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FIRST MIDWEST BANCORP REPORTS THIRD QUARTER EARNINGS INCREASE OF 22 PERCENT

 NAPERVILLE, Ill., Oct. 13 /PRNewswire/ -- First Midwest Bancorp, Inc. (NASDAQ-NMS: FMBI) today reported net income for the quarter ended Sept. 30, 1993, increased to $5.4 million, or $0.44 per share, from last year's like quarter of $4.5 million, or $0.36 per share, an increase on a per share basis of 22 percent. Net income for the first nine months of 1993 increased to $15.3 million, or $1.23 per share, up 16 percent from last year's like period of $13.2 million, or $1.06 per share.
 This represents the seventh consecutive quarter of improved financial performance with core earnings improvement being reflected in both higher net interest income and noninterest income. At the same time loan loss provision expense declined as overall asset quality continued to improve. Also contributing were somewhat higher security gains realized. During the quarter management adopted a more conservative policy of estimating expenses to be incurred in the sale of foreclosed real estate resulting in a one time pretax charge of approximately $400,000. Additionally, during the quarter income tax was adjusted to reflect the higher 35 percent federal income tax rate retroactive to Jan. 1, 1993.
 The improved performance resulted in the return on average equity for the quarter increasing to 11.12 percent from last year's like quarter of 9.79 percent. From the return on average assets perspective, the quarter increased to 0.85 percent from 0.78 percent.
 Overall asset quality continued to improve during the quarter with nonperforming assets at Sept. 30, 1993, representing 1.97 percent of net loans as compared to 2.63 percent at Dec. 31, 1992, and 3.28 percent at Sept. 30, 1992. The improvement primarily related to the liquidation during the quarter of approximately $4 million in foreclosed real estate.
 At $2.6 billion, First Midwest Bancorp is Illinois's fourth largest publicly traded bank holding company operating 46 banking and trust offices in northern Illinois.
 FIRST MIDWEST BANCORP, INC.
 Consolidated Highlights
 (Unaudited, in thousands, except per share data)
 Income Statement Summary
 Periods ended Quarters Nine months
 Sept. 30 1993 1992(A) 1993 1992(A)
 Interest income $42,847 $42,024 $126,321 $130,948
 Tax equivalent adjustment 353 568 1,250 1,812
 Tax equiv. interest income 43,200 42,592 127,571 132,760
 Interest expense (16,966) (18,410) (48,879) (61,021)
 Tax equiv. net interest
 income 26,234 24,182 78,692 71,739
 Provision for loan losses (2,804) (3,149) (8,877) (11,852)
 Noninterest income 7,448 6,665 20,949 18,602
 Security gains, net 1,078 629 1,092 5,101
 Noninterest expense (23,642) (21,252) (68,086) (63,199)
 Tax equivalent income before
 income taxes 8,314 7,075 23,770 20,391
 Income tax expense (2,542) (1,963) (7,244) (5,347)
 Tax equivalent adjustment (353) (568) (1,250) (1,812)
 adjusted income taxes (2,895) (2,531) (8,494) (7,159)
 Net income $ 5,419 $ 4,544 $ 15,276 $ 13,232
 Per Share Data:
 Net income $ 0.44 $ 0.36 $ 1.23 $ 1.06
 Dividends paid $ 0.15 $ 0.13 $ 0.45 $ 0.39
 Average shares outstanding 12,332 12,465 12,412 12,494
 Performance Ratios:
 Return on average equity
 (as a percent) 11.12 9.79 10.63 9.69
 Return on average assets
 (as a percent) 0.85 0.78 0.84 0.77
 Net interest margin (tax
 equivalent) (as a percent) 4.46 4.56 4.71 4.56
 (A) -- Certain reclassifications have been made to the 1992 data to conform to the 1993 presentation.
 -0- 10/13/93
 /CONTACT: James M. Roolf of First Midwest Bancorp, 708-778-8700/
 /FIRST AND FINAL ADD TO FOLLOW/
 (FMB)


CO: First Midwest Bancorp, Inc. ST: Illinois IN: FIN SU: ERN

TS -- NY103 -- 1858 10/13/93 16:40 EDT
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Publication:PR Newswire
Date:Oct 13, 1993
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