First Midwest Bancorp Inc. (FMBI: Quote), the bank holding company of First Midwest Bank, Wednesday reported fourth-quarter earnings that fell just shy of analysts’ estimates, however, came in above last year, reflecting lower provision for loan losses and higher non-interest income.
For the period, the company posted net income applicable to common shares of $13.02 million or $0.18 per share compared with $3.87 million or $0.05 per share last year. Nine analysts, on average, polled by Thomson Reuters estimated earnings per share of $0.19 per share. Analysts’ estimate typically exclude one-time items.
Net interest income for the fourth quarter slid to $66.52 million from $69.07 million reported a year ago. Total non-interest income stood at $32.08 million, up from $26.63 million for the year-before period.
Provision for loan losses fell significantly to $5.59 million form $21.9 million a year ago.
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by RTT Staff Writer
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