First Midwest Reports Solid First Quarter Results

ITASCA, IL -- (MARKET WIRE) -- April 25, 2007 -- First Midwest Bancorp, Inc. (NASDAQ: FMBI)

    1st Quarter Highlights:
--  EPS of $0.58, up 5.5% vs. 1Q06
--  Strong Profitability:  ROA of 1.42%
--  Stable Net Margin:  3.53% vs. 3.57% in 4Q06
--  Lower Credit Costs:  Net Charge-offs to Average Loans of 0.24% vs.
    0.30% in 4Q06
--  Strong Trust and Investment Management Fees
    

First Midwest Bancorp, Inc. ("First Midwest") (NASDAQ: FMBI) today reported net income for first quarter ended March 31, 2007 of $29.0 million, or $0.58 per diluted share, as compared to 2006's first quarter earnings of $25.8 million, or $0.55 per diluted share.

First quarter 2007 performance resulted in an annualized return on average assets of 1.42% as compared to 1.44% for first quarter 2006 and an annualized return on average equity of 15.5% as compared to 17.6% for first quarter 2006.

"First quarter 2007 was executed largely in accord with management's plan," said First Midwest President and Chief Executive Officer, John M. O'Meara. "First quarter loan bookings in the agricultural and commercial real estate portfolios were offset by higher than normal payoffs reflecting swings in agricultural commodity markets on the one hand and customer preference for longer-dated fixed-rate real estate loans on the other hand. Deposit performance saw continuing migration to higher-yielding products albeit at a somewhat diminished pace. Securities sales and related cash flows funded loan growth and allowed for the paydown of wholesale funding sources. Importantly, net interest margin appears to have stabilized. Fee businesses, especially in the trust and investment areas were strong. Credit costs were down 20% from fourth quarter 2006."

Earnings Guidance

O'Meara concluded, "Given the trends outlined above as well as the prospect for more robust asset generation for the balance of the year, we reiterate our previous guidance for full year 2007 earnings in the range of $2.41 to $2.51 per diluted share. This performance is further predicated on market and credit quality conditions remaining relatively unchanged from first quarter 2007 levels."

Security Transactions

At March 31, 2007, the securities portfolio totaled $2.4 billion, down $375.1 million from March 31, 2006. Given the flattened yield curve environment, the Company, over the course of 2006 and first quarter 2007, has chosen to use securities sales proceeds and cash flows to fund its loan growth and reduce higher-cost borrowings as opposed to reinvesting the proceeds in like securities. As anticipated, market conditions afforded the Company an opportunity to sell $101.2 million of securities, resulting in a realized gain of $3.4 million. These sales, which occurred early in the first quarter, represent the majority of our planned activity for 2007.

Net Interest Margin

Net interest income for first quarter 2007 was $60.4 million, up $2.9 million, or 5.1%, from $57.5 million for first quarter 2006. This increase was driven by an $808.7 million increase in average interest-earning assets due primarily to the acquisition of Bank Calumet on March 31, 2006. As expected, net interest margin for the first quarter of 2007 was 3.53% as compared to 3.57% for fourth quarter 2006, reflecting deposit shifts to higher-cost categories, which were partially offset by higher variable-rate asset yields. The modest decline from fourth quarter 2006 is believed to represent the final stage of the lagging effects of internal disintermediation between transaction accounts and higher-yielding liabilities.

Loan Growth and Funding

Outstanding loans totaled $5.0 billion at both March 31, 2007 and December 31, 2006. As of March 31, 2007, corporate loans totaled $4.2 billion, up from $4.1 billion as of December 31, 2006, an increase of 0.6%, or 2.4% annualized. This increase primarily reflects growth in both agricultural and commercial and construction real estate lending. Total underwritings in the commercial loan categories were on plan at $815.0 million. However, early commercial payoffs, coupled with continued run off of the indirect consumer portfolio, slowed overall growth. Improved growth in subsequent quarters is expected as sales pipelines stood at record high levels as of March 31, 2007.

Total average deposits for first quarter 2007 were $6.0 billion, up $861.1 million, or 16.8% compared to first quarter 2006, primarily due to the acquisition of Bank Calumet. In comparison to fourth quarter 2006, average deposits declined $160.8 million, primarily due to lower levels of brokered deposits and seasonal declines in public fund deposits, both of which were planned in conjunction with securities sales and cash flows.

Noninterest Income and Expense

First Midwest's total noninterest income for first quarter 2007 was $28.7 million, up 34.3% as compared to $21.4 million in first quarter 2006, reflecting the benefits of $3.4 million in securities gains and $4.4 million in higher fee-based revenues. Fee-based revenues for first quarter 2007 totaled $22.2 million, up 24.8% as compared to $17.8 million in first quarter 2006, with $3.2 million, or 71.9%, of this increase attributable to the acquisition of Bank Calumet and the remainder reflecting stronger trust, investment, card-based, and service charge revenue.

Total noninterest expense for first quarter 2007 was $48.2 million, up 10.2% from $43.7 million in first quarter 2006. The majority of the increase is attributable to higher salaries, employee benefits, and occupancy expenses associated with the operation of the 30 branches acquired as a part of the Bank Calumet acquisition. First Midwest's efficiency ratio was 52.2% for first quarter 2007, as compared to 51.5% for first quarter 2006.

Credit Quality

First Midwest's overall credit quality remains solid. The Company has no exposure to subprime mortgage lending products. At March 31, 2007, nonperforming assets represented 0.42% of loans plus foreclosed real estate, as compared to 0.38% at December 31, 2006. As of March 31, 2007, nonperforming assets totaled $20.8 million as compared to $18.9 million at year-end 2006 and $21.2 million as of March 31, 2006. Subsequent to quarter ended March 31, 2007, a single $1.4 million nonaccrual loan was paid in full, largely accounting for this difference from year-end 2006. Ninety day past due loans increased by $2.8 million from December 31, 2006 to March 31, 2007. Net charge-offs for first quarter 2007 improved to 0.24% of average loans, down from 0.30% for fourth quarter 2006 and up from 0.15% as of March 31, 2006. As of March 31, 2007, the reserve for loan losses stood at 1.25% of total loans as compared to 1.25% as of December 31, 2006 and 1.24% as of March 31, 2006.

Capital Management

First Midwest's capital position continues to exceed all of the regulatory minimum levels to be considered a "well capitalized institution" by the Federal Reserve. As of March 31, 2007, First Midwest's Total Risk Based Capital ratio was 12.4%, as compared to 12.2% as of December 31, 2006, and its Tier 1 Risk Based Capital ratio was 9.8%, as compared to 9.6% as of December 31, 2006. First Midwest's tangible capital ratio, which represents the ratio of stockholders' equity to total assets excluding intangible assets, stood at 5.82%, up from 5.62% as of December 31, 2006. Excluding other comprehensive losses, the tangible capital ratio stood at 6.03%, manifesting First Midwest's commitment to replenishing tangible capital following the first quarter 2006 acquisition of Bank Calumet. During first quarter 2007, Moody's Investor Services upgraded the Company's and its subsidiary bank's debt ratings from Baa1 and A3 to A3 and A2, respectively.

During the first quarter of 2007, First Midwest paid dividends of $0.295 per share, up 7.3% from 2006's first quarter dividend of $0.275 per share. In addition, during the first quarter of 2007, First Midwest repurchased 339,700 shares of its common stock at an average price of $37.47 per share. As of March 31, 2007, approximately 1.7 million shares remained under First Midwest's existing repurchase authorization.

About the Company

First Midwest is the premier relationship-based banking franchise in the growing Chicagoland banking market. As one of the Chicago metropolitan area's largest independent bank holding companies, First Midwest provides the full range of both business and retail banking and trust and investment management services through 103 offices located in 63 communities, primarily in metropolitan Chicago. First Midwest was the only bank named by Chicago magazine as one of the 25 best places to work in Chicago.

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in First Midwest Bancorp's 2006 Form 10-K and other filings with the U.S. Securities and Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. First Midwest does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.

Accompanying Financial Statements and Tables

Accompanying this press release is the following unaudited financial information:

--  Operating Highlights, Balance Sheet Highlights and Stock Performance
    Data (1 page)
--  Condensed Consolidated Statements of Condition (1 page)
--  Condensed Consolidated Statements of Income (1 page)
--  Selected Quarterly Data and Asset Quality (1 page)
    

Press Release and Additional Information Available on Website

This press release, the accompanying financial statements and tables, and certain additional unaudited Selected Financial Information (totaling 3 pages) are available through the "Investor Relations" section of First Midwest's website at www.firstmidwest.com.

First Midwest Bancorp, Inc.             Press Release Dated April 25, 2007

Operating Highlights                          Quarters Ended
Unaudited                        -----------------------------------------
                                   March 31,    December 31,   March 31,
(Amounts in thousands, except    ------------- ------------- -------------
 per share data)                      2007          2006          2006
                                 ------------- ------------- -------------

Net income                       $      29,029 $      31,528 $     25,768
Diluted earnings per share       $        0.58 $        0.63 $       0.55
Return on average equity                 15.48%        16.40%       17.64%
Return on average assets                  1.42%         1.47%        1.44%
Net interest margin                       3.53%         3.57%        3.76%
Efficiency ratio                         52.19%        49.56%       51.51%


Balance Sheet Highlights
Unaudited

(Amounts in thousands, except
 per share data)                 Mar. 31, 2007 Dec. 31, 2006 Mar. 31, 2006
                                 ------------- ------------- -------------

Total assets                     $   8,235,110 $   8,441,526 $   8,715,524
Total loans                          4,993,620     5,008,944     5,042,135
Total deposits                       5,907,442     6,167,216     6,050,839
Stockholders' equity                   753,988       751,014       688,484
Book value per share             $       15.16 $       15.01 $       13.81
Period end shares outstanding           49,747        50,025        49,866


Stock Performance Data                        Quarters Ended
Unaudited                        -----------------------------------------
                                   March 31,    December 31,   March 31,
                                 ------------- ------------- -------------
                                      2007          2006          2006
                                 ------------- ------------- -------------
Market Price:
    Quarter End                  $       36.75 $       38.68 $       36.57
    High                         $       39.31 $       39.52 $       37.14
    Low                          $       36.00 $       36.62 $       32.62
Quarter end price to book value           2.4x          2.6x          2.6x
Quarter end price to consensus
 estimated 2007 earnings         $       15.2x           N/A           N/A
Dividends declared per share     $       0.295 $       0.295 $       0.275




First Midwest Bancorp, Inc.             Press Release Dated April 25, 2007

Condensed Consolidated Statements of Condition
Unaudited (1)                                             March 31,
                                                  ------------------------
 (Amounts in thousands)                              2007         2006
                                                  -----------  -----------
 Assets
 Cash and due from banks                          $   156,585  $   210,810
 Funds sold and other short-term investments            4,834        8,514
 Trading account securities                            16,708       14,144
 Securities available for sale                      2,296,375    2,654,189
 Securities held to maturity, at amortized cost       103,697      121,012
 Loans                                              4,993,620    5,042,135
 Reserve for loan losses                              (62,400)     (62,320)
                                                  -----------  -----------

   Net loans                                        4,931,220    4,979,815
                                                  -----------  -----------
 Premises, furniture, and equipment                   126,483      121,549
 Investment in corporate owned life insurance         197,421      194,333
 Goodwill and other intangible assets                 291,552      294,839
 Accrued interest receivable and other assets         110,235      116,319
                                                  -----------  -----------

   Total assets                                   $ 8,235,110  $ 8,715,524
                                                  -----------  -----------

 Liabilities and Stockholders' Equity
 Deposits                                         $ 5,907,442  $ 6,050,839
 Borrowed funds                                     1,237,656    1,629,084
 Subordinated debt                                    228,274      227,472
 Accrued interest payable and other liabilities       107,750      119,645
                                                  -----------  -----------

   Total liabilities                                7,481,122    8,027,040
                                                  -----------  -----------
 Common stock                                             613          613
 Additional paid-in capital                           205,311      204,458
 Retained earnings                                    837,909      774,607
 Accumulated other comprehensive (loss)               (16,338)     (22,548)
 Treasury stock, at cost                             (273,507)    (268,646)
                                                  -----------  -----------

   Total stockholders' equity                         753,988      688,484
                                                  -----------  -----------

   Total liabilities and stockholders' equity     $ 8,235,110  $ 8,715,524
                                                  -----------  -----------

(1) While unaudited, the Condensed Consolidated Statements of Condition
    have been prepared in accordance with U.S. generally accepted
    accounting principles and, as of March 31, 2006, are derived from
    quarterly financial statements on which Ernst & Young LLP, First
    Midwest's independent registered public accounting firm, has rendered
    a Quarterly Review Report; Ernst & Young is currently in the process
    of completing their Quarterly Review Report for the quarter ended
    March 31, 2007.




First Midwest Bancorp, Inc.            Press Release Dated April 25, 2007

Condensed Consolidated Statements of Income
Unaudited (1)                                     Quarters Ended March 31,
                                                  ------------------------
 (Amounts in thousands, except per share data)       2007         2006
                                                  -----------  -----------
 Interest Income
 Loans                                            $    92,079  $    74,315
 Securities                                            29,300       27,051
 Other                                                    210          159
                                                  -----------  -----------
   Total interest income                              121,589      101,525
                                                  -----------  -----------
 Interest Expense
 Deposits                                              42,127       28,468
 Borrowed funds                                        15,349       13,228
 Subordinated debt                                      3,743        2,364
                                                  -----------  -----------
   Total interest expense                              61,219       44,060
                                                  -----------  -----------
   Net interest income                                 60,370       57,465
 Provision for loan losses                              2,960        1,590
                                                  -----------  -----------
   Net interest income after provision for loan
    losses                                             57,410       55,875
                                                  -----------  -----------
 Noninterest Income
 Service charges on deposit accounts                    9,587        7,624
 Trust and investment management fees                   3,790        3,172
 Other service charges, commissions, and fees           5,159        4,465
 Card-based fees                                        3,711        2,569
                                                  -----------  -----------
   Subtotal, fee-based revenues                        22,247       17,830
                                                  -----------  -----------
 Corporate owned life insurance income                  1,911        1,504
 Security gains, net                                    3,444          369
 Other                                                  1,098        1,669
                                                  -----------  -----------
   Total noninterest income                            28,700       21,372
                                                  -----------  -----------
 Noninterest Expense
 Salaries and employee benefits                        27,550       25,632
 Net occupancy expense                                  5,502        4,458
 Equipment expense                                      2,626        2,131
 Technology and related costs                           1,708        1,444
 Other                                                 10,769       10,047
                                                  -----------  -----------
   Total noninterest expense                           48,155       43,712
                                                  -----------  -----------
 Income before taxes                                   37,955       33,535
 Income tax expense                                     8,926        7,767
                                                  -----------  -----------
   Net Income                                     $    29,029  $    25,768
                                                  -----------  -----------
   Diluted Earnings Per Share                     $      0.58  $      0.55
                                                  -----------  -----------
   Dividends Declared Per Share                   $     0.295  $     0.275
                                                  -----------  -----------
   Weighted Average Diluted Shares Outstanding         50,322       46,879
                                                  -----------  -----------

(1) While unaudited, the Condensed Consolidated Statements of Income
    have been prepared in accordance with U.S. generally accepted
    accounting principles and, as of March 31, 2006, are derived from
    quarterly financial statements on which Ernst & Young LLP, First
    Midwest's independent registered public accounting firm, has rendered
    a Quarterly Review Report; Ernst & Young is currently in the process
    of completing their Quarterly Review Report for the quarter ended
    March 31, 2007.




First Midwest Bancorp, Inc.            Press Release Dated April 25, 2007

 Selected Quarterly Data
 Unaudited                                Quarters Ended
                         -------------------------------------------------
 (Amounts in thousands
  except per share data) 3/31/07   12/31/06   9/30/06   6/30/06   03/31/06
                         --------  --------   --------  --------  --------
 Net interest income     $ 60,370  $ 62,763   $ 65,673  $ 65,958  $ 57,465
 Provision for loan
  losses                    2,960     3,865      2,715     2,059     1,590
 Noninterest income        28,700    29,653     26,991    25,267    21,372
 Noninterest expense       48,155    47,795     49,118    51,990    43,712
 Net income                29,029    31,528     31,215    28,735    25,768
 Diluted earnings per
  share                  $   0.58  $   0.63   $   0.62  $   0.57  $   0.55
 Return on average
  equity                    15.48%    16.40%     17.09%    16.50%    17.64%
 Return on average assets    1.42%     1.47%      1.44%     1.33%     1.44%
 Net interest margin         3.53%     3.57%      3.69%     3.70%     3.76%
 Efficiency ratio           52.19%    49.56%     49.06%    52.12%    51.51%
                         --------  --------   --------  --------  --------
 Period end shares
  outstanding              49,747    50,025     50,001    49,925    49,866
 Book value per share    $  15.16  $  15.01   $  14.92  $  13.92  $  13.81
 Dividends declared per
  share                  $  0.295  $  0.295   $  0.275  $  0.275  $  0.275
                         --------  --------   --------  --------  --------

 Asset Quality
 Unaudited                                Quarters Ended
                         -------------------------------------------------
 (Amounts in thousands)  3/31/07   12/31/06   9/30/06   6/30/06   03/31/06
                         --------  --------   --------  --------  --------
 Nonaccrual loans        $ 17,582  $ 16,209   $ 17,459  $ 15,447  $ 17,178
 Foreclosed real estate     3,195     2,727      4,088     4,195     4,033
 Loans past due 90 days
  and still accruing       15,603    12,810     11,296    14,185    10,693
                         --------  --------   --------  --------  --------
Nonperforming loans to
  loans                      0.35%     0.32%      0.34%     0.31%     0.34%
 Nonperforming assets to
  loans plus foreclosed
  real estate                0.42%     0.38%      0.42%     0.39%     0.42%
 Nonperforming assets
  plus loans past due 90
  days to loans plus
  foreclosed real estate     0.73%     0.63%      0.65%     0.67%     0.63%
 Reserve for loan losses
  to loans                   1.25%     1.25%      1.23%     1.24%     1.24%
 Reserve for loan losses
  to nonperforming loans      355%      385%       357%      404%      363%
                         --------  --------   --------  --------  --------
Provision for loan
  losses                 $  2,960  $  3,865   $  2,715  $  2,059  $  1,590
 Net loan charge-offs       2,930     3,865      2,704     2,053     1,565
                         --------  --------   --------  --------  --------
Net loan charge-offs to
  average loans              0.24%     0.30%      0.21%     0.16%     0.15%
                         --------  --------   --------  --------  --------

Contact Information: CONTACT: Michael L. Scudder EVP, Chief Financial Officer (630) 875-7283 www.firstmidwest.com First Midwest Bancorp, Inc. One Pierce Place, Suite 1500 Itasca, Illinois 60143 (630) 875-7450