Business

First Midwest 2Q net income up 10 percent

Posted July 26, 2017 1:00 am

Globe Newswire

ITASCA — First Midwest Bancorp, Inc. reported net income of $35 million, or 34 cents per share, for the second quarter of 2017, up 10 percent from the same period last year.

The figure was up from $22.9 million, or 23 cents per share, for the first quarter of 2017, and $25.3 million, or 31 cents per share, for the second quarter of 2016.

“Performance for the quarter was strong, reflective of balanced delivery across our business,” said Michael L. Scudder, First Midwest President and Chief Executive Officer. “Earnings per share of $0.34 stood 10 percent higher from a year ago, benefiting from the expected revenue growth and improved operating efficiency accompanying our successful acquisition of Standard Bancshares in early January.

“Lending activity was solid, with late quarter closings providing added earnings momentum,” he added. “ At the same time, targeted efforts to expand and diversify our fee-based revenues are also evident, up 9% compared to last quarter.”

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