------- ------------ Total interest expense 21,781 24,748 38,728 ------------ -------- ------------ Net interest income 60,981 60,391 62,758 Provision for loan losses 38,000 36,262 13,029 ------------ -------- ------------ Net interest income after provision for loan losses 22,981 24,129 49,729 ------------ -------- ------------ Noninterest Income Service charges on deposit accounts 10,046 9,687 11,974 Trust and investment management fees 3,555 3,471 3,818 Other service charges, commissions, and fees 4,222 4,021 4,834 Card-based fees 4,023 4,048 4,141 ------------ -------- ------------ Subtotal, fee-based revenues 21,846 21,227 24,767 Bank owned life insurance income 282 1,159 1,882 Securities (losses) gains, net (6,975) 6,635 (1,746) Gains on early extinguishment of debt 13,991 - - Other 1,946 2,373 (1,209) ------------ -------- ------------ Total noninterest income 31,090 31,394 23,694 ------------ -------- ------------ Noninterest Expense Salaries and employee benefits 27,416 28,229 26,996 FDIC insurance 2,558 6,034 261 Net occupancy expense 5,609 5,194 5,732 Loan remediation and other real estate owned expense, net 4,619 4,296 811 Equipment expense 2,228 2,195 2,484 Technology and related costs 2,230 2,142 1,990 Other 11,980 11,143 10,162 ------------ -------- ------------ Total noninterest expense 56,640 59,233 48,436 ------------ -------- ------------ (Loss) income before taxes (2,569) (3,710) 24,987 Income tax (benefit) expense (5,920) (6,373) 796 ------------ -------- ------------ Net Income 3,351 2,663 24,191 Preferred dividends (2,567) (2,566) - Net income applicable to non-vested restricted shares (11) (34) (42) ------------ -------- ------------ Net Income Applicable to Common Shares $ 773 $ 63 $ 24,149 ============ ======== ============ Diluted Earnings Per Common Share $ 0.02 $ - $ 0.50 Dividends Declared Per Common Share $ 0.01 $ 0.01 $ 0.31 Weighted Average Diluted Common Shares Outstanding 48,942 48,501 48,499 First Midwest Bancorp, Inc. Press Release Dated October 21, 2009 Percent Change Unaudited As Of From ----------------------------------------- ----------------- (Dollar amounts in % of thousands) 9/30/09 Total 6/30/09 9/30/08 6/30/08 9/30/08 ---------- ------- ---------- ---------- ------- ------- Loan Portfolio Composition Commercial and industrial $1,484,601 28.0% $1,457,413 $1,485,541 1.9% (0.1%) Agricultural 200,955 3.8% 210,675 234,755 (4.6%) (14.4%) Commercial real estate: Office, retail, and industrial 1,151,276 21.7% 1,117,748 999,319 3.0% 15.2% Residential const- ruction 400,502 7.5% 458,913 509,974 (12.7%) (21.5%) Commercial construc- tion 196,198 3.7% 204,042 229,492 (3.8%) (14.5%) Commercial land 105,264 2.0% 121,383 92,658 (13.3%) 13.6% Multifamily 342,807 6.5% 305,976 237,506 12.0% 44.3% Investor- owned rental property 117,276 2.2% 132,173 133,375 (11.3%) (12.1%) Other commercial real estate 636,153 12.0% 626,959 550,071 1.5% 15.6% ---------- ------- ---------- ---------- ------- ------- Total commercial real estate 2,949,476 55.6% 2,967,194 2,752,395 (0.6%) 7.2% ---------- ------- ---------- ---------- ------- ------- Consumer: Home equity 478,204 9.0% 480,706 468,703 (0.5%) 2.0% Real estate 1-4 family 138,862 2.6% 171,186 205,851 (18.9%) (32.5%) Other consumer 53,970 1.0% 53,597 76,337 0.7% (29.3%) ---------- ------- ---------- ---------- ------- ------- Total consumer 671,036 12.6% 705,489 750,891 (4.9%) (10.6%) ---------- ------- ---------- ---------- ------- ------- Total loans $5,306,068 100.0% $5,340,771 $5,223,582 (0.6%) 1.6% ========== ======= ========== ========== ======= ======= Office, Retail, and Industrial Office $ 376,897 32.7% $ 356,946 $ 318,041 5.6% 18.5% Retail 314,586 27.3% 297,829 260,095 5.6% 21.0% Industrial 459,793 40.0% 462,973 421,183 (0.7%) 9.2% ---------- ------- ---------- ---------- ------- ------- Total office, retail, and indus- trial $1,151,276 100.0% $1,117,748 $ 999,319 3.0% 15.2% ========== ======= ========== ========== ======= ======= First Midwest Bancorp, Inc. Press Release Dated October 21, 2009 Unaudited As Of ------------------------------------------------ % of (Dollar amounts in Loan % of thousands) 9/30/09 Category Total 6/30/09 9/30/08 -------- -------- -------- -------- -------- Asset Quality Non-accrual loans: Commercial and industrial $ 45,134 3.04% 17.6% $ 41,542 $ 13,961 Agricultural 2,384 1.19% 0.9% 452 12 Office, retail, and industrial 15,738 1.37% 6.1% 13,058 1,195 Residential construction 138,593 34.60% 54.0% 143,231 28,335 Commercial construction - - - - - Multi-family 15,910 4.64% 6.2% 10,632 2,827 Other commercial real estate 25,818 4.06% 10.1% 21,262 1,833 Consumer 13,228 1.97% 5.1% 7,076 5,154 -------- ======== -------- -------- -------- Total non-accrual loans 256,805 4.84% 100.0% 237,253 53,317 -------- ======== ======== -------- -------- 90 days past due loans (still accruing interest): Commercial and industrial 3,216 0.22% 53.9% 7,174 4,006 Agricultural - - - 1,931 1,751 Office, retail, and industrial 1,036 0.09% 17.4% 1,013 4,838 Residential construction 66 0.02% 1.1% 5,022 17,615 Commercial construction - - - 689 - Multi-family 238 0.07% 4.0% 699 1,216 Other commercial real estate 338 0.05% 5.7% 1,938 2,469 Consumer 1,066 0.16% 17.9% 7,605 5,421 -------- ======== -------- -------- -------- Total 90 days past due loans 5,960 0.11% 100.0% 26,071 37,316 -------- ======== ======== -------- -------- Total non-accrual and 90 days past due loans 262,765 263,324 90,633 Restructured, accruing loans 26,718 18,877 3,731 -------- -------- -------- Total non-performing loans $289,483 $282,201 $ 94,364 ======== ======== ======== Other real estate owned $ 57,945 $ 50,640 $ 23,697 30-89 days past due loans $ 44,346 0.84% - $ 38,128 $104,769 Reserve for loan losses $134,269 - - $127,528 $ 69,811 Asset Quality Ratios Non-accrual loans to loans 4.84% - - 4.44% 1.02% Non-accrual plus 90 days past due loans to loans 4.95% - - 4.93% 1.74% Non-performing loans to loans 5.46% - - 5.28% 1.81% Reserve for loan losses to loans 2.53% - - 2.39% 1.34% Reserve for loan losses to non-accrual loans 52% - - 54% 131% Reserve for loan losses to non-accrual plus 90 days past due loans to loans 51% - - 48% 77% Reserve for loan losses to non-performing loans 46% - - 45% 74% ======== ======== ======== Quarters Ended ------------------------------------------------ % of (Dollar amounts in Loan % of thousands) 9/30/09 Category Total 6/30/09 9/30/08 -------- -------- -------- -------- -------- Charge-off Data Net loans charged-off: Commercial and industrial $ 12,585 0.85% 40.3% $ 7,006 $ 1,899 Agricultural - - - - (4) Office, retail, and industrial 3,496 0.30% 11.2% 217 2 Residential construction 5,181 1.29% 16.6% 8,427 5,856 Commercial construction - - - - - Multifamily 29 0.01% 0.1% 1,086 (40) Other commercial real estate 6,400 1.01% 20.4% 3,197 62 Consumer 3,568 0.53% 11.4% 4,802 1,547 -------- ======== -------- -------- -------- Total net loans charged-off $ 31,259 2.32% 100.0% $ 24,735 $ 9,322 ======== ======== ======== ======== ======== Net loan charge-offs to average loans (annualized): Quarter-to-date 2.32% - - 1.85% 0.71% Year-to-date 2.05% - - 1.91% 0.52% First Midwest Bancorp, Inc. Press Release Dated October 21, 2009 Securities Available-For-Sale Unaudited Collateral- Collateral- U.S. ized State ized Treasury Mortgage Other and Debt and Oblig- Mortgage Muni- Oblig- Agency ations Backed cipal ations Other Total --------- -------- -------- -------- -------- -------- ---------- As of September 30, 2009 Amortized cost $ 757 $322,780 $233,396 $680,216 $ 60,290 $ 50,929 $1,348,368 Gross unrealized gains (losses): Gross unrealized gains - 10,651 10,782 29,176 - 578 51,187 Gross unrealized losses - (2,224) (3) (1,078) (44,747) (1,834) (49,886) --------- -------- -------- -------- -------- -------- ---------- Net unreal- ized gains (losses) - 8,427 10,779 28,098 (44,747) (1,256) 1,301 --------- -------- -------- -------- -------- -------- ---------- Fair value $ 757 $331,207 $244,175 $708,314 $ 15,543 $ 49,673 $1,349,669 ========= ======== ======== ======== ======== ======== ========== As of June 30, 2009 Amortized cost $ - $382,526 $221,481 $767,856 $ 71,789 $ 59,646 $1,503,298 Gross unrealized gains (losses): Gross unrealized gains - 8,349 6,786 4,907 - 140 20,182 Gross unrealized losses - (3,456) (15) (14,778) (51,474) (3,675) (73,398) --------- -------- -------- -------- -------- -------- ---------- Net unreal- ized gains (losses) - 4,893 6,771 (9,871) (51,474) (3,535) (53,216) --------- -------- -------- -------- -------- -------- ---------- Fair value $ - $387,419 $228,252 $757,985 $ 20,315 $ 56,111 $1,450,082 ========= ======== ======== ======== ======== ======== ========== As of September 30, 2008 Amortized cost $ 2,901 $515,376 $517,139 $926,519 $ 85,286 $ 50,973 $2,098,194 Gross unrealized gains (losses): Gross unrealized gains 6 1,798 1,970 1,987 80 26 5,867 Gross unrealized losses - (6,827) (3,068) (45,854) (14,000) (9,431) (79,180) --------- -------- -------- -------- -------- -------- ---------- Net unreal- ized gains (losses) 6 (5,029) (1,098) (43,867) (13,920) (9,405) (73,313) --------- -------- -------- -------- -------- -------- ---------- Fair value $ 2,907 $510,347 $516,041 $882,652 $ 71,366 $ 41,568 $2,024,881 ========= ======== ======== ======== ======== ======== ==========
