First Midwest Bank turned a profit of $19.6 million in the first quarter, or 18 cents per share. That was down precipitously from its profit of $52.1 million, or 47 cents per share, in the fourth quarter because of the coronavirus pandemic.
The bank made $46.1 million, or 43 cents per share, in net income at the same time a year earlier.
The successor to Bank Calumet, Great Lakes Bank and Standard Bank and Trust, First Midwest Bank has branches in Crown Point, Dyer, East Chicago, Gary, Griffith, Hammond, Highland, Merrillville, Munster, Schererville, and St. John. It has $20 billion in assets and another $11 billion in assets under management, making it one of the largest independently publicly traded banks headquartered in Chicago or the Midwest.
Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.
First Midwest Bancorp made $17.8 million in the second quarter, down 8.2% from the $19.4 million in net income the bank earned in the first quarter and down 61.8% from the $46.6 million it pulled in during the second quarter of 2019.
The Chicago-based bank, which has an extensive footprint in Northwest Indiana, will pay 14 cents per share on the company's common stock. The dividend will be payable on Oct. 6 to anyone who owns stock as of Sept. 25.