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First Midwest Bank has been certified to join the Cities for Financial Empowerment Fund’s BankOn program, aimed at providing unbanked households with safe, affordable banking services. With millions lacking access to conventional banking, this initiative supports financial equity and inclusion. The certified Foundation Checking account features low minimum deposits, no monthly fees, and no overdraft charges. Customers must complete a Financial Education program to qualify. First Midwest, a significant player in the financial sector, manages approximately $35 billion in assets.
First Midwest Bancorp, Inc. (NASDAQ: FMBI) has scheduled its 2021 second quarter earnings release for July 20, 2021, prior to market open, accessible via GlobeNewswire and their investor website. A conference call will follow on the same day at 10:00 A.M. ET, open to participants via telephone and web broadcast. The bank, headquartered in Chicago, manages approximately $21 billion in assets and an additional $14 billion in assets under management, serving regions in the Midwest and offering a range of financial services.
Old National Bancorp and First Midwest Bancorp have agreed to merge in an all-stock transaction valued at $6.5 billion, creating a leading Midwestern bank with combined assets of $45 billion. Each First Midwest shareholder will receive 1.1336 shares of Old National stock. The merger will result in dual headquarters in Evansville, Indiana, and Chicago, Illinois, with key executives from both banks retaining significant leadership roles. The merger is expected to enhance market position, increase profitability, and drive digital advancements while promoting community engagement.
First Midwest Bancorp, Inc. declared a quarterly cash dividend of $0.14 per share on common stock, payable on July 13, 2021. This marks the 154th consecutive cash dividend paid since 1983. In addition, a dividend of $17.50 per share was declared on its 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock (Series A and C), payable on August 20, 2021.
The Company, based in Chicago, has approximately $21 billion in assets and offers a range of financial services across the Midwest.
First Midwest Bancorp reported Q1 2021 net income of $41 million ($0.36/share), up from $37 million in Q4 2020 and $19 million in Q1 2020. Adjusted diluted EPS decreased 14% from Q4 2020 due to reduced Paycheck Protection Program income. Total loans rose 3% annualized to $14 billion, while noninterest income surged 65.3% to $45.8 million, driven by record wealth management fees. Despite these gains, net interest income fell 4.7% from Q4 2020 due to lower fees from PPP loans. The allowance for credit losses decreased slightly to 1.60% of total loans.
First Midwest Bancorp, Inc. (FMBI) announced its 2021 first quarter earnings release schedule and conference call details. The earnings release will occur on April 20, 2021, after market close, while the conference call is set for April 21, 2021, at 11:00 A.M. ET. Investors can access the call via telephone or the web on First Midwest’s site. With around $21 billion in assets and $14 billion in assets under management, First Midwest offers a variety of financial services across the Midwest.
First Midwest Bank has partnered with 101.9 THE MIX for the second consecutive year to recognize women-owned businesses through the Inspiring Women in Business contest. The grand prize includes $5,000 for the winner’s business and another $5,000 for a local non-profit. Director Cheri Rubocki highlighted the disproportionate impact of the pandemic on women-owned businesses. The contest is open to businesses in Illinois, Indiana, Iowa, and Wisconsin, with nominations due by May 9, 2021.
First Midwest Bancorp has declared a quarterly cash dividend of $0.14 per share, payable on April 13, 2021. This marks the company's 153rd consecutive dividend paid since 1983. Additionally, a dividend of $17.50 per share on its 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock will be paid on May 20, 2021. The company also announced the resumption of its stock repurchase program, with an authorization of up to $200 million, aimed at enhancing shareholder value.
First Midwest Bancorp reported a net income of $37.2 million for Q4 2020, a 57% increase from Q3 but a 30% decline year-over-year. The full-year net income was $97.8 million, significantly down from $198.1 million in 2019. The pandemic affected performance, increasing provisions for loan losses and reducing income. The bank’s net interest income of $148 million rose 4% from Q3, driven by Paycheck Protection Program loans. The company optimized its branch network, incurring $18.4 million in costs but expects recovery in two years.
