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First Midwest Bancorp (FMBI) Company Profile

Updated Mar 8, 2019
First Midwest Bancorp has the following business profile:
Company's Full Name:First Midwest Bancorp, Inc.
Short Name:First Midwest Bancorp
Trading Ticker Symbol:FMBI
Primary Exchange:NASDAQ
Headquarter City/Country:Illinois, IL
Primary Industry Sector:Finance
Seconday Sub-sector:Major Banks
Main Business Areas: Finance, Major Banks, Financial Services, Regional US Banks
Dividend Payments:Dividend History

Market and Trading Information for First Midwest Bancorp

The following details were available for trading and market data about the stock of First Midwest Bancorp as of writing:
Current Share Price:$21.63
Previous Year's Closing Price:$19.81
Percentage Price Change (YTD):9.19%
Market Cap:$2.31 billion
52-week Price Range:$18.1 - $27.7
Dividend Per Share:$0.45
EPS (TTM):1.52
Price-Earnings (Trailing):14.23
Price-Earnings (Forward):10.11

Company Profile and Business Description for First Midwest Bancorp

First Midwest Bancorp, Inc., incorporated on May 14, 1982, is a bank holding company. The Company's principal subsidiary, First Midwest Bank (the Bank), is an Illinois state-chartered bank and provides a range of banking, treasury and wealth management products and services, to commercial and industrial, commercial real estate, municipal and consumer customers. As of December 31, 2016, the Bank operated primarily throughout the Chicago metropolitan area, as well as northwest Indiana, central and western Illinois, and eastern Iowa through 117 banking locations. The Bank also offers debit and automated teller machine (ATM) cards, credit cards, Internet and mobile banking, telephone banking, and financial education services.

Lending Activities

The Bank originates commercial and industrial, agricultural, commercial real estate and consumer loans, primarily to businesses and residents in the Bank's market areas. In addition to originating loans, the Bank offers capital market products to commercial customers as risk management solutions, which include derivatives and interest rate risk mitigation products. The Bank's category of lending is commercial real estate, followed by commercial and industrial. The Bank provides commercial and industrial loans to middle market businesses located in the Chicago metropolitan area. Its range of financing products includes working capital loans and lines of credit, accounts receivable financing, inventory and equipment financing, and select sector-based lending, such as healthcare, asset-based lending, structured finance and syndications. The Bank provides agricultural loans to meet seasonal production, equipment, and farm real estate borrowing needs of individual and corporate crop and livestock producers. The Bank provides an array of financing products to developers, investors, other real estate professionals, and owners of various businesses, which include funding for the construction, purchase, refinance, or improvement of commercial real estate properties. Consumer loan products include mortgages, home equity lines and loans, personal loans, specialty loans, and auto loans. These products are provided to the residents living and work within the Bank's market areas. As of December 31, 2016, the loan portfolio included both corporate and consumer loans with corporate loans representing 82.9% of total loans. As of December 31, 2016, the total loans of the Bank were $8.3 billion.

Investment Activities

The investment portfolio consists of the United States treasury securities, the United States agency securities, collateralized mortgage obligations (CMOs), other mortgage backed securities (MBSs), collateralized debt obligations (CDOs), municipal securities, corporate debt securities and equity securities. As of December 31, 2016, its securities available-for-sale portfolio totaled $1.9 billion.

Sources of Funds

The Company's deposits include demand deposits, savings deposits, negotiable order of withdrawal (NOW) accounts and money market deposits. As of December 31, 2016, the total deposits of the Company were $9 billion.

Subsidiary Activities

The Company's subsidiaries include the Bank and its subsidiaries, including First Midwest Equipment Finance Co., a provider of equipment leasing and commercial financing alternatives to traditional bank financing; First Midwest Securities Management, LLC, which manages investment securities; Synergy Property Holdings, LLC, which manages majority of the Bank's other real estate owned (OREO) properties, and First Midwest Holdings, Inc., which manages investment securities, principally municipal obligations and provides corporate management services to its subsidiary, FMB Investments Ltd., that manages investment securities. The Company's subsidiaries also include Catalyst Asset Holdings, LLC, which manages certain non-performing assets with its subsidiary Restoration Asset Management, LLC, which manages Catalyst's OREO properties, and Parasol Investment Management, LLC, a provider of wealth management services to the Bank's wealth management division and to individual and institutional customers. Its subsidiaries also include First Midwest Capital Trust I, Great Lakes Statutory Trust II and Great Lakes Statutory Trust III, which issues trust-preferred securities and lends the proceeds to the Company in return for junior subordinated debentures of the Company.

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Peer / Competitor Companies of Major Banks Sector

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▶ Atlantic Capital Bancshares (ACBI): Atlantic Capital Bancshares, Inc. operates as the holding company for Atlantic Capital Bank, N.A. that provides commercial banking products and services in the United States. The company offers NOW, m....See Detailed Company Profile  and Dividend History.

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