First Midwest Bank (merged into Old National Bank)
First Midwest Bank reported total assets of $21.6 bn at Q4 2021, its last Call Report before it merged into Old National Bank. The CET1 capital ratio at First Midwest Bank was 10.88%, and the uninsured share of First Midwest Bank was 47.31%. Source: FDIC Call Reports.
Key takeaways
- Since , First Midwest Bank has taken over 4 institutions; the latest was Park Bank on (FDIC Call Reports).
What sets First Midwest Bank apart
How large is First Midwest Bank?
The balance sheet of First Midwest Bank at : assets $21.6 bn, deposits $17.6 bn, net loans $14.5 bn (loans equal to 82.47% of deposits). Securities make up 14.7% of total assets at First Midwest Bank. Since , when First Midwest Bank held $10.6 bn, its assets grew 103.9%. In the year to , deposits at First Midwest Bank rose 6.8% while its total assets rose 4.3%. At , First Midwest Bank employed 1,886 full-time equivalent staff across 109 offices, about $11.5 mn of assets per employee and $161.3 mn of deposits per office.
How much funding at First Midwest Bank is uninsured?
At First Midwest Bank, uninsured deposits (above the FDIC limit) made up 47.31% of domestic deposits at (+2.64 pp on a year earlier). In dollars, First Midwest Bank estimated $8.3 bn of uninsured deposits.
Key facts, Q4 2021
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $17.6 bn | $16.5 bn (Q4 2020) | |
| Net loans and leases | $14.5 bn | $14.6 bn (Q4 2020) | |
| Loan-to-deposit ratio | 82.47% | 88.45% (Q4 2020) | |
| Tier 1 leverage ratio | 7.97% | 7.86% (Q4 2020) | |
| Total risk-based capital ratio | 11.79% | 11.24% (Q4 2020) | |
| Net interest margin | 3.02% | 3.31% (Q4 2020) | |
| Return on assets (ROA) | 1.09% | 0.67% (Q4 2020) | |
| Efficiency ratio | 56.73% | 61.88% (Q4 2020) | |
| Unrealized gain/loss on held-to-maturity securities | Loss of $641,000 | Widened by $36,000 | |
| Unrealized gain/loss on available-for-sale securities | Loss of $32.7 mn | Turned from a gain into a loss | |
| Noncurrent loans to total loans | 0.70% | 0.99% (Q4 2020) | |
| Net charge-offs to average loans | 0.27% | 0.36% (Q4 2020) |
US rank of First Midwest Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
First Midwest Bank: assets, deposits and loans
- Total assets $21.6bn
- Deposits $17.6bn
- Net loans $14.5bn
Capital and securities
The CET1 ratio of First Midwest Bank stood at 10.88% in , +0.68 pp year on year. Low and high at First Midwest Bank since : 9.77% () to 10.90% (). Equity capital of First Midwest Bank at : $2.5 bn, or 11.5% of total assets. First Midwest Bank also reported a total capital ratio of 11.79% for , and a tier 1 leverage ratio of 7.97%.
On held-to-maturity securities, First Midwest Bank carried an unrealized loss of $641,000 at , equal to 0.0% of equity capital. The loss widened by $36,000 over the year. Its deepest point: $4.1 mn in . The available-for-sale portfolio of First Midwest Bank showed an unrealized loss of $32.7 mn at ; the loss turned from a gain into a loss over the year.
First Midwest Bank: capital ratios
- Total capital 12%
- CET1 11%
- Tier 1 leverage 8.0%
First Midwest Bank: unrealized securities gains and losses
- Available for sale -$33mn
- Held to maturity -$641,000
Profitability and loan quality
For the year to , First Midwest Bank earned a return on equity of 9.43%; return on assets: 1.09%. Net interest margin at First Midwest Bank: 3.02%, -0.29 pp in a year. First Midwest Bank net income: $232.4 mn, up 74.9% year on year. The efficiency ratio of First Midwest Bank was 56.73%: about 57 cents cost per revenue dollar, against 55 cents at the median peer.
At , noncurrent loans were 0.70% of total loans at First Midwest Bank; net charge-offs: 0.27% of average loans. Gross loans and leases at First Midwest Bank: $14.7 bn at , against $14.8 bn at .
First Midwest Bank: profitability
- Return on equity 9.4%
- Net interest margin 3.0%
- Return on assets 1.1%
Peer group of First Midwest Bank
The peer group of First Midwest Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 2 share the charter type of First Midwest Bank (state member bank) and 0 have head offices in Illinois. Against them, First Midwest Bank shows CET1 ratio 10.88% against a peer median of 13.71%, return on equity 9.43% against a peer median of 11.58% and uninsured deposit share 47.31% against a peer median of 49.62%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Eastern Bank | State nonmember bank | MA | $23.5 bn | 18.06% | 5.44% | 55.42% | |
| Bank of Hawaii | State member bank | HI | $22.8 bn | 13.47% | 17.98% | 54.99% | |
| City National Bank of Florida | National bank | FL | $21.9 bn | 14.21% | 11.48% | 70.71% | |
| First Midwest Bank | State member bank | IL | $21.6 bn | 10.88% | 9.43% | 47.31% | |
| Pacific Premier Bank | National bank | CA | $21.1 bn | 13.96% | 11.68% | 36.25% | |
| Columbia State Bank | State nonmember bank | WA | $20.9 bn | 13.06% | 8.70% | 44.24% | |
| United Community Bank | State member bank | SC | $20.9 bn | 12.87% | 13.45% | 42.98% | |
. FDIC Call Reports.
Last eight quarters
Two years at First Midwest Bank, to : assets $18.7 bn to $21.6 bn, deposits $13.3 bn to $17.6 bn, equity $2.3 bn to $2.5 bn. Staff 2,153 to 1,886; offices 123 to 109.
| Metric | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $18.7 bn | $21.2 bn | $21.0 bn | $20.7 bn | $21.1 bn | $21.5 bn | $21.6 bn | $21.6 bn |
| Total deposits | $13.3 bn | $15.8 bn | $16.2 bn | $16.5 bn | $17.0 bn | $17.4 bn | $17.6 bn | $17.6 bn |
| Bank equity capital | $2.3 bn | $2.4 bn | $2.4 bn | $2.4 bn | $2.4 bn | $2.5 bn | $2.5 bn | $2.5 bn |
| CET1 ratio | 10.10% | 10.15% | 10.17% | 10.20% | 10.55% | 10.63% | 10.90% | 10.88% |
| Return on equity (ROE) | 4.89% | 4.30% | 4.77% | 5.57% | 9.01% | 9.49% | 9.61% | 9.43% |
| Uninsured share of domestic deposits | 36.75% | 43.37% | 45.65% | 44.67% | 44.19% | 46.25% | 47.55% | 47.31% |
| Full-time equivalent employees | 2,153 | 2,215 | 2,143 | 2,059 | 1,994 | 2,003 | 1,943 | 1,886 |
| Number of offices | 123 | 126 | 126 | 126 | 109 | 109 | 109 | 109 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of First Midwest Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed The Peoples' Bank of Arlington Heights (FDIC certificate 35195).
- . Absorbed The National Bank & Trust Company of Sycamore (FDIC certificate 10036).
- . Absorbed Standard Bank and Trust Company (FDIC certificate 16606).
- . Absorbed Norstates Bank (FDIC certificate 18626).
- . Absorbed Bridgeview Bank Group (FDIC certificate 21122).
- . Absorbed Park Bank (FDIC certificate 26218).
- . Merged into Old National Bank (FDIC certificate 3832).
Questions and identifiers
What were the total assets of First Midwest Bank?
First Midwest Bank reported $21.6 bn at in its Call Report.
Is First Midwest Bank the same as its holding company?
No. This page covers First Midwest Bank, FDIC certificate 3709; FIRST MIDWEST BCORP INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is First Midwest Bank profitable?
First Midwest Bank reported net income of $232.4 mn for the year to ; annualized return on equity: 9.43%. So yes: First Midwest Bank made a profit over these months.
When is data for First Midwest Bank next updated?
First Midwest Bank no longer files Call Reports; its data ends at .
Where can I check the figures for First Midwest Bank?
In the FDIC BankFind Suite record for certificate 3709, and in the Call Reports of First Midwest Bank (RSSD ID 1007846) at the FFIEC Central Data Repository.