fmbi-20200430

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest reported) April 30, 2020

(Exact name of registrant as specified in its charter)

Delaware

0-10967

36-3161078

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(IRS Employer Identification No.)

8750 West Bryn Mawr Avenue, Suite 1300, Chicago, Illinois

60631-3655

(Address of principal executive offices)

(ZIP Code)

Registrant's telephone number, including area code: (708) 831-7483

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.01 par value

FMBI

The NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 30, 2020, First Midwest Bancorp, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2020. This press release, dated April 30, 2020, is attached to this report as Exhibit 99.1. A copy of the presentation materials that accompany this press release is also attached as Exhibit 99.2.

The information set forth in this Current Report on Form 8-K (including the information in Exhibits 99.1 and 99.2 attached hereto) is being furnished to the Securities and Exchange Commission and is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liability under the Exchange Act. Such information shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits

99.1

Press Release issued by First Midwest Bancorp, Inc. dated April 30, 2020

99.2

First Midwest Bancorp, Inc. presentation materials.

104.0

Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		First Midwest Bancorp, Inc.
		(Registrant)


Date:	April 30, 2020	/s/ NICHOLAS J. CHULOS
		By: Nicholas J. Chulos Executive Vice President, General Counsel, and Corporate Secretary

FOR IMMEDIATE RELEASE

FIRST MIDWEST BANCORP, INC. ANNOUNCES

2020 FIRST QUARTER RESULTS

CHICAGO, IL, April 30, 2020 – First Midwest Bancorp, Inc. (the "Company" or "First Midwest"), the holding company of First Midwest Bank (the "Bank") and Park Bank, today reported results of operations and financial condition for the first quarter of 2020. Net income for the first quarter of 2020 was $19.6 million, or $0.18 per share, compared to $52.1 million, or $0.47 per share, for the fourth quarter of 2019, and $46.1 million, or $0.43 per share, for the first quarter of 2019.

First quarter of 2020 results were impacted by the COVID-19 pandemic and governmental responses to it, resulting in a higher provision for loan losses, as well as lower net interest and noninterest income. In addition, the adoption of the current expected credit losses ("CECL") accounting standard on January 1, 2020 added to the allowance for credit losses ("ACL") and impacted certain asset quality metrics and comparability to prior periods. Reported results for all periods were impacted by acquisition and integration related expenses.

SELECT FIRST QUARTER HIGHLIGHTS

•Generated EPS of $0.18, compared to $0.47 and $0.43 for the fourth and first quarters of 2019, respectively. Comparability between quarters was impacted by:

◦$0.19 per share, or $28.0 million, of loan loss provision for the estimated impact of the COVID-19 pandemic on the ACL.

◦$0.04 per share, or $5.4 million, of acquisition and integration related expenses, compared to $0.04 and $0.03 in the fourth and first quarters of 2019, respectively.

•Produced net interest income of $144 million at a net margin of 3.54%, down 18 and 50 basis points from the fourth and first quarters of 2019, respectively, reflective of lower interest rates.

•Grew loans to $14 billion, up 35%, annualized from December 31, 2019 and 21% from March 31, 2019.

•Consistent underlying credit performance, recognizing the comparative impact of the adoption of the CECL accounting standard, the acquisition of Park Bank, and the impact of COVID-19,

◦Expanded the ACL to 1.62% of total loans, compared to 0.85% and 0.91% as of December 31 and March 31, 2019, respectively.

▪$76 million, or 54 basis points, as a result of CECL adoption,

▪$28 million, or 20 basis points, due to the estimated impact of COVID-19, and

▪$16 million, or 11 basis points, resulting from the Park Bank acquisition.

◦Non-performing assets increased to $174 million, or 1.24% of total loans plus foreclosed assets, as compared to 0.85% and 0.79% at the end of the fourth and first quarters of 2019, respectively. This increase includes:

▪0.33% attributed to the reclassification of acquired loans stemming from the adoption of CECL.

◦Incurred net loan charge-offs of 0.37% of average loans, up from 0.33% and 0.32% for the fourth and first quarters of 2019, respectively, with the increase due to the CECL impact of purchased credit deteriorated loans.

•Maintained total average deposits of $13 billion, consistent with the fourth quarter of 2019 and up 10% from the first quarter of 2019, respectively.

•Completed the acquisition of Park Bank on March 9, 2020, adding approximately $1.2 billion of assets, $1.0 billion of deposits, and $700 million of loans.

"I am very proud of how First Midwest has pulled together to help each other, our clients and communities," said Michael L. Scudder, Chairman of the Board and Chief Executive Officer of the Company. "COVID-19 is a public health crisis and the environment we face is unprecedented. Governmental response has quickly evolved and asked us to do the same. There is a tremendous “can do” spirit across our team of 2,300 colleagues, as we have stood alongside our clients and communities to support them at a time when they need us the most."

Mr. Scudder concluded, "While no one can predict the path ahead, the economic ramifications of the crisis will be challenging for all of us. But, as one of the largest independent banks in the marketplace, our commitment to our mission – to help our clients achieve financial success – remains unwavering. Importantly, our financial position is strong with ample capital and liquidity, leaving us ready to deliver on that commitment as we move forward, all to the long-term benefit of our colleagues, clients, communities and stockholders."

PARK BANK ACQUISITION

On March 9, 2020, the Company completed its acquisition of Park Bank, based in Milwaukee, Wisconsin. At closing, the Company added approximately $1.2 billion of assets, $1.0 billion of deposits, and $700 million of loans. The merger consideration totaled $174.4 million and consisted of 4.9 million shares of Company common stock and $102.5 million of cash. All operating systems are expected to be converted to our operating platforms during the second quarter of 2020.

ADOPTION OF THE CURRENT EXPECTED CREDIT LOSSES STANDARD

On January 1, 2020, the Company adopted CECL, which requires the Company to present financial assets measured at amortized cost at the net amount expected to be collected, considering an entity's current estimate of all expected credit losses. Adoption of this standard increased the allowance for credit losses by $76 million, which includes $32 million attributable to loans and unfunded commitments and $44 million attributable to purchased credit deteriorated ("PCD") and non-PCD acquired loans.

As one of the largest independent banks in Chicago, our mission is to help clients achieve financial success. We are committed to using our strong capital levels and ample liquidity to provide maximum support to our clients and communities during this unprecedented time. The programs and services First Midwest is offering to clients include:

•Consumer, mortgage, auto loan payment deferrals

•Small business payment deferrals

•Consumer and small business fee assistance programs

•Suspension of foreclosure and repossession actions

•Wide range of financial accommodations for our Commercial clients based on individual circumstances

•Participation in the SBA's Paycheck Protection Program

In addition, First Midwest has committed $2.5 million from the First Midwest Charitable Foundation to support the immediate and long-term needs of the communities it serves.

OPERATING PERFORMANCE

Net Interest Income and Margin Analysis

(Dollar amounts in thousands)


	Quarters Ended
	March 31, 2020									December 31, 2019						March 31, 2019
	Average Balance		Interest		Yield/ Rate (%)	Average Balance		Interest		Yield/ Rate (%)	Average Balance		Interest		Yield/ Rate (%)
Assets
Other interest-earning assets	$	164,351	$	816	2.00	$	204,001	$	1,223	2.38	$	125,615	$	728	2.35
Securities⁽¹⁾	3,066,574		20,757		2.71	2,893,856		19,989		2.76	2,371,692		16,387		2.76
Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") stock	126,643		1,387		4.38	117,994		881		2.99	79,821		952		4.77
Loans⁽¹⁾	13,073,752		148,420		4.57	12,753,436		155,863		4.85	11,458,233		145,531		5.15
Total interest-earning assets⁽¹⁾	16,431,320		171,380		4.19	15,969,287		177,956		4.43	14,035,361		163,598		4.72
Cash and due from banks	261,336					241,616					202,101
Allowance for loan losses	(179,392)					(112,623)					(107,520)
Other assets	1,891,557					1,790,878					1,537,897
Total assets	$	18,404,821				$	17,889,158				$	15,667,839
Liabilities and Stockholders' Equity
Savings deposits	$	2,069,163	164		0.03	$	2,044,386	220		0.04	$	2,037,831	346		0.07
NOW accounts	2,273,156		1,630		0.29	2,291,667		2,172		0.38	2,083,366		2,162		0.42
Money market deposits	2,227,707		3,099		0.56	2,178,518		3,980		0.72	1,809,234		2,349		0.53
Time deposits	2,932,466		12,224		1.68	3,033,903		13,554		1.77	2,647,316		11,745		1.80
Borrowed funds	2,007,700		5,841		1.17	1,559,326		4,579		1.17	877,995		3,551		1.64
Senior and subordinated debt	234,053		3,694		6.35	233,848		3,740		6.35	203,899		3,313		6.59
Total interest-bearing liabilities	11,744,245		26,652		0.91	11,341,648		28,245		0.99	9,659,641		23,466		0.99
Demand deposits	3,884,015					3,862,157					3,587,480
Total funding sources	15,628,260				0.69	15,203,805				0.74	13,247,121				0.72
Other liabilities	361,404					326,156					282,437
Stockholders' equity - common	2,415,157					2,359,197					2,138,281
Total liabilities and stockholders' equity	$	18,404,821				$	17,889,158				$	15,667,839
Tax-equivalent net interest income/margin⁽¹⁾			144,728		3.54			149,711		3.72			140,132		4.04
Tax-equivalent adjustment			(1,153)					(1,352)					(1,108)
Net interest income (GAAP)⁽¹⁾			$	143,575				$	148,359				$	139,024
Impact of acquired loan accretion⁽¹⁾			$	6,946	0.17			$	9,657	0.24			$	6,369	0.18
Tax-equivalent net interest income/ margin, adjusted⁽¹⁾			$	137,782	3.37			$	140,054	3.48			$	133,763	3.86

⁽¹⁾Interest income and yields on tax-exempt securities and loans are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. The corresponding income tax impact related to tax-exempt items is recorded in income tax expense. These adjustments have no impact on net income. See the "Non-GAAP Financial Information" section presented later in this release for a discussion of this non-GAAP financial measure.

Net interest income for the first quarter of 2020 was down 3.2% from the fourth quarter of 2019 and up 3.3% from the first quarter of 2019. The decrease in net interest income compared to the fourth quarter of 2019 resulted primarily from lower interest rates and lower acquired loan accretion, partially offset by lower cost of funds and the acquisition of interest-earning assets from the Park Bank transaction that closed in March 2020. Compared to the first quarter of 2019, the increase in net interest income was driven primarily by the acquisition of interest-earning assets from the Bridgeview Bank ("Bridgeview") transaction that closed in May 2019, growth in loans and securities, and lower cost of funds, significantly offset by lower interest rates.

Acquired loan accretion contributed $6.9 million, $9.7 million, and $6.4 million to net interest income for the first quarter of 2020, fourth quarter of 2019, and first quarter of 2019, respectively.

Tax-equivalent net interest margin for the current quarter was 3.54%, decreasing 18 and 50 basis points from the fourth and first quarters of 2019, respectively. Excluding the impact of acquired loan accretion, tax-equivalent net interest margin was 3.37%,

down 11 and 49 basis points from the fourth and first quarters of 2019, respectively. Compared to the fourth quarter of 2019, tax-equivalent net interest margin decreased as a result of lower interest rates on loans and securities, partially offset by lower cost of funds. The decline in tax-equivalent net interest margin compared to the first quarter of 2019 was due primarily to lower interest rates and actions taken to reduce rate sensitivity.

For the first quarter of 2020, total average interest-earning assets rose by $462.0 million and $2.4 billion from the fourth quarter of 2019 and first quarter of 2019, respectively. The increase compared to both prior periods resulted primarily from the Park Bank transaction in the first quarter of 2020, securities purchases, and loan growth. In addition, the increase in average interest-earning assets compared to the first quarter of 2019 was impacted by the assets acquired in the Bridgeview transaction.

Total average funding sources for the first quarter of 2020 increased by $424.5 million and $2.4 billion from the fourth quarter of 2019 and first quarter of 2019, respectively. The increase compared to both prior periods resulted primarily from the Park Bank transaction in the first quarter of 2020 and FHLB advances. In addition, the increase in average funding sources compared to the first quarter of 2019 was impacted by deposits assumed in the Bridgeview transaction and organic deposit growth.

Noninterest Income Analysis

(Dollar amounts in thousands)


	Quarters Ended								March 31, 2020 Percent Change From
	March 31, 2020		December 31, 2019		March 31, 2019		December 31, 2019	March 31, 2019
Wealth management fees	$	12,361	$	12,484	$	11,600	(1.0)	6.6
Service charges on deposit accounts	11,781		12,664		11,540		(7.0)	2.1
Capital market products income	4,722		6,337		1,279		(25.5)	269.2
Card-based fees, net	3,968		4,512		4,378		(12.1)	(9.4)
Mortgage banking income	1,788		4,134		1,004		(56.7)	78.1

Other service charges, commissions, and fees	2,682		2,946		2,611		(9.0)	2.7
Total fee-based revenues	37,302		43,077		32,412		(13.4)	15.1
Other income	3,065		3,419		2,494		(10.4)	22.9

Net securities losses	(1,005)		—		—		N/M	N/M
Total noninterest income	$	39,362	$	46,496	$	34,906	(15.3)	12.8

N/M – Not meaningful.

Total noninterest income of $39.4 million was down 15.3% from the fourth quarter of 2019 and up 12.8% from the first quarter of 2019. The increase in wealth management fees compared to the first quarter of 2019 resulted from continued sales of fiduciary and investment advisory services to new and existing customers. The decrease in service charges on deposit accounts and net card-based fees compared to the fourth quarter of 2019 was due primarily to seasonality and the impact of the fee assistance programs offered to our clients as a result of COVID-19.

Capital market products income decreased compared to the record level of income achieved in the fourth quarter of 2019 and increased compared to the first quarter of 2019 as a result of higher sales to corporate clients reflecting the lower long-term rate environment.

Mortgage banking income for the first quarter of 2020 resulted from sales of $116.6 million of 1-4 family mortgage loans in the secondary market, compared to $173.0 million and $57.5 million in the fourth and first quarters of 2019, respectively. In addition, mortgage banking income for the first quarter of 2020 was impacted by negative changes in the fair value of mortgage servicing rights due to market conditions.

Net securities losses of $1.0 million were recognized during the first quarter of 2020 as a result of repositioning of the Company's securities portfolio due to market conditions.

Noninterest Expense Analysis

(Dollar amounts in thousands)


	Quarters Ended								March 31, 2020 Percent Change From
	March 31, 2020		December 31, 2019		March 31, 2019		December 31, 2019	March 31, 2019
Salaries and employee benefits:
Salaries and wages	$	49,990	$	53,043	$	46,135	(5.8)	8.4
Retirement and other employee benefits	12,869		9,930		11,238		29.6	14.5
Total salaries and employee benefits	62,859		62,973		57,373		(0.2)	9.6
Net occupancy and equipment expense⁽¹⁾	14,227		12,940		13,797		9.9	3.1
Professional services⁽¹⁾	10,390		10,949		7,087		(5.1)	46.6
Technology and related costs⁽¹⁾	8,548		7,429		6,270		15.1	36.3
Advertising and promotions	2,761		2,896		2,372		(4.7)	16.4
Net other real estate owned ("OREO") expense	420		1,080		681		(61.1)	(38.3)
Other expenses	12,654		13,000		10,581		(2.7)	19.6
Acquisition and integration related expenses	5,472		5,258		3,691		4.1	48.3
Delivering Excellence implementation costs	—		223		258		(100.0)	(100.0)
Total noninterest expense	$	117,331	$	116,748	$	102,110	0.5	14.9
Acquisition and integration related expenses	(5,472)		(5,258)		(3,691)		4.1	48.3
Delivering Excellence implementation costs	—		(223)		(258)		(100.0)	(100.0)
Total noninterest expense, adjusted⁽²⁾	$	111,859	$	111,267	$	98,161	0.5	14.0

⁽¹⁾ Certain reclassifications were made to prior year amounts to conform to the current year presentation.

⁽²⁾ See the "Non-GAAP Financial Information" section presented later in this release for a discussion of this non-GAAP financial measure.

Total noninterest expense was consistent with the fourth quarter of 2019 and increased 14.9% from the first quarter of 2019. Noninterest expense for all periods presented was impacted by acquisition and integration related expenses and costs related to implementation of the Delivering Excellence initiative for the fourth and first quarters of 2019. Excluding these items, noninterest expense for the first quarter of 2020 was $111.9 million, consistent with the fourth quarter of 2019 and up 14.0% from the first quarter of 2019. Overall, noninterest expense, adjusted, to average assets was well controlled at 2.44% for the first quarter of 2020, down 1% and 4% from the fourth and first quarters of 2019, respectively.

Operating costs associated with the Park Bank transaction completed late in the first quarter of 2020 contributed to noninterest expense for the first quarter of 2020. In addition, operating costs associated with the Bridgeview transaction contributed to the increase in noninterest expense compared to the first quarter of 2019. These costs primarily occurred in salaries and employee benefits, net occupancy and equipment expense, professional services, technology and related costs, and other expenses.

Compared to both prior periods, salaries and employee benefits was also impacted by lower incentive compensation expenses and equity compensation valuations. This was partially offset by higher payroll tax due to timing compared to the fourth quarter of 2019 and more than offset by merit increases and commissions resulting from sales of 1-4 family mortgage loans in the secondary market compared to the first quarter of 2019. Higher costs related to winter weather conditions and utilities contributed to the increase in net occupancy and equipment expense from the fourth quarter of 2019. Technology and related costs compared to both prior periods was impacted by investments in technology. Professional services increased compared to the first quarter of 2019 due to process enhancements and expenses associated with higher capital market products income. Compared to the first quarter of 2019, other expenses increased as a result of higher servicing fees from purchases of consumer loans and other miscellaneous expenses associated with organizational growth.

Acquisition and integration related expenses for the first quarter of 2020 and fourth quarter of 2019 resulted from the acquisition of Park Bank and Bridgeview. For the first quarter of 2019, acquisition and integration related expenses resulted from the acquisition of NorStates Bank, Northern Oak Wealth Management, Inc., and Bridgeview.

Delivering Excellence implementation costs for the fourth quarter of 2019 and first quarter of 2019 resulted from certain actions initiated by the Company in connection with its Delivering Excellence initiative and include property valuation adjustments on locations identified for closure, employee severance, and general restructuring and advisory services.

LOAN PORTFOLIO AND ASSET QUALITY

Loan Portfolio Composition

(Dollar amounts in thousands)


	As of								March 31, 2020 Percent Change From

	March 31, 2020		December 31, 2019		March 31, 2019		December 31, 2019	March 31, 2019
Commercial and industrial	$	5,051,154	$	4,481,525	$	4,183,262	12.7	20.7
Agricultural	393,138		405,616		438,461		(3.1)	(10.3)
Commercial real estate:
Office, retail, and industrial	2,279,068		1,848,718		1,806,892		23.3	26.1
Multi-family	906,281		856,553		752,943		5.8	20.4
Construction	562,689		593,093		683,475		(5.1)	(17.7)
Other commercial real estate	1,349,812		1,383,708		1,309,878		(2.4)	3.0
Total commercial real estate	5,097,850		4,682,072		4,553,188		8.9	12.0
Total corporate loans	10,542,142		9,569,213		9,174,911		10.2	14.9
Home equity	965,771		851,454		862,068		13.4	12.0
1-4 family mortgages	1,968,589		1,927,078		1,086,264		2.2	81.2
Installment	488,515		492,585		445,760		(0.8)	9.6
Total consumer loans	3,422,875		3,271,117		2,394,092		4.6	43.0
Total loans	$	13,965,017	$	12,840,330	$	11,569,003	8.8	20.7

Loan growth was positively impacted by the Park Bank acquisition in the first quarter of 2020, which added loans of $737.7 million as of March 31, 2020. Excluding these loans, total loans grew 12.1% annualized from December 31, 2019. Excluding the loans acquired in both the Park Bank acquisition and Bridgeview acquisition in the second quarter of 2019, total loans grew 9.0% from March 31, 2019. In addition, total corporate loans compared to both prior periods benefited from growth in commercial and industrial loans as a result of both new production and existing line draws, primarily within our sector-based lending businesses. Strong production within commercial real estate loans was offset by the impact of certain customers selling their commercial business or investment real estate properties, as well as refinancing with institutions offering loan terms outside of our credit parameters.

Growth in consumer loans compared to both prior periods resulted primarily from purchases of home equity loans, as well as organic growth. In addition, compared to the first quarter of 2019, purchases of 1-4 family mortgages contributed to the increase.

Allowance for Credit Losses

(Dollar amounts in thousands)


	As of											March 31, 2020 Percent Change From
	March 31, 2020			December 31, 2019			March 31, 2019			December 31, 2019	March 31, 2019
Allowance for credit losses


Provision for credit losses	$	39,532		$	9,594		$	10,444		312.0	278.5
Allowance for credit losses	$	226,701		$	109,222		$	104,779		107.6	116.4
Allowance for credit losses to total loans⁽¹⁾	1.62		%	0.85		%	0.91		%

Allowance for credit losses to non-accrual loans	154.64		%	132.76		%	149.25		%

⁽¹⁾ Prior to the adoption of CECL on January 1, 2020, this ratio included acquired loans that were recorded at fair value through an acquisition adjustment netted in loans, which incorporated credit risk as of the acquisition date with no allowance for credit losses being established at that time. As the acquisition adjustment was accreted into income over future periods, an allowance for credit losses on acquired loans was established as necessary to reflect credit deterioration. Subsequent to adoption, an allowance for credit losses on acquired loans is established as of the acquisition date and the acquired loans are no longer recorded net of a credit-related acquisition adjustment.

The Company adopted CECL on January 1, 2020, which impacted both the level of allowance for credit losses as well as other asset quality metrics due to the change in accounting for acquired PCD loans. As a result, certain metrics are presented excluding PCD loans to provide comparability to prior periods.

The allowance for credit losses was $226.7 million or 1.62% of total loans as of March 31, 2020, increasing $117.5 million and $121.9 million compared to December 31, 2019 and March 31, 2019, respectively. Adoption of the CECL standard increased the allowance for credit losses by $76 million, which includes $32 million attributable to loans and unfunded commitments, $36 million for PCD acquired loans, and $8 million for non-PCD acquired loans. As a result of COVID-19, a provision for loan losses of $28 million was recorded in the first quarter of 2020. In addition, $14.3 million in allowance for credit losses was established through acquisition accounting adjustments for PCD loans acquired in the Park Bank acquisition in the first quarter of 2020 along with an additional $1.7 million in provision for loan losses on non-PCD loans subsequent to acquisition.

(Dollar amounts in thousands)


	As of											March 31, 2020 Percent Change From
	March 31, 2020			December 31, 2019			March 31, 2019			December 31, 2019	March 31, 2019








Asset quality
Non-accrual loans, excluding purchased credit deteriorated ("PCD") loans⁽¹⁾⁽²⁾	$	97,649		$	82,269		$	70,205		18.7	39.1
Non-accrual PCD loans⁽¹⁾	48,950			—			—			N/M	N/M
Total non-accrual loans	146,599			82,269			70,205			78.2	108.8
90 days or more past due loans, still accruing interest⁽¹⁾	5,052			5,001			8,446			1.0	(40.2)
Total non-performing loans	151,651			87,270			78,651			73.8	92.8
Accruing troubled debt restructurings ("TDRs")	1,216			1,233			1,844			(1.4)	(34.1)
Foreclosed assets⁽³⁾	21,027			20,458			10,818			2.8	94.4
Total non-performing assets	$	173,894		$	108,961		$	91,313		59.6	90.4
30-89 days past due loans⁽¹⁾	$	81,127		$	31,958		$	45,764
30-89 days past due loans, excluding PCD loans⁽¹⁾⁽²⁾	$	75,581		$	31,958		$	45,764



Non-accrual loans to total loans	1.05		%	0.64		%	0.61		%
Non-accrual loans to total loans, excluding PCD loans⁽¹⁾⁽²⁾	0.71		%	0.64		%	0.61		%
Non-performing loans to total loans	1.09		%	0.68		%	0.68		%
Non-performing loans to total loans, excluding PCD loans⁽¹⁾⁽²⁾	0.75		%	0.68		%	0.68		%
Non-performing assets to total loans plus foreclosed assets	1.24		%	0.85		%	0.79		%
Non-performing assets to total loans plus foreclosed assets, excluding PCD loans⁽¹⁾⁽²⁾	0.91		%	0.85		%	0.79		%

N/M – Not meaningful.

⁽¹⁾ Prior to the adoption of CECL on January 1, 2020, purchased credit impaired ("PCI") loans with an accretable yield were considered current and were not included in past due loan totals. In addition, PCI loans with an accretable yield were excluded from non-accrual loans. Subsequent to adoption, PCD loans, including those previously classified as PCI, are included in past due and non-accrual loan totals. In addition, an allowance for credit losses is established as of the acquisition date or upon the adoption of CECL for loans previously classified as PCI, as PCD loans are no longer recorded net of a credit-related acquisition adjustment.

⁽²⁾ See the "Non-GAAP Financial Information" section presented later in this release for a discussion of this non-GAAP financial measure.

⁽³⁾ Foreclosed assets consists of OREO and other foreclosed assets acquired in partial or total satisfaction of defaulted loans. Other foreclosed assets are included in other assets in the Consolidated Statements of Financial Condition.

Non-performing assets represented 1.24% of total loans and foreclosed assets at March 31, 2020 compared to 0.85% and 0.79% at December 31, 2019 and March 31, 2019, respectively. Excluding the impact of PCD loans, non-performing assets to total loans plus foreclosed assets was 0.91% at March 31, 2020, reflective of normal fluctuations that occur on a quarterly basis. These fluctuations occurred within non-accrual loans and foreclosed assets and are isolated to certain credits for which the Company has remediation plans in place.

Total 30-89 days past due loans, excluding PCD loans of $75.6 million increased by $43.6 million and $29.8 million compared to December 31, 2019 and March 31, 2019, respectively. Reported levels were elevated largely due to timing as renewal and payment activity on two loan relationships was delayed into in the first week of April 2020.

(Dollar amounts in thousands)


	Quarters Ended
	March 31, 2020			% of Total	December 31, 2019			% of Total	March 31, 2019			% of Total
Net loan charge-offs⁽¹⁾
Commercial and industrial	$	4,680		38.7	$	6,799		64.2	$	5,061		55.7
Agricultural	1,227			10.1	15			0.1	89			1.0
Commercial real estate:
Office, retail, and industrial	329			2.7	256			2.4	618			6.8
Multi-family	5			—	(439)			(4.1)	339			3.7
Construction	1,808			14.9	3			—	—			—
Other commercial real estate	164			1.4	13			0.1	189			2.1
Consumer	3,901			32.2	3,953			37.3	2,788			30.7
Total net loan charge-offs	$	12,114		100.0	$	10,600		100.0	$	9,084		100.0
Less: net loan charge-offs on PCD loans⁽²⁾⁽³⁾	(1,720)			14.2	—			N/A	—			N/A
Total net loan charge-offs, excluding PCD loans⁽²⁾⁽³⁾	$	10,394			$	10,600			$	9,084
Recoveries included in total net loan charge-offs	$	1,816			$	2,135			$	1,693
Net loan charge-offs to average loans⁽¹⁾⁽⁴⁾
Quarter-to-date	0.37		%		0.33		%		0.32		%

Quarter-to-date, excluding PCD loans⁽²⁾⁽³⁾	0.32		%		0.33		%		0.32		%

N/A – Not applicable.

⁽¹⁾ Amounts represent charge-offs, net of recoveries.

⁽²⁾ Prior to the adoption of CECL on January 1, 2020, the portion of PCI loans deemed to be uncollectible was recorded as a reduction of the credit-related acquisition adjustment, which was netted within loans. Subsequent to adoption, an allowance for credit losses on PCD loans, including those previously identified as PCI, is established as of the acquisition date and the PCD loans are no longer recorded net of a credit-related acquisition adjustment. PCD loans deemed to be uncollectible are recorded as a charge-off through the allowance for credit losses.

⁽³⁾ See the "Non-GAAP Financial Information" section presented later in this release for a discussion of this non-GAAP financial measure.

⁽⁴⁾ Annualized based on the actual number of days for each period presented.

Net loan charge-offs to average loans, annualized were 0.37%, compared to 0.33% for the fourth quarter of 2019 and 0.32% for the first quarter of 2019. Excluding charge-offs on PCD loans, net loan charge-offs to average loans of 0.32% was consistent with both prior periods.

(Dollar amounts in thousands)


	Average for the Quarters Ended								March 31, 2020 Percent Change From
	March 31, 2020		December 31, 2019		March 31, 2019		December 31, 2019	March 31, 2019
Demand deposits	$	3,884,015	$	3,862,157	$	3,587,480	0.6	8.3
Savings deposits	2,069,163		2,044,386		2,037,831		1.2	1.5
NOW accounts	2,273,156		2,291,667		2,083,366		(0.8)	9.1
Money market accounts	2,227,707		2,178,518		1,809,234		2.3	23.1
Core deposits	10,454,041		10,376,728		9,517,911		0.7	9.8
Time deposits	2,932,466		3,033,903		2,647,316		(3.3)	10.8
Total deposits	$	13,386,507	$	13,410,631	$	12,165,227	(0.2)	10.0

Total average deposits were $13.4 billion for the first quarter of 2020, consistent with the fourth quarter of 2019 and up 10.0% from the first quarter of 2019. Compared to the fourth quarter of 2019, deposits acquired in the Park Bank transaction were offset by the normal seasonal decline in commercial and municipal deposits. The increase in total average deposits compared to the first quarter of 2019 was driven primarily by deposits assumed in the Park Bank and Bridgeview transactions in the first quarter of 2020 and second quarter of 2019, respectively, as well as organic growth.


	As of
	March 31, 2020		December 31, 2019		March 31, 2019





Company regulatory capital ratios:
Total capital to risk-weighted assets	12.00	%	12.96	%	12.91	%
Tier 1 capital to risk-weighted assets	9.64	%	10.52	%	10.52	%
Common equity Tier 1 ("CET1") to risk-weighted assets	9.64	%	10.52	%	10.52	%
Tier 1 capital to average assets	8.60	%	8.81	%	9.28	%
Company tangible common equity ratios^(1)(2):
Tangible common equity to tangible assets	7.97	%	8.81	%	9.00	%
Tangible common equity, excluding accumulated other comprehensive income ("AOCI"), to tangible assets	7.79	%	8.82	%	9.21	%
Tangible common equity to risk-weighted assets	9.63	%	10.51	%	10.29	%

⁽¹⁾These ratios are not subject to formal Federal Reserve regulatory guidance.

⁽²⁾ Tangible common equity ("TCE") is a non-GAAP measure that represents common stockholders' equity less goodwill and identifiable intangible assets. For details of the calculation of these ratios, see the sections titled, "Non-GAAP Financial Information" and "Non-GAAP Reconciliations" presented later in this release.

Capital ratios decreased compared to December 31, 2019 as earnings were more than offset by the approximately 50 basis point impact of the Park Bank acquisition, and the approximately 15 basis point impact of stock repurchases on all ratios, as well as the impact of loan growth and securities purchases on risk-weighted assets. The Company elected CECL transition relief for regulatory capital which retained approximately 20 basis points of CET1 and tier 1 capital.

During the first quarter of 2020, the Company announced a stock repurchase program authorizing the discretionary repurchase of up to $200 million of its common stock. This program replaced the Company's prior $180 million stock repurchase program, which was set to expire in March of 2020. The Company suspended repurchases in March as it shifted its capital deployment strategy in response to the COVID-19 pandemic. Prior to the suspension, the Company repurchased approximately 1.2 million shares of its common stock at a total cost of $22.6 million for the first quarter of 2020.

The Board of Directors approved a quarterly cash dividend of $0.14 per common share during the first quarter of 2020, which is consistent with the fourth quarter of 2019 and an increase of 17% from the first quarter of 2019. This dividend represents the 149^th consecutive cash dividend paid by the Company since its inception in 1983.

A conference call to discuss the Company's results, outlook, and related matters will be held on Friday, May 1, 2020 at 11 A.M. (ET). Members of the public who would like to listen to the conference call should dial (877) 507-0639 (U.S. domestic) or (412) 317-6003 (International) and ask for the First Midwest Bancorp, Inc. Earnings Conference Call. The number should be dialed 10 to 15 minutes prior to the start of the conference call. There is no charge to access the call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the Company's website, www.firstmidwest.com/investorrelations. For those unable to listen to the live broadcast, a replay will be available on the Company's website or by dialing (877) 344-7529 (U.S. domestic) or (412) 317-0088 (International) conference I.D. 10141463 beginning one hour after completion of the live call until 9:00 A.M. (ET) on May 15, 2020. Please direct any questions regarding obtaining access to the conference call to First Midwest Bancorp, Inc. Investor Relations, via e-mail, at investor.relations@firstmidwest.com.

Press Release, Presentation Materials, and Additional Information Available on Website

This press release, the presentation materials to be discussed during the conference call, and the accompanying unaudited Selected Financial Information are available through the "Investor Relations" section of First Midwest's website at www.firstmidwest.com/investorrelations.

Forward-Looking Statements

This press release, as well as any oral statements made by or on behalf of First Midwest, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of words such as "may," "might," "will," "would," "should," "could," "expect," "plan," "intend," "anticipate," "believe," "estimate," "outlook," "predict," "project," "probable," "potential," "possible," "target," "continue," "look forward," or "assume" and words of similar import. Forward-looking statements are not historical facts or

guarantees of future performance but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and events may differ, possibly materially, from the anticipated results or events indicated in these forward-looking statements. First Midwest cautions you not to place undue reliance on these statements. Forward-looking statements speak only as of the date made, and First Midwest undertakes no obligation to update any forward-looking statements.

Forward-looking statements may be deemed to include, among other things, statements relating to First Midwest's future financial performance, including the related outlook for 2020, the performance of First Midwest's loan or securities portfolio, the expected amount of future credit reserves or charge-offs, corporate strategies or objectives, including the impact of certain actions and initiatives, anticipated trends in First Midwest's business, regulatory developments, acquisition transactions, estimated synergies, cost savings and financial benefits of announced and completed transactions, growth strategies, including possible future acquisitions, and the potential effects of the COVID-19 pandemic on our business, financial condition, liquidity, loans and results of operations. These statements are subject to certain risks, uncertainties and assumptions, including the duration, extent and severity of the COVID-19 pandemic, including its effects on our business, operations and employees, as well as on our customers and service providers, and on economies and markets more generally and other risks, uncertainties and assumptions that are discussed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in First Midwest's Annual Report on Form 10-K for the year ended December 31, 2019, and in First Midwest's subsequent filings made with the Securities and Exchange Commission ("SEC"). These risks and uncertainties are not exhaustive, and other sections of these reports describe additional factors that could adversely impact First Midwest's business and financial performance.

Non-GAAP Financial Information

The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. These non-GAAP financial measures include EPS, adjusted, the efficiency ratio, return on average assets, adjusted, tax-equivalent net interest income (including its individual components), tax-equivalent net interest margin, tax-equivalent net interest margin, adjusted, noninterest expense, adjusted, tangible common equity to tangible assets, tangible common equity, excluding AOCI, to tangible assets, tangible common equity to risk-weighted assets, return on average common equity, adjusted, return on average tangible common equity, return on average tangible common equity, adjusted, non-accrual loans, excluding PCD loans, 30-89 days past due loans, excluding PCD loans, non-accrual loans to total loans, excluding PCD loans, non-performing loans to total loans, excluding PCD loans, non-performing assets to total loans plus foreclosed assets, excluding PCD loans, net loan charge-offs, excluding PCD loans, and net loan charge-offs to average loans, excluding PCD loans.

The Company presents EPS, the efficiency ratio, return on average assets, return on average common equity, and return on average tangible common equity, all adjusted for certain significant transactions. These transactions include acquisition and integration related expenses associated with completed and pending acquisitions (all periods), net securities losses (first quarter of 2020), and Delivering Excellence implementation costs (all periods in 2019). Management believes excluding these transactions from EPS, the efficiency ratio, return on average assets, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these transactions do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding acquisition and integration related expenses from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these transactions from these metrics may enhance comparability for peer comparison purposes.

The Company presents noninterest expense, adjusted, which excludes acquisition and integration related expenses and Delivering Excellence implementation costs. Management believes that excluding these items from noninterest expense may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. In addition, management believes that presenting tax-equivalent net interest margin, adjusted, may enhance comparability for peer comparison purposes and is useful to the Company, as well as analysts and investors, since acquired loan accretion income may fluctuate based on the size of each acquisition, as well as from period to period.

In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity.

The Company presents non-accrual loans, 30-89 days past due loans, non-accrual loans to total loans, non-performing loans to total loans, non-performing assets to total loans plus foreclosed assets, net loan charge-offs, and net loan charge-offs to average loans, all excluding PCD loans. Management believes excluding PCD loans is useful as it facilitates better comparability between periods as prior to the adoption of CECL on January 1, 2020, PCI loans with an accretable yield were considered current and were not included in past due and non-accrual loan totals and the portion of PCI loans deemed to be uncollectible was recorded as a reduction of the credit-related acquisition adjustment, which was netted within loans. Subsequent to adoption, PCD loans, including those previously classified as PCI, are included in past due and non-accrual loan totals and an allowance for credit losses on PCD loans is established as of the acquisition date and the PCD loans are no longer recorded net of a credit-related acquisition adjustment. PCD loans deemed to be uncollectible are recorded as a charge-off through the allowance for credit losses. Additionally, management believes excluding PCD loans from these metrics may enhance comparability for peer comparison purposes.

Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the previously provided tables and the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.

First Midwest (NASDAQ: FMBI) 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 approximately $20 billion of assets and an additional $11 billion of assets under management. First Midwest Bank, Park Bank, and First Midwest'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 operates branches and other locations throughout metropolitan Chicago, southeast Wisconsin, and in other markets in the Midwest. Visit First Midwest at www.firstmidwest.com.


Investors Patrick S. Barrett EVP, Chief Financial Officer 708.831.7231 pat.barrett@firstmidwest.com			Media Maurissa Kanter SVP, Director of Corporate Communications 708.831.7345 maurissa.kanter@firstmidwest.com

Accompanying Unaudited Selected Financial Information



Consolidated Statements of Financial Condition (Unaudited) (Dollar amounts in thousands)

	As of
	March 31,		December 31,		September 30,		June 30,		March 31,
	2020		2019		2019		2019		2019
Period-End Balance Sheet
Assets
Cash and due from banks	$	252,138	$	214,894	$	273,613	$	199,684	$	186,230
Interest-bearing deposits in other banks	229,474		84,327		202,054		126,966		76,529

Equity securities, at fair value	40,098		42,136		40,723		40,690		33,304
Securities available-for-sale, at fair value	3,382,865		2,873,386		2,905,738		2,793,316		2,350,195
Securities held-to-maturity, at amortized cost	19,825		21,997		22,566		23,277		12,842
FHLB and FRB stock	154,357		115,409		112,845		109,466		85,790
Loans:
Commercial and industrial	5,051,154		4,481,525		4,570,361		4,524,401		4,183,262
Agricultural	393,138		405,616		417,740		430,589		438,461
Commercial real estate:
Office, retail, and industrial	2,279,068		1,848,718		1,892,877		1,936,577		1,806,892
Multi-family	906,281		856,553		817,444		787,155		752,943
Construction	562,689		593,093		637,256		654,607		683,475
Other commercial real estate	1,349,812		1,383,708		1,425,292		1,447,673		1,309,878
Home equity	965,771		851,454		833,955		874,686		862,068
1-4 family mortgages	1,968,589		1,927,078		1,686,967		1,391,814		1,086,264
Installment	488,515		492,585		491,427		472,102		445,760
Total loans	13,965,017		12,840,330		12,773,319		12,519,604		11,569,003
Allowance for loan losses	(219,948)		(108,022)		(109,028)		(105,729)		(103,579)
Net loans	13,745,069		12,732,308		12,664,291		12,413,875		11,465,424
OREO	9,814		8,750		12,428		15,313		10,818
Premises, furniture, and equipment, net	145,844		147,996		147,064		148,347		131,014
Investment in bank-owned life insurance ("BOLI")	298,827		296,351		297,610		297,118		295,899
Goodwill and other intangible assets	935,241		875,262		876,219		878,802		808,852
Accrued interest receivable and other assets	539,748		437,581		458,303		415,379		360,872
Total assets	$	19,753,300	$	17,850,397	$	18,013,454	$	17,462,233	$	15,817,769
Liabilities and Stockholders' Equity
Noninterest-bearing deposits	$	4,222,523	$	3,802,422	$	3,832,744	$	3,748,316	$	3,588,943
Interest-bearing deposits	9,876,427		9,448,856		9,608,183		9,440,272		8,572,039
Total deposits	14,098,950		13,251,278		13,440,927		13,188,588		12,160,982
Borrowed funds	2,648,210		1,658,758		1,653,490		1,407,378		973,852
Senior and subordinated debt	234,153		233,948		233,743		233,538		203,984
Accrued interest payable and other liabilities	336,280		335,620		345,695		332,156		319,480
Stockholders' equity	2,435,707		2,370,793		2,339,599		2,300,573		2,159,471
Total liabilities and stockholders' equity	$	19,753,300	$	17,850,397	$	18,013,454	$	17,462,233	$	15,817,769
Stockholders' equity, excluding AOCI	$	2,400,384	$	2,372,747	$	2,332,861	$	2,303,383	$	2,191,630
Stockholders' equity, common	2,435,707		2,370,793		2,339,599		2,300,573		2,159,471



Condensed Consolidated Statements of Income (Unaudited) (Dollar amounts in thousands)

	Quarters Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2020		2019		2019		2019		2019
Income Statement
Interest income	$	170,227	$	176,604	$	181,963	$	177,682	$	162,490
Interest expense	26,652		28,245		31,176		27,370		23,466
Net interest income	143,575		148,359		150,787		150,312		139,024
Provision for loan losses	39,532		9,594		12,498		11,491		10,444
Net interest income after provision for credit losses	104,043		138,765		138,289		138,821		128,580
Noninterest Income
Service charges on deposit accounts	11,781		12,664		13,024		12,196		11,540
Wealth management fees	12,361		12,484		12,063		12,190		11,600
Card-based fees, net	3,968		4,512		4,694		4,549		4,378
Capital market products income	4,722		6,337		4,161		2,154		1,279
Mortgage banking income	1,788		4,134		3,066		1,901		1,004

Other service charges, commissions, and fees	2,682		2,946		3,023		2,783		2,611
Total fee-based revenues	37,302		43,077		40,031		35,773		32,412
Other income	3,065		3,419		2,920		2,753		2,494

Net securities losses	(1,005)		—		—		—		—
Total noninterest income	39,362		46,496		42,951		38,526		34,906
Noninterest Expense
Salaries and employee benefits:
Salaries and wages	49,990		53,043		50,686		47,776		46,135
Retirement and other employee benefits	12,869		9,930		10,795		10,916		11,238
Total salaries and employee benefits	62,859		62,973		61,481		58,692		57,373
Net occupancy and equipment expense	14,227		12,940		12,787		12,294		13,797
Professional services	10,390		10,949		8,768		9,624		7,087
Technology and related costs	8,548		7,429		6,960		7,128		6,270
Advertising and promotions	2,761		2,896		2,955		3,167		2,372
Net OREO expense	420		1,080		381		294		681
Other expenses	12,654		13,000		11,432		12,987		10,581
Acquisition and integration related expenses	5,472		5,258		3,397		9,514		3,691
Delivering Excellence implementation costs	—		223		234		442		258

Total noninterest expense	117,331		116,748		108,395		114,142		102,110
Income before income tax expense	26,074		68,513		72,845		63,205		61,376
Income tax expense	6,468		16,392		18,300		16,191		15,318
Net income	$	19,606	$	52,121	$	54,545	$	47,014	$	46,058
Net income applicable to common shares	$	19,414	$	51,697	$	54,080	$	46,625	$	45,655
Net income applicable to common shares, adjusted⁽¹⁾	24,272		55,807		56,803		54,091		48,616

Footnotes to Condensed Consolidated Statements of Income

⁽¹⁾See the "Non-GAAP Reconciliations" section for the detailed calculation.



Selected Financial Information (Unaudited) (Amounts in thousands, except per share data)

	As of or for the
	Quarters Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
EPS
Basic EPS	$	0.18		$	0.47		$	0.49		$	0.43		$	0.43
Diluted EPS	$	0.18		$	0.47		$	0.49		$	0.43		$	0.43
Diluted EPS, adjusted⁽¹⁾	$	0.22		$	0.51		$	0.52		$	0.50		$	0.46
Common Stock and Related Per Common Share Data
Book value	$	21.33		$	21.56		$	21.27		$	20.80		$	20.20
Tangible book value	$	13.14		$	13.60		$	13.31		$	12.86		$	12.63
Dividends declared per share	$	0.14		$	0.14		$	0.14		$	0.14		$	0.12
Closing price at period end	$	13.24		$	23.06		$	19.48		$	20.47		$	20.46
Closing price to book value	0.6			1.1			0.9			1.0			1.0
Period end shares outstanding	114,213			109,972			109,970			110,589			106,900
Period end treasury shares	11,136			10,443			10,441			9,818			8,775
Common dividends	$	16,002		$	15,404		$	15,406		$	15,503		$	12,837
Dividend payout ratio	77.78		%	29.79		%	28.57		%	32.56		%	27.91		%
Dividend payout ratio, adjusted⁽¹⁾	63.64		%	27.45		%	26.92		%	28.00		%	26.09		%





Key Ratios/Data
Return on average common equity⁽²⁾	3.23		%	8.69		%	9.22		%	8.34		%	8.66		%
Return on average common equity, adjusted⁽¹⁾⁽²⁾	4.04		%	9.38		%	9.68		%	9.68		%	9.22		%
Return on average tangible common equity⁽²⁾	5.66		%	14.37		%	15.36		%	13.83		%	14.41		%
Return on average tangible common equity, adjusted⁽¹⁾⁽²⁾	6.94		%	15.47		%	16.10		%	15.95		%	15.31		%
Return on average assets⁽²⁾	0.43		%	1.16		%	1.22		%	1.13		%	1.19		%
Return on average assets, adjusted⁽¹⁾⁽²⁾	0.53		%	1.25		%	1.28		%	1.31		%	1.27		%
Loans to deposits	99.05		%	96.90		%	95.03		%	94.93		%	95.13		%
Efficiency ratio⁽¹⁾	60.21		%	56.16		%	53.54		%	54.67		%	55.69		%
Net interest margin⁽²⁾⁽³⁾	3.54		%	3.72		%	3.82		%	4.06		%	4.04		%
Yield on average interest-earning assets⁽²⁾⁽³⁾	4.19		%	4.43		%	4.60		%	4.80		%	4.72		%
Cost of funds⁽²⁾⁽⁴⁾	0.69		%	0.74		%	0.82		%	0.77		%	0.72		%
Noninterest expense to average assets⁽²⁾	2.56		%	2.59		%	2.43		%	2.73		%	2.64		%
Noninterest expense to average assets, adjusted⁽¹⁾⁽²⁾	2.44		%	2.47		%	2.35		%	2.50		%	2.54		%
Effective income tax rate	24.81		%	23.93		%	25.12		%	25.62		%	24.96		%

Capital Ratios
Total capital to risk-weighted assets⁽¹⁾	12.00		%	12.96		%	12.62		%	12.57		%	12.91		%
Tier 1 capital to risk-weighted assets⁽¹⁾	9.64		%	10.52		%	10.18		%	10.11		%	10.52		%
CET1 to risk-weighted assets⁽¹⁾	9.64		%	10.52		%	10.18		%	10.11		%	10.52		%
Tier 1 capital to average assets⁽¹⁾	8.60		%	8.81		%	8.67		%	8.96		%	9.28		%
Tangible common equity to tangible assets⁽¹⁾	7.97		%	8.81		%	8.54		%	8.57		%	9.00		%
Tangible common equity, excluding AOCI, to tangible assets⁽¹⁾	7.79		%	8.82		%	8.50		%	8.59		%	9.21		%
Tangible common equity to risk-weighted assets⁽¹⁾	9.63		%	10.51		%	10.24		%	10.11		%	10.29		%
Note: Selected Financial Information footnotes are located at the end of this section.



Selected Financial Information (Unaudited) (Amounts in thousands, except per share data)

	As of or for the
	Quarters Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2020		2019		2019		2019		2019
Asset Quality Performance Data
Non-performing assets
Commercial and industrial	$	24,944	$	29,995	$	26,739	$	19,809	$	34,694
Agricultural	5,823		5,954		6,242		6,712		2,359
Commercial real estate:
Office, retail, and industrial	26,107		25,857		26,812		17,875		17,484
Multi-family	2,688		2,697		2,152		5,322		2,959
Construction	18,764		152		152		152		—
Other commercial real estate	4,562		4,729		4,680		3,982		2,971
Consumer	14,761		12,885		10,915		9,625		9,738
Non-accrual, excluding PCD loans	97,649		82,269		77,692		63,477		70,205
Non-accrual PCD loans	48,950		—		—		—		—
Total non-accrual loans	146,599		82,269		77,692		63,477		70,205
90 days or more past due loans, still accruing interest	5,052		5,001		4,657		2,615		8,446
Total non-performing loans	151,651		87,270		82,349		66,092		78,651
Accruing TDRs	1,216		1,233		1,422		1,441		1,844
Foreclosed assets⁽⁵⁾	21,027		20,458		25,266		28,488		10,818
Total non-performing assets	$	173,894	$	108,961	$	109,037	$	96,021	$	91,313
30-89 days past due loans	$	81,127	$	31,958	$	46,171	$	34,460	$	45,764
Allowance for credit losses
Allowance for loan losses	$	219,948	$	108,022	$	109,028	$	105,729	$	103,579
Reserve for unfunded commitments	6,753		1,200		1,200		1,200		1,200
Total allowance for credit losses	$	226,701	$	109,222	$	110,228	$	106,929	$	104,779
Provision for loan losses	$	39,532	$	9,594	$	12,498	$	11,491	$	10,444
Net charge-offs by category
Commercial and industrial	$	4,680	$	6,799	$	5,532	$	4,600	$	5,061
Agricultural	1,227		15		439		658		89
Commercial real estate:
Office, retail, and industrial	329		256		219		1,454		618
Multi-family	5		(439)		(38)		—		339
Construction	1,808		3		(2)		(10)		—
Other commercial real estate	164		13		(43)		284		189
Consumer	3,901		3,953		3,092		2,355		2,788
Total net charge-offs	$	12,114	$	10,600	$	9,199	$	9,341	$	9,084
Less: net loan charge-offs on PCD loans	(1,720)		—		—		—		—
Total net charge-offs, excluding PCD loans	$	10,394	$	10,600	$	9,199	$	9,341	$	9,084
Total recoveries included above	$	1,816	$	2,153	$	2,073	$	2,083	$	1,693
Note: Selected Financial Information footnotes are located at the end of this section.



Selected Financial Information (Unaudited)

	As of or for the
	Quarters Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2020		2019		2019		2019		2019
Asset quality ratios
Non-accrual loans to total loans	1.05	%	0.64	%	0.61	%	0.51	%	0.61	%
Non-accrual loans to total loans, excluding PCD loans	0.71	%	0.64	%	0.61	%	0.51	%	0.61	%
Non-performing loans to total loans	1.09	%	0.68	%	0.64	%	0.53	%	0.68	%
Non-performing loans to total loans, excluding PCD loans	0.75	%	0.68	%	0.64	%	0.53	%	0.68	%
Non-performing assets to total loans plus foreclosed assets	1.24	%	0.85	%	0.85	%	0.77	%	0.79	%
Non-performing assets to total loans plus foreclosed assets, excluding PCD loans	0.91	%	0.85	%	0.85	%	0.77	%	0.79	%
Non-performing assets to tangible common equity plus allowance for credit losses	10.07	%	6.79	%	6.93	%	6.28	%	6.27	%
Non-accrual loans to total assets	0.74	%	0.46	%	0.43	%	0.36	%	0.44	%
Allowance for credit losses and net charge-off ratios
Allowance for credit losses to total loans⁽⁶⁾	1.62	%	0.85	%	0.86	%	0.85	%	0.91	%

Allowance for credit losses to non-accrual loans	154.64	%	132.76	%	141.88	%	168.45	%	149.25	%
Allowance for credit losses to non-performing loans	149.49	%	125.15	%	133.85	%	161.79	%	133.22	%
Net charge-offs to average loans⁽²⁾	0.37	%	0.33	%	0.29	%	0.31	%	0.32	%
Net charge-offs to average loans, excluding PCD loans⁽²⁾	0.32	%	0.33	%	0.29	%	0.31	%	0.32	%

Footnotes to Selected Financial Information

⁽¹⁾See the "Non-GAAP Reconciliations" section for the detailed calculation.

⁽²⁾Annualized based on the actual number of days for each period presented.

⁽³⁾Presented on a tax-equivalent basis, assuming the applicable federal income tax rate of 21%.

⁽⁴⁾Cost of funds expresses total interest expense as a percentage of total average funding sources.

⁽⁵⁾Foreclosed assets consists of OREO and other foreclosed assets acquired in partial or total satisfaction of defaulted loans. Other foreclosed assets are included in other assets in the Consolidated Statements of Financial Condition.

⁽⁶⁾This ratio includes acquired loans that are recorded at fair value through an acquisition adjustment, which incorporates credit risk, as of the acquisition date with no allowance for credit losses being established at that time. As the acquisition adjustment is accreted into income over future periods, an allowance for credit losses is established on acquired loans as necessary to reflect credit deterioration.



Non-GAAP Reconciliations (Unaudited) (Amounts in thousands, except per share data)

	Quarters Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
EPS
Net income	$	19,606		$	52,121		$	54,545		$	47,014		$	46,058
Net income applicable to non-vested restricted shares	(192)			(424)			(465)			(389)			(403)
Net income applicable to common shares	19,414			51,697			54,080			46,625			45,655
Adjustments to net income:
Net securities losses	1,005			—			—			—			—
Tax effect of net securities losses	(251)			—			—			—			—
Acquisition and integration related expenses	5,472			5,258			3,397			9,514			3,691
Tax effect of acquisition and integration related expenses	(1,368)			(1,315)			(849)			(2,379)			(923)
Delivering Excellence implementation costs	—			223			234			442			258
Tax effect of Delivering Excellence implementation costs	—			(56)			(59)			(111)			(65)








Total adjustments to net income, net of tax	4,858			4,110			2,723			7,466			2,961

Net income applicable to common shares, adjusted⁽¹⁾	$	24,272		$	55,807		$	56,803		$	54,091		$	48,616
Weighted-average common shares outstanding:
Weighted-average common shares outstanding (basic)	109,922			109,059			109,281			108,467			105,770
Dilutive effect of common stock equivalents	443			519			381			—			—
Weighted-average diluted common shares outstanding	110,365			109,578			109,662			108,467			105,770
Basic EPS	$	0.18		$	0.47		$	0.49		$	0.43		$	0.43
Diluted EPS	$	0.18		$	0.47		$	0.49		$	0.43		$	0.43
Diluted EPS, adjusted⁽¹⁾	$	0.22		$	0.51		$	0.52		$	0.50		$	0.46
Anti-dilutive shares not included in the computation of diluted EPS	—			—			—			—			—
Dividend Payout Ratio
Dividends declared per share	$	0.14		$	0.14		$	0.14		$	0.14		$	0.12


Dividend payout ratio	77.78		%	29.79		%	28.57		%	32.56		%	27.91		%
Dividend payout ratio, adjusted⁽¹⁾	63.64		%	27.45		%	26.92		%	28.00		%	26.09		%









Note: Non-GAAP Reconciliations footnotes are located at the end of this section.



Non-GAAP Reconciliations (Unaudited) (Amounts in thousands, except per share data)

	As of or for the
	Quarters Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Return on Average Common and Tangible Common Equity
Net income applicable to common shares	$	19,414		$	51,697		$	54,080		$	46,625		$	45,655
Intangibles amortization	2,770			2,744			2,750			2,624			2,363
Tax effect of intangibles amortization	(693)			(686)			(688)			(656)			(591)
Net income applicable to common shares, excluding intangibles amortization	21,491			53,755			56,142			48,593			47,427
Total adjustments to net income, net of tax⁽¹⁾	4,858			4,110			2,723			7,466			2,961
Net income applicable to common shares, adjusted⁽¹⁾	$	26,349		$	57,865		$	58,865		$	56,059		$	50,388
Average stockholders' equity	$	2,415,157		$	2,359,197		$	2,327,279		$	2,241,569		$	2,138,281
Less: average intangible assets	(887,600)			(874,829)			(877,069)			(832,263)			(803,408)
Average tangible common equity	$	1,527,557		$	1,484,368		$	1,450,210		$	1,409,306		$	1,334,873
Return on average common equity⁽²⁾	3.23		%	8.69		%	9.22		%	8.34		%	8.66		%
Return on average common equity, adjusted⁽¹⁾⁽²⁾	4.04		%	9.38		%	9.68		%	9.68		%	9.22		%
Return on average tangible common equity⁽²⁾	5.66		%	14.37		%	15.36		%	13.83		%	14.41		%
Return on average tangible common equity, adjusted⁽¹⁾⁽²⁾	6.94		%	15.47		%	16.10		%	15.95		%	15.31		%
Return on Average Assets
Net income	$	19,606		$	52,121		$	54,545		$	47,014		$	46,058
Total adjustments to net income, net of tax⁽¹⁾	4,858			4,110			2,723			7,466			2,961
Net income, adjusted⁽¹⁾	$	24,464		$	56,231		$	57,268		$	54,480		$	49,019
Average assets	$	18,404,821		$	17,889,158		$	17,699,180		$	16,740,050		$	15,667,839
Return on average assets⁽²⁾	0.43		%	1.16		%	1.22		%	1.13		%	1.19		%
Return on average assets, adjusted⁽¹⁾⁽²⁾	0.53		%	1.25		%	1.28		%	1.31		%	1.27		%
Noninterest Expense to Average Assets
Noninterest expense	$	117,331		$	116,748		$	108,395		$	114,142		$	102,110
Less:
Delivering Excellence implementation costs	—			(223)			(234)			(442)			(258)
Acquisition and integration related expenses	(5,472)			(5,258)			(3,397)			(9,514)			(3,691)
Total	$	111,859		$	111,267		$	104,764		$	104,186		$	98,161
Average assets	$	18,404,821		$	17,889,158		$	17,699,180		$	16,740,050		$	15,667,839
Noninterest expense to average assets⁽²⁾	2.56		%	2.59		%	2.43		%	2.73		%	2.64		%
Noninterest expense to average assets, adjusted⁽²⁾	2.44		%	2.47		%	2.35		%	2.50		%	2.54		%
Efficiency Ratio Calculation
Noninterest expense	$	117,331		$	116,748		$	108,395		$	114,142		$	102,110
Less:
Net OREO expense	(420)			(1,080)			(381)			(294)			(681)
Acquisition and integration related expenses	(5,472)			(5,258)			(3,397)			(9,514)			(3,691)
Delivering Excellence implementation costs	—			(223)			(234)			(442)			(258)


Total	$	111,439		$	110,187		$	104,383		$	103,892		$	97,480
Tax-equivalent net interest income⁽³⁾	$	144,728		$	149,711		$	152,019		$	151,492		$	140,132
Noninterest income	39,362			46,496			42,951			38,526			34,906
Less: net securities losses	1,005			—			—			—			—
Total	$	185,095		$	196,207		$	194,970		$	190,018		$	175,038
Efficiency ratio	60.21		%	56.16		%	53.54		%	54.67		%	55.69		%

Note: Non-GAAP Reconciliations footnotes are located at the end of this section.



Non-GAAP Reconciliations (Unaudited) (Amounts in thousands, except per share data)

	As of or for the
	Quarters Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2020			2019			2019			2019			2019



















Tangible Common Equity
Stockholders' equity	$	2,435,707		$	2,370,793		$	2,339,599		$	2,300,573		$	2,159,471
Less: goodwill and other intangible assets	(935,241)			(875,262)			(876,219)			(878,802)			(808,852)
Tangible common equity	1,500,466			1,495,531			1,463,380			1,421,771			1,350,619
Less: AOCI	(35,323)			1,954			(6,738)			2,810			32,159
Tangible common equity, excluding AOCI	$	1,465,143		$	1,497,485		$	1,456,642		$	1,424,581		$	1,382,778
Total assets	$	19,753,300		$	17,850,397		$	18,013,454		$	17,462,233		$	15,817,769
Less: goodwill and other intangible assets	(935,241)			(875,262)			(876,219)			(878,802)			(808,852)
Tangible assets	$	18,818,059		$	16,975,135		$	17,137,235		$	16,583,431		$	15,008,917
Risk-weighted assets	$	15,573,684		$	14,225,444		$	14,294,011		$	14,056,482		$	13,131,237
Tangible common equity to tangible assets	7.97		%	8.81		%	8.54		%	8.57		%	9.00		%
Tangible common equity, excluding AOCI, to tangible assets	7.79		%	8.82		%	8.50		%	8.59		%	9.21		%
Tangible common equity to risk-weighted assets	9.63		%	10.51		%	10.24		%	10.11		%	10.29		%

Footnotes to Non-GAAP Reconciliations

⁽¹⁾Adjustments to net income for each period presented are detailed in the EPS non-GAAP reconciliation above. For additional discussion of adjustments, see the "Non-GAAP Financial Information" section.

⁽²⁾Annualized based on the actual number of days for each period presented.

⁽³⁾Presented on a tax-equivalent basis, assuming the applicable federal income tax rate of 21%.

Earnings Call Presentation 2020 First Quarter May 1, 2020

WE ARE ALL IN THIS TOGETHER Virtually all non-client facing colleagues Supporting Our Colleagues working remotely • Provided incentive bonus and pay premiums for those client facing and on-site • On-site colleagues distributed with colleagues enhanced health and safety protocols • Enhanced health insurance programs and access to retirement benefits to provide greater flexibility, coverage and additional support ~85% of all locations remain open with access to drive-up and lobby appointment • Expanded paid time off programs service • Added provisions for emergency medical and hardship loans ~95% ATMs operating at full capacity Supporting Our Clients • Majority of branches remain open (drive-up) with enhanced health and safety protocols; lobbies by appointment only Helped ~4,000 clients through payment • Offering payment deferral and fee assistance programs and services including: deferrals and fee assistance programs – Consumer, mortgage, auto loan deferrals – Small business loan deferrals Funded nearly $1.2bn of PPP loans for ~5,500 clients; impacted the lives of – Consumer and small business fee assistance programs over 125,000 employees and their – Suspension of foreclosure and repossession actions families • Participated in the SBA's Paycheck Protection Program Supporting Our Communities • Committed $2.5mm from the First Midwest Charitable Foundation to support Committed $2.5mm to supporting our immediate and long-term needs communities • Aiding individuals and families through affordable housing and financial sustainability and supporting small businesses • Enhanced matching gifts programs to support colleague donations to 501(c)(3) organizations USING OUR STRENGTHS TO SUPPORT OUR CLIENTS AND COMMUNITIES 2

Q1 '20 EARNINGS HIGHLIGHTS Earnings Per Share Earnings Per Share Earnings EPS of $0.18, compared to $0.47 for Q4 '19 and $0.43 for $0.6 $0.50 $0.52 $0.51 Q1 '19; current quarter impacted by: $0.46 $0.41 • $0.19 per share, or $28mm, of loan loss provision for the $0.4 $0.37 estimated impact of COVID-19 on the ACL • $0.04 per share, or $5.4mm, of acquisition and integration $0.49 $0.43 $0.43 $0.47 $0.2 $0.22 related expenses $0.18 Pre-Tax, Pre-Provision Earnings $— Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Down 14% from Q4 '19 impacted by: • NII lower 3%, NIM down 18bps and NIM, adj. down 11bps (3) EPS, adjustedEPS, adjusted EPSEPS COVID-19 due to: – lower interest rates, $2.9mm lower accretion, fewer days Pre-Tax, Pre-Provision Earnings • Noninterest income down 15%, impacted by: – seasonality, record Q4 '19 capital market and mortgage $100 $89 $85 $84 banking levels and impact of market conditions and $76 $72 $80 COVID-19 $60 $40 Down 5% from Q1 '19 impacted by: • NII up 3% while NIM and NIM, adj.(3) down ~50bps due to $20 lower interest rate environment more than offset by higher $— volumes including acquisitions Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 (1)(3) Period Ending • Noninterest expense, adjusted well controlled at 2.44% of (3) average assets vs. 2.54% a year ago Pre-tax, pre-provision earnings RESULTS IMPACTED BY COVID-19 AND LOWER RATE ENVIRONMENT Amounts in millions, except per share data Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms" and "Footnotes" slides for details on the calculations of these metrics, 3 definitions of certain terms, and footnotes used.

LOANS Highlights Up 21% YOY • Up 35%, annualized from Q4 '19, Park added $13,965 ~$700mm; up 12%, excluding Park $12,773 $12,841 – Strong production in a difficult environment $12,520 – C&I growth, up 26% annualized excluding $11,568 Park ◦ Modest line draws of ~$100mm – Consumer growth reflects purchased and organic activity 5.29% 5.15% 5.09% • Up 21% from Q1 '19; up 9% excluding Park 4.85% Corporate Loans and Bridgeview acquisitions 4.57% • Mix continues to be well diversified Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 C&I Agricultural Owner-occupied CRE Investor CRE Consumer Loan Yield Dollars in millions Balances shown are end of period Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain 4 terms, and footnotes used.

LOAN DIVERSIFICATION - CORPORATE $10.5bn 75% of Total Loans 36% C&I / 37% CRE / 2% Agricultural Services % of Sector Balance total loans Risk Elements Other C&I Loans Manufacturing Selectively positioned national Health Care Franchises $ 204 1.5% QSRs; moderately leveraged Elevated All major brands, avg. LTV Hotels 127 0.9% 50% Agricultural Risk Recreation/ Very granular, real estate Segments Entertainment 107 0.8% secured (both C&I and CRE Temporary disruption to vital categories) Dental 105 0.8% industry Owner Multi-family Other Occupied CRE Restaurants 74 0.5% Modest exposure Construction Retailers 62 0.4% Modest exposure Other Total $ 679 4.9% Investor CRE C&I CRE Agricultural GRANULAR, DIVERSIFIED PORTFOLIO REDUCES EXPOSURE TO STRESSED SECTORS Data as of March 31, 2020 Dollar amounts in millions unless otherwise noted Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms" and "Footnotes" slides for details on the calculations of these metrics, definitions of 5 certain terms, and footnotes used.

LOAN DIVERSIFICATION - CONSUMER $3.4bn 25% of Total Loans Home Equity Avg. FICO - 764 Avg. LTV - 73% Other Installment Avg. FICO - 749 % of Elevated Risk Sector Balance total loans Risk Elements Segment Unsecured ~90% have FICO > 700; Installment $ 289 2.1% Avg loan size ~$10k 1-4 Family Avg. FICO - 775 Avg. LTV - 69% HIGH QUALITY CREDIT - GEOGRAPHICALLY DISPERSED Data as of March 31, 2020 Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms" and "Footnotes" slides for details on the calculations of these metrics, 6 definitions of certain terms, and footnotes used.

CURRENT EXPECTED CREDIT LOSSES ("CECL") Day 1 Impact - Adoption Implementation • $76mm (69%) total ACL increase compared to Q4 '19, $16 $28 $227 consisting of: $76 $(2) – $32mm (29%), excluding acquired loans $109 1.62% – $44mm (40%) for acquired loans 1.39% ◦ $36mm for PCD loans 0.85% • Elected CECL transition for regulatory capital relief – Retains ~20bps of CET1 and tier 1 capital ACL Adoption Economic Park Net Q1 ACL (12/31/19) of CECL Factors Acquisition Activity (3/31/20) ACL to Total Loans Day 2 Impact Allowance / Provision • ACL adjusted to incorporate estimated impact of COVID-19 2.00% based upon: 1.62% – Multiple forecast scenarios of GDP, unemployment and HPI 1.22% 0.91% 0.85% 0.86% 0.85% 1.00% – Detailed portfolio reviews $40 0.38% 0.40% – Effects of relief programs 0.37% 0.30% $10 $11 $12 $10 • ACL to total loans, excluding PCD loans(3) of 1.29% —% Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 (1) Allowance / Loans Provision / Avg Loans Provision DAY 1 IMPACT AS EXPECTED; DAY 2 ADJUSTED TO INCREASE ACL BY 15% DUE TO ECONOMIC OUTLOOK Dollar amounts in millions Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. 7

ASSET QUALITY Non-performing Assets Highlights 2.00% Sustained, consistent underlying credit performance $174 Metrics impacted by CECL adoption due to the change in 1.24% accounting for acquired PCD loans; for comparability to $91 $96 $109 $109 1.00% prior periods, metrics are also presented to exclude PCD 0.91% loans 0.79% 0.77% 0.85% 0.85% • PCD loans that meet the definition of nonperforming are now included in NPLs, resulting in a $49mm increase in 0.00% Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 NPLs in Q1 '20 NPAs – NPAs, excluding PCD loans reflective of normal NPAs / Loans + Foreclosed Assets (3) NPAs / Loans + Foreclosed Assets, excluding PCD Loans fluctuations Net Charge-offs • NCOs on PCD loans are recorded through the ACL, instead of a reduction of credit mark netted within 0.60% $12 loans $11 $9 $9 $9 0.37% – Excluding PCD loans, NCOs to average loans(1) of 0.32% 0.33% 0.40% 0.31% 0.29% 0.32% for Q1 '20, in-line with prior quarters 0.32% 0.20% Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 NCOs (1) NCOs / Avg Loans (1)(3) NCOs / Avg Loans, excluding PCD Loans METRICS LARGELY UNCHANGED, REFLECTS CECL Dollar amounts in millions Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, 8 definitions of certain terms, and footnotes used.

DEPOSITS Highlights Up 10% YOY • Average deposits of $13bn, consistent with Q4 '19 and up 10% Q1 '19 $13,445 $13,411 $13,386 $12,935 – Normal seasonal decline in commercial and $12,164 municipal deposits, offset by Park acquisition compared to Q4 '19 – Acquisitions contributed to the increase from Q1 '19 0.64% • Mix relatively unchanged, 64% retail, 26% 0.60% commercial, 10% public 0.55% 0.59% 78% • Average time deposits down 3% and up 11% 0.51% Core from Q4 '19 and Q1 '19, respectively Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Demand Savings NOW Money Market Time Cost of Deposits Dollars in millions Balances shown are QTD averages Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain 9 terms, and footnotes used.

STRONG FUNDING AND LIQUIDITY Funding Profile Highlights • $13bn of very stable long-term deposit base is primary source of liquidity Time | 17% • Line of credit draws during Q1 '20 of Interest-bearing Brokered CD's | 2% transactions | 42% ~$100mm, up 1% from Q1 '19 activity – Increase funded with deposits Borrowed funds | 14% – Line of credit draws distributed across a variety of industries within C&I Demand | 25% • Over $6bn in additional funding sources provide ample capacity to support our clients, Core Deposits Time Deposits Borrowed Funds colleagues, and communities – Nearly $4bn comprised of unencumbered securities and cash, FHLB capacity and Fed availability - meaningfully higher than undrawn commitments • Flexibility to utilize PPPLF or other sources to fund PPP demand AMPLE LIQUIDITY PROVIDES FLEXIBILITY TO MEET EXPECTED DEMAND Data as of March 31, 2020 Funding Profile data reflects QTD averages Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain 10 terms, and footnotes used.

NET INTEREST INCOME Trend and Composition Highlights Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 • NII down 3% from Q4 '19 and up 3% from Total interest-earning Q1 '19 assets $14,035 $14,952 $15,801 $15,969 $16,431 NIM(3) 4.04 % 4.06 % 3.82 % 3.72 % 3.54 % – Accretion down $3mm from Q4 '19, up Accretion (0.18)% (0.28)% (0.23)% (0.24)% (0.17) $1mm from Q1 '19 Q1 '19 Q4 '19 Q1 '20 NIM, adjusted(3) 3.86 % 3.78 % 3.59 % 3.48 % 3.37 % • NIM, adjusted(3) of 3.37%, down 11 bps from Total interest-earning assets $ 14,035 $ 15,969 $ 16,431 (1) Q4 '19 and down 49 bps Q1 '19, impacted NIM 4.04 % 3.72 % 3.54 % $151 Accretion (0.18)% (0.24)% (0.17) $150 $148 by: $144 NIM, adjusted(1) 3.86 % 3.48 % 3.37 % $9 $139 $10 $10 – Lower interest rates partially offset by $7 lower cost of funds $6 – Actions taken to reduce rate sensitivity also impacted the decline from Q1 '19 3.86% 3.78% 3.59% 3.48% 3.37% Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 (3) NII Accretion NIM, adjusted Dollars in millions Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. 11

NONINTEREST INCOME Trend and Composition Highlights • Down 15% from Q4 '19 impacted by: $47 – Reduction in capital market products income from record levels in Q4 '19 $43 – Lower mortgage banking, sales and $1mm $40 $39 MSR valuation adjustment $35 – Decrease in deposit service charges and card-based due to seasonality and COVID-19 1.03% 0.96% 0.90% 0.92% • Increase of 13% from Q1 '19 reflects: 0.86% – Capital market income of $4.7mm, up from $1.3mm for Q1 '19 – Higher wealth management and mortgage banking income • Securities losses of $1mm in Q1 '20 reflects the repositioning of the securities portfolio due to market conditions Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Deposit service charges Wealth management Card-based Capital market products income (4) Mortgage banking (1) Other noninterest income Noninterest income to average assets Dollars in millions Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. 12

NONINTEREST EXPENSE Trend and Composition Highlights (3) Periods Ended • Noninterest expense, adjusted of $112mm Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 – Consistent with Q4 '19 Noninterest expense as reported $ 102 $ 114 $ 108 $ 117 $ 117 – Up 14% from Q1 '19 , impacted by: A&I related expenses (4) (10) (3) (6) (5) ◦ Operating costs associated with acquisitions Noninterest expense, adjusted(3) $ 98 $ 104 $ 105 $ 111 $ 112 ◦ Merit increases ◦ Investments in technology and process $111 $112 improvements $104 $105 $97 • Controlled noninterest expense, adjusted to average assets(1)(3) of 2.4%, down 3bps from Q4 '19 and 10bps from Q1 '19 2.54% • Continue to invest in strategic and long-term 2.50% 2.47% 2.44% platform initiatives and review efficiencies in 2.35% light of current environment Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Salaries & Benefits Occupancy & Equipment Professional services Technology Other noninterest expense (6) Noninterest expense, adj. to average assets(1)(3) Dollars in millions Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. 13

CAPITAL Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Highlights Regulatory Capital Ratios: • As expected, Q1 '20 capital ratios decreased due to • CET1 capital to RWA 10.52% 10.11% 10.18% 10.52% 9.64% Park acquisition (~50bps), stock repurchases (~15bps), and loan growth • Tier 1 capital to RWA 10.52% 10.11% 10.18% 10.52% 9.64% • Total capital to RWA 12.91% 12.57% 12.62% 12.96% 12.00% • Elected CECL transition for regulatory capital relief Tangible book value per share $12.63 $12.86 $13.31 $13.60 $13.14 – Retains ~20bps of CET1 and tier 1 capital Robust Capital Levels • Strong excess capital position, solid operating leverage and credit reserves Excess Capital – Capital levels remain sufficient in a severely Above adverse economic scenario Conservation Buffer – Consistent with mid-size, regional, and national 4.50% 7.0% CET1 Capital peers 9.64% $411mm • Suspended stock repurchase program to shift focus 6.00% 8.50% on capital deployment supporting our clients, Tier 1 Capital colleagues, communities, and the broader economy 9.64% $177mm • Q1 '20 dividend of $0.14 per common share up 8.00% 10.5% 17% from a year ago Total Capital 12.00% $234mm Minimum Requirement FMBI Capital Conservation Buffer Robust Capital Levels data as of March 31, 2020 Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. 14

OUTLOOK RECAP (For the Year Ended 2020; includes Park Bank) We no longer affirm previous FY2020 guidance given the inability to estimate the impact of COVID-19 We offer commentary on factors influencing FY2020 outlook for key categories Comments below are subject to and dependent upon the length and impact of COVID-19, customer behavior and Federal stimulus, including the SBA's Paycheck Protection Program and the funding thereof, and other factors Loans and Deposits • Dependent upon economic conditions, customer behavior and stimulus • SBA's Paycheck Protection Program will further impact NII and NIM • Modestly lower NII, excluding accretion – Accretion of ~$22mm reflecting CECL transition, ~$3mm reclass to lower provision – NIM, adj.(3) continued near-term compression • Excludes potential impacts from the SBA's Paycheck Protection Program Noninterest Income • Modestly down YOY, as acquisition benefits are offset by Q2 COVID-19 impacts • Assuming recovery begins in second half of 2020 Noninterest Expense, Adjusted • Q1 run rate annualized for full year; Q2 elevated, reflective of COVID-19 impacts Asset Quality • Dependent upon economic conditions, customer behavior and stimulus Taxes • Effective tax rate expected to be approximately 25% Capital • Strong capital provides flexibility to navigate the impact of the pandemic Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. 15

FINANCIAL RESULTS Q1 '19 Q4 '19 Q1 '20 Highlights Net Interest Income $ 139 $ 148 $ 144 • Q1 '20 results impacted by the COVID-19 pandemic and underlying policy response, as Loan Loss Provision 10 10 40 well as the low interest rate environment Noninterest Income 35 46 40 • Generated EPS of $0.18, compared to $0.47 for Q4 '19 and $0.43 for Q1 '19; impacted by Net Securities Losses — — (1) – $0.19/share in loan loss provision, allowing for the impact of COVID-19 Noninterest Expense 102 117 117 – $0.04/share attributed to A&I costs Income before Income Taxes 62 67 26 • NII of $144mm, down from Q4 '19 and up 3% from Q1 '19, reflective of the low interest rate Income Tax Expense 16 16 6 environment Net Income $ 46 $ 51 $ 20 • Noninterest income, down 15% from Q4 '19 and up 13% from Q1 '19 EPS $ 0.43 $ 0.47 $ 0.18 • Noninterest expense, adjusted(1)(3) to average EPS, Adjusted(3) $ 0.46 $ 0.51 $ 0.22 assets of 2.4%, down from 2.5% at Q4 '19 and Q1 '19 ROATCE(1) 14.4 % 14.4 % 5.7 % ROATCE, Adjusted(1)(3) 15.3 % 15.5 % 6.9 % Noninterest Expense, adjusted to Average Assets(1)(3) 2.5 % 2.5 % 2.4 % Efficiency Ratio(3) 56 % 56 % 60 % Dollars in millions, except per share data Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. 16

OVERVIEW OF PARK BANK Strategically Compelling Branch Network • Completed acquisition on March 9th • Expands market presence in SE Wisconsin • Attractive business with quality relationships ~$700mm in loans, ~95% are commercial ~$1.0bn in deposits, ~87% considered core • Established management team led by Dave Werner, President since 2010, 30+ year tenure Integration & Conversion • Systems conversion on track for June 12-14 • Project plan reflects current environment – Remote systems conversion, same data processor – Leverage virtual training – Experienced conversion team COVID-19 Response • Efficiently executed pandemic plan; work from home, social distancing and branches open for drive-up as well as lobby access by appointment • Partnership and collaboration with First Midwest to implement SBA Paycheck Protection Program and client accommodations • Cultural synergies between the two organizations help mitigate COVID-19 impact Park FMB Note: See the accompanying "Non-GAAP Financial Information," "Glossary of Terms," and "Footnotes" slides for details on the calculation of these metrics, definitions of certain terms, and footnotes used. 17

FORWARD-LOOKING STATEMENTS This presentation, as well as any oral statements made by or on behalf of First Midwest, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of words such as "may," "might," "will," "would," "should," "could," "expect," "plan," "intend," "anticipate," "believe," "estimate," "outlook," "predict," "project," "probable," "potential," "possible," "target," "continue," "look forward," or "assume" and words of similar import. Forward-looking statements are not historical facts or guarantees of future performance but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and events may differ, possibly materially, from the anticipated results or events indicated in these forward-looking statements. First Midwest cautions you not to place undue reliance on these statements. Forward-looking statements speak only as of the date made, and First Midwest undertakes no obligation to update any forward-looking statements. Forward-looking statements may be deemed to include, among other things, statements relating to First Midwest's future financial performance, including the related outlook for 2020, the performance of First Midwest's loan or securities portfolio, the expected amount of future credit reserves or charge-offs, corporate strategies or objectives, including the impact of certain actions and initiatives, anticipated trends in First Midwest's business, regulatory developments, acquisition transactions, estimated synergies, cost savings and financial benefits of announced and completed transactions, growth strategies, including possible future acquisitions, and the potential effects of the COVID-19 pandemic on our business, financial condition, liquidity, loans and results of operations. These statements are subject to certain risks, uncertainties and assumptions, including the duration, extent and severity of the COVID-19 pandemic, including its effects on our business, operations and employees, as well as on our customers and service providers, and on economies and markets more generally and other risks, uncertainties and assumptions that are discussed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in First Midwest's Annual Report on Form 10-K for the year ended December 31, 2019, and in First Midwest's subsequent filings made with the Securities and Exchange Commission ("SEC"). These risks and uncertainties are not exhaustive, and other sections of these reports describe additional factors that could adversely impact First Midwest's business and financial performance. Note: See the accompanying "Glossary of Terms" slide for definitions of certain terms used. 18

APPENDIX 19

NON-GAAP FINANCIAL INFORMATION The Company's accounting and reporting policies conform to U.S.GAAP and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. These non-GAAP financial measures include EPS, adjusted, the efficiency ratio, tax-equivalent NII (including its individual components), tax-equivalent NIM, tax-equivalent NIM, adjusted, noninterest expense, adjusted, ROATCE, ROATCE, adjusted, non-accrual loans, excluding PCD loans, 30-89 days past due loans, excluding PCD loans, non-accrual loans to total loans, excluding PCD loans, non-performing loans to total loans, excluding PCD loans, non-performing assets to total loans plus foreclosed assets, excluding PCD loans, net loan charge-offs, excluding PCD loans, and net loan charge-offs to average loans, excluding PCD loans. The Company presents EPS, the efficiency ratio, and return on average tangible common equity, all adjusted for certain significant transactions. These transactions include acquisition and integration related expenses associated with completed and pending acquisitions (all periods), net securities losses (first quarter of 2020), and Delivering Excellence implementation costs (all periods in 2019). Management believes excluding these transactions from EPS, the efficiency ratio, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these transactions do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding acquisition and integration related expenses from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these transactions from these metrics may enhance comparability for peer comparison purposes. The Company presents noninterest expense, adjusted, which excludes acquisition and integration related expenses and Delivering Excellence implementation costs. Management believes that excluding these items from noninterest expense may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes. The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax- exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. In addition, management believes that presenting tax-equivalent net interest margin, adjusted, may enhance comparability for peer comparison purposes and is useful to the Company, as well as analysts and investors, since acquired loan accretion income may fluctuate based on the size of each acquisition, as well as from period to period. In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity. The Company presents non-accrual loans, 30-89 days past due loans, non-accrual loans to total loans, non-performing loans to total loans, non-performing assets to total loans plus foreclosed assets, net loan charge-offs, and net loan charge-offs to average loans, all excluding PCD loans. Management believes excluding PCD loans is useful as it facilitates better comparability between periods as prior to the adoption of CECL on January 1, 2020, PCI loans with an accretable yield were considered current and were not included in past due and non-accrual loan totals and the portion of PCI loans deemed to be uncollectible was recorded as a reduction of the credit-related acquisition adjustment, which was netted within loans. Subsequent to adoption, PCD loans, including those previously classified as PCI, are included in past due and non-accrual loan totals and an allowance for credit losses on PCD loans is established as of the acquisition date and the PCD loans are no longer recorded net of a credit-related acquisition adjustment. PCD loans deemed to be uncollectible are recorded as a charge-off through the allowance for credit losses. Additionally, management believes excluding PCD loans from these metrics may enhance comparability for peer comparison purposes. Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the previously provided tables and the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein. Note: See the accompanying "Glossary of Terms" slide for definitions of certain terms used. 20

NON-GAAP FINANCIAL INFORMATION Quarters Ended March 31, June 30, September 30, December 31, March 31, 2019 2019 2019 2019 2020 Earnings Per Share Net income $ 46,058 $ 47,014 $ 54,545 $ 52,121 $ 19,606 Net income applicable to non-vested restricted shares (403) (389) (465) (424) (192) Net income applicable to common shares 45,655 46,625 54,080 51,697 19,414 Adjustments to net income: Losses from securities portfolio repositioning — — — — 1,005 Tax effect of losses from securities portfolio repositioning — — — — (251) A&I related expenses 3,691 9,514 3,397 5,258 5,472 Tax effect of A&I related expenses (923) (2,379) (849) (1,315) (1,368) Delivering Excellence implementation costs(5) 258 442 234 223 — Tax effect of Delivering Excellence implementation costs (65) (111) (59) (56) — Total adjustments to net income 2,961 7,466 2,723 4,110 4,858 Net income applicable to common shares, adjusted $ 48,616 $ 54,091 $ 56,803 $ 55,807 $ 24,272 Weighted-average diluted common shares outstanding 105,770 108,467 109,662 109,578 110,365 Diluted EPS $ 0.43 $ 0.43 $ 0.49 $ 0.47 $ 0.18 Diluted EPS, adjusted(7) $ 0.46 $ 0.50 $ 0.52 $ 0.51 $ 0.22 Return on Average Tangible Common Equity Net income applicable to common shares $ 45,655 $ 46,625 $ 54,080 $ 51,697 $ 19,414 Intangibles amortization 2,363 2,624 2,750 2,744 2,770 Tax effect of intangibles amortization (591) (656) (688) (686) (693) Total adjustments to net income(7) 2,961 7,466 2,723 4,110 4,858 Net income applicable to common shares, excluding intangibles amortization, adjusted(7) $ 50,388 $ 56,059 $ 58,865 $ 57,865 $ 26,349 Average stockholders' equity $ 2,138,281 $ 2,241,569 $ 2,327,279 $ 2,359,197 $ 2,415,157 Less: average intangible assets (803,408) (832,263) (877,069) (874,829) (887,600) Average TCE $ 1,334,873 $ 1,409,306 $ 1,450,210 $ 1,484,368 $ 1,527,557 ROATCE, adjusted(1)(7) 15.31 % 15.95 % 16.10 % 15.47 % 6.94 % Amounts in thousands, except per share data Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for definitions of certain terms used and footnotes. 21

NON-GAAP FINANCIAL INFORMATION Quarters Ended March 31, June 30, September 30, December 31, March 31, 2019 2019 2019 2019 2020 Efficiency Ratio Calculation Noninterest expense $ 102,110 $ 114,142 $ 108,395 $ 116,748 $ 117,331 Less: Net OREO expense (681) (294) (381) (1,080) (420) A&I related expenses (3,691) (9,514) (3,397) (5,258) (5,472) Delivering Excellence implementation costs(5) (258) (442) (234) (223) — Total $ 97,480 $ 103,892 $ 104,383 $ 110,187 $ 111,439 Tax-equivalent NII(1)(8) $ 140,132 $ 151,492 $ 152,019 $ 149,711 $ 144,728 Noninterest income 34,906 38,526 42,951 46,496 39,362 Less: net securities losses — — — — 1,005 Total $ 175,038 $ 190,018 $ 194,970 $ 196,207 $ 185,095 Efficiency ratio 55.69 % 54.67 % 53.54 % 56.16 % 60.21 % Tax-Equivalent NII / NIM NII $ 139,024 $ 150,312 $ 150,787 $ 148,359 $ 143,575 Tax-equivalent adjustment 1,108 1,180 1,232 1,352 1,153 Tax-equivalent NII(1)(8) 140,132 151,492 152,019 149,711 144,728 Less: accretion (6,369) (10,308) (9,244) (9,657) (6,946) Tax-equivalent NII, adjusted $ 133,763 $ 141,184 $ 142,775 $ 140,054 $ 137,782 Average interest-earning assets $ 14,035,361 $ 14,952,044 $ 15,800,915 $ 15,969,287 $ 16,431,320 NIM(1)(8) 4.04 % 4.06 % 3.82 % 3.72 % 3.54 % NIM, adjusted(1)(8) 3.86 % 3.78 % 3.59 % 3.48 % 3.37 % Loan Yield Tax-equivalent loan interest income(8) $ 145,531 $ 158,442 $ 160,756 $ 155,863 $ 148,420 Less: accretion (6,369) (10,308) (9,244) (9,657) (6,946) Tax-equivalent loan interest income, adjusted $ 139,162 $ 148,134 $ 151,512 $ 146,206 $ 141,474 Average loans $ 11,458,233 $ 12,022,470 $ 12,539,541 $ 12,753,436 $ 13,073,752 Loan yield 5.15 % 5.29 % 5.09 % 4.85 % 4.57 % Loan yield, excluding accretion 4.93 % 4.94 % 4.79 % 4.55 % 4.35 % Amounts in thousands, except per share data Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for definitions of certain terms used and footnotes. 22

NON-GAAP FINANCIAL INFORMATION Quarters Ended March 31, June 30, September 30, December 31, March 31, 2019 2019 2019 2019 2020 Tangible Common Equity Stockholders' equity $ 2,159,471 $ 2,300,573 $ 2,339,599 $ 2,370,793 $ 2,435,707 Less: goodwill and other intangible assets (808,852) (878,802) (876,219) (875,262) (935,241) TCE $ 1,350,619 $ 1,421,771 $ 1,463,380 $ 1,495,531 $ 1,500,466 Total assets $ 15,817,769 $ 17,462,233 $ 18,013,454 $ 17,850,397 $ 19,753,300 Less: goodwill and other intangible assets (808,852) (878,802) (876,219) (875,262) (935,241) Tangible assets $ 15,008,917 $ 16,583,431 $ 17,137,235 $ 16,975,135 $ 18,818,059 TCE to tangible assets 9.00 % 8.57 % 8.54 % 8.81 % 7.97 % Pre-Tax, Pre-Provision Earnings Income before income tax $ 61,376 $ 63,205 $ 72,845 $ 68,513 $ 26,074 Provision for credit losses 10,444 11,491 12,498 9,594 39,532 Pre-Tax, Pre-Provision Earnings $ 71,820 $ 74,696 $ 85,343 $ 78,107 $ 65,606 Adjustments to pre-tax, pre-provision earnings: Losses from securities portfolio repositioning — — — — 1,005 A&I related expenses 3,691 9,514 3,397 5,258 5,472 Delivering Excellence implementation costs(5) 258 442 234 223 — Total adjustments 3,949 9,956 3,631 5,481 6,477 Pre-Tax, Pre-Provision Earnings, adjusted $ 75,769 $ 84,652 $ 88,974 $ 83,588 $ 72,083 Amounts in thousands, except per share data Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for definitions of certain terms used and footnotes. 23

NON-GAAP FINANCIAL INFORMATION Quarters Ended March 31, June 30, September 30, December 31, March 31, 2019 2019 2019 2019 2020 Allowance for Credit Losses to Total Loans Allowance for credit losses $ 104,779 $ 106,929 $ 110,228 $ 109,222 $ 226,701 Less: allowance for PCD loans — — — — (50,223) Allowance for credit losses, excluding PCD loan allowance $ 104,779 $ 106,929 $ 110,228 $ 109,222 $ 176,478 Total loans $ 11,569,003 $ 12,519,604 $ 12,773,319 $ 12,840,330 $ 13,965,017 Less: PCD loans — — — — (275,172) Total loans, excluding PCD loans $ 11,569,003 $ 12,519,604 $ 12,773,319 $ 12,840,330 $ 13,689,845 Allowance to total loans, excluding PCD loans 0.91 % 0.85 % 0.86 % 0.85 % 1.29 % Non-performing assets / Loans and Foreclosed assets Non-performing assets $ 91,313 $ 96,021 $ 109,037 $ 108,961 $ 173,894 Less: non-accrual PCD loans — — — — (48,950) Non-performing assets, nexcluding non-accrual PCD loans $ 91,313 $ 96,021 $ 109,037 $ 108,961 $ 124,944 Total loans, excluding PCD loans $ 11,569,003 $ 12,519,604 $ 12,773,319 $ 12,840,330 $ 13,689,845 Foreclosed assets 10,818 28,488 25,266 20,458 21,027 Total loans and foreclosed assets, excluding PCD loans $ 11,579,821 $ 12,548,092 $ 12,798,585 $ 12,860,788 $ 13,710,872 Non-performing assets and loans to foreclosed assets, excluding PCD 0.79 % 0.77 % 0.85 % 0.85 % 0.91 % Net Charge-offs to average loans Total net charge-offs $ 9,084 $ 9,341 $ 9,199 $ 10,600 $ 12,114 Less: net charge-offs for PCD loans — — — — 1,720 Total net charge-offs, excluding PCD loans $ 9,084 $ 9,341 $ 9,199 $ 10,600 $ 13,834 Total average loans $ 11,456,267 $ 12,020,820 $ 12,538,189 $ 12,752,389 $ 13,073,005 Less: average PCD loans — — — — (165,906) Total average loans, excluding PCD loans $ 11,456,267 $ 12,020,820 $ 12,538,189 $ 12,752,389 $ 12,907,099 Net charge-offs to loans, excluding PCD loans 0.32 % 0.31 % 0.29 % 0.33 % 0.32 % Amounts in thousands, except per share data Note: See the accompanying "Glossary of Terms" and "Footnotes" slides for definitions of certain terms used and footnotes. 24

GLOSSARY OF TERMS Allowance, ACL - Allowance for credit losses mm - Million A&I - Acquisition and integration related expenses MSR - Mortgage servicing right ATM - Automated teller machines NCOs - Net charge-offs bn - Billion NII - Net interest income bps - Basis points NIM - Tax-equivalent net interest margin Bridgeview - Bridgeview Bancorp, Inc. NOW - Negotiable order of withdrawal C&I - Commercial and industrial NPAs - Non-performing assets CECL - Current Expected Credit Losses NPLs - Non-performing loans CET1 - Common equity Tier 1 Park - Park Bank, a wholly-owned subsidiary of Bankmanagers CD - Certificate of deposit Corp. Core Deposits - Represents demand, savings, NOW and PCD - Purchased credit deteriorated money market deposits PPP - Paycheck Protection Program CRE - Commercial real estate PPPLF - Paycheck Protection Program Liquidity Facility DTA - Deferred tax asset OREO - Other real estate owned EPS - Earnings per share QSR - Qualified special representative agreement FICO - Fair Issac Corporation QTD - Quarter-to-date FHLB - Federal Home Loan Bank ROATCE - Return on average tangible common equity First Midwest or the Company - First Midwest Bancorp, Inc. RWA - Risk-weighted assets Foreclosed Assets - OREO and other foreclosed assets SBA - Small Business Administration FY - Full year SEC - Securities and Exchange Commission GAAP - U.S. generally accepted accounting principles TCE - Tangible common equity - represents common GDP - Gross national product stockholders' equity less goodwill and identifiable intangible HPI - House price index assets LTM - Last twelve months YoY - Year-over-year LTV - Loan-to-value 25

FOOTNOTES (1) Annualized based on the actual number of days for each period presented. (2) Refer to the Company's 2020 Annual Meeting Proxy Statement for a detailed list of the Company's peer group. Peer financial data as of December 31, 2019. (3) This financial measure includes certain adjustments. See the accompanying "Non-GAAP Financial Information" slides for detail. (4) Other noninterest income includes merchant servicing fees and other service charges, commissions, and fees. (5) The Company initiated certain actions in connection with its Delivering Excellence initiative in the second quarter of 2018, demonstrating the Company's ongoing commitment to provide service excellence to its clients and maximizing both the efficiency and scalability of its operating platform. (6) Other noninterest expense includes advertising and promotions expense, net OREO expense, and other expenses. (7) Adjustments to net income for each period presented are detailed in the EPS non-GAAP reconciliation in the accompanying "Non- GAAP Financial Information" slides. (8) Presented on a tax-equivalent basis, assuming the applicable federal income tax rate of 21%. 26

Cover	Apr. 30, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 30, 2020
Entity Registrant Name	First Midwest Bancorp, Inc.
Entity Central Index Key	0000702325
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	0-10967
Entity Tax Identification Number	36-3161078
Entity Address, Address Line One	8750 West Bryn Mawr Avenue
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60631-3655
City Area Code	708
Local Phone Number	831-7483
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	FMBI
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false