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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

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