First Midwest Bancorp Inc. (NASDAQ:FMBI) Q1 2018 Earnings Conference Call - Preliminary Transcript
Apr 25, 2018 • 11:00 am ET
Good morning, ladies and gentlemen, and welcome to the First Midwest Bancorp 2018 First Quarter Earnings Conference Call. At this time, I would like to inform you that this conference is being recorded and that all participants are in a listen-only mode. At the request of the company, we will open the conference up for questions and answers for analysts only after the presentation.
It is now my pleasure to turn the floor over to Nick Chulos, Executive Vice President, General Counsel and Corporate Secretary of First Midwest Bancorp. Sir, you may begin.
Good morning, everyone and thank you for joining us today. Following the close of the market yesterday, we released our earnings results for the first quarter of 2018, and also we issued presentation materials that we will refer to during our call today. These provide both historical financial information and our outlook for 2018. If you would like a copy of our earnings release or the presentation deck, they are available on our website in the Investor Relations section or you may obtain them by calling us at area code 630-875-7463.
During the course of the discussion today, our comments and the presentation materials may include forward-looking statements. These statements are not historical facts, are based upon our current beliefs and are not guarantees of future performance or outcomes. The risks, uncertainties and Safe Harbor information contained in our most recent 10-K and our other filings with the SEC should be considered for our call today.
Lastly, I would like to mention that we will not be updating any forward-looking statements following this call.
Here this morning to discuss our first quarter results and outlook are Mike Scudder, Chairman, President and Chief Executive Officer of First Midwest; Mark Sander, our Senior Executive Vice President and Chief Operating Officer; and Pat Barrett, our Executive Vice President and Chief Financial Officer.
With that, I will now turn the floor over to Mike Scudder.
Great. Thank you, Nick. Good morning, everyone. Thanks. Let me add my thanks to what Nick started here with and thank you for joining us today. It's great to be with you. As we started or as Nick had shared, in continuation of a practice we really started last quarter, we provided a supplemental presentation for you to follow on with us as we move through our remarks.
So let me then start with the highlights, and Mark and Pat can walk you through the components. For the quarter, we earned $0.33 a share as compared to $0.02 last quarter and $0.23 versus 2017's first quarter. We certainly recognize that the quarter to quarter comparisons are challenged by the impact of last year's M&A activity, as well as tax reform. And additionally for this quarter, changes in accounting standards that went into effect. So we'll do our best to bridge to what I would refer to as core underlying performance.
For the quarter, earnings per share adjusted for 2017's acquisition costs and those responsive to 4Q tax