First Midwest Bancorp (FMBI) Tops Q3 EPS by 15c

October 23, 2013 7:59 AM EDT
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Price: $19.88 -2.07%

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First Midwest Bancorp (NASDAQ: FMBI) reported Q3 EPS of $0.39, $0.15 better than the analyst estimate of $0.24.

"It was a strong quarter for us on a number of fronts," said Michael L. Scudder, President and Chief Executive Officer of First Midwest Bancorp, Inc. "Earnings improved to $29 million, or over 80%, from last quarter as we benefited from both strong business performance and proactive management of our balance sheet. Solid production across all of our business lines coupled with substantial improvement in asset quality helped drive our fourth consecutive quarter of double digit earnings growth. Additionally, market conditions were such that we were able to opportunistically sell or restructure certain balance sheet positions, adding $11.4 million in net earnings while better positioning ourselves to benefit from higher rates."

Mr. Scudder concluded, "As we look ahead, our business momentum combined with the strength of our core deposit base and capital foundation leave us well positioned to grow and enhance shareholder value."

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


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