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First midwest bank personal loan login


first midwest bank personal loan login

I had a personal loan with First Midwest starting 11/2019. If I had, I could have provided my bank statement to show that I paid the account. The purpose of Nicolet Bank is to serve customers. Real People, having Real Conversations and creating shared success. Midwest bank personal loan application and do. Indique solo. números. Buyer and what are not produce a part, first midwest with my other analysts want.
first midwest bank personal loan login

First midwest bank personal loan login -

Pros Explained

  • Minimal fees – First Midwest bank only charges a $150 documentation fee and has no application or origination fees.
  • Fast approval times – Applications may be approved in as little as 24 hours.
  • Joint applications allowed – Applicants who want to apply with their spouse or who need a co-signer to increase their chances of getting approved can have one.

Cons Explained

  • Not available nationwide – Personal loans through First Midwest Bank are currently available in only 24 states.
  • High minimum loan amount – At $5,000, this amount is high compared with other competitors.
  • No prequalification available – However, they do offer rate quotes without affecting your credit. Ultimately, as with all loans from all creditors, applicants need to submit a full application, meaning they’ll be subject to a hard credit inquiry, which can temporarily lower your credit score.

Types of Personal Loans Offered by First Midwest Bank 

In any of the 24 states where first Midwest Bank lends, borrowers may use personal loans for most reasons. This includes debt consolidation, wedding costs, and vacation expenses. Applicants from Illinois, Indiana, Iowa, and Wisconsin have access to an additional special personal loan option for home improvement projects via Midwest’s Express Personal Loan for Home Improvement product.

Time to Receive Funds

Borrowers may be approved for a personal loan in as little as 24 hours, but funding times are not listed.

First Midwest Bank Personal Loan Features

Same Day Approvals Available

First Midwest Bank claims most loan decisions are completed within 24 hours. Factors for approval depends on whether you apply for a personal loan during business hours and if you can provide all required documentation.

Joint Applications Available

You can submit an application with a cosigner—ideally with a higher credit profile than yours—to increase your chances of receiving a lower rate. You can also use this to share the loan and responsibility with your spouse.

Documentation Fee Charged

First Midwest Bank’s $150 documentation fee is rolled into your final APR. 

Apply for a First Midwest Bank Personal Loan

Borrowers can apply for a First Midwest Bank personal loan online or at any of the bank’s brick-and-mortar branches. In addition to credit requirements, applicants need to be at least 18 years old and a U.S citizen or permanent resident.

Here’s what you can expect during the process: 

  1. Head to First Midwest Bank’s website and go to its application form.
  2. Enter information about your loan,such as the application type, loan purpose, and state of residence. 
  3. Enter personal details,such as your full name, address, photo ID, Social Security number, and employment details.
  4. Submit form and agree to a hard credit inquiry to receive a loan offer. 
  5. Follow instructions to submit additional documentation as necessary, such as proof of income and/or employment. 

Your loan may be approved within 24 hours.

Can You Refinance a Personal Loan With First Midwest Bank?

Borrowers cannot refinance a loan with First Midwest Bank. 

Verdict

First Midwest Personal loans are a great fit for those who have ample employment history and a good credit score. The rates offered are competitive, and the bank has flexible loan terms. It’s also a good fit for those who want to submit a joint application.

Unfortunately, there are some geographic restrictions as they only lend in 24 states. Plus, with a $35,000 loan limit, you will have to seek out alternatives if you need more than that. Either way, it’s always a good idea to compare different personal lenders to see who offers the best deal. 

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.

Источник: https://www.investopedia.com/first-midwest-bank-personal-loans-review-5070056

What is First Midwest Bank?

Based in Chicago, First Midwest Bank has more than 125 branches and gives customers access to 55,000 free ATMs worldwide through the AllPoint® ATM network. The bank offers a variety of products for consumers and businesses, including checking and savings accounts, and a variety of loans. While a majority of its loans are corporate loans, First Midwest’s consumer loans include mortgages, home equity loans, auto loans and personal loans.

First Midwest Bank personal loans have low rates, flexible terms and quick funding. First Midwest Bank does not serve the subprime market. Personal loans from this bank are for people who have good credit or better.

First Midwest Bank’s largest service region is the metro Chicago area. You don’t need to live in Illinois to be eligible for a First Midwest Bank personal loan, but it is currently limited to residents of 26 states.

In this post, we’ll review the First Midwest Bank personal loan and what it has to offer borrowers.

First Midwest Bank personal loan highlights

  • Hard pull required: There’s no soft pull prequalification process. A hard pull will be done from the beginning to determine if you’re eligible for a loan.
  • Low interest rates and fees: First Midwest Bank offers a competitive interest rate range of 7.42% to 12.44% APR. There’s no origination fee, but there is a $100 documentation fee.
  • Good credit necessary: First Midwest Bank is looking for borrowers who have good credit and at least five years of credit history. You need a credit score of 680 or better to qualify.
  • Quick loan decisions: A decision on your loan can happen within 24 hours. You can get funding within three business days.
  • Limited service areas: First Midwest Bank currently offers loans to residents of the 26 states listed below.
APR7.42%To12.44%Credit Req.680

Minimum Credit Score

Terms12 to 60

months

Fees$100

APPLY NOW Secured

on First Midwest Bank’s secure website

With locations in Iowa, Illinois, and Indiana, First Midwest Bank is a great option for borrowers that are looking for personal loan and want the comfort of working with a traditional brick-and-mortar bank.... Read More While they may be a traditional bank, they offer a loan application process that is entirely online and loans with flexible payment terms and low fixed APRs. Read Less

First Midwest Bank personal loan details

[Chart-FirstMidwestBankPersonalDetails]

Fees and penalties

  • Terms: 12 to 60 months
  • APR Range: 7.42% to 12.44%
  • Loan amounts: $5,000 to $25,000
  • Time to funding: Decision can be made within 24 hours; funding can take three business days
  • Hard pull/soft pull: Hard Pull
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: 5% or $10, whichever is greater
  • Other fees: $100 documentation fee
[/Chart-FirstMidwestBankPersonalDetails]

First Midwest Bank is a brick-and-mortar institution that has a personal loan available online with competitive rates and limited fees. This is unique in the online lending space. Often, it’s the online-only lenders with no physical locations that have the best deals on rates and fees — they’re able to pass on the savings from not having the overhead of physical branches.

First Midwest Bank gives you the best of both worlds — affordable loan products and in-person banking support if that’s something you value.

Eligibility requirements

  • Minimum credit score: 680
  • Minimum credit history: Must have good credit to qualify with at least five years of history
  • Maximum debt-to-income ratio: 43%

In order to qualify for a First Midwest Bank loan, you need to:

  • Be at least 18 years or older
  • Be able to provide a current ID
  • Be able to provide a tax identification number or a Social Security number
  • Provide proof of employment or income

The First Midwest Bank lending area includes Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Massachusetts, Minnesota, Missouri, Nebraska, New Hampshire, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Wisconsin.

As mentioned above, First Midwest Bank isn’t in the business of lending money to the subprime market. You need to have good credit or better to qualify. You also need five years or more of credit history. Your credit history should have no bankruptcies, foreclosures, repossessions or other adverse history.

Applying for a personal loan from First Midwest Bank

The application process for First Midwest Bank can be done online or over the phone. Here’s how it works:

Go to the First Midwest Bank website.On the loan page it gives you the option to apply online or to call and speak with a loan specialist.

Provide your information. You’ll be asked identifying information about yourself like your name, age, address and Social Security number. You also need to tell the bank why you need the loan and how much you need.

Wait for a decision and get funding. The decision on your application may be made within 24 hours. The application process and funding of your loan may take three business days, depending on how long it takes you to submit supporting documents for the application.

Pros and cons of a First Midwest Bank personal loan

[Chart-FirstmidwestBankProsAndCons]

Pros:

Cons:

  • Low rates. First Midwest Bank has a competitive interest rate range of 7.42% to 12.44% APR. Again, you need to have good credit to qualify — the lowest rates usually go to borrowers with the best credit.
  • Low fees. There’s the $100 documentation fee that you pay at application. Otherwise, there aren’t any fees to worry about here.
  • Manage your loan and bank accounts in one place. If you qualify for a loan, you can choose to handle your other banking needs all in one place because First Midwest Bank is a full-service financial institution. Checking and savings accounts are available through online banking.
  • Quick decisions and funding. A decision on your loan can be made in one day and funding can happen within three business days.
  • Hard Pull: There’s no soft pull prequalification available. You’ll have to go through with the full hard pull in order to apply for a loan.
  • Good credit required. First Midwest Bank is looking for borrowers with good credit of 680 or better. If your credit score is below this range, we have some alternatives that you may be eligible for in our roundup list. We also have some options to consider below.
  • Limited loan amounts. You can borrow between $5,000 to $25,000. If you need to borrow less than $5,000 or more than $25,000, this loan may not be the one for you.
  • Limited service area. You won’t be able to qualify for this loan if you don’t live in a state where First Midwest Bank currently offers service.
[/Chart-FirstmidwestBankProsAndCons]

Who’s the best fit for a First Midwest Bank personal loan

The First Midwest Bank is going to be best for someone who lives in the bank’s service area and can meet credit history conditions. If you’re eligible, this is one of the most affordable loans around. There are no origination fees or prepayment penalty fees. Interest rates are competitive, and you can get a quick decision. With that said, borrowers who need a large sum of money ($25,000+) may find the loan amounts offered by First Midwest bank restricting.

Keep in mind, this loan does require a hard pull. You cannot get a rate quote from the bank without a hard inquiry. Still, it shouldn’t deter you entirely from the loan. An inquiry could dock your credit score a few points, but taking the temporary hit may be worthwhile if it’s to qualify for a low-cost personal loan. You can learn more about what credit inquiries do to your credit score here.

If your credit score or history doesn’t qualify you for this loan, there are other options to consider that accepts borrowers with credit scores in the low- to mid-600s. You can also review the best online personal loan options for people with different credit profiles here. This list also includes a few lenders that do let you prequalify for a loan with just a soft inquiry.

Alternative personal loan options

Upgrade

APR6.87%To35.97%Credit Req.620

Minimum Credit Score

Terms36 or 60

months

Fees1.00% - 6.00%

LEARN MORE Secured

on LendingTree’s secure website

Loans made through Upgrade feature APRs of 6.87%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. For example, a $10,000 loan with a 36 month term and a 17.97% APR (which includes a 5% origination fee) has a required monthly payment of $343.28. Upgrade is available in all states except: Connecticut, Colorado, Iowa, Massachusetts, Vermont, West Virginia.

Upgradelets you borrow from $1,000 to $50,000. Unlike First Midwest Bank, there’s an origination fee. However, you can borrow with a lower credit score and there’s a soft pull prequalification process available. The low end of the Upgrade interest rate range is competitive, but the best rates are typically given to those with the best credit. It can take up to four business days to get funding.

Marcus by Goldman Sachs®

APR6.99%To24.99%Credit Req.Varies

Minimum Credit Score

Terms36 to 72

months

FeesNo origination fee

LEARN MORE Secured

on LendingTree’s secure website

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read MoreWith APRs ranging from 6.99% to 24.99%, they offer one of the best personal loan options that is available from a traditional lender. While Goldman Sachs Bank USA has been around for over a century, Marcus is a completely online, streamlined experience that lets you complete your application and submit all of the needed documents from your computer.Read LessAPR9.95%To35.99%Credit Req.Varies

Minimum Credit Score

Terms24 to 60

months

FeesUp to 4.75%

LEARN MORE Secured

on LendingTree’s secure website

Avant branded credit products are issued by WebBank, member FDIC.

Avant has helped over 600,000 customers by providing access to over $3.5 billion in personal loans. Whether you need to improve your home, make a major purchase, or consolidate your debts into one simple monthly payment, Avant may be able to provide you access to the funds you need as soon as next business day! ‡For Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Avanthas an interest rate range that starts slightly higher than the competitors on our list, but the qualifying credit score range welcomes those with less than stellar credit. Loan amounts range from $2,000 to $35,000. You can prequalify with a soft pull here as well. The Avant loan has an origination fee of up to 4.75% to consider when factoring in costs. You can get funding in as little as one business day.

The post First Midwest Bank Personal Loan Review appeared first on MagnifyMoney.

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Источник: https://www.wral.com/first-midwest-bank-personal-loan-review/17716207/
Not Insured By Any Federal Government Agency Email. Deposit checks, check account balances, transfer funds and more. Closes in 2 h 26 min. First Midwest Bank is dedicated to building the highest quality team. Welcome to First Midwest Bank of Dexter (Other Real Estate - Real Estate Financing) on 630 N Main St in Sikeston, Missouri. First Midwest Bank. Sikeston DPS hosted our 2nd Annual Shop with a Hero event today. Find your bank today. US BANK. The bank provides a range of… 5. From Business: Founded in 1963, First Midwest Bank is an independent community bank that serves the financial needs of the residents of Missouri. First Midwest Bank. They are one of 6 branch locations operated by First Midwest Bank Of Dexter. get credit report. Directions. SIKESTON, Mo. Sikeston MO 63801. Experience everyday banking that is just a click away. First Midwest online banking is loaded with convenient, time-saving benefits. And best of all — the service is free for every First Midwest Bank client. Easily manage your money from your desktop computer or mobile device, 365/24/7. Not part of the First Midwest family yet? Choose the community you’ll use as your home bank. Get reviews and contact details for each business including videos, opening hours and more. President - Sikeston at First State Community Bank Sikeston, Missouri 500+ connections. Find Reviews, Ratings, Directions, Business Hours, Contact Information and book online appointment. Learn more. First Midwest Bank 20 W. Stoddard Dexter, MO 63841 573-624-3571

First Midwest Bancorp

Publicly Traded American Bank

First Midwest Bank logo.svg
TypePublic

Traded as

Nasdaq: FMBI
S&P 600 component
IndustryCommercial banking
Financial services
FoundedIllinois, U.S. (1982 (1982)) [1]
Headquarters

8750 W. Bryn Mawr, Suite 1300
Chicago, Illinois

,

U.S.

Number of locations

More than 125 branches at 2017-12-31 [2]

Area served

Chicago metropolitan area
Illinois, Indiana, Iowa

Key people

Robert O'Meara, Chairman
Mike Scudder, CEO
Paul Clemens, CFO[3]
ProductsConsumer Banking, Corporate Banking, Insurance, Investment Banking, Mortgage loans, Private Banking, Private Equity, Wealth Management, Credit Cards, Financial Analysis

Net income

$48.6 million (2008) Decrease 39.3% from 2007
Total assets$21.5 billion at 2021-06-30
Total equity$908.3 million at 2008-12-31 Increase 25.5% from 2007

Number of employees

1,794 FTE (2008-12-31)
SubsidiariesFirst Midwest Bank
Websitefirstmidwest.com

First Midwest Bancorp, Inc is headquartered in Chicago, Illinois, just east of O'Hare Airport. The company's predecessor traces back to Joliet, Illinois. From there the company has grown to serve many Chicago suburbs including northwest Indiana, downstate Illinois, southeast Wisconsin and the Quad Cities area including Iowa. First Midwest Bank is one of the largest banking institutions in the United States

First Midwest Bank provides retail and business banking through more than 125 branches. In 2006, First Midwest acquired Bank Calumet for $307 million in cash, expanding its presence in the northwest Indiana area.[4]

On October 23, 2009, First Midwest Bank acquired certain deposits and loans of Westmont-based First DuPage Bank in a transaction facilitated by the Federal Deposit Insurance Corporation. First Midwest Bank agreed to assume all of the deposits - $230 million, and agreed to purchase approximately $260 million in assets at a discount of $32 million. First Midwest Bank entered into a loss-share transaction with the FDIC providing First Midwest Bank with protection from the FDIC for loan losses.[5]

On April 23, 2010, First Midwest Bank acquired Peotone Bank, taking on $130 million in assets and $127 million in deposits in a transaction facilitated by the Federal Deposit Insurance Corporation.[6][7]

On August 13, 2010, First Midwest acquired Palos Bank and Trust Company in a transaction facilitated by the Federal Deposit Insurance Corporation.[8] Palos Bank and Trust Company had approximately $493.4 million in total assets and $467.8 million in total deposits, as of June 30, 2010. First Midwest Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Palos Bank and Trust Company. In addition to assuming all of the deposits of the failed bank, First Midwest Bank agreed to purchase essentially all of the assets. The FDIC and First Midwest Bank entered into a loss-share transaction on $343.8 million of Palos Bank and Trust Company's assets.[9]

First Midwest Bank assumed Waukegan Savings Bank's $77 million in deposits and $89 million in assets following its closure by the FDIC. The two Waukegan branches will open as First Midwest locations.[10]

The company acquired naming rights to the First Midwest Bank Amphitheatre in Tinley Park, Illinois.[11]

In 2021, First Midwest announced a merger with Old National Bank, combining the companies assets, retaining the Old National name and maintaining headquarters in Chicago and Evansville.[12]

References[edit]

External links[edit]

Coordinates: 41°59′24″N88°01′02″W / 41.990097°N 88.017208°W / 41.990097; -88.017208

Источник: https://en.wikipedia.org/wiki/First_Midwest_Bancorp

Personal banking that works for you.

Figuring a home loan that you can afford.

We understand that purchasing your home is one of the most important financial decisions you will make.

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The purpose of Nicolet Bank is to serve customers. Real People, having Real Conversations and creating shared success.

From branches to mobile, we design our solutions with you in mind.

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First midwest bank personal loan login -

Not Guaranteed By The Bank Or Its Affiliates Email. Deposit checks, check account balances, transfer funds and more. Closes in 2 h 26 min. First Midwest Bank is dedicated to building the highest quality team. Welcome to First Midwest Bank of Dexter (Other Real Estate - Real Estate Financing) on 630 N Main St in Sikeston, Missouri. First Midwest Bank. Sikeston DPS hosted our 2nd Annual Shop with a Hero event today. Find your bank today. US BANK. The bank provides a range of… 5. From Business: Founded in 1963, First Midwest Bank is an independent community bank that serves the financial needs of the residents of Missouri. First Midwest Bank. They are one of 6 branch locations operated by First Midwest Bank Of Dexter. get credit report. Directions. SIKESTON, Mo. Sikeston MO 63801. Experience everyday banking that is just a click away. First Midwest online banking is loaded with convenient, time-saving benefits. And best of all — the service is free for every First Midwest Bank client. Easily manage your money from your desktop computer or mobile device, 365/24/7. Not part of the First Midwest family yet? Choose the community you’ll use as your home bank. Get reviews and contact details for each business including videos, opening hours and more. President - Sikeston at First State Community Bank Sikeston, Missouri 500+ connections. Find Reviews, Ratings, Directions, Business Hours, Contact Information and book online appointment. Learn more. First Midwest Bank 20 W. Stoddard Dexter, MO 63841 573-624-3571

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Insurance Products, Investments & Annuities: Not A Deposit

First Midwest Bank Review: Low Minimums and Solid Account Variety

Reviews / Banking

GOBankingRates Score

Our Take: First Midwest Bank lives up to its name, providing an extensive range of accounts and services to its Midwest-based clientele. Account minimums are low and fees are mostly easy to avoid, but APYs are generally below-average.

  • Fees
  • Mobile App
  • Breadth of Products
  • Account Minimums

How did we calculate this?

Pros

  • Numerous account types
  • Easy ways to avoid most fees
  • Broad surcharge-free ATM access
  • Low account minimums

Cons

  • Low APYs for most accounts
  • Branch locations limited to four Midwest states

About First Midwest Bank

Tracing its roots back to 1940, First Midwest Bank is now the third-largest independent bank based in Illinois. With branches in Illinois, Iowa, Wisconsin and Indiana, the bank now has $20 billion in total assets. A wide variety of consumer-facing accounts are available at First Midwest, including checking and savings accounts, certificates of deposit, individual retirement accounts, loans, investments and money market accounts.

First Midwest Bank Banking Products

First Midwest Bank offers an impressive array of basic banking accounts, enough to serve the needs of most regional bank customers.

ProductDetails
Checking Accounts
  • Three checking account options, plus a student account
  • Interest-bearing checking available
Savings Accounts
  • Three savings account options, plus a Health Savings account
  • Tiered interest rates
  • Relatively easy to avoid all monthly fees
Money Market Accounts
  • Three money market account options
  • Relatively easy to avoid monthly fees
  • Tiered interest rates
CD Accounts
  • Wide variety of maturities
  • Tiered interest rates
  • Enhanced rates with checking account relationship
IRAs
  • Traditional and Roth IRAs
Loans
  • Home, personal and auto loans available
Business Accounts
  • Wide range of business accounts and services, from checking and savings to loans, credit cards, Treasury services and more

First Midwest Bank Checking Accounts

First Midwest Bank offers three primary checking accounts, in addition to a youth savings account. The Diamond Checking account is the top-tier option, followed by the midrange Midwest Checking account and the bare-bones Easy Checking account.

Features

  • Diamond and Midwest Checking accounts pay interest.
  • $100 account minimums, $25 for Student Checking
  • $20 monthly fee on Diamond Checking waived with either a $25,000 combined daily balance across all First Midwest banking accounts or specific banking relationships, such as having a mortgage or Private Banking relationship with First Midwest.
  • $12 monthly fee for Midwest Checking, waived with $2,500 daily checking balance or $1,000 monthly direct deposits
  • $7.49 monthly fee for Easy Checking, waived with $100 daily balance, $100 monthly deposits or for customers age 65 or older
  • Free transactions at over 55,000 Allpoint ATMs
  • Apple Pay, Google Pay, Samsung Pay and Zelle access
  • 0.25% rate discount on auto and home equity loans through First Midwest

Pros

  • Diamond Checking offers additional perks, such as four free non-First Midwest ATM transactions per month, priority customer service and 50% off a safe deposit box.
  • Tiered interest rates can reach 0.03% with Diamond Checking.
  • Overdraft protection drops the fee to $10 per instance.

Cons

  • $3 out-of-network ATM fees

First Midwest Bank Savings Accounts

Customers can choose from three types of savings accounts at First Midwest Bank: the basic Statement Savings, the midrange Investor Reserve Savings and the top-tier Diamond Savings. The bank also offers a health savings account.

Features

  • All three accounts bear interest.
  • APYs top out at 0.01% for Statement Savings, 0.03% for Investor Reserve Savings and 0.05% for Diamond Savings.
  • $5 monthly fee for Statement Savings waived with $200 daily balance, clients under 18 or over 65, or with a $25 monthly transfer from a First Midwest checking account (for the first six months only).
  • $25 monthly fee for Investor Reserve Savings waived with a $1,000 daily balance
  • $25 monthly fee for Diamond Savings waived with $1,000 daily balance or $50 systematic savings plan from Diamond Checking account
  • $100 account minimums

Pros

  • Very high monthly maintenance fees are relatively easy to avoid.
  • Statement Savings offers fee-free access for youths and seniors.

Cons

  • Low APYs compared to the national average.

First Midwest Bank Money Market Accounts

In addition to its three savings accounts, First Midwest Bank offers three money market account options, dubbed Money Market, Premier Money Market and Diamond Money Market.

Features

  • 0.03% APY for every size of account for Money Market
  • 0.01%-0.04% APY, depending on tier, for Premier Money Market
  • 0.01%-0.08% APY, depending on tier, for Diamond Money Market
  • $15 monthly fee for Money Market waived with $1,000 daily balance
  • $25 monthly fee for Premier Money Market waived with $2,500 daily balance
  • $25 monthly fee for Diamond Money Market waived with $2,500 daily balance
  • $100 account minimums

Pros

  • APYs on amounts below $25,000 are highest on the lowest-cost Money Market account, offering a good benefit to smaller account holders.
  • Higher APYs are available with Diamond Money Market than any First Midwest savings account.
  • High monthly fees are relatively easy to waive.

Cons

  • Top interest rate of 0.08% requires $250,000 or more in the Diamond Money Market and is still far below the best available market rates.

First Midwest Bank CD Accounts

First Midwest Bank offers a single type of standard CDs. Here’s more.

Features

  • Terms from 3-60 months
  • Rates vary depending on the checking account relationship, with the highest rates for Diamond Checking customers.
  • $1,000 minimum
  • Automatic renewal at maturity
  • Interest credited monthly or quarterly.

Pros

  • For most tiers, larger deposits translate to higher APYs.
  • 60-month CD APYs at the top tiers are competitive.

Cons

  • Shorter-term CD rates are not competitive.

Banking Experience

First Midwest Bank’s service area is limited to the upper Midwest, but a wide surcharge-free ATM network and several features on the mobile apps help broaden its appeal.

Physical Branch Locations

First Midwest has a physical location in four Midwestern states: Illinois, where the bank is headquartered, along with Iowa, Indiana and Wisconsin. The bank’s 127 branches are primarily focused in metropolitan Chicago.

Mobile and Digital Experience

First Midwest Bank offers apps via both Google Play and the App Store. Users on Google Play rate the app 4 stars, while those on the App Store are more enthusiastic, bestowing 4.8 stars on the app. Highlighted features available on the apps include the following:

  • Account balance
  • Transaction search
  • Transfers
  • Bill pay
  • Remote check deposit
  • Branch and ATM locations

How To Open an Account

You can open a First Midwest Bank account online with a Social Security number, driver’s license, state ID or U.S. passport and an opening deposit. You’ll also have to provide personal and financial information about any applicants and acknowledge certain disclosures. You can open up to five First Midwest Bank accounts at a time.

Customer Service

You can reach First Midwest Bank for general customer service at 800-322-3623. If you need help with loan payments, online banking and mobile support, you can reach a representative at 877-203-6724. Customer service hours are from 7 a.m. to 7 p.m. CST, Monday through Friday, and from 8 a.m. to 2 p.m. CST on Saturdays.

Key Information

Customer Service: 800-322-3623

Routing Number: 071901604

First Midwest Bank Fees

Fees are a bit of a mixed bag at First Midwest Bank. Monthly maintenance fees can be excessive, but account holders can often easily avoid them with meager deposits or additional banking relationships. Here’s a look at some of the most prominent fees charged by First Midwest Bank:

TypeAmount
International ATM or debit card transactions:3% of the transaction
Transactions at non-Allpoint or First Midwest ATMs$3
Dormant account feeMoney market or savings accounts, $5; checking accounts, $10
Excessive withdrawal fee (savings)$5
Excessive withdrawal fee (money market)$10
Stop payment$37
Overdraft$36
Ongoing overdraft$32
Money orders$3
Official checks$5
Incoming wire transfers$15
Outgoing domestic wire transfers$30
Outgoing foreign wire transfers$50

Service fees at First Midwest Bank are fairly high overall. Wire transfer fees are quite expensive, and the overdraft fee is on the high side, though it may be lowered to $10 with overdraft protection. Excess withdrawal and dormant account fees are pricey, as is the charge for non-First Midwest or Allpoint ATM transactions.

First Midwest Bank vs. Competitors

First Midwest Bank has regional competitors that offer different strengths and weaknesses. Here’s a quick look.

BankBest For
First Midwest BankMore Midwestern locations
DuPage Credit UnionHigh APYs
FCB BanksLower minimums
Lakeside BankFree accounts

First Midwest Bank vs. DuPage Credit Union

Illinois-based DuPage Credit Union offers a high-yield savings account that pays a 1% APY. The credit union also has a 3.04% APY on the first $15,000 deposited into its High-Yield Checking account. Both yields are far above anything available at First Midwest Bank.

Although DuPage also offers fee-free withdrawals from non-DuPage ATMs, it only has three branch locations, all in Illinois. First Midwest spreads its branches out over four Midwestern states, offering more access for customers who want to deal with their bank directly.

First Midwest Bank vs. FCB Banks

Although First Midwest Bank has low minimums for most accounts, FCB Banks goes one better, requiring just $25 to open most accounts. FCB Banks also has a totally free checking account, something not offered at First Midwest Bank.

FCB Banks only offers 16 branch locations, offering less access than First Midwest Bank.

First Midwest Bank vs. Lakeside Bank

Lakeside Bank is a small, Chicago-based bank, but it offers some account perks that can’t be had at First Midwest Bank. Specifically, Lakeside Bank offers a Kasasa Checking account that pays a 1.50% APY and is absolutely free. It also offers a completely free checking account with no minimums.

Lakeside Bank is super-regional, with just seven branch locations in the metropolitan Chicago area. First Midwest Bank has 127 branches over four Midwestern states.

Related: TCF Bank Review: Low Fees and Flexible Banking Options

Is First Midwest Bank Good?

For customers in its four-state service area, First Midwest Bank is a good choice because it offers an impressive range of account types. Customers can choose from three or more types of each of the basic banking accounts, in addition to accessing more advanced services such as loans and investments. Access to the Allpoint ATM network allows customers to access their money free-of-charge when traveling outside of the bank’s primary service area. Mobile apps also help keep customers connected.

Monthly maintenance fees on the bank’s basic accounts can be high, but they are easy to avoid for the most part. The overdraft fee of $36 is high, although the $10 overdraft protection feature helps mitigate the damage. Other fees, like wire transfer fees and non-network ATM fees, are also high. Beyond that, the primary drawback of the bank is its low APYs. Although there are green shoots here and there, overall, the bank’s APYs are lower than those available from other competitors, particularly the online version.

Overall, customers in the upper Midwest looking for a one-stop shop for their banking needs would be well served by First Midwest Bank — if they can avoid the service and transaction fees. Those in need of completely fee-free accounts with top APYs might want to look elsewhere.

Editor’s Favorite

The wide variety of account types available at First Midwest Bank have the potential to make the bank a one-stop shop option for customers in its service area. The bank’s top-tier CD rates also help to make the bank competitive.

First Midwest Bank FAQ

Now that you know more about what the bank has to offer, here are answers to some of its most frequently asked questions.
  • Does First Midwest Bank offer Zelle?
    • In addition to offering Zelle, First Midwest Bank also allows payments via Apple Pay, Google Pay and Samsung Pay.
  • Does First Midwest Bank have free checking?
    • First Midwest Bank doesn't offer a completely free checking account unless you are eligible for a student checking account. However, the bank's checking account fees of $7.49-$20 can be waived through either minimum balances, direct deposits or certain banking relationships within First Midwest.
  • When are mobile deposits available at First Midwest Bank?
    • Funds from mobile deposits are generally available the business day after they are deposited. Certain other deposits, such as cash, wire transfers and direct deposits are usually available the same business day they are received.
  • What is the daily cash withdrawal limit from ATMs?
    • The standard ATM card issued by First Midwest Bank is limited to three withdrawals or $500 per day, whichever comes first. The debit card boosts those limits to five withdrawals or $1,000 per day, respectively. The World Debit Mastercard, which is only available to Diamond Checking customers, is limited to 25 withdrawals or $1,500 per day, whichever comes first.
  • Does First Midwest Bank offer free money for signing up for an account?
    • Currently, First Midwest Bank offers a $25 referral fee if a friend or family member opens a checking, savings or money market account in a First Midwest branch. Previously, First Midwest has offered promotions, such as $300, to open a checking account.

Rates are subject to change. Information on accounts is accurate as of Feb. 2, 2021.

This content is not provided by First Midwest Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by First Midwest Bank.

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After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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First Midwest Bancorp, inc (FMBI) Q2 2021 Earnings Call Transcript

Logo of jester cap with thought bubble.

Image source: The Motley Fool.

First Midwest Bancorp, inc(NASDAQ:FMBI)
Q2 2021 Earnings Call
Jul 20, 2021, 10:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning, ladies and gentlemen, and welcome to the First Midwest Bancorp 2021 Second Quarter Earnings Conference Call.

Following the close of the market yesterday, First Midwest released its earnings results for the second quarter of 2021 and issued presentation materials that will be referred to during the call today. During the course of the discussion, management's comments and the presentation materials may include forward-looking statements and non-GAAP financial information. The Company refers you to the forward-looking statement, non-GAAP and other legends included in its earnings release and presentation materials, which should be considered for the call today. [Operator Instructions]

Following the presentations by Mike Scudder, Chairman and Chief Executive Officer; Mark Sander, President and Chief Operating Officer; and Pat Barrett, Executive Vice President and Chief Financial Officer, the call will be opened for questions and answers for analysts only.

I will now turn the call over to Mr. Scudder.

Michael L. Scudder -- Chairman of the Board and Chief Executive Officer

Great. Thank you. Good morning. Thanks to all of you for joining us today. It's great to be with you. I hope this finds everyone doing well, staying healthy and ready to go.

These are exciting times here for us at First Midwest with our announced combination with Old National, now just a little over a month old. So, what's the plan here is to give you a quick update on the integration process. Mark will do that at the end. But, obviously, the near-term focus were certainly the focus for this call and sharing perspectives on this quarter.

Overall, we are very pleased with our performance for the quarter. Performance continues to improve as we see the benefits of a recovering economy. Obviously, comparisons to year-to-year ago are tough because of the pandemic, so my comments are going to largely center on quarterly momentum. Pat and Mark can, certainly, help walk through the nuances year-over-year as you find that necessary.

Most importantly, as I think about the quarter, our operating performance benefited from strong loan production. We also continued to see strong performance from our fee-based businesses, and obviously, in the environment that we've been operating in for some time, continued focus on managing our costs. So, I'll quickly walk through the highlights.

EPS came in at $0.41, that's up 14% from the first quarter. If you allow for adjustments, EPS was $0.46, that's up 24% from the prior period, and again, largely due to comparatively lower loan loss provisions and stronger revenue and lower expenses. Our loan growth was solid, up 7% annualized from year-end, and Mark can speak to this in greater depth, pretty much what we expected as pipelines continue to normalize.

Net interest income was $144 million, that's up about 2% linked quarter, again, as we saw the benefit from stronger PPP fees and one more day in the quarter. Net margin was 2.96%, but once again was impacted by elevated liquidity, which obviously weighs on the percentages.

Fee-based revenues remained strong. And as I said before, we saw again this quarter record wealth management revenue, which offset the fall-off from last quarter, but we have to remember the fall-off from last quarter was record levels for mortgage revenue. So -- and then obviously away from the transaction costs attended to the Old National combination, noninterest expense was down about 3% from last quarter, which was inflated by seasonality, and obviously, from our perspective, reflects our effort to remain tightly controlling our expenses.

Credit and capital reserves are still robust, as we see economic recovery continuing. Our allowance for credit losses stood at 1.56% of total loans, and that's after you exclude PPP, which is down from last quarter, but still elevated relative to where we started 2020. During the quarter, we absorbed previously reserved charge-offs for two credits, while the improved credit climate and outlook simply just didn't warrant further provisioning given where we are in the economic recovery. Overall, our non-performing and potential problem levels continue to improve as they have -- as did our past dues 30 to 89, so those trends continue to look positive.

So with that as a recap, let me turn it over to Mark and Pat. They can expand on some of the details and walk through the deck. Mark?

Mark G. Sander -- President and Chief Operating Officer

Thanks, Mike, and good morning, everyone.

Starting on Slide 3 of our presentation. Loan growth was strong and widely distributed in Q2. Away from PPP, loans were up $250 million or 7% annualized from last quarter, as our mortgage, middle market and specialty teams all generated results in line with our clients' improved expectations. We also added some nice multi-family clients in Milwaukee and Chicago.

We discussed in our last earnings call, our view that the outlook for commercial loan growth was favorable given our rising pipelines. That came to fruition this quarter as production was up about 6% from the prior quarter and we saw some net line draws for the first time in over a year. The results we posted in commercial in Q2, we believe are likely to continue for the near term as pipelines remain steady at pre-pandemic levels.

Mortgage had another robust quarter, with production in excess of $400 million, which allowed us to add about $100 million net to our balance sheet while still generating nearly $7 million of fee income through asset sales.

Lastly, we did buy some high-quality installment paper merely to offset the continuing declines we see in home equity loans from refinance activity. In total then, our outlook for full year loan growth of mid single digits away from PPP remains unchanged.

As to PPP, and there's a page in the appendix which summarizes this, we ended the quarter with $700 million in outstanding loans, as we further

Supported our clients with some incremental new loans early in the quarter, but then we saw over $450 million forgiven by June 30th. Again, we believe most of our balances here will be forgiven and repaid before year end, as Pat will detail in his margin discussion shortly.

Asset quality, beginning on Slide 4, continue to improve as expected, like Mike highlighted. All adverse categories, NPAs, substandard, special mention and 30 to 89 days past due, they all declined in Q2. We believe this favorable risk credit migration will continue over the back half of this year.

Charge-offs, as shown on Slide 5, did increase as expected solely due to two large credits that we have previously fully reserved for. While these isolated issues came a little earlier than we thought, they were in our 2021 forecast, and thus our outlook for the full year has really not changed. If anything, it's improved slightly, as elsewhere across both commercial and consumer charge-offs were benign. Given our continuing improved outlook, our $220 million allowance leaves us very well reserved for the lower charge-offs we foresee the rest of the year.

Turning to deposits on Slide 6. Funding remains a core strength to our franchise. With the industry flush with liquidity, our historical comparative cost advantage is more muted now, but it's still there. Our cost of deposits came down a little further in the quarter to 8 basis points, levels last seen following the financial crisis. Importantly, we have plenty of dry powder and funding sources to take advantage of market opportunities.

So, Pat will now pick it up from here on net interest income.

Patrick S. Barrett -- Executive Vice President, Chief Financial Officer

Thanks, Mark. Good morning to everyone on the call.

Turning to net interest income and margin on Slide 7. Net interest income was up 2% compared to the prior quarter and down 1% from the same period in 2020. The increased linked quarter was driven by $2 million in higher PPP loan forgiveness and additional day in the quarter, as Mike mentioned, partly offset by lower acquired loan accretion.

PPP loans forgiven in the quarter increased from approximately $200 million in the first quarter to approximately $450 million in second quarter. Compared to the prior year, the decrease in NII was due to lower rates, partly offset by interest income and fees on PPP loans, lower cost of funds and loan growth.

Acquired loan accretion of approximately $6 million was down $1 million compared to both prior periods. Accretion in the second quarter was higher than anticipated due to favorable resolution of certain acquired loans.

Continuing on the same slide with net interest margin, tax equivalent NIM for the current quarter of 2.96% was down 7 basis points linked quarter and down 17 basis points from the same period a year ago. Excluding accretion, adjusted margin was 2.84% for the quarter, down 4 basis points linked quarter and 14 basis points from the prior year. Note that adjusted net interest margin, excluding the impact of PPP, continued to increase modestly, a trend that we've been experiencing since late 2020.

Linked quarter net interest margin compression was due to higher customer liquidity and the normal seasonal increase in municipal deposits that occurs in the second and third quarters, partly offset by higher accelerated income on the forgiveness of PPP loans. Compared to a year ago, net interest margin compression was primarily driven by the impact of lower interest rates on loan and securities yields, as well as the impact of higher customer liquidity, partly offset by lower cost of funds and PPP income.

Our outlook for 2021 net interest income is unchanged, and is expected to remain relatively stable, while net interest margin, excluding accretion and PPP, is expected to grow modestly for the remainder of the year from the second quarter of 2021 levels. Accretion is expected to be approximately $22 million for the full year, with $9 million expected over the remaining two quarters of 2021. Aggregate PPP net interest income is expected to approximate $35 million for the full year, with $14 million coming in the remainder of the year roughly evenly by quarter, though [Phonetic] the exact timing and the amounts are completely dependent upon the SBA's process for forgiveness.

Turning to noninterest income on Slide 8. We continue to see solid recovery. Most fee-based revenue streams returning to pre-pandemic levels except for capital markets income. Noninterest income was up 1% linked quarter and 40% versus a year ago. Mortgage income of $7 million was down $3 million from our record first quarter 2021 levels, but was up $3 million, or 94%, from a year ago. We posted another record quarter in wealth management, up 3% linked quarter and 22% from a year ago, reflecting robust markets, as well as strong sales production and client retention. Service charges on deposits were up 8% linked quarter and 18% from a year ago, while card income was up 5% linked quarter and 50% from a year ago, both areas reflecting a much more normalized transaction volume environment. Capital markets income was relatively flat linked quarter and up $1 million from a year ago, with pipelines continuing to strengthen during the second quarter.

Our guidance for high single-digit to low double-digit growth in noninterest income for the full year remains unchanged, with quarterly total noninterest income expected to be stable to Q2 levels over the second half of the year, despite the expected continued normalization of mortgage income performance [Phonetic] record levels at the beginning of the year.

Moving on to expenses on Slide 9. Note the current quarter includes $8 million of acquisition and integration costs associated with the pending Old National merger. Away from these items, total expenses were down 3% linked quarter and down 1% from the same period a year ago. Q1 expenses were impacted by the seasonal impact of payroll tax timing and weather-related costs, which were both absent from the second quarter. In addition, lower equity compensation valuations and the ongoing benefits expense optimization strategies contributed to the linked quarter decrease, partly offset by higher pension plan payouts and higher advertising costs. Compared to a year ago, lower pandemic-related expenses and the ongoing benefits of optimization strategies more than offset higher compensation accruals, pension plan payout and merit increases.

We continue to be focused on our expense run rate, lowering our efficiency ratio to 59% in the second quarter compared to 62% in the first quarter and 64% in the same period a year ago. Away from the ongoing acquisition and integration costs, our outlook for noninterest expenses is relative stability compared to Q2 run rates.

Last note on taxes before I leave this slide. Our effective tax rate for the quarter was approximately 26%, down from 28% in the prior quarter, which was impacted by approximately $1 million in equity compensation investing expense. Compared to the same period a year ago, the effective tax rate increased from 24% to 26% due to a lower concentration of tax exempt income. Our guidance for an effective tax rate of 26% for 2021 remains unchanged.

Moving to capital on Slide 10. Capital levels continue to be strong with retained earnings and the volume and mix of risk-weighted assets contributing to growth in the second quarter. These levels support our quarterly dividend of $0.14 per share, consistent with prior quarter and prior year, and provide strong capabilities to support borrowing needs of our customers.

Now I'll turn it back over to Mark.

Mark G. Sander -- President and Chief Operating Officer

So, on Slide 11, we tried to briefly summarize a great opportunity ahead in combining with Old National. As Mike mentioned and as we discussed when we announced on June 1st, we're tremendously excited about our anticipated merger. The strategic fit and the financial benefits remain clear, but as importantly I would say, we continue to feel great about the cultural alignment as we work through the process. Recognizing it has only been a month and a half since announcement, we are extremely pleased with the progress we are making and how the teams are working together.

Slide 12 highlights some of these processes. We have made all the appropriate filings and we have an experienced team leading our efforts, encompassing over 350 of our colleagues. I would simply emphasize that while much work remains, we are on track on all fronts and still hoping to close prior to year end.

So I'll hand it back to you, Mike.

Michael L. Scudder -- Chairman of the Board and Chief Executive Officer

Thanks, Mark.

Yeah, let me just echo a couple of things on Mark's comments before we open it up for questions. A, obviously, we are very excited about what lies ahead for our partnership with Old National, certainly what it means for our clients, our markets, our communities, our colleagues, just across the board. And as we have shared and for those of you had the opportunity to listen to Old National and Jim speak this morning, certainly that was echoed in their comments. This is really, at its core, a growth strategy for two strong companies that share a vision and a culture that we firmly believe leaves us very well positioned for the future.

So with that, let's open it up for any questions you might have.

Questions and Answers:

Operator

Thank you. [Operator Instructions] Please standby for your first question. It is from Michael Young of Truist. Please go ahead.

Michael Young -- Truist Securities -- Analyst

Hey, thanks for taking the question. Yeah, I was just curious maybe sort of qualitatively what we should expect in the interim before the Old National deal closes in terms of any efforts you may undertake in terms of retention or proactive marketing to clients? Should we expect any higher expenses related to any of those things? And just any other qualitative things you'd like to put out there?

Michael L. Scudder -- Chairman of the Board and Chief Executive Officer

This is Mike. I certainly can speak to some of that. Certainly, you can expect us to continue to make active outreach to clients and the markets and to build on what we've established here across the marketplace and continue to reinforce all the positives that come along the costs -- or excuse me, the transaction as we've described, and strategically it's a great opportunity. So, we spent a lot of time and energy, but that's really largely embedded in our run rate as we go forward. So I wouldn't think that you would see anything different than what Pat had guided to today.

Mark G. Sander -- President and Chief Operating Officer

Yeah, I guess, can I add? I would just say -- it's Mark. Michael, thanks for the question. To start with [Phonetic], it's business as usual here. We continue to expect to grow. We continue to call on clients proactively and tell our story. And I think the market reaction has been very favorable. So, it's -- and any expenses that we have were certainly built into -- I think, retention efforts were built into our modeling as we outlined the transaction.

Michael Young -- Truist Securities -- Analyst

Okay. Great. And maybe just kind of bigger picture on loan growth, loan demand, heard a few comments, obviously, about that in the prepared remarks. But are there areas that you're seeing maybe higher demand or more strength? And then, are there any sort of limitations or anything we should think about in terms of growth going into the back half before the merger closes?

Mark G. Sander -- President and Chief Operating Officer

I think we're seeing a nice recovery -- it's Mark again, Michael, across, really, all sectors. We've seen the most strength in C&I thus far. The headwinds would be those pesky competitors that are out there. But we faced the competitors and we've competed and win -- and won before and we continue to do so. So, I don't mean to be so tongue and cheek about it. I think that there is no market headwinds that we see. I think businesses overall are recovering. There's still some pockets in the economy that are a little slower to recover, but, by and large, we see good

Strength across all of our sectors.

Michael Young -- Truist Securities -- Analyst

Okay. And maybe last one from me. Just as you look at sort of the fee business lines, as you move into closing with Old National, are there certain areas that you're starting to or going to try to expand maybe proactively ahead of the merger close, geographically or otherwise, or will it kind of be status quo until the actual day one closing?

Mark G. Sander -- President and Chief Operating Officer

I'll try my best -- I'll answer it this way. It really is business as usual. So, we had nice growth plans, particularly around our core businesses of wealth management, treasury management and card, all of which saw a nice solid growth this quarter, and we expect that to continue. We'll

Continue to selectively look to add talent. So, I don't think it'll change -- you'll see -- it won't change the dynamic dramatically, Michael, but we certainly would look to add talent in all these areas. But we think we're on a nice path to hit the numbers that we forecasted with the staff that we have.

Michael Young -- Truist Securities -- Analyst

Okay. Great. Thanks. That's all from me.

Operator

[Operator Instructions] The next question is from Nathan Race of Piper Sandler. Please go ahead.

Nathan Race -- Piper Sandler & Co. -- Analyst

Yeah. Hi, everyone. Good morning.

Mark G. Sander -- President and Chief Operating Officer

Hey, Nathan.

Nathan Race -- Piper Sandler & Co. -- Analyst

Going back to the loan growth discussion in terms of the outlook, it looks like one of the drivers in the quarter was the consumer instalment growth. And I think in the past, you guys have had some purchases within that segment that's augmented growth in that portfolio. So, I'm just curious, one, if that was a driver again this quarter? And two, as you guys kind of look at the pipeline, kind of where do you expect to see growth in that mid single-digit range over the balance of 2021?

Mark G. Sander -- President and Chief Operating Officer

Yeah. Nate, it's Mark. I'd answer this way. The growth you saw in instalment was as much our effort to forestall the decline we saw in home equity. So, some of the other consumer categories declined, and so our growth in instalment was really to keep that relatively flat. The net overall growth that we saw was in C&I, multi-family and mortgage, that's really where our growth came from this quarter, and we expect that to continue. I'd like to see CRE more broadly grow. They've -- CRE has the nice production levels, but we continue to see a fair amount of payoffs in that area. So, it's been relatively flat away for multi-family, but again, our growth this quarter was C&I, multi-family and mortgage driven, not instalments, in our view.

Patrick S. Barrett -- Executive Vice President, Chief Financial Officer

[Speech Overlap] Nate, it's Pat. Just to kind of close the loop on our transactional purchased book, so we do from time to time, augment more from a mix perspective than a yield perspective with purchases, primarily residential one to force [Phonetic]. Those run-off at a pace that has continued to be higher than, what I call, normal, because people first were refinancing like crazy, and now they're continuing to sell their houses and by new ones. So, still higher activity. So, we do periodically top up that portfolio just to maintain kind of status quo in balances, but we're not anticipating, contemplating or guiding to any of our growth for the year coming from purchased loans, just to be clear.

Nathan Race -- Piper Sandler & Co. -- Analyst

Got it. Appreciate that. And then kind of along those lines, just thinking [Phonetic] about the overall earning asset base and balance sheet growth over the next couple of quarters up until the deal closes, as the PPP forgiveness process continues to unfold, I'm curious to get your guys' thoughts on kind of how liquidity balances trend with that process? And assuming [Phonetic], should we expect some continued earning asset growth and liquidity inflows, or do you guys maybe anticipate some shrinkages, some of those dynamics play out going forward?

Patrick S. Barrett -- Executive Vice President, Chief Financial Officer

Hey, it's Pat again. I'd say yes to both of those things. We keep forecasting. We're going to see a pretty market run off in liquidity balances, and we've been believing that for almost a year. So, at some point, particularly as we start to see things like commercial line utilization, which ticked up for the first time in a number of quarters, this quarter, we do expect that customers will naturally draw on their balances. That does get offset by just continued consumer stimulus and whatever the offset is with consumer spending pattern. So, we would anticipate probably somewhere between $500 million and $750 million of run-off of cash that's just sitting there which is difficult to deploy for longer-term reasonably yielding earning assets, simply because we continue to have to believe that that is going to run-off at some point later this year or early into the following.

Nathan Race -- Piper Sandler & Co. -- Analyst

Understood. If I could just ask one follow-up along those lines. If that liquidity does sit around, what's the appetite to redeploy some of them in securities book, absent the opportunities that you guys are going to see from a lending perspective over the next couple of quarters?

Patrick S. Barrett -- Executive Vice President, Chief Financial Officer

Well, we're always looking for opportunities to top up the securities book. So, you've seen yields and rates experienced pretty significant volatility on a day-to-day, week-to-week, month-to-month basis throughout this year. And as we see opportunities to jump in and buy heavier and more, we absolutely will do that. Those have been kind of few and far between this quarter. We are kind of struggling to get yields on new purchases, much higher than 1.70%, 1.75%, which was roughly the same as Q1. So, our securities purchases were net-net lower than the volumes that we had during last year when we certainly saw hired more attractive yields, and we'll look for opportunities to do that again for sure. So, that's one of the few places we would park excess liquidity, would be something that is very high liquidity, low premium that we could get in and out of if we do start to see the kind of cash outflows that we're expecting at some point.

Nathan Race -- Piper Sandler & Co. -- Analyst

Okay. Understood. I appreciate all the color. Thanks, guys. Nice quarter.

Michael L. Scudder -- Chairman of the Board and Chief Executive Officer

Thanks.

Operator

The next question is from Chris McGratty of KBW. Please go ahead.

Chris O'Connell -- Keefe Bruyette & Woods Inc. -- Analyst

Good morning, gentlemen. This is Chris O'Connell filling in for McGratty. I just wanted to kind of follow up on the same trend there or line of questioning with regards to liquidity management. I appreciate the guidance that you guys have given around the unchanged on a stable NII and with the NIM growing. But just curious, so far into -- in 3Q '21 [Phonetic], have you seen any of those deposit movements from your customers? Or any kind of the strong inflows that you've seen over the past year start to moderate or come down yet? Or do you think that's still a little bit more of a late off 2021?

Patrick S. Barrett -- Executive Vice President, Chief Financial Officer

Yeah. I think the pace of inflows from consumer and commercial balances slowed a bit. Those balances were relatively stable linked quarter, which isn't always typical. We would typically see balances declining early in the year as people paid up things that they accumulated late previous year. Municipal inflows remain very consistent, and so we're in the middle of kind of the normal seasonable -- seasonal inflow for municipal deposits. But I'll say that the growth has moderated a little bit, absent the late Q1 stimulus outflow, the stimulus checks that went out as part of the most recent CARES package. And we can see that -- every time there is a stimulus package, we can see multiple hundreds of millions [Technical Issues] immediately. So, it just seems to be persisting as far as balanced growth.

Mark, is there anything you'd add on to that?

Mark G. Sander -- President and Chief Operating Officer

I think you summarized it well, Pat.

Chris O'Connell -- Keefe Bruyette & Woods Inc. -- Analyst

Got it. Understood. And as far as the deployment into securities, and I hear you on rates, it hasn't been a great environment recently to go all in. Is there a certain point where there is a certain yield threshold where you guys are going to be more aggressive or take opportunities that you can of be allowed to disclose?

Mark G. Sander -- President and Chief Operating Officer

Well, I mean, we've got cash that needs to be deployed, that's always coming through just from the normal cash flows out of our book, that's $150 million a quarter, roughly. And so we're generally going to work pretty hard to make sure we're investing that. Away from that, we look for opportunities to see where yields tick up to potentially pre-invest future cash flows or to grow the book modestly. We just haven't seen as many of those opportunities this past quarter where rates were generally falling, our yields. So, we'll continue to watch for those. Volatility seems to be the rule of the day, even in a low rate environment. So, we will expect and take advantage of opportunistic investing.

Chris O'Connell -- Keefe Bruyette & Woods Inc. -- Analyst

Got it. Thanks. And then one last one if I could. Loan growth in guidance stable, seems to be on track. And is there anything on the commercial side, I guess, where you see opportunities to kind of beat guidance there in the mid single-digit as in any particular industry or area where if line utilization could come back a little bit stronger than expected or something along those lines?

Patrick S. Barrett -- Executive Vice President, Chief Financial Officer

I would say nothing in particular, but I'd answer it this was maybe better, which is we expect modest to medium growth in all of our business lines. And so those growth rates might be different in some of our core business banking and CRE markets, so might be a little lower there, but -- and a little higher in some of our specialty units where we've had some outsized growth these last few years. But again, we expect every one of our business units to have some growth on that into a mid single-digit.

Chris O'Connell -- Keefe Bruyette & Woods Inc. -- Analyst

Understood. Thanks.

Operator

[Operator Instructions] There are no further questions. I would now like to turn the call back over to Mr. Scudder for closing comments.

Michael L. Scudder -- Chairman of the Board and Chief Executive Officer

Great. Thank you. Thank you all. Before closing, once again, I think it's always nice to take the opportunity to thank all of our colleagues, both here, and frankly, with our newest partners at Old National, who all have the opportunity to listen to our collected calls for their enthusiasm and hard work. It's really an exciting time for us. And I want to thank all of them for their continued commitment to living our values, which is what makes our two company so special. I'm very proud to be surrounded by so many good people who strive to do great things every day for our clients, our communities and for each other. So, thank you all for your attention and interest in our story, our ongoing belief that we're a great investment. So, have a great day everybody.

Operator

[Operator Closing Remarks]

Duration: 31 minutes

Call participants:

Michael L. Scudder -- Chairman of the Board and Chief Executive Officer

Mark G. Sander -- President and Chief Operating Officer

Patrick S. Barrett -- Executive Vice President, Chief Financial Officer

Michael Young -- Truist Securities -- Analyst

Nathan Race -- Piper Sandler & Co. -- Analyst

Chris O'Connell -- Keefe Bruyette & Woods Inc. -- Analyst

More FMBI analysis

All earnings call transcripts

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Pros Explained

  • Minimal fees – First Midwest bank only charges a $150 documentation fee and has no application or origination fees.
  • Fast approval times – Applications may be approved in as little as 24 hours.
  • Joint applications allowed – Applicants who want to apply with their spouse or who need a co-signer to increase their chances of getting approved can have one.

Cons Explained

  • Not available nationwide – Personal loans through First Midwest Bank are currently available in only 24 states.
  • High minimum loan amount – At $5,000, this amount is high compared with other competitors.
  • No prequalification available – However, they do offer rate quotes without affecting your credit. Ultimately, as with all loans from all creditors, applicants need to submit a full application, meaning they’ll be subject to a hard credit inquiry, which can temporarily lower your credit score.

Types of Personal Loans Offered by First Midwest Bank 

In any of the 24 states where first Midwest Bank lends, borrowers may use personal loans for most reasons. This includes debt consolidation, wedding costs, and vacation expenses. Applicants from Illinois, Indiana, Iowa, and Wisconsin have access to an additional special personal loan option for home improvement projects via Midwest’s Express Personal Loan for Home Improvement product.

Time to Receive Funds

Borrowers may be approved for a personal loan in as little as 24 hours, but funding times are not listed.

First Midwest Bank Personal Loan Features

Same Day Approvals Available

First Midwest Bank claims most loan decisions are completed within 24 hours. Factors for approval depends on whether you apply for a personal loan during business hours and if you can provide all required documentation.

Joint Applications Available

You can submit an application with a cosigner—ideally with a higher credit profile than yours—to increase your chances of receiving a lower rate. You can also use this to share the loan and responsibility with your spouse.

Documentation First midwest bank personal loan login Charged

First Midwest Bank’s $150 documentation fee is rolled into your final APR. 

Apply for a First Midwest Bank Personal Loan

Borrowers can apply for a First Midwest Bank personal loan online or at any of the bank’s brick-and-mortar branches. In addition to first midwest bank personal loan login requirements, applicants need to be at least 18 years old and a U.S citizen or permanent resident.

Here’s what you can expect during the process: 

  1. Head to First Midwest Bank’s website and go to its application form.
  2. Enter information about your loan,such as the application type, loan purpose, and state of residence. 
  3. Enter personal details,such as your full name, address, photo ID, Social Security number, and employment details.
  4. Submit form and agree to a hard credit inquiry to receive a loan offer. 
  5. Follow instructions to submit additional documentation as necessary, such as proof of income and/or employment. 

Your loan may be approved within 24 hours.

Can You Refinance a Personal Loan With First Midwest Bank?

Borrowers cannot refinance a loan with First Midwest Bank. 

Verdict

First Midwest Personal loans are a great fit for those who have ample employment history and a good credit score. The rates offered are competitive, and the bank has flexible loan terms. It’s also a good fit for those who want to submit a joint application.

Unfortunately, there are some geographic restrictions as they only lend in 24 states. Plus, with a $35,000 loan limit, you will have to seek out alternatives if you need more than that. Either way, it’s always a good idea to compare different personal lenders to see who offers the best deal. 

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.

Источник: https://www.investopedia.com/first-midwest-bank-personal-loans-review-5070056
first midwest bank personal loan login

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