First Midwest Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company's net income applicable to common shares was $16.1 million, or $0.21 per share compared with $14.5 million, or $0.19 per share, for the fourth quarter of 2014. Fourth quarter performance for the current and prior year was impacted by acquisition and integration related pre-tax expenses of $1.4 million and $9.3 million, respectively, or $0.01 and $0.07 per share after tax. In addition, a non-cash property valuation pre-tax adjustment of $8.6 million, or $0.07 per share after tax, was recorded in the fourth quarter of 2015 as a result of previously announced strategic branch initiatives. Excluding these expenses, earnings per share was $0.29 compared to $0.27 for the fourth quarter of 2014, an increase of 7%. Net interest income was $78.0 million compared with $75.8 million a year ago. Income before income tax expense was $23.2 million compared with $20.4 million a year ago. Net income applicable to common shares, excluding certain significant transactions was $22.1 million compared with $20.0 million a year ago. Return on average common equity was 5.55% compared with 5.35% a year ago. Return on average tangible common equity was 8.06% compared with 7.89% a year ago. Return on average assets was 0.66% compared with 0.63% a year ago. Net interest income after provision for loan and covered loan losses was $290.446 million against $257.684 million a year ago. Return on average tangible common equity, excluding certain significant transactions was 10.94% against 10.83% a year ago.

For the full year of 2015, the company reported net income applicable to common shares of $81.2 million, or $1.05 per share, compared to $68.5 million, or $0.92 per share, for the year ended December 31, 2014. Earnings per share, excluding certain significant transactions was $1.13 for the year ended December 31, 2015, excluding the valuation adjustment and acquisition and integration related expenses, and $1.03 for the year ended December 31, 2014, excluding acquisition and integration related expenses. Net interest income was $311.6 million compared with $276.9 million a year ago. Income before income tax expense was $119.8 million compared with $100.5 million a year ago. Net income applicable to common shares, excluding certain significant transactions was $87.2 million compared with $54.6 million a year ago. As on December 31, 2015, the company's book value per share was $14.70 against $14.17 a year ago. Tangible book value per share was $10.35 against $9.87 a year ago. Return on average common equity was 7.17% compared with 6.56% a year ago. Return on average tangible common equity was 10.44% compared with 9.32% a year ago. Return on average assets was 0.85% compared with 0.80% a year ago. Net interest income after provision for loan and covered loan losses was $73.512 million against $74.160 million a year ago. Return on average tangible common equity, excluding certain significant transactions was 11.19% against 10.42% a year ago.

The company announced total net loan charge-offs of $3.37 million against $2.071 million a year ago.