Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of First Midwest Bancorp, Inc.Global Credit Research - 04 Feb 2021New York, February 04, 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of First Midwest Bancorp, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 2 February 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology (ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.First Midwest Bancorp, Inc.'s Baa2 long-term issuer rating and the ratings of several subsidiaries, including the A2 deposit rating of its lead bank, First Midwest Bank (First Midwest), reflect the baa1 baseline credit assessment (BCA) of the lead bank and the application of advanced loss given failure to its assumed liabilities at failure.First Midwest's baa1 standalone BCA and ratings reflects the bank's adequate liquidity position and good asset quality, including a sizable core deposit base from its major markets of metropolitan Chicago, northwest Indiana, central and western Illinois, and eastern Iowa that largely funds its loan portfolio. The BCA also reflects the bank's credit challenges related to its sizable commercial real estate (CRE) concentration and above peer average commercial loan growth in recent years, which has been both organic and through acquisitions. First Midwest's ratings also incorporate its comparably weak capitalization relative to US regional peers, with a tangible common equity to risk weighted assets of 9.6% at 30 September 2020, and a long-run historical average between 9.5% and 10.4%.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Banks Methodology published in November 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Sadia Nabi Asst Vice President - Analyst Financial Institutions Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 M. Celina Vansetti-Hutchins MD - Banking Financial Institutions Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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