First Midwest Bancorp Q3 Profit Tops View

(RTTNews) - First Midwest Bancorp Inc. (FMBI), the holding company of First Midwest Bank, reported that its net income applicable to common shares for the third quarter of 2020 dropped to $23.4 million or $0.21 per share, from $54.1 million or $0.49 per share, for the third quarter of 2019. Results for the third quarter of 2020 were impacted by retail and balance sheet optimization strategies as well as securities gains.

Adjusted earnings for the quarter were $0.33 compared to $0.52 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share. Analysts' estimates typically exclude special items.

Net interest income after provision for credit losses was $126.80 million compared to $138.29 million in the prior year.

Total fee-based revenues declined to $38.02 million from $40.03 million in the previous year.