First Midwest Bancorp (FMBI) Tops Q1 EPS by 1c

First Midwest Bancorp (NASDAQ: FMBI) reported Q1 EPS of $0.34, ex-items, $0.01 better than the analyst estimate of $0.33.

• Generated earnings per share, excluding certain significant transactions (1), of $0.34, up 25% from the first quarter of 2016 and 6% from the fourth quarter of 2016.
• Grew fee-based revenues to $38 million, an increase of 13% from the first quarter of 2016 and 2% from the fourth quarter of 2016.
• Improved efficiency ratio (1) to 61%, down from 65% for the first quarter of 2016 and 64% for the fourth quarter of 2016.
• Increased net interest income to $115 million, up 43% from the first quarter of 2016 and 31% from the fourth quarter of 2016.
• Reduced charge-offs net of recoveries, to average loans, annualized, to 12 basis points, down 45% from both the first and fourth quarters of 2016.
• Completed the acquisitions of Standard Bancshares, Inc. on January 6, 2017, adding $1.8 billion in loans and $2.0 billion in deposits, and Premier Asset Management LLC on February 28, 2017, adding approximately $550 million in trust assets under management.

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

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