First Midwest Bancorp (FMBI) Reports In-Line Q3 EPS
- Tesla lifts Nasdaq to record-high close, S&P 500 dips
- Bitcoin (BTC) Recovers to $34,000 as Analysts Insists Crypto Winter Won't Repeat Again
- Dollar edges higher as Fed debate over inflation continues
- Cathie Wood's ARK Buys ~$77M in Bitcoin-Related Securities Yesterday on Dip
- Microsoft (MSFT) Price Target Raised to 'Street High' $325 at Wedbush as Cloud Story Is Not Slowing Down
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
First Midwest Bancorp (NASDAQ: FMBI) reported Q3 EPS of $0.46, in-line with the analyst estimate of $0.46.
- Generated EPS of $0.52 compared to $0.29 and $0.37 for the second quarter of 2018 and third quarter of 2017, respectively, includes $0.08 due to certain income tax benefits and $0.02 due to Delivering Excellence implementation costs.
- Increased EPS, adjusted(1) to $0.46, up 15% from the second quarter of 2018 and 39% from the third quarter of 2017.
- Produced returns on average tangible common equity, adjusted(1) of 16.5% for the third quarter of 2018, up 170 basis points and 410 basis points from the second quarter of 2018 and third quarter of 2017, respectively.
- Grew loans to $11 billion, up 6%, annualized, from June 30, 2018 and 6% from September 30, 2017.
- Increased total average deposits to $11.6 billion, up 2% from the second quarter of 2018 and 4% from the third quarter of 2017.
- Expanded net interest income and margin to $132 million and 3.92%, respectively, up 4% and 1 basis point from the second quarter of 2018 and 10% and 6 basis points from the third quarter of 2017.
- Improved efficiency ratio(1) to 56%, down from 60% in the second quarter of 2018 and 59% in the third quarter of 2017.
- Reduced net charge-offs to average loans, annualized, to 29 basis points, down from 36 basis points for the second quarter of 2018 and 30 basis points for the third quarter of 2017.
- Increased common equity Tier 1 capital to 9.93%, up 25 basis points from the second quarter of 2018 and 51 basis points from the third quarter of 2017.
- Completed the acquisition of Northern States Financial Corporation on October 12, 2018, subsequent to the third quarter of 2018, adding approximately $550 million in total assets and $465 million of deposits, of which 75% were core deposits.
"Operating performance for the quarter was strong, reflecting successful execution on multiple business fronts," said Michael L. Scudder, Chairman of the Board, President, and Chief Executive Officer of the Company. "Our solid commercial loan production, the benefits of earning asset growth and higher interest rates on margins, controlled spending and tax reform resulted in comparative improvement in our underlying operating performance of 15% and 39% compared to the prior quarter and a year ago, respectively. Additionally, performance for the quarter was aided by a net $0.06 per share, largely due to the recognition of certain income tax benefits modestly offset by costs attendant to our Delivering Excellence initiative."
Mr. Scudder continued, "As we look ahead, our focus remains centered on helping our clients achieve financial success, meeting those needs with the superior service which they have come to expect and which sets us apart. Continued execution on our Delivering Excellence initiative, the strength of our core deposit foundation and business momentum leave us well positioned to benefit from a growing economy and evolving rate environment."
For earnings history and earnings-related data on First Midwest Bancorp (FMBI) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- SHAREHOLDER ALERT: WeissLaw LLP Reminds KIN, FMBI, SLCT, and CNST Shareholders About Its Ongoing Investigations
- PVH Corp. (PVH) Updates FY21 Outlook in Connection With Announcement of the Sale of Its IZOD, Van Heusen, ARROW and Geoffrey Beene Brands
- Intel (INTC) Announces Key Personnel Changes, Seen as 'Necessary, Inevitable and a Positive'
Create E-mail Alert Related CategoriesEarnings, Management Comments
Related EntitiesEarnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!