First Midwest Bancorp (FMBI) Reports In-Line Q2 EPS

July 23, 2014 8:14 AM EDT
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Price: $19.88 -2.07%

Financial Fact:
Other expenses: 13.62M

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First Midwest Bancorp (NASDAQ: FMBI) reported Q2 EPS of $0.25, in-line with the analyst estimate of $0.25.

"It was an active second quarter, marked by successful execution on a number of business fronts," said Michael L. Scudder, President and Chief Executive Officer of First Midwest Bancorp, Inc. "Earnings for the quarter benefited from broad based revenue growth driven by solid overall business line performance. Our loan growth was diversified, with both our commercial and consumer portfolios posting 11% increases versus last quarter and a year ago. Fee-based revenue growth was robust, increasing 8% from a seasonally impacted first quarter and 4% from last year. This improvement was offset in part by acquisition-related expenses as well as comparatively higher loan reserve provisioning as we actively manage our growing credit portfolio."

Mr. Scudder continued, "Integration efforts for our announced metro Chicago acquisitions of the Popular Community Bank branches and Great Lakes Financial Resources, Inc. remain on track for closings in the third and fourth quarters, respectively. Cumulatively, these transactions will add approximately $1.3 billion in deposits, strengthening our strong core deposit foundation and positioning us well for future performance and growth."

For earnings history and earnings-related data on First Midwest Bancorp (FMBI) click here.

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