First Midwest Bancorp Inc. (FMBI) Misses Q3 EPS by 1c

October 22, 2014 7:45 AM EDT
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Price: $19.82 -2.36%

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Other expenses: 13.62M

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After the close, First Midwest Bancorp Inc. (NASDAQ: FMBI) reported Q3 EPS of $0.25, $0.01 worse than the analyst estimate of $0.26.

"It was a strategically dynamic quarter for us," said Michael L. Scudder, President and Chief Executive Officer of First Midwest Bancorp, Inc. "Operating performance was solid, reflecting strong top-line revenue growth and improved operating efficiency. Our performance benefited from both the successful completion of the Popular Community Bank branch acquisition and multi-year efforts to dispose of certain selected branch properties. These benefits in turn partially were offset by acquisition and integration related costs as well as the impact of a singular, anomalous corporate credit loss. At its core, the quarter reflected continued loan and fee growth, balanced business investment, and improved operating leverage."

Mr. Scudder continued, "Announced in July, our acquisition of Great Lakes Financial Resources, Inc. remains on track with regulatory approval from the Federal Reserve in hand and a planned closing before year end. Targeted acquisitions together with organic business investment have added to a talented group of colleagues providing greater product and operational depth, while enhancing an already strong core deposit foundation. These efforts leave us well positioned for future performance and growth."

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



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