First Midwest Bancorp (ONBPP)

First Midwest Bancorp, Inc. is a relationship-focused financial institution and one of the largest independent publicly traded bank holding companies based on assets headquartered in Chicago and the Midwest, with over $21 billion of assets and an additional $13 billion of assets under management. First Midwest Bank and the Company's other affiliates provide a full range of commercial, treasury management, equipment leasing, consumer, wealth management, trust and private banking products and services. First Midwest Bank operates branches and other locations throughout metropolitan Chicago, southeast Wisconsin, northwest Indiana, eastern Iowa and other markets in the Midwest.

Company profile

Ticker

ONBPP, ONBPO

Exchange

NASDAQ

Website

www.firstmidwest.com

CEO

Michael Scudder

Incorporated

Delaware

Location

Illinois

Fiscal year end

Dec 31

Sector

Finance and Insurance > Commercial Banking

Industry (SIC)

National Commercial Banks

Citigroup • Wells Fargo & Co. • JPMorgan Chase & Co. • U.S. Bancorp. • PNC Financial Services • Capital One Financial • Shinhan Financial • HSBC USA • Regions Financial • Keycorp ...

SEC CIK

0000702325

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

Premier Asset Management LLC • Northern Oak Wealth Management, Inc. ...

IRS number

363161078

ONBPP stock data

1M 1Y 5Y

Calendar

27 Oct 21

17 May 22

31 Dec 22

Financial summary

Financial statements Chart ONBPP financial data

Quarter (USD)	Sep 21	Jun 21	Mar 21	Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Dec 20	Dec 19	Dec 18	Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Recent insider trades

ONBPP insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	#Shares
15 Feb 22	Patrick Sean Barrett	Common Stock	Sale back to company	Dispose D	No	No	74,127
15 Feb 22	Boigegrain Barbara A	Common Stock	Sale back to company	Dispose D	No	No	47,528.819
15 Feb 22	Brown Thomas Lynn	Common Stock	Sale back to company	Dispose D	No	No	3,000
15 Feb 22	Brown Thomas Lynn	Phantom Stock Under NQ Deferred Comp. Plan Common Stock	Sale back to company	Dispose D	No	No	26,614.12
15 Feb 22	Hayley Kathryn	Depositary Shares (Series C)	Sale back to company	Dispose D	No	No	12,000
15 Feb 22	Hayley Kathryn	Common Stock	Sale back to company	Dispose D	Yes	No	23,000
15 Feb 22	Gill Phupinder	Depositary Shares (Series C)	Sale back to company	Dispose D	No	No	4,000
15 Feb 22	Gill Phupinder	Common Stock	Sale back to company	Dispose D	No	No	34,318
15 Feb 22	Gill Phupinder	Phantom Stock Under NQ Deferred Comp. Plan Common Stock	Sale back to company	Dispose D	No	No	40,997.229

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q4 2021

ONBPP institutional ownership history Ownership history

13F holders	Current	Prev Q	Change
Total holders	206	211	-2.4%
Opened positions	21	26	-19.2%
Closed positions	26	15	+73.3%
Increased positions	65	71	-8.5%
Reduced positions	79	72	+9.7%

13F shares	Current	Prev Q	Change
Total value	1.99B	1.83B	+8.8%
Total shares	93.55M	92.6M	+1.0%
Total puts	0	0
Total calls	0	0
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change
BLK Blackrock	16.75M	$343.08M	-0.2%
Vanguard	12.84M	$263.04M	+0.6%
Fuller & Thaler Asset Management	10.86M	$222.42M	+0.3%
Dimensional Fund Advisors	7.16M	$146.72M	-0.9%
STT State Street	5.58M	$114.26M	-8.7%
PZN Pzena Investment Management	3.69M	$75.54M	+1.8%
Wellington Management	3.25M	$66.47M	-3.9%
Geode Capital Management	1.99M	$40.79M	+10.5%
JPM JPMorgan Chase & Co.	1.73M	$35.47M	+54.9%
Norges Bank	1.6M	$32.82M	NEW

Largest transactions	Shares	Bought/sold	Change
Norges Bank	1.6M	+1.6M	NEW
Balyasny Asset Management	11.73K	-694.87K	-98.3%
JPM JPMorgan Chase & Co.	1.73M	+613.99K	+54.9%
Verition Fund Management	617.22K	+551.23K	+835.4%
STT State Street	5.58M	-531.15K	-8.7%
Glazer Capital	527.25K	+527.25K	NEW
Endeavour Capital Advisors	720.45K	-396.29K	-35.5%
Gardner Lewis Asset Management L P	1.14M	+318.27K	+38.6%
HBCYF HSBC	312.78K	+290.01K	+1273.7%
Two Sigma Investments	84.87K	-283.99K	-77.0%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Financial report summary

Competition

Fintech • Fintech

Risks

First Midwest has incurred and expects to incur substantial costs related to the merger with Old National (the "merger") and integration.
Combining Old National and First Midwest may be more difficult, costly or time-consuming than expected, and First Midwest may fail to realize the anticipated benefits of the merger.
The combined company may be unable to retain Old National and/or First Midwest personnel successfully after the merger is completed.
The COVID-19 pandemic may delay and adversely affect the completion of the merger.
Regulatory approvals may not be received, may take longer than expected, or may impose conditions that are not presently anticipated or that could have an adverse effect on the combined company following the merger.
Failure to complete the merger could negatively impact First Midwest.
First Midwest will be subject to business uncertainties and contractual restrictions while the merger is pending.
Shareholder litigation related to the merger could prevent or delay the completion of the merger, result in the payment of damages or otherwise negatively impact the business and operations of First Midwest.
The merger agreement may be terminated in accordance with its terms and the merger may not be completed.
Because the market price of Old National common stock may fluctuate, First Midwest stockholders cannot be certain of the market value of the merger consideration they will receive.

Management Discussion

Net interest income was $579.6 million for 2020 compared to $588.5 million for 2019, a decrease of 1.5%. The decrease in net interest income resulted primarily from lower market rates on loans and securities primarily as a result of the pandemic and lower acquired loan accretion, partially offset by growth in loans and securities, the acquisition of interest-earning assets from the Park Bank transaction in March 2020, interest income and fees on PPP loans, and lower cost of funds.
Acquired loan accretion contributed $29.5 million and $35.6 million to net interest income for 2020 and 2019, respectively.
Tax-equivalent net interest margin was 3.18% for 2020, down 72 basis points from 2019. Excluding the impact of acquired loan accretion, tax-equivalent net interest margin was 3.02%, down 65 basis points from 2019. The decrease was driven primarily by lower interest rates on loans and securities primarily as a result of the pandemic, lower yields on PPP loans, as well as a higher balance of other interest-earning assets due to higher demand deposits as a result of PPP loan funds and other government stimuli, partially offset by lower cost of funds.