First Midwest 2016 income up 10 percent

ITASCA - First Midwest Bancorp said fourth quarter 2016 income increased 10 percent over the same period the pervious year buoyed by recent acquisitions.

The holding company of First Midwest Bank reported net income for the fourth quarter of 2016 was $20.7 million, or 25 cents per share, compared to $28.4 million, or 35 cents per share, for the third quarter of 2016, and $16.3 million, or 21 cents per share, for the fourth quarter of 2015.

For the year 2016, earnings per share grew to $1.14, up 9 percent from 2015, while increased fee-based revenues increased 14 percent over the previous year and average core deposits increased 11 percent from 2015.

"This performance benefited from consistent sales success across major business lines as well as our acquisition of NI Bancshares Corporation in March of 2016. Further, we were very pleased to close on our acquisition of Standard Bancshares, Inc., a $2.3 billion asset financial institution, on January 6, 2017," said Michael L. Scudder, President and Chief Executive Officer.

"As a result, we begin 2017 with $14 billion in assets, 40 percent larger than we began 2016, and having greatly strengthened our place as the premier commercial bank in metro Chicago," Scudder added.