Plus   Neg

First Midwest Bancorp Q1 Profit Rises

First Midwest Bancorp Inc. (FMBI), 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Qualcomm Inc.'s former Chairman Paul Jacobs plans to acquire the chipmaker founded by his father and has approached several global investors in an effort to fund the buyout, the Financial Times reported. According to the report, Jacobs informed members of the Qualcomm board about his intention to take the company private. Qualcomm has a market capitalization of $90 billion. Tiffany & Co. (TIF) reported fourth-quarter net earnings of $62 million, or $0.50 per diluted share, which were 61% below the prior year's $158 million, or $1.26 per diluted share. The company recorded tax-related charges in the fourth quarter of 2017 and certain impairment charges in last year's fourth... BlackBerry has extended the term of its Chief Executive Officer and Executive Chairman John Chen through 2023. He has been heading the company for the last five years. Chen joined BlackBerry when the smartphone pioneer was going through a troubled time. He was focused on overhauling with a special focus on diversification. BlackBerry, the former leader in the smartphone space, is now into auto m
comments powered by Disqus
Trade FMBI now with 
Follow RTT