First Midwest Bancorp Inc. in Itasca, Ill., swung to a profit in the fourth-quarter, after losing more than $30 million a year earlier.
Net income available to shareholders totaled $3.9 million, or 5 cents a share. The average analysts' estimate was 10 cents a share, according to Thomson Reuters.
Nonperforming assets rose 19.4% from the third quarter but fell 7.8% from a year earlier, to $248.4 million. The $8 billion-asset company's loan-loss provision rose 7% from the third quarter by fell 70% from a year earlier, to $21.9 million. The company also recorded a $2 million charge in the fourth quarter to cover severance costs as it eliminated about 100 jobs.
In November, First Midwest repaid the $193 million it received through the Troubled Asset Relief Program. The company said it used "existing liquid assets" and