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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
CEO
Michael Scudder
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
Premier Asset Management LLC • Northern Oak Wealth Management, Inc. ...
IRS number
363161078

ONBPP stock data

Calendar

27 Oct 21
17 May 22
31 Dec 22
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
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Feb 22 Patrick Sean Barrett Common Stock Sale back to company Dispose D No No 0 74,127 0 0
15 Feb 22 Boigegrain Barbara A Common Stock Sale back to company Dispose D No No 0 47,528.819 0 0
15 Feb 22 Brown Thomas Lynn Common Stock Sale back to company Dispose D No No 0 3,000 0 0
15 Feb 22 Brown Thomas Lynn Phantom Stock Under NQ Deferred Comp. Plan Common Stock Sale back to company Dispose D No No 0 26,614.12 0 0
15 Feb 22 Hayley Kathryn Depositary Shares (Series C) Sale back to company Dispose D No No 0 12,000 0 0
15 Feb 22 Hayley Kathryn Common Stock Sale back to company Dispose D Yes No 0 23,000 0 0
15 Feb 22 Gill Phupinder Depositary Shares (Series C) Sale back to company Dispose D No No 0 4,000 0 0
15 Feb 22 Gill Phupinder Common Stock Sale back to company Dispose D No No 0 34,318 0 0
15 Feb 22 Gill Phupinder Phantom Stock Under NQ Deferred Comp. Plan Common Stock Sale back to company Dispose D No No 0 40,997.229 0 0
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%

Financial report summary

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Competition
FintechFintech
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.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Bad
New words: alleged, cast, Comptroller, Currency, distributed, putable
Removed: annum, bear, NaN, unused