First Midwest Bancorp, Inc. Announces 2020 First Quarter Results
First Midwest Bancorp, Inc. (FMBI)
Last first midwest bancorp, inc. earnings: 4/30 07:27 pm
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US:NASDAQ Investor Relations:
firstmidwest.com/investor.aspx
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Source: GlobeNewswire
CHICAGO, April 30, 2020 (GLOBE NEWSWIRE) -- First Midwest Bancorp, Inc. (the "Company" or "First Midwest"), the holding company of First Midwest Bank (the "Bank") and Park Bank, today reported results of operations and financial condition for the first quarter of 2020. Net income for the first quarter of 2020 was $19.6 million, or $0.18 per share, compared to $52.1 million, or $0.47 per share, for the fourth quarter of 2019, and $46.1 million, or $0.43 per share, for the first quarter of 2019. First quarter of 2020 results were impacted by the COVID-19 pandemic and governmental responses to it, resulting in a higher provision for loan losses, as well as lower net interest and noninterest income. In addition, the adoption of the current expected credit losses ("CECL") accounting standard on January 1, 2020 added to the allowance for credit losses ("ACL") and impacted certain asset quality metrics and comparability to prior periods. Reported results for all periods were impacted by a
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