Wednesday, First Midwest Bancorp Inc. (FMBI) reported a sharp decline in its first-quarter earnings, hurt by hefty provision for loan losses.
The Itasca, Illinois-based company reported that net income for the first quarter fell to $5.73 million from $25.04 million in the first quarter of 2008, due primarily to higher provision for loan losses.
Net income applicable to common shares for the first quarter was $3.16 million or $0.07 per share, down from $24.98 million or $0.51 per share in the year-ago quarter.
On average, seven analysts polled by Thomson Reuters expected the company to earn $0.13 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter increased to $64.22 million from $58.50 million in the prior-year quarter.
Total noninterest income decreased to $28.77 million from $30.02 million in the corresponding quarter of last year.
Four analysts had a revenue consensus of $92.56 million for the quarter.
Provision for loan losses surged to $48.41 million from $9.06 million in the first quarter of 2008.
Total noninterest expense eased to $48.39 million from $49.34 million in the year-ago quarter, largely due to a decline in salaries and benefits expense and a 4% decline in full time equivalent employees.
FMBI is currently trading at $10.05, up $0.34 or 3.50% on the Nasdaq.
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