First Midwest Bancorp (FMBI) has reported 27.24 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $22.86 million, or $0.23 a share in the quarter, compared with $17.96 million, or $0.23 a share for the same period last year.

Revenue during the quarter surged 37.77 percent to $150.23 million from $109.05 million in the previous year period. Net interest income for the quarter rose 42.72 percent over the prior year period to $115.20 million. Non-interest income for the quarter rose 11.20 percent over the last year period to $39.95 million.

First Midwest Bancorp has made provision of $4.92 million for loan losses during the quarter, down 35.23 percent from $7.59 million in the same period last year.

Net interest margin improved 23 basis points to 3.89 percent in the quarter from 3.66 percent in the last year period. Efficiency ratio for the quarter improved to 60.98 percent from 64.82 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

"We've had a great start to 2017," said Michael L. Scudder, president and chief executive officer of the Company. "The quarter closed with total assets of nearly $14 billion, 20% larger than we ended 2016, principally due to our successful combination with Standard Bank & Trust in early January. Excluding attendant integration and organizational costs, earnings per share for the quarter grew by 25% as compared to a year ago. While dominated by acquired growth, the quarter reflects the benefits of improved margins, lower credit costs, and solid legacy performance across our business lines."

Deposits stood at $10,956.54 million as on Mar. 31, 2017, up 24.78 percent compared with $8,780.82 million on Mar. 31, 2016.

Noninterest-bearing deposit liabilities were $3,492.99 million or 31.88 percent of total deposits on Mar. 31, 2017, compared with $2,627.53 million or 29.92 percent of total deposits on Mar. 31, 2016.

Investments stood at $1,974 million as on Mar. 31, 2017, up 18.63 percent or $309.96 million from year-ago. Shareholders equity was at $1,804.73 million as on Mar. 31, 2017.

Return on average assets moved down 4 basis points to 0.68 percent in the quarter from 0.72 percent in the last year period. At the same time, return on average equity decreased 86 basis points to 5.20 percent in the quarter from 6.06 percent in the last year period.

Nonperforming assets moved up 25.83 percent or $18.10 million to $88.18 million on Mar. 31, 2017 from $70.08 million on Mar. 31, 2016. Nonperforming assets to total loans was 0.87 percent in the quarter, down from 0.89 percent in the last year period.

Book value per share was $17.56 for the quarter, up 16.60 percent or $2.50 compared to $15.06 for the same period last year.