AMCORE Financial, Inc. Reports 3rd Quarter Results

ROCKFORD, Ill., Oct. 27, 2009 (GLOBE NEWSWIRE) -- AMCORE Financial, Inc. (Nasdaq:AMFI - News) today announced financial results for the third quarter 2009. (Numbers in Thousands, Except Per Share Data) 3rd quarter 2009 2nd quarter 2009 3rd quarter 2008 Net Revenues $34,695 $47,198 $52,507 Net (Loss) ($156,395) ($10,724) ($17,987) Diluted Shares 22,976 22,768 22,647 Diluted EPS ($6.81) ($0.47) ($0.79) AMCORE reported a net loss of ($156.4) million for third quarter 2009, compared to a net loss of ($10.7) million in the previous quarter and a net loss of ($18.0) million in the prior-year period. The third quarter loss includes two significant items: first, a $60 million provision for loan losses; and second, a $92 million net tax provision reflecting a $118 million valuation allowance for deferred tax assets recorded for the quarter. The resulting loss per diluted share was ($6.81) for third quarter 2009, which compares to a loss of ($0.47) in the previous quarter and a loss of ($0.79) per diluted share in third quarter 2008. As a result, AMCORE is undercapitalized or significantly undercapitalized under some regulatory capital standards at the consolidated and bank levels; however the bank's Tier 1 capital remains adequately capitalized. "On a net basis after charge-offs and settlements, delinquencies and non-performing loans hav...
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Amcore reports $156M loss

The holding company for Amcore Bank, which has sold off several of its Wisconsin branches after regulators told it to raise capital, reported a net loss for the third quarter of $156.4 million, or $6.81 per share. Rockford, Ill.-based Amcore Financial Inc., which has a branch in Wauwatosa, said its third quarter includes a $60 million provision for loan losses and a $92 million net tax provision reflecting a $118 million valuation allowance for deferred tax assets recorded for the quarter. As a result, Amcore said it is undercapitalized or significantly undercapitalized under some regulatory capital standards at the consolidated and bank levels. Amcore said the bank's Tier 1 capital remains adequately capitalized. "On a net basis after charge-offs and settlements, delinquencies and nonperforming loans have remained about flat with second quarter's level. We aggressively charged-off almost $60 million of nonperforming loans, and we have reduced the total loan portfolio almost $900 million during the last seven quarters," said William McManaman, chairman and CEO of Amcore. "However, the decreased values of collateral supporting our nonperforming loans necessitated a large increase in the loan loss provision." Amcore in June entered into an agreement and consent order with regulators that called for the bank to raise capital and make other changes to strengthen its operations. In August, Amcore entered into agreements to sell its Wisconsin branches in Monroe and Argyle to First National Bank & Trust in Beloit and its branches in New Glarus and Belleville to ...
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AMCORE FINANCIAL INC Files SEC form 8-K, Results of Operations and Financial Condition, Regulation FD Disclosure, Fin

Show all filings for AMCORE FINANCIAL INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for AMCORE FINANCIAL INC 27-Oct-2009Results of Operations and Financial Condition, Regulation FD Disclosure, Fin Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All informatio...
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AMCORE Financial, Inc. Q3 2009 Earnings Call Transcript

AMCORE Financial, Inc. (AMFI) Q3 2009 Earnings Call Transcript October 27, 2009 12:00 pm ET Executives William McManaman – Chairman and CEO Judith Sutfin – EVP and CFO Analysts Chris McGratty – KBW Presentation Operator Good morning, ladies and gentlemen, and welcome to the AMCORE Financial third quarter earnings results conference call. (Operator instructions) Please note that this conference is being recorded and is also being web cast, and can be accessed at www.AMCORE.com, and will be archived for an additional four weeks. Statements made in the course of this conference call stating the company's or management's intentions, hopes, beliefs, expectations or predictions of the future are considered forward-looking statements. It is important to note that the company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the company's SEC filings and within the press release itself. Conducting the call today will be Mr. William McManaman, Chief Executive Officer, and Mr. Judith Sutfin, Chief Financial Officer. I will now turn it over to Mr. Bill McManaman. Sir, you may begin. William McManaman Thanks and good morning. We appreciate the time you have taken to listen to this conference call and welcome questions from our analysts at the end of our comments. We assume that you have seen a copy of the press release we issued this morning. It can be found on our website at www.amcore.com. While some of our financial leaders have pr...
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AMCORE FINANCIAL INC Financials

PERIOD ENDING30-Sep-0930-Jun-0931-Mar-0931-Dec-08Total Revenue62,237  77,959  75,269  78,340  Cost of Revenue23,943  26,355  25,306  25,532  Gross Profit -  51,604  49,963  52,808  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative39,114  48,459  39,143  40,934  Non Recurring -   -   -  6,148  Others59,875  17,081  63,041  51,339  Total Operating Expenses -   -   -   -  Operating Income or Loss -  (13,936)(52,221)(45,613)Income from Continuing OperationsTotal Other Income/Expenses Net -   -   -   -  Earnings Before Interest And Taxes(60,695)(13,936)(52,221)(45,613)Interest Expense3,599  4,406  6,106  8,935  Income Before Tax(64,294)(18,342)(58,327)(54,548)Income Tax Expense92,101  (7,618)(27,929)(22,429)Minority Interest -   -   -   -  Net Income From Continuing Ops(156,395)(10,724)(30,398)(32,119)Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   -  Effect Of Accounting Changes -   -   - &nb...
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Banks Across America Bleed More Capital

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AMCORE FINANCIAL INC Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion highlights the significant factors affecting AMCORE Financial, Inc. and subsidiaries' ("AMCORE" or the "Company") consolidated financial condition as of September 30, 2009 compared to December 31, 2008, and the consolidated results of operations for the three months and nine months ended September 30, 2009 compared to the same periods in 2008. The discussion should be read in conjunction with the Consolidated Financial Statements, accompanying Notes to the Consolidated Financial Statements, and selected financial data appearing elsewhere within this report. The Company has evaluated subsequent events through November 9, 2009, the date the accompanying Consolidated Financial Statements were filed with the Securities and Exchange Commission. FACTORS INFLUENCING FORWARD-LOOKING STATEMENTS This report on Form 10-Q contains, and 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", "sh...
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