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First Midwest Bancorp posts higher Q4'19 net income YOY

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First Midwest Bancorp posts higher Q4'19 net income YOY

Chicago-based First Midwest Bancorp Inc. reported fourth-quarter 2019 adjusted net income applicable to common shares of $55.8 million, or 51 cents per share, up from $50.6 million, or 48 cents per share, in the year-ago period.

Reported results for all periods were impacted by acquisition- and integration-related expenses and implementation costs related to the company's "Delivering Excellence" initiative, according to a news release.

The S&P Global Market Intelligence consensus estimate for normalized EPS for the latest quarter was 50 cents.

Net income applicable to common shares was $51.7 million, or 47 cents per share, in the fourth quarter of 2019, compared with $41.1 million, or 39 cents per share, in the year-ago period.

Total loans stood at $12.84 billion, up from $12.77 billion in the linked quarter and up from $11.45 billion from a year ago.

As of Dec. 31, 2019, total deposits were $13.25 billion, compared with $13.44 billion in the previous quarter and $12.08 billion a year earlier.

First Midwest reported full-year 2019 adjusted net income applicable to common shares of $215.3 million, or $1.98 per share, up from $171.3 million, or $1.67 per share, in 2018.

The S&P Global Market Intelligence consensus estimate for normalized EPS for the year was $1.98.

Net income applicable to common shares was $198.1 million, or $1.82 per share, in 2019, compared with $156.6 million, or $1.52 per share, in 2018.