logo
Share SHARE
FONT-SIZE 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
Jeff Bezos, the CEO of Amazon, has overtaken Berkshire Hathaway's founder Warren Buffet to become the third-richest person in the world, according to the Bloomberg Billionaires Index. Bezos is now behind clothing retailer Zara's founder Amancio Ortega, who is now second, and Bill Gates, co-founder... The White House has announced new initiative to fight climate change, curb usage of fossil fuels and increase access to clean energy by pushing the use of electric vehicles. The Obama administration announced a series of actions from the Federal government, private sector, and states, as well as... Telecom giant Verizon Communications Inc. is reportedly very close to a deal to buy the core business of struggling internet company Yahoo Inc. Verizon has trumped out rival bidders and is close to acquire Yahoo's core internet business, reported Bloomberg News, citing people familiar with the matter. Verizon...
comments powered by Disqus
Follow RTT