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First Midwest Bancorp (NASDAQ: FMBI) and Old National Bancorp (NASDAQ: ONB) announced the approval of their merger of equals by the Federal Reserve, following prior approvals from the Office of the Comptroller of the Currency and shareholders. The merger is anticipated to finalize by March 1, 2022, creating a bank with over $45 billion in assets, enhancing market presence across major Midwestern metropolitan areas. The combined entity will continue under the Old National name with dual headquarters in Evansville and Chicago, broadening its commercial and retail banking capabilities.
First Midwest Bancorp reported Q4 2021 net income of $44 million ($0.39/share), down from $50 million in Q3 2021, yet up from $37 million in Q4 2020. Full-year net income rose to $182 million ($1.60/share), an 84% increase from 2020. Total revenue for Q4 was $183 million, reflecting a 4% rise year-over-year. Loans increased by 3% to $15 billion, with deposits rising 10% to $17 billion. The company is preparing for a merger with Old National Bank, valued at $6.5 billion, enhancing its market position significantly.
First Midwest Bancorp, Inc. (NASDAQ: FMBI) will release its 2021 fourth quarter and full-year earnings on January 18, 2022, before market opening via GlobeNewswire. Due to the merger with Old National Bancorp (NASDAQ: ONB), there will be no earnings conference call this quarter. First Midwest, based in Chicago, is a significant financial institution with $22 billion in assets and $15 billion under management, offering a comprehensive range of banking services across the Midwest.
First Midwest Bancorp, Inc. announced a quarterly cash dividend of $0.14 per share on its common stock, payable on December 15, 2021, to shareholders of record by December 6, 2021. This marks the 156th consecutive cash dividend since the company's inception in 1983. Additionally, a dividend of $17.50 per share will be paid on its 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock (Series A and C) on February 20, 2022, to stockholders of record as of February 5, 2022.
First Midwest Bancorp reported a net income of $50 million for Q3 2021, up from $47 million in Q2 2021 and $23 million in Q3 2020. Diluted EPS improved to $0.44, a 110% increase year-over-year. Total revenue remained stable at $190 million, while net interest income was $145 million with a margin of 2.91%. Total loans rose to $15 billion, a 2% increase from Q2. The bank's acquisition of Old National Bancorp is progressing, with a combined asset goal of $45 billion.
First Midwest Bancorp, Inc. (FMBI) will release its 2021 Q3 earnings on October 19, 2021, before market opening, via GlobeNewswire. This quarter, due to the ongoing merger with Old National Bancorp (ONB), First Midwest will not hold an earnings conference call. The company, headquartered in Chicago, manages approximately $22 billion in assets and an additional $15 billion in assets under management, offering a wide range of banking services throughout the Midwest.
On September 15, 2021, First Midwest Bancorp announced that approximately 99% of stockholders voted in favor of its merger with Old National Bancorp. This merger, part of a growth strategy, aims to strengthen their position in the market and enhance services across their footprint. Regulatory approval is pending from the Federal Reserve, but the merger is on track to close in Q4 2021. With assets totaling approximately $22 billion and $15 billion under management, First Midwest is a leading financial institution in the Midwest.
First Midwest Bancorp has released its 2020 Corporate Social Responsibility (CSR) report titled "Momentum for All," emphasizing its commitment to diversity, equity, and inclusion. The report outlines initiatives in response to the COVID-19 pandemic, community support, corporate culture, governance, risk management, and environmental responsibility. CEO Michael L. Scudder highlighted the company's longstanding dedication to corporate citizenship. First Midwest operates with approximately $22 billion in assets and manages an additional $15 billion, focusing on a relationship-driven approach in the Midwest.
First Midwest Bancorp declared a quarterly cash dividend of $0.14 per share on common stock, to be paid on October 12, 2021. This marks the 155th consecutive cash dividend since 1983. Additionally, a dividend of $17.50 per share was approved for its 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A and C, payable on November 20, 2021. These dividends underscore the company's stability, with approximately $22 billion in assets and a strong market presence.
First Midwest Bancorp reported a net income of $47 million for Q2 2021, up 14% from Q1 2021 and 156% from Q2 2020. The diluted earnings per share was $0.41. Total loans grew to $15 billion, a 7% annualized increase. Total revenue reached $191 million, up 2% from the previous quarter. The merger with Old National, valued at $6.5 billion, is expected to strengthen their market position.
Nonperforming assets decreased by 14%, and Tier 1 capital increased to 11.7%.
