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
It looks like 2016 is going to be a relatively lackluster year in terms of new drug approvals. Only 18 new molecular entity drugs have been approved year-to-date compared to 32 approved during the same time frame last year. Apple Inc. plans to launch a new guide for Apple TV during a product event in California today, according to Recode. While major video partners have signed up to be a part of the new Apple TV guide, Netflix Inc. will reportedly not be participating. Wal-Mart Stores Inc. is gearing up for the upcoming holiday season by deploying an army of Holiday Helpers to help customers get through the checkout process faster during the busy period. The retailer has also increased the amount of products available through its Pickup service, lowered the price on thousand of items, and plans to expand the online assortment in the coming months.
comments powered by Disqus
Follow RTT