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First Midwest Bancorp meets 1Q profit forecasts

ITASCA, Ill. (AP) _ First Midwest Bancorp Inc. (FMBI) on Tuesday reported first-quarter net income of $22.6 million.

The Itasca, Illinois-based bank said it had earnings of 23 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, came to 34 cents per share.

The results met Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was also for earnings of 34 cents per share.

The holding company for First Midwest Bank posted revenue of $163.7 million in the period. Its adjusted revenue was $155.1 million, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $162 million.

First Midwest Bancorp shares have decreased slightly more than 4 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $24.11, an increase of 30 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FMBI at https://www.zacks.com/ap/FMBI


Keywords: First Midwest Bancorp, Earnings Report