First Midwest Bancorp Inc. (FMBI: Quote), the holding company for First Midwest Bank, Wednesday reported an increase in profit for the first quarter, due mainly to lower loan loss provisions and expenses.
The Itasca, Illinois-based company reported a first-quarter net profit applicable to common shares of $7.75 million or $0.11 per share, compared to $7.33 million or $0.10 per share last year. On average, 10 analysts polled by Thomson Reuters expected earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter dropped to $65.18 million from $70.65 million in the year-ago quarter. Total non-interest income grew to $24.69 million from $24.22 million in the prior-year quarter.
Seven analysts had a consensus revenue estimate of $90.20 million for the quarter.
Loan loss provisions for the quarter decreased to $18.21 million from $19.49 million last year.
Total non-interest expenses for the quarter dropped to $62.61 million from $65.42 million last year.
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by RTT Staff Writer
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