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On January 25, 2021, First Midwest Bank announced the allocation of $250,000 in grants to over 80 local non-profit organizations through its charitable foundation. This initiative is part of a broader $2.5 million philanthropic commitment established in the previous year. Since March 2020, the foundation has contributed more than $750,000 to United Way COVID-19 emergency response funds and provided $500,000 in grants to local non-profits. Additionally, the bank raised over $225,000 through its annual Colleague Giving Campaign, supporting various charitable organizations.
CHICAGO, Jan. 07, 2021 (GLOBE NEWSWIRE) -- First Midwest Bancorp, Inc. announced the schedule for its 2020 fourth quarter and full year earnings release. The earnings release will occur on Tuesday, January 26, 2021, after market close, followed by a conference call on Wednesday, January 27, 2021, at 11:00 A.M. ET. Dial-in numbers for participants include U.S. (877) 507-0639 and International (412) 317-6003. The web replay will be available until April 20, 2021. The Company, listed under the ticker FMBI, manages over $21 billion in assets.
First Midwest Bancorp declared a quarterly cash dividend of $0.14 per share on common stock, payable on January 12, 2021, for stockholders of record on December 18, 2020. This marks the 152nd consecutive cash dividend since its inception in 1983. Additionally, a dividend of $17.50 per share on its 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock (Series A and C) will be payable on February 20, 2021, to stockholders of record by February 5, 2021. First Midwest operates with approximately $21 billion in assets.
First Midwest Bancorp reported Q3 2020 net income of $23.4 million ($0.21/share), a rise from $17.8 million ($0.16/share) in Q2 2020 but down from $54.1 million ($0.49/share) in Q3 2019. The bank faced challenges due to COVID-19, reflected in increased loan loss provisions and decreased income. Fee-based revenue rose 25% to $38 million; however, net interest income fell 1.7% from Q2 due to lower rates. Total loans decreased 2%, while deposits increased 3% to $16 billion. The company also consolidated 17 branches and terminated swaps to optimize its balance sheet.
First Midwest Bancorp, Inc. announced plans to optimize its retail branch network as part of its commitment to client needs. By the end of 2020, 23 branch lobbies will reopen after COVID-19 closures, and in early 2021, 17 branches will be consolidated, representing a 15% reduction. Despite these changes, the bank will maintain a strong presence with 105 locations in the Chicagoland area, ensuring minimal impact on client access. The move reflects a shift towards digital banking, a trend accelerated by the pandemic, as stated by COO Mark Sander.
First Midwest Bancorp, Inc. (FMBI) announced its schedule for the 2020 third quarter earnings release and conference call. The earnings release will be available on October 20, 2020, after market close, via GlobeNewswire and the company’s website. The conference call is set for October 21, 2020, at 11:00 A.M. ET, accessible through telephone and online. Interested parties can dial US (877) 507-0639 or International (412) 317-6003 to participate. For further information, visit investor.firstmidwest.com.
First Midwest Bancorp has declared a quarterly cash dividend of $0.14 per share, marking the 151st consecutive dividend since its inception in 1983. This dividend will be payable on October 6, 2020 to stockholders of record by September 25, 2020. Additionally, dividends of $17.50 per share for the 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock will be paid on November 20, 2020, with a record date of November 5, 2020.
On July 27, 2020, First Midwest Bancorp announced a quarterly cash dividend of $17.50 per share on its 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (FMBIP), and $11.08 per share on Series C (FMBIO). These dividends are payable on August 20, 2020 to stockholders on record by August 5, 2020. The company continues to demonstrate its commitment to returning value to shareholders while managing approximately $21 billion in assets and $13 billion in assets under management.
First Midwest Bancorp reported a net income of $17.8 million, or $0.16 per share, in Q2 2020, down from $19.4 million in Q1 2020 and $46.6 million in Q2 2019. The results were affected by COVID-19, leading to higher loan loss provisions and lower net interest income of $145 million, a decrease from the prior quarter's $171.4 million. Noninterest income fell to $33 million due to reduced transaction volumes. Loan growth was spurred by $1.2 billion in PPP loans, totaling $15 billion in loans. The company issued $230.5 million in preferred stock to bolster capital.
