Friday, May 14, 2021

Why is the stock of First Midwest Bancorp Inc. (FMBI) dripping down?

First Midwest Bancorp (FMBI), an Illinois state-chartered bank providing a range of banking, treasury, and wealth management products announces 2021 first-quarter results of operations and financial conditions. FMBI reported net income applicable to common shares for the first quarter of 2021 increased to $40.50 million which accounts for $0.36 per share, compared to $19.41 million or $0.18 per share in the previous year. FMBI stock price slightly declined adjacent to the news.


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First Midwest Bancorp Inc Stock declined 4.22% to close the day at $20.87 in the normal trading session on Tuesday. The volume of shares traded was 0.65 million, which is lower than the average volume over the last three months of 765.85K. In the past year, the company’s stock has surged 51.89%, however in the last week, the stock has moved down to -2.82%.

First Quarter Highlights


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FMBI increased its fee-based revenues to $44 million, depicting a 5% from the fourth quarter of 2020 and a 17% rise from the first quarter of 2020, reflecting a stagnant increase in the company’s fee-based revenue. Furthermore, diluted EPS went up by a staggering 100% compared to the first quarter of 2020.

However, Net interest income generated in the first quarter of 2021, declined 4.7% and 1.7% from the fourth and first quarter of 2020, respectively.  The decline in net interest resulted due to decreased fee on PPP loans and lesser days in the quarter, combined with lesser costs of funds.

The first quarter of 2021 saw total average interest-earning assets increase by $125.8 million from the fourth quarter and $2.6 billion from the first quarters of 2020. The substantial rise came from loan growth, with a lower balance of other interest-earning assets.

Aggregate average funding sources for the first quarter of 2021 remained the same compared to the fourth quarter of 2020, however, rose by $2.2 billion vs the first quarter of 2020. The reason for the incredible increase was primarily a result of deposit growth due to higher customer balances resulting from PPP funds and other government stimuli, in relation to the ongoing Covid-19 situations, as well as several deposits assumed in the Park Bank transaction, which were partially offset by a decrease in advances.

Conclusion

FMBI financial report consisted of company growth in comparison to previous quarters, however, a decline in net interest income generated as well as decreased cost of funds lowered investor expectations with FMBI stock slightly declining 4.22% at last check.

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