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Two Midwestern banking companies, First Midwest Bancorp in Illinois and First Federal of Northern Michigan Bancorp, have completed previously announced acquisitions.
August 11 -
Popular (BPOP) in San Juan, Puerto Rico, has found buyers for its regional operations in Illinois, California and central Florida.
April 23 -
First Midwest Bancorp (FMBI) in Itasca, Ill., has agreed to buy Great Lakes Financial Resources (GLFL) in Chicago.
July 8
First Midwest Bancorp in Itasca, Ill., reported a significant decline in quarterly earnings on costs tied to two acquisitions.
The $8.7 billion-asset company's third-quarter profit fell nearly 37% from a year earlier, to $18.5 million, or 25 cents a share.
The company in August bought the
In September, First Midwest bought National Machine Tool Financial Corp., which provides nonbank financing alongside its equipment leasing platform, which is expected to generate $40 million annually, the company said in a press release.
Net interest income rose 8%, to $74 million. Total loans increased 16%, to nearly $7 billion. The net interest margin expanded by 9 basis points, to 3.72%.
The provision for loan losses more than doubled, to $10.7 million.
Noninterest income fell 36%, to $37 million, though the 2013 results includes $34 million in gains from the sale of an equity investment. Noninterest expense rose 9%, to $70.3 million, on higher salaries, occupancy, equipment and technology costs.
The company also said it expects to close its $58 million
