ITASCA, Ill., Oct. 9 /PRNewswire-FirstCall/ --
First Midwest Bancorp, Inc. (Nasdaq: FMBI) today reaffirmed its earlier
guidance and announced that it expects to report diluted earnings per share of
$0.47 for its third quarter ending September 30, 2002, consistent with the
most recent First Call consensus estimate and representing an increase of 12%
over last year's like quarter of $0.42.
Commenting on asset quality, the Company reported that it expects
nonperforming assets at September 30, 2002 will continue to be well controlled
and approximate the levels of June 30, 2002. Third quarter charge-offs are
expected to be consistent with those of the second quarter and fully covered
by third quarter provisions. It is further expected that the reserve for loan
loss at September 30, 2002 will remain strong and approximate the coverage of
both total loans and nonperforming loans existent at June 30, 2002.
The Company expects to release its third quarter 2002 results on October
23, 2002 prior to the market open after its independent auditors have
completed their review of the Company's financial statements and results of
operations as of and for the three and nine month periods ending September 30,
2002. The release will contain earnings guidance for the fourth quarter
ending December 31, 2002. The earnings release and supporting selected
financial information will be available in the Investor Relations section of
the Company's website, http://www.firstmidwest.com, on October 23, 2002 at
approximately 8:00am CST.
With assets of approximately $6 billion, First Midwest is the largest
independent and one of the overall largest banking companies in the highly
attractive suburban Chicago banking market. As the premier independent
suburban Chicago banking company, First Midwest provides commercial banking,
trust, investment management and related financial services to a broad array
of customers through 69 offices located in more than 40 communities primarily
in northern Illinois.
Safe Harbor Statement
Statements made in this Press Release which are not purely historical are
forward-looking statements with respect to the goals, plan objectives,
intentions, expectations, financial condition, results of operations, future
performance and business of First Midwest, including, without limitation, (i)
loan and deposit growth, net interest income and margin, wholesale funding
sources, provision and reserve for loan losses, nonperforming loan levels and
net charge-offs, noninterest income and expenses, and diluted earnings per
share growth rates for 2002, and (ii) statements preceded by, followed by or
that include the words "may," "would," "could," "should," "expects,"
"projects," "anticipates," "believes," "estimates," "plans," "intends,"
"targets" or similar expressions.
Forward-looking statements involve inherent risks and uncertainties, and
important factors (many of which are beyond First Midwest's control) that
could cause actual results to differ materially from those set forth in the
forward-looking statements, including the following, in addition to those
contained in First Midwest's reports on file with the Securities and Exchange
Commission: general economic or industry conditions, nationally and/or in the
communities in which First Midwest conducts business, changes in the interest
rate environment, legislation or regulatory requirements, conditions of the
securities markets, deposit flows, cost of funds, demand for loan products,
demand for financial services, competition, changes in the quality or
composition of First Midwest's loan and investment portfolios, changes in
accounting principals, policies or guidelines, financial or political
instability, acts of war or terrorism, other economic, competitive,
governmental, regulatory and technical factors affecting First Midwest's
operations, products, services and prices.
Accordingly, results actually achieved may differ materially from expected
results in these statements. Forward-looking statements speak only as of the
date they are made. First Midwest does not undertake, and specifically
disclaims, any obligation to update any forward-looking statements to reflect
events or circumstances occurring after the date of such statements.
SOURCE First Midwest Bancorp, Inc.
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Related links:
http://www.firstmidwest.com
CONTACT:
Barbara E. Briick of First Midwest Bancorp,
+1-630-875-7459
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