First Midwest Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Loan Charge-Offs for the Fourth Quarter of 2015
For the full year of 2015, the company reported net income applicable to common shares of $81.2 million, or $1.05 per share, compared to $68.5 million, or $0.92 per share, for the year ended December 31, 2014. Earnings per share, excluding certain significant transactions was $1.13 for the year ended December 31, 2015, excluding the valuation adjustment and acquisition and integration related expenses, and $1.03 for the year ended December 31, 2014, excluding acquisition and integration related expenses. Net interest income was $311.6 million compared with $276.9 million a year ago. Income before income tax expense was $119.8 million compared with $100.5 million a year ago. Net income applicable to common shares, excluding certain significant transactions was $87.2 million compared with $54.6 million a year ago. As on December 31, 2015, the company's book value per share was $14.70 against $14.17 a year ago. Tangible book value per share was $10.35 against $9.87 a year ago. Return on average common equity was 7.17% compared with 6.56% a year ago. Return on average tangible common equity was 10.44% compared with 9.32% a year ago. Return on average assets was 0.85% compared with 0.80% a year ago. Net interest income after provision for loan and covered loan losses was $73.512 million against $74.160 million a year ago. Return on average tangible common equity, excluding certain significant transactions was 11.19% against 10.42% a year ago.
The company announced total net loan charge-offs of $3.37 million against $2.071 million a year ago.